Digital Advertising Continues its Double Digital Growth – Noble Capital Markets Media Sector Review – April 2021

Posted on April 29, 2021 by Admin

Digital Advertising Continues its Double Digital Growth

Noble Capital Markets Media Sector Review – April 2021

On April 7, the Internet Advertising Bureau (IAB) released their 2020 internet advertising revenue report in conjunction with PricewaterhouseCoopers (PwC). The report concluded that digital advertising in the U.S. increased by 12.2% to $139.8B in 2020 from $124.6B in 2019.

Growth was fueled by a strong rebound in digital advertising in the second half of the year, in which $80B, or 57% of the year’s total was booked.

Digital advertising of $45.6B in 4Q 2020 was the highest quarterly revenue number ever. For perspective, the $80B of ad spend in the second half of 2020 was equivalent to the entirety of U.S. digital advertising in all of 2016.

By quarter, digital advertising increased by 10.5% year-over-year in 1Q 2020, decreased by 5.2% in 2Q 2020 (when Covid-19 first hit), reaccelerated to 11.7% growth in 3Q 2020, and finished exceptionally strong with 28.7% growth in 4Q 2020. Fourth quarter digital ad spend benefited from an influx of political advertising, but the bigger impact may have come from a “use or lose it” mindset, in which ad budgets that weren’t spent earlier in the year were available to spend in the fourth quarter.

More importantly, digital ad spend in the U.S. was not just confined to the “duopoly” of Google and Facebook, or the “tripoloy” of Google, Facebook and Amazon Advertising. According to the IAB, digital advertising revenues among the Top 10 companies grew by 14% in the U.S., as their share of ad spend increased to 78% in 2020 from 77% in 2019. Ad spend from the fifteen next largest companies (companies 11-25) increased by 2.4% to $8B. The remaining companies in the PwC universe were able to post revenue growth of 8.3% to $22B in 2020 from $20.3B in 2019. The key take-away is that the size of the “open internet” (after the “walled gardens” of the top 10 companies) remains a sizable addressable market ($30B+ in the U.S. alone) and grew at an attractive rate of 7% (when excluding the top 10), despite what we believe was a double-digit decline in ad spend in 2Q 2020.

OUTLOOK – INTERNET AND DIGITAL MEDIA

INTERNET AND DIGITAL MEDIA COMMENTARY

Introducing Noble’s Esports and iGaming Index

Noble’s quarterly media newsletter has always covered seven distinct segments: four digital media sectors (Digital Media, Ad Tech, Marketing Tech, and Social Media) and three traditional media sectors (TV, Radio and Publishing). With this edition, we are adding an Esports and iGaming sector, as advertising and sponsorships are key revenue categories for many esports companies. Over time, we expect sports betting and Esports betting to become larger revenue drivers of industry growth.

We have added 16 publicly traded companies to our new Esports and iGaming Index and comp sheet, with the two largest companies in the sector, Flutter Entertainment (ISE: FLTR, the owner of FanDuel) and DraftKings (ticker DKNG) accounting for 80% of the sector’s market cap. Many companies in the sector are experiencing tremendous revenue growth (except for those that host live events) with organic growth augmented by acquisitions, and negative EBITDA margins as companies invest for growth. Of the 16 companies in the sector, four are expected to generate positive EBITDA in 2021, while six companies are projected to do so in 2022.

Internet and Digital Media Stocks Perform In-Line with the Market

Internet and digital media stocks generally performed well in the first quarter, with the exception of Marketing Tech stocks. In a quarter in which the S&P 500 finished up 6%, Noble’s Digital Media (+13%) and Esports & iGaming (+12%) Indices outperformed, while our Social Media Index (+5%) performed in-line with the market and the Ad Tech (-1%) and MarTech (-5%) Indices underperformed the broader market. Notable gains were recorded by Inuvo (INUV; +125%); Enthusiast Gaming (TSX: EGLX; +106%), Travelzoo (TZOO; +78%), Pubmatic (PUBM; +76%) and Criteo (CRTO; +69%).

We believe the underperformance of the MarTech stocks reflects a rotation out of stocks where Covid-19 acted as an accelerant to long-term trends into stocks that will benefit from the economic recovery. For the latest twelve months (LTM), every Internet and Digital Media sector outperformed the S&P 500 (+54%), led by our Ad Tech Index (+305%), followed by Esports & iGaming (+193%); Social Media (+84%), Digital Media (+76%) and Marketing Tech (+65%).

Internet and Digital Media M&A Activity Off to a Strong Start in 2021

In the first quarter of 2021, Noble tracked 167 M&A transactions in the Internet and Digital Media sector, up 8% over the 154 transactions we tracked in the first quarter of 2020. The most active sectors included Digital Content (54 deals), Marketing Technology (43), Agency & Analytics (29) and Advertising Technology (16). Within the digital content sector, the most active subsector were companies in the gaming sector, such as game studios or mobile game developers. There were $6.0B worth of M&A in the gaming/entertainment sector, with the largest being Electonics Art’s nearly $2.0B acquisition of mobile game developer Glu Mobile, followed by Embracer Group’s $1.4B acquisition of Gearbox Entertainment, as shown in the PDF in the download below.

Within the Marketing Technology segment, the 43 announced deals during the quarter resulted in a reported $3.0 billion in transaction value. Active subsectors included 6 deals in the Customer Experience Management space, and 4 deals each in the CRM (Customer Relationship Management) and CDP (Customer Data Platforms) sectors. The largest MarTech deals were Twilio’s $2.9B acquisition of Segment, the market leading customer data platform, and Facebook’s $1.0B acquisition of Kustomer, which would provide Facebook with customer service tools for businesses on its platform.

Finally, Ad Tech companies saw a resurgence of M&A activity. The sector saw the largest transaction value of all sectors, with $15.9B of deal activity. The two largest transactions involved reverse mergers with SPACs. The largest announced transaction was mobile game/in-app advertising network ironSource’s reverse merger with the SPAC Thoma Bravo Advantage for $10.3B. The second largest transaction was Taboola’s reverse merger with the SPAC ION Acquisition Corp. for $2B. There were two additional in-app advertising deals similar to the ironSource deal: Digital Turbine’s $600M announced acquisition of Fyber N.V. and Digital Turbine’s $356M acquisition of mobile ad network AdColony. These firms are all particularly adept at generating app installs on behalf of their clients, many of whom are in the gaming sector.

OUTLOOK – TRADITIONAL MEDIA

TRADITIONAL MEDIA COMMENTARY

The following is from a recent note by Noble’s Media Equity Research Analyst Michael Kupinski

The Ride May Get A Little Bumpy

Investors appear eager to own companies that may benefit from a post pandemic recovery. To that end, Media & Entertainment stocks outperformed the general market as measured by the S&P 500 Index in the last quarter and for the past year, with many stocks having doubled since November 2020. For the first time in a long while, traditional media companies outpaced the performance of the Digital Media group. The Media outperformance is typical of an early stage economic and advertising recovery for these consumer cyclical stocks. But there may be some headwinds looming. Investors are likely to ponder these questions: Has the recovery in media stock valuations gone too far? How will the stocks react to the prospect of higher inflation? Will advertising continue to rebound with the prospect of increased corporate or personal taxes? How will the stocks perform in a period of rising interest rates? Stocks can climb a “wall of worry”, but it usually means that the road will become bumpier. We expect a lot more volatility for these cyclical stocks in the coming months and quarters. Stock valuations do not appear to be extended, with most stocks trading within historic average five-year trading ranges, but most media stocks have factored in a fairly robust recovery. In addition, for television stocks, there is anticipation that political advertising in 2022 may even exceed that of 2020, an historic political advertising year. It would be unusual for a biennial election year to exceed that of a Presidential election year, but there has already been a record amount of money raised by politicians, PACs, and advocacy groups. For now, we see no reason to be less optimistic on the advertising front given significant economic stimulus.

We believe that media stocks potentially have bigger headwinds with inflation, rising interest rates and taxes. In terms of inflation, historically media companies have been able to raise advertising rates faster than the rate of inflation. This was true until the advent of the internet, when advertising deflation occurred. As such, the story is still out on whether advertising historic trends prevail. Certainly, in an inflationary environment, we would anticipate that there would be a contraction in cash flow multiples. On the tax front, as of now, the discussion relates to tax increases for those making $400,000 or more and for corporate tax rates to rise. State taxes appear to be generally going up as well. Generally, tax increases decrease discretionary disposable income and is negative for advertising. States appear to be seeking additional taxes, however, some even considering taxes on services, such as advertising. This would be a negative, potentially lowering margins for advertising driven companies. Finally, media stocks tend not to do well in periods of rising interest rates, which appears on the horizon.

What are media investors to do? There is a significant amount of stimulus, which should support a robust economic and advertising recovery. We believe that volatility likely will increase and stock valuation multiples likely will contract. As such, it is important for investors to be selective and seek growthier companies. Companies that have developed digital operations and those that are well positioned to grow above average in an economic recovery that may include higher inflation.

Television Broadcasting

What does the Supreme Court Ruling Mean?

On April 1st, the Supreme Court ruled that the Federal Communications Commission (FCC) was within its right to relax media ownership rules, particularly with respect to the newspaper/TV cross ownership, radio/TV cross ownership, the number of radio and television stations an operator could own in a single market, and the number of TV stations an operator could own in a single market. These ownership rules were archaic, but the Supreme Court decision to uphold the FCC’s relaxation of the ownership rules are not likely to change much.

First, many broadcast television companies sold or spun off newspaper operations long ago. This decision was largely based on the fact that public broadcast companies that owned newspapers traded at a discount to peers given the far lower multiple assigned to newspapers. In addition, many broadcasters with newspaper operations saw little synergies.

The Supreme Court decision has more implications on a broadcaster owning two Big Four network stations in a market, commonly called the Big Four rule. The Supreme Court decision paved the way for the FCC to loosen the restriction and allow the ownership of two “big four” network stations in the market. The FCC has rarely done this in the past since the combination would need to serve the public interest. It is unlikely that broadcasters would seek acquisitions to combine “big four” stations in a market given the high hurdle of the “public interest” and, especially with the current administration that has been supportive of keeping ownership rules.

As such, the relaxation of these rules will not likely drive industry consolidation, nor did the Supreme Court ruling drive up media stocks, as some media outlets suggested. Investors are looking for the FCC to further lift television ownership rules, especially the current rule that limits television ownership to 39% of television households. We believe that this would be more important in driving industry consolidation. This is not expected to happen with the current administration. We believe that the recent rise in stock valuations relates to improving fundamentals.

We believe that television investors are buoyed by core advertising gains that are expected in the first quarter and the upcoming easy comparison in the second quarter. On average, we believe that first quarter revenues are likely to be down 1% to 2% due to the heavy influx of political advertising in the first quarter 2020. The first quarter is not typically a huge political quarter, but last year was different, influenced by spending by billionaire Presidential candidate Michael Bloomberg. The second quarter revenue comparisons will be much more favorable given the significantly less political advertising and the year earlier advertising fallout from Covid 19. We estimate that industry mean revenues likely will increase as much as 18% in the second quarter. Looking forward toward the second half, comparisons will be difficult due to the year earlier historic influx of political advertising. All together, we expect Television revenues to be down 2% to 3% for 2021.

The Noble TV index increased a strong 21% in the first quarter, heavily influenced by the volatility in the shares of ViacomCBS. Nonetheless, most Television broadcasters performed well in the first quarter and outperformed the S&P 500. We believe that investors are focused on the advertising recovery, which appears to be underway in the first quarter and into the second quarter. We believe that investors may give some pause in the enthusiasm for broadcast stocks heading into the second half, given the tough revenue comparisons to the year earlier heavy political advertising.

We are not looking for smooth sailing for the stocks in 2021. Nonetheless, we believe that investors should focus on 2022 and the prospect of an historic influx of political advertising. Many broadcasters indicated that political advertising could be greater than the record-breaking amount in 2020. This would be unprecedented, given that political advertising in biennial election years is usually lower than Presidential election years. But there is a close balance of power in the House and Senate and there appears to be a record amount of money already raised by candidates and political action committees. At this time, we anticipate that TV industry revenues will increase 15% in 2022.

As the Broadcast comparable chart indicates, television stocks do not appear to be overvalued, despite the recent outperformance in the market. On average, stocks appear to trade at roughly 8x Enterprise Value/2022E EBITDA. This is within the range of historic trading averages of 8x-12x which suggests there is room for multiple expansion in TV stocks.

Radio Broadcasting

Diving Into Digital

Radio companies leaned into their digital growth strategies in the last quarter, highlighting the contributions of this growth-oriented business which performed well during the pandemic. Digital revenue grew roughly 8% in 2020 and is projected to accelerate to a strong 15% in 2021. The digital growth was significant given that traditional radio advertising declined an estimated 30% in 2020. The compelling digital revenue growth has been fueled by podcasts, but also reflects other digital initiatives such as streaming, programmatic advertising, and subscription businesses. Furthermore, digital revenue is expected to grow an attractive 10% per year for the next several years.

While traditional radio advertising is expected to recover in 2021 as the economy reopens, we expect that traditional radio advertising is likely to struggle to reflect revenue growth thereafter given competition from alternative mediums. We estimate that traditional radio advertising will increase 15% in 2021, not fully recovering from the 30% drop in 2020. As a result, many radio companies are looking toward digital and other growth-oriented businesses, including gambling and esports, as growth drivers.

Some radio companies have accelerated the trajectory of their digital revenue contribution through acquisitions. In March, Entercom, now called Audacy, purchased Podcorn, a company that connects advertisers to podcast content. This recent acquisition follows earlier purchases of Cadence13 and Pineapple Street Studios, establishing the company as a leading player in the podcast space. Notably, podcasting is the fastest growing segment of audio and, according to eMarketer, is expected to increase a strong 41% in 2021. Furthermore, eMarketer projects that by 2024, 29% of digital audio ads will be derived from podcasts. Other companies, like UrbanOne, have looked outside of the audio space for growth. The company doubled down on its interests in casinos, partnering with the Colonial Downs owner to build a casino in Richmond, Virginia.

While companies like Audacy have used acquisitions to accelerate their digital transformation, Townsquare Media has largely grown organically. Notably, with roughly 50% of its revenues derived from digital, Townsquare leads the way in the industry in terms of diversified, growth-oriented revenue streams. Recently, Townsquare management rolled out its digital first strategy. Leading with its digital businesses is a change in strategy from the company’s “Local First” focus. The change is not surprising given the strong growth in its digital businesses over the past year. Townsquare Interactive’s subscription-based business grew 14% in 2020. Furthermore, its programmatic business, Ignite, and other digital advertising revenue streams appear to be accelerating from that growth.

Publishing

Tribune Publishing received a competing offer of $680.8 million, or $18.50 per share, for the company, beating the $634.8 million, or $17.25 per share sweetened offer from the hedge fund, and largest Tribune shareholder, Alden Global Capital. Alden owns 31.6% of the TPCO shares outstanding. The $18.50 per share offer by Newslight, which is run by Stewart Bainum Jr., CEO of Choice Hotels, and Swiss billionaire Hansjoerg Wyss, was surprising, but not unrealistic. Alden agreed to sell the Baltimore Sun to a charity run by Bainum. That deal fell apart and Bainum formed a company to buy all of Tribune.

It appears that Newslight recognizes the sum of the parts valuation that we identified in our January 28, 2021 report, which indicated that the company could be worth as much as $20.75 per share, recognizing the value of its unique newspaper assets and real estate holdings. Splitting up the company appears likely. Mason Slaine, a tech investor that has expressed interest in Tribune’s Florida newspapers, indicated plans to invest $100 million into the Newslight bid. Tribune’s special committee has determined that Newslight’s offer would be a “superior proposal” to the Alden offer.

The move by the Special Committee allows the company to provide information to Newslight, which now can perform due diligence. It appears that Newslight has the financing available to complete their offer. The ball is in Alden’s court to determine if they would sweeten their offer to be “superior” to the Newslight offer. In our view, there is value left on the table to do that, but investors should be mindful that Alden has walked away from the table before with its run at Gannett.

DOWNLOAD THE FULL REPORT (PDF)

Noble Capital Markets Media Newsletter Q1 2021

This newsletter was prepared and provided by Noble Capital Markets, Inc. For any questions and/or requests regarding this news letter, please contact >Chris Ensley

DISCLAIMER

All statements or opinions contained herein that include the words “ we”,“ or “ are solely the responsibility of NOBLE Capital Markets, Inc and do not necessarily reflect statements or opinions expressed by any person or party affiliated with companies mentioned in this report Any opinions expressed herein are subject to change without notice All information provided herein is based on public and non public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on their own appraisal of the implications and risks of such decision This publication is intended for information purposes only and shall not constitute an offer to buy/ sell or the solicitation of an offer to buy/sell any security mentioned in this report, nor shall there be any sale of the security herein in any state or domicile in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or domicile This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice Past performance is not indicative of future results.

Please refer to the above PDF for a complete list of disclaimers pertaining to this newsletter

Comtech Telecommunications (CMTL) – Awarded $1.6 Million Toronto Paramedic Services Next Generation 911 Contract

Posted on April 29, 2021 by Admin

Comtech Telecommunications Corp. Awarded $1.6 Million Toronto Paramedic Services Next Generation 911 Contract

MELVILLE, N.Y.–(BUSINESS WIRE)–Apr. 29, 2021–
April 29, 2021—
Comtech Telecommunications Corp. (NASDAQ: CMTL), a world leader in secure wireless communications technologies, announced today, that during its third quarter of fiscal 2021,
Comtech Solacom Technologies, Inc., a division of Comtech’s Commercial Solutions segment, was awarded a Next Generation 911 (“NG911”) services contract to provide its Guardian call management solution to the Toronto Paramedic Services, the largest municipal paramedic service in
Canada. The Toronto Paramedic Services is Comtech Solacom’s latest customer in that region, joining the
Toronto Police Services which also recently awarded a contract to Comtech Solacom. The new system award, including multiple optional years of support, is worth
$1.6 million.

The public safety answering points (“PSAPs”) will receive Guardian Intelligent Workstations (“IWS”), which are powerful NG911 call taking positions designed to maximize the effectiveness of call taking. The intuitive user interface allows Call Takers to quickly assess, prioritize and handle landline, wireless and VoIP calls. Call Takers can quickly create multi-party conferences, transfer calls, determine the location of callers and play back recently recorded conversations. The Guardian IWS is also engineered to be future proof so that next generation capabilities such as exchanging video, images and data with specially trained staff, can be supported once they become available to the public. In addition, the system is designed according to industry standards and the Canadian Radio-Television and Telecommunication (“CRTC”) Next Generation 911 directives.

“We’re delighted to be working with the
City of Toronto again as we deploy a full turnkey next generation Guardian call handling solution to the Toronto Paramedic Services,” said Fred Kornberg, Chairman of the Board and Chief Executive Officer of
Comtech Telecommunications Corp. “Guardian’s geo-diverse system will deliver a robust and scalable system in a technological environment that demands high availability and reliability.”

Solacom emergency call handling and management solutions are built on more than 30 years of research and innovation in the application of advanced hardware and software technologies for public safety. For more information, visit: www.solacom.com.

Comtech Telecommunications Corp. is a leader in the global communications market headquartered in
Melville, New York. With a passion for customer success,
Comtech designs, produces and markets advanced secure wireless solutions to more than 1,000 customers in more than 100 countries. 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.

Media Contact:
Michael D. Porcelain, President and Chief Operating Officer

Comtech Telecommunications Corp.
(631) 962-7000
[email protected]

Source:
Comtech Telecommunications Corp.

Esports Investors are Now Better Able to Evaluate Performance Comparisons

Posted on April 29, 2021 by Admin

Investors are Handed More Tools to Evaluate Esports and iGaming Performance

As the esports, gaming, and iGaming sector of digital media and technology grow, so does investor interest and the attention paid to measuring its performance relative to other media and technology sectors. Measurement tools now include indexes that can be used as a proxy for the industry segment to assist investors in determining the segment’s performance relative to other business sectors or to understand how well a company did relative to those operating in the same industry.

Indexes Worth Attention

Last year on April 30, Roundhill Investments launched what they say is the first iGaming index. The Roundhill Sports Betting & iGaming Index is designed to track the performance of the sports betting and iGaming industry globally. The Index consists of a tiered weight portfolio of internationally listed companies that are involved in the sports betting & iGaming industry. The index’s valuation increased by 17.92% during the first quarter of 2021. By comparison, the S&P 500 index experienced a 6.2% increase. The two largest weightings represented 8.77%, they are Entain PLC (ENT LN) and DraftKings, Inc. (DKNG).

In the category of esports, MVIS introduced their Global Video Gaming & eSports Index in July of 2018, with a full look back to January 2015. This index’s universe weighs less on gambling-associated companies — focusing primarily on those with at least 50% of their revenues from video gaming and/or eSports. This includes developers and related software/hardware, streaming services, and those involved in eSports events. The index declined 2.7% over the first quarter. There are currently 25 components in the measurement, the top two holdings have a weighting of 16.54%, they are NVIDIA Corp. (NVDA) and Sea Ltd. (SE).

A more inclusive index was launched at the start of 2021 by Noble Capital Markets. Details of the Noble Esports and iGaming Index, which includes components of the other two indexes are found in a recently released report. According to their Digital, Media &
Entertainment Industry Quarterly Report from April 19 written by Michael Kupinski, Director of Research, the index is now formulated by 16 publicly traded companies, with the two largest companies in the sector, Flutter Entertainment (ISE: FLTRl) and DraftKings (ticker DKNG).

The Esports/Gaming Noble Index added 42.7% in the first quarter of 2021. The esports and iGaming section of the report drilled down and discussed strong performance by some of the index components, including Draft Kings, up 32.7% and BRAG, up 47%, The strongest stock performances within the Noble Esports and iGaming Index were from AESE, up 82.3%, SLGG, up 148.8%, SCR, up 124.5%, EGLX, up 106.2%, and, finally, GMBL (eSports Entertainment), Noble very closely follows, was up 136.4%.

Take-Away

Sports is changing in much the same way communication, media, transportation, and other industries have evolved to include new outlets. At some point, the new subsets reach a tipping point, and best serve investors if they have their own separate sets of measures. After all, as with all change, they may provide opportunities for investors. The different approaches by Roundhill Investments, MVIS, and Noble Capital Markets also help investors better grasp where performance has been and where strength and weakness can be capitalized on.

Suggested Content:


eSports Entertainment Group, NobleCon17 Presentation (Video)	eSports Entertainment Group Virtual Road Show (Video)


Esports: Show me the Money!	What’s the Future of Entertainment Consumption?

Sources:

Noble, Digital, Media & Entertainment Industry Quarterly Report

Roundhill Sports Betting & iGaming Index

MVIS Video Gaming and Esports

Photo Credit: Helix eSports

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Allegiant Gold (AUXXF)(AUAU:CA) – Completes 9 Hole 3800 Metre Drill Program Near Original Pit Zone At Eastside

Posted on April 29, 2021 by Admin

Allegiant Gold Completes 9 Hole, 3800 Metre Drill Program Near Original Pit Zone At Eastside

Reno, Nevada / April 29, 2021 – Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF: OTCQX) is very pleased to announce the completion of a 9-hole drill program (approximately 3,800 metres) near the Original Pit Zone at Eastside, our flagship project, 30 km northwest of Tonopah, NV.

Peter Gianulis, CEO of Allegiant Gold, commented: “We are very pleased to have completed the recent drill program which was conducted on the western flank of the Original Pit Zone. Our initial objectives for this drill program were three-fold: First, to test the perspectivity of the western flank immediately outside the Original Pit Zone. Second, test deeper targets within the Original Pit Zone. Third, potentially expand the pit wall leading to a reduced strip ratio in the Pit Zone. We expect to release a summary of all assays upon receipt and analysis. Furthermore, we expect to provide a more thorough corporate update in the near future.”

Allegiant continues to develop and expand upon our inferred resource base of 57 million tonnes grading 0.54 g au/t (approx. 1 million gold ounces inferred) at Eastside. Over the past six months, Allegiant has now drilled approximately 10,000 metres at Eastside including 6,000 metres in the Castle Area and 3,800 metres nearby the Original Pit Zone

Graph 1: Map of Eastside
https://www.allegiantgold.com/nr/2020-01-27-map.pdf

Qualified Person

Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the Qualified Person under NI 43-101, Standards of Disclosure for Mineral Projects, who has reviewed and approved the scientific and technical content of this press release.

About Allegiant

Allegiant owns 100% of 10 highly-prospective gold projects in the United States, 7 of which are located in the mining-friendly jurisdiction of Nevada. Four of Allegiant’s projects are farmed-out, providing for cost reductions and cash-flow. Allegiant’s flagship, district-scale Eastside project hosts a large and expanding gold resource and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

ON BEHALF OF THE BOARD
Peter Gianulis
CEO

For more information contact:
Investor Relations
(604) 634-0970 or
1-888-818-1364

[email protected]

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

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

Source: Allegiant Gold

Research coverage of Allegiant Gold (AUXXF) on Channelchek is provided by Noble Capital Markets, Inc. Please refer to the research disclosures on the most recent AUXXF report for more information.

Gray Television (GTN) – Sells Divestiture Stations From Quincy Media Transaction to Allen Media for $380 Million

Posted on April 29, 2021 by Admin

Gray Sells Divestiture Stations From Quincy Media Transaction to Allen Media for $380 Million

ATLANTA, April 29, 2021 (GLOBE NEWSWIRE) — Gray Television, Inc. (“Gray”) (NYSE: GTN) today reached an agreement to divest certain television stations currently owned by Quincy Media, Inc. (“Quincy”) to Byron Allen’s Allen Media Broadcasting, LLC (“Allen Media”) for $380 million dollars in cash. Allen Media, which owns and operates local television stations in twelve markets, also owns 12 networks including The Weather Channel and the free-streaming service Local Now. Allen Media Group was founded by Byron Allen in 1993.

Earlier this year, Gray reached an agreement to acquire Quincy for $925 million in cash. To facilitate regulatory approvals for this transaction, Gray agreed to sell to Allen Media the following television stations currently owned by Quincy, each of which operates in a market in which Gray also owns and operates a television station:

KVOA (NBC), Tucson, Arizona (Nielsen DMA Rank 64)
WKOW (ABC), Madison, Wisconsin (DMA 81)
WSIL / KPOB (ABC), Paducah, Kentucky- Harrisburg, Illinois (DMA 84)
KWWL (NBC), Cedar Rapids, Iowa (DMA 92)
WXOW / WQOW (ABC), La Crosse-Eau Claire, Wisconsin (DMA 129)
WAOW / WMOW (ABC), Wausau-Rhinelander, Wisconsin (DMA 136)
WREX (NBC), Rockford, Illinois (DMA 139)

Gray’s acquisition of Quincy and Gray’s sale of the foregoing Quincy stations to Allen Media will close simultaneously. As such, at no time will Gray own, control or operate any of the divestiture television stations. Gray expects to close these transactions following receipt of regulatory and other approvals in the third quarter of 2021.

“I truly appreciate Gray and Quincy, two of the best broadcast groups in the business, working with us to acquire and transfer these amazing assets. Over the past year-and-a-half, we’ve invested close to $1 billion to acquire best-in-class, top-tier, broadcast network affiliates,” said Byron Allen, Founder/Chairman/CEO of Allen Media Group. “We plan to invest approximately ten billion dollars to acquire more ABC, CBS, NBC, and FOX television stations over the next two years with the goal of being the largest broadcast television group in America. All of our media assets, including these broadcast television stations, will work in concert to amplify our free-streaming service, Local Now.”

“We are thrilled to facilitate the transfer of these fine Quincy television stations to Byron Allen and Allen Media Group, who we are confident will continue the strong commitments to journalism and localism that have distinguished these stations under Quincy’s outstanding stewardship,” said Gray’s Executive Chairman and CEO Hilton H. Howell.

About Gray Television

Gray Television, headquartered in Atlanta, Georgia, is the largest owner of top-rated local television stations and digital assets in the United States. Upon the closing of its acquisition of Quincy Media, Inc., Gray will own television stations serving 102 television markets that collectively reach 25.4 percent of US television households, including the number-one ranked television station in 77 markets and the first and/or second highest ranked television station in 93 markets according to Comscore’s average all-day ratings for calendar year 2020. Gray also owns video program production, marketing, and digital businesses including Raycom Sports, Tupelo Honey, and RTM Studios, the producer of PowerNation programs and content and is the majority owner of Swirl Films.

Wells Fargo Securities, LLC served as financial advisor to Gray.

About Allen Media Group / Entertainment Studios

Chairman and CEO Byron Allen founded Allen Media Group/Entertainment Studios in 1993. Headquartered in Los Angeles, it has offices in New York, Chicago, Atlanta, and Raleigh. Allen Media Group owns 23 ABC-NBC-CBS-FOX network affiliate broadcast television stations and ten 24-hour HD television networks serving nearly 180 million subscribers: THE WEATHER CHANNEL, PETS.TV, COMEDY.TV, RECIPE.TV, CARS.TV, ES.TV, MYDESTINATION.TV, JUSTICE CENTRAL.TV, THEGRIO.TV, and THIS TV. Allen Media Group will add its eleventh network, THE WEATHER CHANNEL EN ESPANOL in 2021. Allen Media Group also owns LOCAL NOW and THE GRIO free-streaming AVOD services, powered by THE WEATHER CHANNEL and content partners, which delivers real-time, hyper-local news, weather, traffic, sports, and lifestyle information. Allen Media Group also produces, distributes, and sells advertising for 67 television programs, making it one of the largest independent producers/distributors of first-run syndicated television programming for broadcast television stations. Allen Media Group International Television continues to extend its corporate branding and content around the globe. It currently has active license agreements and programming in South Africa, The United Arab Emirates, Australia, The Bahamas, Canada and New Zealand. With a library of over 5,000 hours of owned content across multiple genres, Allen Media Group provides video content to broadcast television stations, cable television networks, mobile devices, multimedia platforms, and the World Wide Web. Our mission is to provide excellent programming to our viewers, online users, and Fortune 500 advertising partners.

Entertainment Studios Motion Pictures is a full-service, theatrical motion picture distribution company specializing in wide release commercial content. ESMP released 2017’s highest-grossing independent movie, the shark thriller 47 METERS DOWN, which grossed over $44.3 million. In 2018, ESMP also released the critically-acclaimed and commercially successful Western HOSTILES, the historic mystery-thriller CHAPPAQUIDDICK and the sequel to 47 METERS DOWN, 47 METERS DOWN: UNCAGED. The digital distribution unit of Entertainment Studios Motion Pictures, Freestyle Digital Media, is a premiere multi-platform distributor with direct partnerships across all major cable, digital and streaming platforms. Capitalizing on a robust infrastructure, proven track record and a veteran sales team, Freestyle Digital Media is a true home for independent films.

In 2016, Allen Media Group purchased The Grio, a highly-rated digital video-centric news community platform devoted to providing AfricanAmericans with compelling stories and perspectives currently underrepresented in existing national news outlets. The Grio features aggregated and original video packages, news articles and opinion pieces on topics that include breaking news, politics, health, business and entertainment. Originally launched in 2009, the platform was then purchased by NBC News in 2010. The digital platform remains focused on curating exciting digital content and currently has more than 100 million annual visitors. For more information, visit: www.entertainmentstudios.com

Gray Contacts:

www.gray.tv
Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

Allen Media Group Contact:
Eric Peterkofsky
Allen Media Group/Entertainment Studios
310-277-3500 x124 [email protected]

Source: Gray Television

Release – Gray Television (GTN) – Sells Divestiture Stations From Quincy Media Transaction to Allen Media for $380 Million

Posted on April 29, 2021 by Admin

Gray Sells Divestiture Stations From Quincy Media Transaction to Allen Media for $380 Million

About Gray Television

Wells Fargo Securities, LLC served as financial advisor to Gray.

About Allen Media Group / Entertainment Studios

Gray Contacts:

www.gray.tv
Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

Allen Media Group Contact:
Eric Peterkofsky
Allen Media Group/Entertainment Studios
310-277-3500 x124 [email protected]

Source: Gray Television

Release – Allegiant Gold (AUXXF)(AUAU:CA) – Completes 9 Hole 3800 Metre Drill Program Near Original Pit Zone At Eastside

Posted on April 29, 2021 by Admin

Allegiant Gold Completes 9 Hole, 3800 Metre Drill Program Near Original Pit Zone At Eastside

Graph 1: Map of Eastside
https://www.allegiantgold.com/nr/2020-01-27-map.pdf

Qualified Person

About Allegiant

ON BEHALF OF THE BOARD
Peter Gianulis
CEO

For more information contact:
Investor Relations
(604) 634-0970 or
1-888-818-1364

[email protected]

Source: Allegiant Gold

Research coverage of Allegiant Gold (AUXXF) on Channelchek is provided by Noble Capital Markets, Inc. Please refer to the research disclosures on the most recent AUXXF report for more information.

Release – 1-800-Flowers.com (FLWS) – Reports Record Revenue and Earnings Results for its Fiscal 2021 Third Quarter

Posted on April 29, 2021 by Admin

1-800-FLOWERS.COM, Inc. Reports Record Revenue and Earnings Results for its Fiscal 2021 Third Quarter

Total net revenues increased 70.1 percent to $474.2 million, compared with total revenues of $278.8 million in the prior year period, driven by ecommerce growth of 83.2 percent.

Net Income for the quarter increased $11.1 million to $1.4 million, or $0.02 per share, compared with a net loss of $9.7 million, or a loss of $0.15 per diluted share in the prior year period. On an adjusted basis, net income for the quarter was $1.5 million, or $0.02 per share, compared with an adjusted net loss of $9.0 million, or a loss of $0.14 per share, in the prior year period.

Adjusted EBITDA¹ for the quarter increased $17.8 million to $15.4 million, compared with a loss of $2.4 million in the prior year period.

Company guides to 10-to-15 percent revenue growth for its fiscal fourth quarter and approximately 40 percent for its full 2021 fiscal year. Company also states that it anticipates double-digit revenue growth will continue in its next fiscal year.

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

CARLE PLACE, N.Y.–(BUSINESS WIRE)– 1-800-FLOWERS.COM, Inc. (NASDAQ: FLWS), a leading e-commerce provider of products and services designed to inspire more human expression, connection, and celebration, today reported results for its Fiscal 2021 third quarter ended March 28, 2021.

Chris McCann, CEO of 1-800-FLOWERS.COM, Inc., said “The record top and bottom-line results for our fiscal third quarter reflect the strength of the ecommerce platform that we have built to drive solid, sustainable growth. The strong results for the quarter represent a continuation of the momentum that we have been building over the past several years. In addition, the acceleration provided by COVID has resulted in profound shifts in consumer behavior that our massive database, strong brand portfolio, and leading-edge technology will turn into a new era of growth.

“Our highly scalable and leverageable business platform includes our all-star family of trusted brands, our advanced technology stack, our experience and expertise in digital marketing, our large and rapidly growing customer file, and our extensive manufacturing, distribution and logistics capabilities. We have continued to make significant investments in these areas to help drive strong organic growth while concurrently augmenting our capabilities and product selection with highly accretive acquisitions such as Personalization Mall.”

McCann said that in addition to the strong top and bottom-line performance during the quarter, the Company also continued to grow its customer file at a record pace. “We have continued to leverage our digital marketing programs to take advantage of the structural shift that consumers have made to ecommerce. As a result, we have added millions of new customers while driving increased purchase frequency from existing customers this year. In addition, we continue to see strong, double-digit growth in customers joining our Celebrations Passport^® loyalty program, which now has more than 1 million members. Passport is a key driver of increased purchase frequency, customer retention, and customer lifetime value. The continuation of these positive trends further enhances our ability to deliver sustainable growth both near and longer term.”

Regarding the Company’s current fiscal fourth quarter, McCann said that the Company continued to see solid ecommerce demand in its 1-800-Flowers.com floral business through the first four weeks of the quarter. “We enter the fiscal fourth quarter with continued strong momentum and we expect double digit topline growth for the quarter despite the steep change in ecommerce growth which began in the prior year fourth quarter that we are now comparing against. That will put us on track to achieve over
$2 billion of revenue in our current fiscal year.”

McCann concluded, “Based on our expectations for the fourth quarter, combined with what we see going forward, we anticipate driving double-digit growth in our next fiscal year.”

Third Quarter 2021 Financial Results

Total consolidated revenues increased 70.1 percent, or
$195.4 million, to
$474.2 million, compared with total consolidated revenues of
$278.8 million in the prior year period, driven by ecommerce growth of 83.2 percent. Revenue growth in the quarter included contributions from PersonalizationMall.com which the Company acquired in August 2020. Excluding the contribution from PersonalizationMall.com total net revenues increased 55.7 percent, compared with the prior year period.

Gross profit margin for the quarter increased 40 basis points to 38.9 percent, compared with 38.5 percent in the prior year period. Operating expenses as a percent of total revenues improved 340 basis points to 39.0 percent, compared with 42.4 percent in the prior year period. Excluding the impacts of the Company’s non-qualified deferred 401k compensation plan and one-time transaction costs, operating expenses, as a percentage of total revenues improved 430 basis points to 38.8 percent in the quarter.

The combination of these factors resulted in an increase of
$17.8 million, in Adjusted EBITDA to
$15.4 million, compared with Adjusted EBITDA loss of
$2.4 million in the prior year period. Net income for the quarter increased
$11.1 million, to
$1.4 million, or
$0.02 per diluted share, compared with a net loss of
$9.7 million, or
$0.15 per share, in the prior year period. On an adjusted basis, net income for the quarter was
$1.5 million, or
$0.02 per share, compared with an adjusted net loss of
$9.0 million, or a loss of
$0.14 per share, in the prior year period.

Segment Results:

The Company provides selected financial results for its Gourmet Foods and Gift Baskets, Consumer Floral and Gifts, and BloomNet^® segments in the tables attached to this release and as follows:

Gourmet Foods and Gift Baskets: Revenues for the quarter increased 82.7 percent, or
$79.3 million, to
$175.2 million, compared with
$95.9 million in the prior year period, reflecting strong ecommerce growth. Gross profit margin increased 500 basis points to 39.4 percent, compared with 34.4 percent in the prior year period reflecting reduced promotional marketing partially offset by increased labor and shipping costs. Segment contribution margin improved 293.4 percent, or
$18.4 million, to
$12.1 million, compared with a loss of
$6.3 million in the prior year period.

Consumer Floral and Gifts: Revenues in this segment increased 70.6 percent, or
$107.8 million, to
$260.4 million, compared with
$152.6 million in the prior year period. Excluding the contribution from PMall, revenues in this segment increased 44.3 percent compared with the prior year period. Gross profit margin decreased 150 basis points to 37.8 percent, compared with 39.3 percent in the prior year period, primarily reflecting higher shipping costs and weather-related costs incurred during the Valentine holiday period. Segment contribution margin increased 46.0 percent, or
$7.1 million, to
$22.5 million, compared with
$15.4 million in the prior year period. Excluding the contribution from PMall, segment contribution margin increased 15.3 percent, or
$2.4 million, compared with the prior year period.

BloomNet: Revenues for the quarter increased 27.7 percent to
$38.8 million, or
$8.4 million, compared with
$30.4 million in the prior year period. Gross profit margin was 44.3 percent, a decrease of 300 basis points compared with 47.3 percent in the prior year period, primarily reflecting product mix. Segment contribution margin increased 20.1 percent to
$12.0 million, or
$2.0 million, compared with
$10.0 million in the prior year period.

Company Guidance

The Company’s guidance for its fiscal fourth quarter ending June 27, 2021 is based on several factors including:
- continued solid ecommerce demand in the 1-800-Flowers.com floral business that has carried into April combined with anticipated contributions from PMall, partially offset by the shift of some Easter revenues into the Company’s third quarter, and;
- the challenging comparison with the prior year period which included record top and bottom-line growth resulting from the surge in ecommerce demand and significantly lower year-over-year digital marketing pricing associated with the initial impact of the COVID-19 pandemic.
As a result, the Company expects to achieve total consolidated revenue growth for its fiscal fourth quarter in a range of 10-to-15 percent, compared with the prior year period.
Based on this revenue growth, somewhat offset by higher digital marketing costs, the Company anticipates achieving Adjusted EBITDA for its fiscal fourth quarter in a range of
$25.0 million -to-
$30 million, compared with
$32.5 million in the prior year period, and EPS in a range of
$0.18-to-
$0.20, compared with EPS of
$0.23 in the prior year period.
Combined with the results of its first three fiscal quarters, the Company anticipates achieving the following results for its full 2021 fiscal year:
- Revenue growth of approximately 40 percent to total revenue for the year of more than
  $2.0 billion compared with
  $1.49 billion in the prior year.
- Adjusted EBITDA in a range of
  $208.0 million -to-
  $213.0 million compared with
  $129.5 million in the prior year,
- EPS in a range of
  $1.75 -to-
  $1.80 compared with EPS of
  $0.98 in the prior year, and
- Free Cash Flow of more than
  $100 million.

Definitions of non-GAAP Financial Measures:

We sometimes use financial measures derived from consolidated financial information, but not presented in our financial statements prepared in accordance with
U.S. generally accepted accounting principles (“GAAP”). Certain of these are considered “non-GAAP financial measures” under the
U.S. Securities and Exchange Commission rules. Non-GAAP financial measures referred to in this document are either labeled as “non-GAAP” or designated as such with a “1”. See below for definitions and the reasons why we use these non-GAAP financial measures. Where applicable, see the Selected Financial Information below for reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures.

EBITDA and Adjusted EBITDA

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

Segment Contribution Margin and Adjusted Segment Contribution Margin

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

Adjusted Net Income (Loss) and Adjusted or Comparable Net Income (Loss) Per Common Share:

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

About 1-800-FLOWERS.COM, Inc.

1-800-FLOWERS.COM, Inc. is a leading provider of gifts designed to help customers express, connect, and celebrate. The Company’s ecommerce business platform features an all-star family of brands, including: 1-800-Flowers.com®, 1-800-Baskets.com®, Cheryl’s Cookies®, Harry & David®, PersonalizationMall.com®, Shari’s Berries®, FruitBouquets.com®, Moose Munch®, The Popcorn Factory®, Wolferman’s Bakery®, Stock Yards® and Simply Chocolate®. Through the Celebrations Passport® loyalty program, which provides members with free standard shipping and no service charge across our portfolio of brands, 1-800-FLOWERS.COM, Inc. strives to deepen relationships with customers. The Company also operates BloomNet®, an international floral and gift industry service provider offering a broad-range of products and services designed to help members grow their businesses profitably; Napco?, a resource for floral gifts and seasonal décor; and DesignPac Gifts, LLC, a manufacturer of gift baskets and towers. 1-800-FLOWERS.COM, Inc. was named to the Forbes 2021 Best Small Companies List. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS. For more information, visit 1800flowersinc.com or follow @1800FLOWERSInc on Twitter.

Special Note Regarding Forward Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s current expectations or beliefs concerning future events and can generally be identified using statements that include words such as “estimate,” “expects,” “project,” “believe,” “anticipate,” “intend,” “plan,” “foresee,” “forecast,” “likely,” “will,” “target” or similar words or phrases. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results expressed or implied in the forward-looking statements, including, but not limited to, statements regarding the Company’s ability to achieve its expected results for the fiscal-year 2021 fourth quarter and full year as well as its guidance for revenue growth in its fiscal 2022 full year; the impact of the COVID-19 pandemic on the Company; its ability to successfully integrate acquired businesses and assets; its ability to cost-effectively acquire and retain customers; the outcome of contingencies, including legal proceedings in the normal course of business; its ability to compete against existing and new competitors; its ability to manage expenses associated with sales and marketing and necessary general and administrative and technology investments; its ability to reduce promotional activities and achieve more efficient marketing programs; and general consumer sentiment and economic conditions that may affect levels of discretionary customer purchases of the Company’s products. Reconciliations for forward looking figures would require unreasonable efforts at this time because of the uncertainty and variability of the nature and amount of certain components of various necessary GAAP components, including for example those related to compensation, tax items, amortization or others that may arise during the year, and the Company’s management believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The lack of such reconciling information should be considered when assessing the impact of such disclosures. The Company undertakes no obligation to publicly update any of the forward-looking statements, whether because of new information, future events or otherwise, made in this release or in any of its SEC filings. Consequently, you should not consider any such list to be a complete set of all potential risks and uncertainties. For a more detailed description of these and other risk factors, refer to the Company’s SEC filings, including the Company’s Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q.

Conference Call:

The Company will conduct a conference call to discuss the above details and attached financial results today, Thursday, April 29, 2021, at 8:00 a.m. (EDT). The call will be webcast live (Webcast URL: https://services.choruscall.com/links/flws210429GQPS0B7R.html) which can be accessed from the Investor Relations section of the 1-800-FLOWERS.COM, Inc. website at 1800flowersinc.com. A recording of the call will be posted on the Investor Relations section of the Company’s website within two hours of the call’s completion. A telephonic replay of the call can be accessed beginning at 2:00 p.m. (EDT) on the day of the call through May 6, 2021, at: (US) 1-877-344-7529; (
Canada) 855-669-9658; (International) 1-412-317-0088; enter conference ID #:10155340. To access the replay using an international dial-in number, please use the link: https://services.choruscall.com/ccforms/replay.html.

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

1-800-FLOWERS.COM, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands)

	March 28, 2021		June 28, 2020
		(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	256,783	$	240,506
Trade receivables, net		39,121		15,178
Inventories		122,385		97,760
Prepaid and other		30,243		25,186
Total current assets		448,532		378,630

Property, plant and equipment, net		197,490		169,075
Operating lease right-of-use assets		86,616		66,760
Goodwill		208,048		74,711
Other intangibles, net		139,962		66,273
Other assets		26,672		18,986
Total assets	$	1,107,320	$	774,435

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	60,217	$	25,306
Accrued expenses		215,177		141,741
Current maturities of long-term debt		17,500		5,000
Current portion of long-term operating lease liabilities		11,021		8,285
Total current liabilities		303,915		180,332

Long-term debt		166,213		87,559
Long-term operating lease liabilities		79,803		61,964
Deferred tax liabilities		26,501		28,632
Other liabilities		30,773		16,174
Total liabilities		607,205		374,661
Total stockholders’ equity		500,115		399,774
Total liabilities and stockholders’ equity	$	1,107,320	$	$774,435

1-800-FLOWERS.COM, Inc. and Subsidiaries Selected Financial Information Consolidated Statements of Operations (in thousands, except for per share data) (unaudited)

	Three Months Ended						Nine Months Ended
	March 28, 2021			March 29, 2020			March 28, 2021			March 29, 2020
Net revenues:
E-Commerce	$	424,768		$	231,851		$	1,441,441		$	847,985
Other		49,466			46,925			193,821			223,696
Total net revenues		474,234			278,776			1,635,262			1,071,681
Cost of revenues		289,535			171,324			936,837			618,911
Gross profit		184,699			107,452			698,425			452,770
Operating expenses:
Marketing and sales		127,923			78,606			402,904			262,849
Technology and development		14,281			11,900			39,937			34,436
General and administrative		30,912			20,031			89,960			64,187
Depreciation and amortization		11,892			7,803			31,792			23,268
Total operating expenses		185,008			118,340			564,593			384,740
Operating income (loss)		(309	)		(10,888	)		133,832			68,030
Interest expense, net		1,553			147			4,520			1,727
Other (income) expense, net		(945	)		2,605			(4,201	)		1,714
Income (loss) before income taxes		(917	)		(13,640	)		133,513			64,589
Income tax expense (benefit)		(2,344	)		(3,983	)		28,171			15,365
Net income (loss)	$	1,427		$	(9,657	)	$	105,342		$	49,224

Basic net income (loss) per common share	$	0.02		$	(0.15	)	$	1.63		$	0.76

Diluted net income (loss) per common share	$	0.02		$	(0.15	)	$	1.58		$	0.74

Weighted average shares used in the calculation of net income (loss) per common share:
Basic		64,885			64,348			64,644			64,517
Diluted		66,474			64,348			66,564			66,378

1-800-FLOWERS.COM, Inc. and Subsidiaries Selected Financial Information Consolidated Statements of Cash Flows (in thousands) (unaudited)

	Nine months ended
	March 28, 2021			March 29, 2020

Operating activities:
Net income	$	105,342		$	49,224
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		31,792			23,268
Amortization of deferred financing costs		844			486
Deferred income taxes		(2,131	)		(1,597	)
Bad debt expense		959			1,201
Stock-based compensation		8,229			6,441
Other non-cash items		(79	)		(23	)
Changes in operating items:
Trade receivables		(23,520	)		(15,044	)
Inventories		(7,627	)		19,353
Prepaid and other		(1,301	)		3,148
Accounts payable and accrued expenses		96,947			31,442
Other assets and liabilities		8,756			(557	)
Net cash provided by operating activities		218,211			117,342

Investing activities:
Acquisitions, net of cash acquired		(250,943	)		(20,500	)
Capital expenditures, net of non-cash expenditures		(26,821	)		(22,282	)
Purchase of equity investments		(1,251	)		(1,176	)
Net cash used in investing activities		(279,015	)		(43,958	)

Financing activities:
Acquisition of treasury stock		(14,825	)		(10,667	)
Proceeds from exercise of employee stock options		1,596			285
Proceeds from bank borrowings		265,000			20,000
Repayment of notes payable and bank borrowings		(172,497	)		(23,750	)
Debt issuance cost		(2,193	)		(60	)
Net cash provided by (used in) financing activities		77,081			(14,192	)

Net change in cash and cash equivalents		16,277			59,192
Cash and cash equivalents:
Beginning of period		240,506			172,923
End of period	$	256,783		$	232,115

1-800-FLOWERS.COM, Inc. and Subsidiaries Selected Financial Information – Category Information (dollars in thousands) (unaudited)

	Three Months Ended
	March 28, 2021			March 29, 2020			Personalization Mall Litigation & Transaction Costs		As Adjusted (non-GAAP) March 29, 2020			% Change
Net revenues:
Consumer Floral & Gifts	$	260,393		$	152,620		$	–	$	152,620		70.6	%
BloomNet		38,833			30,414					30,414		27.7	%
Gourmet Foods & Gift Baskets		175,245			95,906					95,906		82.7	%
Corporate		54			112					112		-51.8	%
Intercompany eliminations		(291	)		(276	)				(276	)	-5.4	%
Total net revenues	$	474,234		$	278,776		$	–	$	278,776		70.1	%

Gross profit:
Consumer Floral & Gifts	$	98,397		$	59,943				$	59,943		64.2	%
		37.8	%		39.3	%				39.3	%

BloomNet		17,194			14,401					14,401		19.4	%
		44.3	%		47.3	%				47.3	%

Gourmet Foods & Gift Baskets		69,091			32,956					32,956		109.6	%
		39.4	%		34.4	%				34.4	%

Corporate		17			152					152		-88.8	%
		31.5	%		135.7	%				135.7	%

Total gross profit	$	184,699		$	107,452		$	–	$	107,452		71.9	%
		38.9	%		38.5	%		–		38.5	%

EBITDA (non-GAAP):
Segment Contribution Margin (non-GAAP) (a):
Consumer Floral & Gifts	$	22,537		$	15,439		$	–	$	15,439		46.0	%
BloomNet		12,042			10,025					10,025		20.1	%
Gourmet Foods & Gift Baskets		12,132			(6,275	)				(6,275	)	293.3	%
Segment Contribution Margin Subtotal		46,711			19,189			–		19,189		143.4	%
Corporate (b)		(35,128	)		(22,274	)		911		(21,363	)	-64.4	%
EBITDA (non-GAAP)		11,583			(3,085	)		911		(2,174	)	632.8	%
Add: Stock-based compensation		2,871			2,396					2,396		19.8	%
Add: Compensation charge related to NQ Plan Investment Appreciation/(Depreciation)		916			(2,611	)				(2,611	)	135.1	%
Adjusted EBITDA (non-GAAP)	$	15,370		$	(3,300	)	$	911	$	(2,389	)	743.4	%

1-800-FLOWERS.COM, Inc. and Subsidiaries Selected Financial Information – Category Information (dollars in thousands) (unaudited)

	Nine Months Ended
	March 28, 2021			Personalization Mall Litigation & Transaction Costs		Harry & David Store Closure Costs			As Adjusted (non-GAAP) March 28, 2021			March 29, 2020			Personalization Mall Litigation & Transaction Costs		As Adjusted (non-GAAP) March 29, 2020			% Change
Net revenues:
Consumer Floral & Gifts	$	727,296		$	–	$	–		$	727,296		$	359,104		$	–	$	359,104		102.5	%
BloomNet		105,622								105,622			81,576					81,576		29.5	%
Gourmet Foods & Gift Baskets		803,439								803,439			631,705					631,705		27.2	%
Corporate		295								295			472					472		-37.5	%
Intercompany eliminations		(1,390	)							(1,390	)		(1,176	)				(1,176	)	-18.2	%
Total net revenues	$	1,635,262		$	–	$	–		$	1,635,262		$	1,071,681		$	–	$	1,071,681		52.6	%

Gross profit:
Consumer Floral & Gifts	$	298,457		$	–	$	–		$	298,457		$	140,537		$	–	$	140,537		112.4	%
		41.0	%							41.0	%		39.1	%				39.1	%

BloomNet		48,852								48,852			40,520					40,520		20.6	%
		46.3	%							46.3	%		49.7	%				49.7	%

Gourmet Foods & Gift Baskets		350,988								350,988			271,360					271,360		29.3	%
		43.7	%							43.7	%		43.0	%				43.0	%

Corporate		128								128			353					353		-63.7	%
		43.4	%							43.4	%		74.8	%				74.8	%
Total gross profit	$	698,425		$	–	$	–		$	698,425		$	452,770		$	–	$	452,770		54.3	%
		42.7	%		–		–			42.7	%		42.2	%		–		42.2	%

EBITDA (non-GAAP):
Segment Contribution Margin (non-GAAP) (a):
Consumer Floral & Gifts	$	87,430		$	–	$	–		$	87,430		$	34,853		$	–	$	34,853		150.9	%
BloomNet		34,604								34,604			27,516					27,516		25.8	%
Gourmet Foods & Gift Baskets		145,172					(483	)		144,689			100,512					100,512		44.0	%
Segment Contribution Margin Subtotal		267,206			–		(483	)		266,723			162,881			–		162,881		63.8	%
Corporate (b)		(101,582	)		5,403					(96,179	)		(71,583	)		911		(70,672	)	-36.1	%
EBITDA (non-GAAP)		165,624			5,403		(483	)		170,544			91,298			911		92,209		85.0	%
Add: Stock-based compensation		8,229								8,229			6,441					6,441		27.8	%
Add: Compensation charge related to NQ Plan Investment Appreciation/(Depreciation)		4,123								4,123			(1,653	)				(1,653	)	349.4	%
Adjusted EBITDA (non-GAAP)	$	177,976		$	5,403	$	(483	)	$	182,896		$	96,086		$	911	$	96,997		88.6	%

1-800-FLOWERS.COM, Inc. and Subsidiaries Selected Financial Information (in thousands) (unaudited)

Reconciliation of net income (loss) to adjusted net income (loss) (non-GAAP):	Three Months Ended					Nine Months Ended
	March 28, 2021		March 29, 2020			March 28, 2021			March 29, 2020

Net income (loss)	$	1,427	$	(9,657	)	$	105,342		$	49,224
Adjustments to reconcile net income (loss) to adjusted net income (loss) (non-GAAP)
Add: PersonalizationMall litigation and transaction costs		–		911			5,403			911
Deduct: Harry & David store closure cost adjustment		–		–			(483	)		–
Deduct: Income tax benefit on adjustments		79		(217	)		(1,038	)		(217	)
Adjusted net income (loss) (non-GAAP)	$	1,506	$	(8,963	)	$	109,224		$	49,918

Basic and diluted net income (loss) per common share
Basic	$	0.02	$	(0.15	)	$	1.63		$	0.76
Diluted	$	0.02	$	(0.15	)	$	1.58		$	0.74


Basic and diluted adjusted net income (loss) per common share (non-GAAP)
Basic	$	0.02	$	(0.14	)	$	1.69		$	0.77
Diluted	$	0.02	$	(0.14	)	$	1.64		$	0.75

Weighted average shares used in the calculation of net income (loss) and adjusted net income (loss) per common share
Basic		64,885		64,348			64,644			64,517
Diluted		66,474		64,348			66,564			66,378

1-800-FLOWERS.COM, Inc. and Subsidiaries Selected Financial Information (in thousands) (unaudited)

Reconciliation of net income (loss) to adjusted EBITDA (non-GAAP):	Three Months Ended					Nine Months Ended
	March 28, 2021		March 29, 2020			March 28, 2021			March 29, 2020

Net income (loss)	$	1,427	$	(9,657	)	$	105,342		$	49,224
Add: Interest expense, net		608		2,752			319			3,441
Add: Depreciation and amortization		11,892		7,803			31,792			23,268
Add: Income tax expense		–		–			28,171			15,365
Deduct: Income tax benefit		2,344		3,983			–			–
EBITDA		11,583		(3,085	)		165,624			91,298
Add: Stock-based compensation		2,871		2,396			8,229			6,441
Add: Compensation charge related to NQ plan investment appreciation/(depreciation)		916		(2,611	)		4,123			(1,653	)
Add: Personalization Mall litigation and transaction costs		–		911			5,403			911
Deduct: Harry & David store closure cost adjustment		–		–			(483	)		–
Adjusted EBITDA	$	15,370	$	(2,389	)	$	182,896		$	96,997

(a) Segment performance is measured based on segment contribution margin or segment Adjusted EBITDA, reflecting only the direct controllable revenue and operating expenses of the segments, both of which are non-GAAP measurements. As such, management’s measure of profitability for these segments does not include the effect of corporate overhead, described above, depreciation and amortization, other income (net), and other items that we do not consider indicative of our core operating performance.

(b) Corporate expenses consist of the Company’s enterprise shared service cost centers, and include, among other items, Information Technology, Human Resources, Accounting and Finance, Legal, Executive and Customer Service Center functions, as well as Stock-Based Compensation. To leverage the Company’s infrastructure, these functions are operated under a centralized management platform, providing support services throughout the organization. The costs of these functions, other than those of the Customer Service Center, which are allocated directly to the above categories based upon usage, are included within corporate expenses as they are not directly allocable to a specific segment.

FLWS-CP

Investors:

Joseph D. Pititto

(516) 237-6131

E-mail: [email protected]

Media:

Kathleen Waugh

(516) 237-6028

[email protected]

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

Release – Comtech Telecommunications (CMTL) – Awarded $1.6 Million Toronto Paramedic Services Next Generation 911 Contract

Posted on April 29, 2021 by Admin

Comtech Telecommunications Corp. Awarded $1.6 Million Toronto Paramedic Services Next Generation 911 Contract

Media Contact:
Michael D. Porcelain, President and Chief Operating Officer

Comtech Telecommunications Corp.
(631) 962-7000
[email protected]

Source:
Comtech Telecommunications Corp.

Release – Namaste Technologies (NXTTF)(N:CA) – Reports First Quarter 2021 Financial Results

Posted on April 28, 2021 by Admin

Namaste Technologies Reports First Quarter 2021 Financial Results

Increased Revenue While Substantially Decreasing Operating Expenses
Cannabis Revenue Increased by 113% in Q1 2021 Compared to Q1 2020

TORONTO, April 28, 2021 (GLOBE NEWSWIRE) — Namaste Technologies Inc. (“Namaste” or the “Company”) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) a marketplace platform for cannabis and wellness products, today reported its financial results for the first quarter ended February 28, 2021 (“Q1 2021”) with references made to financial results for the first quarter ended February 29, 2020 (“Q1 2020”). All financial figures are in Canadian dollars unless otherwise indicated.

Q1 2021 Highlights:

Net cash used in operating activities decreased by $7.5 million to $2.5 million in Q1 2021 vs. Q1 2020, reflecting improved management of our short term assets.
Gross revenue for Q1 2021 was $6.15 million ($5.46 million Q1 2020), representing an increase of 13% while operating expenses decreased by 10.9% over the same period.
Net revenue for Q1 2021 was $5.5 million ($5.3 million in Q1 2020).
Cannabis revenue increased by 113% vs the same quarter last year, and maintained its strong position at 47% of total net revenues, the second highest percentage for cannabis revenue out of total net revenue achieved in the last four quarters.
Inventories decreased by 33% to $5.9 million in Q1 2021 ($8.8 million in Q1 2020) with increased revenues, demonstrating improved inventory management practices implemented as a key initiative to reduce slow moving inventory in 2020.
Accounts receivables decreased 22% in Q1 2021 vs. Q1 2020 despite an increase in sales, illustrating our ability to convert short term assets into cash much more efficiently.
The Company’s working capital position remains strong at $31 million as at February 28, 2021 bolstered by the closing of a bought deal financing of $23 million (approximately $21 million net of all fees, costs and expenses).

Re cent Corporate Highlights:

Announced the addition of leading licensed producers to the CannMart.com platform including: Auxly Cannabis Group, Hexo Corp and The Green Organic Dutchman Holdings (TGOD).
Announced that CannMart Inc., the Company’s wholly-owned subsidiary, has expanded its product offering to both our provincial customers who retain exclusive rights to sell to recreational consumers and to our own medical customers across Canada via CannMart.com, by entering into a number of supply agreements including with CannTx Life Sciences Inc., Rilaxe Canna Inc. and Safari Flower Co.
Launched CannMart.com into the USA offering American resident hemp derived CBD and smoking accessories.
Received a standard processing licence from Health Canada for CannMart Labs Inc. (“Labs”), the Company’s wholly owned subsidiary with its state-of-the-art BHO extraction facility.
Announced the Company’s evolution into a pre-eminent wellness company, connecting consumers to their wellness needs of tomorrow, with planned expansion into the nutraceuticals market in fiscal year 2021.
Completed the acquisition of 49% interest in Labs to take the Company to 100% ownership.

“We continue to transform CannMart.com which saw sales increase in Q1 2021 compared to the prior year as we see an increased number of vendors looking to sell their cannabis and accessories with us,” said Meni Morim, CEO of Namaste. “While our marketplace platform is demonstrating strong growth, the impact of Covid-19 lockdowns across Canada continues to be felt by the cannabis industry. However, we believe the marketplace and the Company remains well-positioned to experience a robust increase in our top-line as the market improves. Going forward, we are excited about the strategic opportunities for growth as we launch “Roilty”, our in-house branded cannabis consumer products, in Canada, and launch the first nutraceutical products in fiscal 2021 in North America and anticipate a launch in the UK and Europe thereafter.”

Mr. Morim further stated: “Over the past four quarters, one of our goals was to “do more with less” and substantially reduce our burn. I am thrilled to say that we have succeeded in bringing down our operating expenses substantially in the past quarter. One of our goals over the next few quarters is to make the necessary adjustments to our product mix so we can continue the work towards improving our gross margins. Labs’s upcoming commercial production and our soon to be launched nutraceuticals division are two such strategies we will be deploying. In addition, we have introduced operating procedures setting goals of 40-day inventory turns which we believe will further contribute to improved margins. We continue to focus on our goal to be cash flow positive. With our recent financing, the Company is in a strong financial position as Namaste continues its evolution to be the world’s foremost personalized wellness marketplace.”

For further details, the complete Financial Statements for the first quarter ended February 28, 2021 and the related Management’s Discussion & Analysis can be accessed on the Company’s SEDAR profile at www.sedar.com.

Labs Update:

Labs has completed phase one of its work following receipt of Health Canada’s standard processing licence, of installation and balancing of HVAC and GMP equipment. Labs is entering Phase two of commissioning activity, with the Company now expecting Labs products to go to market by the third fiscal quarter 2021.

Namaste Virtual Town Hall:

The Company would like to invite shareholders and guests to participate in attending a virtual town hall to hear a presentation on the progress made by the Company.

Thursday, May 6, 2021
12:00 p.m. EST
Presentation by Meni Morim followed by Q&A
All Shareholders are invited to submit their questions by May 3rd to: [email protected]. Our CEO, Meni Morim, will answer submitted investors questions during the town hall event.
Shareholders can access the event using the following link: http://bofc.me/may6townhall

NON IFRS FINANCIAL MEASURES

Management evaluates the Company’s performance using a variety of measures, including “Net loss before income tax, depreciation and amortization” and “Adjusted EBITDA”. The non-IFRS measures discussed below should not be considered as an alternative to or to be more meaningful than revenue or net loss. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS.

The Company believes these non-IFRS financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the Company.

Management uses these and other non-IFRS financial measures to exclude the impact of certain expenses and income that must be recognized under IFRS when analyzing consolidated underlying operating performance, as the excluded items are not necessarily reflective of the Company’s underlying operating performance and make comparisons of underlying financial performance between periods difficult. From time to time, the Company may exclude additional items if it believes doing so would result in a more effective analysis of underlying operating performance. The exclusion of certain items does not imply that they are non-recurring.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f090bdde-878d-4d4b-9403-9206df82fc9b

(i) Current and deferred income taxes, depreciation and amortization, and share-based compensation were excluded from the Adjusted EBITDA calculation as they do not represent cash expenditures.

(ii) Other income consisting of gain on disposal of subsidiary, interest income, realized gain on disposition of AFS investments, unrealized gain on derivatives and other miscellaneous non-recurring income were excluded from Adjusted EBITDA calculation.

(iii) Non-recurring costs related to restructuring and legacy issues were excluded from Adjusted EBITDA calculation.

(iv) Impairment loss relating to goodwill, customer list, domains and brand names were excluded from Adjusted EBITDA calculation.

(v) Impairment loss relating to receivable is a provision for expected credit loss to an associate and was excluded from Adjusted EBITDA calculation.

(vi) Share of associates loss, net of tax, is excluded due to lack of control.

About Namaste Technologies Inc.

Headquartered in Toronto, Canada, Namaste Technologies is a marketplace platform for cannabis and wellness products. At CannMart.com, the Company provides Canadian medical customers with a diverse selection of hand-picked products from a multitude of federally licensed cultivators and US customers with access to hemp-derived CBD and smoking accessories. The Company also distributes licensed and in-house branded cannabis and cannabis derived products in Canada through a number of provincial government control boards and retailing bodies and facilitates licensed cannabis retailer sales online in Saskatchewan. Namaste’s global technology and continuous innovation address local needs in a burgeoning cannabis industry requiring smart solutions.

Information on the Company and its many products can be accessed through the links below:

NamasteTechnologies.com

NamasteMD.com

Cannmart.com

For more information please contact:
Namaste Technologies Inc.
Meni Morim, CEO
Edward Miller, VP Investor Relations
Ph: 647-362-0390
Email: [email protected]

Source: Namaste Technologies Inc

FORWARD-LOOKING INFORMATION – This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as “may”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen.

The forward-looking information contained herein, including, without limitation, statements related to the Company’s expectations relating to increasing top line revenue, its intended adjustment to its product mix, the Company’s expected launch of new products and the creation of its new nutraceutical division, the anticipated commercial production at Labs, the Company’s continued focus on improving margins toward its goal to be cash flow positive , and its continued intent on building the world’s foremost personalized wellness marketplace are made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made, including, without limitation, Namaste’s ability to maintain momentum of expanding its business, its ability to broaden its total addressable market and to evolve into a recognized wellness company, the Company’s expectation that the nutraceutical and wellness market and potentially the market for psychedelics will develop as currently anticipated, the nutraceutical market will continue to be a multi-billion dollar high-margin market, the introduction of new products and brands will generate additional revenue, the ability of the Company to turn inventory as anticipated, the impact and duration of covid-19 lockdowns on the business of the Company diminishing in the future, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation: the inability of the Company to develop its business as anticipated and to increase revenues and/or its profitable margin on such revenues, unanticipated changes to current regulations that would adversely impact the Company’s business and proposed business and other regulatory risks, risks relating to the Company’s ability to execute its business strategy and the benefits realizable therefrom and risks specifically related to the Company’s operations. Additional risk factors can also be found in the Company’s current MD&A and annual information form, both of which have been filed under the Company’s SEDAR profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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

Source: Namaste Technologies Inc.

Release – Chakana Copper (CHKKF)(PERU:CA) – Reports High-Grade Intersects

Posted on April 28, 2021 by Admin

Chakana Reports High-Grade Intersects

125.0m of 0.63 g/t Au, 0.54% Cu, and 55.7 g/t Ag (1.43% Cu-eq); Including 15.0m of 2.29 g/t Au, 1.27% Cu, and 248.6 g/t Ag (4.89% Cu-eq) at Huancarama

Vancouver, British Columbia–(Newsfile Corp. – April 28, 2021) – Chakana Copper Corp. (TSXV: PERU) (OTCQB: CHKKF) (FSE: 1ZX) (the “Company“ or “Chakana“), is pleased to provide recently received drill results from eight exploration holes from Huancarama totaling 1,522.1m (Table 1) and five resource drill holes from Paloma East totaling 1,455.15m (Table 2). Drilling continues as part of a fully-funded 26,000m exploration and resource drilling program (Fig. 1).

David Kelley, President and CEO, commented, “It is great to see these strong results from both new exploration drilling and definition drilling. At Huancarama East, we are clearly defining a sizeable zone of copper-gold-silver mineralization that should feature prominently in our resource estimation plans. At Huancarama West, the exploration drilling continues to define shapes and continuity, while Paloma East has impressive significant near-surface mineralization and long runs of mineralization, including 163.9m of 0.42 g/t Au, 0.33% Cu, and 11.7 g/t Ag from surface in tourmaline breccia that is open at depth. The drill program continues to run smoothly with effective COVID protocols in place.”

Huancarama Exploration Drilling

Table 1. Mineralized intervals from Huancarama include:

DDH #	From – To (m)		Core Length (m)	Au g/t	Ag g/t	Cu %	Cu-eq %*	Au-eq g/t*
SDH21-176	1.50	5.55	4.05	1.85	9.4	0.07		1.97
and	67.00	80.00	13.00	0.77	42.2	0.12		1.51
and	153.30	157.00	3.70	2.87	99.8	1.87	4.60	7.04
and	199.00	324.00	125.00	0.63	55.7	0.54	1.43	2.18
including	207.00	214.00	7.00	1.43	169.6	2.78	5.16	7.90
including	278.00	293.00	15.00	2.29	248.6	1.27	4.89	7.48
SDH21-177	21.10	29.00	7.90	1.36	8.4	0.17		1.73
and	41.70	44.60	2.90	1.55	4.6	0.02		1.61
and	118.70	122.00	3.30	0.19	67.4	0.32	1.02	1.56
SDH21-180	No Significant Results
SDH21-182	80.00	104.00	24.00	0.20	219.5	0.45	2.46	3.76
SDH21-183	96.00	113.00	17.00	0.63	143.5	1.94	3.58	5.47
SDH21-185	No Significant Results
SDH21-186	No Significant Results
SDH21-187	167.20	217.00	49.80	0.92	53.3	0.80	1.86	2.84
including	197.00	216.00	19.00	1.89	108.1	1.61	3.77	5.77
and	268.00	312.85	44.85	0.62	22.5	1.00	1.60	2.44

* Cu_eq and Au_eq values were calculated using copper, gold, and silver. Metal prices utilized for the calculations are Cu – US$2.90/lb, Au – US$1,300/oz, and Ag – US$17/oz. No adjustments were made for recovery as the project is an early-stage exploration project and metallurgical data to allow for estimation of recoveries are not yet available. The formulas utilized to calculate equivalent values are Cu-eq (%) = Cu% + (Au g/t * 0.6556) + (Ag g/t * 0.00857) and Au-eq (g/t) = Au g/t + (Cu% * 1.5296) + (Ag g/t * 0.01307).

Eight holes were drilled in the Huancarama Breccia Complex – seven holes were collared on the western side of the complex, and one hole was collared on the far eastern side (Figs. 2 and 3). Hole SDH21-176 started on the western side of the complex intercepting two breccias, then continued across to the east-southeast of the complex with continuous breccia encountered from 199.0 to 324.0m depth. Hole SDG21-187 was drilled to the southwest and intersected two continuous zones from 167.2m to 217.0m, and 268.0m to 312.85m depth. Given the grade and continuity of mineralization in the Huancarama East breccia pipe, resource drilling has been focused in this area. Examples of mineralized drill core from these holes are shown in Figure 6.

Paloma East Resource Drilling

Table 2. Mineralized intervals from resource drilling at Paloma East include:

DDH #	From – To (m)		Core Length (m)	Au g/t	Ag g/t	Cu %	Cu-eq %*	Au-eq g/t*
SDH21-178	0.30	7.00	6.70	1.88	10.4	0.21	1.53	2.34
and	47.00	162.00	115.00	0.13	27.0	0.22	0.54	0.82
including	126.00	144.00	18.00	0.07	108.1	0.19	1.16
SDH21-179	53.00	144.00	91.00	0.13	16.5	0.50	0.73	1.11
and	213.00	217.40	4.40	0.65	85.9	0.29	1.45	2.22
SDH21-181	49.00	140.00	91.00	0.19	19.5	0.68	0.97	1.49
SDH21-184	3.25	132.00	128.75	0.38	11.4	0.21	0.56	0.85
and	161.30	173.00	11.70	0.17	14.9	0.38	0.62	0.95
SDH21-188	0.10	164.00	163.90	0.42	11.7	0.33	0.70	1.08
including	20.00	35.00	15.00	2.17	18.0	0.02		2.41
including	69.00	83.00	14.00	0.24	31.7	1.40	1.83	2.80

At Paloma East, five holes were drilled as part of the resource drilling program (Figs. 4 and 5). Three holes were set up on the west side of the breccia pipe and drilled to the east, and two holes were set up on the northeast side and drilled to the southwest. Shallow mineralization was encountered in all five holes. Hole SDH21-188 intersected 163.9m of mineralized breccia starting at surface, then continued to the southwest where strongly pyritic breccia was encountered at depth. Examples of mineralized drill core from these holes are shown in Figure 7. Additional infill drilling is being planned for the shallow mineralized zone at Paloma East.

2021 Resource and Exploration Drill Program

Results reported here are part of the fully funded 2021 drill program of 26,000m. Combined with the drilling in the second half of 2020 approximately 32,000m is anticipated through 2021. Of this, 11,062.5m have been reported in 56 drill holes for the Paloma and Huancarama areas. For the 26,000m of drilling planned in 2021, the Company will complete approximately 16,000m of resource definition drilling. This drill program will be integral to the publication of a maiden resource in 2021.

Additionally, 10,000m of exploration drilling is planned for 2021. This will focus on new targets located in the northern portion of the project that have not been drilled previously but are strategic to any eventual development at Soledad. A strategic review of exploration targets is underway and plans are currently being finalized with an update to shareholders to follow.

About Chakana Copper

Chakana Copper Corp is a Canadian-based minerals exploration company that is currently advancing the Soledad Project located in the Ancash region of Peru, a highly favorable mining jurisdiction with supportive communities. The Soledad Project consists of high-grade gold-copper-silver mineralization hosted in tourmaline breccia pipes. A total of 45,061 metres of drilling has been completed to date, testing ten (10) of twenty-three (23) confirmed breccia pipes. The exploration team has identified 110 targets in total on the project, confirming that Soledad is a large, well-endowed mineral system with strong exploration upside. Chakana’s investors are uniquely positioned as the Soledad Project provides exposure to several metals including copper, gold, and silver. For more information on the Soledad project, please visit the website at www.chakanacopper.com.

Sampling and Analytical Procedures

Chakana follows rigorous sampling and analytical protocols that meet or exceed industry standards. Core samples are stored in a secured area until transport in batches to the ALS facility in Callao, Lima, Peru. Sample batches include certified reference materials, blank, and duplicate samples that are then processed under the control of ALS. All samples are analyzed using the ME-MS41 (ICP technique that provides a comprehensive multi-element overview of the rock geochemistry), while gold is analyzed by AA24 and GRA22 when values exceed 10 g/t by AA24. Over limit silver, copper, lead and zinc are analyzed using the OG-46 procedure. Soil samples are analyzed by 4-acid (ME-MS61) and for gold by Fire Assay on a 30g sample (Au-ICP21).

Results of previous drilling and additional information concerning the Project, including a technical report prepared in accordance with National Instrument 43-101, are made available on Chakana’s SEDAR profile at www.sedar.com.

Qualified Person

David Kelley, an officer and a director of Chakana, and a Qualified Person as defined by NI 43-101, reviewed and approved the technical information in this news release.

ON BEHALF OF THE BOARD
(signed) “David Kelley“
David Kelley
President and CEO

For further information contact:
Joanne Jobin, Investor Relations Officer
Phone: 647 964 0292
Email: [email protected]

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

Forward-looking Statement Advisory: This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Chakana to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relates to, among other things, the interpretation of the nature of the mineralization at the Soledad copper-gold-silver project (the “Project”), the potential to expand the mineralization, and to develop and grow a resource within the Project, the planning for further exploration work, the ability to de-risk the potential exploration targets, and our belief in the potential for mineralization within unexplored parts of the Project. These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward- looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

Figure 1 – View looking north showing breccia pipes and occurrences within the northern Soledad cluster. Pipes that have been drilled in previous campaigns are shown in red. Outcropping breccia pipes shown in green are the focus of the current drill campaign. Other pipes and occurrences remain to be tested by drilling. Additional breccia pipes occur on the south half of the property and are not shown here.

Figure 2 – Map of the Huancarama Breccia Complex and drill hole lithology in holes completed to date. Red shapes projected to surface represents tourmaline breccia pipes based on all holes drilled to date and lithology mapped in the underground tunnel. Black dotted outlines show surface expression of mapped breccias (H1-H5); white dashed line shows collapse zone. Location of section line for Figure 3 indicated.

Figure 3 – Section looking north highlighting the drill holes at Huancarama reported in this release. Light red 3D shapes show preliminary shape of breccias based on all drill holes.

Figure 4 – Map of Paloma and drill hole lithology in holes completed to date. Location of section line for Figure 5 indicated.

Figure 5 – Section looking northwest highlighting the drill holes at Paloma East reported in this release. Light red 3D shapes show preliminary shape of breccias based on all drill holes.

Figure 6 – Huancarama core photos from drill holes reported in this release: SDH21-176 (154.0m) Tourmaline breccia replaced by chalcopyrite-pyrite; SDH21-176 (212.9m) Tourmaline breccia with selective clast replacement by chalcopyrite; SDH21-187 (197.7m) Tourmaline breccia with coarse chalcopyrite cement (open space filling); SDH21-187 (279.25m) and SDH21-187 (279.95m) Tourmaline-replace mosaic breccia with chalcopyrite-cemented matrix (note euhedral quartz crystals). Core diameter is 6.35cm (HQ) in all instances.

Figure 7 – Paloma East core photos from drill holes reported in this release: SDH21-181 (116.3m) Mosaic breccia clasts replaced by chalcopyrite-pyrite; SDH21-181 (187.0m) Tourmaline breccia with clasts of banded siderite; SDH21-188 (78.3m) Tourmaline mosaic breccia with coarse chalcopyrite cement (left) and pyrite clast replacement (right); SDH21-187 (279.25m) Pyrite-replaced tourmaline breccia typical of the deeper parts of Paloma East (note euhedral pyrite crystals). Core diameter is 6.35cm (HQ) in all instances.

Release – Driven By Stem (STMH) – Expanding into Michigan the Fourth-Largest U.S. Cannabis Market – Teaming Up with Organic Guyz

Posted on April 28, 2021 by Admin

Driven By Stem is Expanding into Michigan, the Fourth-Largest U.S. Cannabis Market – Teaming Up with Organic Guyz

New Dispensary Location Opening in Kalamazoo

Launch of Budee™ Home Delivery Statewide to Bring Great Brands and Products to Michigan Market

BOCA RATON, Fla., April 28, 2021 /PRNewswire/ — Stem Holdings, Inc. d/b/a Driven by Stem (OTCQX: STMH) (CSE: STEM) (the “Company” or “Stem“), the first multi-state, vertically integrated Farm-to-Home™ (F2H) cultivation and technology omnichannel cannabis company featuring a proprietary Delivery-as-a-Service (DaaS) marketplace platform, today announced that it has teamed up with Organic Guyz, a Michigan Cannabis company, for the opening of its newest dispensary in the heart of Kalamazoo, Michigan this June. In addition, Stem will introduce its Budee e-commerce and delivery platform for the first time in the Midwest, in order to service the entire state of Michigan with future plans for expansion in adjacent markets.

Stem is a Farm-to-Home™ multi-state operator with dispensaries in three other states. This will be the second Stem branded dispensary in the country. Stem’s acquisition of Driven Deliveries in December 2020 added Budee’s omnichannel technology to its existing retail operations, enabling Stem to deliver to 92% of California residents with plans for expansion to other states including Michigan. Stem chose to expand to Michigan because of increased demand for home delivery in that state due to an expanding cannabis market, which has doubled in the last 12 months.¹

“We have targeted Michigan as a growth market for Stem, recognizing the 179% increase in sales there last year.²It remains an underserved opportunity and we are excited to work with Organic Guyz to offer the best line-up of products available in the state,” stated Adam Berk, CEO of Stem. “Cannabis sales of $1.2 billion are projected in Michigan next year including both recreational and medical cannabis,³ and we are uniquely poised to service that market based on our operational experience,” he continued. “Collectively, we are building a new dispensary as the first step in our plan there. Our ability to deliver the customer experience demanded by cannabis connoisseurs will allow us to quickly penetrate the market in Kalamazoo which has just 22 dispensaries and deliver locally and statewide to meet this growing demand with our Budee platform,” he concluded.

Stem cultivates cannabis and hemp within its facilities on the West Coast, and its family of brands includes flower, pre-roll, edibles, concentrates and tinctures with disruptive new products launching this year as Stem expands the footprint of its brands.

“We are excited to work with the Stem team, and we share their passion and commitment to quality and service,” stated Concetta Mazzetti, Organic Guyz’s head of operations. “Stem’s proven track record of success in other markets, and their dynamic approach to cannabis, were key factors in our decision to move forward together,” she concluded.

The new Stem dispensary will be over 2500 square feet, and will be located on Portage Street, conveniently located near major roadways. There is sufficient parking for the delivery drivers since this is going to be one of our major delivery hubs for the state. An integrated marketing effort is planned for the grand opening which is anticipated to occur in Summer 2021.

About Stem Holdings, Inc.

Stem is a leading omnichannel, vertically-integrated cannabis branded products and technology company with state-of-the-art cultivation, processing, extraction, retail, distribution, and delivery-as-a-service (DaaS) operations throughout the United States. Stem’s family of award-winning brands includes TJ’s Gardens™, TravisxJames™, and Yerba Buena™ flower and extracts; Cannavore™ edible confections; Doseology™, a CBD mass-market brand launching in 2021; as well as DaaS brands Budee™ and Ganjarunner™ through the acquisition of Driven Deliveries. Budee™ and Ganjarunner™ e-commerce platforms provide direct-to consumer proprietary logistics and an omnichannel UX (user experience)/CX (customer experience).

Forward-Looking Statements
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release includes information relating to: (i) the implementation of the Company’s business plan; (ii) the expected expansion of the Michigan cannabis market; (iii) the expected opening of a dispensary in Michigan and the expected delivery activities in such state; and (iv) the potential expansion of the deliver business to adjacent states.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the implementation of the Company’s business plan and matters relating thereto, risks associated with the cannabis industry, competition, regulatory change, the need for additional financing, reliance on key personnel, the potential for conflicts of interest among certain officers or directors, insurance, intellectual property and reliable supply chains; and risks related to the Company and its business generally. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

For further information, please contact:

Media Contact:
Mauria Betts
STEM HOLDINGS, INC.
[email protected]
971.319.0303

Investor Contact:
Valter Pinto / Elizabeth Barker
[email protected]
212.896.1254 / 212-896-1203

¹ Source: https://www.metrotimes.com/detroit/michigans-legal-marijuana-industry-hits-record-sales-buoyed-by-new-products/Content?oid=26891892
² Source: https://www.newcannabisventures.com/michigan-cannabis-sales-soar-179-to-record-146-million-in-march/
³ Source: https://www.mlive.com/public-interest/2021/04/michigan-marijuana-sales-break-1-billion-pace-insiders-expect-record-breaking-april.html

SOURCE Stem Holdings, Inc.

Release – Ocugen (OCGN) – Announces Closing of $100 Million Registered Direct Offering of Common Stock Priced at a Premium to Market

Posted on April 28, 2021 by Admin

Ocugen Inc. Announces Closing of $100 Million Registered Direct Offering of Common Stock Priced at a Premium to Market

MALVERN, Pa., April 28, 2021 (GLOBE NEWSWIRE) — Ocugen, Inc. (Nasdaq: OCGN), 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, today announced that it has closed the previously announced registered direct offering with healthcare-focused institutional investors for the sale of an aggregate of 10 million shares of its common stock at a purchase price of $10 per share.

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. Roth Capital Partners acted as financial advisor to Ocugen.

The gross proceeds of the offering were approximately $100 million, prior to deducting placement agent’s fees and other offering expenses payable by Ocugen. Ocugen intends to use the net proceeds from the offering for general corporate purposes, capital expenditures, working capital and general and administrative expenses.

The shares of common stock described above were offered pursuant to an automatic “shelf” registration statement (File No. 333-254550) filed with the Securities and Exchange Commission (“SEC”) on March 22, 2021 which automatically became effective pursuant to SEC rules. Such shares of common stock were offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and the accompanying prospectus relating to the offering of the shares of common stock was filed with the SEC. Electronic copies of the final prospectus supplement and the accompanying prospectus relating to the offering of the shares of common stock may be obtained on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by e-mail: [email protected] or by telephone: (646) 975-6996.

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

About 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. market. For more information, please visit www.ocugen.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. Such forward-looking statements within this press release include, without limitation, the intended use of net proceeds from the registered direct offering. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from our current expectations, such as market and other conditions. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (the “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:
Ocugen, Inc.
Sanjay Subramanian
CFO and Head of Corp. Dev.
[email protected]

Media Contact:
LaVoieHealthScience
Lisa DeScenza
[email protected]
+1 9783955970

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Chakana Reports High-Grade Intersects

125.0m of 0.63 g/t Au, 0.54% Cu, and 55.7 g/t Ag (1.43% Cu-eq); Including 15.0m of 2.29 g/t Au, 1.27% Cu, and 248.6 g/t Ag (4.89% Cu-eq) at Huancarama

Driven By Stem is Expanding into Michigan, the Fourth-Largest U.S. Cannabis Market – Teaming Up with Organic Guyz

Ocugen Inc. Announces Closing of $100 Million Registered Direct Offering of Common Stock Priced at a Premium to Market