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New Clubhouse Available to Residents of Brookshire in Lakeville, MN
An amenity-rich D.R. Horton community offers resort-style living for residents.LAKEVILLE, Minn.--(BUSINESS WIRE)--The best of resort-style living is now available at D.R. Horton Minnesota’s new single-family home and townhome community, Brookshire of Lakeville, which is planned with a host of amenities. Residents will enjoy the 5,500-square-foot clubhouse, pool, fitness center, playground, basketball court, pickleball courts and more. Homeowners can establish a healthy routine by exercising at the state-of-the-art fitness center and top-notch exercise studio or by taking a stroll along the walking trails. Those looking for friendly competition can play pickleball, bocce ball or basketball. Additionally, the clubhouse is the perfect setting to host parties, either indoors, or on the screened-in patio with a fireplace that features a large screen TV and comfortable seating area. Brookshire offers over 700 beautiful homesites, some of which include pond and wetland views. Find the home that fits your style with a mix of two-story homes, raised ranch single-family homes and two-level townhomes. Homes with open-concept designs are geared toward bringing family and friends together. This alluring community boasts fifteen expansive floor plans to choose from featuring living spaces ranging from three to five bedrooms and approximately 1,485 to 3,448 square feet. All homes and townhomes at Brookshire include the D.R. Horton Home is Connected® package, an industry-leading suite of smart home products. Residents will never feel too far from home with this system keeping them connected with the people and places they value most. The technology allows homeowners to monitor and control their home from the couch or across the globe. Brookshire is conveniently located along 170th Ave, approximately half a mile east of Pilot Knob Road. The community boasts easy access to the Minneapolis International Airport (~25 mins), downtown Minneapolis and St. Paul (~30 mins) and restaurants, retail and entertainment are within 3 miles of the community. For more information about how to claim your spot in this picturesque community, email minnesotainfo@drhorton.com. D.R. Horton, “America’s Builder,” has been building families beautiful homes in desirable locations for 45 years. America’s largest homebuilder by volume since 2002, D.R. Horton has built more than 1,000,000 homes with quality, functionality, value, and style in mind. For more information about D.R. Horton’s Minnesota Division, visit our website at www.drhorton.com/minnesota. Home and community information including pricing, included features, terms, availability and amenities are subject to change and prior sale at any time without notice or obligation. Square footage dimensions are approximate. D.R. Horton is an equal housing opportunity builder. Minnesota Registered Building Contractor License # BC605657 Contacts OrganizationJarrett Parks D.R. Horton jmparks@drhorton.com Media Contactmediarelations@drhorton.com
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Young Travel & Cruises Educational Seminars Offer Upstate SC Travel Enthusiasts a Chance to Learn about Land, River and Sea Expeditions
Guest Speakers from Silversea, AmaWaterways, PONANT, and TauckGREENVILLE, S.C.--(BUSINESS WIRE)--#LuxuryTravel--Young Travel & Cruises, a leisure travel agency focused on luxury global experiences, is hosting three upcoming travel seminars at the Poinsett Club in Greenville. Featuring guest speakers from international cruise and travel organizations, these educational events offer a chance to hear from experts who specialize in creating unique itineraries and lifelong memories. “Whether you are researching your options for a river cruise or are dreaming of an exotic expedition to one of the far corners of our planet, these special events will give you insider insights as well as the chance for Q&A,” said Laura Young Lampe, office manager and travel agent advisor for Young Travel & Cruises. Each educational program lasts about an hour and offers exclusive benefits to event participants. Space is limited, and registration is required for each of these seminars: (1) Silversea and AmaWaterways Wine & Cheese Tuesday, Oct. 3, at 5 p.m. Enjoy a glass of wine and learn about river cruises and luxury ocean suites. From the seas of Iceland with Silversea to the banks of the Mekong River with AmaWaterways, discover breathtaking possibilities on all seven continents. Register here today. (2) PONANT Wine & Cheese Tuesday, Oct. 10, at 5 p.m. Explore your travel options on every continent with this seminar featuring Yenedi Perez, business development director for PONANT Ship Expeditions, and Cindy Miller Hopkins, a world-renowned wildlife photographer. Hear about cruises to Alaska and other luxury yacht expeditions at this inspirational event. Register here today. (3) Tauck Lunch & Learn Wednesday, Nov. 1, at 11:30 a.m. Join Young Travel, a Tauck-certified agency, to learn about new destinations, Tauck’s multi-generational Bridges program, and the 100+ itineraries offered on land, river and small-ship ocean vessels. Experience the Tauck difference as you walk through some specific itinerary highlights and then travel the world over this exciting lunch. Register here today. About Young Travel & Cruises: Young Travel & Cruises is a high-end boutique travel agency headquartered in Greenville, SC. We have specialized in upscale, special journeys for over 35 years, and our staff have traveled on six continents and visited over 100 countries and all of the 50 states. Our clients participate in many delightful experiences that are unknown to others. We are part of Virtuoso -- a network of the best luxury travel agencies in the world. Virtuoso advisors specialize in creating unique experiences you can’t find online or plan yourself. Young Travel & Cruises can offer complimentary Virtuoso amenities for all Virtuoso properties and can extend benefits on many ocean and river sailings too. Contact our travel agents at 864-232-8880 or info@youngtravel.com. Contacts Laura Young Lampe, Young Travel & Cruises, 864-232-8880 Lisa Anderson, Peacock Marketing Group, info@peacockmarketing.net
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Faraday Future Announces Management Stock Purchase Plan
Management Further Strengthen Alignment with Stockholders Via Stock Purchase Plan. Future Global CEO Matthias Aydt, Founder & Chief Product and Ecosystem Officer YT Jia, Current Global CEO and Future EVP of Global Industrialization & China CEO XF Chen, Interim CFO Jonathan Maroko and Chief Accounting Officer Yun Han, Along with Other Senior Executives and Members of Management, Committed to Invest Part of Their Salary to Purchase Stock. LOS ANGELES--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) (“Faraday Future”, “FF” or “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced that its future Global CEO Matthias Aydt, Founder & Chief Product and User Product Officer YT Jia, current Global CEO and future EVP of Global Industrialization & China CEO XF Chen, Interim CFO Jonathan Maroko, and Chief Accounting Officer Yun Han, along with other senior executives and members of management, have voluntarily entered into a salary deduction and stock purchase agreement. Subject to shareholder approval of the agreement as required by Nasdaq, these senior executives and members of management have committed to utilize 50% of their salary over a three-month period to purchase shares of the Company's Class A common stock from the Company to further demonstrate their belief and support in the business. Shares will be locked-up for a minimum of 180 days from issue date. All participants will be purchasing shares of Class A common stock directly from the Company. "Throughout its history, Faraday Future has been deeply committed to its employees, users, and its vision for a sustainable transportation future. Executives agreeing to invest part of their compensation in exchange for additional ownership shows a deep alignment of interest with stockholders," said Matthias Aydt. When viewing the Company’s share performance, management believes that Faraday has been undervalued by the market and wants to showcase their commitment and belief in the Company by entering into these agreements. The Company believes this action underscores the commitment and ownership mindset that is a core competitive advantage for our Company. Our core executives display a strong sense of ownership, and with this spirit, we believe the Company can overcome current challenges and make substantial strides in our business. This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor may there be any sale of the Company's Class A common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any state or jurisdiction. Users can preorder an FF 91 vehicle via the FF Intelligent App or through the Company’s website at: (English): https://www.ff.com/us/preorder/or (Chinese): https://www.ff.com/cn/preorder/. Download the new FF Intelligent App: http://appdownload.ff.com ABOUT FARADAY FUTURE FF is the pioneer of the Ultimate Intelligent TechLuxury ultra spire market in the intelligent EV era, and a disruptor of the traditional ultra-luxury car industry. FF is not just an EV company, but also a software-driven company of intelligent internet AI product. FOLLOW FARADAY FUTURE https://www.ff.com/https://www.ff.com/us/mobile-app/https://twitter.com/FaradayFuturehttps://www.facebook.com/faradayfuture/https://www.instagram.com/faradayfuture/www.linkedin.com/company/faradayfuture/ FORWARD LOOKING STATEMENTS This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding the Company’s expectations regarding the salary deduction and stock purchase program, involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, among others: the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the success of other competing manufacturers; the performance and security of the Company’s vehicles; potential litigation involving the Company; the Company’s ability to satisfy the conditions precedent and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; general economic and market conditions impacting demand for the Company’s products; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company’s stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-K/A filed with the Securities and Exchange Commission (“SEC”) on August 21, 2023, and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Contacts Investors (English): ir@faradayfuture.comInvestors (Chinese): cn-ir@faradayfuture.comMedia: john.schilling@ff.com
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Cepton’s 1-for-10 Reverse Stock Split Becomes Effective
The Company's Common Stock will begin trading on a split-adjusted basis on September 22, 2023SAN JOSE, Calif.--(BUSINESS WIRE)--$CPTN #automotive--Cepton, Inc. (“Cepton” or the “Company”) (Nasdaq: CPTN), a Silicon Valley innovator and leader in high performance lidar solutions, announced today that its previously announced 1-for-10 reverse stock split (“Reverse Stock Split”) of its common stock, par value $0.00001 per share (“Common Stock”) became effective on Thursday, September 21, 2023 at 5:00 p.m. Eastern Time (“Effective Time”). The Company's Common Stock will begin trading on a split-adjusted basis on the Nasdaq Stock Market at the open of trading on September 22, 2023 under the existing symbol “CPTN” and new CUSIP number 15673X200. The Reverse Stock Split affected all issued shares of Common Stock. As a result of the Reverse Stock Split, every 10 shares of Common Stock issued as of the Effective Time were automatically combined into one share of Common Stock. No fractional shares were issued as a result of the Reverse Stock Split. Stockholders who would otherwise be entitled to a fractional share of Common Stock are instead entitled to receive a cash payment (without interest) in an amount equal to their respective pro rata share of the total proceeds of the sale of the aggregated fractional shares net of any brokerage and other costs incurred to sell such shares. The Reverse Stock Split affected all stockholders uniformly and did not alter any stockholder’s percentage interest in the Company’s outstanding Common Stock, except for adjustments that may result from the treatment of fractional shares, as described above. The terms of outstanding warrants and equity-based awards (including exercise price and number of shares issuable thereunder) were proportionately adjusted, in accordance with the terms of the applicable agreement. Specifically, every 10 shares of Common Stock that may be purchased pursuant to the exercise of warrants prior to the Effective Time represent one share of Common Stock that may be purchased pursuant to such warrants following the Effective Time. The exercise price for each warrant following the Effective Time equals the product of 10 multiplied by the exercise price prior to the Effective Time; accordingly, the exercise price for the Company’s warrants trading under the symbol “CPTNW” is $115.00. The CUSIP numbers for the Company’s warrants did not change. Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “objective,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “milestone,” “designed to,” “proposed” or other similar expressions that predict or imply future events, trends, terms and/or conditions or that are not statements of historical matters. Cepton cautions readers of this press release that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond Cepton’s control, that could cause the actual results to differ materially from the expected results. These forward-looking statements include, but are not limited to, statements regarding the Company’s expectations regarding the Reverse Stock Split. These forward-looking statements should not be relied upon as representing Cepton’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Cepton undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. About Cepton Cepton is a Silicon Valley innovator of lidar-based solutions for automotive (ADAS/AV), smart cities, smart spaces, and smart industrial applications. With its patented lidar technology, Cepton aims to take lidar mainstream and achieve a balanced approach to performance, cost and reliability, while enabling scalable and intelligent 3D perception solutions across industries. Cepton has been awarded a significant ADAS lidar series production award with Koito on the General Motors business. Cepton is also engaged with all Top 10 global OEMs. Founded in 2016 and led by industry veterans with decades of collective experience across a wide range of advanced lidar and imaging technologies, Cepton is focused on the mass market commercialization of high performance, high quality lidar solutions. Cepton is headquartered in San Jose, CA and has a center of excellence facility in Troy, MI to provide local support to automotive customers in the Metro Detroit area. Cepton also has a presence in Germany, Canada, Japan, India and China to serve a fast-growing global customer base. For more information, visit www.cepton.com and follow Cepton on Twitter and LinkedIn. Information on or that can be accessed through our website, our Twitter account, our LinkedIn account, or that is contained in any website to which a hyperlink is provided herein is not part of this press release. Contacts Investors: InvestorRelations@cepton.comMedia: Faithy Li, media@cepton.com
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Vibrantz Technologies Names Michael Turner, of 3D Systems, as Executive Vice President and Chief Financial Officer
HOUSTON--(BUSINESS WIRE)--Vibrantz Technologies today announced that effective October 16, 2023, the company will welcome Michael Turner, executive vice president and chief financial officer (CFO) at publicly traded 3D Systems (NYSE: DDD), to its leadership team as executive vice president and CFO. A 20-year veteran executive in the finance discipline, Turner has held the CFO role in public and private companies. He will lead Vibrantz’s global finance and procurement organizations. “We are incredibly pleased to welcome Michael to our executive team as CFO,” said Michael Wilson, Vibrantz president and chief executive officer. “He has a strong history in the specialty chemicals space leading global finance organizations and implementing technology-based solutions that support enterprise optimization. His leadership and partnership will be essential as we continue to execute our integration, upgrade our information technology platform, and invest for value creation.” Turner is executive vice president and CFO at 3D Systems where he leads the company’s global finance organization. Prior to 3D Systems, Turner served as CFO at Innovative Chemical Products and prior to that served as the global business unit CFO at Albemarle for the company’s Bromine and Catalyst business units. Before Albemarle, he held a variety of finance leadership roles at Wastequip, LLC; FMC Corporation (NYSE: FMC); and Polypore International. Turner holds a bachelor’s degree in accounting and management information systems from the University of South Carolina. About Vibrantz Technologies Vibrantz is a leading global provider of specialty chemicals and materials whose purpose is to bring color, performance and vibrancy to life. Serving over 11,000 customers, our products and technologies serve a wide array of applications and make their way into myriad consumer products. With key competencies in particle engineering, glass and ceramic science and color technology, Vibrantz has leading positions in specialty mineral and chemical additives for batteries, electronic components and construction; pigments for paints and coatings, thermoset plastics and thermoplastics; and high-performance glass coatings and porcelain enamel solutions. Headquartered in Houston, Texas, the company employs approximately 5,000 people and operates 65 manufacturing sites across six continents. Visit vibrantz.com to learn more. Contacts media@vibrantz.com
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Seadrill Announces Update to 2023 Annual General Meeting of Shareholders
HAMILTON, Bermuda--(BUSINESS WIRE)--Seadrill Limited (“Seadrill” or the “Company”) (NYSE & OSE: SDRL) announces today that the Board has changed the date of the Company’s Annual General Meeting of Shareholders in Bermuda from November 16, 2023, as previously announced, to November 17, 2023. The Company will distribute the Notice of Annual General Meeting and Proxy Statement closer to the meeting date. About Seadrill Seadrill is a leading offshore drilling contractor utilizing advanced technology to unlock oil and gas resources for clients across harsh and benign locations around the globe. Seadrill’s high-quality, technologically-advanced fleet spans all asset classes allowing its experienced crews to conduct operations across geographies, from shallow to ultra-deepwater environments. Contacts Lydia Brantley Mabry Director of Investor Relations T: +1 (832) 252-7064 E: lydia.mabry@seadrill.com
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Alerus Financial Corporation to Announce Third Quarter Financial Results on Wednesday, October 25
MINNEAPOLIS--(BUSINESS WIRE)--Alerus Financial Corporation (NASDAQ: ALRS) announced that it will issue its third quarter financial results on Wednesday, October 25, 2023. Alerus Financial Corporation will also host a conference call at 11:00 a.m. Central Time on Thursday, October 26, 2023, to discuss its financial results. Analysts and institutional investors may participate in the question-and-answer session. Conference Call Information Date: Thursday, October 26, 2023 Time: Webcast: 12:00 p.m. Eastern Time / 11:00 a.m. Central Time https://www.netroadshow.com/conferencing/global-numbers?confId=45741 Telephone Access: Access Code: 1-833-470-1428 328527 A recording of the call and transcript will be available at investors.alerus.com following the call. About Alerus Financial Corporation Alerus Financial Corporation is a diversified financial services company with corporate offices in Grand Forks, North Dakota, and the Minneapolis-St. Paul, Minnesota metropolitan area. Through its subsidiary, Alerus Financial, N.A., Alerus provides innovative and comprehensive financial solutions to business and consumer clients through four distinct business segments—banking, retirement and benefit services, wealth management, and mortgage. Alerus provides clients with a primary point of contact to help fully understand the unique needs and delivery channel preferences of each client. Clients are provided with competitive products, valuable insight and sound advice supported by digital solutions designed to meet the clients’ needs. Alerus has banking, mortgage, and wealth management offices in Grand Forks and Fargo, North Dakota, the Minneapolis-St. Paul, Minnesota metropolitan area, and Phoenix, Scottsdale, and Mesa, Arizona. Alerus Retirement and Benefits plan administration hubs are in Minnesota, Michigan, and Colorado. Contacts Al Villalon, Chief Financial Officer 952-417-3733 (Office) Al.Villalon@Alerus.comInvestors.Alerus.com
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Surf Air Mobility Publishes Updated Investor Presentation
LOS ANGELES--(BUSINESS WIRE)--Surf Air Mobility Inc. (NYSE: SRFM), a regional air mobility platform aiming to sustainably connect the world’s communities, today announced it published an investor presentation to its IR site which can be viewed at investors.surfair.com. ABOUT SURF AIR MOBILITY Surf Air Mobility is a Los Angeles-based regional air mobility platform expanding the category of regional air travel to reinvent flying through the power of electrification. In an effort to substantially reduce the cost and environmental impact of flying and as the operator of the largest commuter airline in the US, Surf Air Mobility intends to develop powertrain technology with its commercial partners to electrify existing fleets and bring electrified aircraft to market at scale. The management team has deep experience and expertise across aviation, electrification, and consumer technology. Contacts For Press: press@surfair.com For Investors: investors@surfair.com
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Oceaneering Announces Pricing of Private Offering of $200 Million of Senior Notes
HOUSTON--(BUSINESS WIRE)--Oceaneering International, Inc. (“Oceaneering”) (NYSE: OII) announced today the pricing of its previously announced offering of $200,000,000 aggregate principal amount of additional 6.000% Senior Notes due 2028 (the “2028 Notes”) in a private placement to eligible purchasers at a price of 91.500% of par, plus accrued interest from August 1, 2023. The 2028 Notes will constitute an additional issuance of Oceaneering’s outstanding 6.000% Senior Notes due 2028, which Oceaneering issued on February 6, 2018 in an aggregate principal amount of $300,000,000, and will form a single series with such notes. The 2028 Notes will mature on February 1, 2028. The offering is expected to close on October 2, 2023, subject to customary closing conditions. Oceaneering intends to use the net proceeds from the offering, together with cash on hand, if necessary, to fund the purchase of any and all of its 4.650% Senior Notes due 2024 (the “Tender Notes”) validly tendered and accepted for purchase in the previously announced concurrent cash tender offer (the “Tender Offer”). If the Tender Offer is not consummated or the net proceeds from the offering exceed the total consideration payable in the Tender Offer, Oceaneering intends to use the remaining net proceeds from the offering for general corporate purposes, which may include the repayment, redemption or repurchase of outstanding indebtedness. The 2028 Notes are being offered and sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The offer and sale of the 2028 Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offers of the 2028 Notes will be made in the United States only by means of a private offering memorandum pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. This press release does not constitute an offer to purchase or a solicitation of an offer to sell any of the Tender Notes. The Tender Offer is being made only by and pursuant to, and on the terms and conditions set forth in, the Offer to Purchase dated September 20, 2023. This release contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. More specifically, the forward-looking statements in this press release include the statements concerning the expected timing of the closing of Oceaneering’s offering of the 2028 Notes, the intended use of proceeds therefrom and other matters relating to the offering and the Tender Offer. The forward-looking statements included in this release are based on Oceaneering’s current expectations and are subject to certain risks, assumptions, trends, and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. For a more complete discussion of these risk factors, please see Oceaneering’s latest annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements. Except to the extent required by applicable law, Oceaneering undertakes no obligation to update or revise any forward-looking statement. Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries. Contacts Mark Peterson Vice President, Corporate Development and Investor Relations Oceaneering International, Inc. 713-329-4507 investorrelations@oceaneering.com
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Pan American Silver to Host ESG Conference Call and Webcast October 19
VANCOUVER, British Columbia--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American") will host a call to discuss Pan American’s environmental, social and governance ("ESG") efforts and developments on October 19, 2023 at 11:00 am ET (8:00 am PT). This year's call will be in the format of a fireside chat with Pan American's President and CEO, Michael Steinmann, and Senior Vice President, Corporate Affairs and Sustainability, Brent Bergeron, who will provide an update on Pan American's ESG approach and performance, as we integrate the best of Pan American and Yamana Gold Inc.'s sustainability programs and practices, following our acquisition of Yamana Gold Inc. effective March 31, 2023. The conversation will be moderated by Siddharth Samarth, Managing Director & Head Sustainable Finance with CIBC Capital Markets. Following the fireside chat portion of the call, senior members of Pan American’s management team will be available to respond to questions from investors and analysts. ESG Conference Call and Webcast: Date: Thursday, October 19, 2023 Time: 11:00 am ET (8:00 am PT) Webcast: https://onlinexperiences.com/Launch/QReg/ShowUUID=94C1247B-5BCB-4F18-B314-C4F01E75B396 Audio: Register here to obtain PIN and dial in number by location https://register.vevent.com/register/BI008c0ffe5a864ea59ec04b75861126d0 The live webcast and presentation slides will be available at https://www.panamericansilver.com/invest/events-and-presentations/. An archive of the webcast will also be available for three months. About Pan American Pan American Silver is a leading producer of precious metals in the Americas, operating silver and gold mines in Canada, Mexico, Peru, Bolivia, Argentina, Chile and Brazil. We also own the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for nearly three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS". Learn more at panamericansilver.com. Contacts For more information: Siren Fisekci VP, Investor Relations & Corporate Communications Ph: 604-806-3191 Email: ir@panamericansilver.com
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Jack Nathan Health Announces Its Q2 Fiscal 2024 Financial Results
The Company closed a significant convertible debenture financing with Walmart during the quarter The Company expanded to 217 locations globally (152 corporately owned and operated) TORONTO--(BUSINESS WIRE)--Jack Nathan Medical Corp. (TSXV: JNH, OTCQB: JNHMF) (“Jack Nathan Health”, “JNH” or the “Company”) announced today its unaudited interim consolidated financial results for the second quarter of fiscal 2024, six months ended July 31, 2023. Jack Nathan Health’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). Management Commentary Commenting on the Company’s performance and outlook, Dr. Glenn Copeland, Chief Executive Officer, and Chief Medical Officer stated, “The recent $8 million convertible debenture provided by Walmart, not only reaffirms their vote of confidence in the management team to scale the business but also their commitment to make healthcare accessible. We continued to make progress seeing clinic operations revenue increase by 21.4% while reducing net losses by 12.3% in the first half compared to the same period last year.” Dr. Copeland continued, “We are well capitalized and poised to accelerate the growth of our business. The Company is building a foundation to operate many more corporate owned clinics in the coming years with Walmart’s support.” Financial Highlights for the Three and Six Months Ended July 31, 2023 Operating Results Three months ended July 31 Six months ended July 31 2023 2022 2023 2022 $ $ $ $ Revenues 4,568,207 3,630,659 8,795,598 7,523,981 Total operating expenses (6,080,333) (4,948,761) (11,056,084) (10,100,259) Loss from operations (1,512,126) (1,318,102) (2,260,486) (2,576,278) Other income (expense) (24,509) (83,801) (66,045) (101,330) Net loss before income taxes (1,536,635) (1,401,903) (2,326,531) (2,677,608) For the three months ended July 31, 2023, total revenues were $4,568,207 (2022 - $3,630,659), an increase of $937,548 or 26%. For the six months ended July 31, 2023, total revenues were $8,795,598 (2022 - $7,523,981), an increase of $1,271,617 or 17% compared to the first half of last fiscal year. The Company saw significant growth in revenues driven from its clinic operations. Clinic operations revenues of $3,909,899 accounted for 86% of total revenues for the three months ended July 31, 2023, compared to $2,953,598 or 81% of revenues for the three months ended July 31, 2022. For the six months ended July 31, 2023, clinic operations revenues of $7,406,876 accounted for 84% of total revenues compared to $6,098,789 or 81% of revenues for the six months ended July 31, 2022. The clinic operations during the three and six months ended July 31, 2023 are slightly higher than the same periods last year, but are expected to increase during the remainder of fiscal 2024 with the opening of additional clinics. The increase in clinic operations is aligned with the Company’s strategic plan of expanding corporate-owned and operated medical centres with strategic partner Walmart. The loss from operations for the six months ended July 31, 2023, was $2,260,486 (2022 - $2,576,278) representing a decrease in operating loss of $315,792. The overall decrease in the loss from operations was due to the following: i) the Company experienced a 17% grown in revenues compared to the same period last year, ii) operating expenses were 126% of revenues in the current period compared to 134% in the same period last year, iii) the Company reduced certain expenses such as professional fees, license fees, development fees, and consulting fees, iv) while variable operating expenses such as clinic supplies, salaries and wages, etc. increased, the Company was more efficient in generating revenues for every $1 of operating expense incurred. Balance Sheet as of July 31, 2023 Cash of $7.24 million (January 31, 2023 - $1.46 million) Total assets of $12.57 million (January 31, 2023 - $6.45 million) Total liabilities of $15.49 million (January 31, 2023 - $8.32 million) Shares Outstanding As of September 21, 2023, the Company had 85,452,751 common shares outstanding, 7,375,000 stock options outstanding, 8,750,000 RSUs outstanding and 502,506 DSUs outstanding. The Company also has outstanding a convertible debenture in the principal amount of $8,000,000, which is held by Wal-Mart Canada Corp. (“Wal-Mart”). The principal amount outstanding under the debenture is convertible, at the option of Wal-Mart, into units of the Company at a price of $0.105 per unit. Each such unit shall consist of one common share of the Company and one warrant, with each such warrant entitling the holder to purchase one common share of the Company at an exercise price of $0.105 until the date that is three years following the date of issue of such warrant. For further information regarding the Company’s financial results for Q2 fiscal 2024, please refer to the unaudited interim consolidated financial statements of the Company for the three and six months ended July 31, 2023 together with corresponding MD&A, available at www.sedarplus.ca and the JNH website https://www.jacknathanhealth.com. About Jack Nathan Medical Corp. Jack Nathan Medical Corp., operating as Jack Nathan Health®, is one of Canada’s largest healthcare networks. Jack Nathan Health® is an innovative healthcare company that is improving access for millions of patients by co-locating physician and ancillary medical services conveniently located inside Walmart® stores. Jack Nathan Health® provides an exceptional level of patient care, made possible through patient-centric physicians, a variety of medical services, technology, and programs, designed to put patients first. Our mission is to provide everyone access to the finest quality retail medical centres, with both in-clinic physicians and digital telemedicine, so you and your loved ones can “Live Your Best Life”. Jack Nathan Health® was established in 2006 and continues to expand its international footprint, delivering exceptional, state-of-the-art, turn-key medical centres. In Canada, the Company has 77 clinics in Walmart locations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec and 3 independent locations. 18 clinics, 4 Rehab and 5 MedSpa are corporate owned and operated. In Mexico, the Company has 133 corporate owned and operated clinics in Walmart locations and 4 Clinics inside Walmart Distribution Centres servicing Walmart Associates. For more information, visit www.jacknathanhealth.com or www.sedar.com. Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Appendix: Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to Jack Nathan are intended to identify forward- looking information. All statements other than statements of historical fact may be forward- looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to them, and are subject to certain risks, uncertainties, and assumptions Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Such factors include but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative and other judicial, regulatory, political, and competitive developments; the economic and business impact of COVID-19 and operational difficulties. This list is not exhaustive of the factors that may affect forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward- looking information. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward- looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward- looking information, other than as required by applicable law. Source: Jack Nathan Medical Corp. Contacts Jack Nathan Medical Corp., Mike Marchelletta, Vice Chairman, mike@jacknathanhealth.com, 416-637-2240
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DNP Select Income Fund Announces Dividends and Sources of Distribution
CHICAGO--(BUSINESS WIRE)--The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), a closed-end fund advised by Duff & Phelps Investment Management Co., today authorized the payment of dividends on its common stock as follows: Cents Per Share Ex-Dividend Date Record Date Payable Date 6.5 October 30, 2023 October 31, 2023 November 10, 2023 6.5 November 29, 2023 November 30, 2023 December 11, 2023 6.5 December 28, 2023 December 29, 2023 January 10, 2024 The Fund adopted a Managed Distribution Plan (the “Plan”) in 2007 to maintain its current 6.5 cent per share distribution rate. Under the Plan, the Fund will distribute all available investment income to its shareholders, consistent with the Fund’s primary objective. If and when sufficient investment income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital to its shareholders in order to maintain the 6.5 cent per share distribution level. The following table sets forth the estimated amounts of the Fund’s current monthly distribution, paid on September 11, 2023, together with the cumulative distributions paid this fiscal year to date from the following sources. The fiscal year is from November 1, 2022 to October 31, 2023. All amounts are expressed per share of common stock based on U.S. generally accepted accounting principles, which may differ from federal income tax regulations. Notification of Sources of Distribution Distribution Period: August 2023 Distribution Amount Per Share of Common Stock: $0.065 Distribution Estimates August 2023 Fiscal YTD Per Share Amount % of Current Distribution Per Share Amount % of Cumulative Distributions Net Investment Income $0.012 19% $0.143 22% Net Realized Short-Term Capital Gains - - - - Net Realized Long-Term Capital Gains 0.053 81% 0.345 53% Return of Capital (or Other Capital Source) - - 0.162 25% Total (per common share) $0.065 100% $0.650 100% May 31, 2023 Average annual total return* on NAV for the 5 years ended 7.27% Annualized current distribution rate as a percentage of NAV 9.52% Cumulative total return on NAV for the fiscal YTD -0.29% Cumulative fiscal year distributions as a percentage of NAV 5.55% * Simple arithmetic average of each of the past five annual returns. You should not necessarily draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the Fund’s Plan. The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The Fund or your broker will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. The Fund will issue a separate 19(a) notice at the time of each monthly distribution using the most current financial information available. About the Fund DNP Select Income Fund Inc. is a closed-end diversified investment management company whose primary investment objectives are current income and long-term growth of income. The fund seeks to achieve these objectives by investing primarily in a diversified portfolio of equity and fixed income securities of companies in the public utilities industry. For more information, please visit dpimc.com/dnp or call (800) 864-0629. About the Investment Adviser Duff & Phelps Investment Management Co,. an affiliated manager of Virtus Investment Partners, Inc., began in 1932 as a fundamental research firm and has been managing assets since 1979. The firm seeks to provide specialty investment strategies that enhance client outcomes through active portfolio management and customized solutions, utilizing a process with values that include quality, reliability, and specialization. Investment strategies include U.S. and global real estate securities, global listed infrastructure, energy infrastructure, water, and clean energy. Contacts Dianna P. Wengler, Donny C. Overton or Clayton J. Minor, (833) 604-3163
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DTF Tax-Free Income 2028 Term Fund Inc. Announces Dividends
CHICAGO--(BUSINESS WIRE)--The Board of Directors of DTF Tax-Free Income 2028 Term Fund Inc. (NYSE: DTF) (the “Fund”), a closed-end fund advised by Duff & Phelps Investment Management Co., today authorized the payment of dividends on the Fund’s common stock as follows: Cents Per Share Ex-Dividend Date Record Date Payable Date 3.25 October 13, 2023 October 16, 2023 October 31, 2023 3.25 November 14, 2023 November 15, 2023 November 30, 2023 3.25 December 14, 2023 December 15, 2023 December 29, 2023 The Fund estimates that the above dividends are likely to exceed the Fund’s net income and net realized capital gains; therefore, a portion of these dividends is likely to result in a return of capital. A return of capital may occur, for example, when some or all of the money that you invested is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The Fund or your broker will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. About the Fund DTF Tax-Free Income 2028 Term Fund Inc. is a closed-end diversified investment management company whose investment objective is current income exempt from regular federal income tax consistent with preservation of capital. The Fund seeks to achieve its investment objective by investing in a diversified portfolio of investment-grade tax-exempt obligations. For more information, visit dpimc.com/dtf or call (800) 338-8214. About the Investment Adviser Duff & Phelps Investment Management Co., an affiliated manager of Virtus Investment Partners, Inc., began in 1932 as a fundamental research firm and has been managing assets since 1979. The firm seeks to provide specialty investment strategies that enhance client outcomes through active portfolio management and customized solutions, utilizing a process with values that include quality, reliability, and specialization. Investment strategies include U.S. and global real estate securities, global listed infrastructure, energy infrastructure, water, and clean energy. Contacts Clayton J. Minor or Timothy P. Riordan, (833) 604-3163
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Cybin Announces Date of Annual and Special Meeting of Shareholders
TORONTO--(BUSINESS WIRE)--Cybin Inc. (NYSE American:CYBN) (NEO:CYBN) (“Cybin” or the “Company”), a clinical-stage biopharmaceutical company committed to revolutionizing mental healthcare by developing new and innovative psychedelic-based treatment options, today announced that its 2023 Annual and Special Meeting of Shareholders will be held virtually on Thursday, October 12, 2023 at 1:00 p.m. ET. The notice of annual and special meeting and proxy statement containing meeting details are available under the Company’s profile on SEDAR+ at www.sedarplus.ca, and on the Company’s website at www.cybin.com, and are expected to be mailed on September 21, 2023 to shareholders of record as of the close of business on August 30, 2023. About Cybin Cybin is a clinical-stage biopharmaceutical company on a mission to create safe and effective psychedelic-based therapeutics to address the large unmet need for new and innovative treatment options for people who suffer from mental health conditions. Cybin’s goal of revolutionizing mental healthcare is supported by a network of world-class partners and internationally recognized scientists aimed at progressing proprietary drug discovery platforms, innovative drug delivery systems, and novel formulation approaches and treatment regimens. The Company is currently developing CYB003, a proprietary deuterated psilocybin analog for the treatment of major depressive disorder and CYB004, a proprietary deuterated DMT molecule for generalized anxiety disorder and has a research pipeline of investigational psychedelic-based compounds. Headquartered in Canada and founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom, the Netherlands and Ireland. For company updates and to learn more about Cybin, visit www.cybin.com or follow the team on X, LinkedIn, YouTube and Instagram. Cautionary Notes and Forward-Looking Statements Certain statements in this news release relating to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Any forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: implications of the spread of COVID-19 on the Company's operations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the psychedelics market; the ability of the Company to successfully achieve its business objectives; plans for growth; political, social and environmental uncertainties; employee relations; the presence of laws and regulations that may impose restrictions in the markets where the Company operates; and the risk factors set out in each of the Company's management's discussion and analysis for the three months ended June 30, 2023, and the Company’s annual information form for the year ended March 31, 2023, which are available under the Company's profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law. Cybin makes no medical, treatment or health benefit claims about Cybin’s proposed products. The U.S. Food and Drug Administration, Health Canada or other similar regulatory authorities have not evaluated claims regarding psilocybin, psychedelic tryptamine, tryptamine derivatives or other psychedelic compounds. The efficacy of such products has not been confirmed by approved research. There is no assurance that the use of psilocybin, psychedelic tryptamine, tryptamine derivatives or other psychedelic compounds can diagnose, treat, cure or prevent any disease or condition. Rigorous scientific research and clinical trials are needed. Cybin has not conducted clinical trials for the use of its proposed products. Any references to quality, consistency, efficacy and safety of potential products do not imply that Cybin verified such in clinical trials or that Cybin will complete such trials. If Cybin cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on Cybin’s performance and operations. Neither Cboe Canada, operating as the Neo Exchange Inc., nor the NYSE American LLC stock exchange have approved or disapproved the contents of this news release and are not responsible for the adequacy and accuracy of the contents herein. Contacts Investor & Media Contact:Gabriel Fahel Chief Legal Officer Cybin Inc. 1-866-292-4601 irteam@cybin.com – or – media@cybin.com
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Thunderbird Entertainment Group Announces Updates From Strategic Review
VANCOUVER, British Columbia--(BUSINESS WIRE)--Thunderbird Entertainment Group Inc. (TSXV:TBRD) (OTCQX:THBRF) (“Thunderbird” or the “Company”), a global award-winning, full-service multiplatform production, distribution and rights management company, today announced an update from its strategic review process. Pursuant to the Cooperation Agreement between Thunderbird and Voss Capital, LLC (“Voss”), which is detailed in the Company’s January 19, 2023 news release, Thunderbird formed an advisory committee, composed of three directors (including two of the independent directors put forward by Voss) and a Voss-appointed non-voting observer (the “Strategic Advisory Committee”), to assess the Company’s capital allocation strategy and evaluate all opportunities to maximize value creation for ultimate recommendation to the Board. As disclosed in its May 15, 2023, news release, Thunderbird engaged ACF Investment Bank (“ACF”), among other things, to aid its ongoing strategic review process. Findings from the Company’s strategic review confirm Thunderbird is a premium asset within the industry with a solid reputation and trusted relationships that generate ongoing, repeat, and new content production opportunities. With no debt and a healthy balance sheet, Thunderbird’s mix of service and intellectual property (“IP”) productions put the Company in a strong position, providing extensive opportunities in animation and unscripted genres. The Company’s newly launched scripted group, alongside its established consumer products and distribution teams, further support the Company’s continued growth. To maximize shareholder value, the Company’s key focus is on several exciting IP and service productions on the horizon. Thunderbird is committed to enhancing shareholder value and is looking at a variety of opportunities, including potentially initiating a share buyback program. Thunderbird remains open to pursuing a liquidity event and the Company’s Board and Management team remain dedicated to capitalizing on opportunities for all stakeholders. “Pursuing a liquidity event at the right time is an important consideration to be true to everyone who is invested in Thunderbird. Our Company has excellent financial projections, several exciting projects to announce, and, at year end, was working on 10 owned IP productions. We are well positioned for growth and look forward to all opportunities presented to us,” said Jennifer Twiner McCarron, Thunderbird CEO and Chair. ABOUT THUNDERBIRD ENTERTAINMENT GROUP Thunderbird Entertainment Group is a global award-winning, full-service multiplatform production, distribution and rights management company, headquartered in Vancouver, with additional offices in Los Angeles and Ottawa. Thunderbird creates award-winning scripted, unscripted, and animated programming for the world’s leading digital platforms, as well as Canadian and international broadcasters. The Company develops, produces, and distributes animated, factual, and scripted content through its various content arms, including Thunderbird Kids and Family (Atomic Cartoons), Thunderbird Unscripted (Great Pacific Media) and Thunderbird Scripted. Productions under the Thunderbird umbrella include The Last Kids on Earth, Molly of Denali, Highway Thru Hell, Kim’s Convenience, Reginald the Vampire and Boot Camp. Thunderbird Distribution and Thunderbird Brands manage global media and consumer products rights, respectively, for the Company and select third parties. Thunderbird is on Facebook, Twitter, and Instagram at @tbirdent. For more information, visit: www.thunderbird.tv. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release, which has been prepared by management. Cautionary Statement Regarding Forward-Looking Information This news release may include “forward-looking statements” and “forward-looking information” as defined under applicable Canadian securities legislation. All such statements may not be based on historical facts that relate to the Company’s current expectations and views of future events and are made pursuant to the “safe harbour” provisions of applicable securities laws. Forward-looking statements or information may be identified by words such as “anticipate”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “plan”, “project”, “should”, “believe”, “intend”, or similar expressions concerning matters that are not historical facts. Forward-looking statements in this document include, but are not limited to, statements with respect to Thunderbird being a premium asset within the industry with a solid reputation and trusted relationships that generate ongoing, repeat, and new content production opportunities, Thunderbird’s mix of service and intellectual property productions providing extensive opportunities in animation and unscripted genres, the Company’s newly launched scripted group, alongside its established consumer products and distribution teams, further supporting the Company’s continued growth, Thunderbird having several exciting IP and service productions on the horizon, Thunderbird looking at a variety of opportunities including potentially initiating a share buyback program, the Company having excellent financial projections and several exciting projects to announce, the Company being well positioned for growth. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; product capability and acceptance; international risk and currency exchange rates; and technology changes. An assessment of these risks that could cause actual results to materially differ from current expectations is contained in the “Risks and Uncertainty” section of its most recently filed management’s discussion and analysis. The foregoing is not an exhaustive list. Additional risks and uncertainties not presently known to Thunderbird or that management believes to be less significant may also adversely affect the Company. The forward-looking statements or information contained in this news release represent our views as of the date hereof and as such information should not be relied upon as representing our views as of any date subsequent to the date of this document. The Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements or information. Contacts For further information, please contact: Investor Relations Contacts:Glen Akselrod, Bristol Capital Phone: + 1 905 326 1888 ext 1 Email: glen@bristolir.com Media Relations Contact:Lana Castleman, Director, Marketing & Communications Phone: 416-219-3769 Email: lcastleman@thunderbird.tv Corporate Communications Julia Smith, Finch Media Email: Julia@finchmedia.net
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Breaking up the Canada Pension Plan “Another bad idea from a Premier known for bad ideas”
CALGARY, Alberta--(BUSINESS WIRE)--The Alberta government report supporting the idea of breaking up the Canada Pension Plan (CPP) is “another bad idea from a Premier known for bad ideas,” according to CUPE Alberta President Rory Gill. Gill said the report was ‘pure fiction’ when claiming Alberta could pull over half of the assets of the CPP into an Alberta only plan. The union leader said that if you used the same formula with all the other provinces, you’d take all of the assets out of CPP multiple times over. “This is an attack on the retirement security of all Albertans, and all Canadians,” said Gill. “It’s bad math that shouldn’t be used to divide Canadians.” “Danielle Smith is the same Premier who said tobacco was good for you, who blamed cancer patients for their diagnosis, and who treats public health officials as a danger to society,” said Gill. “Now she is promoting another poorly researched, foolish idea that will destroy people’s retirement incomes.” Gill said the CPP is larger, more successful, and less risky than an Alberta based plan. CPP has been in place for over half a century and is well-established plan, said Gill. “In fact, the CP’s 10-year returns have been significantly higher than AIMCO’s – the Alberta Government’s investment management corporation.” “I urge Albertans to reject this shell game that Danielle Smith is selling. It’s going to create major damage to everyone’s retirement income.” Contacts Lou Arab, Communications Representative 780.271.2722 larab@cupe.ca
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Satellogic Reports First Half 2023 Financial Results and Provides Business Update
Plans to Redomicile to US; NOAA License Application Filed Revenue up 33% in 1H 2023 Launched 12 Satellites; Expanded Fleet Capacity and Daily Revisit Rate Focus on High Growth Opportunities in the US Market and Improving Operational Efficiencies Announces First Space Systems CustomerNEW YORK--(BUSINESS WIRE)--Satellogic Inc. (NASDAQ: SATL), a leader in sub-meter resolution Earth Observation (“EO”) data collection, today provided first half 2023 financial results and a business update. “The first half of 2023 was highlighted by continued revenue growth supported by additional satellites in orbit, and the first steps to implement a strategic realignment of our business to capitalize on our highest growth opportunities in the US,” said Satellogic CEO, Emiliano Kargieman. “We are highly focused on leveraging the largest commercial fleet of sub-meter resolution satellites in the world with an aggressive plan to meet the developing needs of our customers and the broader EO market making our organization more streamlined and efficient. “During the first half of 2023, revenue grew 33% year-over-year as both our Asset Monitoring and our Constellation-as-a-Service businesses gained momentum. We also celebrated our 15th consecutive successful launch and the continued expansion of our constellation, adding 12 new spacecraft to our fleet in orbit to support our partners and growth. We are consistently delivering more capacity, more reliability, and next-gen capabilities for our customers, and advancing on our goal of bi-weekly global remapping. We have proven that it's possible to provide high-quality satellite imagery through a constellation of small, low-orbit satellites at what we believe to be the lowest price, while retaining strong margins. To moderate capital expenditures, we do not expect to launch any additional satellites until the first quarter of 2024, with our next scheduled launch in Q1-2024 on SpaceX’s Transporter 10 mission. “As the EO market and macroeconomic environment have evolved, we are strategically realigning our business to capture high value opportunities in the US. “To support this strategy, Matt Tirman was appointed President and will be primarily responsible for the operational execution of our strategy and business plan, as well as our focus on the US market. Matt joined the Company in 2021 as President of Satellogic North America to lay the groundwork for Satellogic’s entry into the US market and then served as the company’s Chief Commercial Officer. Matt brings more than 20 years of experience scaling technology and aerospace companies across the US government and international markets. In this new role he will further our efforts in the US market and accelerate our mission to democratize access to geospatial data. He will be assisted by recent appointments Caitlin Kontgis, Senior Vice President of Commercial Growth, and Lorri Kohler, Senior Vice President of Operations. “With our focus on the US, we are taking two important steps as follows: First, we plan to commence the process of redomiciling to Delaware from the British Virgin Islands, with an aim to completing the conversion in the first half of 2024. As a result, once this process is complete we will report results on a quarterly basis consistent with being a domestic filer. Second, we recently filed an application to license our constellation with the National Oceanic & Atmospheric Administration (NOAA). These actions are crucial in terms of satisfying requirements for expanding business in the US market, better positioning Satellogic to compete for US government and allied contracts. “Looking ahead, we are committed to offering exceptional high-resolution EO capture capability while delivering the best geospatial data quality, all at the lowest cost,” concluded Kargieman. Rick Dunn, Satellogic CFO, commented, “We ended the first half of 2022 with $42 million of cash on hand. Our revenue grew 33% to $3.2 million for the half year 2023. As we move through 2023, we have seen positive momentum in terms of revenue, backlog and pipeline with three signed strategic contracts in the third quarter. Our updated guidance is as follows: (in Millions of U.S. dollars, except number of satellites) 2023 2024 2025 Satellites Launched into Constellation 12 8 - 12 5 - 9 Revenues $10 - $20 $38 - $58 $60 - $90 Adjusted EBITDA ($45) - ($35) ($15) - $5 $5 - 25 “As previously indicated in the Company’s annual 20-F filing on April 27, 2023, our 2023 revenue continues to be heavily weighted to the second half of the year and reaching our revenue guidance for 2023 will largely be dependent on closing opportunities within our Space Systems line of business. “As a result of slower than anticipated revenue growth, we undertook cost and spending control measures in 2023. These actions primarily related to the moderation of capital expenditures, a reduction of certain discretionary spending, as well as a headcount reduction in both the first and third quarter of 2023 which totaled approximately 110 employees and represented approximately 25% of the total headcount at the beginning of 2023. Cumulative reductions in headcount are expected to result in approximately $7.5 million of annual savings beginning in Q4 2023, which when combined with other streamlining and cost savings programs, are expected to result in meaningful reductions to cash burn as we end 2023 and look forward to 2024. “As we look to 2024 and beyond, revenue will be driven by our continued growth in Asset Monitoring, Constellation-as-a-Service, and Space Systems. We anticipate that Space Systems will contribute considerable per unit cash flow and strong gross margin. We are evaluating a range of strategic alternatives, including opportunities to raise additional capital, to best position our Company to deliver on its value proposition,” concluded Dunn. Key First Half and Subsequent Highlights Matt Tirman appointed as President, Caitlin Kontgis appointed to Senior Vice President of Commercial Growth and Lorri Kohler appointed to Senior Vice President of Operations; all of whom will be US-based. Signed an international government space agency as its first Space Systems customer. Awarded contract by a geospatial imagery provider to deliver high-resolution imagery in support of a US government GEOINT program. Signed an agreement with Quant Data & Analytics, a leading Saudi provider of Data & AI Products and Enterprise Solutions focused on the real estate and retail sectors. This agreement leverages Satellogic’s high-resolution satellite imagery to serve and evolve the ever-expanding property tech landscape across the Kingdom of Saudi Arabia and the Gulf region. Announced partnership and integration with SkyWatch, a leader in the remote sensing data technology industry. This partnership will bring Satellogic’s highest resolution commercially available EO data to EarthCache customers. Signed an agreement with Skyloom, a leader in space-based telecommunications, detailing plans to integrate Skyloom’s Optical Communications Terminal onto Satellogic satellites to test new methods of high-resolution EO data delivery. Successful Satellite Deployments Four satellites, launched with SpaceX on January 3rd at Cape Canaveral Space Force Station, including the first of the next-generation NewSat Mark-V model designed for high frequency global remapping to support commercial, environmental, and government applications. Four satellites successfully reached low-Earth orbit following the launch of SpaceX’s Transporter-7 mission on April 14th from Vandenberg Space Force Base, California featuring NewSat Mark-IV spacecraft. Four NewSat Mark-V spacecraft successfully reached low-Earth orbit following a SpaceX Falcon 9 launch on June 12th from Vandenberg Space Force Base in California. Signed Memorandum of Understanding for the development of joint Earth Observation applications with OHB SE, a German-based aerospace and technology group. The agreement is aimed at expanding opportunities in Europe to support the use of EO data and products for a greener and more sustainable planet, including applications for day-to-day decision-making in the fields of agriculture, forestry, energy, critical infrastructures, and climate change mitigation. Announced partnership and integration with SkyFi, a leading provider of EO data. This partnership will allow SkyFi’s customers (both businesses and individuals) to submit tasking orders to Satellogic satellites directly through the platform either at https://app.skyfi.com or on the SkyFi app. Financial Results for the Six Months Ended June 30, 2023 Revenue for the six months ended June 30, 2023, increased 33% to $3.2 million, as compared to revenue of $2.4 million for the six months ended June 30, 2022. The increase was driven primarily by Asset Monitoring and Constellation-as-a-Service lines of business. Gross profit for the six months ended June 30, 2023, totaled $1.1 million, as compared to a gross profit of $1.1 million for the six months ended June 30, 2022. Gross margin was 34% in the first half of 2023, as compared to 44% for the prior year period, due to higher ground station and cloud services costs associated with our larger constellation. General and administrative expenses were $9.9 million for the six months ended June 30, 2023, as compared to $24.6 million for the six months ended June 30, 2022. The decrease was primarily due to lower professional fees related to elevated merger activity during the six months ended June 30, 2022, lower bad debt expense, and lower insurance cost. Research & Development expenses increased to $5.8 million for the six months ended June 30, 2023, as compared to $5.7 million for the six months ended June 30, 2022. The increase was due primarily to the employee severance costs, offset by a decrease in stock-based compensation, both resulting from workforce reductions. Net loss for the six months ended June 30, 2023, increased to $29.9 million, as compared to a net loss of $8.1 million for the six months ended June 30, 2022. The increase was primarily driven by a decreased gain from the change in fair value of warrant and earnout liabilities, offset by a decrease in professional fees, which were elevated during the six months ended June 30, 2022 as a result of the merger transaction. Adjusted EBITDA loss for the six months ended June 30, 2023, decreased to $23.8 million from an Adjusted EBITDA loss of $26.7 million for the six months ended June 30, 2022, due to an increase in interest income on cash and cash equivalents resulting from increased interest rates, as well as a decrease in bad debt expense and insurance costs. Cash was $42.0 million at June 30, 2023, as compared to $76.5 million at December 31, 2022. Net cash used in operating activities decreased to $26.3 million for the six months ended June 30, 2023, as compared to $34.5 million for the six months ended June 30, 2023, primarily due a reduction in headcount and discretionary spending. For additional information regarding our long-term outlook and risks and assumptions related thereto, see the Liquidity, Capital Resources and Going Concern section of Exhibit 99.2 of Satellogic’s recent Form 6-K filing. Use of Non-GAAP Financial Measures We monitor a number of financial performance and liquidity measures on a regular basis in order to track the progress of our business. Included in these financial performance and liquidity measures are the non-GAAP measures, Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA. We believe these measures provide analysts, investors and management with helpful information regarding the underlying operating performance of our business, as they remove the impact of items that we believe are not reflective of our underlying operating performance. The non-GAAP measures are used by us to evaluate our core operating performance and liquidity on a comparable basis and to make strategic decisions. The non-GAAP measures also facilitate company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital structures, taxation, capital expenditures and non-cash items (i.e., depreciation, embedded derivatives, debt extinguishment and stock-based compensation) which may vary for different companies for reasons unrelated to operating performance. However, different companies may define these terms differently and accordingly comparisons might not be accurate. Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA are not intended to be a substitute for any GAAP financial measure. For the definitions of Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA and reconciliations to the most directly comparable GAAP measure, see “Non-GAAP Financial Measure Reconciliations” below. Non-GAAP Financial Measure Reconciliations We have included reconciliations of non-GAAP EBITDA and non-GAAP Adjusted EBITDA for the six months ended June 30, 2023 and 2022. Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA are not intended to be a substitute for any GAAP financial measure. We define Non-GAAP EBITDA as net income excluding interest, income taxes, depreciation and amortization. The Company did not incur amortization expense during the six months ended June 30, 2023 or 2022. We define Non-GAAP Adjusted EBITDA as Non-GAAP EBITDA as further adjusted to exclude merger-related transaction costs, other financial income (which consists of foreign currency gains and losses), changes in the fair value of embedded derivative instruments and stock-based compensation. The following table presents a reconciliation of Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA to its net loss for the periods indicated. Six Months Ended June 30, (in thousands of U.S. dollars) 2023 2022 Net loss $ (29,851 ) $ (8,121 ) Plus interest expense 3 1,588 Plus income tax 2,124 2,143 Plus depreciation 8,610 6,485 Non-GAAP EBITDA $ (19,114 ) $ 2,095 Plus Merger transaction costs — 11,862 Less other income, net (1,922 ) (519 ) Less change in fair value of financial instruments (5,580 ) (44,596 ) Plus stock-based compensation 2,841 4,485 Non-GAAP Adjusted EBITDA $ (23,775 ) $ (26,673 ) About Satellogic Founded in 2010 by Emiliano Kargieman and Gerardo Richarte, Satellogic (NASDAQ: SATL) is the first vertically integrated geospatial company, driving real outcomes with planetary-scale insights. Satellogic is creating and continuously enhancing the first scalable, fully automated Earth Observation platform with the ability to remap the entire planet at both high-frequency and high-resolution, providing accessible and affordable solutions for customers. Satellogic’s mission is to democratize access to geospatial data through its information platform of high-resolution images to help solve the world’s most pressing problems including climate change, energy supply, and food security. Using its patented Earth imaging technology, Satellogic unlocks the power of EO to deliver high-quality, planetary insights at the lowest cost in the industry. With more than a decade of experience in space, Satellogic has proven technology and a strong track record of delivering satellites to orbit and high-resolution data to customers at the right price point. To learn more, please visit: http://www.satellogic.com Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intends”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on Satellogic’s current expectations and beliefs concerning future developments and their potential effects on Satellogic and include statements concerning Satellogic’s strategies, Satellogic’s future opportunities, and the commercial and governmental applications for Satellogic’s technology. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These statements are based on various assumptions, whether or not identified in this press release. These forward-looking statements are provided for illustrative purposes only and are not intended to serve, and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Satellogic. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) Satellogic’s ability to scale its constellation of satellites and to do so on Satellogic’s projected timeframe and in accordance with projected costs, (ii) Satellogic’s ability to continue to meet image quality expectations, to continue to enhance the capability of its network of satellites and to continue to offer superior unit economics, (iii) Satellogic’s ability to become or remain an industry leader, (iv) the number of commercial applications for Satellogic’s products and services, (v) Satellogic’s ability to address all commercial applications for satellite imagery, changes in the competitive and highly regulated industries in which Satellogic operates, variations in operating performance across competitors and changes in laws and regulations affecting Satellogic’s business, (vi) the ability to implement business plans, forecasts and other expectations, and to identify and realize additional opportunities, (vii) the risk of downturns in the commercial launch services, satellite and spacecraft industry, (viii) the risk that the market for Satellogic’s products and services does not develop as anticipated, (ix) the risk that Satellogic and its current and future collaborators are unable to successfully develop and commercialize Satellogic’s products or services, or experience significant delays in doing so, (x) the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations, (xi) the risk of product liability or regulatory lawsuits or proceedings relating to Satellogic’s products and services, and (xii) the risk that Satellogic is unable to secure or protect its intellectual property. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Satellogic’s Annual Report on Form 20-F and other documents filed or to be filed by Satellogic from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Satellogic assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Satellogic can give no assurance that it will achieve its expectations. SATELLOGIC INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands of U.S. dollars, except share and per share amounts) (Unaudited) Six Months Ended June 30, 2023 2022 Revenue $ 3,184 $ 2,388 Costs and expenses Cost of sales, exclusive of depreciation shown separately below 2,113 1,329 General and administrative expenses 9,867 24,609 Research and development 5,827 5,716 Depreciation expense 8,610 6,485 Other operating expenses 13,078 13,736 Total costs and expenses 39,495 51,875 Operating loss (36,311 ) (49,487 ) Other income (expense), net Finance income (expense), net 1,082 (1,606 ) Change in fair value of financial instruments 5,580 44,596 Other income, net 1,922 519 Total other income (expense), net 8,584 43,509 Loss before income tax (27,727 ) (5,978 ) Income tax expense (2,124 ) (2,143 ) Net loss available to common stockholders $ (29,851 ) $ (8,121 ) Other comprehensive loss Foreign currency translation gain (loss), net of tax 76 (322 ) Comprehensive loss $ (29,775 ) $ (8,443 ) Basic net loss per share for the period attributable to common stockholders $ (0.33 ) $ (0.13 ) Basic weighted-average common shares outstanding 89,326,172 62,094,383 Diluted net loss per share for the period attributable to common stockholders $ (0.33 ) $ (0.42 ) Diluted weighted-average common shares outstanding 89,326,172 63,505,040 SATELLOGIC INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands of U.S. dollars except share and per share amounts) (Unaudited) June 30,2023 December 31,2022 ASSETS
