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Release – Defense Metals Engages SRK Consulting To Design Pre-Feasibility Level Geotechnical Drilling Program at Wicheeda Rare Earth Elements Project

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Defense Metals Engages SRK Consulting To Design Pre-Feasibility Level Geotechnical Drilling Program at Wicheeda Rare Earth Elements Project

News, and Market Data on Defense Metals

VANCOUVER, BC, May 24, 2022 /CNW/ – Defense Metals Corp. (“Defense Metals” or the “Company“) (TSXV: 
DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce that it has retained SRK Consulting (Canada) Inc. (“SRK“) to assist with planning and executing geotechnical drilling investigations at the Wicheeda Rare Earth Element (REE) Project during 2022.

The objective of SRK’s work will be to assist Defense Metals with planning and implementing a pre-feasibility level geotechnical field drilling program. The objective of the field program is to collect data for the subsequent analysis, and assessment of technical risks with regards to open pit slope design. SRK will assist in the planning, set-up, training, and support towards design of the geotechnical program including determining optimal drill hole locations (co-purposed with further resource drill holes where possible), data collection methods and downhole surveying.

The SRK team will be led by Project Manager Andy Thomas, P.Eng., M.Eng., a mining rock mechanics engineer with over 16 years’ experience; and Project Practice Leader, Jarek Jakubec, C.Eng., FIMMM, corporate consultant and practice leader of the SRK mining and geology group in Vancouver with experience in the mining industry since 1984. Jarek has travelled extensively to complete studies for over 160 mining projects in 36 countries. He regularly leads teams in technical or operational audits, feasibility studies, bankable due diligence studies, and is a sought-after member of geotechnical review boards for operating mines.

The purpose of the 2022 Wicheeda REE Project’s geotechnical and hydrogeological drill program is to contribute data to the advance geotechnical characterization, and the development of comprehensive structural, hydrogeological, and rock strength models to support future advanced pre-feasibility level mine planning studies. The geotechnical and hydrological drilling is expected to include, but not be limited to, acoustic/optical televiewer downhole survey, oriented drill core, field point load and laboratory-based intact rock and discontinuity strength testing, vibrating wire piezometer, and standpipe piezometer installation for hydrogeological investigations.

Kris Raffle, P.Geo, Director of Defense Metals commented: “SRK
was a natural fit to assist in the continued advancement of the Wicheeda REE
Deposit having worked so closely with the Defense Metals technical team during
the recent PEA study. SRK is well-positioned to build on the successful PEA
mine plan and guide the collection of advanced geotechnical and hydrogeological
data that will contribute to an enhanced understating of geotechnical risk and
refinement of future project development scenarios.”

About the Wicheeda REE Property

The 100% owned 2,008-hectare Wicheeda REE Property, located approximately 80 km northeast of the city of Prince George, British Columbia, is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, the CN railway, and major highways.

The Wicheeda REE Project yielded a robust 2021 PEA that demonstrated an after-tax net present value (NPV@8%) of $517 million, and 18% IRR1. A unique advantage of the Wicheeda REE Project is the production of a saleable high-grade flotation-concentrate. The PEA contemplates a 1.8 Mtpa (million tonnes per year) mill throughput open pit mining operation with 1.75:1 (waste:mill feed) strip ratio over a 19 year mine (project) life producing and average of 25,423 tonnes REO annually. A Phase 1 initial pit strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher grade surface mineralization in year 1 and payback of $440 million initial capital within 5 years.

___________________________

1 Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated January 6, 2022, with an effective date of November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.’s Issuer Profile on SEDAR (www.sedar.com).

 

Qualified Person

The scientific and technical information contained in this news release as it relates to the Wicheeda REE Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and a “Qualified Person” as defined in NI 43-101. Mr. Raffle verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained therein.  

About SRK

SRK is an independent, global network of consulting practices in over 45 countries on six continents. Its experienced engineers and scientists work with clients in multi-disciplinary teams to deliver integrated, sustainable solutions across a range of sectors – mining, water, environment, infrastructure and energy.

About Defense Metals Corp.

Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

For further information, please contact:

Todd Hanas, Bluesky Corporate Communications Ltd. 
Vice President, Investor Relations 
Tel: (778) 994 8072 
Email: 
todd@blueskycorp.ca

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 news release.

Cautionary Statement Regarding “Forward-Looking”
Information

This news release contains “forward?looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements relating to advancing the Wicheeda REE Project, completing the geotechnical and hydrogeological drill program and the expected results and outcomes, the Company’s plans for its Wicheeda REE Project including other studies and development work, expected results and outcomes, the technical, financial and business prospects of the Company, its REE project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedar.com. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations),  risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological and engineering assumptions, decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to, the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, loss of key employees, consultants, or directors, increase in costs, delayed drilling results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward?looking statements or forward?looking information, except as required by law.

SOURCE Defense Metals Corp.


Small-Cap Stock Category Sees Most Insiders Buying Since Spring of 2020

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Image Credit: Pixabay (Pexels)


Small-Cap Insider Buying Ratio Could Mean a Market Bottom is Near

There are more insiders buying at small-cap firms than there are insiders selling. This wasn’t the case in April and is still not the case for large-cap stocks where there are far more inside sellers than there are inside buyers. Insider buying is the purchase of company shares by a director, officer, or other executives with insights from the “inside.” And, it can be a good indicator of future results.

According to Verity, an investment research & data platform, as reported by Barron’s, insiders at S&P 500 firms are acting the same as they had in the first quarter, laying low and playing a game of wait and see. But this is not the case for small-cap insiders.

Large-Cap
Insider Ratio vs Small-Cap

There were 272 insiders selling shares at S&P 500 firms during April compared with 32 buyers (11.8%), according to Verity. Looking at month-to-date, there have been 225 sellers and 42 buyers (18.7%). Put another way, within the large-cap index, for May; there have been more than five sellers for every insider buying company shares.

According to Ben Silverman, Director of Research at Verity, large-cap “Insiders are, by and large, not buying,” adding “More positively, we are still seeing lower-than-typical levels of selling. There’s this unwillingness to accept the current valuations and generate liquidity at these valuations.”

Silverman sees more positive signs for small-cap stocks included in the Russell 2000. During April, there were 388 sellers and 105 buyers at firms included in the Russell Small-Cap index. For May, this has turned around. Over the past weeks, there were 327 sellers to 395 buyers. If this ratio holds, it will be the first month with more buyers than sellers since pandemic lows in March 2020.

For the week ended May 17, there were 281 buyers—the most since the week ended May 19, 2020. Even more promising, according to Verity, was the ratio of buyers to sellers, which was 2.8 to 1. The one-year average is 0.7 to 0.8, representing that there had been more sellers than buyers. Silverman says he’s encouraged that insiders at small-cap firms are buying. He noted that we’re in the early stage of insider season when most firms open their quarterly trading window.

Small-Cap
Interest

Could this indicate a market bottom is near? Referring to the small-cap insider interest, Silverman said, “We’d like to see this number continue to grow or at least not decline significantly because historically we’ve seen buying momentum either sustain or build over a three-to-five week period near market bottoms.”

With a more refined look at the sector, Silverman sees buying momentum in the industrial goods space, including transportation, machinery, and electronic equipment firms. His view is the upswing in buying activity at regional banks is a positive sign since he believes they generally have a good pulse on local economies.

Take-Away

The knowledge that insiders are purchasing company shares can signal they have confidence in the future share price of their company. It may even indicate a market bottom is near. During the month of May, the small-cap stocks captured within the Russell 2000 index saw a far higher ratio of buyers to sellers than the S&P 500 large-cap index. What’s more, the last time this confidence indicator was positive was over two years ago.

Channelchek is a small-cap stock, data, and information resource, specializing providing users a means to explore and discover opportunities among smaller companies. Start your small-cap company
research on Channelchek.

Paul Hoffman

Managing Editor, Channelchek

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Sources

https://verityplatform.com/insights/

https://www.barrons.com/articles/stock-market-recession-inflation-federal-reserve-51653328257

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Release – Ocugen Announces New Cell Therapy Program Following FDA Regenerative Medicine Advanced Therapy (RMAT) Recognition

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Ocugen Announces New Cell Therapy Program Following FDA Regenerative Medicine Advanced Therapy (RMAT) Recognition

Research, News, and Market Data on Ocugen

NeoCart® (autologous chondrocyte-derived neocartilage) receives regulatory designation intended to help expedite development of new regenerative medicines

MALVERN, Pa., May 24, 2022 (GLOBE NEWSWIRE) — Ocugen, Inc. (NASDAQ: OCGN), a biotechnology company focused on discovering, developing, and commercializing novel gene therapies, biologicals, and vaccines, today announced that it is diversifying its innovative pipeline by introducing a Phase 3, cell therapy platform technology called NeoCart® (autologous chondrocyte-derived neocartilage). Recently, the U.S. Food and Drug Administration (FDA) granted a Regenerative Medicine Advanced Therapy (RMAT) designation to NeoCart® for the repair of full-thickness lesions of the knee cartilage in adults.

NeoCart® is a three-dimensional tissue-engineered disc of new cartilage that is manufactured by growing chondrocytes – the cells responsible for maintaining cartilage health – derived from the patient on a unique scaffold. NeoCart® has the potential to accelerate healing and reduce pain by rebuilding a patient’s damaged knee cartilage. It treats pain at the source, creating a similar, functional joint surface as it was before the injury. Ultimately, the goal is to prevent a patient’s progression to osteoarthritis. NeoCart® was acquired as a part of Ocugen’s reverse merger with the original developer of the therapy, Histogenics, in 2019.

“We’re excited that NeoCart® has received this RMAT designation, an important regulatory milestone, especially as we view this product as an enabling technology in cell and regenerative therapy for orthopedic indications. Our next step will be working with the FDA to construct the Phase 3 program to bring this innovation to this emerging treatment area,” said Dr. Shankar Musunuri, Chairman, CEO, and Co-Founder, Ocugen, Inc. “People living with articular cartilage lesions literally have holes in their knees that are extremely difficult to heal, and without proper treatment, they’re at high risk of getting osteoarthritis. We believe that NeoCart® offers the potential for an innovative new option where treatments in this area are still limited and results are not optimal.”

The Regenerative Medicine Advanced Therapy (RMAT) designation is part of the 21st Century Cures Act. The program was created to expedite the development and review of regenerative medicine therapies intended to treat, modify, reverse or cure a serious condition. Receiving an RMAT designation offers sponsor companies all the benefits of the fast track and breakthrough therapy designation programs, including early interactions with the FDA. Ocugen is working with the FDA to finalize the Phase 3 protocols necessary to advance the clinical development program of NeoCart® required for eventual market authorization.

        

Articular cartilage lesions are a serious and often mobility-limiting condition. When the cartilage is healthy, it makes movement easy, allowing the bones to glide over each other with very little friction, but it can be damaged by injury or normal wear and tear. Cartilage that is damaged can, over time, cause pain and reduce one’s ability to function. Small articular lesions have a limited capacity to self-repair, and full thickness injuries have no ability to naturally heal. There are no blood vessels or nerves to support healing, and as cartilage matures, chondrocytes have limited ability to replicate. Untreated damage eventually can lead to osteoarthritis.

Details of the NeoCart® development program will be shared at a future date.

About Ocugen, Inc.
Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologicals and vaccines that improve health and offer hope for people and global communities. We are making an impact through courageous innovation, taking science in new directions in service of patients. Our breakthrough modifier gene therapy platform has the potential to treat multiple diseases with one drug and we are advancing research in other therapeutic areas to offer new options for people with unmet medical needs. Discover more at www.ocugen.com and follow us on Twitter and LinkedIn.

Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of
The Private Securities Litigation Reform Act of 1995, which are subject to
risks and uncertainties. Ocugen may, in some cases, use terms such as
“predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,”
“anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,”
“should,” or other words that convey uncertainty of future events or outcomes
to identify these forward-looking statements. Such forward-looking statements
include, but are not limited to, statements about Ocugen’s intention to work
with the U.S. Food and Drug Administration (“FDA”) to finalize the Phase 3
protocols necessary to advance the clinical development program of NeoCart® (autologous chondrocyte-derived neocartilage) required for
eventual market authorization. Such statements are subject to numerous
risks and uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements, including, among other
things, the uncertainties inherent in research and development, including the
ability to meet anticipated clinical endpoints, ability to timely enroll clinical
trial participants, commencement and/or completion dates for clinical trials,
regulatory submission dates, regulatory approval dates and/or launch dates,
Ocugen’s ability to utilize accelerated FDA review designations, such as the
Regenerative Medicine Advanced Therapy designation, which does not guarantee an
accelerated pathway or timeline for regulatory approval of any such product
candidates, including NeoCart® (autologous
chondrocyte-derived neocartilage), or increase the likelihood of any such approvals,
and the other risks and uncertainties 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: 
Ken Inchausti
Head, Investor Relations & Communications
ken.inchausti@ocugen.com

For investor-related inquiries: IR@Ocugen.com


Central Bankers’ Opinion on Crypto is Loud and Clear at Davos

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Image: World Economic Forum (May 24, 2022)


Cryptocurrencies in the Hot Seat at World Economic Forum

Considered by some to be controversial, the annual World Economic Forum (WEF) in Davos, Switzerland, each year impacts thinking on everything from economics, health care, environmental actions, and currencies, including cryptocurrency. This year’s summit is full of crypto-related companies seeking attention and a say. Its been over two years since the last meeting because of the pandemic, since then crypto has gained a strong foothold in many of the subjects covered at the WEF. Many crypto-related stakeholders bought exhibitor space and are attending the event. Their plans to be at this Swiss ski resort were made before the recent selloff and problems with the stablecoin TerraUSD.

 

The Establishment Speaks

Change will always be fought off by whatever is currently in place until or unless it can become a part of it. Cryptocurrencies and stablecoin fall solidly in this category, and it was made loud and clear at the World Economic Forum. Below are some topics discussed and what was said:

Is Bitcoin money? “Bitcoin may be called a coin but it’s not money. It’s not a stable store of value,” said Kristalina Georgieva, managing director of the International Monetary Fund.

Is crypto a good payment system? “Cryptocurrencies are not a reliable means of payment. Someone must be responsible for the value, and it must be accepted universally as a means of exchange. It’s not,” Villeroy said, noting that some “citizens have lost trust in crypto” because of the massive volatility.

How likely is it that cryptocurrencies and stablecoins
will be used as currency? In a panel discussion, central bankers and regulators were in more or less agreement that the recent plunge of Bitcoin, Ethereum, Luna, and TerraUSD is not behavior desired in a currency.

Are Central Bank Digital Currencies likely? Some cryptocurrencies are more akin to a pyramid scheme for the digital age because they aren’t backed by real assets, explained Kristalina Georgieva. She does however believe Central Bank Digital Currencies (CBDCs) supported by governments can be stable.

François Villeroy de Galhau, a governor of the Central Bank of France, concurred, adding that governments looking to adopt digital currencies must do so in partnership with large commercial banks.

What is the real role of cryptos? Sethaput Suthiwartnarueput, a governor of the Bank of Thailand, said that Thailand has been experimenting in the world of digital currencies. But he said it “has to be clear what problem you want to solve.”

“We don’t want to see it as a means of payment,” Suthiwartnarueput said, adding that cryptos are more of an investment than a medium of exchange.

Do they see private crypto benefits? Francois Villeroy mentioned that the experiment by El Salvador to use bitcoin as legal currency shows how risky it can be to embrace cryptocurrencies.

Georgieva noted that digital money could be a “global public good” that can help people send remittances across borders. The key is for interoperability so that it is just as easy to transfer digital currencies as it is paper-backed currencies like the dollar and euro.

Timeline? Panelists wanted to be clear that it will take time for digital currencies to evolve and become mainstream for consumers, major financial institutions, and governments.

 

Take-Away

While firms involved in digital currencies were out in force during the World Economic Forum, the recent selloff in crypto values provided less strength and enthusiasm. Particularly unenthusiastic were regulators and bankers. Their presentations and forum discussions show it may be a tougher sell than many private crypto advocates may hope for.

Paul Hoffman

Managing Editor, Channelchek

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Sources

https://www.weforum.org/agenda/2022/05/can-cryptocurrencies-become-environmentally-friendly/

https://www.cnn.com/2022/05/23/investing/davos-central-bank-digital-currencies-crypto/index.html

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Release – Kratos Acquires Southern Research Engineering Division Adding Unique Capabilities in Hypersonic, Ballistic Missile, Space and ISR Areas

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Kratos Acquires Southern Research Engineering Division Adding Unique Capabilities in Hypersonic, Ballistic Missile, Space and ISR Areas

Research, News, and Market Data on Kratos Defense & Security Solutions

SAN DIEGO, May 24, 2022 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a leading National Security Solutions provider, announced today that it has acquired the Birmingham, Alabama based Engineering Division of Southern Research for approximately $80 million, subject to reduction based on working capital, including $75 million in cash and $5 million in shares of Kratos common stock. Southern Research’s Engineering Division (SRE) is the market leader in assisting customers in the development, modeling and deployment of advanced materials for extreme environments, including hypersonic, space, missile, missile defense, strategic deterrence, propulsion systems, and energy applications. SRE also specializes in Intelligence Surveillance and Reconnaissance (ISR) sensor development, electromechanical systems design and integration, aerospace engineering, materials engineering, artificial intelligence and machine learning, directed energy, RF systems design and integration, advanced manufacturing, and computational sciences.

Approximately 25 percent of the SRE purchase price was paid for the one-of-a-kind, unique 54-acre campus, with 102,000 square feet of laboratory, material assessment, technology, prototype development, secure, and other facilities, and the machinery and equipment needed to perform the core, sole source test and evaluation analysis and extreme environment characterization of materials for Hypersonic, Missile Defense, Strategic Deterrent, Space-related and other Systems. The balance of the purchase price represents approximately 1.6 times SRE’s historical, trailing twelve-month revenue, which includes approximately $15 million in annual ISR and other unique product development initiatives that are currently in development and expected to transition to production. The acquisition establishes Kratos SRE, a new business unit within Kratos’ Defense and Rocket Support Services Division.

The acquisition brings to Kratos a team of approximately 140 engineers, technicians and program support professionals, substantially all of which hold national security clearances. This dedicated group of professionals strengthens Kratos’ Hypersonic and Missile System-related capabilities by virtue of its market-leading advanced materials testing and evaluation capabilities and experience. The SRE group plays a unique and critical role in assisting the U.S. Government and defense industry contractors to characterize and select strategic materials for certain applications. SRE is also used widely by the space community for launch, re-entry and other vehicles, systems, and capabilities. “Kratos is the perfect home for my engineering team,” said Michael Johns, former Southern Research Vice President of Engineering and new Kratos SRE Senior Vice President. “From Hypersonics to ISR applications, Kratos brings tremendous synergies across all of our technical platforms. We have long been the leader in understanding materials in extreme environments for applications including Hypersonics, and as a result of this acquisition by Kratos, we can carry those programs all the way through flight testing and beyond, substantially increasing our total addressable market opportunity.”

Dave Carter, President of Kratos’ Defense & Rocket Support Services Division, said, “Kratos continues to lean forward to develop and acquire capabilities and solutions that expand our ability to support a diverse range of national security customers. We are very excited about the technical capabilities and synergies gained through this acquisition. Kratos SRE will continue to provide independent, unbiased laboratory and ground testing evaluation for unique and critical materials, and we will be working to expand Kratos SRE’s testing and technology maturation offerings to include affordable live fire tests using Kratos’ family of proven subscale launch vehicles. I am confident that our similar cultures and values will enable a smooth transition and lead to collaborative business opportunities with the Navy and other customers. Establishing Kratos SRE as our Advanced Concepts group demonstrates our commitment to Alabama and the growing aerospace and defense community in Birmingham.”

Eric DeMarco, Kratos’ President and CEO, said, “The acquisition of SRE enhances Kratos’ position related to the anticipated significant future funding increases for the recapitalization of Strategic Weapon Systems, including Hypersonic, Space, Strategic Deterrence, Propulsion and Missile Defense Systems. A priority of Kratos’ strategic thesis is being the market leader, and Mike and his team clearly satisfy that requirement. Once integrated with Kratos, based on recent program awards, funding under the Department of Defense’s recently approved 2022, and anticipated 2023, budget, and prospective customer acceptance of certain SRE products in development that are nearing completion, we expect an up and to the right future year-over-year organic growth trajectory for the business beginning in 2023.”

DC Advisory served as exclusive financial advisor and Maynard, Cooper & Gale, P.C. served as outside legal counsel to Southern Research in this transaction.

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

Notice
Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made based on the current beliefs, expectations, and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 26, 2021, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Kratos.

Press
Contact:
Yolanda White
858-812-7302 Direct

Investor
Information:
877-934-4687

investor@kratosdefense.com


Tonix Pharmaceuticals (TNXP) – Monkeypox Cases Attract Attention To The Tonix Vaccine Programs

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Tuesday, May 24, 2022

Tonix Pharmaceuticals (TNXP)
Monkeypox Cases Attract Attention To The Tonix Vaccine Programs

Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics and diagnostics to treat and prevent human disease and alleviate suffering. Tonix’s portfolio is composed of immunology, rare disease, infectious disease, and central nervous system (CNS) product candidates. Tonix’s immunology portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-15001 which is a humanized monoclonal antibody targeting CD40-ligand being developed for the prevention of allograft and xenograft rejection and for the treatment of autoimmune diseases. A Phase 1 study of TNX-1500 is expected to be initiated in the second half of 2022. Tonix’s rare disease portfolio includes TNX-29002 for the treatment of Prader-Willi syndrome. TNX-2900 has been granted Orphan-Drug Designation by the FDA. Tonix’s infectious disease pipeline includes a vaccine in development to prevent smallpox and monkeypox called TNX-8013, next-generation vaccines to prevent COVID-19, and an antiviral to treat COVID-19. Tonix’s lead vaccine candidates for COVID-19 are TNX-1840 and TNX-18504, which are live virus vaccines based on Tonix’s recombinant pox vaccine (RPV) platform. TNX-35005 (sangivamycin, i.v. solution) is a small molecule antiviral drug to treat acute COVID-19 and is in the pre-IND stage of development. TNX-102 SL6, (cyclobenzaprine HCl sublingual tablets), is a small molecule drug being developed to treat Long COVID, a chronic post-acute COVID-19 condition. Tonix expects to initiate a Phase 2 study in Long COVID in the second quarter of 2022. The Company’s CNS portfolio includes both small molecules and biologics to treat pain, neurologic, psychiatric and addiction conditions. Tonix’s lead CNS candidate, TNX-102 SL, is in mid-Phase 3 development for the management of fibromyalgia with a new Phase 3 study launched in the second quarter of 2022. Finally, TNX-13007 is a biologic designed to treat cocaine intoxication that is expected to start a Phase 2 trial in the second quarter of 2022. TNX-1300 has been granted Breakthrough Therapy Designation by the FDA.

Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.

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

Cases Of Monkeypox Infection Have Been Reported in US.  Monkeypox infections have recently been reported in the US and around the globe.  Although rarely seen outside of parts of Africa, an estimated 190 cases have been reported in 16 countries outside of territories where it is normally found.  Although there is little chance of widespread infection in the US, the outbreak has drawn attention to companies developing vaccines for monkeypox, smallpox, and biodefense programs.

Tonix Has A Proprietary Vaccine Program For Monkeypox and Smallpox.  Although smallpox has been eradicated, it has been identified as one of several viruses that could be used for bioterrorism. There is an approved smallpox vaccine (Jynneos, from Bavarian Nordic), although it has safety and tolerability concerns including pain, swelling, severe allergic reactions.  TNX-801 is in development to be an effective and better tolerated smallpox vaccine….

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

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

Release – Euroseas Ltd. Reports Results for the Quarter Ended March 31, 2022, Announces Share Repurchase Program and Declares Quarterly Common Stock Dividend

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Euroseas Ltd. Reports Results for the Quarter Ended March 31, 2022, Announces Share Repurchase Program and Declares Quarterly Common Stock Dividend

Research, News, and Market Data on Euroseas Ltd


ATHENS, Greece, May 23, 2022 (GLOBE NEWSWIRE) — Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today its results for the three-month period ended March 31, 2022 and a share repurchase program and declared a common stock dividend.

First Quarter 2022
Financial Highlights:

  • Total net revenues of $45.4 million. Net income and net income attributable to common shareholders of $29.9 million or $4.15 and $4.13 earnings per share basic and diluted, respectively. Adjusted net income attributable to common shareholders1 for the period was $26.8 million or $3.71 and $3.70 per share basic and diluted, respectively.
  • Adjusted EBITDA
    1 was $31.1 million.

  • An average of 16.0 vessels were owned and operated during the first quarter of 2022 earning an average time charter equivalent rate of $33,986 per day. 
  • The Board of Directors has approved a share repurchase program for up to a total of $20 million of the Company’s common stock. The Board will review the program after a period of 12 months. Share repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the program will be determined by management based upon market conditions and other factors. The program does not require the Company to purchase any specific number or amount of shares and may be suspended or reinstated at any time at the Company’s discretion and without notice.
  • Declared a quarterly dividend of $0.50 per share for the first quarter of 2022 payable on or about June 16, 2022 to shareholders of record on June 9, 2022. This dividend reinstates the Company’s common stock dividend plan.

Recent developments

  • At the beginning of May we agreed to acquire M/V “Rena P” (ex. Seaspan Melbourne) and M/V “Emmanuel P” (ex. Seaspan Manila), both intermediate size container vessels with capacity of 4,250 teu each, built in 2007 and 2005, respectively. The vessels are being acquired for a combined price of $37 million and are expected to be delivered to the Company within May and June 2022, respectively. The Company will also assume the existing charter arrangements of the vessels as noted in the fleet profile below. Both acquisitions will be initially financed with the Company’s own funds.
  • In mid-May the Company exercised its option to proceed with the construction of two additional eco design fuel efficient containerships. The vessels will have a carrying capacity of about 2,800 teu each and will be built at Hyundai Mipo Dockyard Co. in South Korea. The two newbuildings are scheduled to be delivered during the fourth quarter of 2024. The total consideration for these two newbuilding contracts is approximately $86 million and will be financed with a combination of debt and equity.

Aristides Pittas,
Chairman and CEO of Euroseas commented: “Despite their recent small correction, the containership feeder charter rates have remained at levels near historical highs resulting in increased profitability for Euroseas. In parallel, expectations of continuing strength of the charter market have allowed us to charter forward the first two newbuildings of our 9-vessel newbuilding program at rates that will allow us to fully recover their construction cost over the 3-year duration of the charters. While the inefficiencies of the transportation system introduced by the COVID pandemic, that effectively reduce supply of ships, remain, uncertainties have been introduced by the on-going Ukraine-Russia conflict and increased levels of inflation that could affect economic growth and, thus, demand for shipping.   We expect the market to remain strong in the near and medium term and are monitoring the above trends which alongside with new regulation on greenhouse gas emissions and expected increased new vessel deliveries will shape our markets.

“Within this environment, we continuously look for investment and other opportunities that will allow us to maximize returns to our shareholders. Our investment strategy is focused either on placing newbuilding orders that also enhance the environmental footprint of our company, or, secondhand vessels with simultaneous charters that bring their cost basis to below historical average levels by the end of the charter, thus, providing us the option for upsized returns.

“Overall, we are determined to remain a significant participant in the feeder containership market and grow the company. Our charter coverage provides earnings visibility well into 2024. Despite that, our stock trades at levels that do not reflect the mere value of our contracted earnings let alone the net asset value of the company, thus, representing one of the most attractive investment opportunities for us. In that spirit, our Board of Directors has authorized a $20 million stock repurchase program which management may use at its discretion. Our Board believes that our increased profitability and earnings visibility should be used to restore our dividend policy which had run continuously from 2005 until 2013 and had been paused during the tough last decade. Our Board decided to use a small part of our contracted earnings which will not alter our growth philosophy to reward our shareholders and declared a common stock dividend of $0.50 per share.

“We are very pleased with these developments and we look forward to continuing to chart a very profitable future for our shareholders and investors.”

Tasos Aslidis, Chief
Financial Officer of Euroseas commented: “The results of the first quarter of 2022 reflect the strong market charter rates our vessels earned compared to the same period of last year. Our net revenues increased to $45.4 million in the first quarter of 2022 compared to $14.3 million during the same period of last year due to the higher number of vessels we operated in the first quarter of 2022 and the higher market rates earned by our vessels. During the first quarter of 2022 we operated 16.0 vessels versus 14.0 vessels during the same period of last year.

“On a per-vessel-per-day basis, our vessels earned a 180.1% higher average charter rate in the first quarter of 2022 as compared to the same period of 2021. Again, on a per-vessel-per-day basis, the sum of vessel operating expenses, management fees and general and administrative expenses increased by 5.3% during the first quarter of 2022 as compared to the same period in 2021 which was attributable mainly to an increase in hull and machinery insurance premiums, the increased crewing costs resulting from difficulties in crew rotation due to COVID-19 related restrictions and the increased lubricants oil costs as a result of the war in Ukraine for our vessels compared to the same period of 2021. We believe that we continue to maintain one of the lowest operating cost structures amongst the public shipping companies which is one of our competitive advantages.

“Adjusted EBITDA during the first quarter of 2022 was $31.1 million compared to $5.6 million achieved for the first quarter of 2021.

“Finally, as of March 31, 2022, our outstanding debt (excluding the unamortized loan fees) is about $112.1 million versus restricted and unrestricted cash of about $54.1 million.”
        

First Quarter 2022 Results:
For the first quarter of 2022, the Company reported total net revenues of $45.4 million representing a 217.1% increase over total net revenues of $14.3 million during the first quarter of 2021. On average, 16.0 vessels were owned and operated during the first quarter of 2022 earning an average time charter equivalent rate of $33,986 per day compared to 14.0 vessels in the same period of 2021 earning on average $12,134 per day. The Company reported a net income and a net income attributable to common shareholders for the period of $29.9 million, as compared to a net income of $3.8 million and a net income attributable to common shareholders of $3.6 million for the first quarter of 2021.

Vessel operating expenses for the first quarter of 2022 amounted to $8.4 million as compared to $6.9 million for the same period of 2021. The increased amount is due to the higher number of vessels owned and operated in the first quarter of 2022 compared to the corresponding period of 2021, partly offset by the increased crewing costs, for our vessels compared to the same period of 2021, resulting from difficulties in crew rotation due to COVID-19 related restrictions, the higher prices in the supply of lubricants and the increase in hull and machinery insurance premiums. Depreciation expense for the first quarter of 2022 amounted to $3.7 million compared to $1.6 million for the same period of 2021 due to the increased number of vessels in the Company’s fleet and the fact that the new vessels acquired in the fourth quarter of 2021 have a higher average daily depreciation charge as a result of their higher acquisition price compared to the remaining vessels. Related party management fees for the first quarter of 2022 increased to $1.2 million from $1.1 million for the same period of 2021 for the same reason. In the first quarter of 2022 two of our vessels completed their intermediate survey in water and one of our vessels completed her special survey with drydock for a total cost of $1.8 million. In the same period of 2021, none of our vessels underwent drydocking and certain expenses were incurred in connection with upcoming drydockings. Finally, during the first quarter of 2022 and 2021, we had other operating expenses of $0.35 million and other operating income of $0.2 million, respectively, relating to settlement of accounts with charterers.

Interest and other financing costs for the first quarter of 2022 amounted to $1.0 million compared to $0.7 million for the same period of 2021. This increase is due to the increased amount of debt and the increase in the weighted average LIBOR rate in the current period compared to the same period of 2021. For the three months ended March 31, 2022 the Company recognized a $2.34 million gain on its interest rate swap contracts, comprising a $0.04 million realized loss and a $2.38 million unrealized gain. For the three months ended March 31, 2021 the Company recognized a $0.48 million loss on its interest rate swap contract, comprising a $0.52 million unrealized loss and a $0.04 million realized gain.

Adjusted EBITDA1 for the first quarter of 2022 was $31.1 million, compared to $5.6 million achieved for the first quarter of 2021. Please see below for Adjusted EBITDA reconciliation to net income.

Basic and diluted earnings per share for the first quarter of 2022 was $4.15 and $4.13, respectively, calculated on 7,221,941 basic and 7,254,593 diluted weighted average number of shares outstanding compared to basic and diluted earnings per share of $0.53 for the first quarter of 2021, calculated on 6,711,408 basic and 6,749,393 diluted weighted average number of shares outstanding.

Excluding the effect on the income attributable to common shareholders for the quarter of the unrealized gain on derivatives, the amortization of below market time charters acquired and the depreciation charged due to the increased value of the vessel acquired with below market time charter, the adjusted earnings per share for the quarter ended March 31, 2022 would have been $3.71 and $3.70 per share basic and diluted, respectively, compared to adjusted earnings of $0.45 per share basic and diluted for the first quarter of 2021, after excluding unrealized gain on derivatives and loss on sale of a vessel. Usually, security analysts do not include the above items in their published estimates of earnings per share.

Fleet Profile:
The Euroseas Ltd. fleet profile is as follows:

Vessels
under construction

Type

Dwt

TEU

To be delivered

Employment

TCE Rate ($/day)

GREGOS (*) (H4201)

Feeder

37,237

2,800

Q1 2023

TC until Mar-26

$48,000

TERATAKI (*) (H4202)

Feeder

37,237

2,800

Q2 2023

TC until Jun-26

$48,000

TENDER SOUL (H4236)

Feeder

37,237

2,800

Q4 2023

 

 

LEONIDAS Z (H4237)

Feeder

37,237

2,800

Q1 2024

 

 

MONICA (H4248)

Feeder

22,262

1,800

Q1 2024

 

 

STEPHANIA K (H4249)

Feeder

22,262

1,800

Q2 2024

 

 

PEPI STAR (H4250)

Feeder

22,262

1,800

Q2 2024

 

 

DEAR PANEL (H4251)

Feeder

37,237

2,800

Q4 2024

 

 

SYMEON P (H4252)

Feeder

37,237

2,800

Q4 2024

 

 

Total
under construction

9

290,208

22,200

 

 

 

Note: (*)(+) TC denotes time charter. Charter duration indicates the earliest redelivery date; All dates listed are the earliest redelivery dates under each TC unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; vessels with the latest redelivery date shown are marked by (+).

(**) The CONTEX (Container Ship Time Charter Assessment Index) has been published by the Hamburg and Bremen Shipbrokers’ Association (VHBS) since October 2007. The CONTEX is a company-independent index of time charter rates for containerships. It is based on assessments of the current day charter rates of six selected containership types, which are representative of their size categories: Type 1,100 TEU and Type 1,700 TEU with a charter period of one year, and the Types 2,500, 2,700, 3,500 and 4,250 TEU all with a charter period of two years.

(***) Rate is net of commissions (which are typically 5-6.25%)

 

Summary Fleet Data:

 

Three Months Ended
March 31,2021

Three Months Ended
March 31,2022

 

 

 

 

 

 

Revenues

 

 

Time charter revenue

14,916,567

47,119,092

Commissions

(607,249)

(1,745,554)

Net revenues

14,309,318

45,373,538

   

 

 

Operating
expenses / (income)

 

 

Voyage expenses

127,409

354,024

Vessel operating expenses

6,864,353

8,398,893

Drydocking expenses

82,209

1,787,926

Vessel depreciation

1,596,543

3,721,116

Related party management fees

1,086,405

1,172,032

Loss on sale of vessel

9,417

–

General and administrative expenses

760,977

983,072

Other operating (income) / expenses

(216,496)

350,000

Total operating expenses, net

10,310,817

16,767,063

 

 

 

Operating
income

3,998,501

28,606,475

 

 

 

Other
income / (expenses)

 

 

Interest and other financing costs

(694,307)

(1,014,431)

Gain on derivatives, net

484,910

2,342,517

Foreign exchange (loss) / gain

(241)

1,052

Interest income

1,214

681

Other (expenses) / income, net

(208,424)

1,329,819

 

 

 

Net income

3,790,077

29,936,294

Dividend Series B Preferred shares

(138,269)

–

Preferred deemed dividend

(86,356)

–

Net income attributable to common
shareholders

3,565,452

29,936,294

Earnings per share, basic

0.53

4.15

Weighted average number of shares, basic

6,711,408

7,221,941

Earnings per share, diluted

0.53

4.13

Weighted average number of shares, diluted

6,749,393

7,254,593

 

Euroseas Ltd.
Unaudited Consolidated Condensed Balance Sheets
(All amounts expressed in U.S. Dollars – except number of shares)

 

Three Months
Ended March 31,
2021

Three Months
Ended March 31,
2022

 

 

 

Cash
flows from operating activities:

 

 

Net income

3,790,077

29,936,294

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

Vessel depreciation

1,596,543

3,721,116

Amortization of deferred charges

49,280

83,496

Share-based compensation

28,765

214,559

Loss on sale of vessel

9,417

–

Unrealized gain on derivatives

(527,775)

(2,383,764)

Amortization of fair value of below market time charters acquired

–

(1,218,240)

Changes in operating assets and liabilities

1,422,694

(130,692)

Net
cash provided by operating activities

6,369,001

30,222,769

 

 

 

Cash
flows from investing activities:

 

 

Cash paid for vessels under construction

–

(1,732)

Cash paid for vessels acquisitions and capitalized expenses

–

(281,300)

Cash paid for vessel improvements

(208,457)

(403,928)

Net
cash used in investing activities

(208,457)

(686,960)

 

Cash flows from financing activities:

 

 

Redemption of Series B preferred shares

(2,000,000)

–

Proceeds from issuance of common stock, net of commissions paid

743,552

–

Preferred dividends paid

(91,607)

–

Repayment of long-term bank loans

(2,185,460)

(6,885,460)

Repayment of related party loan

(2,500,000)

–

Offering expenses paid

(60,357)

(27,838)

Net
cash used in financing activities

(6,093,872)

(6,913,298)

 

 

 

Net increase in cash, cash equivalents, and restricted cash

66,672

22,622,511

Cash, cash equivalents, and restricted cash at beginning of period

6,338,177

31,498,229

Cash,
cash equivalents, and restricted cash at end of period

6,404,849

54,120,740

Cash
breakdown

 

 

Cash and cash equivalents

3,629,150

49,151,500

Restricted cash, current

341,432

169,240

Restricted cash, long term

2,434,267

4,800,000

Total
cash, cash equivalents, and restricted cash shown in the statement of cash
flows

6,404,849

54,120,740

 

 

 

 

Euroseas Ltd.
Reconciliation of Adjusted EBITDA to
Net Income
(All amounts expressed in U.S. Dollars)

 

 

Three Months Ended
March 31, 2021

Three Months Ended
March 31, 2022

Net
income

3,790,077

 

29,936,294

 

Unrealized gain on derivatives

(527,775

)

(2,383,764

)

Loss on sale of vessel

9,417

 

–

 

Amortization of below market time charters acquired

–

 

(1,218,240

)

Depreciation charged due to increase in vessel value from below market time charter acquired

–

 

494,808

 

Adjusted
net income

3,271,719

 

26,829,098

 

Preferred dividends

(138,269

)

–

 

Preferred deemed dividend

(86,356

)

–

 

Adjusted
net income attributable to common shareholders

3,047,094

 

26,829,098

 

Adjusted earnings per share, basic

0.45

 

3.71

 

Weighted average number of shares, basic

6,711,408

 

7,221,941

 

Adjusted earnings per share, diluted

0.45

 

3.70

 

Weighted average number of shares, diluted

6,749,393

 

7,254,593

 


Adjusted net income and Adjusted earnings per share Reconciliation:
Euroseas Ltd. considers Adjusted net income to represent net income before unrealized gain on derivatives, loss on sale of vessel, amortization of below market time charters acquired and depreciation charged due to increase in vessel value from below market time charter acquired. Adjusted net income and Adjusted earnings per share is included herein because we believe it assists our management and investors by increasing the comparability of the Company’s fundamental performance from period to period by excluding the potentially disparate effects between periods of unrealized gain on derivatives, loss on sale of vessel, amortization of below market time charters acquired and depreciation charged due to increase in vessel value from below market time charter acquired, which items may significantly affect results of operations between periods.

Adjusted net income and Adjusted earnings per share do not represent and should not be considered as an alternative to net income or earnings per share, as determined by GAAP. The Company’s definition of Adjusted net income and Adjusted earnings per share may not be the same as that used by other companies in the shipping or other industries.

About Euroseas Ltd.
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA.

Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

The Company has a fleet of 18 vessels, including 10 Feeder containerships and 8 Intermediate containerships. Euroseas 18 containerships have a cargo capacity of 58,871 teu. After the delivery of nine feeder containership newbuildings in 2023 and 2024, Euroseas’ fleet will consist of 27 vessels with a total carrying capacity of 81,071 teu.

Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Visit the Company’s
website www.euroseas.gr


Release – Entravision Announces Participation in Upcoming Investor Conferences

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Entravision Announces Participation in Upcoming Investor Conferences

Research, News, and Market Data on Entravision

Company Release – 5/23/2022 4:15 PM ET

SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced Chris Young, Chief Financial Officer and Treasurer, will participate in the following upcoming investor conferences:

  • Singular Research’s Spring Select Webinar to be held Wednesday, May 25, 2022 from 6:00 a.m. to 4:00 p.m. PT. Management is scheduled to present that day at 1:45 p.m. PT.
  • The Gabelli 14th Annual Entertainment & Broadcasting Symposium to be held Thursday, June 2, 2022 in New York, New York. Management is scheduled to present on Thursday, June 2, 2022 at 10:00 a.m. ET and will participate in meetings with investors throughout the day.
  • The 12th Annual East Coast IDEAS Investor Conference to be held virtually on June 22-23, 2022. Management will host meetings on Wednesday, June 22, 2022, and Entravision’s presentation will be available beginning on Wednesday, June 22, 2022 at 6:00 a.m. ET.

The presentations will be webcast live over the Internet, and links to the live webcasts and replays will be available on Entravision’s Investor Relations website at investor.entravision.com.

About Entravision Communications Corporation

Entravision is a leading global advertising solutions, media and technology company connecting brands to consumers. Our dynamic portfolio includes digital, television and audio offerings. Digital, our largest revenue segment, is comprised of four business units: our digital sales representation business; Smadex, our programmatic ad purchasing platform; our branding and mobile performance solutions business; and our digital audio business. Through our digital sales representation business, we connect global media companies such as Meta, Twitter, TikTok and Spotify with advertisers in primarily emerging growth markets worldwide. Smadex is our mobile-first demand side platform, enabling advertisers to execute performance campaigns using machine learning. We also offer a branding and mobile performance solutions business, which provides managed services to advertisers looking to connect with global consumers, primarily on mobile devices, and our digital audio business provides digital audio advertising solutions for advertisers in the Americas. In addition to digital, Entravision has 49 television stations and is the largest affiliate group of the Univision and UniMás television networks. Entravision also manages 46 primarily Spanish-language radio stations that feature nationally recognized, Emmy award-winning talent. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220523005892/en/

Christopher T. Young
Chief Financial Officer
Entravision

310-447-3870

Kimberly Esterkin
Addo Investor Relations
310-829-5400

evc@addo.com

Source: Entravision Communications Corporation


The Federal Reserve’s Financial Well-Being Survey Breaks Record

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Image Credit: Rodnae (Pexels)


Federal Reserve Board Issues Economic Well-Being of U.S. Households Report

The Federal Reserve Board on Monday issued its Economic Well-Being of U.S. Households in 2021 report, which examines the financial lives of U.S. adults and their families. The report draws from the Board’s ninth annual Survey of Household Economics and Decisionmaking, or SHED, which was conducted in October and November of last year before the increase in COVID-19 cases from the Omicron variant and other changes to the economic landscape in recent months. The report, fact sheet, downloadable data, data visualizations, and a video summarizing the survey’s findings may be found here.

The report indicates that self-reported financial well-being reached its highest level since the SHED began in 2013. In the fourth quarter of 2021, 78 percent of adults reported either doing okay or living comfortably financially. Financial well-being also increased among all the racial and ethnic groups measured in the survey, with a particularly large increase among Hispanic adults. Parents were one group who reported large gains in financial well-being with three-fourths saying they were doing at least okay financially, up 8 percentage points from 2020.

“The SHED results provide valuable insight into Americans’ financial conditions during the late fall of 2021. This important perspective helps the Federal Reserve better understand the economic challenges that existed during that phase of the pandemic recovery,” said Federal Reserve Board Governor Michelle W. Bowman.

The share of adults who reported that they would cover a $400 emergency expense using cash or its equivalent similarly increased to the highest level since the start of the survey—68 percent—and was up from 50 percent when the survey began in 2013. Eleven percent of adults could not pay the expense by any method.

In addition, the survey presents insight into the experiences of workers through the pandemic. Fifteen percent of workers said they were in a different job than 12 months earlier. Most who changed jobs said the job change was an improvement. Remote work also continued to evolve in 2021. During the week of the survey in late 2021, 22 percent of employees worked entirely from home, down from 29 percent in late 2020, but well above the 7 percent who worked entirely from home before the pandemic. Most employees who worked from home preferred to do so, often citing work-life balance and less time commuting. Those working from home indicated that they would be about as likely to look for a new job if required to return to the office as if their employer instituted a pay freeze.

In addition, the
report explores families’ experiences related to banking and credit, income, housing, retirement, student loans, and retirement alongside several new topics, such as the use of emerging financial products including cryptocurrencies and “Buy Now, Pay Later” services.

This press release was originally published by the U.S. Federal Reserve on May 23, 2022. Links to the survey results and release are provided below.

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Sources

https://www.federalreserve.gov/publications/report-economic-well-being-us-households.htm

https://www.federalreserve.gov/newsevents/pressreleases/other20220523a.htm

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Stem Holdings, Inc. (STMH) – Reports Fiscal 2Q22 Operating Results

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Monday, May 23, 2022

Stem Holdings, Inc. (STMH)
Reports Fiscal 2Q22 Operating Results

Stem is a multi-state, vertically integrated, cannabis company that, through its subsidiaries and its investments, is engaged in the cultivation, processing, packaging, distribution and branding of cannabis, hemp and their derivatives, including oils, edibles, concentrates. Additionally, the Company purchases, improves, leases, operates, and invests in properties for use in the production, distribution and sales of cannabis and cannabis-infused products licensed under the laws of the states of Oregon, Nevada, California, Massachusetts, and New York. As of December 31, 2021, Stem had ownership interests in 24 state-issued cannabis licenses including nine (9) licenses for cannabis cultivation, three (3) licenses for cannabis processing, two (2) licenses for cannabis wholesale distribution, three (3) licenses for hemp production and seven (7) cannabis dispensary licenses.

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

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

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

2QFY22 Results. Stem reported net revenue of $4.1 million compared to $5.5 million last year. The sales decline reflects a decrease in sales resulting from general market conditions. Stem reported a net loss of $3.5 million, or $0.02 per share, for the quarter. In the same period last year, Stem recorded a net loss of $8.6 million, or $0.06 per share. Outstanding shares increased to 223.7 million from 137.8 million. We had projected revenue of $4.2 million and a net loss of $4.0 million, or $0.02 per share. 

Segments. While the wholesale business saw a modest increase year-over-year, retail revenue declined to $3.2 million from $6.0 million year-over-year. We attribute the drop to a combination of a soft overall cannabis market and Stem’s ongoing restructuring of its Oregon operations.…

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

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

Release – Bowlero Corp Announces Agreement to Acquire Three Bowling Centers in Wichita, Kansas

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Bowlero Corp Announces Agreement to Acquire Three Bowling Centers in Wichita, Kansas

Research, News, and Market Data on Bowlero

05/23/2022

Bowlero Corp to expand in the state of Kansas

NEW YORK, May 23, 2022 (GLOBE NEWSWIRE) — Bowlero Corp. (“Bowlero” or the “Company”), the world’s largest owner and operator of bowling centers, as well as the owner of the Professional Bowlers Association (PBA), announced today that it had entered into an agreement to acquire three bowling centers in Wichita, Kansas – Northrock Lanes, West Acres Bowling Center and The Alley Indoor Entertainment, expanding the company’s footprint in the state to four locations.

Northrock Lanes, one of the three locations, is the largest bowling center in the state of Kansas and is located at 3232 N Rock Road. This center features 48 lanes, an interactive arcade, a banquet hall that fits more than 120 guests, a sports grill and snack bar.

The second location, West Acres Bowling Center is located at 749 N Ridge Road. This center features 36 lanes, cosmic bowling, an on-site pro shop and a full-service bar.

The third center, The Alley Indoor Entertainment, is located at 11413 E 13th Street N. This center is equipped with 32 lanes, indoor electric go karts, a Laser Maze, an interactive arcade, virtual reality, a sports grill and an escape room.

“Bowlero Corp is committed to delivering a world class bowling experience to the guests we serve each year and we’re thrilled to welcome these three new centers to our portfolio,” said Tom Shannon, Chairman and CEO of Bowlero Corp.

The three locations will officially operate under Bowlero Corp management upon completion of the acquisition, introducing new offers and exclusive promotions to the centers from Bowlero. The acquisition is expected in the next three months.

About Bowlero Corp
Bowlero Corp. is the worldwide leader in bowling entertainment, media, and events. With more than 300 bowling centers across North America, Bowlero Corp. serves more than 26 million guests each year through a family of brands that includes Bowlero, Bowlmor Lanes, and AMF. In 2019, Bowlero Corp. acquired the Professional Bowlers Association, the major league of bowling, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com.

For Media:
Bowlero Corp. Public Relations
pr@bowlerocorp.com  

For Investors:
ICR, Inc.
Ryan Lawrence
Ryan.Lawrence@icrinc.com

Ashley DeSimone
Ashely.desimone@icrinc.com


Schwazze (SHWZ) – Continuing to Build a Leading Regional MSO

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Monday, May 23, 2022

Schwazze (SHWZ)
Continuing to Build a Leading Regional MSO

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

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

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

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

1Q22 Results. Revenue for the quarter totaled $31.8 million, up from $26.5 million in the fourth quarter and $19.3 million a year ago. The increase was mostly due to acquisitions as the Colorado market continued to experience softness from the 2021 COVID highs. Adjusted EBITDA was $7.9 million in the quarter. Schwazze reported an operating loss of $4.8 million and a net loss of $28.5 million, or $0.61 per share. We had forecast revenue of $35 million and net income of $1.7 million, or $0.03 per share.

One-Time Items Impact Results. First quarter 2022 COGS was impacted by $6.3 million of purchase accounting on acquisitions, compared to $2.2 million in the year ago period. One-time costs associated with acquisitions totaled $2.8 million. Below the line, results were impacted by $13.4 million of unrealized loss on derivative liabilities and a y-o-y increase in interest expense to $7.3 million from $961,282 in 1Q21.…

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

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

Release – Ocugen Announces FDA Removes Clinical Hold on Phase 2/3 Clinical Trial for COVAXIN (BBV152)

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Ocugen Announces FDA Removes Clinical Hold on Phase 2/3 Clinical Trial for COVAXIN™ (BBV152)

Research, News, and Market Data on Ocugen


DOSING TO RESUME
IMMEDIATELY

MALVERN, Pa., May 23, 2022 (GLOBE NEWSWIRE) — Ocugen, Inc. (NASDAQ: OCGN), a biotechnology company focused on discovering, developing, and commercializing novel gene therapies, biologicals, and vaccines, today announced that the U.S. Food and Drug Administration (FDA) lifted the clinical hold on the Company’s Phase 2/3 clinical trial, OCU-002, for COVAXIN™ (BBV152).

“We’re extremely pleased that we can proceed with our clinical trials for COVAXIN™, our whole virus inactivated COVID-19 vaccine candidate. The need for delivering an additional, differentiated vaccine option, we believe, remains a priority,” said Dr. Shankar Musunuri, Chairman, CEO and Co-Founder, Ocugen, Inc. “Thank you to our clinical trial partners and site collaborators for their ongoing support. Ocugen will now work with study sites to fully resume this clinical development program immediately.”

People interested in learning about how to participate in this clinical
trial (NCT05258669) can visit the clinical trials section of Ocugen.com.

About
COVAXIN™ (BBV152)
COVAXIN™ (BBVI52) is an investigational vaccine candidate product in the U.S. It was developed by Bharat Biotech in collaboration with the Indian Council of Medical Research (ICMR) – National Institute of Virology (NIV). COVAXIN™ (BBV152) is a highly purified and inactivated vaccine that is manufactured using a vero cell manufacturing platform.

With more than 350 million doses having been administered to adults outside the U.S., COVAXIN™ is currently approved for adults in India and authorized under emergency use in 25 countries. Applications for emergency use authorization are pending in more than 60 other countries. COVAXIN™ is listed by the World Health Organization (WHO) as authorized for emergency use. And, as many as 110 countries have agreed to mutual recognition of COVID-19 vaccination certificates with India that includes vaccination using COVAXIN™. The trade name, COVAXIN™, has not been evaluated by the FDA.

About
Ocugen, Inc.
Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene therapies, biologicals and vaccines that improve health and offer hope for people and global communities. We are making an impact through courageous innovation, taking science in new directions in service of patients. Our breakthrough modifier gene therapy platform has the potential to treat multiple diseases with one drug and we are advancing research in other therapeutic areas to offer new options for people with unmet medical needs. Discover more at www.ocugen.com and follow us on Twitter and LinkedIn.

Cautionary
Note on Forward-Looking Statements

This press release contains forward-looking statements
within the meaning of The Private Securities Litigation Reform Act of 1995,
which are subject to risks and uncertainties. Ocugen may, in some cases, use
terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,”
“estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,”
“might,” “will,” “should,” or other words that convey uncertainty of future
events or outcomes to identify these forward-looking statements. Such forward-looking
statements include, but are not limited to, statements about Ocugen’s intention
to begin dosing patients in its Phase 2/3 immune-bridging and broadening trial for COVAXIN™ in the coming weeks, and are
subject to risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements, including, among
other things, the uncertainties inherent in research and development, including
the ability to meet anticipated clinical endpoints, ability to timely enroll
clinical trial participants, commencement and/or completion dates for clinical
trials, regulatory submission dates, regulatory approval dates and/or launch
dates; the risk that Health Canada does not accept its New Drug Submission
(“NDS”) for COVAXIN™ or that Ocugen may not be able to adequately resolve the
deficiencies noted by Health Canada with respect to its NDS, for which Ocugen
has provided responses that are currently under review by Health Canada; the
risk that Ocugen may not be able to successfully commercialize COVAXIN™ in
Mexico for adults over the age of 18 pursuant to Ocugen’s agreement with Bharat
Biotech and the risk that Ocugen does not obtain emergency pediatric use for
COVAXIN™ in Mexico for children between two and 18 years of age on a timely
basis, if at all; the risk that Ocugen’s Phase 2/3 immuno-bridging and
broadening clinical trial for COVAXIN™ is not completed on a timely basis, if
at all; or that the U.S. Food and Drug Administration places a new clinical
hold on such trial in the future, for any reason; risks associated with
preliminary and interim data, including the possibility of unfavorable new
clinical trial data and further analyses of existing clinical trial data; the
risk that the results of in-vitro studies will not be duplicated in human
clinical trials; the risk that clinical trial data is subject to differing
interpretations and assessments, including during the peer review/publication
process, in the scientific community generally, and by regulatory authorities;
whether and when data from Bharat Biotech’s clinical trials will be published
in scientific journal publications and, if so, when and with what
modifications; whether the data and results from the preclinical and clinical
studies of COVAXIN™, which have been conducted by Bharat Biotech in India, will
be accepted by regulatory authorities or otherwise sufficient to support
Ocugen’s submissions for regulatory approvals or authorizations in the United
States, Canada or Mexico; the size, scope, timing and outcome of any additional
clinical trials or studies that Ocugen may be required to conduct to support
regulatory approvals or authorizations; any additional chemistry,
manufacturing, and controls information that Ocugen may be required to submit
to regulatory authorities ; whether and when a Biologics License Application
for COVAXIN™ will be submitted to or approved by the FDA; the risk that Ocugen
may not be able to successfully negotiate and execute definitive transaction
agreements for the acquisition of the manufacturing site on acceptable terms,
if at all, and the ultimate terms and timing for closing of the transactions
contemplated thereby; the risk that Ocugen will not be able to successfully
close the acquisition of the manufacturing site; risks associated with the
planned development and refurbishing of the manufacturing site, including that
the expected costs for such development may be greater than currently
contemplated or that the planned development may take longer than expected or
fail to be completed on a timely basis, if at all; and the risk that Ocugen
will not be able to scale production for such manufacturing site to adequately
support manufacturing of its product candidates or the other products that may
in the future be manufactured at such manufacturing site; whether developments
with respect to the COVID-19 pandemic will affect the regulatory pathway
available for vaccines in the United States, Canada, Mexico or other
jurisdictions; market demand for COVAXIN™ in the United States, Canada or
Mexico; decisions by the regulatory authorities impacting labeling,
manufacturing processes, safety and/or other matters that could affect the
availability or commercial potential of COVAXIN™ in the United States, Canada
or Mexico, including development of products or therapies by other companies. 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:
Ken Inchausti
Head, Investor Relations & Communications
ken.inchausti@ocugen.com

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