NEW YORK, NY / ACCESSWIRE / January 28, 2020 / Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Opera Limited (NASDAQ:OPRA): (i) pursuant and/or traceable to the Company's initial public offering commenced on or about July 27, 2018 (the "IPO" or "Offering"); and/or (ii) Opera securities between July 27, 2018 and January 15, 2020, inclusive (the "Class Period"). The lawsuit seeks to recover damages for Opera investors under the federal securities laws. The firm reminds investors with losses in excess of $100,000 to contact the firm about the important deadline in the case.

To join the Opera class action, go to http://www.rosenlegal.com/cases-register-1755.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR'S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.

According to the lawsuit, the Offering Documents and defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Opera's sustainable growth and market opportunity for its browser applications was significantly overstated; (2) Defendants' funded, owned, or otherwise controlled loan services applications and/or businesses relied on predatory lending practices; (3) all the foregoing, once revealed, were reasonably likely to have a material negative impact on Opera's financial prospects, especially with respect to its lending applications' continued availability on the Google Play Store; and (4) as a result, the Offering Documents and defendants' statements were materially false and/or misleading and failed to state information required to be stated therein. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 24, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1755.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or cases@rosenlegal.com.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney advertising. Prior results do not guarantee a similar outcome.

——————————-

CONTACT:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

SOURCE: Rosen Law Firm PA

ReleaseID: 574435

NEW YORK, NY / ACCESSWIRE / January 28, 2020 / Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Fiat Chrysler Automobiles N.V. (NYSE:FCAU) from February 26, 2016 to November 20, 2019, inclusive (the "Class Period") of the important January 31, 2020 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for Fiat investors under the federal securities laws.

To join the Fiat class action, go to http://www.rosenlegal.com/cases-register-1732.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR'S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Fiat employed a bribery scheme to obtain favorable terms in its collective bargaining agreement with International Union, United Automobile, Aerospace and Agricultural Implement Workers of America; (2) high-ranking Fiat officials were aware of and authorized the scheme; and (3) due to the foregoing, defendants' statements about Fiat's receivables, business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 31, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1732.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or cases@rosenlegal.com.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

SOURCE: Rosen Law Firm PA

ReleaseID: 574436

NEW YORK, NY / ACCESSWIRE / January 28, 2020 / Rosen Law Firm announces the filing of a class action lawsuit on behalf of purchasers of the securities of Portola Pharmaceuticals, Inc. (NASDAQ:PTLA) between November 5, 2019 and January 9, 2020, inclusive (the "Class Period"). The lawsuit seeks to recover damages for Portola investors under the federal securities laws. The Firm encourages investors with losses in excess of $100,000 to contact the firm about the important deadline in the case.

To join the Portola class action, go to http://www.rosenlegal.com/cases-register-1758.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR'S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Portola's internal control over financial reporting regarding reserve for product returns was not effective; (2) Portola was shipping longer-dated product with 36-month shelf life; (3) Portola had not established adequate reserve for returns of prior shipments of short-dated product; (4) as a result, Portola was reasonably likely to need to "catch up" on accounting for return reserves; and (5) as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 16, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1758.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or cases@rosenlegal.com.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————-

CONTACT:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

SOURCE: Rosen Law Firm PA

ReleaseID: 574434

CALGARY, AB / ACCESSWIRE / January 28, 2020 / Point Loma Resources Ltd. (TSXV:PLX) ("Point Loma" or the "Corporation") is pleased to provide an update regarding the transaction to rationalize its assets and monetize its working interest at Wizard Lake, Alberta and relating to an issuance of shares to debenture holders of the Corporation.

Highlights

As per the Corporation's December 24, 2019 press release, Point Loma has completed the first closing of the Wizard Lake transaction (the "Transaction") with the transfer of a 10% working interest by the Corporation in the Wizard Lake properties to Salt Bush Energy Ltd. ("Salt Bush") in exchange for $1.2 million cash and the transfer by Salt Bush of working interest properties to Point Loma.
The balance of the Transaction is scheduled to be completed over two additional closings. Pursuant to the purchase and sale agreement with Salt Bush, Point Loma will receive an additional $2.8 million on the second closing, which is anticipated prior to March 31, 2020. Point Loma will also receive shares of Salt Bush's parent, Whitebark Energy Ltd. (WBE:ASX) on the second closing in the amount of $2.0 million, of which $1.0 million of shares will be held in escrow for 4 months and $1.0 million of shares will be released upon the final closing, on or about December 31, 2020, subject to receipt of regulatory approvals.
The funds from the Transaction will be utilized to commence a multi-stage corporate turnaround plan.
The Transaction has increased Point Loma's net acreage to approximately 165,000 acres, where the Corporation has identified future locations and opportunities analogous to Point Loma's Wizard Lake discovery.

Point Loma maintains an extensive inventory of additional opportunities identified through analysis of historical penetrations that are indicative of bypassed oil pay on its lands. A description of the Corporation's other oil pool development opportunities can be found in the corporate presentation on the Point Loma website at www.pointloma.ca .

Wizard Lake

The Wizard Lake field is now on production and, as per the Whitebark announcement of January 21, 2020, the three wells producing in the pool "continued to produce through the extreme cold weather, albeit at a reduced average rate of approximately 750 boe/d (470 bopd)." This result is proof of concept of the Mannville horizontal oil opportunities that Point Loma carries in inventory.

Forbearance Fee

Pursuant to forbearance agreements ("Forbearance Agreements") entered into by the Corporation with each of Kasten Resources Inc. ("Kasten") and Richard Yurko ("Yurko" and together with Kasten, the "Lenders") in respect of the $2.5 million aggregate principal amount of secured debentures of the Corporation (the "Secured Debentures") outstanding and owing to the Lenders, the Lenders have agreed to consent to the Transaction and not to enforce any rights under the Secured Debentures up until June 30, 2020 and, in exchange for such forbearance of the Lenders, the Corporation has agreed to pay a forbearance fee in the amount of $50,000 to each of the Lenders (the "Forbearance Fee"). The Forbearance Fee will be satisfied by the issuance by the Corporation of such number of common shares (each, a "Common Share") of the Corporation as is arrived at by dividing the sum of $50,000 by the weighted average trading price of the common shares of the Corporation on the TSX Venture Exchange (the "TSXV"), less such maximum discount as provided for in the policies of the TSXV, in the 20 days preceding the share issuance. The Forbearance Fees shall be paid in accordance with TSXV Policy 5.1 – Loans, Loan Bonuses, Borrower's Fees and Commissions, subject to the approval of the TSXV.

In the event that the issuance price of each Common Share exceeds $0.066 per share (the "Issue Price"), then the number of Common Shares issuable by the Corporation to the Lender (the "Number of Common Shares Issued") shall be determined by dividing the sum of $50,000 by the Issue Price and a cash payment shall also be payable to the Lender by the Corporation. The amount of the cash payment shall be equal to: 750,000 less the Number of Common Shares Issued multiplied by the Issue Price (the "Additional Cash Payment").

The Common Shares are subject to a four month hold period from the date of issue and will be issued on or before January 31, 2020.

About Point Loma

Point Loma is a public oil and gas exploration and development company focused on conventional and unconventional oil and gas reservoirs in west central Alberta. The Corporation controls over 165,000 net acres (250 net sections) and has a deep inventory of oil opportunities in the Mannville (Upper and Lower), Banff, Nordegg, and Duvernay Shale formations. Point Loma's business plan is to utilize its experience to drill, develop and acquire accretive assets with potential to employ horizontal multi-stage frac technology and to exploit opportunities for secondary recovery. For more information, please visit Point Loma's website at www.pointloma.ca or Point Loma's profile on the System for Electronic Document Analysis and Retrieval website at www.sedar.com.

For further information, please contact:

Terry Meek
President and CEO
Telephone: (403) 705-5051 ext. 444
tmeek@pointloma.ca

Thomas Love
VP Finance and CFO
Telephone: (403) 705-5051 ext. 443
tlove@pointloma.ca

A Note Regarding Forward-Looking Information

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws, including without limitation, statements pertaining to the anticipated timing to complete the Transaction, including the expected schedule of multiple closings and whether such closings will be completed; the anticipated use of funds from the Transaction; the expected impact of the Transaction on Point Loma's net acreage; statements relating to Point Loma's expectations about the potential impacts of the Transaction; expected net profits and working capital deficit reduction in connection with the Wizard Lake property; the focus of Point Loma's management team and go-forward strategy; and statements. Statements relating to "reserves" are also deemed to forward-looking statements, as they involve the implied assessment based on certain estimates and assumptions, that the reserves can be profitably produced in the future.

The use of any of the words "will", "could", "would", "expects", "believe", "plans", "potential" and similar expressions are intended to identify forward-looking statements or information. These statements should not be read as guarantees of future performance or results. Although Point Loma believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Point Loma cannot give assurance that they will prove to be correct.

Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited, delays or changes associated with consummation of the Transaction; the inability to obtain the necessary regulatory approvals; the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve and resource estimates; the inability of Point Loma to bring additional production on stream or in the anticipated quantities disclosed herein; the uncertainty of estimates and projections relating to reserves, resources, production, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; changes in legislation, including but not limited to tax laws, royalties and environmental regulations, actual production from the acquired assets may be greater or less than estimates. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide security holders with a more complete perspective on Point Loma's future operations and such information may not be appropriate for other purposes.

The forward-looking statements and information contained in this press release are made as of the date hereof and Point Loma does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Oil and Gas Information

"BOEs" may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Well test results should be considered as preliminary. Neither a pressure transient analysis nor a well-test interpretation has been carried out on the well test data contained herein and therefore the data contained herein should be considered to be preliminary until such analysis or interpretation has been done. There is no representation by the Corporation that the disclosed well results included in this news release are necessarily indicative of long term performance or recovery. As a result, readers are cautioned not to place reliance on such rates in calculating the aggregate production for the Corporation or that such rates are indicative of future performance of the well.

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.

SOURCE: Point Loma Resources Ltd.

ReleaseID: 574432

REDWOOD CITY, CA / ACCESSWIRE / January 28, 2020 / Avinger, Inc. (NASDAQ:AVGR), a leading developer of innovative treatments for Peripheral Artery Disease (PAD), today announced the pricing of an underwritten public offering with gross proceeds to the Company expected to be approximately $4.5 million before deducting underwriting discounts and commissions and other estimated offering expenses. The proposed offering equates to 6,428,572 shares of the Company's common stock at a price of $0.70 per share. The Company intends to use the net proceeds from this offering to fund working capital, payment of interest on debt and general corporate purposes, which may include research and development of the Company's Lumivascular platform products, preclinical and clinical trials and studies, regulatory submissions, expansion of sales and marketing organizations and efforts, intellectual property protection and enforcement and capital expenditures. The Company not yet determined the amount of net proceeds to be used specifically for any particular purpose or the timing of these expenditures. The Company may use a portion of the net proceeds to acquire complementary products, technologies or businesses or to repay principal on debt; however, the Company currently has no agreements or commitments to complete any such transactions or to make any such principal repayments and is not involved in negotiations to do so.

The Company has also granted the underwriters a 45-day option to purchase up to an additional 15% of the number of shares of common stock offered in the public offering to cover over-allotments, if any, at the public offering price. The offering is expected to close on or about January 31, 2020, subject to customary closing conditions.

Aegis Capital Corp. is acting as sole bookrunner for the offering.

This offering is being made pursuant to a registration statement on Form S-1 (No. 333-235902) previously filed with the U.S. Securities and Exchange Commission (the "SEC") and declared effective by the SEC on January 28, 2020. A final prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov.

Electronic copies of the final prospectus, when available, may be obtained by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th floor, New York, NY 10019, by email at syndicate@aegiscap.com, or by telephone at (212) 813-1010. Before investing in this offering, interested parties should read in their entirety the final prospectus, which provides more information about the Company and such offering.

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 these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Avinger, Inc.

Avinger is a commercial-stage medical device company that designs and develops the first-ever image-guided, catheter-based system that diagnoses and treats patients with peripheral artery disease (PAD). PAD is estimated to affect over 12 million people in the U.S. and over 200 million worldwide. Avinger is dedicated to radically changing the way vascular disease is treated through its Lumivascular platform, which currently consists of the Lightbox imaging console, the Ocelot family of chronic total occlusion (CTO) catheters, and the Pantheris® family of atherectomy devices. Avinger is based in Redwood City, California. For more information, please visit www.avinger.com.

Public Relations Contact:

Phil Preuss
VP of Marketing & Business Operations
Avinger, Inc.
(650) 241-7942
pr@avinger.com

Investor Contact:

Mark Weinswig
Chief Financial Officer
Avinger, Inc.
(650) 241-7916
ir@avinger.com

Matt Kreps
Darrow Associates Investor Relations
(214) 597-8200

Safe Harbor Disclosure

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements related to the Company's ability to complete the financing, its intended use of proceeds and other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: the risk that the public offering of common stock may not close; risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for substantial additional funds; patent and intellectual property matters; competition; as well as other risks described in the section entitled "Risk Factors" and elsewhere in our Annual Report on Form 10-K filed with the SEC on March 6, 2019 and in our other filings with the SEC, including, without limitation, our reports on Forms 8-K and 10-Q, all of which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management's current estimates, projections, expectations and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

SOURCE: Avinger, Inc.

ReleaseID: 574425

NOT FOR DISTRIBUTION TO NEWSWIRE SERVICES IN THE UNITED STATES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS

TORONTO, ONTARIO / ACCESSWIRE / January 28, 2020 / MPX International Corporation ("MPX International", "MPXI" or the "Company") (CSE:MPXI; OTC PINK: MPXOF) today reports its financial results for the fourth quarter and fiscal year ended September 30, 2019. All figures are presented in Canadian dollars unless otherwise indicated.

"2019 was a transformative year for MPXI. We are no longer a Canadian company with global aspirations. Today, we are a true international company with operations under development in six countries on four continents including Canada," said W. Scott Boyes, Chairman, President and CEO of MPX International. "We have made tremendous progress since commencing operations in February 2019, achieving numerous milestones integral to our long-term growth strategy. We are now extremely well positioned to continue to execute on the plan we have outlined to investors and deliver results for our shareholders."

Fourth Quarter Highlights:

Canveda Inc. ("Canveda"), a wholly-owned subsidiary of the Company, achieved Gold Status in its bQb-GMP and Quality System Certification audit at its Peterborough, Ontario facility (the "Canveda Facility") and received approval from Health Canada to sell fresh and dried cannabis in accordance with Sections 11(5), 17(5) and 27 of the Cannabis Regulations
MPXI acquired a 20% interest in 2702148 Ontario Inc. dba KAAJENGA Cannabis ("KAAJENGA Cannabis") securing an exclusive, worldwide, perpetual, royalty free licence to the Medical Cannabis Learning Network (the "MCLN"), a turnkey video learning and engagement platform for the cannabis industry
Completed the acquisition of Alphafarma Operations Limited ("Alphafarma") and leased an EU-GMP ready facility in Mehriel, just outside of the capital city of Valletta, Malta
MPXI acquired the remaining interest of MPX Australia Pty Ltd. ("MPX Australia")
MPXI entered into an agreement with South African-based First Growth Holdings (Pty) Ltd. to commence cultivation of medical cannabis for both domestic and export, subject to the completion of a series of agreements and receipt of a license from the South Africa Health Products Regulatory Authority ("SAPHRA")
Strengthened capabilities with senior management hires of Dr. Amer Cheema (VP, Cultivation) and Nicholas Varone (Director of Extraction and Processing) and the appointment of Dr. Charles Akle to MPXI's Medical Advisory Board
Featured in a BBC Documentary entitled "Legalising Cannabis: Canada's Story:

https://www.bbc.co.uk/news/av/newsbeat-49132155/legalising-cannabis-canada-s-story

Subsequent events:

MPX Australia was awarded a Cannabis Manufacture Licence and Medicinal Cannabis Licence by Australian Office of Drug Control
MPXI accelerated the acquisition of the remaining 80% interest of KAAJENGA Cannabis and the MCLN
Launched "beleaf," a premium CBD retail experience in London, UK.
Further strengthened senior management team adding Karl Bartolo (GM of Malta) and appointing former British American Tobacco Board Member, Jean-Marc Levy, to its Advisory team

Additional Fiscal 2019 Highlights:

MPXI acquired HolyWeed, the only CBD brand officially designated "Swiss Certified Organic," giving MPXI a premiere brand presence in Europe
HolyWeed received authorization to commercialize CBD products with less than 0.2% THC in Belgium
MPXI closed an oversubscribed non-brokered private placement for gross proceeds of $26.9 million

"Each of these milestones is significant in their own right, but combined they reflect the building momentum we have been able to achieve and are the direct result of our teams' knowledge, expertise and dedication to responsibly growing this company," continued Mr. Boyes. "We are establishing and rapidly developing all of the elements – cultivation, manufacturing, and distribution – to become a vertically-integrated premier global cannabis company."

"In Canada, Canveda received its bQb-GMP manufacturing status and is now fully licensed and selling cannabis directly into the market. One the greatest drivers of growth in the medical cannabis market in Canada is patient acquisition. Our acquisition and recent launch of the MCLN, as well as our wholly-owned subsidiary, Spartan Wellness, which is dedicated to helping veterans and first responders access medical cannabis, is expected to play a significant role in this process."

"Our operations in Europe continue to advance. Acquiring HolyWeed in the second quarter brought one of the most well-known brands in Europe under our umbrella and provided us with instant credibility. HolyWeed's products are now distributed in Switzerland and are now also available in the UK at our London "beleaf'" location."

"The "beleaf" retail location, which opened in central London in November of 2019, has raised our brand awareness in the UK considerably along with our inclusion in a BBC documentary on Canada's cannabis experience that has received over one million views."

"Development of our GMP-ready facility in Malta is continuing on schedule. Our ability to retain certain highly qualified staff there is expected to speed our ability to attain EU-GMP status and to fully develop this facility into a production hub for our Salus BioPharma products for further distribution into Europe," continued Mr. Boyes.

"Furthermore, our recent harvest in Switzerland provides us with our greatest source of near-term revenue, with over 90 tons of Swiss-grown, single-sourced high-CBD organic biomass collected and ready for processing," said Mr. Boyes. "The development of our extraction and processing facility in Nyon continues with operations expected to commence in the second half of this year."

"MPXI continues to advance its operations in Australia too, with the completion of the acquisition of the remaining interest in MPX Australia and the receipt of both a Cannabis Manufacture Licence and Medical Cannabis Licence subsequent to year end," Mr. Boyes said.

"We have accomplished each of these milestones just months after commencing operations. We are determined to recreate the definable value we created in the United States; and as evidenced by the undeniably quick progress MPX International has achieved in this relatively new company, we are continuing to drive development and growth according to plan," concluded Mr. Boyes.

Business Update:

Canveda: Canveda's 12,000 sq. ft facility is currently in full production and expects to produce approximately 1,200,000 grams of high-quality cannabis flower per year under its current cultivation method. It is developing its medical patient and product strategy and has commenced selling its own products directly to registered patients for medical purposes as well as all of the provincial and territorial cannabis boards and holders of a licence for sale. In order to expand flower production within the existing structure, a specialized rotary garden system ("RGS") is expected to be introduced in one of the larger grow rooms in the later part of calendar Q1 2020. Management expects that this RGS will significantly increase the yield of flower production per square foot. If the RGS experiment is successful, similar equipment will be subsequently installed in the remaining grow rooms and the additional freed up space is expected to be used for the addition of extraction, manufacturing and packaging of cannabinoid-based tinctures, topicals, oils, concentrates, transdermal patches, and suppositories.

Medical Cannabis Learning Network: The MCLN private social network connects patients with credible information on the use of medical cannabis, offers the ability to have a virtual consultation with a qualified medical practitioner and acts as an order-entry tool for the purchase of medical cannabis products from Canveda. The MCLN and its integration with the Spartan Wellness Corporation ("Spartan Wellness") platform is expected to play a significant role in our Canadian growth strategy this coming year.

Spartan Wellness: Spartan Wellness, a wholly-owned subsidiary of MPXI, facilitates the acquisition of medicinal cannabis by Canadian military veterans and first responders. Following receipt of Canveda's sales license on July 26, 2019, the Company is converting the Spartan Wellness patient base to patients of Canveda.

BioCannabis: BioCannabis Products Ltd. ("BioCannabis"), a wholly-owned subsidiary of the Company, submitted an application to Health Canada to become a licensed producer under Health Canada's Marijuana for Medical Purposes Regulations in October 2014 out of a 72,342 square foot facility in Owen Sound, Ontario. BioCannabis received notice from Health Canada that its application had reached the Confirmation of Readiness stage. This stage requires the submission of an evidence package to Health Canada demonstrating that all of the rooms in the applicant's facility are ready, fully secured and ready to function. Upon meeting these requirements, a licence will be issued.

Salus BioPharma: Salus BioPharma, a wholly-owned subsidiary of MPXI, is engaged in the development and production of pharma grade cannabidiol medicinal products, medicinal preparations and medicinal accessories. Salus BioPharma products will be produced at both the Canveda facility in Ontario and the facility in Malta.

HolyWeed: HolyWeed, a wholly-owned subsidiary of MPXI, is officially designated ‘Swiss Certified Organic' and produces 100% Swiss grown cannabis light/high CBD pre-rolls, dry flowers, sublingual oils and cosmetics, all compliant with Swiss regulations of <1% THC. HolyWeed products are also available for sale online and delivered by courier free-of-charge across Switzerland. HolyWeed had a successful harvest of approximately 90,000 kilograms of high-CBD, organic "cannabis-light" biomass in the fall of 2019.

MPXI is developing plans to develop an EU-GMP-grade manufacturing facility to broaden HolyWeed's product lines of CBD extracts and isolates for both domestic sale and export and plans to open branded retail stores in Geneva and Zurich. HolyWeed was also one of the first companies to have received authorization from the government of Belgium to commercialise CBD products with THC below 0.2% throughout Belgium.

MPXI Malta: MPXI Malta Operations Ltd. ("MPXI Malta Operations"), a Maltese-company owned by MPXI (80%) and Malta-based Bortex Group (20%) was awarded a letter of intent from Malta Enterprise, the economic development agency for the Republic of Malta, to receive a license to import, extract, produce finished products and distribute cannabis and cannabis derivatives for medicinal use in Malta and export to certain international markets, in particular the EU. Upon receipt of the Licence, which is contingent on the completion and EU-GMP certification of a cannabis processing facility, MPXI will produce EU-GMP quality cannabis oils and cannabis derivative products and pursue regulated medical cannabis distribution opportunities in the European Union through its medical brand, Salus BioPharma. On August 6, 2019, MPXI Malta Property Ltd., a Maltese-company wholly-owned by MPXI Malta Operations, completed the acquisition of all outstanding shares of Alphafarma.

MPX Australia: Construction has commenced on a 47,000 square foot indoor facility leased by MPX Australia and located in Tasmania, Australia. The facility will include a high-tech plant tissue culture lab, cultivation, extraction and processing facilities. The Australian project will target the growing domestic market as well as the emerging markets in New Zealand, the rest of Oceania and Southeast Asia.

South Africa: In anticipation of the completion of definitive documentation, construction has commenced on a 53,000 sq. ft. high-tech greenhouse in the Stellenbosch region of South Africa and has applied to SAPHRA for a license to cultivate medical cannabis.

Financial Overview

The key financial measures indicated below were used by management in evaluating and assessing the performance of MPXI's business for the fourth quarter and fiscal 2019. A more detailed discussion of these and other metrics, as well as operational events, can be found in the Company's Financial Statements, and Management Discussion & Analysis ("MD&A") filed on www.sedar.com.

Net Revenue

For the three months ended September 30, 2019, MPXI reported net revenue of $448,012 (three months ended September 30, 2018: $54,136). For the year ended September 30, 2019, MPXI reported revenue of $1,591,530 (year ended September 30, 2018: $64,451).

Gross Profit

Gross profit for the three months ended September 30, 2019, before adjustment for the unrealized gain in the fair value of biological assets was $449,863 which represents a gross margin of 100.4%. Gross profit after adjustment for the unrealized gain in the fair value of biological assets was $3,973,480, which represents a gross margin of 886.9% The unrealized gain in fair value of biological assets relates to cannabis plants at the Canveda facility and in Switzerland.

Gross profit for the year ended September 30, 2019, before adjustment for the unrealized gain in the fair value of biological assets was $1,299,995, which represents a gross margin of 81.7%. Gross profit after adjustment for the unrealized gain in the fair value of biological assets was $6,450,602 calculated at 405.3% of sales. The unrealized gain in fair value of biological assets relates to cannabis plants at the Canveda facility and in Switzerland.

Operating Expenses

General and administrative expenses were $3,571,378 for the three months ended September 30, 2019 as compared to $432,947 in the comparable period. General and administrative expenses increased to $8,656,714 for the year ended September 30, 2019 as compared to $958,818 in the comparable period.

The increase in general and administrative expenses for the three month and year ended September 30, 2019, as compared to the three months and year ended September 30, 2018, was primarily due to increases in salaries and benefits, consulting fees, office and general, and occupancy costs relating to the integration of Canveda, Spartan Wellness, and HolyWeed as well as costs associated with the Company's continued growth

Professional fees increased to $1,099,369 for the three months ended September 30, 2019 as compared to $36,639 in the comparable period. Professional fees increased to $2,532,655 for the year ended September 30, 2019 as compared to $103,658 in the comparable period.

This increase in professional fees is due to the change in volume and complexity of accounting and legal services required by the Corporation driven by acquisitions and growth. These fees include expenses related to audit, advisory, legal work, government and investor relations, consulting and costs associated with the board of directors.

As part of the Company's incentive stock option plan, the Company recognized $66,911 of share-based compensation for the three months ended September 30, 2019, as compared to $251,364 in the comparable period. The Company granted stock options to employees, directors, officers and consultants of the Company under the Stock Option Plan on February 26, 2019, May 29, 2019 and September 19, 2019. For the year ended September 30, 2019, the Company recognized $1,314,992 of share-based compensation, as compared to $466,296 in the comparable period.

Amortization and depreciation expenses increased to $2,115,099 for the three months ended September 30, 2019 as compared to $465,343 in the comparable period. Amortization and depreciation expenses increased to $2,839,984 for the year ended September 30, 2019 as compared to $597,318 in the comparable period. The increase in amortization and depreciation relates primarily to the intangible and capital assets associated with the Canveda facility.

Other income and expenses

Other expenses were $183,129 for the three months ended September 30, 2019 as compared to other expenses of $35,960 in the comparable period. Other expenses were $226,663 for the year ended September 30, 2019 as compared to other expenses of $20,348 in the comparable period.

Net (Loss) After Tax

Net loss after tax was $3,035,196 for the three months ended September 30, 2019 as compared to a loss of $1,188,516 in the comparable period. Net loss after tax was a loss of $9,378,406 for the year ended September 30, 2019 as compared to a loss of $2,105,197 in the comparable period.

Adjusted EBITDA

Adjusted EBITDA was a loss of $3,599,889 for the three months ended September 30, 2019 as compared to a loss of $490,756 in the comparable period. Adjusted EBITDA was a loss of $9,199,618 for the year ended September 30, 2019 as compared to a loss of $1,076,142 in the comparable period.1

1 In this press release, reference is made to "EBITDA" and "Adjusted EBITDA", which are not measures of financial performance under International Financial Reporting Standards ("IFRS"). Management defines "EBITDA" as the net loss adjusted by removing interest, tax, amortization and depreciation. Management believes "EBITDA" is a useful financial metric to assess its operating performance. Management defines "Adjusted EBITDA" as EBITDA adjusted by removing other non-recurring or non-cash items, including share-based compensation, transaction costs, non-cash consulting fees, accretion expenses, foreign exchange, the non-cash effects of accounting for biological assets, changes in the fair value of contingent consideration payable, write downs to inventory and losses on the disposal of property, plant and equipment. These metrics and measures are not recognized measures under IFRS, do not have meanings prescribed under IFRS and are as a result unlikely to be comparable to similar measures presented by other companies. Management believes adjusted EBITDA enhance an investor's understanding of the Company's financial and operating performance from period to period, because they exclude certain material non-cash items and certain other adjustments management believes are not reflective of the Company's ongoing operations and performance. As such, these measures should not be considered in isolation or in lieu of review of our financial information reported under IFRS. See the Company's September 30, 2019 MD&A for the period ended September 30, 2019 filed on SEDAR for additional information.

Cash

As of September 30, 2019, the Company had cash available of $16,356,889 up from $164,579 at September 30, 2018. The main driver for the increase was the private placement in March 2019 of $26.9 million and the $4 million USD cash as part transfer of non-US assets from MPX Bioceutical Corporation in Feb 2019.

Conference Call

The Company will host a conference call on Wednesday, January 29, 2020 at 8:30 AM EST to discuss the results.

Participant Dial-In Numbers:

Toll-Free: 1-855-327-6837
Toll / International: 1-631-891-4304
Confirmation code: 10008462.

Investors are invited to listen via webcast available on the MPXI investor section of the Company's website at https://ir.mpxinternationalcorp.com/.

Please visit the website 15 minutes prior to the call to register, download, and install any necessary audio software. For interested individuals unable to join the conference call, a replay of the call will be available through February 12, 2020, at 1-844-512-2921 (U.S. Toll Free) or 1-412-317-6671 (International). Participants must use the following code to access the replay of the call: 10008462. The online archive of the webcast will be available on the investor section of the Company's website for 30 days following the call.

W. Scott Boyes, Chairman, President and Chief Executive Officer of MPXI, and David McLaren, Chief Financial Officer, will be answering shareholder questions at the conclusion of the call.

About MPX International Corporation

MPX International Corporation is focused on developing and operating assets across the global cannabis industry with an emphasis on cultivating, manufacturing and marketing products which include cannabinoids as their primary active ingredient.

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, MPX International's objectives and intentions. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in MPX International's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although MPX International believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, MPX International disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

For further information, please contact:

MPX International Corporation
W. Scott Boyes, Chairman, President and CEO
T: +1-416-840-3725
info@mpxinternationalcorp.com
www.mpxinternationalcorp.com

SOURCE: MPX International Corporation

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