ELKO, NV / ACCESSWIRE / October 31, 2019 / Lithium Corporation (OTCQB:LTUM) ("LTUM" or "the Company"), a North American company focused on energy metals for the growing energy storage sector and high tech industries, is pleased to announce work has continued apace on its Yeehaw Titanium/Rare Earth Element (REE) prospect in Southern British Columbia, and its 25% owned Hughes Gold-Silver prospect in Tonopah, Nevada. Current market conditions preclude investing significant labor or capital on the Company's Fish Lake Valley and San Emidio Lithium Brine prospects. The Company views this as the natural outcome of a recalibration in the sector which will be followed by a return to positive growth and development in the not too distant future.

The Company's current focus has been on the Yeehaw prospect where Company geologists determined the main constraints that localize the emplacement of the Horseshoe Bend Ti/REE mineralized zone, which appears to extend laterally at least 500 meters, and is still open along strike. Unfortunately, winter conditions have occurred above 1500 meters elevation extremely early in the Monashee Mountains, therefore work there has concluded for the year. It appears a trade agreement between the US and China will circumvent the threat of China imposing quotas on REE's with a resultant spike in prices, however the fundamentals remain strong for a robust REE market for quite some time due to increasing demand related to their use in an ever expanding variety of technological applications.

About Lithium Corporation

Lithium Corporation is an exploration company based in Nevada devoted to the exploration for energy storage related resources throughout North America, and looking to capitalize on opportunities within the ever-expanding next generation energy storage markets. The Company maintains a strategic alliance with Altura Mining, an ASX listed Lithium mining company that is rapidly approaching the 245,000 ton per annum nameplate production at its 100% owned world-class Pilgangoora lithium pegmatite mine in Western Australia. Website: www.lithiumcorporation.com

Contact Info

Tom Lewis, CEO
Lithium Corporation
775-410-5287
info@lithiumcorporation.com

Notice Regarding Forward-Looking Statements

This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of minerals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

SOURCE: Lithium Corporation

ReleaseID: 564727

New decision improves balance between insurance companies and their customers

HONOLULU, HI / ACCESSWIRE / October 31, 2019 / A recent landmark decision by the Hawaii Supreme Court confirmed that insurance companies must treat their insureds with the utmost care and in good faith throughout the insurance company's relationship with its insured. In Adams v. Hawaii Medical Service Association, (An Independent Licensee of the Blue Cross and Blue Shield Association) the unanimous Hawaii Supreme Court held that all insurance companies owe their insureds the highest duty of fair treatment at all times, and not only during the formal claims process. The Court ruled that, "HMSA's duty of good faith and fair dealing arose as a consequence of the relationship established by the insurance contract entered into by Brent Adams and HMSA." This case is important for all people who buy health insurance it makes the relationship between an insurance company and their insureds more balanced.

Brent Adams was diagnosed with a rare and aggressive cancer. His doctors told him that it was important to treat it immediately, and that his best chance was a series of stem cell transplants. Adams and his wife Patricia Adams turned to their insurance provider HMSA, informing HMSA that this two-part treatment was his best chance for survival. HMSA recommended that Adams travel to a California hospital that specializes in this procedure. They asked if HMSA needed any additional information about the treatment plan, but did not receive any further requests or instructions from HMSA. Adams' doctors submitted to HMSA a precertification request for a stem cell transplant, which noted that his siblings would be tested to determine if they could serve as donors for the second-phase transplant. Adams underwent the first transplant.​

Adams' doctors then contacted HMSA regarding participation in a clinical trial for the additional stem cell transplant in preparation for the recommended second-phase. After consulting with doctors from three different institutions, the recommendation was that Adams undergo two separate and specific transplants. Over the next few months, the Adams and their doctors communicated numerous times with HMSA about their desire that Adams undertake the second-phase transplant, including telling HMSA that one of Adams' siblings turned out to be a donor match. Patricia Adams told HMSA that they were "desperately trying to avoid any delays."

But after Adams' doctors submitted a precertification request for this second-phase transplant, they were shocked when HMSA informed them that Adams' plan policy didn't cover this type of procedure. Adams went ahead with repeating the first transplant in lieu of Adams' doctors' recommended second-phase transplant, despite Adams' having the needed donor match.

Adams relapsed within a year and his doctors again recommended the second-phase transplant that HMSA had previously denied. This time the Adams appealed HMSA's denial. The Jouxson-Meyers & del Castillo law firm took their appeal to the Insurance Division. The Insurance Division overruled HMSA, finding that the transplant was covered, and ordered HMSA to pay. HMSA complied and paid for the transplant, but appealed to the Circuit Court which affirmed the Insurance Division's ruling. The Intermediate Court of Appeals reversed, finding the transplant was not covered under the HMSA plan. Meanwhile, Adams died while the lengthy appeal was pending.

Before he died, Brent and Patricia Adams initiated a separate action in which they sued HMSA, alleging that by not telling Adams that the second-phase transplant not covered by this plan as soon as HMSA received a request for the same from Adams and his doctors, it treated him unfairly and in bad faith. Had HMSA timely informed them that Adams' plan did not cover the second-phase transplant, he would have undertaken a different treatment, entered a different clinical trial or raised money for the second-phase transplant. By the time HMSA did tell him, it was too late for an effective second-phase transplant.​

In the second action, the Circuit Court sided with HMSA and concluded that HMSA's only duty was to process his claim after the precertification request was submitted and that it did not matter what HMSA did before that. When Patricia Adams appealed, the Intermediate Court of Appeals affirmed. The appeals court reasoned that under bad faith claims handling, "the duties of good faith and fair dealing implied in every insurance contract arise after the insured complies with the claims procedure described in the insurance policy."

Patricia Adams petitioned the Hawaii Supreme Court to review the case. The petition questioned the lower courts' determination that an insurance company's duty to treat its insureds in the utmost good faith only applies after an insured person submits a claim. Insurers should provide full information about coverage at all times, not just after a claim has been made, and Adams might have had a better chance of survival if HMSA had simply told him at the outset that his preferred course of treatment was not covered by his plan. "Despite the lower courts' dismissal of claims, Patricia Adams was not about to give up," noted her counsel, Rafael del Castillo.

The Supreme Court granted the petition, and in January 2019, heard the case. Tred Eyerly, head of Damon Key Leong Kupchak Hastert's Insurance Law practice group, argued "promising to help Brent navigate his plan, but never informing him the second-phase transplant would not be covered was an act of bad faith" and, the trial court should have allowed Patricia Adams to present evidence of HMSA's conduct and its failure to provide complete information to Adams and her.

On September 30, 2019, the court issued a unanimous opinion completely agreeing with Eyerly's argument. The court held, "[t]o determine whether an insurer reasonably handled a claim, we consider the conduct of the parties to the contract before and after the formal submission of the claim." The court of appeals erred when it "analyzed HMSA's conduct without considering its conduct throughout the duration of its relationship with Brent, starting with the first communication." The Supreme Court sent the case back to the lower courts to consider Patricia Adam's evidence about HMSA's pre-claim conduct.

This decision vindicating Patricia Adam's claim sets a national precedent that benefits all consumers of insurance. It is the first case to expressly confirm that insurance providers have a duty to treat their insurers in good faith by providing them information about their coverage and treatment at all times, not just after a claim has been filed.

Media Contact: Tred R. Eyerly, Director at Damon Key Leong Kupchak Hastert and attorney on the case. (808) 531-8031 and email at te@hawaiilawyer.com

Founded in 1963, Damon Key Leong Kupchak Hastert serves the Hawaii business community with the connections and capabilities of an international practice, holding the highest standards for business law and commercial litigation. The firm is the exclusive Hawaii member of Meritas, a worldwide network of more than 183 top-rated, independent law firms across 90 countries. Damon Key's practice areas include: Business, Commercial & Creditor's Rights, Condominium and Community Association Law, Construction Law, Emerging Industries: Renewable Energy, Family Law, Immigration & Naturalization Law, Insurance Coverage Litigation, Real Estate, Land Use and Eminent Domain, Trial & Appellate Litigation, Arbitration & Mediation and Trusts & Estates. Its office is located at 1003 Bishop Street. For more information, visit www.hawaiilawyer.com

SOURCE: Damon Key Leong Kupchak Hastert

ReleaseID: 564830

Revenue Growth of 173% to $2.311 Million
Operating Income Growth of 94% to $177,853
7th straight quarter of positive operating income
Shareholder Equity increased to $3.89mil

TAMPA, FL / ACCESSWIRE / October 31, 2019 / Trxade Group, Inc. (OTCQB:TRXD) ("Trxade" or the "Company"), an integrated pharma supply chain and care platform, announced today its financial results for its third quarter ended September 30, 2019, and provided a business update.

Third Quarter Highlights:

Generated record revenues of $2,311,426 in quarter ending September 30, 2019 vs. $847,471 in quarter ending September 30, 2018
Gross profit increased to $1,310,509 from $845,126, in quarters ending September 30, 2019 and 2018, respectively
Operating income increased to $177,853 from $91,829, in the quarters ending September 30, 2019 and 2018, respectively
For the three months ended at September 30, 2019, Trxade has validated over 431 New Independent pharmacies to its trading platform, a 9% sequential increase from the prior quarter and a 54% increase from the end of the third quarter of 2018
Wholesale and Mail Order Pharmacy operational model further developed
Shareholder equity increased to $3.89M, debt was reduced and cash on hand totaled $3.3M as of September 30, 2019

CEO Sees Continuing Strong Revenue Growth and Profitability in 2019

"During the third quarter of 2019, we made excellent progress in our core proprietary B2B trading platform www.trxade.com, which enables independent pharmacies to purchase drugs at discount prices compared to their primaries, enabling us to experience top and bottom line growth," commented, Suren Ajjarapu, Chairman and Chief Executive Officer of Trxade Group, who continued, "Additionally, we are investing in core infrastructure for our B-to-C business in our wholesale, e-commerce and delivery capabilities as increasing pharmaceutical prices drive independent pharmacies, payors and consumers to be more aggressive in sourcing medication. Accordingly, I am optimistic that our new product lines will generate profitability."

Financial Results for the Third Quarter Ended September 30, 2019:

Revenues for the three months ended September 30, 2019 were $2,311,425 vs. $847,471 in the prior year's quarter, an increase of 173%, and a 21% sequential increase over the second quarter ended June 30, 2019. The revenue growth was primarily attributable to the acquisition of our wholly-owned subsidiary Community Specialty Pharmacy, LLC, and an increase of fee income generated from the Company's web-based supplier-to-pharmacy trading platform (www.trxade.com).

Gross profit for the three months ended September 30, 2019 was $1,310,509, resulting in a gross margin of 56.7%, compared to $845,126 and 99.7% for the three months ended September 30, 2018. The increase in gross profit reflected a sales mix with greater revenue from specialty pharmaceutical sales, which carries a higher cost of sales, reflecting the lower margins, than the Company's other revenue sources.

General and administrative expenses increased to $1,132,656 in the third quarter of 2019, compared with $753,297 in the prior year's quarter.

Operating income increased for the third quarter of 2019 to $177,853, versus $91,829 in the prior year's quarter.

Net income for the three months ended September 30, 2019, was $27,565, a decrease as compared to net income of $94,249, for the same period in 2018. The decrease was primarily due to a one time investment loss of $162,178. Earnings per share (EPS) for the three months period ended September 30, 2019 were $0.00, as compared to $0.00 for the same period in 2018.

At September 30, 2019, Trxade had $3,359,288 of cash, $622,552 of debt and 38.6 million shares issued and outstanding.

Financial Results for the Nine Months Ended September 30, 2019:

Revenues for the nine months ended September 30, 2019 were $5,740,361 vs. $2,538,082 for the nine months ended September 30, 2018, an increase of 126%. The revenue growth was primarily attributable to the acquisition of our wholly-owned subsidiary Community Specialty Pharmacy, LLC, and an increase of fee income generated from the Company's web-based supplier-to-pharmacy trading platform (www.trxade.com).

Gross profit for the nine months ended September 30, 2019 was $3,620,467, resulting in a gross margin of 63%, compared to $2,535,737 and 99.5% for the nine months ended September 30, 2018. This increase reflected a sales mix with greater revenue from Specialty pharmaceutical sales, which carries a higher cost of sales, reflecting the lower margin, than the Company's other revenue sources.

General and administrative expenses increased to $3,138,150 for the nine months ended September 30, 2019, compared with $2,313,734 for the nine months ended September 30, 2018.

Operating Income increased for the nine months ended September 30, 2019 to $482,317, versus $222,003 in the nine months ended September 30, 2018.

Net income for the nine months ended September 30, 2019, was $210,775, compared to net income of $197,031, for the same period in 2018. The improvement in net income was primarily due to increasing revenue and gross profit contributed from Community Specialty Pharmacy and an increase in fee income generated from the Company's web-based supplier-to-pharmacy trading platform (www.trxade.com). The resulting EPS for the nine month period ended September 30, 2019 was $0.01, as compared to $0.01 for the same period in 2018.

About Trxade Group, Inc.

Headquartered in Tampa, Florida, Trxade Group, Inc. (OTCQB: TRXD) is an integrated drug procurement, delivery and healthcare platform that enables trade among healthcare buyers and sellers of pharmaceuticals, accessories and services. Founded in 2010, Trxade Group is comprised of three synergistic operating platforms; the Trxade B2B trading platform with 11,000 registered pharmacists buying over $120M annually, licensed Wholesale and Mail Order Pharmacy capabilities, including Delivmeds, as well as the newly acquired assets of Bonum Health. For additional information, please visit us at http://www.trxade.com, http://www.delivmeds.com, and http://www.bonumhealth.com.

Forward-Looking Statements

Certain statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Certain risks and uncertainties applicable to us and our operations are described in the "Risk Factors" sections of our most recent annual and quarterly reports and in other reports we have filed with the U.S. Securities and Exchange Commission. These reports are available at www.sec.gov.

Investor Relations Contact:
IR@trxade.com
800-261-0281

[Financial Tables Follow]

Trxade Group, Inc.
Selected Consolidated Financial Data
Three and Nine Months Ended September 30, 2019 and 2018

 
Three months ended
 
 
Nine months ended
 

 
2019
 
 
2018
 
 
2019
 
 
2018
 

Revenues

 
$
2,311,426
 
 
$
847,471
 
 
$
5,740,361
 
 
$
2,538,082
 

Cost of Sales

 
 
1,000,917
 
 
 
2,345
 
 
 
2,119,894
 
 
 
2,345
 

Gross Profit

 
 
1,310,509
 
 
 
845,126
 
 
 
3,620,467
 
 
 
2,535,737
 

Operating Expenses

General and Administrative

 
 
1,132,656
 
 
 
753,297
 
 
 
3,138,150
 
 
 
2,313,734
 

Operating Income

 
 
177,853
 
 
 
91,297
 
 
 
482,317
 
 
 
222,003
 

Other Income

 
 
25,275
 
 
 
22,500
 
 
 
25,275
 
 
 
22,500
 

Investment Loss

 
 
(162,178
)
 
 
–
 
 
 
(250,000
)
 
 
–
 

Loss on Extinguishment of Debt

 
 
–
 
 
 
(7,444
)
 
 
–
 
 
 
(7,444
)

Interest Expense

 
 
(13,385
)
 
 
(12,636
)
 
 
(46,817
)
 
 
(40,028
)

Net Income

 
$
27,565
 
 
$
94,249
 
 
$
210,775
 
 
$
197,031
 

Net Income per Common Share
– Basic:

 
$
0.00
 
 
$
0.00
 
 
$
0.01
 
 
$
0.01
 

Net Income per Common Share
– Diluted:

 
$
0.00
 
 
$
0.00
 
 
$
0.01
 
 
$
0.01
 

Weighted average Common Shares Outstanding Basic

 
 
34,489,969
 
 
 
32,083,629
 
 
 
34,370,522
 
 
 
32,083,629
 

Weighted average Common Shares Outstanding Diluted

 
 
36,286,487
 
 
 
34,737,964
 
 
 
36,167,040
 
 
 
34,732,540
 

Balance Sheet Data

 
September 30, 2019
 
 
December 31, 2018
 

Working Capital

 
$
3,359,288
 
 
$
605,710
 

Total Assets

 
$
5,854,523
 
 
$
2,227,587
 

Long-Term Notes Payable

 
$
300,000
 
 
$
522,552
 

Shareholders' Equity

 
$
3,890,549
 
 
$
844,668
 

SOURCE: Trxade Group, Inc.

ReleaseID: 564456

BALTIMORE, MD / ACCESSWIRE / October 31, 2019 / Goldman Small Cap Research, a stock market research firm specializing in the small cap and microcap sectors, announced today that it has released a new research report on Surge Holdings, Inc. (OTCQB:SURG). Surge Holdings serves the overlooked, unbanked, underbanked and credit-challenged, through key verticals and offerings including telecom service and financial payment services via its SurgePays™ SaaS portal. This update carries a rating and a price target. To view the new research update, along with disclosures and disclaimers, or to download all of our Surge Holdings reports and updates in their entirety, please visit http://www.goldmanresearch.com.

In the Opportunity Research company update, analyst Rob Goldman discusses the impact of the Company's latest blockbuster acquisition and Surge's innovative model.

Goldman noted, "The Company has three things in its favor and each one on its own would serve as a major catalyst. A recently announced acquisition is set to serve as a key growth driver. This transaction will add roughly $50M in annual revenue to SURG. Given the cross-sale opportunities, we believe that this segment's top-line could grow by 40-50% in its first full year."

"The essence of Surge's capabilities is its inherent, exponential growth model. In our view, the best way to describe the core of Surge's approach is what we term the Multiplier Model. Top-line growth rises exponentially as new locations are on-boarded, and when new products/services are executed in existing or new stores through the Surge platform. Thus, revenue growth forecasts remain high."

"One interesting and overlooked aspect is that Surge could become the first national in-store CBD sales channel. The sale of CBD products is one of the fastest growing and most popular consumer offerings and is limited only by the current lack of true, national, in-store availability. Through the Surge network of local retailers and C-stores, Surge has just begun to offer these products with strong results. The Multiplier Model targeting the introduction of the top CBD products could drive industry sales and add major revenue/profit growth to Surge. Thus, Surge could be viewed as a unique way to play the CBD segment," concluded Goldman.

About Goldman Small Cap Research: Founded in 2009 by former Piper Jaffray analyst and mutual fund manager Rob Goldman, Goldman Small Cap Research produces sponsored and non-sponsored small cap and microcap stock research reports, articles, stock market blogs, and popular investment newsletters.

Goldman Small Cap Research is not in any way affiliated with Goldman Sachs & Co.

This press release contains excerpts of our most recently published sponsored company research report on Surge Holdings, Inc. which carries a rating and a price target. The information used and statements of fact made have been obtained from sources considered reliable but we neither guarantee nor represent the completeness or accuracy. Goldman Small Cap Research relied solely upon information derived from Surge Holdings, Inc. ("the Company") authorized press releases or legal disclosures made in its filings with the U.S. Securities and Exchange Commissionhttp://www.sec.gov.

Separate from the factual content of our report about the Company, we may from time to time include our own opinions about the Company, its business, markets and opportunities. Any opinions we may offer about the Company are solely our own, and are made in reliance upon our rights under the First Amendment to the U.S. Constitution, and are provided solely for the general opinionated discussion of our readers. Our opinions should not be considered to be complete, precise, accurate, or current investment advice. Statements herein may contain forward-looking statements and are subject to significant risks and uncertainties affecting results.

A Goldman Small Cap Research report, update, newsletter, article, trading alert, corporate profile, podcast interview, or press release is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed is to be used for informational purposes only. Please read all associated full disclosures, disclaimers, and analyst background on our website before investing. Neither Goldman Small Cap Research nor its parent is a registered investment adviser or broker-dealer with FINRA or any other regulatory agency. To download this research report or any of our research, view our disclosures and disclaimers, or for more information, visit www.goldmanresearch.com. Since 2018 Goldman Small Cap Research was compensated $8800 by the Company for research and distribution services.

About Surge Holdings, Inc.: Surge Holdings, Inc. (OTCQB:SURG)is a retail supply chain company leveraging blockchain technology to provide a virtual distribution hub for retailers, as well as offer telecom services for low income customers and financial payment services for the unbanked and under-banked. Surge products are delivered through a nationwide network of convenience stores and corner markets connected to the SurgePays™ retail blockchain network. This retail platform is designed to transform the traditional supply chain by providing local retailers seamless access to global products, and empowers the corner store to select, order and fulfill delivery of wholesale goods from around the country. This platform also provides manufacturers a cost-effective and efficient platform to access local retailers.

For more information, please visit: www.SurgeHoldings.com

Goldman Small Cap Research
Rob Goldman, Analyst
410-609-7100
rob@goldmanresearch.com

SOURCE: Goldman Small Cap Research

ReleaseID: 564819

PICKERING, ON / ACCESSWIRE / October 31, 2019 / Renforth Resources Inc. (CSE:RFR)(OTC:RFHRF) ("Renforth" or the "Company") offers shareholders the following update:

Malartic West exploration has resumed on the Beaupre copper discovery, paused in consideration of local hunters, with prospecting and trenching to trace and potentially expand the surface copper/silver discovery, also possible work at the low grade gold anomaly in the south as further detailed below.
New Alger in November will be drilled again! Last drilled in 2015, work planned includes below the 270m of gold exposed in the Discovery Vein surface stripping, further details are offered below.
Resource Estimate Updates significant progress made with New Alger and Parbec Mineral Resource Estimates, open pit optimization underway at New Alger, wireframing nearly complete at Parbec.
Financing completed as summarized below, Renforth is funded for the planned exploration

Malartic West

Brief work at the property in August, which included some sampling at the Beaupre copper showing, yielded an additional grab sample high value of 3.59% Cu and 6.62 g/t Ag, in addition to other sample results previously announced obtained over the 60m exposure at Beaupre. This copper showing is a discovery program, with no prior work and little geophysical coverage. Renforth is currently in the field prospecting and trenching, searching for extensions to this occurrence. In addition to field work Renforth is pursuing data acquisition, this includes a LWIR (longwave infrared) study obtained from Japanese ASTER satellite imagery interpreted by DIRT Exploration of South Africa. While this data is coarse (90m resolution) a chalcopyrite anomaly co-incident with the Beaupre showing registers, this ~1km long anomaly is the initial prospecting target.

Also at Malartic West, and depicted above and below, is the Surimau low grade gold occurrence, which based upon initial discovery sampling and historic drill holes, is gold occurring in the sediments and the Lac Surimau granodiorite, in an area of structural complexity and numerous targets. Renforth hopes to carry out additional prospecting at this location this fall, however, snow is possible as early as the end of this week, weather will affect how much field work gets completed at Malartic West, ahead of drilling at New Alger. Snow and the onset of winter does not affect drilling at New Alger

.

New Alger

Drilling at New Alger will commence next week, with drill mobilization scheduled for Monday. Targets for this drill program are being finalized, a process which is aided by the recently completed 3d modelling of New Alger, including the Discovery Veins, completed by P&E Mining Consultants Inc. a part of the new Mineral Resource Estimate for New Alger. In general terms it is expected that the drill program will include the following targets (1) the Discovery Veins including the western end, the eastern end and under the main historic blast pit (2) the vicinity of Shaft #2 in the Thompson-Cadillac Mine, sunk into the #2 Vein at New Alger and (3) the +100 feet of Albite mapped underground in the north crosscut at the 300 level of the Thompson-Cadillac Mine. Albite is a lithology that is present in the Cadillac Mining Camp which is very brittle and very prospective as a gold host, in part as it is considered genetically related to the gold bearing solutions which formed the Camp. These are only a few of the target areas which Renforth's geological model presents, all are being considered and prioritized.

Mineral Resource Estimate Updates

At New Alger the drill and surface exploration data has been used to create a 3d model, with wireframe solids created which define the veins drilled at New Alger to date. Based upon the grades contained within the solids the software program calculated and constructed a block model, with each block having a metal value. This block model is being run though a pit optimization software package by P&E Mining Consultants Inc., the end result of which will be a Mineral Resource Estimate expressed as "pit constrained" and "outside of pit" mineralization. Renforth looks forward to receipt of all of this information and will publish it in due course.

At Parbec the Mineral Resource Estimate update is also proceeding, the 3d model has been built with the drill and surface exploration data, the process of wireframing to create solids has begun. While not as far along in the process as New Alger, Parbec is also proceeding smoothly and will also be released once available.

New Alger 3d Model (Looking NW)

Financing

Renforth has completed a closing of a private placement with the issuance of 1,500,000 common share units, each unit priced at $0.05 and consisting of one common share and one warrant to acquire an additional common share at a price of $0.075 for a period of 24 months, and 5,488,000 flow through share units, each flow through unit priced at $0.06 and consisting of one share issued on a "flow-through" basis and one warrant to acquire an additional common share at a price of $0.10 for a period of 24 months, for a total raised in this closing of $404,280. Commission and fees totaling $25,862 in cash were paid, 436,373 broker's warrants entitling the holder to acquire an additional common share at $0.10 were issued pursuant to this closing.

Technical information in this press release was reviewed and approved by Brian H. Newton P.Geo, a "Qualified Person" pursuant to NI 43-101.

For further information please contact:

Renforth Resources Inc.
Nicole Brewster
President and Chief Executive Officer
T:416-818-1393
E: nicole@renforthresources.com
#269 – 1099 Kingston Road, Pickering ON L1V 1B5

ABOUT RENFORTH

Renforth Resources Inc. is a Toronto-based gold exploration company with five wholly owned surface gold bearing properties located in the Provinces of Quebec and Ontario, Canada.

In Quebec Renforth holds the New Alger and Parbec properties, in the Cadillac and Malartic gold camps respectively, with gold present at surface and to some depth, located on the Cadillac Break. In both instances additional gold bearing structures, other than the Cadillac Break, have been found on each property and require additional exploration. Renforth also holds Malartic West, contiguous to the western boundary of the Canadian Malartic Mine property, located in the Pontiac Sediments, this property is gold bearing and was the recent site of a copper discovery. In addition to this Renforth has optioned the wholly owned Denain-Pershing gold bearing property, located near Louvicourt, Quebec, to O3 Mining Inc.

In Ontario Renforth holds the Nixon-Bartleman surface gold occurrence west of Timmins Ontario, drilled, channeled and sampled over 500m – this historic property also requires additional exploration to define the extent of the mineralization.

No securities regulatory authority has approved or disapproved of the contents of this news release.

Forward Looking Statements

This news release contains forward-looking statements and information under applicable securities laws. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as ‘may', ‘will', ‘plan', ‘expect', ‘believe', ‘anticipate', ‘estimate', ‘intend' and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company's securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.

SOURCE: Renforth Resources Inc.

ReleaseID: 564765

Revenue Increased by 62% to $12.8 Million

ZHUHAI, CHINA / ACCESSWIRE / October 31, 2019 / Powerbridge Technologies Co., Ltd. ("Powerbridge" or the "Company") (NASDAQ:PBTS), a global trade software applications and technology services provider, today announced its unaudited financial results for the six months ended June 30, 2019.

Key Financial Highlights for the First Half 2019 as compared to the First Half 2018

Revenues of the Company increased by 62% to $12.8 million for the six months ended June 30, 2019.
Gross profit of the Company increased by 2% to $4.5 million for the six months ended June 30, 2019.
The Company successfully consummated its IPO of 1,750,000 Ordinary Shares at a price of $5.00 per share, raising total gross proceeds of approximately $8.75 million.
The cash balance of the Company for the six months ended June 30, 2019 is $5.8 million.

Key Business Highlights for the First Half 2019

Application development services revenue-producing projects increased 39% from 71 projects to 99 projects.
Smart Big Data Platforms have been launched in new geographical markets, such as Chongqing and Guizhou.
Trade Processing Cloud as SaaS services have been introduced to more than 70 customers.
Blockchain Cross Border Compliance Solutions have been offered on a trial basis to selected customers.

Ban Lor, Co-Chairman and Co-Chief Executive Officer of Powerbridge, commented, "We are pleased with our results of the first half of 2019 as our revenue grew 62% as compared to the first half 2018. This shows our technology innovation and market expansion are taking effect. Our team is working hard to expand market share throughout the marco-economic downturn and China-U.S. trade war. Our gross margins were lower than expected due to a more aggressive strategy to capture new geographical markets with newly launched products and services. We do anticipate a rebound for gross margins in the second half of the year as we continue to improve our service efficiency. Our technology team continues to develop and launch new products and services to address the pain points and inefficiencies in global trade compliance, logistics and operations. We are confident that we will continue to grow in the second half of 2019. We look forward to increasing our awareness and communications with shareholders as we seek to build long term shareholder value."

Financial Results for the Six Months Ended June 30, 2019:

Revenue for the six months ended June 30, 2019 was $12.8 million, an increase of $4.9 million or 62%, compared to $7.9 million for the six months ended June 30, 2018.

Revenue from application development service increased by $4.6 million, or 71.1%, to $11.0 million for the six months ended June 30, 2019, compared to $6.4 million for the six months ended June 30, 2018. The increase is mainly due to revenue brought by newly started projects after June 30, 2018. The number of revenue-producing projects was 99 and 71 for the six months ended June 30, 2019 and 2018, respectively.

Revenue from consulting and technical support services increased by $0.1 million, or 8.5%, to $1.3 million for the six months ended June 30, 2019, compared to $1.2 million for the six months ended June 30, 2018. The increase is mainly due to revenue brought by three new projects.

Revenue from subscription services increased by $0.3 million, or 78.1%, to $0.6 million for the six months ended June 30, 2019, compared to $0.3 million for the six months ended June 30, 2018. The increase is mainly due to a newly offered SaaS product and subscription service.

Gross profit for the six months ended June 30, 2019 was $4.5 million, an increase of $0.1 million, compared to $4.4 million for the six months ended June 30, 2018. The resulting gross margin percentage was 35.2% for the six months ended June 30, 2019, compared to 55.9% for the six months ended June 30, 2018. The decrease in gross margin is mainly due to an increase in costs for hardware purchases from our suppliers, lower project bidding prices to suit the more competitive markets and higher labor costs. Of note, gross margin percentage for subscription services remained strong at 92.6% for the six months ended June 30, 2019.

Operating expenses for the six months ended June 30, 2019 was $6.9 million, an increase of $3.7 million or 117%, compared to $3.2 million for the six months ended June 30, 2018. Operating expenses consist of selling and marketing, general and administrative, research and development ("R&D") expenses, and stock based compensation. The increase in operating expense was primarily due to a $1.8 million increase in stock based compensation, $1.1 million increase in general and administrative expense, $0.5 million increase in selling and marketing expense and $0.2 million in R&D expense.

Other expense (income) for the six months ended June 30, 2019 was an expense of $0.6 million, as compared to an income of $0.2 million for the six months ended June 30, 2018. Other expense (income) primarily consists of government subsidy income, financing and interest expense, and other expenses. The increase in financing and interest expense was due to additional finders' fee and related charges incurred in connection with the Company's offering and financing activities and the increasing interest expense on the higher loan balance for the six months ended June 30, 2019.

Operating loss for the six months ended June 30, 2019 was $2.4 million, an increase of $3.6 million, compared to operating income of $1.2 million for the six months ended June 30, 2018.

Income tax benefit was $0.1 million for the six months ended June 30, 2019 compared to the provision for income taxes of $0.1 million for the six months ended June 30, 2018. As the gross profit stayed stable, the increased operating expenses and other expenses caused the loss and decrease of income tax expense.

Net loss for the six months ended June 30, 2019 was $3.0 million, a decrease of $4.4 million, compared to net income of $1.4 million for the six months ended June 30, 2018. The resulting EPS loss for the six months ended June 30, 2019 was ($0.37) per basic and diluted share, compared to a positive $0.20 per basic and diluted share for the six months ended June 30, 2018.

About Powerbridge Technologies Co., Ltd.

Powerbridge Technologies Co., Ltd. (NASDAQ: PBTS) is a provider of software applications and technology solutions and services to corporate and government customers primarily located in China. Founded in 1997, Powerbridge pioneered global trade software applications with a vision to make global trade operations easier for customers. Since inception, Powerbridge has continued to innovate and deliver solutions and services to address the changing needs of thousands of customers. Powerbridge's mission is to make global trade easier by empowering all players in the ecosystem. For more information, visit www.powerbridge.com/en

Forward Looking Statements

No statement made in this press release should be interpreted as an offer to purchase or sell any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the "safe harbor" under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding our ability to raise capital on any particular terms, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, our ability to realize revenue from expanded operation and acquired assets in China and the U.S., our ability to attract and retain highly skilled professionals, client concentration, industry segment concentration, reduced demand for technology in our key focus areas, our ability to successfully complete and integrate potential acquisitions, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our Form 20-F and other filings that we may make with the United States Securities and Exchange Commission in the future. These filings are available at www.sec.gov. Powerbridge may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL DATA

Summary of Unaudited Condensed Consolidated Balance Sheets
(In USD)

 
June 30,
 
 
December 31,
 

 
2019
 
 
2018
 

ASSETS

CURRENT ASSETS:

Cash

 
$ 
5,750,995
 
 
$ 
4,348,635
 

Restricted cash

 
 
198,977
 
 
 
669,525
 

Notes receivable

 
 
–
 
 
 
309,796
 

Accounts receivable, net

 
 
22,882,712
 
 
 
15,479,437
 

Amount due from related parties

 
 
39,422
 
 
 
154,083
 

Loans receivable, third parties

 
 
1,284,800
 
 
 
47,997
 

Prepayments, deposits and other current assets, net

 
 
1,592,289
 
 
 
1,098,009
 

Total Current Assets

 
 
31,749,195
 
 
 
22,107,482
 

Property and equipment, net

 
 
5,467,428
 
 
 
4,707,112
 

Restricted cash

 
 
65,550
 
 
 
–
 

Prepayments, deposits and other assets

 
 
1,027,768
 
 
 
865,498
 

Deferred tax assets

 
 
180,747
 
 
 
87,416
 

Total Assets

 
$ 
38,490,688
 
 
$ 
27,767,508
 

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Bank loans

 
$ 
2,825,895
 
 
$ 
1,527,162
 

Notes payable

 
 
–
 
 
 
467,806
 

Accounts payable

 
 
18,962,987
 
 
 
16,231,682
 

Customer deposits

 
 
137,427
 
 
 
142,359
 

Deferred revenue

 
 
1,025,802
 
 
 
1,268,451
 

Salaries and benefits payable

 
 
709,485
 
 
 
836,558
 

Due to related party

 
 
2,800
 
 
 
–
 

Taxes payable

 
 
752,151
 
 
 
867,610
 

Total Current Liabilities

 
 
24,416,547
 
 
 
21,341,628
 

COMMITMENTS AND CONTINGENCIES

EQUITY:

Ordinary Shares, 0.00166667 par value; 30,000,000 shares authorized; 8,917,748 and 6,905,248 shares issued and outstanding as of June 30, 2019 and December 31, 2018

 
 
14,863
 
 
 
11,509
 

Shares subscription receivable*

 
 
–
 
 
 
(11,509
)

Additional Paid-in Capital

 
 
16,002,766
 
 
 
5,519,507
 

Retained earnings (accumulated deficit)

 
 
(2,079,048
)
 
 
806,002
 

Accumulated other comprehensive income

 
 
135,560
 
 
 
100,371
 

Total Equity

 
 
14,074,141
 
 
 
6,425,880
 

Total Liabilities and Equity

 
$ 
38,490,688
 
 
$ 
27,767,508
 

Summary of Unaudited Condensed Consolidated Statement of
Operations and Other Comprehensive Income (Loss)
(In USD)

 
For the Six Months Ended
 

 
June 30,
 

 
2019
 
 
2018
 

REVENUES:

Application development services

 
$ 
10,959,922
 
 
$ 
6,405,918
 

Consulting and technical support services

 
 
1,265,239
 
 
 
1,166,130
 

Subscription services

 
 
574,034
 
 
 
322,278
 

Total revenues

 
 
12,799,195
 
 
 
7,894,326
 

COST AND EXPENSES:

Cost of revenues:

Cost of application development services

 
 
7,764,376
 
 
 
3,077,406
 

Cost of consulting and technical support services

 
 
486,379
 
 
 
385,525
 

Cost of subscription services

 
 
42,333
 
 
 
20,177
 

Total cost of revenues

 
 
8,293,088
 
 
 
3,483,108
 

GROSS PROFIT

 
 
4,506,107
 
 
 
4,411,218
 

Operating expenses:

Sales and marketing

 
 
1,337,346
 
 
 
824,036
 

General and administrative

 
 
2,409,836
 
 
 
1,278,663
 

Research and development

 
 
1,309,824
 
 
 
1,064,673
 

Stock based compensation

 
 
1,821,131
 
 
 
–
 

Total operating expenses

 
 
6,878,137
 
 
 
3,167,372
 

OPERATING INCOME (LOSS) FROM OPERATIONS

 
 
(2,372,030
)
 
 
1,243,846
 

OTHER EXPENSE (INCOME)

Financing and interest expenses

 
 
643,840
 
 
 
6,645
 

Other income

 
 
(41,305
)
 
 
(201,103
)

Other expense

 
 
529
 
 
 
–
 

Total other expense (income), net

 
 
603,064
 
 
 
(194,458
)

INCOME (LOSS) BEFORE INCOME TAXES

 
 
(2,975,094
)
 
 
1,438,304
 

PROVISION FOR INCOME TAXES (INCOME TAX BENEFITS)

 
 
(90,044
)
 
 
109,528
 

NET INCOME (LOSS)

 
 
(2,885,050
)
 
 
1,328,776
 

Less: loss attributable to non-controlling interests

 
 
–
 
 
 
(71,375
)

NET INCOME (LOSS) ATTRIBUTABLE TO POWERBRIDGE

 
 
(2,885,050
)
 
 
1,400,151
 

OTHER COMPREHENSIVE INCOME (LOSS)

Foreign currency translation adjustment

 
 
35,189
 
 
 
(139,019
)

COMPREHENSIVE INCOME (LOSS)

 
 
(2,849,861
)
 
 
1,189,757
 

Less: Comprehensive loss attributable to non-controlling interest

 
 
–
 
 
 
(68,543
)

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO POWERBRIDGE

 
$ 
(2,849,861
)
 
$ 
1,258,300
 

WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES *

Basic and diluted

 
 
7,825,456
 
 
 
6,905,248
 

EARNINGS (LOSSES) PER SHARE

Basic and diluted

 
$ 
(0.37
)
 
$ 
0.20
 

For more information, please contact:

Corporate:
Powerbridge Technologies Co., Ltd.
Stewart Lor
President and Chief Financial Officer
Email: stewartlor@powerbridge.com

Investor Relations:
Hayden IR
Phone: 917-658-7878
Email: hart@haydenir.com

SOURCE: Powerbridge Technologies Co., Ltd.

ReleaseID: 564824

VAN NUYS, CA / ACCESSWIRE / October 31, 2019 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that RSP Systems (RSP), Capstone's exclusive distributor for Connecticut and New York (The Bronx, Brooklyn, Long Island, Manhattan, Queens, Staten Island and Westchester County), has secured a follow-on order for a second Capstone Turbine C1000S Signature Series microturbine with a Factory Protection Plan (FPP) for a grid-connect combined heat and power (CHP) project at Manhattan West's South East Tower in the Hudson Yards District. This order follows the recent installation of a Capstone Turbine C1000S with CHP and FPP on the 56th floor of the Manhattan West North East Tower earlier this year.

According to Brookfield Properties, Manhattan West is a seven-acre mixed-use development located in the heart of Manhattan's Hudson Yards district. Situated by Ninth and Tenth Avenues, as well as West 31st and West 33rd Streets, Manhattan West is the vital link between the Midtown business district, the Penn Station complex, the gateway to the Hudson Yards district, and the north end of Chelsea. The project consists of two 2-million-square-foot office towers, a residential tower with 844 units, 225,000 square feet of retail and dining amenities, and two acres of public open space.

This second 1 megawatt (MW) microturbine is scheduled to be installed within two years; after which, the clean and green natural gas Signature Series C1000S microturbine will baseload electrical and thermal energy demand, saving the facility an estimated high six figures per year. RSP will provide long-term service support under the Capstone FPP program, which provides fixed costs for all service, further underpinning the energy savings.

"We are very excited to have secured this second 1 MW follow-on order that will be installed in the Manhattan West South East Tower," said Bruce Beckwith, RSP's Executive Vice President. "Having successfully earned the trust of one of the world's largest REIT's, Brookfield Properties, and more importantly, gained a satisfied repeat customer by evidence of this latest order is a testament to the performance and reliability of the Capstone microturbines in the CHP market," added Mr. Beckwith.

"Brookfield Properties' progressive vision selecting RSP and Capstone Turbine is expected to result in reliable on-site power generation backed by our innovative FPP, that is low in emissions and reduces their overall carbon footprint for such a magnificent New York City mixed-used project," said Darren Jamison, Capstone's President and Chief Executive Officer. "In today's world, we are seeing more utility grid power outages, and customers are not settling for the ‘new normal' of simply accepting power outages and are taking control of their power options," added Mr. Jamison. "Capstone microturbines systems are a reliable, efficient, low emission solution that customers can continue to count on for 24×7 power resiliency," concluded Mr. Jamison.

About Capstone Turbine Corporation

Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq: CPST) is the world's leading producer of highly efficient, low-emission, resilient microturbine energy systems. Capstone microturbines serve multiple vertical markets worldwide, including natural resources, energy efficiency, renewable energy, critical power supply, transportation and microgrids. Capstone offers a comprehensive product lineup, providing scalable systems focusing on 30 kWs to 10 MWs that operate on a variety of gaseous or liquid fuels and are the ideal solution for today's distributed power generation needs. To date, Capstone has shipped over 9,000 units to 73 countries and has saved customers an estimated $253 million in annual energy costs and 350,000 tons of carbon.

For more information about the company, please visit www.capstoneturbine.com. Follow Capstone Turbine on Twitter, LinkedIn, Instagram, and YouTube.

Forward-Looking Statements

This press release contains "forward-looking statements," as that term is used in the federal securities laws. Forward-looking statements may be identified by words such as "expects," "believes," "objective," "intend," "targeted," "plan" and similar phrases. These forward-looking statements are subject to numerous assumptions, risks and uncertainties described in Capstone's filings with the Securities and Exchange Commission that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

"Capstone" and "Capstone Microturbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.

CONTACT:

Capstone Turbine Corporation
Investor and investment media inquiries:
818-407-3628
ir@capstoneturbine.com

Integra Investor Relations
Shawn M. Severson
415-226-7747
cpst@integra-ir.com

SOURCE: Capstone Turbine Corporation

ReleaseID: 564803

COEUR D'ALENE, ID / ACCESSWIRE / October 31, 2019 / Timberline Resources Corporation (OTCQB:TLRS)(TSX-V:TBR) ("Timberline" or the "Company") is pleased to announce that Mr. William Matlack has joined the Company's Board of Directors.

Mr. Matlack is a veteran geologist and metals and mining investment banker with Scarsdale Equities LLC. Over his 20-year career in the mining industry, working primarily with Santa Fe Pacific Gold Corp. (now Newmont Mining) and Gold Fields, Mr. Matlack was involved in the exploration and development of several world-class gold discoveries in Nevada and California. Later he was an equity research analyst in metals & mining with Citigroup and BMO Capital Markets. More recently, he was interim CEO and a director of Klondex Mines Limited during its transformation from an explorer to gold producer in Nevada.

Leigh Freeman, Timberline's Chairman of the Board of Directors, commented, "Adding Bill to our Board gives us a breadth of expertise in capital markets and high-level project development that enhances our ability to raise capital and advance our projects. We welcome Bill to our Board at this pivotal time for Timberline."

In connection with his appointment to the Board, which is subject to review and approval of the TSX-V, Mr. Matlack has been granted 100,000 options to acquire common shares of Timberline. The options have an exercise price equal to the fair market value of the stock at the time of the grant of US$0.08 per share, vest immediately, and have a term of five years.

The Company also announces that, pursuant to its stock option plan, it has granted stock options (the "Options") to acquired up to an aggregate of 2,450,000 common shares to directors and management of the Company. The Options are exerciseable at a price of US$0.08 per common share for a period of five years from the date of the grant and are subject to TSX-V approval.

About Timberline Resources

Timberline Resources Corporation is focused on advancing district-scale gold exploration and development projects in Nevada. These include its 23 square-mile Eureka property, comprising the Lookout Mountain, Windfall, and Oswego projects which lie along three separate structural-stratigraphic trends defined by distinct geochemical gold anomalies, as well as being operator of both the Paiute joint venture project with Nevada Gold Mines, and the Elder Creek joint venture with McEwen Mining. All of these properties lie on the prolific Battle Mountain-Eureka gold trend. Timberline also controls the Seven Troughs property in Northern Nevada, which is one of the state's highest-grade former producers. Timberline has increased its owned and controlled mineral rights in Nevada to over 43 square miles (27,500 acres). Detailed maps and NI 43-101 estimated resource information for the Eureka property may be viewed at http://timberlineresources.co/.

Timberline is listed on the OTCQB where it trades under the symbol "TLRS" and on the TSX Venture Exchange where it trades under the symbol "TBR".

Steven Osterberg, Ph.D., P.G., Timberline's President and Chief Executive Officer, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this release.

Forward-looking Statements

Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended Agreement and the joint venture contemplated thereby, anticipated exploration and potential of the Project, completion of the Offering, and the size of the Company's owned and controlled mineral rights. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to Timberline Resources Corporation, its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, risks related to changes in the Company's business resulting in changes in the use of proceeds, and other such factors, including risk factors discussed in the Company's Annual Report on Form 10-K for the year ended September 30, 2018. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements.

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

For Further Information Please Contact:

Steven A. Osterberg
President and CEO
Tel: 208-664-4859
E-mail: info@timberline-resources.com

SOURCE: Timberline Resources Corporation

ReleaseID: 564779