Release – ACCO Brands Posts Strong First Quarter

Posted on April 27, 2022 by Admin

ACCO Brands Posts Strong First Quarter

Research, News, and Market Data on ACCO Brands

LAKE ZURICH, Ill.–(BUSINESS WIRE)– ACCO Brands Corporation (NYSE: ACCO) today announced its first quarter results for the period ended March 31, 2022.

Net sales were $441.6 million, up 7.6 percent; comparable sales were up 11.2 percent with all segments posting increases
EPS was $(0.03) versus $(0.21) in 2021; adjusted EPS was $0.11, up 10.0 percent
Strong recovery in International segment, especially in Brazil and Mexico
Continued sales momentum in North America and EMEA

“We had an excellent first quarter, with sales and profits above our expectations. Our performance is a result of the strategic transformation of our Company towards sustainable comparable sales growth and demonstrates the benefits of our geographic diversity and balance, the strength of our brands, and skillful execution by our employees. All segments delivered meaningful comparable sales growth. These results give us strong momentum going into our very important back-to-school season and reinforce our outlook for a record year,” said Boris Elisman, Chairman and Chief Executive Officer of ACCO Brands.

First Quarter Results

Net sales increased 7.6 percent to $441.6 million from $410.5 million in 2021. Comparable sales increased 11.2 percent. Both reported and comparable sales were driven by higher sales prices and increased volume, primarily from strong demand for school products, computer accessories, and business products. Adverse foreign exchange reduced net sales $14.9 million, or 3.6 percent.

Operating income was $6.8 million versus an operating loss of $1.1 million in 2021. The increase was a result of $6.5 million of lower charges for the contingent consideration and inventory step-up related to the PowerA acquisition, as well as $3.6 million of lower restructuring costs. Adjusted operating income was $22.6 million compared with $24.6 million in the prior year as inflation was not sufficiently offset with price increases, especially in EMEA. Foreign exchange reduced operating income $1.2 million.

The Company reported a net loss of $2.7 million, or $(0.03) per share, compared with a net loss of $20.4 million, or $(0.21) per share, last year. The improvement was due to higher operating income, $3.5 million of lower interest expense, and non-recurrence of $12.0 million of other expense related to the debt refinancing in 2021. Adjusted net income was $10.4 million compared with $10.0 million in 2021. Adjusted earnings per share were $0.11 compared with $0.10 in 2021.

Business Segment Results

ACCO Brands North America – Sales and comparable sales of $208.5 million increased 10.4 percent from $188.8 million in 2021, primarily due to higher prices and volume increases in school products, computer accessories, and business products.

Operating income was $13.9 million versus an operating loss of $0.7 million in 2021. Adjusted operating income of $19.8 million increased from $11.2 million in 2021. Both increases primarily were due to higher sales.

ACCO Brands EMEA – Sales of $156.1 million decreased 0.5 percent from $156.9 million in 2021, primarily due to adverse foreign exchange of $12.4 million, or 7.9 percent. Comparable sales of $168.5 million increased 7.4 percent mainly due to price increases and higher volume, primarily from computer accessories and business products.

Operating income of $5.6 million decreased from $16.8 million in 2021 due to inflation that exceeded the benefit of price increases and $0.8 million from unfavorable foreign exchange. Adjusted operating income decreased to $9.1 million from $21.2 million in 2021 for the same reasons.

ACCO Brands International – Sales of $77.0 million increased 18.8 percent from $64.8 million in 2021 due to increased volume, particularly in Brazil and Mexico from a return to in-person education, and price increases. Adverse foreign exchange was $2.5 million. Comparable sales were $79.5 million, up 22.7 percent, for the same reasons.

Operating income of $4.2 million increased from $0.6 million in 2021 due to higher sales, lower bad debt reserves, the benefit of long-term cost reductions, and price increases, partially offset by inflation. Adjusted operating income of $6.2 million increased from $3.1 million due to those same factors. Foreign exchange reduced operating income $0.4 million.

Capital Allocation and Dividend

For the quarter, the Company had $104.2 million of net cash outflow from operating activities and used $107.6 million of free cash flow, including capital expenditures of $3.4 million. The Company paid $7.3 million in dividends.

On April 25, 2022, ACCO Brands’ board of directors declared a regular quarterly cash dividend of $0.075 per share. The dividend will be paid on June 22, 2022, to stockholders of record as of the close of business on May 27, 2022.

Full Year 2022 Outlook

“Our momentum from 2021 carried through the first quarter. We expect a strong back-to-school sell-in in the second quarter and continued good execution as we deal with ongoing inflation and supply chain issues. We expect to have another year of record sales, record adjusted earnings per share, and significant free cash flow growth,” concluded Elisman.

The Company is adjusting its full year outlook to reflect first quarter results, improved business expectations, and a more negative foreign exchange impact.


	Current	Prior
Comparable Net Sales Growth	3.5% to 8.5%	2.0% to 7.0%
FX Impact on Net Sales ⁽¹⁾	(2.5)%	(1.0)%
Reported Net Sales Growth	1.0% to 6.0%	1.0% to 6.0%
Comparable Adjusted EPS	$1.52 to $1.62	$1.50 to $1.60
FX impact on Adjusted EPS⁽¹⁾	$(0.04)	$(0.02)
Adjusted EPS	$1.48 to $1.58	$1.48 to $1.58
Free Cash Flow ⁽²⁾	$165M	$165M
Adjusted Tax Rate	Approximately 29%	Approximately 29%
Bank Net Leverage	Less than 3.0x	Less than 3.0x
(1) Based on spot rates as of 4/15/2022
(2) FCF approximately $165M (approximately $190M cash from operations minus $25M capex)

Webcast

At 8:30 a.m. EDT on April 27, 2022, ACCO Brands Corporation will host a conference call to discuss the Company’s first quarter 2022 results. The call will be broadcast live via webcast. The webcast can be accessed through the Investor Relations section of www.accobrands.com. The webcast will be in listen-only mode and will be available for replay following the event.

About ACCO Brands Corporation

ACCO Brands Corporation is one of the world’s largest designers, marketers and manufacturers of branded academic, consumer and business products. Our widely recognized brands include AT-A-GLANCE^®, Esselte^®, Five Star^®, GBC^®, Kensington^®, Leitz^®, Mead^®, PowerA^®, Quartet^®, Rapid^®, Rexel^®, Swingline^®, Tilibra^®, and many others. Our products are sold in more than 100 countries around the world. More information about ACCO Brands, the Home of Great Brands Built by Great People, can be found at www.accobrands.com.

Non-GAAP Financial Measures

In addition to financial results reported in accordance with generally accepted accounting principles (GAAP), we have provided certain non-GAAP financial information in this earnings release to aid investors in understanding the Company’s performance. Each non-GAAP financial measure is defined and reconciled to its most closely related GAAP financial measure in the “About Non-GAAP Financial Measures” section of this earnings release.

Forward-Looking Statements

Statements contained in this earnings release, other than statements of historical fact, particularly those anticipating future financial performance, business prospects, growth, strategies, business operations and similar matters, results of operations, liquidity and financial condition, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management based on information available to us at the time such statements are made. These statements, which are generally identifiable by the use of the words “will,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “forecast,” “project,” “plan,” and similar expressions, are subject to certain risks and uncertainties, are made as of the date hereof, and we undertake no duty or obligation to update them. Because actual results may differ materially from those suggested or implied by such forward-looking statements, you should not place undue reliance on them when deciding whether to buy, sell or hold the company’s securities.

Our outlook is based on certain assumptions, which we believe to be reasonable under the circumstances. These include, without limitation, assumptions regarding both the near-term and long-term impact of the COVID-19 pandemic; changes in the competitive landscape, including ongoing uncertainties in the traditional office products channels; as well as the impact of fluctuations in foreign currency and acquisitions and the other factors described below.

Among the factors that could cause our actual results to differ materially from our forward-looking statements are: the ongoing impact of the COVID-19 pandemic; a relatively limited number of large customers account for a significant percentage of our sales; issues that influence customer and consumer discretionary spending during periods of economic uncertainty or weakness; risks associated with foreign currency fluctuations; challenges related to the highly competitive business environment in which we operate; our ability to develop and market innovative products that meet consumer demands and to expand into new and adjacent product categories that are experiencing higher growth rates; our ability to successfully expand our business in emerging markets and the exposure to greater financial, operational, regulatory, compliance and other risks in such markets; the continued decline in the use of certain of our products; risks associated with seasonality; the sufficiency of investment returns on pension assets, risks related to actuarial assumptions, changes in government regulations and changes in the unfunded liabilities of a multi-employer pension plan; any impairment of our intangible assets; our ability to secure, protect and maintain our intellectual property rights, and our ability to license rights from major gaming console makers and video game publishers to support our gaming business; continued disruptions in the global supply chain; risks associated with changes in the cost or availability of raw materials, transportation, labor, and other necessary supplies and services and the cost of finished goods; the continued global shortage of microchips which are needed in our gaming and computer accessories businesses; risks associated with outsourcing production of certain of our products, information technology systems and other administrative functions; the failure, inadequacy or interruption of our information technology systems or its supporting infrastructure; risks associated with a cybersecurity incident or information security breach, including that related to a disclosure of personally identifiable information; our ability to grow profitably through acquisitions; our ability to successfully integrate acquisitions and achieve the financial and other results anticipated at the time of acquisition, including planned synergies; risks associated with our indebtedness, including limitations imposed by restrictive covenants, our debt service obligations, and our ability to comply with financial ratios and tests; a change in or discontinuance of our stock repurchase program or the payment of dividends; product liability claims, recalls or regulatory actions; the impact of litigation or other legal proceedings; our failure to comply with applicable laws, rules and regulations and self-regulatory requirements, the costs of compliance and the impact of changes in such laws; our ability to attract and retain qualified personnel; the volatility of our stock price; risks associated with circumstances outside our control, including those caused by public health crises, such as the occurrence of contagious diseases like COVID-19, severe weather events, war, terrorism and other geopolitical incidents; and other risks and uncertainties described in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021, and in other reports we file with the Securities and Exchange Commission (“SEC”).

ACCO Brands Corporation and Subsidiaries Condensed Consolidated Balance Sheets
		March 31, 2022				December 31, 2021
*_{(in millions)}*		(unaudited)
Assets
Current assets:
Cash and cash equivalents	$		91.3		$		41.2
Accounts receivable, net			341.7				416.1
Inventories			471.4				428.0
Other current assets			50.6				39.6
Total current assets			955.0				924.9
Total property, plant and equipment			612.3				656.4
Less: accumulated depreciation			(401.7	)			(441.8	)
Property, plant and equipment, net			210.6				214.6
Right of use asset, leases			104.3				105.2
Deferred income taxes			113.0				115.9
Goodwill			798.9				802.5
Identifiable intangibles, net			896.1				902.2
Other non-current assets			22.6				26.0
Total assets	$		3,100.5		$		3,091.3
Liabilities and Stockholders’ Equity
Current liabilities:
Notes payable	$		4.0		$		9.4
Current portion of long-term debt			40.8				33.6
Accounts payable			223.2				308.2
Accrued compensation			36.9				56.9
Accrued customer program liabilities			75.8				101.4
Lease liabilities			24.1				24.4
Current portion of contingent consideration			38.9				24.8
Other current liabilities			125.2				149.9
Total current liabilities			568.9				708.6
Long-term debt, net			1,109.2				954.1
Long-term lease liabilities			88.4				89.0
Deferred income taxes			142.9				145.2
Pension and post-retirement benefit obligations			211.2				222.3
Contingent consideration			0.5				12.0
Other non-current liabilities			97.9				95.3
Total liabilities			2,219.0				2,226.5
Stockholders’ equity:
Common stock			1.0				1.0
Treasury stock			(42.1	)			(40.9	)
Paid-in capital			1,911.5				1,902.2
Accumulated other comprehensive loss			(516.8	)			(535.5	)
Accumulated deficit			(472.1	)			(462.0	)
Total stockholders’ equity			881.5				864.8
Total liabilities and stockholders’ equity	$		3,100.5		$		3,091.3

ACCO Brands Corporation and Subsidiaries Consolidated Statements of Operations (Unaudited) (In millions, except per share data)

		Three Months Ended March 31,
		2022			2021		% Change
Net sales	$	441.6		$	410.5		7.6%
Cost of products sold		322.0			295.0		9.2%
Gross profit		119.6			115.5		3.5%
Operating costs and expenses:
Selling, general and administrative expenses		98.8			94.0		5.1%
Amortization of intangibles		11.1			12.0		(7.5)%
Restructuring charges		0.3			3.9		(92.3)%
Change in fair value of contingent consideration		2.6			6.7		NM
Total operating costs and expenses		112.8			116.6		(3.3)%
Operating income (loss)		6.8			(1.1	)	NM
Non-operating expense (income):
Interest expense		9.7			13.2		(26.5)%
Interest income		(1.4	)		(0.1	)	NM
Non-operating pension income		(1.4	)		(0.8	)	75.0%
Other expense, net		0.9			12.9		(93.0)%
Loss before income tax		(1.0	)		(26.3	)	96.2%
Income tax expense (benefit)		1.7			(5.9	)	NM
Net loss	$	(2.7	)	$	(20.4	)	86.8%

Per share:
Basic income per share	$	(0.03	)	$	(0.21	)	85.7%
Diluted income per share	$	(0.03	)	$	(0.21	)	85.7%

Weighted average number of shares outstanding:
Basic		96.2			95.1
Diluted		96.2			95.1

Cash dividends declared per common share	$	0.075		$	0.065


Statistics (as a % of Net sales, except Income tax rate)
		Three Months Ended March 31,
		2022			2021
Gross profit (Net sales, less Cost of products sold)		27.1	%		28.1	%
Selling, general and administrative expenses		22.4	%		22.9	%
Operating income (loss)		1.5	%		(0.3	)%
Loss before income tax		(0.2	)%		(6.4	)%
Net loss		(0.6	)%		(5.0	)%
Income tax rate		(170.0	)%		22.4	%

ACCO Brands Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited)

		Three Months Ended March 31,
*(in millions)*		2022				2021
Operating activities
Net loss	$		(2.7	)	$		(20.4	)
Amortization of inventory step-up			—				2.4
Change in fair value of contingent liability			2.6				6.7
Depreciation			9.9				9.6
Amortization of debt issuance costs			0.7				0.8
Amortization of intangibles			11.1				12.0
Stock-based compensation			4.9				4.8
Loss on debt extinguishment			—				3.7
Changes in balance sheet items:
Accounts receivable			84.1				34.4
Inventories			(37.3	)			(54.4	)
Other assets			(7.6	)			(13.3	)
Accounts payable			(87.5	)			11.3
Accrued expenses and other liabilities			(76.5	)			(27.9	)
Accrued income taxes			(5.9	)			(12.1	)
Net cash used by operating activities			(104.2	)			(42.4	)
Investing activities
Additions to property, plant and equipment			(3.4	)			(3.8	)
Cost of acquisitions, net of cash acquired			—				18.2
Net cash (used) provided by investing activities			(3.4	)			14.4
Financing activities
Proceeds from long-term borrowings			168.0				595.8
Repayments of long-term debt			(5.0	)			(509.0	)
(Repayments) proceeds of notes payable, net			(5.3	)			6.2
Payment for debt premium			—				(9.8	)
Payments for debt issuance costs			—				(9.7	)
Dividends paid			(7.3	)			(6.2	)
Payments related to tax withholding for stock-based compensation			(1.2	)			(0.9	)
Proceeds from the exercise of stock options			4.3				1.9
Net cash provided by financing activities			153.5				68.3
Effect of foreign exchange rate changes on cash and cash equivalents			4.2				(1.8	)
Net increase in cash and cash equivalents			50.1				38.5
Cash and cash equivalents
Beginning of the period			41.2				36.6
End of the period	$		91.3		$		75.1

About Non-GAAP Financial Measures

This earnings release contains non-GAAP financial measures. We explain below how we calculate and use each of these non-GAAP financial measures and a reconciliation of our current period and historical non-GAAP financial measures to the most directly comparable GAAP financial measures follows.

We use our non-GAAP financial measures both to explain our results to stockholders and the investment community and in the internal evaluation and management of our business. We believe our non-GAAP financial measures provide management and investors with a more complete understanding of our underlying operational results and trends, facilitate meaningful period-to-period comparisons and enhance an overall understanding of our past and future financial performance.

Our non-GAAP financial measures exclude certain items that may have a material impact upon our reported financial results such as restructuring charges, transaction and integration expenses associated with material acquisitions, the impact of foreign currency fluctuation and acquisitions, unusual tax items and other non-recurring items that we consider to be outside of our core operations. These measures should not be considered in isolation or as a substitute for, or superior to, the directly comparable GAAP financial measures and should be read in connection with the Company’s financial statements presented in accordance with GAAP.

Our non-GAAP financial measures include the following:

Comparable Net Sales : Represents net sales excluding the impact of material acquisitions with current-period foreign operation sales translated at prior-year currency rates. We believe comparable net sales are useful to investors and management because they reflect underlying sales and sales trends without the effect of acquisitions and fluctuations in foreign exchange rates and facilitate meaningful period-to-period comparisons. We sometimes refer to comparable net sales as comparable sales.

Adjusted Gross Profit : Represents gross profit excluding the effect of the amortization of the step-up in inventory from material acquisitions. We believe adjusted gross profit is useful to investors and management because it reflects underlying gross profit without the effect of inventory adjustments resulting from acquisitions that we consider to be outside our core operations and facilitates meaningful period-to-period comparisons.

Adjusted Selling, General and Administrative (SG&A) Expenses : Represents selling, general and administrative expenses excluding transaction and integration expenses related to our material acquisitions. We believe adjusted SG&A expenses are useful to investors and management because they reflect underlying SG&A expenses without the effect of expenses related to acquiring and integrating acquisitions that we consider to be outside our core operations and facilitate meaningful period-to-period comparisons.

Adjusted Operating Income/Adjusted Income Before Taxes/Adjusted Net Income/Adjusted Net Income Per Diluted Share: Represents operating income, income before taxes, net income, and net income per diluted share excluding restructuring charges, the amortization of intangibles, the amortization of the step-up in value of inventory, the change in fair value of contingent consideration, transaction and integration expenses associated with material acquisitions, non-recurring items in interest expense or other income/expense such as expenses associated with debt refinancing, a bond redemption, or a pension curtailment, and other non-recurring items as well as all unusual and discrete income tax adjustments, including income tax related to the foregoing. We believe these adjusted non-GAAP financial measures are useful to investors and management because they reflect our underlying operating performance before items that we consider to be outside our core operations and facilitate meaningful period-to-period comparisons. Senior management’s incentive compensation is derived, in part, using adjusted operating income and adjusted net income per diluted share, which is derived from adjusted net income. We sometimes refer to adjusted net income per diluted share as adjusted earnings per share.

Comparable Adjusted Net Income Per Diluted Share: Represents adjusted net income per diluted share excluding the incremental current year impact of foreign exchange. We sometimes refer to comparable adjusted net income per diluted share as comparable adjusted earnings per share.

Adjusted Income Tax Expense/Rate: Represents income tax expense/rate excluding the tax effect of the items that have been excluded from adjusted income before taxes, unusual income tax items such as the impact of tax audits and changes in laws, significant reserves for cash repatriation, excess tax benefits/losses, and other discrete tax items. We believe our adjusted income tax expense/rate is useful to investors because it reflects our baseline income tax expense/rate before benefits/losses and other discrete items that we consider to be outside our core operations and facilitates meaningful period-to-period comparisons.

Adjusted EBITDA: Represents net income excluding the effects of depreciation, stock-based compensation expense, amortization of intangibles, the change in fair value of contingent consideration, interest expense, net, other (income) expense, net, and income tax expense, the amortization of the step-up in value of inventory, transaction and integration expenses associated with material acquisitions, restructuring charges, non-recurring items in interest expense or other income/expense such as expenses associated with debt refinancing, a bond redemption, or a pension curtailment and other non-recurring items. We believe adjusted EBITDA is useful to investors because it reflects our underlying cash profitability and adjusts for certain non-cash charges, and items that we consider to be outside our core operations and facilitates meaningful period-to-period comparisons.

Free Cash Flow: Represents cash flow from operating activities less cash used for additions to property, plant and equipment, plus cash proceeds from the disposition of assets. We believe free cash flow is useful to investors because it measures our available cash flow for paying dividends, funding strategic material acquisitions, reducing debt, and repurchasing shares.

Net Leverage Ratio: Represents balance sheet debt, plus debt origination costs and less any cash and cash equivalents divided by adjusted EBITDA. We believe that net leverage ratio is useful to investors since the company has the ability to, and may decide to use a portion of its cash and cash equivalents to retire debt.

This earnings release also provides forward-looking non-GAAP comparable net sales, adjusted earnings per share, comparable adjusted earnings per share, free cash flow, adjusted EBITDA, net leverage ratio and adjusted tax rate. We do not provide a reconciliation of forward-looking comparable net sales, adjusted earnings per share, comparable adjusted earnings per share, free cash flow, adjusted EBITDA, net leverage ratio or adjusted tax rate to GAAP because the GAAP financial measure is not accessible on a forward-looking basis and reconciling information is not available without unreasonable effort due to the inherent difficulty of forecasting and quantifying certain amounts that are necessary for such a reconciliation, including adjustments that could be made for restructuring, integration and acquisition-related expenses, the variability of our tax rate and the impact of foreign currency fluctuation and material acquisitions, and other charges reflected in our historical numbers. The probable significance of each of these items is high and, based on historical experience, could be material.

ACCO Brands Corporation and Subsidiaries Reconciliation of GAAP to Adjusted Non-GAAP Information (Unaudited) (In millions, except per share data) The following tables set forth a reconciliation of certain Consolidated Statements of Income information reported in accordance with GAAP to adjusted Non-GAAP Information for the three months ended March 31, 2022 and 2021.

		Three Months Ended March 31, 2022
			SG&A			% of Sales				Operating Income		% of Sales				(Loss) Income before Tax			% of Sales				Income Tax Expense (E)			Tax Rate				Net (Loss) Income			% of Sales

Reported GAAP		$		98.8			22.4	%	$		6.8		1.5	%	$		(1.0	)		(0.2	)%	$		1.7			(170.0	)%	$		(2.7	)		(0.6	)%
Reported GAAP diluted income per share (EPS)																													$		*(0.03*	)
Charge for Russia business	(A)			(1.8	)						1.8						1.8							0.4							1.4
Restructuring charges				—							0.3						0.3							0.1							0.2
Amortization of intangibles				—							11.1						11.1							3.0							8.1
Change in fair value of contingent consideration	(B)			—							2.6						2.6							0.7							1.9
Operating tax gains	(H)			—							—						(0.1	)						—							(0.1	)
Other discrete tax items	(I)			—							—						—							(1.6	)						1.6
Adjusted Non-GAAP		$		97.0			22.0	%	$		22.6		5.1	%	$		14.7			3.3	%	$		4.3			29.0	%	$		10.4			2.4	%
Adjusted diluted income per share (Adjusted EPS)																													$		0.11

		Three Months Ended March 31, 2021
			Gross Profit	% of Sales			SG&A		% of Sales			Operating (Loss) Income		% of Sales			Income before Tax		% of Sales			Income Tax (Benefit) Expense (E)		Tax Rate			Net (Loss) Income			% of Sales

Reported GAAP		$	115.5	28.1	%	$	94.0		22.9	%	$	(1.1	)	(0.3	)%	$	(26.3	)	(6.4	)%	$	(5.9	)	22.4	%	$		(20.4	)	(5.0	)%
Reported GAAP diluted income per share (EPS)																										$		*(0.21*	)
Inventory step-up amortization	(C)		2.4				—					2.4					2.4					0.6						1.8
Transaction and integration expenses	(D)		—				(0.7	)				0.7					0.7					0.2						0.5
Restructuring charges			—				—					3.9					3.9					1.0						2.9
Amortization of intangibles			—				—					12.0					12.0					3.2						8.8
Change in fair value of contingent consideration	(B)		—				—					6.7					6.7					1.7						5.0
Refinancing costs	(E)		—				—					—					3.7					1.0						2.7
Bond redemption	(F)		—				—					—					9.8					2.6						7.2
Pension curtailment	(G)		—				—					—					1.4					0.4						1.0
Operating tax gain	(H)		—				—					—					(0.2	)				—						(0.2	)
Other discrete tax items	(I)		—				—					—					—					(0.7	)					0.7
Adjusted Non-GAAP		$	117.9	28.7	%	$	93.3		22.7	%	$	24.6		6.0	%	$	14.1		3.4	%	$	4.1		29.1	%	$		10.0		2.4	%
Adjusted diluted income per share (Adjusted EPS)																										$		*0.10*

See “Notes to Reconciliations of GAAP to Adjusted Non-GAAP Information and Net Income to Adjusted EBITDA (Unaudited)” for further information regarding adjusted items.

ACCO Brands Corporation and Subsidiaries Reconciliation of Net Income to Adjusted EBITDA (Unaudited) (In millions) The following table sets forth a reconciliation of net income reported in accordance with GAAP to Adjusted EBITDA.

			Three Months Ended March 31,
			2022				2021			% Change
Net loss		$		(2.7	)	$		(20.4	)		*86.8*	%
Inventory step-up amortization	(C)			—				2.4			(100.0	)%
Transaction and integration expenses	(D)			—				0.7			(100.0	)%
Stock-based compensation				4.9				4.8			2.1	%
Depreciation				9.9				9.6			3.1	%
Charge for Russia business	(A)			1.8				—		NM
Amortization of intangibles				11.1				12.0			(7.5	)%
Restructuring charges				0.3				3.9			(92.3	)%
Change in fair value of contingent consideration	(B)			2.6				6.7			(61.2	)%
Pension curtailment	(G)			—				1.4			(100.0	)%
Interest expense, net				8.3				13.1			(36.6	)%
Other expense, net				0.9				12.9			(93.0	)%
Income tax expense (benefit)				1.7				(5.9	)	NM
Adjusted EBITDA (non-GAAP)		$		38.8		$		41.2			(5.8	)%
Adjusted EBITDA as a % of Net Sales				8.8	%			10.0	%

See “Notes to Reconciliations of GAAP to Adjusted Non-GAAP Information and Net Income to Adjusted EBITDA (Unaudited)” for further information regarding adjusted items.

Reconciliation of Net Cash Used by Operating Activities to Free Cash Flow (Unaudited) (In millions) The following table sets forth a reconciliation of net cash provided by operating activities reported in accordance with GAAP to Free Cash Flow.

		Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
Net cash used by operating activities	$	(104.2)	$	(42.4)
Net cash used by:
Additions to property, plant and equipment		(3.4)		(3.8)
Free cash flow (non-GAAP)	$	(107.6)	$	(46.2)

Notes to Reconciliations of GAAP to Adjusted Non-GAAP Information and Net Income to Adjusted EBITDA (Unaudited)


A.	Represents charge to operating expense related to our Russia business.
B.	Represents the change in fair value of the contingent consideration for the PowerA acquisition. The change in fair value of the contingent consideration is assessed every quarter and is included as an expense in the consolidated statements of income.
C.	Represents the amortization of step-up in the value of inventory associated with the PowerA acquisition.
D.	Represents transaction and integration expenses associated with our acquisitions.
E.	Represents the write-off of debt issuance costs and other costs associated with the Company’s 2021 debt refinancing and discharge of its obligations on the senior unsecured notes due in 2024.
F.	Represents a call premium on the 2021 redemption of the senior unsecured notes due in 2024.
G.	Represents a pension curtailment related to a restructuring projects.
H.	Represents gain related to the release of unneeded reserves for certain operating taxes.
I.	The adjustments to income tax expense include the effects of the adjustments outlined above and discrete tax adjustments.

ACCO Brands Corporation and Subsidiaries Supplemental Business Segment Information and Reconciliation (Unaudited) (In millions)

		2022															2021															Changes
															Adjusted															Adjusted
					Reported							Adjusted			Operating					Reported							Adjusted			Operating							Adjusted			Adjusted
					Operating							Operating			Income					Operating							Operating			Income							Operating			Operating
		Reported			Income				Adjusted			Income			(Loss)		Reported			Income				Adjusted			Income			(Loss)		Net Sales			Net Sales		Income			Income	Margin
		Net Sales			(Loss)				Items			(Loss)			Margin		Net Sales			(Loss)				Items			(Loss)			Margin		$			%		(Loss) $			(Loss) %	Points
Q1:
ACCO Brands North America	$		208.5	$		13.9		$		5.9	$		19.8		9.5%	$		188.8	$		(0.7	)	$		11.9	$		11.2		5.9%	$		19.7		10.4%	$		8.6		76.8%		360
ACCO Brands EMEA			156.1			5.6				3.5			9.1		5.8%			156.9			16.8				4.4			21.2		13.5%			(0.8	)	(0.5)%			(12.1	)	(57.1)%		(770	)
ACCO Brands International			77.0			4.2				2.0			6.2		8.1%			64.8			0.6				2.5			3.1		4.8%			12.2		18.8%			3.1		100.0%		330
Corporate			—			(16.9	)			4.4			(12.5	)				—			(17.8	)			6.9			(10.9	)				—					(1.6	)
Total	$		441.6	$		6.8		$		15.8	$		22.6		5.1%	$		410.5	$		(1.1	)	$		25.7	$		24.6		6.0%	$		31.1		7.6%	$		(2.0	)	(8.1)%		(90	)

Q2:
ACCO Brands North America																$		295.1	$		53.8		$		6.1	$		59.9		20.3%
ACCO Brands EMEA																		157.0			9.9				3.9			13.8		8.8%
ACCO Brands International																		65.7			2.8				2.0			4.8		7.3%
Corporate																		—			(16.6	)			5.3			(11.3	)
Total																$		517.8	$		49.9		$		17.3	$		67.2		13.0%

Q3:
ACCO Brands North America																$		287.5	$		34.6		$		7.0	$		41.6		14.5%
ACCO Brands EMEA																		161.1			13.4				3.9			17.3		10.7%
ACCO Brands International																		78.1			7.3				2.5			9.8		12.5%
Corporate																		—			(16.7	)			5.0			(11.7	)
Total																$		526.7	$		38.6		$		18.4	$		57.0		10.8%

Q4:
ACCO Brands North America																$		271.0	$		34.2		$		7.7	$		41.9		15.5%
ACCO Brands EMEA																		187.9			21.6				3.3			24.9		13.3%
ACCO Brands International																		111.4			20.9				2.0			22.9		20.6%
Corporate																		—			(13.1	)			2.5			(10.6	)
Total																$		570.3	$		63.6		$		15.5	$		79.1		13.9%

YTD:
ACCO Brands North America	$		208.5	$		13.9		$		5.9	$		19.8		9.5%	$		1,042.4	$		121.9		$		32.7	$		154.6		14.8%
ACCO Brands EMEA			156.1			5.6				3.5			9.1		5.8%			662.9			61.7				15.5			77.2		11.6%
ACCO Brands International			77.0			4.2				2.0			6.2		8.1%			320.0			31.6				9.0			40.6		12.7%
Corporate			—			(16.9	)			4.4			(12.5	)				—			(64.2	)			19.7			(44.5	)
Total	$		441.6	$		6.8		$		15.8	$		22.6		5.1%	$		2,025.3	$		151.0		$		76.9	$		227.9		11.3%

See “Notes to Reconciliations of GAAP to Adjusted Non-GAAP Information and Net Income to Adjusted EBITDA (Unaudited)” for further information regarding adjusted items.

ACCO Brands Corporation and Subsidiaries

Supplemental Net Sales Change Analysis (Unaudited)

% Change – Net Sales

$ Change – Net Sales (in millions)

GAAP

Non-GAAP

GAAP

Non-GAAP

Comparable

Net Sales

Currency

Net Sales

Currency

Net Sales

Comparable

Change

Translation

Change

Translation

Change

Net Sales

Q1 2022:

ACCO Brands North America

10.4 %

— %

10.4 %

19.7

—

19.7

208.5

ACCO Brands EMEA

(0.5)%

(7.9)%

7.4 %

(0.8)

(12.4)

11.6

168.5

ACCO Brands International

18.8 %

(3.9)%

22.7 %

12.2

(2.5)

14.7

79.5

Total

7.6 %

(3.6)%

11.2 %

31.1

(14.9)

46.0

456.5

Christine Hanneman
Investor Relations
(847) 796-4320

Julie McEwan
Media Relations
(937) 974-8162

Source: ACCO Brands Corporation

Release – Great Lakes Dredge & Dock Corporation Schedules Announcement of 2022 First Quarter Results

Posted on April 27, 2022 by Admin

Great Lakes Dredge & Dock Corporation Schedules Announcement of 2022 First Quarter Results

Research, News, and Market Data on Great Lakes Dredge & Dock

HOUSTON, April 26, 2022 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) today announced that it will release the financial results for its three ended March 31, 2022 on Tuesday, May 3, 2022 at 7:00 a.m. C.D.T. A conference call with the Company will be held the same day at 9:00 a.m. C.D.T. The call-in number is (877) 377-7553 and Conference ID is 1383479. The conference call will be available by replay until Thursday, May 5, 2022 by calling (855) 859-2056 and providing Conference ID 138479. The live call and replay can also be heard on the Company’s website, www.gldd.com, under Events on the Investor Relations page. A copy of the press release will be available on the Company’s website.

The Company
Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the largest provider of dredging services in the United States. In addition, the Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the company’s culture. The company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount. Great Lakes also owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of over 200 specialized vessels.

For further information contact:
Tina Baginskis
Director, Investor Relations
630-574-3024

Release – Ayala Pharmaceuticals Announces Poster Presentation on AL101

Posted on April 27, 2022 by Admin

Ayala Pharmaceuticals Announces Poster Presentation on AL101 at the 2022 American Society of Clinical Oncology (ASCO) Annual Meeting

Research, News, and Market Data on Ayala Pharmaceuticals

REHOVOT, Israel and WILMINGTON, Del., April 27, 2022 (GLOBE NEWSWIRE) — Ayala Pharmaceuticals, Inc. (Nasdaq: AYLA), a clinical-stage oncology company focused on developing and commercializing small molecule therapeutics for patients suffering from rare and aggressive cancers, primarily in genetically defined patient populations, today announced that it will present a poster featuring data on AL101 in adenoid cystic carcinoma (ACC) at the 2022 American Society of Clinical Oncology (ASCO) Annual Meeting, to take place June 3-7, 2022 in Chicago, Illinois.

Details of the poster presentation are as follows:

Abstract Title:	Results of ACCURACY: A phase 2 trial of AL101, a selective gamma secretase inhibitor, in subjects with recurrent/metastatic (R/M) adenoid cystic carcinoma (ACC) harboring Notch activating mutations (Notchmut)
Abstract Number:	6046
Session Title:	Head and Neck Cancer
Session Date and Time:	Monday, June 6, 2022, 1:15 PM-4:15 PM CDT

The ongoing Phase 2 ACCURACY clinical trial is an open-label, single-arm, multi-center study to assess the clinical activity of AL101 using radiographic assessments of patients with R/M ACC demonstrating disease progression within 6 months prior to dosing. The company will present safety, efficacy, PK and PD data from the 4mg and 6mg AL101 cohorts in the trial.

About Adenoid Cystic Carcinoma (ACC)

ACC is a rare malignancy of the secretory glands including salivary glands, accounting for about 10% of all salivary gland tumors with an annual incidence of 3,400 in the U.S. There is currently no approved standard of care for patients with recurrent/metastatic ACC. Patients with locoregional disease undergo surgery and radiation therapy, with recurring disease treated by chemotherapy. ACC is an immunologically “cold” tumor that is refractory to chemotherapy, with a recurrence rate of about 60% after initial surgery. The Notch pathway has been determined to be an oncogenic driver of ACC and its dysregulation plays a key role in tumorigenesis and correlates with a distinct pattern of metastasis and a poor prognosis.

About AL101

AL101 is an investigational small molecule Gamma Secretase Inhibitor (GSI) that is designed to potently and selectively inhibit Notch 1, 2, 3 and 4, and is currently being evaluated in the Phase 2 ACCURACY clinical studies in patients with adenoid cystic carcinoma (ACC). AL101 is designed to inhibit the expression of Notch gene targets by blocking the final cleavage step by the gamma secretase required for Notch activation. Ayala obtained an exclusive, worldwide license to develop and commercialize AL101 from Bristol-Myers Squibb Company in November 2017. AL101 was granted U.S. FDA Fast Track Designation and Orphan Drug Designation for the treatment of ACC.

About Ayala Pharmaceuticals
Ayala Pharmaceuticals, Inc. is a clinical-stage oncology company focused on developing and commercializing small molecule therapeutics for patients suffering from rare and aggressive cancers, primarily in genetically defined patient populations. Ayala’s approach is focused on predicating, identifying and addressing tumorigenic drivers of cancer through a combination of its bioinformatics platform and next-generation sequencing to deliver targeted therapies to underserved patient populations. The company has two product candidates under development, AL101 and AL102, targeting the aberrant activation of the Notch pathway with gamma secretase inhibitors to treat a variety of tumors including Adenoid Cystic Carcinoma, Triple Negative Breast Cancer (TNBC), T-cell Acute Lymphoblastic Leukemia (T-ALL), Desmoid Tumors and Multiple Myeloma (MM) (in collaboration with Novartis). AL101, has received Fast Track Designation and Orphan Drug Designation from the U.S. FDA and is currently in a Phase 2 clinical trial for patients with ACC (ACCURACY) bearing Notch activating mutations. AL102 is currently in a Pivotal Phase 2/3 clinical trials for patients with desmoid tumors (RINGSIDE) and is being evaluated in a Phase 1 clinical trial in combination with Novartis’ BMCA targeting agent, WVT078, in Patients with relapsed/refractory Multiple Myeloma. For more information, visit www.ayalapharma.com.

Contacts:

Investors:
Joyce Allaire
LifeSci Advisors LLC
+1-617-435-6602
jallaire@lifesciadvisors.com

Ayala Pharmaceuticals:
+1-857-444-0553
info@ayalapharma.com

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements relating to our development of AL101 and AL102, the promise and potential impact of our preclinical or clinical trial data, the timing of and plans to initiate additional clinical trials of AL101 and AL102, the timing and results of any clinical trials or readouts, the sufficiency of cash to fund operations, and the anticipated impact of COVID-19, on our business. These forward-looking statements are based on management’s current expectations. The words ”may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “estimate,” “believe,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: we have incurred significant losses since inception and anticipate that we will continue to incur losses for the foreseeable future. We are not currently profitable, and we may never achieve or sustain profitability; we will require additional capital to fund our operations, and if we fail to obtain necessary financing, we may not be able to complete the development and commercialization of AL101 and AL102; we have a limited operating history and no history of commercializing pharmaceutical products, which may make it difficult to evaluate the prospects for our future viability; we are heavily dependent on the success of AL101 and AL102, our most advanced product candidates, which are still under clinical development, and if either AL101 or AL102 does not receive regulatory approval or is not successfully commercialized, our business may be harmed; due to our limited resources and access to capital, we must prioritize development of certain programs and product candidates; these decisions may prove to be wrong and may adversely affect our business; the outbreak of COVID-19, may adversely affect our business, including our clinical trials; our ability to use our net operating loss carry forwards to offset future taxable income may be subject to certain limitations; our product candidates are designed for patients with genetically defined cancers, which is a rapidly evolving area of science, and the approach we are taking to discover and develop product candidates is novel and may never lead to marketable products; we were not involved in the early development of our lead product candidates; therefore, we are dependent on third parties having accurately generated, collected and interpreted data from certain preclinical studies and clinical trials for our product candidates; enrollment and retention of patients in clinical trials is an expensive and time-consuming process and could be made more difficult or rendered impossible by multiple factors outside our control; if we do not achieve our projected development and commercialization goals in the timeframes we announce and expect, the commercialization of our product candidates may be delayed and our business will be harmed; our product candidates may cause serious adverse events or undesirable side effects, which may delay or prevent marketing approval, or, if approved, require them to be taken off the market, require them to include safety warnings or otherwise limit their sales; the market opportunities for AL101 and AL102, if approved, may be smaller than we anticipate; we may not be successful in developing, or collaborating with others to develop, diagnostic tests to identify patients with Notch-activating mutations; we have never obtained marketing approval for a product candidate and we may be unable to obtain, or may be delayed in obtaining, marketing approval for any of our product candidates; even if we obtain FDA approval for our product candidates in the United States, we may never obtain approval for or commercialize them in any other jurisdiction, which would limit our ability to realize their full market potential; we have been granted Orphan Drug Designation for AL101 for the treatment of ACC and may seek Orphan Drug Designation for other indications or product candidates, and we may be unable to maintain the benefits associated with Orphan Drug Designation, including the potential for market exclusivity, and may not receive Orphan Drug Designation for other indications or for our other product candidates; although we have received Fast Track designation for AL101, and may seek Fast Track designation for our other product candidates, such designations may not actually lead to a faster development timeline, regulatory review or approval process; we face significant competition from other biotechnology and pharmaceutical companies and our operating results will suffer if we fail to compete effectively; we are dependent on a small number of suppliers for some of the materials used to manufacture our product candidates, and on one company for the manufacture of the active pharmaceutical ingredient for each of our product candidates; our existing collaboration with Novartis is, and any future collaborations will be, important to our business. If we are unable to maintain our existing collaboration or enter into new collaborations, or if these collaborations are not successful, our business could be adversely affected; enacted and future healthcare legislation may increase the difficulty and cost for us to obtain marketing approval of and commercialize our product candidates, if approved, and may affect the prices we may set; if we are unable to obtain, maintain, protect and enforce patent and other intellectual property protection for our technology and products or if the scope of the patent or other intellectual property protection obtained is not sufficiently broad, our competitors could develop and commercialize products and technology similar or identical to ours, and we may not be able to compete effectively in our markets; we may engage in acquisitions or in-licensing transactions that could disrupt our business, cause dilution to our stockholders or reduce our financial resources; and risks related to our operations in Israel could materially adversely impact our business, financial condition and results of operations.

These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission (SEC) on March 24, 2021 and our other filings with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. New risk factors and uncertainties may emerge from time to time, and it is not possible to predict all risk factors and uncertainties. While we may elect to update such forward-looking statements at some point in the future, except as required by law, we disclaim any obligation to do so, even if subsequent events cause our views to change. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Release – Onconova Therapeutics Announces Acceptance Of Abstract For Publication At The ASCO Annual Meeting

Posted on April 27, 2022 by Admin

Onconova Therapeutics Announces Acceptance Of Abstract For Publication At The ASCO Annual Meeting

News and Market Data on Onconova Therapeutics

NEWTOWN, Pa., April 27, 2022 (GLOBE NEWSWIRE) — Onconova Therapeutics, Inc. (NASDAQ: ONTX), a clinical-stage biopharmaceutical company focused on discovering and developing novel products for patients with cancer, today announced the acceptance of an abstract for publication at the American Society of Clinical Oncology (ASCO) Annual Meeting.

Details on the abstract are provided below.

Abstract Title: Narazaciclib’s kinase inhibitory activity is differentiated from approved CDK4/6 inhibitors in preclinical models

Abstract Number: e15096

Publication Date and Time: May 26, 2022, at 5:00 p.m. ET

About Onconova Therapeutics

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

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

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

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

Forward-Looking Statements

Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. These statements relate to Onconova’s expectations regarding the timing of Onconova’s and investigator-initiated clinical development and data presentation plans, and the mechanisms and indications for Onconova’s product candidates. Onconova has attempted to identify forward-looking statements by terminology including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” “preliminary,” “encouraging,” “approximately” or other words that convey uncertainty of future events or outcomes. Although Onconova believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including the success and timing of Onconova’s clinical trials, investigator-initiated trials and regulatory agency and institutional review board approvals of protocols, Onconova’s collaborations, market conditions and those discussed under the heading “Risk Factors” in Onconova’s most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Any forward-looking statements contained in this release speak only as of its date. Onconova undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.

Company Contact:
Avi Oler
Onconova Therapeutics, Inc.
267-759-3680
ir@onconova.us
https://www.onconova.com/contact

Investor Contact:
Bruce Mackle
LifeSci Advisors
929-469-3859
bmackle@lifesciadvisors.com

Release – CanAlaska Deals Three Uranium Properties for AUD$15M

Posted on April 27, 2022 by Admin

CanAlaska Deals Three Uranium Properties for AUD$15M

Research, News, and Market Data on CanAlaska Uranium

Basin Energy to Spend AUD$5M for 60% of Two Uranium Properties and 100% in One Uranium Property

Staged Option to Earn up to 80% Interest in Geikie and North Millennium Projects, Subject to Additional AUD$10M in Spend

Vancouver, Canada, April 27, 2022 – CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) (“CanAlaska” or the “Company”) is pleased to announce it has entered into Purchase Option Agreements (“POA”) with Basin Energy Limited (“Basin Energy”), an Australian public limited corporation, to allow Basin Energy to earn up to an 80% interest in CanAlaska’s 100%-owned North Millennium and Geikie projects, and a 100% interest in CanAlaska’s 100%-owned Marshall project. These projects total 50,994.56 hectares in the Eastern Athabasca Basin in Saskatchewan, Canada (the “Projects”) (Figure 1).

Figure 1: North Millennium, Marshall and Geikie Project Location Map

North Millennium and Geikie Projects

Basin Energy may earn up to an 80% interest in each of the North Millennium and Geikie projects by undertaking work and milestone payments in three defined earn-in stages on each project.

Basin Energy may earn an initial 40% interest (“40% Option”) in each of the projects by paying the Company AUD$33,333.33 cash per project and issuing 6.66% worth of ordinary shares in Basin Energy’s capital structure as at listing on the Australian Securities Exchange (“ASX”) per project within 180 days following execution of a definitive Property Option Agreement (“POA”). Basin Energy will have the right to extend the 40% Option on a month-by-month basis for up to three (3) consecutive months upon payment of an option extension fee of AUD$8,333 per month per project.
Basin Energy may earn an additional 20% interest (“60% Option”) in each of the projects by incurring AUD$2,500,000 in exploration expenditures per project within 24 months of the ASX listing date.
Basin Energy may earn an additional 20% interest (“80% Option”) in each of the projects by issuing a further 2,250,000 ordinary shares in Basin Energy per project and incurring an additional AUD$5,000,000 (total: AUD$7,500,000) in exploration expenditures per project within 48 months of the ASX listing date and granting the Company a 2.75% net smelter returns (“NSR”) royalty on all products derived from the claims with a repurchase right of 0.50% NSR for AUD$500,000 at any time commencing from the grant of the 2.75% NSR per project.
CanAlaska will be operator of the projects through the 60% Option threshold and charge an operator fee.
Basin Energy will be obligated to keep and maintain the North Millennium and Geikie claims in good standing for a minimum period of one year at all times during the term of the POA.

After successful completion of either of the 40% Option or 60% Option stages of the agreement, and if Basin Energy elects to not enter the final stage, a joint venture will be formed and the parties will co-contribute on a simple pro-rata basis or dilute on a pre-defined straight-line dilution formula. If either party dilutes to a 10% interest, the diluting party will automatically forfeit its interest in the respective project and in lieu thereof will be granted a 2.75% net smelter returns (NSR) royalty on the respective property on all products derived from the claims with a repurchase right of 0.50% NSR for AUD$500,000 at any time commencing from the grant of the 2.75% NSR, except that, this provision will not apply to CanAlaska if CanAlaska has already been granted the 2.75% NSR prior to diluting to a 10% interest.

Marshall Project

Basin Energy may acquire a 100% interest in the Marshall project by:

Paying the Company AUD$33,333.33 cash and issuing 6.66% worth of ordinary shares in Basin Energy’s capital structure as at listing on the ASX within 180 days following execution of a definitive POA. Basin Energy will have the right to extend the payment period on a month-by-month basis for up to three (3) consecutive months upon payment of an option extension fee of AUD$8,333 per month.
Granting to the Company a 2.75% net smelter returns (“NSR”) royalty on all products derived from the claims with a repurchase right of 0.50% NSR for AUD$500,000 at any time commencing from the grant of the 2.75% NSR.
CanAlaska and Basin Energy will enter into an agreement (the “Marshall Project Operator Agreement”), on terms acceptable to both parties, pursuant to which Basin Energy will engage the Company to be the operator of the initial AUD$1,500,000 work program on the property after closing of the transaction. CanAlaska will be entitled to charge Basin Energy an operator fee.

An area of mutual interest will be established that extends two kilometres from the boundary of the North Millennium, Geikie and Marshall claims.

First Programs

The parties will establish a Joint Technical Operating Committee (“JTOC”) under the terms of the Marshall Project Operator Agreement and the POAs relating to the North Millennium and Geikie projects to discuss exploration and development strategies, review and comment on programs and budgets submitted by CanAlaska, as the Operator under the agreements, review the progress and results of activities conducted under the current programs and to discuss other issues in respect to the properties. The final binding decision with respect to establishing programs to be carried out by the Operator (including any changes or amendments to programs) shall be made by Basin Energy. The preliminary work programs and budgets for each project will be laid out for the next 2 years. Once the 40% Option threshold has been met with respect to the North Millennium and Geikie projects, and the 100% Option has been fully exercised with respect to the Marshall project, it is anticipated the first exploration programs under the respective property agreements will be conducted in the last half of 2022.

About Basin Energy Limited

Basin Energy Limited (ACN 655 515 110) is an Australian unlisted uranium exploration and development company incorporated for the purpose of pursuing highly prospective uranium opportunities globally. Basin Energy is backed by a high-quality board and management team with extensive uranium project experience across multiple jurisdictions and a proven track record of value creation. The completion of this transaction is conditional upon Basin Energy listing on the ASX which is indicatively planned for early Q3-CY2022.

CanAlaska CEO, Cory Belyk, comments, “Completion of these definitive agreements with Basin Energy represents a very significant investment into CanAlaska’s uranium portfolio providing multiple discovery opportunities for CanAlaska shareholders on several of our new and highly prospective Eastern Athabasca projects. It has been a real delight to work with the Basin Energy team to bring these projects across another critical threshold. I look forward to the first Basin Energy funded exploration programs.”

Other News

The prior announced Purchase Option Agreements for the Waterbury East and McTavish projects have expired.

About CanAlaska Uranium

CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada’s Athabasca Basin – the “Saudi Arabia of Uranium.” CanAlaska’s strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company’s properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world’s richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds.

The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska’s Vice President, Exploration.

For further information visit www.canalaska.com.

On behalf of the Board of Directors

“Peter Dasler”
Peter Dasler, M.Sc., P.Geo.
President
CanAlaska Uranium Ltd.

Contacts:

Peter Dasler, President
Tel: +1.604.688.3211 x 138
Email: info@canalaska.com

Cory Belyk, CEO and Executive Vice President
Tel: +1.604.688.3211 x 138
Email: cbelyk@canalaska.com

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

Forward-looking information

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

Exploration and Production Review and Outlook – Noble Capital Markets Energy Sector Review – Q1 2022

Posted on April 27, 2022 by Admin

Energy: First Quarter 2022 Review and Outlook

Noble Capital Markets Energy Sector Newsletter

Source: Capital IQ as of 03/31/2022

Energy Fundamental Data

Source: Energy Information Administration as of 12/31/2021

ENERGY INDUSTRY OUTLOOK

Energy Stocks Remain On A Tear

Energy Stocks Performance

Energy stocks, as measured by the XLE Energy Index, continued their torrid pace rising 41% in the quarter and far outpacing the overall market. The increase reflects higher oil and gas prices during the quarter, much of which can be attributed to the conflict between Russia and Ukraine. That said, investors are growingly accepting the fact that higher prices are not merely related to temporary factors such as Ukraine, supply chain issues, a post-covid economic rebound, or OPEC supply tightening. Instead, there is growing belief that higher prices reflect a fundamental disconnect between the energy demand and supply. Investors no longer talk about domestic supply costs as the factors setting prices instead concentrating on how rising demand will be met until renewable energy is able to have a significant impact on energy demand.

Oil Prices

The run-up in oil prices has been extraordinary virtually doubling in price over the last twelve months. Prices have backed off of highs hit at the beginning of the Ukraine conflict but remain at levels well above that needed for energy companies to make large profits. Brent prices remain approximately $5/bbl. above WTI prices ending the quarter near $108/bbl. Futures prices remain relatively flat declining about a $1 each month going forward. We do not believe $100 oil prices are sustainable and expect increased drilling to eventually lower prices. Nevertheless, we have raised our long-term oil price assumption used in our valuation models to $60 from $50.

Drillers are beginning to react to higher oil prices, but the response has been slow. Active rigs have doubled in the last twelve months but remain below pre-pandemic levels and are only one-third of peak levels in 2015. As the chart below shows, there has been a disconnect between the oil rig count and oil prices in recent years that has become only more exaggerated in recent months with oil prices rising above $100. As indicated previously, we expect drilling activity to continue to increase as long as oil prices remain at current inflated levels. How quickly drilling will increase remains to be seen.

Natural Gas Prices

Natural gas prices have also been exceptionally strong early in the quarter climbing approaching $6/mcf. Much attention has been given to the role domestic gas producers might have in supplying natural gas to Europe to replace gas being received from Russia. The trend towards building liquified natural gas (LNG) export terminals (or reversing import terminals) began years ago. Still, the United States is several years away from increasing its LNG export capacity to a level that could offset Russian imports. That said, the trend will most likely continue creating a favorable outlook for domestic natural gas producers. Interestingly, natural gas prices are higher at the Henry Hub pricing point than most of the country reflecting regional temperature disparities and perhaps a growing trend towards LNG exports.

Storage levels, which entered the winter heating season at high levels, exit the season near historically low levels. Temperatures in the lower 48 states have been colder than normal with the last two weeks in March being significantly colder than normal. As we enter the summer months, there is little to move storage levels back in line. We would expect to enter the next heating season at average to below average storage levels.

Outlook

Energy industry fundamentals remain strong. Energy prices are high and show no sign of decreasing. High oil prices, combined with improved operating efficiencies, mean that production companies are facing very favorable returns on their investment. We look for companies to continue reporting strong positive cash flow and to use cash flow to increase drilling and improve balance sheets. We do not expect companies to raise dividend payments given the cyclical nature of recent oil price trends but would not rule out share repurchases if stock prices do not rebound further. Concerns of industry-wide reductions in lifting costs or a fundamental shift away from carbon-based fuels have gone to the wayside due to a lack of supply response to higher prices. The drilling that is being done is very profitable and that should lead to higher company profits and improved company financials. We believe small energy companies that can expand without drawing attention may be at an advantage.

Source: Michael Heim 01/04/2022; Energy Information Agency (EIA)

Source: Capital IQ as of 03/31/2022

Oil & Gas – Comparable Tables

Source: Capital IQ as of 03/31/2022

Oil & Gas – LTM Equity Performance

Source: Capital IQ as of 03/31/2022

Oil & Gas – 2021-4Q Global M&A Activity

Source: Capital IQ as of 03/31/2022

Power Generation – Comparable Tables

Source: Capital IQ as of 03/31/2022

Power Generation – LTM Equity Performance

Source: Capital IQ as of 03/31/2022

Power Generation – 2021-4Q Global M&A Activity

Source: Capital IQ as of 03/31/2022

Energy Services – Comparable Tables

Source: Capital IQ as of 03/31/2022

Energy Services – LTM Equity Performance

Source: Capital IQ as of 03/31/2022

Energy Services – 2021-4Q M&A Activity

Source: Capital IQ as of 03/31/2022

Mineral Energy – Comparable Tables

Source: Capital IQ as of 03/31/2022

Mineral Energy – LTM Equity Performance

Source: Capital IQ as of 03/31/2022

Mineral Energy – 2021 Global M&A Activity

Source: Capital IQ as of 03/31/2022

LTM Energy – Energy Industry M&A Summary

Source: Capital IQ as of 03/31/2022

NOBLE QUARTERLY HIGHLIGHTS

Permex Petroleum Corp. (OTCQB:OILCF)

Industry: Energy – Oil and Gas Exploration and Production

Permex Petroleum is a uniquely positioned junior oil & gas company with assets and operations across the Permian Basin of West Texas and the Delaware Sub-Basin of New Mexico. The company focuses on combining its low-cost development of Held by Production assets for sustainable growth with its current and future Blue-Sky projects for scale growth.

1st Quarter News Highlights:

March 28, 2022: The Company announced the closing of a brokered private placement, which resulted in gross proceeds of approximately USD $7.5 million before deducting the placement agent’s fees and other estimated fees and expenses related to the Offering. Each Unit consists of one common share and one common share purchase warrant. Each Warrant will be exercisable into one Share for a period of five years at an exercise price of USD $0.21 per share.

Peninsula Energy Ltd. (OTCQB:PENMF)

Industry:Mineral Energy; Exploration and production

Peninsula Energy Limited (PEN) is an ASX listed uranium mining company which commenced in-situ recovery operations in 2015 at its 100% owned Lance Projects in Wyoming, USA. Peninsula is embarking on a project transformation initiative at the Lance Projects to change from an alkaline ISR operation to a low-pH ISR operation with the aim of aligning the operating performance and cost profile of the project with industry leading global uranium production projects.

1st Quarter News Highlights:

March 28, 2022: Peninsula Energy announced the initiation of an update to the 2018 Low-pH Feasibility Study on its flagship, 100% owned Lance Project (“Lance”) located in Wyoming, USA. The Company is also pleased to announce the selection of Western Water Consultants, Inc. d/b/a WWC Engineering, a leading US-based consulting and engineering firm with significant Uranium In-Situ Recovery (“ISR”) expertise, to author the Study.

Alvopetro Energy Ltd. (OTCQX:ALVOF)

Industry: Energy – Oil & Gas; Exploration and production

Alvopetro Energy Ltd.’s vision is to become a leading independent upstream and midstream operator in Brazil. The company’s strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil, building off the development of their Caburé and Gomo natural gas projects and the construction of strategic infrastructure assets.

1st Quarter News Highlights:

March 17, 2022: The company announced a 33% increase in quarterly dividend to US$0.08/share, payable in cash on April 14, 2022, to shareholders of record at the close of business on March 31, 2022. This dividend is designated as an “eligible dividend” for Canadian income tax purposes. Alvopetro’s cash flows are linked to US dollars and as such, dividends are being paid in US dollars.

Source: Company Press Releases

DOWNLOAD THE FULL REPORT (PDF)

Noble Capital Markets Energy Newsletter Q1 2022

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

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

Energy and Global Fundamentals Make a Good Case for Owning Western Uranium Stocks

Posted on April 27, 2022 by Admin

Global Events Seem to have created a Separate Uranium Market for the East and West – Is this an Opportunity?

Should investors buy the uranium dip? After reaching a recent high on April 13, spot uranium has come under significant selling pressure. This may be a temporary reaction to lockdowns and restrictions in China related to the country’s zero Covid policy and recent outbreaks. Public companies related to uranium production had reached their highest level since November in April; they have fallen with the price per tonne of the yellow metal.

Market Fundamentals

The price for anything goes up and down on two factors, supply and demand – part of demand is speculation. This component of demand is particularly relevant in commodities. Uranium, of course, is a commodity.

Prior to the late April dip, uranium and related companies were experiencing a substantial run-up. The reasons for this were many; in fact, let’s word this are many, because they still exist.

A list worth sharing of reasons to be bullish on uranium was provided on April 20 at NobleCon18 by Peninsula Energy (PENMF). Peninsula is an advanced stage uranium developer, “ready to put pounds in the can, and out to market.” Wayne Heili, who has 30 years of experience in the business, discussed the unfolding trends that explain the enthusiasm for uranium.

Corporations involved in uranium production to serve the West followed the price of uranium. The question investors are asking is, does the cheaper entry price create a buying opportunity.

The Case for Uranium

Mr. Heili said nuclear is part of the green energy mix that the world is requiring. This mix, the Peninsula CEO pointed out, is splitting into an Eastern and Western-oriented market in terms of who is served. It was explained to the investors present that whether by law or by choice, the utilities that are serving the West are going to stop relying on nuclear fuel from Russia. Western markets are currently characterized as having a supply deficit. There is little or no production, conversion, or enrichment and perhaps not enough fuel fabrication capacity. This, of course, translates into the West needing to create or add capacity to fill the void of not accepting supplies from the East.

We’re now in the part of the nuclear fuel cycle where production will have to be ramped up. Adding to the need is the European Union now recognizes and characterizes uranium as green.

Another catalyst for increased demand and prices is the Sprott Uranium Fund. The investment company’s physical uranium trust is inventorying U308. Material that may never make it to a plant.

The industry has been receiving bi-partisan support from Washington, and national self-reliance has shown its importance when it comes to the supply of energy and other essentials.

Separately at NobleCon18, Mark Chalmers of Energy Fuels (UUUU) spoke about the uranium market and his company. He shared that 20% of electricity produced in the US is from nuclear. The focus on reducing carbon and maintaining or increasing baseload energy has brought about a nuclear renaissance.

Take-Away

While the overall stock market has been trending down this year, energy stocks, including uranium, have been marching much higher. Two weeks ago, Covid fears overseas brought uranium and uranium stocks down to just above their opening at the start of 2022. Is this substantial dip just a blip before they head back up? The energy industry and the uranium sector of that industry are faced with increasing demand. Supplying that demand should increase revenues.

Suggested Content

The Good News and Bad News Surrounding US Uranium Self-Reliance

There Seems to be a Perfect Storm in Favor of Uranium Investors

This Firm Facilitates Direct Investment in Physical Uranium

NobleCon18 Peninsula Energy Ltd. Presentation

Stay up to date. Follow us:

Are labor Strained Industries Allowing More Corporate Control of Employees?

Posted on April 27, 2022 by Admin



Image Credit: Yuki kawagishi (Flickr)

‘Great Resignation’ Appears to be Hastening the Exodus of US and Other Western Companies from Russia

Companies across the globe are fleeing Russia in an unprecedented display of corporate solidarity with their governments, appalled over the invasion of Ukraine. Over 750 multinational businesses so far have said they’re curtailing, suspending or severing ties to Russia, more than triple the number that abandoned South Africa over apartheid in the 1980s.

Many corporate statements announcing the decisions have emphasized humanitarian aspects and unity with the Ukrainian people. For example, Pepsi suspended soda sales in Russia, describing events in Ukraine as “horrific”; Ford Motor Co. cited Russia’s “threats to peace and stability” in pausing operations at its three plants in the country; and Ikea closed its stores there and called the war a “human tragedy.”

This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts. It was written by and represents the research-based opinions of Steven Kreft, Clinical Professor of Business Economics and Public Policy, Indiana University, Elham Mafi-Kreft, Clinical Associate Professor of Business Economics, Indiana University.

Detractors of this type of corporate do-goodery have dismissed it as “virtue signaling,” implying there is an ulterior motive to the grandstanding. As scholars of corporate social responsibility, we believe altruism can play a role in corporate decisions like these, but – as virtual signaling suggests – other more profit-focused drivers are usually at work, especially given the stakes when deciding to abandon an entire country.

In this case, the common theme we see for many companies is the “great resignation” – and the fight to attract increasingly picky, younger Gen Z and millennial workers, who say they want to work for socially responsible brands.

Pepsi, which has been in Russia for over 60 years, suspended soda sales, calling the invasion ‘horrific.’ Image Credit: Alexander Zemlianichenko

A Weighty Decision

A company’s decision to entirely sever its operations in a country is seldom taken lightly.

In leaving Russia, companies will incur significant costs from abandoning equipment, stores and factories, or even an entire workforce. For example, Exxon said it expected to lose US$4 billion in assets over its decision to exit Russia, while McDonald’s restaurant closures will cost the company $50 million per month.

And there’s no knowing when the companies leaving Russia will be able to return – if ever.

Yet that isn’t stopping hundreds of companies from making the difficult decision to back away. Amid their condemnations of the invasion and expressions of solidarity with the Ukrainian people, many companies have also acknowledged clear business-related reasons. Appliance maker Whirlpool cited the security of its workers, Japanese automaker Toyota blamed logistical and supply-chain hurdles, and video streaming company Netflix said troubles with payment processing will strain operations.

Growing Power of Workers

While these practical reasons, along with the moral concerns, could be enough to drive the exodus, we believe the great resignation, in which record numbers of workers are quitting their jobs, is amplifying all these other risks of staying in Russia.

Roughly 47 million U.S. workers voluntarily left their jobs in 2021, accounting for well over a quarter of the civilian labor force, according to the Bureau of Labor Statistics. Over 4.5 million quit in November alone, a single-month record, and nearly that many continued to hand in their notices in early 2022.

It’s not just a U.S. phenomenon. Many other countries are experiencing similarly high rates of workers voluntarily quitting their jobs.

This trend has shifted bargaining power to employees, and companies are struggling to acquire skilled workers to fill vacant positions. Employees are demanding higher pay and more benefits, and some are rethinking their careers so that their work is more aligned with their values.

Another sign of the shift in power is the recent success of youth-led labor organizing efforts. A growing number of Starbucks locations are becoming unionized, while Amazon got its first U.S.-based union after workers on Staten Island in New York City voted to form one in April 2022. Starbucks and Amazon have both suspended operations in Russia.

Some industries are experiencing especially high employee attrition rates, including management consulting and oil and gas, according to a recent article in MIT Sloan Management Review. The attrition rate measures how many workers are lost and not replaced over a period of time.

Management consulting, in which a talented workforce is vital, for example, saw an attrition rate of 16% over the six-month period researchers looked at, or over five times the national average.

Employees Demand Solidarity with Ukraine

This is why it wasn’t a surprise to us that companies in these labor-strained industries either were among those that severed ties with Russia or quickly did so after facing criticism from employees.

IT consultant Accenture, with nearly 700,000 employees, seemed to set the tone for what would be expected of companies in its industry when on March 3, 2022, it said it was discontinuing all business in Russia.

“Accenture stands with the people of Ukraine and the governments, companies and individuals around the world calling for the immediate end to the unlawful and horrific attack on the people of Ukraine and their freedom,” it wrote.

Competitors McKinsey and Boston Consulting Group initially planned more timid withdrawals by cutting ties with the Russian government but continuing to honor existing private contracts. But after current and former employees of both companies took to social media to call out their perceived soft stance and even cowardice on Russia, the companies quickly reversed course by announcing they were pulling out completely. All the other consulting giants have done the same, including Bain, Deloitte, EY, KPMG and PwC.

The big Western oil companies have similarly faced employee pressure to exit Russia, with workers going so far as to refuse to offload Russian oil and gas onto their docks. This comes on top of governments pushing companies to take steps that go beyond the sanctions. In severing ties, companies such as BP, Shell and Exxon have abandoned significant assets in Russia, which will result in huge losses on their balance sheets.

Short-Term Costs for Long-term Gains

But accepting these short-term losses appear to be worth it to avoid larger ones down the road.

Recruiting and retaining a talented workforce is an important driver of a company’s long-term profitability.

Training new workers is costly, and the best talent is always hard to recruit – a challenge made worse by the great resignation. Survey after survey has shown workers are increasingly driven by a sense of purpose and expect their companies to reinforce their values.

No company that we know of explicitly cited issues related to the great resignation as a driver of its decision to leave Russia. And industries with high attrition rates and vocal workforces such as Big Tech haven’t seen complete withdrawals. In some cases, such as with Apple, Alphabet and Meta, they’ve suspended some operations but are trying to keep doing business in part because they play important roles in providing free information to Russian citizens to counter Kremlin propaganda.

Every company and every industry has its own unique analysis to go through based on exposure to business and reputational risk in Russia. We believe the great resignation compounds this risk, in some cases significantly. And employees are increasingly reporting feeling stressed out over Ukraine.

Russia’s aggression against Ukraine has been condemned almost universally in the West. Given that, many of the companies that severed ties – while sacrificing short-term profits – likely knew that staying would have been far more harmful for their brand, not only with customers but their employees as well.

Suggested Reading

Challenges to the US Dollar as a Reserve Currency and Market Impact

The Risky Position Elon Musk is Placing Himself In

Jack Dorsey, Corporate Boards, and Bad Apples

ESG Policies and Corporate Departures from Russia

Stay up to date. Follow us:

Aurania Resources (AUIAF)(ARU:CA) – Exploration Focuses on Three Main Target Areas

Posted on April 26, 2022 by Admin

Tuesday, April 26, 2022

Aurania Resources (AUIAF)(ARU:CA)
Exploration Focuses on Three Main Target Areas

As of April 24, 2020, Noble Capital Markets research on Aurania Resources is published under ticker symbols (AUIAF and ARU:CA). The price target is in USD and based on ticker symbol AUIAF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Aurania Resources Ltd. is a Canada-based junior mining exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper. Its flagship asset, The Lost Cities-Cutucu Project, is in southeastern Ecuador in the Province of Morona-Santiago. The company also has several minor projects in Switzerland.

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

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

Focused exploration strategy. Following an internal review of its projects, target types, and funding strategies, Aurania announced in February that it would focus its resources on the exploration of its core mineral concessions in Ecuador, including epithermal gold and porphyry copper targets. The company is exploring joint ventures and partnerships to advance non-core mineral concessions that include sediment-hosted copper-silver and carbonate replacement silver-zinc-lead targets.

Priorities in 2022. Exploration will support the refinement of drilling plans for the Awacha porphyry copper target, and Kuri-Yawi B1 and Kuripan epithermal gold-silver targets. We anticipate drilling could begin at Awacha in the first quarter of next year. Recall that an access agreement was signed with the communities around the Awacha porphyry copper target area in January. Geophysics work has …

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.

Lineage Cell Therapeutics (LCTX) – New Program Added To The Development Pipeline

Posted on April 26, 2022 by Admin

Tuesday, April 26, 2022

Lineage Cell Therapeutics (LCTX)
New Program Added To The Development Pipeline

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

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.

Photoreceptor Development Program Announced. Lineage Cell announced a new program to develop photoreceptor cells for transplantation. This is an additional application of Lineage’s proprietary cell-based technology for growing pluripotent cells into differentiated cells that can be transplanted to repair areas where cells have been lost to disease. The new program will develop cell transplants for the rod and cone photoreceptor cells in the eye.

Photoreceptor Program Fits With OpRegen. Lineage Cell’s most advanced product is OpRegen, a retinal pigmented epithelial (RPE) cell transplant therapy for age-related macular degeneration (dry AMD). The new photoreceptor program will develop cells to repair a different type of cell in the retina. The photoreceptor cell transplants have potential to address conditions such as retinitis pigmentosa …

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

The GEO Group Inc. (GEO) – NobleCon 18 Presentation Notes

Posted on April 26, 2022 by Admin

Tuesday, April 26, 2022

The GEO Group, Inc. (GEO)
NobleCon 18 Presentation Notes

With over 94,000 beds owned, leased or managed across its business lines and serving over 260,000 people daily, GEO is a leading provider of mission critical real estate to its governmental partners. The Company is the first fully integrated equity REIT specializing in the design, financing, development, and operation of secure facilities, processing centers, and community reentry centers in the U.S., Australia, South Africa, and the U.K.

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.

NobleCon 18. GEO CFO Brian Evans presented at NobleCon 18. The Company highlighted its leading market position, dependable cash flows, and potential market opportunity.

Title 42. Government officials continue to give credence to a projected massive surge once Title 42 is lifted. Most recently, ICE said it is expecting a “historic” surge in migration at the border. In an April 8th court filing, the agency stated, “ICE is preparing to…respond to an historic border surge, with projections forecasted to triple current arrivals.” …

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

Release – Travelzoo Reports First Quarter 2022 Results

Posted on April 26, 2022 by Admin

Travelzoo Reports First Quarter 2022 Results

Research, News, and Market Data on Travelzoo

Travelzoo® (NASDAQ: TZOO):

Consolidated revenue of
$18.5 million, up 29% year-over-year
Non-GAAP consolidated operating profit of
$2.7 million
Earnings per share (EPS) of
$0.19 attributable to
Travelzoo from continuing operations

Travelzoo, a global Internet media company that provides exclusive offers and experiences for members, today announced financial results for the first quarter ended
March 31, 2022. Consolidated revenue was
$18.5 million, up 29% from
$14.3 million year-over-year.
Travelzoo’s reported revenue consists of advertising revenues and commissions, derived from and generated in connection with purchases made by
Travelzoo members.

The reported net income attributable to
Travelzoo from continuing operations was
$2.4 million for Q1 2022. At the consolidated level, including minority interests, the reported net income from continuing operations was
$2.4 million. EPS from continuing operations was
$0.19, compared to (
$0.14) in the prior-year period.

Non-GAAP operating profit was
$2.7 million. The calculation of non-GAAP operating profit excludes amortization of intangibles (
$0.2 million) and stock option expenses (
$0.5 million). See section “Non-GAAP Financial Measures” below.

“We see continued improvement in our business. We seize the exceptional industry opportunities for providing 30 million
Travelzoo members exclusive and irresistible travel, entertainment, and local offers and experiences.
Travelzoo members are affluent, active, and open to new experiences. 84% say
Travelzoo influences their travel destinations because they trust
Travelzoo“, said Holger Bartel, Global CEO.

Cash Position
As of
March 31, 2022, consolidated cash, cash equivalents and restricted cash were
$36.7 million. Net cash used in operations was
$6.8 million. Cash was used primarily in connection with a decrease of merchant payables by
$8.0 million. The Company also used cash of
$1.0 million to acquire intangible assets in Q1 2022.

Reserve
Reported revenues include a reserve of
$3.8 million related to commissions to be earned from vouchers sold. The reserve is booked as contra revenue.

Travelzoo North America

North America business segment revenue increased 19% year-over-year to
$11.7 million. Operating profit for Q1 2022 was
$1.7 million, or 15% of revenue, compared to an operating profit of
$39,000 in the prior-year period.

Travelzoo Europe

Europe business segment revenue increased 66% year-over-year to
$5.9 million. Operating profit for Q1 2022 was
$178,000, or 3% of revenue, compared to an operating loss of
$696,000 in the prior-year period.

Jack’s Flight Club
On
January 13, 2020,
Travelzoo acquired 60% of
Jack’s Flight Club, a membership subscription service.
Jack’s Flight Club revenue decreased 7% year-over-year to
$823,000. Non-GAAP operating profit for Q1 2022 was
$249,000, compared to a non-GAAP operating profit of
$174,000 in the prior-year period. After consolidation with
Travelzoo,
Jack’s Flight Club’s net income was
$11,000, with
$7,000 attributable to
Travelzoo as a result of recording
$226,000 of amortization of intangible assets related to the acquisition.

Licensing
In
June 2020,
Travelzoo entered into a royalty-bearing licensing agreement with a local licensee in
Japan for the exclusive use of
Travelzoo’s brand, business model, and members in
Japan. In August of 2020,
Travelzoo entered into a royalty-bearing licensing agreement with a local licensee in
Australia for the exclusive use of
Travelzoo’s brand, business models, and members in
Australia,
New Zealand, and
Singapore. Under these arrangements,
Travelzoo’s existing members in
Australia,
Japan,
New Zealand, and
Singapore will continue to be owned by
Travelzoo as the licensor. Licensing revenue is booked with a lag of one quarter.
Travelzoo recorded
$9,000 in licensing revenue from the licensee in
Japan in Q1 2021.
Travelzoo recorded
$7,000 in licensing revenue from the licensee in
Australia,
New Zealand, and
Singapore in Q1 2022. Licensing revenue is expected to increase going forward.

Members and Subscribers
As of
March 31, 2022, we had 30.7 million members worldwide. In
North America, the unduplicated number of
Travelzoo members was 16.7 million as of
March 31, 2022, down 8% from
March 31, 2021. In
Europe, the unduplicated number of
Travelzoo members was 9.1 million as of
March 31, 2022, up 5% from
March 31, 2021.
Jack’s Flight Club had 1.7 million subscribers as of
March 31, 2022, up 6% from
March 31, 2021.

Discontinued Operations
As announced in a press release on
March 10, 2020,
Travelzoo decided to exit its
Asia Pacific business and operate it as a licensing business going forward. Consequently, the
Asia Pacific business has been classified as discontinued operations since
March 31, 2020. Prior periods have been reclassified to conform with the current presentation. Certain reclassifications have been made for current and prior periods between the continued operations and the discontinued operations in accordance with
U.S. GAAP.

Income Taxes
Income tax expense was
$968,000 in Q1 2022, compared to an income tax expense of
$742,000 in the prior-year period.

Non-GAAP Financial Measures
Management calculates non-GAAP operating income when evaluating the financial performance of the business.
Travelzoo’s calculation of non-GAAP operating income, also called “non-GAAP operating profit” in this press release and today’s earnings conference call, excludes the following items: impairment of intangibles and goodwill, amortization of intangibles, stock option expenses, and severance- related expenses. This press release includes a table which reconciles GAAP operating income to the calculation of non-GAAP operating income. Non-GAAP operating income is not required by, or presented in accordance with, generally accepted accounting principles in
the United States of America (“GAAP”). This information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures reported by other companies.

Looking Ahead
We currently expect higher revenue and profitability in Q2 2022. We continue to see a trend of recovery of our revenue. However, there could be unexpected fluctuations in the short term. During the pandemic, we have been able to lower our fixed costs. We believe we can keep our fixed costs relatively low in the foreseeable future—while revenue is expected to grow.

Conference Call

Travelzoo will host a conference call to discuss first quarter results and provide an update on Travelzoo META today at
11:00 a.m. ET. Please visit http://ir.travelzoo.com/events-presentations to

download the management presentation (PDF format) to be discussed in the conference call; and
access the webcast.

About Travelzoo
Travelzoo® provides its 30 million members with exclusive offers and one-of-a-kind experiences personally reviewed by our deal experts around the globe. We have our finger on the pulse of outstanding travel, entertainment, and lifestyle experiences. We work in partnership with more than 5,000 top travel suppliers—our long-standing relationships give
Travelzoo members access to irresistible deals.

Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words “expect”, “predict”, “project”, “anticipate”, “believe”, “estimate”, “intend”, “plan”, “seek” and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the
SEC. We cannot guarantee any future levels of activity, performance or achievements.
Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

Travelzoo, Top 20, and
Jack’s Flight Club are registered trademarks of
Travelzoo.

Travelzoo
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)

	Three months ended March 31
	2022	2021
Revenues	$ 18,453	$ 14,284
Cost of revenues	2,832	3,018
Gross profit	15,621	11,266
Operating expenses:
Sales and marketing	8,581	6,790
Product development	453	683
General and administrative	4,668	4,560
Total operating expenses	13,702	12,033
Operating income (loss)	1,919	(767)
Other income (loss), net	1,423	(166)
Income (loss) from continuing operations before income taxes	3,342	(933)
Income tax expense	968	742
Income (loss) from continuing operations	2,374	(1,675)
Loss from discontinued operations, net of tax	(11)	(15)
Net income (loss)	2,363	(1,690)
Net income (loss) attributable to non-controlling interest	4	(48)
Net income (loss) attributable to Travelzoo	$ 2,359	$ (1,642)

Net income (loss) attributable to Travelzoo—continuing operations	$ 2,370	$ (1,627)
Net loss attributable to Travelzoo—discontinued operations	$ (11)	$ (15)

Income (loss) per share—basic
Continuing operations	$ 0.20	$ (0.14)
Discontinued operations	$ —	$ —
Net income (loss) per share —basic	$ 0.20	$ (0.14)

Income (loss) per share—diluted
Continuing operations	$ 0.19	$ (0.14)
Discontinued operations	$ —	$ —
Net income (loss) per share—diluted	$ 0.19	$ (0.14)
Shares used in per share calculation from continuing operations— basic	12,056	11,391
Shares used in per share calculation from discontinued operations— basic	12,056	11,391
Shares used in per share calculation from continuing operations— diluted	12,544	11,391
Shares used in per share calculation from discontinued operations— diluted	12,056	11,391

Travelzoo
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)

	March 31, 2022	December 31, 2021
Assets
Current assets:
Cash and cash equivalents	$ 35,617	$ 43,815
Accounts receivable, net	18,163	14,871
Prepaid income taxes	2,547	3,325
Prepaid expenses and other	1,513	1,891
Prepaid expenses—related party	—	1,150
Assets from discontinued operations	63	71
Total current assets	57,903	65,123
Deposits and other	6,588	6,784
Deferred tax assets	3,887	3,949
Restricted cash	1,121	1,142
Operating lease right-of-use assets	6,679	7,700
Property and equipment, net	572	659
Intangible assets, net	5,189	3,426
Goodwill	10,944	10,944
Total assets	$ 92,883	$ 99,727
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable	$ 3,453	$ 3,411
Merchant payables	60,479	68,678
Accrued expenses and other	9,171	10,212
Deferred revenue	2,317	1,733
Operating lease liabilities	2,813	3,180
Income tax payable	30	185
Liabilities from discontinued operations	488	485
Total current liabilities	78,751	87,884
Long-term operating lease liabilities	8,617	9,111
Other long-term liabilities	2,380	2,364
Total liabilities	89,748	99,359
Non-controlling interest	4,604	4,600
Common stock	126	126
Treasury stock (at cost)	(5,488)	(5,488)
Additional paid-in capital	4,957	4,415
Retained earnings	2,866	508
Accumulated other comprehensive loss	(3,930)	(3,793)
Total stockholders’ deficit	(1,469)	(4,232)
Total liabilities and stockholders’ deficit	$ 92,883	$ 99,727

Travelzoo
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)

	Three months ended March 31
	2022	2021
Cash flows from operating activities:
Net income (loss)	$ 2,363	$ (1,690)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	574	484
Stock-based compensation	541	882
Deferred income tax	97	541
Loss on long-lived assets	38	—
Gain on sale of equity investment in WeGo	(196)	—
Net foreign currency effects	(13)	(152)
Reversal of reserves on accounts receivable and other reserves	(1,408)	(454)
Changes in operating assets and liabilities:
Accounts receivable	(3,163)	(2,229)
Income tax receivable	759	(545)
Prepaid expenses and other	565	(2,357)
Accounts payable	103	1,727
Merchant payables	(7,961)	13,212
Accrued expenses and other	917	(641)
Income tax payable	(157)	(126)
Other liabilities	(244)	412
Net cash provided by (used in) operating activities	(6,764)	9,064
Cash flows from investing activities:
Purchases of intangible assets	(1,049)	—
Proceeds from sale of equity investment in WeGo	196	—
Purchases of property and equipment	(89)	(7)
Net cash used in investing activities	(942)	(7)
Cash flows from financing activities:
Repurchase of common stock	—	(1,583)
Net cash used in financing activities	—	(1,583)
Effect of exchange rate on cash, cash equivalents and restricted cash	(524)	270
Net increase (decrease) in cash, cash equivalents and restricted cash	(8,230)	7,744
Cash, cash equivalents and restricted cash at beginning of period	44,989	64,385
Cash, cash equivalents and restricted cash at end of period	$ 36,759	$ 72,129

Travelzoo
Segment Information from Continuing Operations
(Unaudited)
(In thousands)

Three months ended March 31, 2022	Travelzoo North America	Travelzoo Europe	Jack’s Flight Club	Elimination	Consolidated
Revenue from unaffiliated customers	$ 11,503	$ 6,127	$ 823	$ —	$ 18,453
Intersegment revenue	193	(193)	—	—	—
Total net revenues	11,696	5,934	823	—	18,453
Operating income	$ 1,718	$ 178	$ 23	$ —	$ 1,919

Three months ended March 31, 2021	Travelzoo North America	Travelzoo Europe	Jack’s Flight Club	Elimination	Consolidated
Revenue from unaffiliated customers	$ 9,828	$ 3,569	$ 887	$ —	$ 14,284
Intersegment revenue	(9)	9	—	—	—
Total net revenues	9,819	3,578	887	—	14,284
Operating income (loss)	$ 39	$ (696)	$ (110)	$ —	$ (767)

Travelzoo
Reconciliation of GAAP to Non-GAAP Information
(Unaudited)
(In thousands, except per share amounts)

	Three months ended March 31
	2022	2021
GAAP operating expense	$ 13,702	$ 12,033
Non-GAAP adjustments:
Impairment of intangible and goodwill (A)	—	—
Amortization of intangibles (B)	226	284
Stock option expenses (C)	541	882
Severance-related expenses (D)	13	223
Non-GAAP operating expense	12,922	10,644

GAAP operating income (loss)	1,919	(767)
Non-GAAP adjustments (A through D)	780	1,389
Non-GAAP operating income	2,699	622

Investor Relations:
Almira Pusch
ir@travelzoo.com

Release – Lineage to Present at B. Riley Securities 2022 Neuro & Ophthalmology Virtual Investor Conference on April 27 2022

Posted on April 26, 2022 by Admin

Lineage to Present at B. Riley Securities 2022 Neuro & Ophthalmology Virtual Investor Conference on April 27, 2022

Research, News, and Market Data on Lineage Cell Therapeutics

Fireside Chat with B. Riley Research Analyst Scheduled for 3:30pm Eastern Time

Topics Will Include Two New Cell Therapy Programs Launched Following Roche and Genentech Partnership for RG6501 (OpRegen^®) Program

CARLSBAD, Calif.–(BUSINESS WIRE)–Apr. 26, 2022–

Lineage Cell Therapeutics, Inc.
(NYSE American and TASE: LCTX), a clinical-stage biotechnology company developing allogeneic cell therapies for unmet medical needs, announced today Brian M. Culley, Lineage’s Chief Executive Officer, will present at the B. Riley Securities 2022 Neuro & Ophthalmology Virtual Investor Conference, in a fireside chat hosted by Mayank Mamtani, Managing Director, Senior Biotech Research Analyst and Group Head of Healthcare Research at
B. Riley Securities, on
Wednesday April 27^th, 2022 at
3:30pm EST.

Interested parties can register to view both the live event and replay on the Events and Presentations section of Lineage’s website. Additional videos are available on the Media page of the Lineage website.

About Lineage Cell Therapeutics, Inc.

Lineage Cell Therapeutics is a clinical-stage biotechnology company developing novel cell therapies for unmet medical needs. Lineage’s programs are based on its robust proprietary cell-based therapy platform and associated in-house development and manufacturing capabilities. With this platform Lineage develops and manufactures specialized, terminally differentiated human cells from its pluripotent and progenitor cell starting materials. These differentiated cells are developed to either replace or support cells that are dysfunctional or absent due to degenerative disease or traumatic injury or administered as a means of helping the body mount an effective immune response to cancer. Lineage’s clinical programs are in markets with billion dollar opportunities and include five allogeneic (“off-the-shelf”) product candidates: (i) OpRegen, a retinal pigment epithelium transplant therapy in Phase 1/2a development for the treatment of dry age-related macular degeneration, which is now being developed under a worldwide collaboration with Roche and
Genentech, a member of the Roche Group; (ii) OPC1, an oligodendrocyte progenitor cell therapy in Phase 1/2a development for the treatment of acute spinal cord injuries; (iii) VAC2, a dendritic cell therapy produced from Lineage’s VAC technology platform for immuno-oncology and infectious disease, currently in Phase 1 clinical development for the treatment of non-small cell lung cancer (iv) ANP1, an auditory neuronal progenitor cell therapy for the potential treatment of auditory neuropathy, and (v) PNC1, a photoreceptor neural cell therapy for the treatment of vision loss due to photoreceptor dysfunction or damage. For more information, please visit www.lineagecell.com or follow the company on Twitter @LineageCell.

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

Solebury Trout IR
Mike Biega
(Mbiega@soleburytrout.com)
(617) 221-9660

|Russo Partners – Media Relations
Nic Johnson or David Schull
Nic.johnson@russopartnersllc.com
David.schull@russopartnersllc.com
(212) 845-4242

Source:
Lineage Cell Therapeutics, Inc.

ACCO Brands Posts Strong First Quarter

Great Lakes Dredge & Dock Corporation Schedules Announcement of 2022 First Quarter Results

Ayala Pharmaceuticals Announces Poster Presentation on AL101 at the 2022 American Society of Clinical Oncology (ASCO) Annual Meeting

Onconova Therapeutics Announces Acceptance Of Abstract For Publication At The ASCO Annual Meeting

CanAlaska Deals Three Uranium Properties for AUD$15M

Energy: First Quarter 2022 Review and Outlook

ENERGY INDUSTRY OUTLOOK

NOBLE QUARTERLY HIGHLIGHTS

DOWNLOAD THE FULL REPORT (PDF)

Global Events Seem to have created a Separate Uranium Market for the East and West – Is this an Opportunity?

The Good News and Bad News Surrounding US Uranium Self-Reliance

There Seems to be a Perfect Storm in Favor of Uranium Investors

This Firm Facilitates Direct Investment in Physical Uranium

NobleCon18 Peninsula Energy Ltd. Presentation

‘Great Resignation’ Appears to be Hastening the Exodus of US and Other Western Companies from Russia

Challenges to the US Dollar as a Reserve Currency and Market Impact

The Risky Position Elon Musk is Placing Himself In

Jack Dorsey, Corporate Boards, and Bad Apples

ESG Policies and Corporate Departures from Russia

Aurania Resources (AUIAF)(ARU:CA)Exploration Focuses on Three Main Target Areas

Lineage Cell Therapeutics (LCTX)New Program Added To The Development Pipeline

The GEO Group, Inc. (GEO)NobleCon 18 Presentation Notes

Travelzoo Reports First Quarter 2022 Results

Lineage to Present at B. Riley Securities 2022 Neuro & Ophthalmology Virtual Investor Conference on April 27, 2022

Aurania Resources (AUIAF)(ARU:CA)
Exploration Focuses on Three Main Target Areas

Lineage Cell Therapeutics (LCTX)
New Program Added To The Development Pipeline

The GEO Group, Inc. (GEO)
NobleCon 18 Presentation Notes