Revenue jumps 216% for the quarter to $10.7 million versus the prior year; and up 246% for the six month period to $18.8 million with $2.0 million in positive cash flow from operations
SALT LAKE CITY, Feb. 15, 2019 — Predictive Technology Group, Inc. (OTC PINK: PRED), a leader in the use of data analytics for disease identification and subsequent therapeutic intervention through precision therapeutic treatments, reports financial results for the three and six months ended December 31, 2018 and provides a business update.
Management Commentary
“I’m pleased with our financial performance with revenue for our most recent quarter of nearly $11 million, up more than three-fold from the year-ago period, marking our ninth consecutive quarter of growth,” said Bradley C. Robinson, CEO of Predictive Technology Group. “Our strong revenue performance for the quarter puts Predictive on a run rate exceeding $40 million for fiscal 2019. Additionally, we generated $2 million in positive cash flow from operations for the past six months that supported the further development and commercialization of proprietary genetic-based diagnostics and therapeutics. We completed the quarter with $2.6 million in cash and no long-term debt.
“We filed a Form 10 registration statement in December 2018 and have been fortunate to have numerous industry-leading advisors assist in guiding this process. Predictive is now a fully reporting company, providing investors with heightened transparency of our financials and operations,” he added. “Importantly, this filing is a major step in the process to list our common stock on NASDAQ, which we expect will provide greater visibility and credibility, and expand our reach to a substantially larger market.”
Recent Highlights
Corporate Developments
• Filed a Form 10 registration statement with the SEC. Predictive is now subject to the reporting requirements of the Exchange Act, including the filing of annual reports on Form 10-K, quarterly reports on Form 10-Q and periodic reports on Form 8-K, among other requirements.
• Announced John E. Sorrentino as Chairman of the Board in addition to his role as Chair of the company’s Scientific Advisory Board. Mr. Sorrentino has more than 35 years of senior management experience in the life sciences industry, including 15 years in leadership positions at Wyeth/Pfizer.
• Appointed Charles Andres, J.D., Ph.D., to its Scientific Advisory Board. Dr. Andres leads the life sciences group at Wilson Sonsini Goodrich & Rosati’s Washington, DC office and has significant expertise in intellectual property, FDA/regulatory, transactions, business and government matters.
• Completed the initial phase of its new laboratory facility featuring an ISO clean room, which meets Good Tissue Practices (GTP) and Good Manufacturing Practices (GMP) requirements for human cell and tissue products. Predictive expects phase two of the laboratory facility to be completed during second calendar quarter of 2019.
Second Quarter Fiscal 2019 Results-Click Here
Revenues from operations (net) for the three months ended December 31, 2018 totaled $10.7 million, compared with $3.4 million for the three months ended December 31, 2017. The increase of $7.3 million was the result of an expansion of our sales force and distribution networks leading to increased sales of our HCT/Ps and regenerative medicine products.
Cost of goods sold (“COGS”) includes expenses associated with acquisition and processing, manufacture (including material and direct labor), property and equipment depreciation, shipping, and other direct expenses relating to our HCT/Ps and regenerative medicine products. Our gross profit for the three months ended December 31, 2018 was $7.6 million compared with $2.5 million for the three months ended December 31, 2017. The increased gross profit resulted from increased sales and efficiencies introduced into our manufacturing processes.
Sales and marketing expenses for the three months ended December 31, 2018 were $3.4 million, compared with $953,000 for the three months ended December 31, 2017. The increased sales and marketing expenses resulted from corresponding increases in sales and an increase in the number of distributors.
Research and development (R&D) expenses for the three months ended December 31, 2018 were $1.8 million, compared with $37,000 for the three months ended December 31, 2017. The increased research and development expenses resulted from increased focus on product development, streamlining manufacturing methods and additional proprietary research and development work relating to our HCT/Ps and regenerative medicine products. Additionally, we have invested significant amounts in laboratory support in anticipation of the sale of diagnostic products.
General and Administrative (G&A) expenses for the three months ended December 31, 2018 were $2.5 million compared with $1.1 million for the three months ended December 31, 2017. The changes in general and administrative expenses resulted from increased management headcount in fiscal 2018, and stock options and warrants issued for consulting services relating to all business entities in fiscal 2017.
Amortization and depreciation expenses for the three months ended December 31, 2018 were $2.0 million, compared with $850,000 for the three months ended December 31, 2017. The reason for the increase in amortization and depreciation expenses relate primarily to the expense of costs relating to our acquisitions.
The net loss attributable to controlling interest for the three months ended December 31, 2018 was $2.6 million, or $0.01 per share, versus a net loss attributable to controlling interest for the three months ended December 31, 2018 of $376,000, or $0.00 per share.
Year-to-date Financial Results
Revenue for the first six months of fiscal 2019 was $18.8 million, a 246% increase from $5.4 million reported for the first six months of fiscal 2018. Gross profit margin for first six months of 2019 was 68.4%, an improvement from 67.5% from the prior year period.
Operating expenses for the first six months of fiscal 2019 were $17.0 million versus $9.4 million for the prior year period. The increase in the fiscal 2019 period was due to increases in sales and marketing expenses, R&D expenses, and amortization and depreciation expenses, offset in part by lower G&A expenses. For the six months ended December 31, 2018, sales and marketing expenses were $5.8 million, G&A expenses were $5.1 million, R&D expenses were $2.4 million, and amortization and depreciation expenses was $3.7 million.
The company reported an investment loss of $915,000 for the first six months of 2019. The company did not report an investment loss or gain in the prior year period.
The net loss attributable to controlling interest for the first six months of fiscal 2019 was $5.0 million, or $0.02 per share, versus a net loss attributable to controlling interest for the first six months of fiscal 2018 of $5.5 million, or $0.03 per share.
The company reported cash and cash equivalents of $2.6 million as of December 31, 2018 compared with $1.2 million as of June 30, 2018.
About Predictive Technology Group, Inc.
Predictive Technology Group aims to revolutionize patient care through predictive data analytics, novel gene-based diagnostics and companion therapeutics through its subsidiaries Predictive Therapeutics, Predictive Biotech, Predictive Diagnostics and Predictive Laboratories. These subsidiaries are focused on endometriosis, scoliosis, degenerative disc disease and human cell and tissue products. The subsidiaries use genetic and other information as cornerstones in the development of new diagnostics that assess a person’s risk of illness and therapeutic products designed to identify, prevent and treat diseases more effectively. Additional information is available at Predtechgroup.com; Predrx.com andPredictivebiotech.com.
Financial can be viewed at THE US SEC EDGAR Site per below:
https://www.sec.gov/Archives/edgar/data/1382943/000109181819000029/pred02142019form10q.htm
Forward-Looking Statements
To the extent any statements made in this release contain information that is not historical, these statements are essentially forward-looking and are subject to risks and uncertainties, including the difficulty of predicting FDA approvals, acceptance and demand for human cell and tissue products and other pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials, availability of additional intellectual property rights, availability of future financing sources, the regulatory environment, and other risks the Company may identify from time to time in the future.
Predictive Technology Group Names Senator Orrin G. Hatch and Ronald Barhorst to Its Board of Directors
/in Predictive Technology Group, Press Releases /by Yes InternationalSeven-term U.S. Senator and 25-year financial services executive bring considerable legal, financial and governance expertise to the Board of Directors
SALT LAKE CITY, March 19, 2019 (GLOBE NEWSWIRE) — Predictive Technology Group, Inc. (OTC PINK: PRED), a leader in the use of data analytics for disease identification and subsequent therapeutic intervention through precision therapeutic treatments, announces the appointment of Senator Orrin G. Hatch and Ronald Barhorst to the company’s Board of Directors, effective immediately. Senator Hatch brings experience from his seven terms as a U.S. Senator including serving as a member and/or chair of various U.S. Senate committees. Mr. Barhorst brings 25 years of experience as a senior executive in the financial services industry and has served as an advisor to the company or its predecessors for nearly 10 years. These two appointments expand Predictive’s Board to six including four independent directors.
“We are pleased that Senator Orrin Hatch and Ronald Barhorst have chosen to join Predictive’s Board, bringing their wealth of experience and proven expertise in governance, regulatory, commercial, legal and financial matters,” said Bradley C. Robinson, CEO of Predictive Technology Group. “Their extensive backgrounds and experience are ideally suited for contributions to Predictive as we continue to mature and evolve as a publicly reporting company. We are honored that Senator Hatch and Mr. Barhorst have offered to generously share their time and expertise in support of our goal at Predictive of improving the quality of life of millions who may benefit from applying our novel precision medicine approach to underserved indications. We welcome them to our Board.”
“I’m excited to join Predictive and support its mission of delivering needed personalized care to millions of individuals through the commercialization of industry-leading breakthroughs in both genetics and cellular therapy,” said Senator Hatch. “Predictive’s approach to precision medicine holds the promise of offering tremendous relief to those suffering from chronic ailments and debilitating pain. I have witnessed the pain and suffering of endometriosis at a personal level as it has impacted my family. I look forward to working toward achieving the company’s goals.”
Senator Hatch is an attorney and retired politician who served as a U.S. Senator from Utah for 42 years. First elected in 1976, he was the longest-serving Republican U.S. Senator in history. Senator Hatch served as either the chair or ranking minority member of the Senate Judiciary Committee from 1993 to 2005. He previously chaired the Senate Committee on Health, Education, Labor, and Pensions from 1981 to 1987. Senator Hatch also served as Chairman of the Senate Finance Committee. On January 3, 2015, after the 114th United States Congress was sworn in, Hatch became President pro tempore of the Senate. Senator Hatch retired from the U.S. Senate in 2019.
“Similar to Senator Hatch, my family has had personal experience with the chronic pain and suffering of endometriosis,” said Mr. Barhorst. “Having had the opportunity to work with Predictive or its predecessor companies for close to a decade, I am deeply committed to the company’s mission and team. I’m accepting a position on Predictive’s board of directors to represent all stakeholders, including those suffering from diseases such as endometriosis.”
Mr. Barhorst is chair of The California State University Foundation. He is retired as president and chief executive officer of ING Financial Advisers, LLC and ING Investment Advisors, LLC and Systematized Benefits Administrators, Inc. He was also head of national accounts, healthcare and government markets. He previously served as director of residential services for Montgomery County Board of Mental Retardation and Development Disabilities and as treasurer for the Ohio Private Residential Services Association and Executive Director of Choices in Community Living, a non-profit organization he developed. Mr. Barhorst has served on numerous non-profit boards, including the California Business Roundtable for Education Excellence.
About Predictive Technology Group, Inc.
Predictive Technology Group aims to revolutionize patient care through predictive data analytics, novel gene-based diagnostics and companion therapeutics through its subsidiaries Predictive Therapeutics, Predictive Biotech, Predictive Diagnostics and Predictive Laboratories. These subsidiaries are focused on endometriosis, scoliosis, degenerative disc disease and human cell and tissue products. The subsidiaries use genetic and other information as cornerstones in the development of new diagnostics that assess a person’s risk of illness and therapeutic products designed to identify, prevent and treat diseases more effectively. Additional information is available at Predtechgroup.com; Predrx.com and Predictivebiotech.com.
Forward-Looking Statements
To the extent any statements made in this release contain information that is not historical, these statements are essentially forward-looking and are subject to risks and uncertainties, including the difficulty of predicting FDA approvals, acceptance and demand for human cell and tissue products and other pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials, availability of additional intellectual property rights, availability of future financing sources, the regulatory environment, and other risks the Company may identify from time to time in the future.
Juneau Biosciences Gives Four Presentations at the 66th Annual Meeting of the Society for Reproductive Investigation (SRI)
/in Predictive Technology Group, Press Releases /by Yes InternationalJuneau Biosciences reports its recent findings relating to the genetics of endometriosis in four presentations at SRI
SALT LAKE CITY, March 14, 2019 (GLOBE NEWSWIRE) — Predictive Technology Group, Inc. (OTC PINK: PRED), a leader in the use of data analytics for disease identification and subsequent therapeutic intervention through precision therapeutic treatments, announces that Juneau Biosciences is delivering four scientific presentations at the 66th Annual Meeting of the Society for Reproductive Investigation (SRI), which is being held from Tuesday, March 12th to Saturday, March, 16th in Paris, France. Predictive Technology Group inlicensed the technology supporting its ARTGuide® Test for endometriosis and other genetic causes of infertility from Juneau and is the company’s largest shareholder.
On Thursday March 14, Juneau scientists gave three presentations at the SRI meeting. Dr. Ward, Juneau’s Founder and CEO, presented “Protein-Truncating Mutations Underlying Endometriosis.” Protein truncating variants (PTVs) are gene mutations which usually cause a complete loss of function of the encoded protein. Finding PTVs associated with a disease can efficiently uncover novel pathophysiologic factors and important therapeutic targets. Dr. Ward reported on findings from the successful genome-wide search for PTVs associated with endometriosis conducted by Juneau. These mutations have been incorporated in the ARTguide test currently being used for infertility patients at beta launch sites in the United States.
Dr. Ward presented a second paper describing mutations in the METTL11B gene found in familial endometriosis. This presentation highlights how high-risk families with multiple generations of women affected by endometriosis can be studied to discover rare mutations that can play a large role in determining whether a woman descendant develops endometriosis. This genetic sleuthing is made easier with the use of PRED’s GenDB database, which allows researchers to track relationships between 32 million ancestors and the present-day population of the Intermountain West. This database was used to discover the largest endometriosis family in the world, with hundreds of women with a confirmed diagnosis who are all descendants of a man born in England in 1608. This remarkable family spans 19 generations, and hundreds of thousands of women around the globe may carry endometriosis-promoting gene mutations transmitted in this family.
Dr. Hans Albertsen, Juneau’s Chief Scientific Officer, presented the third paper entitled “Avoiding False Positive Results through Ancestry Filtering.” His presentation addressed the importance of precisely considering the ancestry of research subjects to avoid false positive conclusions when conducting genetic research studies. He describes the care used to develop the ARTguide test, which includes over 200 DNA-based markers to determine the proper ancestral reference group when interpreting results.
On Saturday, March 16, Dr. Ward will present a paper entitled “The Genetic Architecture of Endometriosis.” This paper will summarize over a decade of discovery work that led to a detailed understanding of the genetic factors contributing to endometriosis.
SRI is the leading international research organization in the areas of gynecology and reproductive health. The organization seeks to advance reproductive and women’s health care through outstanding basic, translational, and clinical science and by training and mentoring future generations of investigators.
Predictive Laboratories, a wholly owned subsidiary of Predictive Technology Group, recently launched its novel test for women experiencing infertility, called ARTGuide®, to selected Beta launch centers. The ARTGuide® Test will now incorporate these latest data. The test is expected to change the way that Advanced Reproductive Technologies (ART) such as In Vitro Fertilization (IVF) are used to help couples struggling to have a baby. Tens of thousands of women have been tested as part of this research and development program.
About Endometriosis:
Endometriosis affects more than 10 million women in the United States. Endometriosis occurs when the tissue similar to the lining of the uterus (womb), found in other parts of the body, most commonly in the pelvis. Monthly bleeding and inflammation caused by these lesions may severely impact a woman’s quality of life. Some affected women experience severe pain, others infertility, others problems with their periods, and some have no symptoms at all. Today, definitive diagnosis requires surgery. Due to the difficulties, invasiveness, and expense of diagnosing the condition, the majority of women diagnosed with endometriosis suffer for over a decade before receiving treatment. Treatment may involve hormonal suppression or a targeted destruction of the abnormal tissue during surgery.
About Juneau Biosciences:
Juneau Biosciences is a privately held medical genetics company conducting groundbreaking research to develop innovative diagnostic products for diseases that predominantly affect women. Launched in early 2007, the Salt Lake City based firm has focused so far on the development of novel molecular diagnostics and therapeutics for endometriosis, a condition estimated to affect approximately 10% of reproductive-age females.
About Predictive Technology Group, Inc.
Predictive Technology Group aims to revolutionize patient care through predictive data analytics, novel gene-based diagnostics and companion therapeutics through its subsidiaries Predictive Therapeutics, Predictive Biotech, Predictive Diagnostics and Predictive Laboratories. These subsidiaries are focused on endometriosis, scoliosis, degenerative disc disease and human cell and tissue products. The subsidiaries use genetic and other information as cornerstones in the development of new diagnostics that assess a person’s risk of illness and therapeutic products designed to identify, prevent and treat diseases more effectively. Additional information is available at Predtechgroup.com; Predrx.com and Predictivebiotech.com.
Forward-Looking Statements
To the extent any statements made in this release contain information that is not historical, these statements are essentially forward-looking and are subject to risks and uncertainties, including the difficulty of predicting FDA approvals, acceptance and demand for human cell and tissue products and other pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials, availability of additional intellectual property rights, availability of future financing sources, the regulatory environment, and other risks the Company may identify from time to time in the future.
JUNEAU BIOSCIENCES TO PRESENT AT THE 66TH ANNUAL MEETING OF THE SOCIETY FOR REPRODUCTIVE INVESTIGATION (SRI)
/in Predictive Technology Group, Press Releases /by Yes InternationalJuneau Biosciences to discuss its recent findings relating to the genetics of endometriosis in four presentations at SRI
Salt Lake City (March 7, 2019) — Predictive Technology Group, Inc. (OTC PINK: PRED), a leader in the use of data analytics for disease identification and subsequent therapeutic intervention through precision therapeutic treatments, announces that Juneau Biosciences will deliver four scienctific presentations at the 66th Annual Meeting of the Society for Reproductive Investigation (SRI), which will be held from Tuesday, March 12th to Saturday, March, 16th in Paris, France. Predictive Technology Group inlicensed the technology supporting its ARTGuide® Test for endometriosis and other genetic causes of infertility from Juneau and is the company’s largest shareholder.
Juneau Biosciences scientists, Kenneth Ward, M.D. and Hans Albertsen, Ph.D., will discuss Juneau’s recent findings concerning the genetics of endometriosis.
SRI is the leading international research organization in the areas of gynecology and reproductive health. The organization seeks to advance reproductive and women’s health care through outstanding basic, translational, and clinical science and by training and mentoring future generations of investigators.
Predictive Laboratories, a wholly owned subsidiary of Predictive Technology Group, recently launched its novel test for women experiencing infertility, called ARTGuide®, to selected Beta launch centers. The ARTGuide® Test will now incorporate these latest data. The test is expected to change the way that Advanced Reproductive Technologies (ART) such as In Vitro Fertilization (IVF) are used to help couples struggling to have a baby. Tens of thousands of women have been tested as part of this research and development program.
About Endometriosis:
Endometriosis affects more than 10 million women in the United States. Endometriosis occurs when the tissue similar to the lining of the uterus (womb), found in other parts of the body, most commonly in the pelvis. Monthly bleeding and inflammation caused by these lesions may severely impact a woman’s quality of life. Some affected women experience severe pain, others infertility, others problems with their periods, and some have no symptoms at all. Today, definitive diagnosis requires surgery. Due to the difficulties, invasiveness, and expense of diagnosing the condition, the majority of women diagnosed with endometriosis suffer for over a decade before receiving treatment. Treatment may involve hormonal suppression or a targeted destruction of the abnormal tissue during surgery.
About Juneau Biosciences:
Juneau Biosciences is a privately held medical genetics company conducting groundbreaking research to develop innovative diagnostic products for diseases that predominantly affect women. Launched in early 2007, the Salt Lake City based firm has focused so far on the development of novel molecular diagnostics and therapeutics for endometriosis, a condition estimated to affect approximately 10% of reproductive-age females.
About Predictive Technology Group, Inc.
Predictive Technology Group aims to revolutionize patient care through predictive data analytics, novel gene-based diagnostics and companion therapeutics through its subsidiaries Predictive Therapeutics, Predictive Biotech, Predictive Diagnostics and Predictive Laboratories. These subsidiaries are focused on endometriosis, scoliosis, degenerative disc disease and human cell and tissue products. The subsidiaries use genetic and other information as cornerstones in the development of new diagnostics that assess a person’s risk of illness and therapeutic products designed to identify, prevent and treat diseases more effectively. Additional information is available at Predtechgroup.com; Predrx.com and Predictivebiotech.com.
Forward-Looking Statements
To the extent any statements made in this release contain information that is not historical, these statements are essentially forward-looking and are subject to risks and uncertainties, including the difficulty of predicting FDA approvals, acceptance and demand for human cell and tissue products and other pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials, availability of additional intellectual property rights, availability of future financing sources, the regulatory environment, and other risks the Company may identify from time to time in the future.
Predictive Technology Group Sponsors 5th Annual Perinatal Stem Cell Society Congress
/in Predictive Technology Group, Press Releases /by Yes InternationalSALT LAKE CITY, March 05, 2019 (GLOBE NEWSWIRE) — Predictive Technology Group, Inc. (OTC PINK: PRED), a leader in the use of data analytics for disease identification and subsequent therapeutic intervention through precision therapeutic treatments, announces that its subsidiary Predictive Biotech sponsored the 5th Annual Perinatal Stem Cell Society Congress held February 28 through March 1, 2019 in Salt Lake City. Predictive Biotech uses perinatal tissue to produce human cell and tissue products.
“We are pleased to have partnered with the Perinatal Stem Cell Society on this key conference that provides access to leading-edge perinatal tissue research, and a networking and collaboration opportunity for researchers and industry partners,” said Bradley C. Robinson, CEO of Predictive Technology Group. “The science utilizing perinatal tissue is progressing at an increasingly faster pace leading to more therapeutics. Predictive supports and is a member of the Society’s working group to bring together top clinicians and researchers to advance standards and guidelines that support the science and manufacturing of therapeutic products derived from perinatal tissue.”
“We are pleased that Predictive has joined the perinatal society as a platinum sponsor for the second year. Through Predictive’s market leadership position and commitment to advancing the science, quality and therapeutic use of perinatal tissue, we all move another step closer in delivering on the promise of these tissues,” said Kyle Cetrulo President and Founder of the Perinatal Stem Cell Society. “Attendees benefit from this open forum in a collaborative environment to discuss industry and science topics that are affecting one of the most significant medical advances of our time.”
Perinatal Stem Cell Society
The Perinatal Stem Cell Society, Inc. is a non-profit organization founded in 2013 on the basic principle that stem cells from perinatal tissues contain enormous, untapped potential to treat many diseases and disorders. Perinatal stem cell sources include amnion, amniotic fluid, cord blood, cord tissue/Wharton’s jelly, as well as placental blood and placental tissue. Perinatal stem cells are formed around the time of birth and are classified as adult stem cells. Yet because they are more primitive than stem cells found in bone marrow, adipose tissue or other traditional sources of adult stem cells, they have greater therapeutic potential.
About Predictive Technology Group, Inc.
Predictive Technology Group aims to revolutionize patient care through predictive data analytics, novel gene-based diagnostics and companion therapeutics through its subsidiaries Predictive Therapeutics, Predictive Biotech, Predictive Diagnostics and Predictive Laboratories. These subsidiaries are focused on endometriosis, scoliosis, degenerative disc disease and human cell and tissue products. The subsidiaries use genetic and other information as cornerstones in the development of new diagnostics that assess a person’s risk of illness and therapeutic products designed to identify, prevent and treat diseases more effectively. Additional information is available at Predtechgroup.com; Predrx.com and Predictivebiotech.com.
Forward-Looking Statements
To the extent any statements made in this release contain information that is not historical, these statements are essentially forward-looking and are subject to risks and uncertainties, including the difficulty of predicting FDA approvals, acceptance and demand for human cell and tissue products and other pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials, availability of additional intellectual property rights, availability of future financing sources, the regulatory environment, and other risks the Company may identify from time to time in the future.
Predictive Technology Group Names Jay M. Moyes to Its Board of Directors
/in Predictive Technology Group, Press Releases /by Yes International30-year healthcare veteran brings considerable financial and governance expertise
“We are delighted to attract a professional of Jay’s caliber as we build out Predictive’s Board with proven leaders to support our strategy of bringing proprietary genetic-based diagnostics and therapeutics to market,” said Bradley C. Robinson, CEO of Predictive Technology Group. “Jay’s extensive financial background in companies spanning from development-stage to commercial operations in diagnostics, genetics and therapeutics makes him ideally suited for this role. His wealth of governance experience from many years on multiple healthcare Boards will be particularly valuable, and we are excited to welcome Jay to our Board.”
“I’m delighted to join this company on the cutting-edge of precision medicine,” said Moyes. “Predictive’s approach to using proprietary, extensive genetic data analytics to bring novel diagnostics and therapeutics to underserved markets in women’s health and spinal disease positions it to make important contributions to improving health care. I look forward to working toward achieving the company’s goals.”
Moyes previously served as Chief Financial Officer and Director of the publicly traded biomaterials company Amedica Corporation, now SINTX Technologies, where he managed the company’s IPO and listing on NASDAQ, and as Chief Financial Officer at publicly traded CareDx, a molecular diagnostics company where he introduced a strategy to reach profitability. Prior to that he held senior finance positions including Chief Financial Officer during his 14-year tenure at publicly traded Myriad Genetics. In addition to overseeing all financial aspects at Myriad as the company transitioned from 10 to more than 900 employees, he was instrumental in raising more than $500 million in public and private financings. He previously was Vice President of Finance and Chief Financial Officer of Genmark, a private genetics company. Moyes began his career in public accounting at KPMG.
Moyes serves on the Boards of Directors of Achieve Life Sciences BioCardia, and Puma Biotechnologies. In addition to Amedica, he previously was a director and Chairman of the Audit Committee of both Osiris Therapeutics and Integrated Diagnostics. He also served as a member of the Board of Trustees of the Utah Life Science Association. Moyes holds a BA in economics from Weber State University and an MBA from the University of Utah.
About Predictive Technology Group, Inc.
Predictive Technology Group aims to revolutionize patient care through predictive data analytics, novel gene-based diagnostics and companion therapeutics through its subsidiaries Predictive Therapeutics, Predictive Biotech, Predictive Diagnostics and Predictive Laboratories. These subsidiaries are focused on endometriosis, scoliosis, degenerative disc disease and human cell and tissue products. The subsidiaries use genetic and other information as cornerstones in the development of new diagnostics that assess a person’s risk of illness and therapeutic products designed to identify, prevent and treat diseases more effectively. Additional information is available at Predtechgroup.com; Predrx.com and Predictivebiotech.com.
Forward-Looking Statements
To the extent any statements made in this release contain information that is not historical, these statements are essentially forward-looking and are subject to risks and uncertainties, including the difficulty of predicting FDA approvals, acceptance and demand for human cell and tissue products and other pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials, availability of additional intellectual property rights, availability of future financing sources, the regulatory environment, and other risks the Company may identify from time to time in the future.
Covalent Collective Inc. Acquires “Colorado 16” Providing A Strong Foundation for Future Growth
/in Covalent Collective, Inc., Press Releases /by Yes InternationalAcquisition of Real Estate, Facilities and Infrastructure for Two Active Grows and Five Colorado Medical Cannabis Dispensaries
Colorado Springs, CO, Feb. 21, 2019 — Covalent Collective, Inc., a burgeoning network of vertically integrated cannabis-centric enterprises, announces today the completion of its first acquisition, internally referred to as the “Colorado 16”, which includes ownership of the real estate that leases multiple medical marijuana cultivations, production and five Colorado medical cannabis dispensaries. The operators of Colorado 16 are among the most experienced in the cannabis industry and bring to bear more than ten years of experience in the production, extraction and distribution of cannabis products. Terms of the transaction were not disclosed.
“The acquisition of Colorado 16 will form the foundation of Covalent’s vertically integrated operating platform. Our long-term strategy is to enhance and strengthen our platform and significantly expand it throughout the US, which includes plans to develop over one-million square feet of cultivation capacity. We look forward to continuing to share our progress on our various business initiatives with investors in the months ahead,” commented Mr. Bill Gregorak, CEO of Covalent Collective.
Colorado 16’s proprietary cultivation processes have resulted in consistently high-quality production and amongst the industry’s lowest cost of production. A next generation production facility is currently scheduled to be completed in 2019 and is expected to measurably improve yield and quality consistency. Hydroponics Depot, the largest supplier of canna agricultural supplies in Arizona, which is included in the Colorado 16 acquisition, will further help reduce the overall cost of production while capitalizing on the growth of both commercial and home cultivation operations in the AZ market.
About Covalent Collective:
Covalent Collective, Inc. is a British Columbia, Canada company founded in 2014 and headquartered in Colorado Springs, CO. The Company is building a diverse network of vertically integrated cannabis-centric enterprises that span the entirety of the legal cannabis and hemp industries. With a vision to build the largest grow capacity in the U.S., Covalent Collective’s mission is to create stronger bonds throughout the greater cannabis community through the execution of a strategic acquisition and joint venture strategy that is strategically positioned to support eventual federal legalization in the United States. For more information, please visit https://covalentcannabis.com.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and “forward- looking information” within the meaning of Canadian securities laws, or collectively, forward-looking statements. Forward-looking statements in this press release may be identified by the use of words such as “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, including statements with respect to the Company’s rebranding and acquisition strategies. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment and future approvals and permits. Actual results, performance or achievements could differ materially from those expressed in, or implied by, any forward-looking statements in this press release, and readers should not place undue reliance on any such forward-looking statements since they are not guarantees of future results. The Company does not undertake and specifically declines any obligation to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.
Richard Kaiser
Covalent Collective, Inc.
rkaiser@covalentcannabis.co
757-306-6090
Media Contacts:Nick Opich / Cynthia Salarizadeh
KCSA Strategic Communications
212-896-1206 / (856) 425-6160
nopich@kcsa.com / cynthia@kcsa.com
Investor Contact:David Hanover
KCSA Strategic Communications
212-896-1220
dhanover@kcsa.com
Predictive Technology Group Reports Second Quarter Fiscal 2019 Financial
/in Predictive Technology Group, Press Releases /by Yes InternationalRevenue jumps 216% for the quarter to $10.7 million versus the prior year; and up 246% for the six month period to $18.8 million with $2.0 million in positive cash flow from operations
SALT LAKE CITY, Feb. 15, 2019 — Predictive Technology Group, Inc. (OTC PINK: PRED), a leader in the use of data analytics for disease identification and subsequent therapeutic intervention through precision therapeutic treatments, reports financial results for the three and six months ended December 31, 2018 and provides a business update.
Management Commentary
“I’m pleased with our financial performance with revenue for our most recent quarter of nearly $11 million, up more than three-fold from the year-ago period, marking our ninth consecutive quarter of growth,” said Bradley C. Robinson, CEO of Predictive Technology Group. “Our strong revenue performance for the quarter puts Predictive on a run rate exceeding $40 million for fiscal 2019. Additionally, we generated $2 million in positive cash flow from operations for the past six months that supported the further development and commercialization of proprietary genetic-based diagnostics and therapeutics. We completed the quarter with $2.6 million in cash and no long-term debt.
“We filed a Form 10 registration statement in December 2018 and have been fortunate to have numerous industry-leading advisors assist in guiding this process. Predictive is now a fully reporting company, providing investors with heightened transparency of our financials and operations,” he added. “Importantly, this filing is a major step in the process to list our common stock on NASDAQ, which we expect will provide greater visibility and credibility, and expand our reach to a substantially larger market.”
Recent Highlights
Corporate Developments
• Filed a Form 10 registration statement with the SEC. Predictive is now subject to the reporting requirements of the Exchange Act, including the filing of annual reports on Form 10-K, quarterly reports on Form 10-Q and periodic reports on Form 8-K, among other requirements.
• Announced John E. Sorrentino as Chairman of the Board in addition to his role as Chair of the company’s Scientific Advisory Board. Mr. Sorrentino has more than 35 years of senior management experience in the life sciences industry, including 15 years in leadership positions at Wyeth/Pfizer.
• Appointed Charles Andres, J.D., Ph.D., to its Scientific Advisory Board. Dr. Andres leads the life sciences group at Wilson Sonsini Goodrich & Rosati’s Washington, DC office and has significant expertise in intellectual property, FDA/regulatory, transactions, business and government matters.
• Completed the initial phase of its new laboratory facility featuring an ISO clean room, which meets Good Tissue Practices (GTP) and Good Manufacturing Practices (GMP) requirements for human cell and tissue products. Predictive expects phase two of the laboratory facility to be completed during second calendar quarter of 2019.
Second Quarter Fiscal 2019 Results-Click Here
Revenues from operations (net) for the three months ended December 31, 2018 totaled $10.7 million, compared with $3.4 million for the three months ended December 31, 2017. The increase of $7.3 million was the result of an expansion of our sales force and distribution networks leading to increased sales of our HCT/Ps and regenerative medicine products.
Cost of goods sold (“COGS”) includes expenses associated with acquisition and processing, manufacture (including material and direct labor), property and equipment depreciation, shipping, and other direct expenses relating to our HCT/Ps and regenerative medicine products. Our gross profit for the three months ended December 31, 2018 was $7.6 million compared with $2.5 million for the three months ended December 31, 2017. The increased gross profit resulted from increased sales and efficiencies introduced into our manufacturing processes.
Sales and marketing expenses for the three months ended December 31, 2018 were $3.4 million, compared with $953,000 for the three months ended December 31, 2017. The increased sales and marketing expenses resulted from corresponding increases in sales and an increase in the number of distributors.
Research and development (R&D) expenses for the three months ended December 31, 2018 were $1.8 million, compared with $37,000 for the three months ended December 31, 2017. The increased research and development expenses resulted from increased focus on product development, streamlining manufacturing methods and additional proprietary research and development work relating to our HCT/Ps and regenerative medicine products. Additionally, we have invested significant amounts in laboratory support in anticipation of the sale of diagnostic products.
General and Administrative (G&A) expenses for the three months ended December 31, 2018 were $2.5 million compared with $1.1 million for the three months ended December 31, 2017. The changes in general and administrative expenses resulted from increased management headcount in fiscal 2018, and stock options and warrants issued for consulting services relating to all business entities in fiscal 2017.
Amortization and depreciation expenses for the three months ended December 31, 2018 were $2.0 million, compared with $850,000 for the three months ended December 31, 2017. The reason for the increase in amortization and depreciation expenses relate primarily to the expense of costs relating to our acquisitions.
The net loss attributable to controlling interest for the three months ended December 31, 2018 was $2.6 million, or $0.01 per share, versus a net loss attributable to controlling interest for the three months ended December 31, 2018 of $376,000, or $0.00 per share.
Year-to-date Financial Results
Revenue for the first six months of fiscal 2019 was $18.8 million, a 246% increase from $5.4 million reported for the first six months of fiscal 2018. Gross profit margin for first six months of 2019 was 68.4%, an improvement from 67.5% from the prior year period.
Operating expenses for the first six months of fiscal 2019 were $17.0 million versus $9.4 million for the prior year period. The increase in the fiscal 2019 period was due to increases in sales and marketing expenses, R&D expenses, and amortization and depreciation expenses, offset in part by lower G&A expenses. For the six months ended December 31, 2018, sales and marketing expenses were $5.8 million, G&A expenses were $5.1 million, R&D expenses were $2.4 million, and amortization and depreciation expenses was $3.7 million.
The company reported an investment loss of $915,000 for the first six months of 2019. The company did not report an investment loss or gain in the prior year period.
The net loss attributable to controlling interest for the first six months of fiscal 2019 was $5.0 million, or $0.02 per share, versus a net loss attributable to controlling interest for the first six months of fiscal 2018 of $5.5 million, or $0.03 per share.
The company reported cash and cash equivalents of $2.6 million as of December 31, 2018 compared with $1.2 million as of June 30, 2018.
About Predictive Technology Group, Inc.
Predictive Technology Group aims to revolutionize patient care through predictive data analytics, novel gene-based diagnostics and companion therapeutics through its subsidiaries Predictive Therapeutics, Predictive Biotech, Predictive Diagnostics and Predictive Laboratories. These subsidiaries are focused on endometriosis, scoliosis, degenerative disc disease and human cell and tissue products. The subsidiaries use genetic and other information as cornerstones in the development of new diagnostics that assess a person’s risk of illness and therapeutic products designed to identify, prevent and treat diseases more effectively. Additional information is available at Predtechgroup.com; Predrx.com andPredictivebiotech.com.
Financial can be viewed at THE US SEC EDGAR Site per below:
https://www.sec.gov/Archives/edgar/data/1382943/000109181819000029/pred02142019form10q.htm
Forward-Looking Statements
To the extent any statements made in this release contain information that is not historical, these statements are essentially forward-looking and are subject to risks and uncertainties, including the difficulty of predicting FDA approvals, acceptance and demand for human cell and tissue products and other pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials, availability of additional intellectual property rights, availability of future financing sources, the regulatory environment, and other risks the Company may identify from time to time in the future.
Covalent Collective Appoints New CFO and COO
/in Covalent Collective, Inc., Press Releases /by Yes InternationalColorado Springs, Colorado, Jan. 30, 2019 (GLOBE NEWSWIRE) — Covalent Collective, Inc. (“Covalent Collective” or the “Company”), a burgeoning network of vertically integrated cannabis businesses, announced today that the Company has added two new members to its leadership team with the hiring of Anthony Engel as Chief Financial Officer and Douglas Matthews as Chief Operations Officer. Both Mr. Engel and Mr. Matthews will report directly to Bill Gregorak, CEO of Covalent Collective.
Anthony Engel brings extensive financial leadership experience to Covalent Collective having served as CFO across a range of retail, consumer packaged goods, and agricultural verticals. In his role as CFO, Mr. Engel will be responsible for overseeing Covalent Collective’s financial operations and be responsible for managing liquidity, balance sheet risk and capital market transactions to ensure the Company remains well positioned to capitalize on growth opportunities. Before joining Covalent Collective, Mr. Engel served as CFO at Agrium and managed the expansion of the Company’s retail footprint of its agricultural product lines across nine countries and four continents. In addition to his experience at Agrium, Mr. Engel also previously served as Corporate Accounting Manager at Molson Coors and held a leadership role in the IPO processes for three different companies, was involved in numerous debt and equity financings, and oversaw more than fifty acquisitions including managing the successful sale of a national food retailer (Wild Oats) to a strategic buyer (Whole Foods Market).
“I am pleased to announce the addition of Anthony to our executive team. His impressive background and financial leadership experience managing multiple public companies through the IPO process will prove to be an invaluable asset to the Company as it executes on its growth strategy throughout 2019 and beyond,” commented Mr. Gregorak. “As we continue to expand Covalent Collective’s footprint in the U.S. and abroad, Anthony’s deep understanding of executing financial strategies and his strong international experience will be critical as we look forward to continuing to scale the business and build value for shareholders.”
Douglas Matthews joins Covalent Collective as Chief Operations Officer and will be responsible for developing effective and efficient organizational capabilities at both the Company’s corporate headquarters as well as throughout Covalent Collective’s network of vertically integrated cannabis businesses. With experience in consumer products sales, marketing, production and distribution on global basis, Mr. Matthews brings a combination of both tactical and strategic skills with a focus on organizational performance, strategic alignment, relationship development and profitable operational execution to the organization. Before joining Covalent Collective, Douglas served as President/Founder of The 4E Project Inc., a private corporate redevelopment firm engaged in leading organizations’ assessment, refinement and implementation of strategic business expansion, acquisition/divestiture and market expansion activities. Prior to The 4E Project, Douglas spent 14 years with Case Logic, subsequently acquired by Thule, where he served as President of the Organization Solutions business unit, with prior roles as the Senior VP Sales & Marketing, VP of Custom Products group and lead the expansion of the Company’s Asia/Pacific retail and wholesale operations.
“As our operations continue to grow in size and complexity across a network of businesses, we will rely upon Doug’s creative flexibility and global entrepreneurial experience to ensure financial strength and operational efficiency,” added Mr. Gregorak. “With over three decades of experience leading large geographically dispersed organizations, Doug will play a critical role guiding Covalent Collective towards executing its strategic goals and becoming a leading cannabis company.”
About Covalent Collective:
Covalent Collective, Inc. is a British Columbia, Canada company founded in 2014 and headquartered in Colorado Springs, CO. The Company is building a diverse network of vertically integrated cannabis-centric enterprises that span the entirety of the legal cannabis and hemp industries. With a vision to build the largest grow capacity in the U.S., Covalent Collective’s mission is to create stronger bonds throughout the greater cannabis community through the execution of a strategic acquisition and joint venture strategy that is strategically positioned to support eventual federal legalization in the United States. For more information, please visit https://covalentcannabis.com.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and “forward- looking information” within the meaning of Canadian securities laws, or collectively, forward-looking statements. Forward-looking statements in this press release may be identified by the use of words such as “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, including statements with respect to the Company’s operations and growth strategies. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment and future approvals and permits. Actual results, performance or achievements could differ materially from those expressed in, or implied by, any forward-looking statements in this press release, and readers should not place undue reliance on any such forward-looking statements since they are not guarantees of future results. The Company does not undertake and specifically declines any obligation to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.
For further information contact Rich Kaiser, Investor Relations, 757-306-6090 or rich@yesinternational.com rkaiser@covalentcannabis.com
NORTHSTAR ELECTRONICS, INC. (NEIK) PROVIDES AN INTERIM UPDATE AS ITS SUBSIDIARY ACHIEVES ANOTHER MILESTONE
/in Northstar Electronics, Press Releases /by Yes InternationalVirginia Beach, VA.-January 10, 2019 – Northstar Electronics, Inc. (OTCQB: NEIK) is pleased to provide an update to its shareholders on a key milestone achieved by its subsidiary, Northstar Sealand Enterprises Ltd. (NSEL), on a major acquisition.
As previously reported, NEIK and NSEL have been working closely with a major global Aerospace Company with the objective to acquire the worldwide rights and IP for a high-performance Turbo-Prop industrial aircraft.
Recently, the Aerospace Company presented the main details of this complex transaction to the Canadian government’s Industry, Science and Education Department (ISED), where the plan was met with positive and enthusiastic feedback from the department’s representatives. This confirmation of interest in this transaction, and its eligibility for substantial “Offset” credits under ISED’s Industry Trade and Benefits program, will now expedite the planned transaction through the Aerospace Company’s internal review processes. Completion of the review will clear the path toward the final stages of negotiations with NSEL.
To this end, NEIK is moving forward on its plans to provide financial support for the endeavour, aligning key investors and financial instruments, while NSEL continues its pre-sales efforts and its preparations for a rapid and efficient ramp-up to production, and an expedient rise to profitability.
For more details about Northstar Electronics and its subsidiary, Northstar Sealand Enterprises, Ltd., refer to the Company’s website, www.northstarelectronics.com.
For further information about this news release contact, Rich Kaiser, Investor Relations, YES INTERNATIONAL, 757-306-6090, and yes@yesinternational.com.
About Northstar Electronics, Inc.
Northstar Electronics, Inc. (OTCQB:NEIK), established in the late 1990’s, carried out design and manufacturing contracts for various divisions of Lockheed Martin Corporation including LM MS2 (Submarine Command and Control Consoles), LM Canada (Naval Anti-Terrorism System), LM Aeronautics (Parts for P-3 Orion Airplane), and L-3 ( Navy Frigate Command and Control Consoles). Northstar also designed, manufactured, and sold its own sonar-based system to commercial customers. In the past few years, Northstar has moved towards making and selling its own independent systems, www.northstarelectronics.com.
Safe Harbor Statement: This press release may include predictions, estimates, opinions or statements that might be considered “forward-looking” under the provisions of the Private Securities Litigation Reform Act of 1995. Such statements generally can be identified by phrases such as the Company or its management “believes,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates,” or other, similar words or phrases.
Doyen Elements International Rebrands to Covalent Collective and Appoints Bill Gregorak as Chief Executive Officer
/in Covalent Collective, Inc. /by Yes InternationalColorado Springs, CO, Jan. 08, 2019– Doyen Elements International, Inc., a burgeoning network of vertically integrated cannabis businesses, announces its rebranding and renaming itself to Covalent Collective, Inc. (“Covalent Collective” or the “Company”). In addition, the Company announced Bill Gregorak as Chief Executive Officer, effective immediately. Prior to being named CEO, Mr. Gregorak served as Chief Financial Officer of Covalent Collective since February 2018. Mr. Gregorak takes over as CEO from Geoffrey Thompson, a co-founder of Covalent Collective, who will continue as leader of merger and acquisitions.
“The cannabis industry is evolving even more rapidly than any of the experts expected, and Covalent Collective’s value proposition differentiates us in a crowded marketplace. Over the coming weeks, months and years, the vision we have will yield tremendous shareholder value, and position us for exponential growth,” said Mr. Thompson. “We are confident that the rebrand and name change to Covalent Collective effectively aligns with our core mission of building out a vertically integrated network of unique cannabis enterprises. It also allows us to capitalize on this rapidly expanding market by providing a means to greatly enhance and accelerate our partners’ growth potential. As we continue to grow Covalent Collective, we will focus our efforts on both organic growth and strategic acquisitions.”
In his role, Mr. Gregorak will direct all business units and strategy for Covalent Collective. Mr. Gregorak will also oversee the execution of the Company’s rebranding and acquisition strategy of plant-touching enterprises that grow, process and sell cannabis products.
“As a seasoned executive, Bill Gregorak brings to bear more than two decades of public company experience. Coupled with his broad background in managing relationships with customers, partners and investors, Bill has the right combination of skills and experience to lead our company and senior management team,” added, Mr. Thompson. “Throughout the search process, Bill’s unique skill set stood out as the best candidate for the CEO position and we are thrilled to have him lead us into our next level of growth and expansion.”
Prior to joining Covalent Collective, Mr. Gregorak served as CFO for publicly traded companies on both the NASDAQ and the OTC markets including Two Rivers Water and Farming, a company that builds and leases greenhouses optimized for marijuana cultivation and also specializes in the development of water resources for municipal, commercial and agricultural usage in Southwest Colorado. Mr. Gregorak also spent nearly 20 years with tech giant Hewlett-Packard in various financial and operational capacities.
“Before taking Covalent Collective to the next level, we needed to develop a more sophisticated brand, one that better reflects our mission,” said Mr. Gregorak. “As we take this next step, our goal is to provide tremendous value to our partners, investors and potential shareholders. In order to achieve this, we are confident that a diversified, innovative collective of vertically integrated cannabis enterprises will allow us to optimize efficiency across the entire cannabis ecosystem.”
About Covalent Collective:
Covalent Collective, Inc. is a British Columbia, Canada company founded in 2014 and headquartered in Colorado Springs, CO. The Company is building a diverse network of vertically integrated cannabis-centric enterprises that span the entirety of the legal cannabis and hemp industries. With a vision to build the largest grow capacity in the U.S., Covalent Collective’s mission is to create stronger bonds throughout the greater cannabis community through the execution of a strategic acquisition and joint venture strategy that is strategically positioned to support eventual federal legalization in the United States. For more information, please visit https://covalentcannabis.com.
Media Contacts:
Nick Opich / Cynthia Salarizadeh
KCSA Strategic Communications
(212) 896-1206 / (856) 425-6160
Investor Relations:
Rich Kaiser
YES INTERNATIONAL
757-306-6090
ir@covalentcollective.co
yes@yesinternational.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and “forward- looking information” within the meaning of Canadian securities laws, or collectively, forward-looking statements. Forward-looking statements in this press release may be identified by the use of words such as “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, including statements with respect to the Company’s rebranding and acquisition strategies. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment and future approvals and permits. Actual results, performance or achievements could differ materially from those expressed in, or implied by, any forward-looking statements in this press release, and readers should not place undue reliance on any such forward-looking statements since they are not guarantees of future results. The Company does not undertake and specifically declines any obligation to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.