FAIRFAX, VA / ACCESSWIRE / July 30, 2019 / The Freedom Bank of Virginia (OTCQX:FDVA), (the “Bank” or “Freedom”) today announced net income of $509,075, or $0.07 per diluted share, for the quarter ended June 30, 2019.

Joseph J. Thomas, President and CEO, commented “We are pleased to see the efforts of the restructuring plan and new innovation strategy take hold resulting in a 20.03% increase in pre-tax profits in the second quarter of 2019 to $629,837 compared to the prior quarter and resumed growth of our balance sheet with a 15.61% annualized increase in total loans to $403.2 million and a 49.31% annualized increase in DDA accounts to $82.8 million, both compared to the prior quarter. The gains in pre-tax income were driven by a 50.18% increase in non-interest income to $1.4 million due to strong production results in our residential mortgage business and a reduction of 2.71% in non-interest expenses, both compared to the prior quarter. However, conditions in banking remain challenging for top line revenue as net interest income declined 8.22% to $3.77 million for the second quarter of 2019 compared to the previous quarter, and we have work to do in order to earn more lead client relationships and remix deposits so as to increase C&I loans and lower the cost of core deposits,” continued Thomas.

Second Quarter 2019 Highlights include:

Net income for the quarter was $509,075 or $0.07 per diluted share compared to $515,986 or $0.07 per diluted share for the first quarter of 2019, and $700,197 or $0.10 per diluted share, for the quarter ended June 30, 2018. Net income for the six months ended June 30, 2019 was $1,025,061 or $0.14 per diluted share compared to $1,008,425 or $0.15 per diluted share for the six months ended June 30, 2018;
Return on Average Assets (“ROAA”) was 0.42% for the quarter ended June 30, 2019 compared to 0.43% for the previous quarter and 0.55% for the quarter ended June 30, 2018. ROAA was 0.43% for the six months ended June 30, 2019 compared to 0.39% for the six months ended June 30, 2018;
Return on Average Equity (“ROAE”) was 3.36% for the quarter ended June 30, 2019 compared to 3.51% for the previous quarter and 5.07% for the quarter ended June 30, 2018. ROAE was 3.44% for the six months ended June 30, 2019 compared to 3.66% for the six months ended June 30, 2018;
Total assets were $489.91 million on June 30, 2019, higher by $11.09 million or 2.32% compared to December 31, 2018;

Loans receivable increased by $11.61 million or by 3.08% during the second quarter, while loans held-for-sale increased by $3.53 million or by 33.44% in the second quarter;

Available-for-sale Securities decreased by $7.18 million or by 13.25% during the quarter;

Total deposits increased by $3.18 million or by 0.80% in the second quarter;

Non-interest bearing demand deposits increased by $8.97 million during the quarter to $81.75 million, and comprised 20.52% of total deposits at June 30, 2019;

The net interest margin was 3.27% for the quarter, lower by 33 basis points compared to the previous quarter and by 32 basis points compared to the same quarter in 2018;

Non-interest income increased by 50.18% compared to the previous quarter, and by 20.23% compared to the same period in 2018, primarily due to higher revenue from the sale of mortgage loans and a gain on sale of investment securities during the second quarter;

Non-interest expenses decreased by 2.71% and by 9.59% compared to the previous quarter and the same period in 2018, respectively. The Efficiency Ratio was 84.97% for the quarter ended June 30, 2019 compared to 89.59% for the previous quarter and 85.65% for the same period in 2018;

The Bank recognized a provision for loan losses of $147,500 during the second quarter. The allowance for loan and lease losses (“ALLL”) was 1.14% of loans receivable at June 30, 2019 compared to 1.16% of loans receivable at December 31, 2018;

Asset quality remains strong with the ratio of non-performing assets to total assets at 0.65% as of June 30, 2019 compared to a ratio of 0.69% as of December 31, 2018;

Capital ratios continue to be strong, and above regulatory minimums for well-capitalized banks: Total Risk Based Capital ratio of 15.98%, Tier 1 Risk Based Capital ratio of 14.91%, Common Equity Tier 1 ratio of 14.91% and Tier 1 Leverage ratio of 12.71% at June 30, 2019.

Net Interest Income

The Bank recorded net interest income of $3.77 for the second quarter of 2019, a decrease of 8.22% compared to the previous quarter and lower by 16.38% compared to the same period in 2018. The net interest margin in the second quarter of 2019 was 3.27%, lower by 33 basis points compared to the previous quarter, and lower by 32 basis points compared to the same period in 2018.

The following factors contributed to the changes in net interest margin during the second quarter of 2019 compared to the previous quarter:

Yields on average earning assets decreased by 23 basis points to 4.76% compared to 4.99% in the previous quarter, primarily due to a decline in loan yields during the second quarter.

Loan yields decreased by 25 basis points to 5.17% from 5.42% in the previous quarter, while yields on investment securities decreased by 3 basis points to 2.80%, from 2.83% in the previous quarter. The decline in loan yields was related to reversal of interest income on loans that had been placed on nonaccrual during the quarter, payoffs of consumer loans and lower yields on loans held-for-sale.

Cost of funds increased by 12 basis points to 1.66%, from 1.54% in the previous quarter, primarily due to higher costs related to time deposits.

The following factors contributed to the changes in net interest margin during the second quarter of 2019 compared to the same period in 2018:

Yields on average earning assets increased by 13 basis points to 4.76% compared to 4.63% in the quarter ended June 30, 2018.

Loan yields decreased by 3 basis points to 5.17% from 5.20% in the quarter ended June 30, 2018, while yields on investment securities increased by 19 basis points to 2.80%, from 2.61% in the quarter ended June 30, 2018.

Cost of funds increased by 49 basis points to 1.66%, from 1.17% in the quarter ended June 30, 2018, primarily due to higher costs related to time deposits.

Non-interest Income

Non-interest income increased by 50.18% compared to the previous quarter and was higher by 20.23% compared to the quarter ended June 30, 2018. The principal contributors to the increase in non-interest income were higher gain-on-sale revenue from mortgage loans and a gain from sale of investment securities during the quarter. The proceeds of the sale of investment securities were redeployed into higher yielding loans.

Total revenue from the gain on sale of mortgage loans increased by 46.96% compared to the previous quarter, and by 8.45% compared to the same period in 2018. The increase in gain-on-sale revenue was driven by the higher volume of mortgage originations during the second quarter of 2019.

Non-interest Expenses

Non-interest expenses decreased by 2.71% compared to the previous quarter and by 9.59% compared to the same period in 2018. Non-interest expenses decreased by 6.12% for the first six months of 2019 compared to the same period in 2018.

Principal categories of non-interest expenses that changed in the second quarter of 2019 were the following:

Compensation costs decreased by 7.54% compared to the previous quarter and by 9.16% compared to the same period in 2018.

Professional fees were also lower by 24.58% compared to the previous quarter, and by 33.92% compared to the same period in 2018.

Equipment and depreciation expenses increased in the second quarter of 2019 primarily due to licensing of on-line banking software.

Business development expenses also increased in the second quarter of 2019 primarily due to costs related to advertising and rebranding.

Income Taxes

Income tax expense was $120,769 in the second quarter of 2019, equivalent to an effective tax rate of 19.17% compared to tax expense of $114,300, equivalent to an effective tax rate of 14.03% for the same period in 2018.

Asset Quality

Non-accrual loans were $3.05 million or 0.76% of total loans at the end of the second quarter of 2019, compared to $2.48 million or 0.64% at the end of the prior quarter. As of June 30, 2019, there were no troubled debt restructurings (“TDRs”) not on nonaccrual compared to two TDRs not on non-accrual with a balance of $460,805, or 0.12% of total loans, at the end of the prior quarter. On June 30, 2019 there were $148,321 of loans that were 90 days or more past due and not on no-accrual, equivalent to 0.04% of total loans, compared to no loans that were 90 days or more past due and not on non-accrual on March 31, 2019. Additionally, there was no other real estate owned (“OREO”) on the balance sheet on June 30, 2019 or March 31, 2019. Total non-performing assets (defined as the sum of loans on non-accrual, loans greater than 90 days past due and not on non-accrual, loans that were TDRs but not on non-accrual, and OREO assets) were $3.19 million or 0.65% of total assets at June 30, 2019 compared to $2.94 million or 0.62% of total assets, at the end of the previous quarter.

The Bank recognized a provision for loan and lease losses of $147,500 during the second quarter, compared to no provision in the prior quarter. The Bank’s ALLL was 1.14% of loans receivable at June 30, 2019, compared to 1.16% of loans receivable at December 31, 2018 and 1.09% of loans receivable on June 30, 2018.

Total Assets

Total assets at June 30, 2019 were $489.91 million compared to $477.90 million on March 31, 2019 and $478.81 million on December 31, 2018. Changes in major asset categories during linked quarters were as follows:

Cash balances and deposits with other banks increased by $3.53 million during the quarter.

The available-for-sale securities portfolio decreased by $7.18 million compared to March 31, 2019, as the Bank sold bonds during the quarter for a gain. Proceeds from the sale were deployed into higher yielding loans.

Loans receivable increased by $11.61 million during the quarter.

Loans held-for-sale increased by $3.53 million during the quarter.

Total Liabilities

Total liabilities at June 30, 2019 were $428.66 million, compared to total liabilities of $417.62 million on March 31, 2019 and compared to total liabilities of $419.70 million on December 31, 2018. Total deposits were $398.41 million on June 30, 2019 compared to $395.23 million on March 31, 2019, and compared to total deposits of $400.73 million on December 31, 2018. On a linked quarter basis, interest bearing demand deposits declined by $9.58 million, with the bulk of the decline occurring in money market balances, while time deposits increased by $3.73 million. The decline in high cost interest bearing deposits was partially offset by an increase in non-interest bearing deposits during the quarter. Non-interest bearing demand deposits increased during the quarter by $8.97 million to $81.75 million and comprised 20.52% of total deposits at the end of the quarter, compared to 18.41% of total deposits on March 31, 2019 and 16.72% of total deposits on December 31, 2018. Federal Home Loan Bank advances increased by $7.85 million during the quarter.

Stockholders’ Equity and Capital

Stockholders’ equity at June 30, 2019 was $61.25 million compared to $60.29 million on March 31, 2019 and $59.11 million on December 31, 2018. Additional paid in capital at June 30, 2019 was $57.66 million compared to $57.53 million on March 31, 2019 and compared to $57.42 million on December 31, 2018. Accumulated Other Comprehensive Income (“AOCI”), which generally comprises unrealized gains and losses on available-for-sale securities on the balance sheet, increased by $330,081 on lower unrealized losses during the quarter and has increased by $870,921 since December 31, 2018. Total shares issued and outstanding were 7,122,102 on June 30, 2019 compared to 6,981,602 on December 31, 2018. The book value of the Bank’s common stock at June 30, 2019 was $8.60 compared to $8.47 per share on December 31, 2018.

As of June 30, 2019, all of the Bank’s capital ratios were well above regulatory minimum capital ratios for well capitalized banks. The Bank’s capital ratios on June 30, 2019 and December 31, 2018 were as follows:

June 30, 2019

December 31, 2018

Total Capital Ratio

15.98%

15.85%

Tier 1 Capital Ratio

14.91%

14.73%

Common Equity
Tier 1 Capital Ratio

14.91%

14.73%

Leverage Ratio

12.71%

12.15%

About Freedom Bank

Freedom Bank is a community-oriented bank with locations in Fairfax, Reston, Chantilly and Vienna, Virginia. Freedom Bank also has a mortgage division headquartered in Chantilly. For information about Freedom Bank’s deposit and loan services, visit the Bank’s website at www.freedombankva.com.

Forward Looking Statements

This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations include: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, maintenance and development of well-established and valued client relationships and referral source relationships, the adequacy or inadequacy of our allowance for loan and lease losses, and acquisition or loss of key production personnel. The Bank cautions readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and the Bank may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance.

Contact:

Joseph J. Thomas
President & Chief Executive Officer
703-667-4161: Phone
jthomas@freedombankva.com: Email

THE FREEDOM BANK OF VIRGINIA
CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Unaudited)

(Audited)

June 30,

March 31,

December 31,

2019

2019

2018

ASSETS

Cash and Due from Banks

$
1,451,117

$
1,796,929

$
1,270,559

Interest Bearing Deposits with Banks

17,686,061

13,804,921

14,376,684

Securities Available-for-Sale

46,997,845

54,177,183

48,204,339

Restricted Stock Investments

3,277,800

3,041,300

3,076,000

Loans Held for Sale

14,094,057

10,562,219

4,415,520

Loans Receivable

389,069,949

377,458,580

394,080,457

Allowance for Loan Losses

(4,435,737
)

(4,509,489
)

(4,572,392
)

Net Loans

384,634,112

372,949,091

389,508,065

Bank Premises and Equipment, net

1,618,940

1,678,539

1,748,935

Other Real Estate Owned

–

–

–

Accrued Interest Receivable

1,368,964

1,363,329

1,229,534

Deferred Tax Asset

864,642

864,642

1,247,513

Bank-Owned Life Insurance

12,589,855

12,493,532

12,401,317

Other Assets

5,322,137

5,170,809

1,336,521

Total Assets

489,905,630

$
477,902,494

$
478,814,987

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities

Deposits

Demand deposits

Non-interest bearing

$
81,750,368

$
72,778,632

$
67,012,857

Interest bearing

112,197,895

121,777,996

128,403,357

Savings deposits

2,544,341

2,481,822

3,023,239

Time deposits

201,914,936

198,188,774

202,292,311

Total Deposits

398,407,542

395,227,224

400,731,764

Federal Home Loan Bank advances

24,850,000

17,000,000

17,142,857

Other accrued expenses

4,768,419

4,981,062

1,607,492

Accrued interest payable

630,123

408,730

218,537

Total Liabilities

428,656,083

417,617,016

419,700,650

Stockholders’ Equity

Preferred stock, $0.01 par value, 5,000,000 shares authorized;

0 shares issued and outstanding, 2019 and 2018

–

–

–

Common stock, $0.01 par value, 25,000,000 shares:

23,000,000 shares voting and 2,000,000 shares non-voting.

Voting Common Stock:

6,449,102, 6,323,602, and 6,308,602 shares issued and outstanding

at June 30, 2019, March 31, 2019 and December 31, 2018, respectively

(includes 125,000, 115,000 and 115,000 unvested shares at June 30, 2019,

March 31, 2019 and December 31, 2018 respectively)

63,236

63,236

63,086

Non-Voting Common Stock:

673,000 shares issued and outstanding June 30, 2019

March 31, 2019 and December 31 2018

6,730

6,730

6,730

Additional paid-in capital

57,655,145

57,530,232

57,416,068

Accumulated other comprehensive loss, net

(253,180
)

(583,261
)

(1,124,101
)

Retained earnings

3,777,616

3,268,541

2,752,554

Total Stockholders’ Equity

61,249,547

60,285,478

59,114,337

Total Liabilities and Stockholders’ Equity

$
489,905,630

$
477,902,494

$
478,814,987

THE FREEDOM BANK OF VIRGINIA
CONSOLIDATED STATEMENTS OF OPERATIONS

For the quarter ended

For the quarter ended

For the six months ended

For the six months ended

June 30,

June 30,

June 30,

June 30,

2019

2018

2019

2018

Interest Income

Interest and fees on loans

$
5,022,245

$
5,268,814

$
10,226,963

$
10,386,582

Interest on investment securities

381,352

449,094

748,369

904,033

Interest on Federal funds sold

94,979

107,204

220,307

249,620

Total Interest Income

5,498,576

5,825,112

11,195,639

11,540,235

Interest Expense

Interest on deposits

1,606,953

1,231,777

3,108,272

2,505,552

Interest on borrowings

120,696

83,513

207,828

128,938

Total Interest Expense

1,727,649

1,315,290

3,316,100

2,634,490

Net Interest Income

3,770,927

4,509,823

7,879,539

8,905,745

Provision for Loan Losses

147,500

–

147,500

–

Net Interest Income after

7,732,039

8,905,745

Provision for Loan Losses

3,623,427

4,509,823

Non-Interest Income

Gain on sale of mortgage loans

1,168,251

1,077,193

1,963,191

1,653,469

Service charges and other income

32,462

73,695

74,893

108,617

Gains on sale of securities

103,034

–

105,722

–

Increase in cash surrender value of bank-

owned life insurance

96,324

13,585

188,539

27,122

Total Non-interest Income

1,400,071

1,164,473

2,332,344

1,789,207

Non-Interest Expenses

Officer and employee compensation

and benefits

2,711,905

2,985,202

5,644,898

5,678,471

Occupancy expense

288,213

277,968

563,989

551,080

Equipment and depreciation expense

277,717

184,298

463,238

325,868

Insurance expense

77,984

200,437

155,968

281,933

Professional fees

243,880

369,089

567,238

1,000,611

Data and item processing

187,073

294,419

439,620

571,776

Business development

124,276

70,108

159,545

140,685

Franchise taxes

98,717

138,310

240,604

269,465

Mortgage fees and settlements

198,771

140,155

330,652

265,636

Other operating expense

185,124

199,813

344,050

405,102

Total Non-interest Expenses

4,393,660

4,859,799

8,909,802

9,490,627

Income before Income Taxes

629,837

814,497

1,154,580

1,204,325

Income Tax Expense

120,769

114,300

129,525

195,900

Net Income

$
509,075

$
700,197

$
1,025,061

$
1,008,425

Earnings per Common Share – Basic

$
0.07

$
0.11

$
0.14

$
0.15

Earnings per Common Share – Diluted

$
0.07

$
0.10

$
0.14

$
0.15

Weighted-Average Common Shares

Outstanding – Basic

7,114,190

6,629,749

7,102,226

6,578,328

Weighted-Average Common Shares

Outstanding – Diluted

7,177,984

6,856,291

7,163,661

6,804,871

THE FREEDOM BANK OF VIRGINIA
CONSOLIDATED STATEMENTS OF OPERATIONS

For the quarter ended

For the quarter ended

For the quarter ended

For the quarter ended

For the quarter ended

June 30,

March 31,

December 31,

September 30,

June 30,

2019

2019

2018

2018

2018

Interest Income

Interest and fees on loans

$
5,022,252

$
5,204,718

$
5,320,254

$
5,401,108

$
5,268,815

Interest on investment securities

381,352

367,017

337,702

498,506

449,094

Interest on Federal funds sold and Other

94,979

125,328

174,693

60,077

107,204

Total Interest Income

5,498,583

5,697,063

5,832,649

5,959,691

5,825,113

Interest Expense

Interest on deposits

1,606,953

1,501,319

1,457,042

1,389,640

1,231,777

Interest on borrowings

120,696

87,132

89,481

103,953

83,513

Total Interest Expense

1,727,649

1,588,451

1,546,523

1,493,593

1,315,290

Net Interest Income

3,770,934

4,108,612

4,286,126

4,466,098

4,509,823

Provision for Loan Losses

147,500

–

406,000

–

–

Net Interest Income after

Provision for Loan Losses

3,623,434

4,108,612

3,880,126

4,466,097

4,509,823

Non-Interest Income

Gain on sale of mortgage loans

1,168,251

794,939

668,073

846,653

1,077,193

Service charges and other income

32,462

42,431

43,196

36,079

73,695

Gains on sale of securities

103,034

2,688

–

(1,181,108
)

–

Increase in cash surrender value of bank-

owned life insurance

96,324

92,215

22,396

13,653

13,585

Total Non-interest Income

1,400,071

932,273

733,665

(284,723
)

1,164,473

Non-Interest Expenses

Officer and employee compensation

and benefits

2,711,906

2,932,994

2,824,480

3,151,302

2,985,202

Occupancy expense

288,213

275,776

269,963

277,941

277,968

Equipment and depreciation expense

277,717

185,521

172,048

166,369

184,298

Insurance expense

77,984

77,984

78,345

78,251

200,437

Professional fees

243,880

323,358

478,838

628,583

369,089

Data and item processing

187,073

252,547

312,108

365,946

294,419

Business development

124,276

35,269

57,289

47,320

70,108

Franchise taxes

98,717

141,887

141,886

141,886

138,310

Mortgage fees and settlements

198,771

131,881

95,353

137,423

140,155

Other operating expense

185,124

158,926

179,851

245,488

199,813

Total Non-interest Expenses

4,393,661

4,516,143

4,610,161

5,240,510

4,859,799

Income before Income Taxes

629,844

524,742

3,631

(1,059,135
)

814,497

Income Tax Expense

120,769

8,756

(11,605
)

(226,718
)

114,300

Net Income

$
509,075

$
515,986

$
15,235

$
(832,417
)

$
700,197

Earnings per Common Share – Basic

$
0.07

$
0.07

$
0.00

$
(0.12
)

$
0.11

Earnings per Common Share – Diluted

$
0.07

$
0.07

$
0.00

$
(0.12
)

$
0.10

Weighted-Average Common Shares

Outstanding – Basic

7,114,190

7,097,635

7,085,636

6,873,123

6,629,749

Weighted-Average Common Shares

Outstanding – Diluted

7,177,984

7,173,656

7,207,759

6,873,123

6,856,291

Average Balances, Income and Expenses, Yields and Rates
(Unaudited)

Three Months Ended

Three Months Ended

June 30, 2019

March 31, 2019

Average Balance

Income/Expense

Yield

Average Balance

Income/Expense

Yield

Assets

Cash

$
19,212,889

$
94,979

1.98
%

$
20,706,435

$
125,328

2.45
%

Investments (Tax Exempt)

$
4,380,278

$
38,468

$
4,643,552

$
43,118

Investments (Taxable)

$
51,397,468

$
350,962

$
49,309,238

$
332,954

Total Investments

$
55,777,746

$
389,430

2.80
%

$
53,952,790

$
376,072

2.83
%

Loans (Tax Exempt)

$
4,618,618

$
61,329

$
618,161

$
12,184

Loans (Taxable)

$
385,967,635

$
4,973,795

$
388,736,646

$
5,195,092

Total Loans

$
390,586,253

$
5,035,124

5.17
%

$
389,354,807

$
5,207,276

5.42
%

Earning Assets

$
465,576,888

$
5,519,533

4.76
%

$
464,014,032

$
5,708,675

4.99
%

Assets

$
483,716,025

$
482,503,597

Liabilities

Interest Checking

$
7,006,451

$
9,307

0.53
%

$
6,933,095

$
9,165

0.54
%

Money Market

$
108,817,738

$
386,793

1.43
%

$
116,599,595

$
395,239

1.37
%

Savings

$
2,411,698

$
1,202

0.20
%

$
2,892,660

$
1,411

0.20
%

Time Deposits

$
201,531,076

$
1,209,651

2.38
%

$
199,846,160

$
1,095,504

2.22
%

Interest Bearing Deposits

$
319,766,963

$
1,606,953

2.02
%

$
326,271,510

$
1,501,319

1.87
%

FHLB Borrowings

$
21,830,769

$
120,696

2.22
%

$
17,131,746

$
87,131

2.06
%

Interest Bearing Liabilities

$
341,597,732

$
1,727,649

2.03
%

$
343,403,256

$
1,588,450

1.88
%

Non Interest Bearing Deposits

$
76,077,226

$
74,141,543

Cost of Funds

1.66
%

1.54
%

Net Interest Margin1

$
3,791,884

3.27
%

$
4,120,225

3.60
%

Shareholders Equity

$
60,715,800

$
59,571,345

1 Net interest margin is calculated as fully taxable equivalent net interest income divided by average earning assets and represents the Bank’s net yield on its earning assets

Average Balances, Income and Expenses, Yields and Rates
(Unaudited)

Three Months Ended

Three Months Ended

Six Months Ended

Six Months Ended

June 30, 2019

June 30, 2018

June 30, 2019

June 30, 2018

Average Balance

Income/Expense

Yield

Average Balance

Income/Expense

Yield

Average Balance

Income/Expense

Yield

Average Balance

Income/Expense

Yield

Assets

Cash

$
19,212,889

$
94,979

1.98
%

$
25,948,448

$
107,187

1.66
%

$
19,955,536

$
220,307

2.23
%

$
32,684,743

$
249,066

1.54
%

Investments (Tax Exempt)

$
4,380,278

$
38,468

$
29,528,418

$
233,585

$
4,511,188

$
81,586

$
29,699,338

$
468,122

Investments (Taxable)

$
51,397,468

$
350,962

$
46,917,665

$
264,561

$
50,359,121

$
683,916

$
47,370,267

$
534,217

Total Investments

$
55,777,746

$
389,430

2.80
%

$
76,446,083

$
498,146

2.61
%

$
54,870,309

$
765,502

2.81
%

$
77,069,605

$
1,002,339

2.62
%

Loans (Tax Exempt)

$
4,618,618

$
61,329

$
0

$
0

$
2,629,441

$
73,514

$
0

$
0

Loans (Taxable)

$
385,967,635

$
4,973,795

$
406,481,811

$
5,268,814

$
387,344,491

$
10,168,887

$
405,622,871

$
10,386,582

Total Loans

$
390,586,253

$
5,035,124

5.17
%

$
406,481,811

$
5,268,814

5.20
%

$
389,973,932

$
10,242,401

5.30
%

$
405,622,871

$
10,386,582

5.16
%

Earning Assets

$
465,576,888

$
5,519,533

4.76
%

$
508,876,342

$
5,874,147

4.63
%

$
464,799,777

$
11,228,210

4.87
%

$
515,377,219

$
11,637,987

4.55
%

Assets

$
483,716,025

$
512,688,968

$
483,113,160

$
519,362,390

Liabilities

Interest Checking

$
7,006,451

$
9,307

0.53
%

$
6,440,700

$
8,518

0.53
%

$
6,970,274

$
18,472

0.53
%

$
6,245,572

$
15,552

0.50
%

Money Market

$
108,817,738

$
386,793

1.43
%

$
170,661,593

$
510,601

1.20
%

$
112,815,492

$
782,032

1.40
%

$
174,442,431

$
1,037,861

1.20
%

Savings

$
2,411,698

$
1,202

0.20
%

$
2,232,634

$
1,112

0.20
%

$
2,650,850

$
2,613

0.20
%

$
2,191,958

$
2,263

0.21
%

Time Deposits

$
201,531,076

$
1,209,651

2.38
%

$
188,111,519

$
711,546

1.52
%

$
200,562,733

$
2,305,153

2.32
%

$
196,177,771

$
1,449,876

1.49
%

Interest Bearing Deposits

$
319,766,963

$
1,606,953

$
367,446,446

$
1,231,777

$
322,999,349

$
3,108,270

0.0194058

$
379,057,732

$
2,505,552

0.0133295

FHLB Borrowings

$
21,830,769

$
120,696

2.22
%

$
13,689,029

$
83,513

2.45
%

$
19,494,238

$
207,827

2.15
%

$
13,689,029

$
128,938

1.90
%

Interest Bearing Liabilities

$
341,597,732

$
1,727,649

2.03
%

$
381,135,475

$
1,315,290

1.38
%

$
342,493,587

$
3,316,097

1.95
%

$
392,746,761

$
2,634,490

1.35
%

Non Interest Bearing Deposits

$
76,077,226

$
71,555,526

$
75,114,731

$
69,816,911

Cost of Funds

1.66
%

1.17
%

1.60
%

1.15
%

Net Interest Margin1

$
3,791,884

3.27
%

$
4,558,857

3.59
%

$
7,912,113

3.43
%

$
9,003,497

3.52
%

Shareholders Equity

$
60,715,800

$
55,399,577

$
60,146,734

$
55,592,217

ROAA

0.42
%

0.55
%

0.43
%

0.39
%

ROAE

3.36
%

5.07
%

3.44
%

3.66
%

1 Net interest margin is calculated as fully taxable equivalent net interest income divided by average earning assets and represents the Bank’s net yield on its earning assets

Selected Financial Data by Quarter Ended:
(Unaudited)

Balance Sheet Ratios

June 30, 2019

March 31, 2019

December 31, 2018

September 30, 2018

June 30, 2018

Loans to Deposits

101.19
%

98.18
%

99.44
%

93.64
%

94.62
%

Income Statement Ratios

Return on Average Assets (ROAA)

0.42
%

0.43
%

0.01
%

-0.64
%

0.55
%

Return on Average Equity (ROAE)

3.36
%

3.51
%

0.10
%

-5.74
%

5.07
%

Efficiency Ratio

84.97
%

89.59
%

91.84
%

125.33
%

85.65
%

Net Interest Margin1

3.27
%

3.60
%

3.49
%

3.54
%

3.59
%

Yield on Average Earning Assets

4.76
%

4.99
%

4.74
%

4.71
%

4.63
%

Yield on Securities

2.80
%

2.83
%

2.67
%

2.74
%

2.61
%

Yield on Loans

5.17
%

5.42
%

5.22
%

5.20
%

5.20
%

Cost of Funds

1.66
%

1.54
%

1.41
%

1.31
%

1.17
%

Per Share Data

Tangible Book Value

$
8.60

$
8.62

$
8.47

$
8.36

$
8.44

Share Price Data

Closing Price

$
9.98

$
10.00

$
10.23

$
12.12

$
12.10

Book Value Multiple

116
%

116
%

121
%

145
%

143
%

Common Stock Data

Outstanding Shares at End of Period

7,122,102

6,996,602

6,981,602

6,950,165

6,719,644

Weighted Average shares outstanding, basic

7,114,190

7,097,635

7,085,636

6,873,123

6,629,749

Weighted Average shares outstanding, diluted

7,177,984

7,173,656

7,207,759

6,873,123

6,856,291

Capital Ratios

Tier 1 Leverage ratio

12.71
%

12.61
%

12.15
%

11.66
%

11.37
%

Common Equity Tier 1 ratio

14.91
%

15.28
%

14.73
%

14.46
%

14.03
%

Tier 1 Risk Based Capital ratio

14.91
%

15.28
%

14.73
%

14.46
%

14.03
%

Total Risk Based Capital ratio

15.98
%

16.42
%

15.85
%

15.50
%

15.09
%

Credit Quality

Net Charge-offs to Average Loans

0.06
%

0.02
%

0.03
%

0.01
%

0.04
%

Total Non-performing Loans to Total Loans

0.79
%

0.76
%

0.83
%

1.45
%

0.08
%

Total Non-performing Assets to Total Assets

0.65
%

0.62
%

0.69
%

1.38
%

0.29
%

Nonaccrual Loans to Total Loans

0.76
%

0.64
%

0.71
%

1.07
%

0.00
%

Allowance for Loan and Lease Losses to loans receivable

1.14
%

1.19
%

1.16
%

1.06
%

1.09
%

1 Net interest margin is calculated as fully taxable equivalent net interest income divided by average earning assets and represents the Bank’s net yield on its earning assets

SOURCE: Freedom Bank of VA

ReleaseID: 553842

TORONTO, ON / ACCESSWIRE / July 30, 2019 / ITOCO INC. (OTC Pink:ITMC) is pleased to announce it has engaged BizLatinHub (BLH) to assist ITOCO in applying for additional Cannabis licenses in Colombia and establishing new commercial relationships.

The BizLatinHub Group is a market leader in helping both local and foreign companies to do business successfully in Latin America, by providing a full suite of multilingual back-office services. These services include:

Market Entry / Commercial Representation Support
Company Formation Services
Accounting, Financial & Taxation Services
Legal and Immigration Services
Recruitment and Hiring Services

“We are building a very strong Latin American management team with the professional recruiting services of BizLatinHub”, says Michael Paul, CEO of ITOCO Biomed.

BLH is owned and managed by an experienced team of local and expatriate professionals, dedicated to assisting their clients in navigating through the complexities of the Latin American business environment.

ITOCO, together with BLH, will use their reach across the region and well positioned offices in Latin America to expand ITOCO’s footprint, as Cannabis legalization is adopted throughout the Americas.

BLH is leading the way with multiple clients in the Cannabis sector. Their legal team and accountants have successfully launched dozens of newly licensed cannabis companies in Colombia.

ITOCO is already in discussions with other local companies to assist with biomass extraction planning with the help of BizLatinHub.

https://www.bizlatinhub.com

ABOUT BIZLATINHUB:

Biz Latin Hub was founded in the year 2014 through the partnership between Mr. Craig Dempsey and Mr. David Wright. Due to the groups uncompromising focus on service delivery, they have been able to grow from a single office in Bogotá to a multinational company offering services in various countries in Latin America including Peru, Mexico, Colombia, Argentina, Chile, Costa Rica, Panama, Belize, El Salvador, Ecuador and Brazil. Underpinning and fundamental to their growth story, has been its dedicated staff, who through hard-work, perseverance and commitment, have ensured both BLH’s and their clients’ business success.

ABOUT ITOCO INC.:

ITOCO’s mission is to become a global leader in processing, distributing, and producing medical cannabis in a compliant, environmentally friendly manner. The ITOCO management team has many years combined experience in business management and execution, raising capital and public company governance. ITOCO INC. is quoted on the OTC Markets, symbol: ITMC.

Forward-Looking Statements

This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, potential, intends, plans, hopes, or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions and actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.

CONTACT:
ITOCO INC.
Michael Paul
ir@ITOCO.net
+1 (905) 829-5000

SOURCE: ITOCO INC

ReleaseID: 553956

SAUSALITO, CA / ACCESSWIRE / July 30, 2019 / First Colombia Development Corp. (“First Colombia”) (OTC PINK:FCOL) today announces the appointment of Mark Radke and John Scharffenberger to the board of directors.

Radke is an attorney focused on financial services, specializing in federal securities regulation. As the Chief of Staff of the Securities and Exchange Commission under Chairman Harvey Pitt, he was responsible for that agency’s rulemaking in response to the Sarbanes Oxley Act. He has been a partner at several multinational law firms extensively involved in regulatory and compliance matters as well as in development and implementation of federal securities legislation.

Scharffenberger has decades of experience in production, processing and marketing of food and forestry products. He is an entrepreneur and consultant focused on developing and refining innovative and sustainable agricultural techniques, has founded companies in the wine and chocolate industries and has acted as a consultant to many startups and nonprofits.

Christopher Hansen, CEO and president of First Colombia, stated, “Both of these gentlemen bring extensive experience, knowledge and skill sets that are specifically relevant to First Colombia. They are highly qualified independent board directors and we are grateful they have agreed to join our board. John Scharffenberger’s experience in the farming and food products industry in U.S. and international markets will greatly contribute to our cultivation, processing and marketing activities. Mark Radke’s financial, regulatory compliance and legal expertise, especially related to federal securities regulation and legislation, enables him to provide valuable contributions as we navigate the complex legal environment surrounding our industry.”

About Mark Radke

Mark Radke is a lawyer with a distinguished career in the area of financial services, specializing in federal securities regulation. In private practice, as a partner at several multinational law firms, he has represented corporations, brokerage and accounting firms, hedge funds and individuals on corporate governance, compliance, and regulatory issues involving not only the SEC but other federal and state regulators.

He was active in advising clients on legislative initiatives that led to the Dodd-Frank Act of 2010 and in subsequent efforts to extend, implement or amend various components of that and other federal securities legislation. Based in Washington, D.C., Radke is an adjunct professor at the Georgetown University Law Center where he has taught classes in aspects of securities regulation since 1999. He holds a B.A., University of Washington; J.D., University of Baltimore; Securities, Georgetown.

About John Scharffenberger

John Scharffenberger is a consultant to the farming and food production industry, offering a wide range of programs and services including agronomic analysis, product development, management and marketing to help both for-profit and non-profit producers sustainably increase returns. His clients have included Hodo Soy, Farmhouse Culture, Tout Sweets Patisserie, Front Porch Farms, Kaia Foods and Daylesford Organics, among others. Prior to establishing his consultancy, he developed companies that combined agronomic innovation, sustainable production technologies and international brand development in the wine, chocolate and forestry industries, including Scharffenberger Cellars and the first artisanal chocolate company in the U.S., Scharffen Berger Chocolate Maker. An avid gardener and amateur forester, he devotes substantial time to learning about food production processes on his 350-acre ranch in Mendocino County. He believes that a comprehensive study of cultural, historic and environmental contexts is the proper basis to achieve sustainable and successful food production

Scharffenberger received a B.A. in Agricultural Geography from the University of California Berkeley in 1973. He served as Entrepreneur-in-Residence at London Business School in 2007 and has recently spoken at UC Berkeley commencement ceremonies, Brown University, and various symposia relating to small food production. He serves as trustee on the UC Berkeley College of Natural Resources advisory board, as a board member of Save the Redwoods League and is an emeritus advisory board member of the UC Berkeley Botanical Gardens.

This press release is not an offer of securities, or a solicitation for purchase, subscription or sale of securities in the United States of America or in any other jurisdiction in which it would be unlawful to do so.

For more information:

www.FirstColombia.com

Investors:
+1 (415) 729-1720
investors@firstcolombia.com

Media:
media@firstcolombia.com

SOURCE: First Colombia Development Corp.

ReleaseID: 553939

VANCOUVER, BC / ACCESSWIRE / July 30, 2019 / Cielo Waste Solutions Corp.(CSE:CMC)(OTC:CEIWF) (“Cielo” or the “Company”) announces that it has entered into a Memorandum of Understanding (“MOU”) with Renewable U Lethbridge Inc. (“Renewable U LA”) to build a renewable diesel refinery in the City of Lethbridge, Alberta. Renewable U LA and Cielo are now working towards entering into a joint venture agreement (“JV Agreement”) that will provide the framework to build and operate a joint venture refinery that converts garbage into high grade renewable fuels utilizing Cielo’s proprietary technology (“JV Refinery”).

Renewable U LA has advanced to Cielo $100,000 of the $250,000 joint venture fee (“Fee”) to secure the territory of Lethbridge, Alberta and the area encompassing a 100 km radius of Lethbridge (“LA Territory”). Renewable U LA has until August 26, 2019 to pay to Cielo the balance of the Fee. In the event Renewable U LA fails to pay Cielo the balance of the Fee, Cielo will return to Renewable U LA, the $100,000 advance and Renewable U LA will relinquish any and all rights to the LA Territory.

The general terms to be incorporated into the JV Agreement are substantially the same as those previously announced terms for the joint venture refineries to be located in Grande Prairie, Medicine Hat, Brooks and Calgary, Alberta which include the following guidelines:

Renewable U LA will be solely responsible for financing 100% of the costs associated with the JV Refinery (“JV Costs”) including for the acquisition of the land, building and commissioning of the JV Refinery.
Cielo will manage the JV Refinery, overseeing its planning, construction, commissioning and operation and will receive a management fee for the construction of the JV Refinery equal to 7% of the JV Costs subject to certain exclusions, and will continue to receive management fees once operations begin based on industry standards.
In the event that Cielo does not execute the definitive agreement for Lethbridge, Alberta, subject to an exclusion, by October 26, 2019, Cielo has agreed, subject to applicable laws and policies, to issue Renewable U LA common shares of Cielo in lieu of returning the Fee, valued at the greater of $0.25 per share and the average closing price of Cielo’s shares during the 5 trading days prior to the Execution Date.
Profits will be split 30% in favour of Cielo and 70% in favour of Renewable U LA, until Renewable U LA has received profits equaling 100% of the JV Costs plus the applicable management fees. Thereafter profits will be split on the basis of 50.1% in favour of Cielo and 49.9% in favour of Renewable U LA, reflecting the respective interests/ownership of the parties.

OPERATIONS UPDATE

Commissioning of the Company’s first waste to high grade renewable diesel refinery in Aldersyde, Alberta (“Aldersyde Refinery”) is now nearing completion. Work being conducted includes the installation of instrumentation and automation components which will allow for remote monitoring and accurate measurements of both feedstock inputs and renewable fuel outputs. These changes are expected to have a significant positive impact on reducing operational costs, increasing production rates and further contributing to the Aldersyde Refinery being one of the world’s greenest refineries. Management is confident that the Aldersyde Refinery will be on production 24 hours a day, 7 days a week by mid-August 2019.

Lionel Robins, CEO of Renewable U LA, stated, “After conducting further due diligence and watching close to 400 people tour through Cielo’s Aldersyde Refinery at their Grand Opening on July 11, we are excited to enter into the Memorandum Of Understanding that facilitates us participating with Cielo, on a joint venture basis, to build and place on production one of their green refineries in Lethbridge. The tipping point for a number of our backers was seeing the Aldersyde Refinery, up and running, converting waste into high grade renewable diesel at the Grand Opening. We are now moving forward with the drafting of the joint venture agreement that will govern the relationship between Cielo and the joint venture companies that have been incorporated for each territory. Having four Renewable U refineries being permitted and built concurrently will lower our overall costs and accelerate the timelines to have these refineries operational.”

Don Allan, President & CEO of Cielo, stated, “Renewable U’s support and belief in our waste to energy technology solution to the global garbage crisis continues to surpass our expectations. With their assistance we are actualizing on our vision of Cielo becoming renowned as one of the greenest corporations in the world. Pursuant to the terms of the contemplated arrangement between Cielo and our joint venture partners we will not have to put up any money to build and place the next five refineries on stream, with an approximate capex of $125 Million. With Renewable U’s continued support and their plans to further expand the number of territories that they have with Cielo, we are well on the way to having multiple refineries up and running in a short period of time, generating significant cash flow for Cielo.”

SHARES FOR DEBT

Cielo has agreed to settle invoices from one of its contractors for an aggregate of $51,070.95 by the issuance of 510,710 common shares at a deemed price per share of $0.10. The shares are subject to a statutory hold period of 4 months from the date of issue.

Join Cielo shareholders on 8020 Connect: http://connects.digital/cielo1

For more information please contact:

Cielo Waste Solutions Corp.
Don Allan, President & CEO
(403) 348-2972 Ext. 101
donallan@cielows.com
www.cielows.com

Michael Yeung, CFA, VP, Business Development & Capital Markets
(403) 348-2972 Ext. 103
michaelyeung@cielows.com
www.cielows.com

About Cielo Waste Solutions Corp.

Cielo Waste Solutions Corp. is a publicly traded company with its shares listed to trade on the Canadian Securities Exchange (“CSE”) under the symbol “CMC”. Cielo is a high-tech start-up company with a game changing technology engineered to help solve the world’s garbage crises. Cielo’s technology transforms landfill garbage into renewable diesel, kerosene and naphtha fuels. Our proven and patent-pending technology is currently being utilized in the Company’s Aldersyde, Alberta Refinery where wood waste is being converted into renewable fuels.

Cielo’s shares are listed to trade on the Canadian Securities Exchange (CSE) under the trading symbol “CMC”. Cielo is headquartered in Alberta, Canada with plans to build and operate green refineries across North America and globally.

Cielo has already begun expanding its footprint by signing multiple Memorandums of Understanding pursuant to which third parties are in negotiation with Cielo to build, at no cost to Cielo, Joint Venture Refineries in Grande Prairie, Calgary, Medicine Hat and Brooks Alberta. Each refinery is projected to cost approximately $25M +/- to build, commission and place on production. Cielo will be the general contractor and operator of all of the proposed JV Refineries. The feedstock that will be used in the Company’s green refineries is the world’s most available and inexpensive feedstock – garbage; including household, commercial/construction/demolition garbage, used tires, railway ties, as well as all types of plastic that currently cannot be recycled.

Cautionary Note Regarding Forward-looking Statements

This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project”, “should” or similar words, including negatives thereof, suggesting future outcomes.

Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Cielo is making forward looking statements related to the completion of the commissioning of the Aldersyde Refinery, entry into the JV Agreement and generally with respect to the joint venture arrangements it is currently negotiating in Alberta. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

SOURCE: Cielo Waste Solutions Corp.

ReleaseID: 553933

NOT FOR DISSEMINATION OR RELEASE IN THE UNITED STATES

VANCOUVER, BC / ACCESSWIRE / July 30, 2019 / ZoomAway Travel Inc. (TSXV:ZMA) (the “Company”) www.zoomaway.com, an innovator in the hospitality technology sector, is pleased to announce that it will conduct a private placement on an exempt basis consisting of five million (5,000,000) Units. Each Unit is comprised of one common voting share and one share purchase warrant. The units are to be priced at CAD $0.08 and each warrant will be exercisable into one common voting share at a price of CAD $0.10 until the date that is 12 months following the closing of the offering. Closing may occur in one or more tranches with the first closing expected to occur on or about August 2nd, 2019.

No agent, broker or finder will be paid any fees in relation to the offering. The private placement is subject to the approval of the TSX Venture Exchange.

After paying legal, accounting and administrative fees in relation to the private placement, the Company expects to receive net proceeds of CAD $350,000 which will be used for further development and marketing of it’s ZoomedOUT project, further exploration of other complimentary mergers, acquisitions, partnerships, investor relations and continued working capital.

Sean Schaeffer, CEO of Zoomaway Travel Inc. reported, “I am happy with the response to our most recent announcements and the resulting market activity. I believe that we are right on track with our plans, and I am very pleased with the execution and results thus far. We will continue to use every tool at our disposal to keep adding pieces to achieve even better results. There is a lot of work to do, and I personally expect success in all areas.”

All securities issued or issuable in respect of the Units are or will be subject to a statutory hold period expiring on the date that is four months and one day after the distribution date. None of the securities issued or issuable in connection with the Notes will be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

For additional information contact: Sean Schaeffer, President, ZoomAway Inc.,

at 775-691-8860 | sean@zoomaway.com or stay up-to-date and sign up for our newsletter.

About Us

ZoomAway, Inc. (Nevada Co.) provides leading hotels, golf resorts, ski resorts, and activity providers with a seamless, scalable, and fully integrated technology platform that allows for the discounted packaging of lodging, ski, golf, activities, and attractions. It seamlessly integrates into client websites, providing their customers with a real-time one-stop shop for all of their travel and recreational needs. Additional information about ZoomAway Inc. can be found at www.zoomaway.com.

Travel Game (Canadian Co.) is a ZoomAway Travel, Inc. subsidiary company dedicated to housing new projects in the digital games. The company’s first project is ZoomedOUT which can be seen at zoomedout.io. To receive more detailed, or investor level information, please contact us at sean@zoomaway.com and we will respond with the appropriate documentation depending on your request.

About Zero8 Studios, Inc.

Zero8 Studios, based in Reno, Nevada, specializes in new and innovative games and technology platforms. With a focus on social gaming and almost two decades of experience building countless game titles, gaming platforms, and various technologies. The Zero8 Studios’ team has assisted dozens of AAA publishers, large clientele, manufacturers, and casinos in the design, production, and delivery of their products to players around the world. Additional information can be found at
www.zero8studios.com.

Forward-Looking Statements

This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

Neither the TSX Venture Exchange nor it’s Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Offering and has neither approved nor disapproved the contents of this press release.

SOURCE: ZoomAway Travel Inc.

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TORONTO, ON / ACCESSWIRE / July 30, 2019 / Perimeter Medical Imaging has received additional intellectual property protection for its product, OTIS™, in the form of patent US 10,359,271 titled System and Method for Tissue Differentiation in Imaging. This new patent, which was awarded to the company by the United States Patent and Trademark Office on July 23rd, 2019, is a continuation of its patented technology which dates back to 2012.

The patent covers novel systems and methods for the automated identification of features in optical coherence tomography images (OCT) of tissue and methods to automatically assess the degree of tissue differentiation. Perimeter’s patent portfolio now includes two issued U.S. patents and seven patent applications pending.

“We are pleased to have received this latest patent, which covers a key technology that will allow clinicians to more rapidly assess wide-field OCT images intra-operatively, making the interpretation of the patented OTIS™ imaging easier and more efficient.” said William Rosellini, Perimeter’s Chief Executive Officer. The grant of this patent provides further recognition of the quality of the innovation being carried out by Perimeter’s team.

About Perimeter Medical Imaging, Inc.: Perimeter Medical develops, patents, and commercializes advanced in-procedural medical imaging tools. The OTIS™ platform provides clinicians with real-time, ultra-high resolution, sub-surface image volumes of the margin (1-2 mm below the surface) of an excised tissue specimen. The ability to visualize microscopic tissue structures during the clinical procedure has the potential to result in better long-term outcomes for patients and lower costs to the healthcare system.

Contact:
contact@perimetermed.com
647-360-0302

SOURCE: Perimeter Medical Imaging

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