SAN FRANCISCO, CA / ACCESSWIRE / January 31, 2020 / The law firm of Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the upcoming deadline to move for appointment as lead plaintiff in the class action litigation on behalf of investors who purchased the common stock of Mohawk Industries, Inc. ("Mohawk" or the "Company") (NYSE:MHK) between April 28, 2017 and July 25, 2019, inclusive (the "Class Period").

If you purchased shares of the common stock of Mohawk during the Class Period, you may move the Court for appointment as lead plaintiff by no later than March 3, 2020. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.

Mohawk investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.

Mohawk, incorporated and headquartered in Calhoun, Georgia, is a global manufacturer of flooring products, including ceramic and porcelain tile and natural stone products, carpets, rugs, laminate, hardwood flooring, sheet vinyl, and luxury vinyl tile, or LVT.

The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that Mohawk engaged in a scheme to inflate its revenues and earnings by stuffing the channel with its conventional flooring products and booking fictitious sales of those products. Defendants made false and misleading statements about Mohawk's sales growth and the demand for its conventional flooring products. Defendants also reassured investors about Mohawk's increasing accounts receivable and inventory levels by falsely attributing those increases to market factors including rising raw material costs and inflation.

The truth about Defendants' fraudulent scheme was revealed beginning on July 25, 2018, when the Company reported disappointing financial results well below its previous guidance and Wall Street estimates. The Company also announced that it would be reducing production, which indicated that its sales channels were stuffed with more product than it was able to sell. Following this news, Mohawk's stock price declined $38.06 per share, or 17%, from its closing price on July 25, 2018 to close at $179.31 on July 26, 2018.

On October 25, 2018, Mohawk reported its financial results for the third quarter of 2018 that was well below analysts' estimates. Mohawk executives attributed the disappointing results, in part, to further manufacturing reductions that were required to control inventory buildup. On this news, the Company's stock price fell $36.03 per share, or 23.9%, from its closing price on October 25, 2018 to close at $115.03 per share on October 26, 2018.

On July 26, 2019, Mohawk reported that it was again reducing production to control inventory levels so that supply matched customer demand. Following this news, the price of Mohawk stock fell nearly 18% to close at $128.84 on July 26, 2019.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has recognized Lieff Cabraser as one of the nation's top plaintiffs' law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms "representing the best qualities of the plaintiffs' bar and that demonstrated unusual dedication and creativity." Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm's "laser focus" and noting that our firm routinely finds itself "facing off against some of the largest and strongest defense law firms in the world." Benchmark Litigation has named Lieff Cabraser one of the "Top 10 Plaintiffs' Firms in America."

For more information about Lieff Cabraser and the firm's representation of investors, please visit https://www.lieffcabraser.com/.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Source/Contact for Media Inquiries Only

Sharon M. Lee
Lieff Cabraser Heimann & Bernstein, LLP
Telephone: 1-800-541-7358

SOURCE: Lieff Cabraser Heimann & Bernstein, LLP

ReleaseID: 574692

BOHEMIA, NY / ACCESSWIRE / January 31, 2020 / Scientific Industries Inc. (OTCQB:SCND), January 30, 2020 – Scientific Industries Inc. announced the appointment of Mr. John Moore as its new Chairman of the Board and President of the Company's wholly-owned subsidiary, Scientific Bioprocessing, Inc. (SBI), and Mr. Joseph Cremonese as the Company's Chairman Emeritus.

Ms. Helena R. Santos, Chief Executive Officer and a Director stated that the Company is extremely grateful for Mr. Cremonese's dedicated service to the Company as its Chairman since 2006. Mr. Cremonese continues to serve as a Director of the Company, and a consultant to SBI. Mr. Moore was elected a Director of the Company in January 2019 and re-elected at this year's Annual Meeting.

Ms. Santos continued "Mr. Moore is an experienced entrepreneur in life sciences and other high growth industries. He has a history of working with great teams to build shareholder value." Mr. Moore said, "Scientific Industries has a combination of solid cash flowing operations and high value and growth potential new product offerings. Our goal is to build a new category in the bioprocessing industry to expand Scientific Industries life sciences franchise. It is a privilege to work with Helena and Joe to build on their past success."

At the Company's 2019 Annual Meeting, the Company also unveiled its newest product – an optical pill counter designed for real-time accurate pill counting. The new benchtop pill counter – VIVID RX will be sold primarily through pharmacy distributors.

About Scientific Industries

Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the Genie and Torbal brand products; produces and sells customized catalyst research instruments, and the research, development and production of bioprocessing systems and methods. Scientific Industries' products are generally used and designed for research purposes in laboratories of universities, hospitals, pharmaceutical companies, chemical companies, and medical device manufacturers.

"Statements made in this press release that relate to future events, performance or financial results of the Company are forward-looking statements which involve uncertainties that could cause actual events, performance or results to materially differ. The Company undertakes no obligation to update any of these statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Accordingly, any forward-looking statement should be read in conjunction with the additional information about risks and uncertainties set forth in the Company's Securities and Exchange Commission reports, including our annual report on Form 10-K."

CONTACT:

888-850-6208
info@scientificindustries.com
www.scientificindustries.com

SOURCE: Scientific Industries, Inc.

ReleaseID: 574728

Not for distribution to United States Newswire Services or for dissemination in the United States

TORONTO, ON / ACCESSWIRE / January 31, 2020 / Grid Metals Corp. (the "Company") (TSXV:GRDM) is pleased to announce a non-brokered private placement of units (the "Units") of the Company for gross proceeds of up to approximately C$1,400,000 (the "Offering"). Red Cloud Securities is acting as a finder in connection with the Offering.

Each Unit is being offered at a price of C$0.13 and will be comprised of one common share of the Company and one half common share purchase warrant (a "Warrant"), each Warrant entitling the holder thereof to acquire one common share of the Company at a price of C$0.20 for a period of 36 months from the date of closing of the Offering. The net proceeds from the Units will be used for exploration and general working capital purposes.

The closing of the Offering is expected to occur on or about February 15, 2020 and is subject to receipt of all necessary regulatory approvals. The Units, including all underlying securities thereof, and any finder's warrants issued with respect to the Offering, will be subject to a hold period of four months and one day in accordance with applicable securities laws.

This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

Prior Private Placement – The Company also wishes to provide additional information related to its prior private placement which was closed on January 13, 2020. Firstly, In that placement, Mr. Robin Dunbar, the President and CEO of the Company, subscribed for shares in the placement making the transaction a "related party" transaction under the provisions of Multilateral Instrument 61-101 ("MI 61-101) which normally require a valuation and minority shareholder approval . In completing the transaction, the Company relied upon the exemptions for related party transactions contained in Paragraphs 5.5 (a) and (b) of MI 61-101 with respect to the valuation requirement and Paragraph 5.7(b) with respect to the minority shareholder approval requirement. Secondly, the hold periods applicable to the securities which were issued in the placement were as follows: for the closing completed on November 29,2019, the hold period expires on March 30,2020; for the closing completed on December 31,2019 the hold period expires on May 1, 2020; and, for the closing completed on January 13, 2020 the hold period expires on May 14, 2020.

About Grid Metals Corp.

Grid Metals Corp. is an exploration and development Company that has a diversified portfolio of projects in the nickel-copper-platinum group metal sectors. These commodities are vital to the emerging battery metals, energy storage and automotive sectors. All of Grid's projects are located in secure North American mining jurisdictions. The Company is focused on timely advancement of its property portfolio through prudent exploration and development activities.

In addition to the East Bull Lake PGM Property Grid has ongoing development work at its Makwa Mayville Nickel-Copper-PGM project located in Manitoba. The Company is working on completion of an updated NI 43-101 Preliminary Economic Assessment (PEA) for that project. The existing PEA was completed in April 2014.

To find out more about Grid Metals Corp., please visit www.gridmetalscorp.com.

On Behalf of the Board of Grid Metals Corp.
Robin Dunbar – President, CEO & Director
Telephone: 416-955-4773
Email: rd@gridmetalscorp.com

David Black – Investor Relations
Email: info@gridmetalscorp.com

SOURCE: Grid Metals Corp.

ReleaseID: 574794

FAIRFAX, VA / ACCESSWIRE / January 31, 2020 / The Freedom Bank of Virginia (OTCQX:FDVA), (the "Bank" or "Freedom") today announced net income of $2,705,217 or $0.37 per diluted share for the year ended December 31, 2019 and net income of $747,808, or $0.10 per diluted share, for the three months ended December 31, 2019.

Joseph J. Thomas, President and CEO, commented "We are pleased with the success of our efforts to reposition the company's brand, re-invest in technology and new products, and return to solid levels of profitability in 2019. We grew assets by 4.51% during the year to $500.39 million and achieved a ROA of 0.55% for 2019 compared to 0.04% last year. Non-interest expenses were down $1.2 million in the year which helped improve our efficiency ratio. We also took steps to improve asset quality and non-accrual loans were cut in half to $1.70 million or 0.42% of total loans at December 31, 2019. We also strengthened capital ratios with Tier One Capital Ratio of 15.3% at year-end which, along with strong reserves and diversified loan mix, give us a large runway for growth and improved profitability in 2020."

Full Year 2019 Highlights include:

Net income for the twelve months ended December 31, 2019 was $2,705,217 or $0.37 per diluted share compared to $191,277 or $0.03 per diluted share for the twelve months ended December 31, 2018;
ROAA was 0.55% for the twelve months ended December 31, 2019 compared to 0.04% for the twelve months ended December 31, 2018;
ROAE was 4.40% for the twelve months ended December 31, 2019 compared to 0.34% for the twelve months ended December 31, 2018;
Total assets were $500.39 million on December 31, 2019, higher by $21.58 million or by 4.51% compared to December 31, 2018;
Total loans increased by $6.10 million or by 1.53% during 2019;
Total deposits decreased by $5.52 million or by 1.38% during 2019. Non-interest bearing demand deposits jumped to comprise 20.40% of total deposits at December 31, 2019 compared to 16.72% of total deposits at December 31, 2018;
Net interest income for all of 2019 was lower by 8.69% compared to 2018. The net interest margin in 2019 was 3.47%, lower by 5 basis points compared to 2018;
Yields on average earning assets increased by 26 basis points to 4.90% in 2019 compared to 4.64% in 2018.
Non-interest expenses for the twelve months ended December 31, 2019 were lower by $1.18 million or by 6.11% compared to non-interest expenses for the same period in 2018;
Efficiency Ratio was 84.34% for the full year 2019, improved from 97.21% for the prior year;
The allowance for loan and lease losses ("ALLL") was 1.05% of loans held-for-investment at December 31, 2019 compared to 1.16% of loans held-for-investment at December 31, 2018;
Asset quality remains strong with the ratio of non-performing assets to total assets at 1.24% as of December 31, 2019 compared to a ratio of 0.69% as of December 31, 2018;
Capital ratios continue to be strong, and above regulatory minimums for well-capitalized banks: Total Risk Based Capital ratio of 16.24%, Tier 1 Risk Based Capital ratio of 15.26%, Common Equity Tier 1 ratio of 15.26% and Tier 1 Leverage ratio of 12.80% at December 31, 2019.

Fourth Quarter Highlights include:

Net income for the fourth quarter was $747,808 or $0.10 per diluted share compared to $932,348 or $0.13 per diluted share for the third quarter of 2019, and net income of $15,250 or $0.00 per diluted share, for the three months ended December 31, 2018;
Return on Average Assets ("ROAA") was 0.59% for the quarter ended December 31, 2019 compared to 0.75% for the prior quarter and 0.01% for the three months ended December 31, 2018;
Return on Average Equity ("ROAE") was 4.66% for the three months ended December 31, 2019 compared to 5.96% for the prior quarter and 0.10% for the three months ended December 31, 2018;
Total loans declined by $15.56 million or by 3.70% during the quarter. Loans held-for-investment decreased by $7.88 million or by 1.96%, while loans held-for-sale decreased by $7.68 million or by 39.72% in the fourth quarter;

Available-for-sale Securities increased by $4.87 million or by 10.83% during the quarter;
Total deposits decreased by $1.44 million or by 0.36% in the fourth quarter. Non-interest bearing demand deposits were relatively flat during the quarter at $80.63 million;
The net interest margin declined by 19 basis points to 3.33% compared to the previous quarter, on lower earning asset yields, partially offset by a reduction in the cost of funds;
The cost of funds declined by 10 basis points in the fourth quarter of 2019, largely due to lower funding costs for borrowings, time deposits and money market deposits;
Non-interest income decreased by 32.48% compared to the previous quarter, primarily due to lower revenue from the sale of mortgage loans during the fourth quarter, stemming from a seasonal decline in mortgage activity resulting in a lower volume of closed loans;
Non-interest expenses decreased by 11.96% compared to the previous quarter, primarily due to lower compensation costs;
The Efficiency Ratio was 82.10% for the quarter ended December 31, 2019, relatively flat compared to 81.39% for the previous quarter;
The Bank recognized no provision for loan losses during the fourth quarter.

Net Interest Income

The Bank recorded net interest income of $4.04 million for the fourth quarter of 2019, a decrease of 4.09% compared to the previous quarter. Net interest income for all of 2019 was lower by 8.69% compared to 2018. The net interest margin in the fourth quarter of 2019 was 3.33%, lower by 19 basis points compared to the previous quarter. The net interest margin in 2019 was 3.47%, lower by 5 basis points compared to 2018.

Page 12 of the earnings release includes a rate-volume analysis that illustrates the changes to net interest income in the fourth quarter of 2019 relative to the prior quarter and changes in net interest income in 2019 compared to 2018. The following factors contributed to the changes in net interest margin during the fourth quarter of 2019 compared to the previous quarter:

Yields on average earning assets decreased by 28 basis points to 4.71% compared to 4.99% in the previous quarter, primarily due to a decrease in loan and investment yields during the fourth quarter, stemming from higher cash balances, loan payoffs and refinancing activity as well as a reduction in the interest rate on excess reserves at the Federal Reserve Bank of Richmond, the 1-month LIBOR rate and the Prime rate during the fourth quarter. Loan yields in the previous quarter were also higher, in part due to recognition of default interest related to a loan recovery during the quarter. The additional yield related to the loan recovery in the third quarter was approximately 10 basis points.
Loan yields decreased by 16 basis points to 5.20% from 5.36% in the previous quarter, while yields on investment securities decreased by 47 basis point to 2.32%, from 2.79% in the previous quarter. Investment yields were lower primarily due to increased premium amortization and a decline in the 1-month LIBOR and the Prime rate.
Cost of funds decreased by 10 basis points to 1.54%, from 1.64% in the previous quarter, primarily due to lower costs related to borrowings and time deposits as well as a reduction in higher cost money market deposit balances.

The following factors contributed to the changes in net interest margin during 2019 compared to 2018:

Loan yields increased by 15 basis points to 5.34% from 5.19% in 2018, while yields on investment securities increased by 3 basis points to 2.69%, from 2.66% in 2018.
Cost of funds increased by 35 basis points to 1.60%, from 1.25% in 2018, primarily due to higher costs related to time deposits.

Non-interest Income

Non-interest income was $1.24 million for the fourth quarter, lower by 32.48% compared to the previous quarter. Non-interest income in the fourth quarter of 2018 was $733,665. The principal contributor to the decrease in non-interest income in the fourth quarter of 2019 compared to the previous quarter was lower gain-on-sale revenue from mortgage loans, stemming from a seasonal decline in mortgage activity resulting in a lower volume of closed loans.

Non-interest income was $5.41 million for the full year 2019 compared to $2.24 million in 2018. The Bank realized $1.18 million of losses on the sale of securities in the third quarter of 2018. Excluding those losses, adjusted non-interest income for the full year 2018 would have been $3.42 million. The increase in non-interest income was driven by higher gain-on-sale revenue from mortgage loans. Gain-on-sale revenue from mortgage loans in 2019 was $4.76 million in 2019 compared to $3.17 million in 2018.

Non-interest Expenses

The Company continued to exercise strong expense control in 2019. Non-interest expenses in the fourth quarter of 2019 decreased by 11.96% compared to the previous quarter and decreased by 6.06% compared to the same period in 2018.

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

Compensation costs decreased by 13.91% compared to the previous quarter, primarily due to a decline in commissions paid to mortgage loan officers on lower volume of closed loans and a reduction in salary expense.

Non-interest expenses decreased by 6.11% for the first twelve months of 2019 compared to the same period in 2018. Principal categories of non-interest expenses that changed in 2019 compared to 2018 were the following:

Compensation costs decreased by 2.64% in 2019 compared to the prior year. Compensation costs in 2018 included severance costs of $462,196, recognized in the third and fourth quarters of the year. The compensation costs in 2019 included $175,198 in severance expenses, recognized in the first quarter of 2019.
Professional fees were lower by 48.79% in 2019 compared to 2018, primarily due to a streamlining of vendor agreements, more efficient use of legal services and reduced director fees in 2019 as a result of the board restructuring that occurred in 2018.
Data processing expenses in 2019 were lower by 29.12% compared to the prior year, primarily due to re-negotiation of certain vendor agreements and more efficient utilization of data processing services in 2019.
Insurance expense was reduced due to credits provided by the FDIC in 2019 on deposit insurance assessments to small banks (those with total consolidated assets of less than $10 billion).

Asset Quality

Non-accrual loans were $1.70 million or 0.42% of total loans at the end of the fourth quarter of 2019, compared to $2.18 million or 0.53% of total loans at the end of the prior quarter. As of both December 31, 2019 and September 30, 2019, there were no troubled debt restructurings ("TDRs"). On December 31, 2019 there were $4.53 million of loans that were 90 days or more past due and accruing, equivalent to 1.11% of total loans, compared to $598,863 of loans that were 90 days or more past due and accruing, equivalent to 0.14% of total loans on September 30, 2019. The increase in loans that were more than 90 days past due and accruing was largely related to two credits. The loans are adequately secured and collectability of delinquent payments is highly likely as collections are in process. There was no Other Real Estate Owned ("OREO") on the balance sheet on December 31, 2019 or September 30, 2019. Total non-performing assets (defined as the sum of loans on non-accrual, loans greater than 90 days past due and accruing, loans that were TDRs but not on non-accrual, and OREO assets) were $6.23 million or 1.24% of total assets at December 31, 2019 compared to $2.78 million or 0.55% of total assets, at the end of the previous quarter.

Following an assessment of the collectability of the loans held-for-investment at the end of the fourth quarter, it was determined that the reserve for loan and lease losses was adequate and that an additional provision for loan and lease losses was not necessary. The Bank's ALLL was 1.05% of loans held-for-investment at December 31, 2019, compared to 1.12% of loans held-for-investment at September 30, 2019.

Total Assets

Total assets at December 31, 2019 were $500.39 million compared to $507.39 million on September 30, 2019. Changes in major asset categories during linked quarters were as follows:

Cash balances and deposits with other banks increased by $4.18 million during the quarter.
The available-for-sale securities portfolio increased by $4.87 million compared to September 30, 2019.
Loans held-for-investment decreased by $7.88 million during the quarter.
Loans held-for-sale decreased by $7.68 million during the quarter.

Total Liabilities

Total liabilities at December 31, 2019 were $436.37 million, compared to total liabilities of $444.20 million on September 30, 2019. Total deposits were $395.21 million on December 31, 2019 compared to total deposits of $396.65 million on September 30, 2019. On a linked quarter basis, interest bearing demand deposits increased by $2.40 million, with the bulk of the increase occurring in low cost interest checking balances. Non-interest bearing demand deposits were flat during the quarter at $80.63 million, and comprised 20.40% of total deposits at the end of the quarter, compared to 16.72% of total deposits on December 31, 2018. Federal Home Loan Bank advances decreased by $6.00 million during the quarter, as the bank took advantage of strong balance sheet liquidity to reduce borrowing costs.

Stockholders' Equity and Capital

Stockholders' equity at December 31, 2019 was $64.03 million compared to $63.19 million on September 30, 2019. Additional paid in capital at December 31, 2019 was $58.53 million compared to $58.45 million on September 30, 2019. Accumulated Other Comprehensive Income ("AOCI"), which generally comprises unrealized gains and losses on available-for-sale securities on the balance sheet, increased by $18,566 on lower unrealized losses during the quarter and has increased by $1.09 million since December 31, 2018. Total shares issued and outstanding were 7,221,046 on December 31, 2019 compared to 6,981,602 on December 31, 2018. The book value of the Bank's common stock at December 31, 2019 was $8.86 per share compared to $8.47 per share on December 31, 2018.

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

 
December 31, 2019
 
 
December 31, 2018
 

Total Capital Ratio

 
 
16.24
%
 
 
15.85
%

Tier 1 Capital Ratio

 
 
15.26
%
 
 
14.73
%

Common Equity

Tier 1 Capital Ratio

 
 
15.26
%
 
 
14.73
%

Leverage Ratio

 
 
12.80
%
 
 
12.16
%

About Freedom Bank

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

Forward Looking Statements

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

THE FREEDOM BANK OF VIRGINIA

CONSOLIDATED BALANCE SHEETS

 
(Unaudited)
 
 
(Unaudited)
 
 
(Audited)
 

 
December 31,
 
 
September 30,
 
 
December 31,
 

 
2019
 
 
2019
 
 
2018
 

ASSETS

Cash and Due from Banks

 
$
927,323
 
 
$
890,654
 
 
$
1,270,559
 

Interest Bearing Deposits with Banks

 
 
24,735,085
 
 
 
20,590,246
 
 
 
14,376,684
 

Securities Available-for-Sale

 
 
49,854,912
 
 
 
44,984,633
 
 
 
48,204,339
 

Restricted Stock Investments

 
 
3,752,750
 
 
 
4,013,750
 
 
 
3,076,000
 

Loans Held for Sale

 
 
11,656,802
 
 
 
19,338,243
 
 
 
4,415,520
 

Loans Held for Investment

 
 
392,941,874
 
 
 
400,817,788
 
 
 
394,080,457
 

Allowance for Loan Losses

 
 
(4,121,692
)
 
 
(4,502,835
)
 
 
(4,572,393
)

Net Loans

 
 
388,820,181
 
 
 
396,314,953
 
 
 
389,508,064
 

Bank Premises and Equipment, net

 
 
1,480,535
 
 
 
1,547,008
 
 
 
1,748,935
 

Other Real Estate Owned

 
 
–
 
 
 
–
 
 
 
–
 

Accrued Interest Receivable

 
 
1,278,037
 
 
 
1,252,014
 
 
 
1,229,534
 

Deferred Tax Asset

 
 
904,010
 
 
 
779,577
 
 
 
1,247,513
 

Bank-Owned Life Insurance

 
 
12,783,605
 
 
 
12,686,878
 
 
 
12,401,317
 

Other Assets

 
 
4,199,435
 
 
 
4,989,323
 
 
 
1,336,522
 

Total Assets

 
$
500,392,674
 
 
$
507,387,279
 
 
$
478,814,987
 

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities

Deposits

Demand deposits

Non-interest bearing

 
$
80,630,053
 
 
$
80,916,899
 
 
$
67,012,857
 

Interest bearing

 
 
112,605,618
 
 
 
110,200,698
 
 
 
128,403,358
 

Savings deposits

 
 
2,153,939
 
 
 
2,726,046
 
 
 
3,023,239
 

Time deposits

 
 
199,821,006
 
 
 
202,808,547
 
 
 
202,292,311
 

Total Deposits

 
 
395,210,616
 
 
 
396,652,190
 
 
 
400,731,765
 

Federal Home Loan Bank advances

 
 
35,857,143
 
 
 
41,857,143
 
 
 
17,142,857
 

Other Liabilities

 
 
4,864,913
 
 
 
4,808,531
 
 
 
1,607,491
 

Accrued interest payable

 
 
433,586
 
 
 
882,971
 
 
 
218,537
 

Total Liabilities

 
 
436,366,258
 
 
 
444,200,835
 
 
 
419,700,650
 

Stockholders' Equity

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

0 shares issued and outstanding, 2019 and 2018

 
 
–
 
 
 
–
 
 
 
–
 

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

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

Voting Common Stock:

6,548,046, 6,538,396 and 6,423,602 shares issued and outstanding

at December 31, September 30, 2019 and December 31, 2018, respectively

(includes 120,500, 120,500 and 115,000 unvested shares at December 31,

September 30, 2019 and December 31, 2018 respectively)

 
 
64,275
 
 
 
64,175
 
 
 
63,086
 

Non-Voting Common Stock:

673,000 shares issued and outstanding December 31, September 30, 2019

and December 31 2018

 
 
6,730
 
 
 
6,730
 
 
 
6,730
 

Additional paid-in capital

 
 
58,526,913
 
 
 
58,453,416
 
 
 
57,416,068
 

Accumulated other comprehensive loss, net

 
 
(29,275
)
 
 
(47,841
)
 
 
(1,124,101
)

Retained earnings

 
 
5,457,772
 
 
 
4,709,964
 
 
 
2,752,554
 

Total Stockholders' Equity

 
 
64,026,416
 
 
 
63,186,444
 
 
 
59,114,337
 

Total Liabilities and Stockholders' Equity

 
$
500,392,674
 
 
$
507,387,279
 
 
$
478,814,987
 

 THE FREEDOM BANK OF VIRGINIA
CONSOLIDATED STATEMENTS OF OPERATIONS

 
(Unaudited)
 
 
(Unaudited)
 
 
(Unaudited)
 
 
 
 

 
For the three
 
 
For the three
 
 
For the twelve
 
 
For the twelve
 

 
months ended
 
 
months ended
 
 
months ended
 
 
months ended
 

 
December 31, 2019
 
 
December 31, 2018
 
 
December 31, 2019
 
 
December 31, 2018
 

Interest Income

Interest and fees on loans

 
$
5,345,417
 
 
$
5,320,269
 
 
$
21,113,850
 
 
$
21,107,977
 

Interest on investment securities

 
 
278,164
 
 
 
337,702
 
 
 
1,369,822
 
 
 
1,740,241
 

Interest on Federal funds sold

 
 
88,239
 
 
 
174,693
 
 
 
391,377
 
 
 
484,390
 

Total Interest Income

 
 
5,711,820
 
 
 
5,832,664
 
 
 
22,875,048
 
 
 
23,332,608
 

Interest Expense

Interest on deposits

 
 
1,513,662
 
 
 
1,457,042
 
 
 
6,207,144
 
 
 
5,352,235
 

Interest on borrowings

 
 
162,502
 
 
 
89,481
 
 
 
545,141
 
 
 
322,373
 

Total Interest Expense

 
 
1,676,164
 
 
 
1,546,524
 
 
 
6,752,285
 
 
 
5,674,608
 

Net Interest Income

 
 
4,035,657
 
 
 
4,286,140
 
 
 
16,122,764
 
 
 
17,658,000
 

Provision for Loan Losses

 
 
–
 
 
 
406,000
 
 
 
194,500
 
 
 
406,000
 

Net Interest Income after

Provision for Loan Losses

 
 
4,035,657
 
 
 
3,880,140
 
 
 
15,928,264
 
 
 
17,252,000
 

Non-Interest Income

Gain on sale of mortgage loans

 
 
1,097,693
 
 
 
668,073
 
 
 
4,763,651
 
 
 
3,168,195
 

Service charges and other income

 
 
45,300
 
 
 
43,196
 
 
 
156,467
 
 
 
187,892
 

Gain(Loss) on sale of securities

 
 
–
 
 
 
–
 
 
 
105,722
 
 
 
(1,181,108
)

Increase in cash surrender value of bank-

owned life insurance

 
 
96,727
 
 
 
22,396
 
 
 
382,288
 
 
 
63,171
 

Total Non-interest Income

 
 
1,239,720
 
 
 
733,665
 
 
 
5,408,128
 
 
 
2,238,150
 

Non-Interest Expenses

Officer and employee compensation

and benefits

 
 
2,637,977
 
 
 
2,824,477
 
 
 
11,347,119
 
 
 
11,654,250
 

Occupancy expense

 
 
293,058
 
 
 
269,963
 
 
 
1,142,845
 
 
 
1,098,985
 

Equipment and depreciation expense

 
 
261,871
 
 
 
172,048
 
 
 
891,384
 
 
 
664,284
 

Insurance expense

 
 
10,760
 
 
 
78,345
 
 
 
118,226
 
 
 
438,813
 

Professional fees

 
 
278,594
 
 
 
460,078
 
 
 
1,037,660
 
 
 
2,026,109
 

Data and item processing

 
 
189,680
 
 
 
312,108
 
 
 
885,836
 
 
 
1,249,830
 

Advertising

 
 
113,194
 
 
 
57,289
 
 
 
336,282
 
 
 
245,294
 

Franchise taxes and State Assessment Fees

 
 
175,920
 
 
 
160,647
 
 
 
629,989
 
 
 
635,162
 

Mortgage fees and settlements

 
 
200,192
 
 
 
95,353
 
 
 
843,191
 
 
 
498,411
 

Other operating expense

 
 
169,743
 
 
 
179,851
 
 
 
927,423
 
 
 
830,157
 

Total Non-interest Expenses

 
 
4,330,988
 
 
 
4,610,159
 
 
 
18,159,953
 
 
 
19,341,296
 

Income before Income Taxes

 
 
944,389
 
 
 
3,645
 
 
 
3,176,438
 
 
 
148,854
 

Income Tax Expense

 
 
196,581
 
 
 
(11,605
)
 
 
471,221
 
 
 
(42,423
)

Net Income

 
$
747,808
 
 
$
15,250
 
 
$
2,705,217
 
 
$
191,277
 

Earnings per Common Share – Basic

 
$
0.10
 
 
$
0.00
 
 
$
0.38
 
 
$
0.03
 

Earnings per Common Share – Diluted

 
$
0.10
 
 
$
0.00
 
 
$
0.37
 
 
$
0.03
 

Weighted-Average Common Shares

Outstanding – Basic

 
 
7,212,568
 
 
 
7,085,636
 
 
 
7,144,052
 
 
 
6,751,251
 

Weighted-Average Common Shares

Outstanding – Diluted

 
 
7,272,228
 
 
 
7,207,759
 
 
 
7,226,571
 
 
 
6,948,844
 

THE FREEDOM BANK OF VIRGINIA
CONSOLIDATED STATEMENTS OF OPERATIONS

 
For the three
 
 
For the three
 
 
For the three
 
 
For the three
 
 
For the three
 

 
months ended
 
 
months ended
 
 
months ended
 
 
months ended
 
 
months ended
 

 
December 31, 2019
 
 
September 30, 2019
 
 
June 30, 2019
 
 
March 31, 2019
 
 
December 31, 2018
 

Interest Income

Interest and fees on loans

 
$
5,345,417
 
 
$
5,541,462
 
 
$
5,022,252
 
 
$
5,204,718
 
 
$
5,320,254
 

Interest on investment securities

 
 
278,164
 
 
 
343,288
 
 
 
381,352
 
 
 
367,017
 
 
 
337,702
 

Interest on Federal funds sold and Other

 
 
88,239
 
 
 
82,831
 
 
 
94,979
 
 
 
125,328
 
 
 
174,693
 

Total Interest Income

 
 
5,711,820
 
 
 
5,967,581
 
 
 
5,498,583
 
 
 
5,697,063
 
 
 
5,832,649
 

Interest Expense

Interest on deposits

 
 
1,513,662
 
 
 
1,585,209
 
 
 
1,606,953
 
 
 
1,501,319
 
 
 
1,457,042
 

Interest on borrowings

 
 
162,502
 
 
 
174,810
 
 
 
120,696
 
 
 
87,132
 
 
 
89,481
 

Total Interest Expense

 
 
1,676,164
 
 
 
1,760,019
 
 
 
1,727,649
 
 
 
1,588,451
 
 
 
1,546,523
 

Net Interest Income

 
 
4,035,657
 
 
 
4,207,562
 
 
 
3,770,934
 
 
 
4,108,612
 
 
 
4,286,126
 

Provision for Loan Losses

 
 
–
 
 
 
47,000
 
 
 
147,500
 
 
 
–
 
 
 
406,000
 

Net Interest Income after

Provision for Loan Losses

 
 
4,035,657
 
 
 
4,160,562
 
 
 
3,623,434
 
 
 
4,108,612
 
 
 
3,880,126
 

Non-Interest Income

Gain on sale of mortgage loans

 
 
1,097,693
 
 
 
1,702,767
 
 
 
1,168,251
 
 
 
794,939
 
 
 
668,073
 

Service charges and other income

 
 
45,300
 
 
 
36,275
 
 
 
32,462
 
 
 
42,431
 
 
 
43,196
 

Gains on sale of securities

 
 
–
 
 
 
–
 
 
 
103,034
 
 
 
2,688
 
 
 
–
 

Increase in cash surrender value of bank-

owned life insurance

 
 
96,727
 
 
 
97,022
 
 
 
96,324
 
 
 
92,215
 
 
 
22,396
 

Total Non-interest Income

 
 
1,239,720
 
 
 
1,836,064
 
 
 
1,400,071
 
 
 
932,273
 
 
 
733,665
 

Non-Interest Expenses

Officer and employee compensation

and benefits

 
 
2,637,977
 
 
 
3,064,244
 
 
 
2,711,906
 
 
 
2,932,993
 
 
 
2,824,477
 

Occupancy expense

 
 
293,058
 
 
 
285,798
 
 
 
288,213
 
 
 
275,776
 
 
 
269,963
 

Equipment and depreciation expense

 
 
261,871
 
 
 
216,275
 
 
 
277,717
 
 
 
185,521
 
 
 
172,048
 

Insurance expense

 
 
10,760
 
 
 
(26,872
)
 
 
77,984
 
 
 
77,984
 
 
 
78,345
 

Professional fees

 
 
278,594
 
 
 
297,947
 
 
 
243,880
 
 
 
323,358
 
 
 
460,078
 

Data and item processing

 
 
189,680
 
 
 
256,535
 
 
 
187,073
 
 
 
252,547
 
 
 
312,108
 

Advertising

 
 
113,194
 
 
 
63,543
 
 
 
124,276
 
 
 
35,269
 
 
 
57,289
 

Franchise taxes and State Assessment Fees

 
 
175,920
 
 
 
154,265
 
 
 
98,717
 
 
 
141,887
 
 
 
160,647
 

Mortgage fees and settlements

 
 
200,192
 
 
 
312,346
 
 
 
198,771
 
 
 
131,881
 
 
 
95,353
 

Other operating expense

 
 
169,743
 
 
 
295,082
 
 
 
185,124
 
 
 
158,927
 
 
 
179,851
 

Total Non-interest Expenses

 
 
4,330,988
 
 
 
4,919,163
 
 
 
4,393,661
 
 
 
4,516,143
 
 
 
4,610,159
 

Income before Income Taxes

 
 
944,389
 
 
 
1,077,463
 
 
 
629,844
 
 
 
524,742
 
 
 
3,645
 

Income Tax Expense

 
 
196,581
 
 
 
145,115
 
 
 
120,769
 
 
 
8,756
 
 
 
(11,605
)

Net Income

 
$
747,808
 
 
$
932,348
 
 
$
509,075
 
 
$
515,986
 
 
$
15,250
 

Earnings per Common Share – Basic

 
$
0.10
 
 
$
0.13
 
 
$
0.07
 
 
$
0.07
 
 
$
0.00
 

Earnings per Common Share – Diluted

 
$
0.10
 
 
$
0.13
 
 
$
0.07
 
 
$
0.07
 
 
$
0.00
 

Weighted-Average Common Shares

Outstanding – Basic

 
 
7,212,568
 
 
 
7,150,649
 
 
 
7,114,190
 
 
 
7,097,635
 
 
 
7,085,636
 

Weighted-Average Common Shares

Outstanding – Diluted

 
 
7,272,228
 
 
 
7,194,786
 
 
 
7,177,984
 
 
 
7,173,656
 
 
 
7,207,759
 

Average Balances, Income and Expenses, Yields and Rates

(Unaudited)

 
Three Months Ended
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
 
 
 
 

 
December 31, 2019
 
 
 
 
 
 
 
 
September 30, 2019
 
 
 
 
 
 
 

 
Average Balance
 
 
Income/Expense
 
 
Yield
 
 
Average Balance
 
 
Income/Expense
 
 
Yield
 

Assets

Cash

 
$
25,022,661
 
 
$
88,239
 
 
 
1.40
%
 
$
15,079,084
 
 
$
82,831
 
 
 
2.18
%

Investments (Tax Exempt)

 
 
4,494,698
 
 
 
38,432
 
 
 
 
 
 
 
4,481,837
 
 
 
38,451
 
 
 
 
 

Investments (Taxable)

 
 
44,496,212
 
 
 
248,253
 
 
 
 
 
 
 
45,525,802
 
 
 
312,913
 
 
 
 
 

Total Investments

 
 
48,990,910
 
 
 
286,685
 
 
 
2.32
%
 
 
50,007,639
 
 
 
351,364
 
 
 
2.79
%

Loans (Tax Exempt)

 
 
4,561,638
 
 
 
61,239
 
 
 
 
 
 
 
4,590,156
 
 
 
61,620
 
 
 
 
 

Loans (Taxable)

 
 
404,433,331
 
 
 
5,297,040
 
 
 
 
 
 
 
406,752,716
 
 
 
5,492,782
 
 
 
 
 

Total Loans

 
 
408,994,969
 
 
 
5,358,279
 
 
 
5.20
%
 
 
411,342,872
 
 
 
5,554,402
 
 
 
5.36
%

Earning Assets

 
 
483,008,540
 
 
 
5,733,203
 
 
 
4.71
%
 
 
476,429,595
 
 
 
5,988,597
 
 
 
4.99
%

Assets

 
$
500,326,991
 
 
 
 
 
 
 
 
 
 
$
494,059,141
 
 
 
 
 
 
 
 
 

Liabilities

Interest Checking

 
$
14,030,639
 
 
 
14,184
 
 
 
0.40
%
 
$
10,544,633
 
 
 
14,341
 
 
 
0.54
%

Money Market

 
 
88,595,320
 
 
 
293,646
 
 
 
1.31
%
 
 
94,166,514
 
 
 
328,272
 
 
 
1.38
%

Savings

 
 
2,272,908
 
 
 
1,146
 
 
 
0.20
%
 
 
2,538,392
 
 
 
1,280
 
 
 
0.20
%

Time Deposits

 
 
201,332,511
 
 
 
1,204,686
 
 
 
2.37
%
 
 
202,523,113
 
 
 
1,241,316
 
 
 
2.43
%

Interest Bearing Deposits

 
 
306,231,378
 
 
 
1,513,662
 
 
 
1.96
%
 
 
309,772,652
 
 
 
1,585,209
 
 
 
2.03
%

FHLB Borrowings

 
 
39,890,991
 
 
 
162,502
 
 
 
1.62
%
 
 
37,231,599
 
 
 
174,811
 
 
 
1.86
%

Interest Bearing Liabilities

 
 
346,122,369
 
 
 
1,676,164
 
 
 
1.92
%
 
 
347,004,251
 
 
 
1,760,020
 
 
 
2.01
%

Non Interest Bearing Deposits

 
$
84,845,763
 
 
 
 
 
 
 
 
 
 
$
79,607,547
 
 
 
 
 
 
 
 
 

Cost of Funds

 
 
 
 
 
 
 
 
 
 
1.54
%
 
 
 
 
 
 
 
 
 
 
1.64
%

Net Interest Margin1

 
 
 
 
 
$
4,057,039
 
 
 
3.33
%
 
 
 
 
 
$
4,228,577
 
 
 
3.52
%

Shareholders Equity

 
$
63,634,670
 
 
 
 
 
 
 
 
 
 
$
62,102,356
 
 
 
 
 
 
 
 
 

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

Average Balances, Income and Expenses, Yields and Rates

(Unaudited)

 
Three Months Ended
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
 
 
 
 
 
Twelve Months Ended
 
 
 
 
 
 
 
 
Twelve Months Ended
 
 
 
 
 
 
 

 
December 31, 2019
 
 
Income /
 
 
 
 
 
December 31, 2018
 
 
Income /
 
 
 
 
 
December 31, 2019
 
 
Income /
 
 
 
 
 
December 31, 2018
 
 
Income /
 
 
 
 

 
Average Balance
 
 
Expense
 
 
Yield
 
 
Average Balance
 
 
Expense
 
 
Yield
 
 
Average Balance
 
 
Expense
 
 
Yield
 
 
Average Balance
 
 
Expense
 
 
Yield
 

Assets

Cash

 
$
25,022,661
 
 
$
88,239
 
 
 
1.40
%
 
$
32,879,357
 
 
$
174,693
 
 
 
2.11
%
 
$
20,003,596
 
 
$
391,377
 
 
 
1.96
%
 
$
27,740,961
 
 
$
484,390
 
 
 
1.75
%

Investments (Tax Exempt)

 
 
4,494,698
 
 
 
38,432
 
 
 
 
 
 
 
4,501,710
 
 
 
44,124
 
 
 
 
 
 
 
4,499,634
 
 
 
158,468
 
 
 
 
 
 
 
23,078,984
 
 
 
736,023
 
 
 
 
 

Investments (Taxable)

 
 
44,496,212
 
 
 
248,253
 
 
 
 
 
 
 
47,114,408
 
 
 
302,844
 
 
 
 
 
 
 
47,663,085
 
 
 
1,244,632
 
 
 
 
 
 
 
48,066,870
 
 
 
1,158,783
 
 
 
 
 

Total Investments

 
 
48,990,910
 
 
 
286,685
 
 
 
2.32
%
 
 
51,616,118
 
 
 
346,968
 
 
 
2.67
%
 
 
52,162,719
 
 
 
1,403,100
 
 
 
2.69
%
 
 
71,145,854
 
 
 
1,894,806
 
 
 
2.66
%

Loans (Tax Exempt)

 
 
4,561,638
 
 
 
61,239
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
 
 
 
 
3,610,668
 
 
 
196,377
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
 
 

Loans (Taxable)

 
 
404,433,331
 
 
 
5,297,040
 
 
 
 
 
 
 
404,471,545
 
 
 
5,320,254
 
 
 
 
 
 
 
396,543,751
 
 
 
21,152,158
 
 
 
 
 
 
 
407,025,119
 
 
 
21,107,977
 
 
 
 
 

Total Loans

 
 
408,994,969
 
 
 
5,358,279
 
 
 
5.20
%
 
 
404,471,545
 
 
 
5,320,254
 
 
 
5.22
%
 
 
400,154,419
 
 
 
21,348,535
 
 
 
5.34
%
 
 
407,025,119
 
 
 
21,107,977
 
 
 
5.19
%

Earning Assets

 
 
483,008,540
 
 
 
5,733,203
 
 
 
4.71
%
 
 
488,967,020
 
 
 
5,841,915
 
 
 
4.74
%
 
 
472,320,734
 
 
 
23,143,013
 
 
 
4.90
%
 
 
505,911,934
 
 
 
23,487,172
 
 
 
4.64
%

Assets

 
$
500,326,991
 
 
 
 
 
 
 
 
 
 
$
495,545,951
 
 
 
 
 
 
 
 
 
 
$
490,210,976
 
 
 
 
 
 
 
 
 
 
$
511,583,623
 
 
 
 
 
 
 
 
 

Liabilities

Interest Checking

 
$
14,030,639
 
 
 
14,184
 
 
 
0.40
%
 
$
6,493,346
 
 
 
25,092
 
 
 
1.53
%
 
$
9,650,807
 
 
 
46,997
 
 
 
0.49
%
 
$
6,214,429
 
 
 
48,720
 
 
 
0.78
%

Money Market

 
 
88,595,320
 
 
 
293,646
 
 
 
1.31
%
 
 
138,479,123
 
 
 
448,482
 
 
 
1.28
%
 
 
102,010,117
 
 
 
1,404,792
 
 
 
1.38
%
 
 
162,634,172
 
 
 
2,037,149
 
 
 
1.25
%

Savings

 
 
2,272,908
 
 
 
1,146
 
 
 
0.20
%
 
 
2,447,627
 
 
 
1,233
 
 
 
0.20
%
 
 
2,527,243
 
 
 
5,041
 
 
 
0.20
%
 
 
2,245,599
 
 
 
4,591
 
 
 
0.20
%

Time Deposits

 
 
201,332,511
 
 
 
1,204,686
 
 
 
2.37
%
 
 
199,890,149
 
 
 
982,234
 
 
 
1.95
%
 
 
200,367,159
 
 
 
4,750,313
 
 
 
2.37
%
 
 
195,288,881
 
 
 
3,261,775
 
 
 
1.67
%

Interest Bearing Deposits

 
 
306,231,378
 
 
 
1,513,662
 
 
 
1.96
%
 
 
347,310,244
 
 
 
1,457,041
 
 
 
1.66
%
 
 
314,555,326
 
 
 
6,207,144
 
 
 
2.04
%
 
 
366,383,081
 
 
 
5,352,235
 
 
 
1.46
%

FHLB Borrowings

 
 
39,890,991
 
 
 
162,502
 
 
 
1.62
%
 
 
17,211,379
 
 
 
89,460
 
 
 
2.06
%
 
 
29,106,124
 
 
 
545,141
 
 
 
1.87
%
 
 
16,154,649
 
 
 
322,373
 
 
 
2.00
%

Interest Bearing Liabilities

 
 
346,122,369
 
 
 
1,676,164
 
 
 
1.92
%
 
 
364,521,623
 
 
 
1,546,501
 
 
 
1.68
%
 
 
343,661,450
 
 
 
6,752,285
 
 
 
1.96
%
 
 
382,537,730
 
 
 
5,674,608
 
 
 
1.48
%

Non Interest Bearing Deposits

 
$
84,845,763
 
 
 
 
 
 
 
 
 
 
$
70,149,557
 
 
 
 
 
 
 
 
 
 
$
78,699,921
 
 
 
 
 
 
 
 
 
 
$
70,057,877
 
 
 
 
 
 
 
 
 

Cost of Funds

 
 
 
 
 
 
 
 
 
 
1.54
%
 
 
 
 
 
 
 
 
 
 
1.41
%
 
 
 
 
 
 
 
 
 
 
1.60
%
 
 
 
 
 
 
 
 
 
 
1.25
%

Net Interest Margin1

 
 
 
 
 
$
4,057,039
 
 
 
3.33
%
 
 
 
 
 
$
4,295,414
 
 
 
3.49
%
 
 
 
 
 
$
16,390,728
 
 
 
3.47
%
 
 
 
 
 
$
17,812,564
 
 
 
3.52
%

Shareholders Equity

 
$
63,634,670
 
 
 
 
 
 
 
 
 
 
$
58,383,853
 
 
 
 
 
 
 
 
 
 
$
61,518,809
 
 
 
 
 
 
 
 
 
 
$
55,592,217
 
 
 
 
 
 
 
 
 

ROAA

 
 
0.59
%
 
 
 
 
 
 
 
 
 
 
0.01
%
 
 
 
 
 
 
 
 
 
 
0.55
%
 
 
 
 
 
 
 
 
 
 
0.04
%
 
 
 
 
 
 
 
 

ROAE

 
 
4.66
%
 
 
 
 
 
 
 
 
 
 
0.10
%
 
 
 
 
 
 
 
 
 
 
4.40
%
 
 
 
 
 
 
 
 
 
 
0.34
%
 
 
 
 
 
 
 
 

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

Rate Volume Analysis

 
Three Months Ended December 31, 2019
 
 
Twelve Months Ended December 31, 2019
 

 
compared to
 
 
compared to
 

 
Three Months Ended September 30, 2019
 
 
Twelve Months Ended December 31, 2018
 

Interest Income

 
Rate
 
 
Volume
 
 
Net Change
 
 
Rate
 
 
Volume
 
 
Net Change
 

Interest Bearing Deposits at Banks

 
$ 
(49,212
)
 
$ 
54,621
 
 
$ 
5,409
 
 
$ 
42,091
 
 
$ 
(135,104
)
 
$ 
(93,013
)

Investment Securities

 
$ 
(57,535
)
 
$ 
(7,144
)
 
$ 
(64,679
)
 
$ 
13,867
 
 
$ 
(505,572
)
 
$ 
(491,705
)

Loans

 
$ 
(164,419
)
 
$ 
(31,704
)
 
$ 
(196,123
)
 
$ 
596,867
 
 
$ 
(356,309
)
 
$ 
240,558
 

Earning Assets

 
 
 
 
 
 
 
 
 
$ 
(255,393
)
 
 
 
 
 
 
 
 
 
$ 
(344,160
)

Interest Expense

Deposits

Interest Checking

 
$ 
(4,898
)
 
$ 
4,741
 
 
$ 
(157
)
 
$ 
(28,664
)
 
$ 
26,941
 
 
$ 
(1,723
)

Money Market

 
$ 
(15,882
)
 
$ 
(18,743
)
 
$ 
(34,625
)
 
$ 
126,018
 
 
$ 
(759,374
)
 
$ 
(633,356
)

Savings

 
$ 
(0
)
 
$ 
(134
)
 
$ 
(134
)
 
$ 
(128
)
 
$ 
576
 
 
$ 
448
 

Time Deposits

 
$ 
(27,934
)
 
$ 
(8,696
)
 
$ 
(36,630
)
 
$ 
1,435,184
 
 
$ 
54,353
 
 
$ 
1,489,537
 

FHLB Borrowings

 
$ 
(24,795
)
 
$ 
12,486
 
 
$ 
(12,309
)
 
$ 
(35,685
)
 
$ 
258,452
 
 
$ 
222,767
 

Interest Paying Liabilities

 
 
 
 
 
 
 
 
 
$ 
(83,855
)
 
 
 
 
 
 
 
 
 
$ 
1,077,673
 

Net Interest Income

 
 
 
 
 
 
 
 
 
$ 
(171,538
)
 
 
 
 
 
 
 
 
 
$ 
(1,421,833
)

Selected Financial Data by Quarter Ended:

(Unaudited)

Balance Sheet Ratios

 
December 31, 2019
 
 
September 30, 2019
 
 
June 30, 2019
 
 
March 31, 2019
 
 
December 31, 2018
 

Loans to Deposits

 
 
102.38
%
 
 
105.93
%
 
 
101.19
%
 
 
98.18
%
 
 
99.44
%

Income Statement Ratios (Quarterly)

Return on Average Assets (ROAA)

 
 
0.59
%
 
 
0.75
%
 
 
0.42
%
 
 
0.43
%
 
 
0.01
%

Return on Average Equity (ROAE)

 
 
4.66
%
 
 
5.96
%
 
 
3.36
%
 
 
3.51
%
 
 
0.10
%

Efficiency Ratio

 
 
82.10
%
 
 
81.39
%
 
 
84.97
%
 
 
89.59
%
 
 
91.84
%

Net Interest Margin1

 
 
3.33
%
 
 
3.52
%
 
 
3.27
%
 
 
3.60
%
 
 
3.49
%

Yield on Average Earning Assets

 
 
4.71
%
 
 
4.99
%
 
 
4.76
%
 
 
4.99
%
 
 
4.74
%

Yield on Securities

 
 
2.32
%
 
 
2.79
%
 
 
2.80
%
 
 
2.83
%
 
 
2.67
%

Yield on Loans

 
 
5.20
%
 
 
5.36
%
 
 
5.17
%
 
 
5.42
%
 
 
5.22
%

Cost of Funds

 
 
1.54
%
 
 
1.64
%
 
 
1.66
%
 
 
1.54
%
 
 
1.41
%

Noninterest income to Total Revenue

 
 
23.50
%
 
 
30.38
%
 
 
27.08
%
 
 
18.49
%
 
 
14.62
%

Per Share Data

Tangible Book Value

 
$ 
8.86
 
 
$ 
8.76
 
 
$ 
8.60
 
 
$ 
8.48
 
 
$ 
8.47
 

Share Price Data

Closing Price

 
$ 
10.45
 
 
$ 
9.95
 
 
$ 
9.98
 
 
$ 
10.00
 
 
$ 
10.23
 

Book Value Multiple

 
 
118
%
 
 
114
%
 
 
116
%
 
 
116
%
 
 
121
%

Common Stock Data

Outstanding Shares at End of Period

 
 
7,221,046
 
 
 
7,211,046
 
 
 
7,122,102
 
 
 
7,112,102
 
 
 
7,096,602
 

Weighted Average shares outstanding, basic

 
 
7,212,568
 
 
 
7,150,649
 
 
 
7,114,190
 
 
 
7,097,635
 
 
 
7,085,636
 

Weighted Average shares outstanding, diluted

 
 
7,272,228
 
 
 
7,194,786
 
 
 
7,177,984
 
 
 
7,173,656
 
 
 
7,207,759
 

Capital Ratios

Tier 1 Leverage ratio

 
 
12.80
%
 
 
12.80
%
 
 
12.71
%
 
 
12.61
%
 
 
12.16
%

Common Equity Tier 1 ratio

 
 
15.26
%
 
 
14.79
%
 
 
14.91
%
 
 
15.28
%
 
 
14.73
%

Tier 1 Risk Based Capital ratio

 
 
15.26
%
 
 
14.79
%
 
 
14.91
%
 
 
15.28
%
 
 
14.73
%

Total Risk Based Capital ratio

 
 
16.24
%
 
 
15.84
%
 
 
15.98
%
 
 
16.42
%
 
 
15.85
%

Credit Quality

Net Charge-offs to Average Loans

 
 
0.09
%
 
 
0.00
%
 
 
0.06
%
 
 
0.02
%
 
 
0.03
%

Total Non-performing Loans to Total Loans

 
 
1.54
%
 
 
0.67
%
 
 
0.79
%
 
 
0.80
%
 
 
0.83
%

Total Non-performing Assets to Total Assets

 
 
1.24
%
 
 
0.55
%
 
 
0.65
%
 
 
0.64
%
 
 
0.69
%

Nonaccrual Loans to Total Loans

 
 
0.42
%
 
 
0.53
%
 
 
0.76
%
 
 
0.65
%
 
 
0.71
%

Allowance for Loan and Lease Losses to loans held-for-investment

 
 
1.05
%
 
 
1.12
%
 
 
1.14
%
 
 
1.19
%
 
 
1.16
%

Contact:

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

SOURCE: Freedom Bank of VA

ReleaseID: 574760

INCLINE VILLAGE, NV / ACCESSWIRE / January 31, 2020 / American Battery Metals Corporation (OTCQB:ABML) (the "Company"), an American-owned advanced technology battery recycling and resource production company based in Nevada, today announced that its Head of Business Development and Government Affairs Doug Nickle was recently interviewed by Proactive Investors, a UK-based online investor services company that provides analytics, market reports, and company and industry profiles.

To see the video interview in its entirety, please visit:

https://www.proactiveinvestors.com/companies/news/911871/american-battery-metals-corp-reveals-goals-for-2020-including-battery-metals-recycling-plant-launch-911871.html

Doug Nickle tells Proactive Investors that the Nevada-based advanced technology battery recycling and resource production company is shaping up nicely for 2020, noting its recent progress on its battery recycling plant in partnership with German chemical company BASF Corporation. Nickle says the company expects to commercially launch the facility in the 2nd half of 2020, which is says its one the company has been preparing for diligently.

American Battery Metals Corporation

American Battery Metals Corporation (www.batterymetals.com) (OTCQB:ABML) is an American-owned, advanced technology battery recycling and resource production company based in Nevada. The company is focused on its lithium-ion battery recycling and resource production projects in Nevada, with the goal of becoming a substantial domestic supplier of battery metals to the rapidly growing electric vehicle and battery storage markets in America.

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

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including those with respect to the expected project economics for Western Nevada Basin (Railroad Valley), including estimates of life of mine, average production, cash costs, AISC, initial CAPEX, sustaining CAPEX, pre-tax IRR, pre-tax NPV, net cash flows and recovery rates, the impact of self-mining versus contract mining, the timing to obtain necessary permits, the submission of the project for final investment approval and the timing of initial gold production after investment approval and full financing, metallurgy and processing expectations, the mineral resource estimate, expectations regarding the ability to expand the mineral resource through future drilling, ongoing work to be conducted at the Western Nevada Basin (Railroad Valley), and the potential results of such efforts, the potential commissioning of a Pre-Feasibility study and the effects on timing of the project, are "forward-looking statements." Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, interpretations or reinterpretations of geologic information, unfavorable exploration results, inability to obtain permits required for future exploration, development or production, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices, final investment approval and the ability to obtain necessary financing on acceptable terms or at all. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended September 30, 2018. The Company assumes no obligation to update any of the information contained or referenced in this press release.

Contact Information

p775-473-4744
info@batterymetals.com

SOURCE: American Battery Metals Corporation

ReleaseID: 574691

BALTIMORE, MD and FOREST HILL, MD / ACCESSWIRE / January 31, 2020 / BV Financial, Inc. (OTC PINK:BVFL), the parent company of BayVanguard Bank, and MB Bancorp, Inc. (OTC PINK:MBCQ), the parent company of Madison Bank of Maryland, announced today that the merger between BV Financial and MB Bancorp is expected to close later in the first quarter of 2020. As previously announced, all regulatory approvals relating to the merger of MB Bancorp with and into BV Financial have been received and remain in full force and effect. MB Bancorp shareholders previously approved the merger at a special meeting of shareholders on December 17, 2019.

Under the terms of the merger agreement, MB Bancorp shareholders will receive cash of $15.85 for each share of MB Bancorp.

The conversion and consolidation of data processing platforms, systems and customer files is expected to occur on or about April 4, 2020.

About BV Financial, Inc.

BV Financial, Inc. (OTC Pink: BVFL) is the parent company of BayVanguard Bank. BayVanguard Bank is headquartered in Baltimore, Maryland with six other branches in the Baltimore metropolitan area. The Bank is a full-service community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses within its market area.

About MB Bancorp, Inc.

MB Bancorp, Inc. is the parent company of Madison Bank of Maryland. Madison Bank of Maryland is a community-oriented financial institution, dedicated to serving the financial service needs of customers within its market area, which consists of Baltimore and Harford Counties in Maryland. Madison Bank offers a variety of deposit products and provide loans secured by real estate located in its market area. Madison Bank operates out of its main office in Forest Hill, Maryland and has two full-service branch offices located in Aberdeen and Perry Hall, Maryland.

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements". In general, forward-looking statements usually use words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, including statements related to the expected timing of the closing of the merger. Forward-looking statements represent management's beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements.

Factors that could cause or contribute to such differences include, but are not limited to, the possibility that expected benefits may not materialize in the time frames expected or at all, or may be more costly to achieve; that the merger may not be timely completed, if at all; that prior to completion of the merger or thereafter, the parties' respective businesses may not perform as expected due to transaction-related uncertainties or other factors; that the parties are unable to implement successful integration strategies; that the required closing conditions are not satisfied in a timely manner, or at all; reputational risks and the reaction of the parties' customers to the merger; diversion of management time to merger-related issues; and other factors and risk influences. Consequently, no forward-looking statement can be guaranteed. Neither BV Financial nor MB Bancorp undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For more information:

David M. Flair
Co-President and Chief Executive Officer
BV Financial, Inc.
(410) 477-5000

John Wright
Chief Financial Officer
MB Bancorp, Inc.
(410) 420-9600

SOURCE: BV Financial, Inc.

ReleaseID: 574793

WILMINGTON, DE / ACCESSWIRE / January 31, 2020 / Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential securities violations and breach of fiduciary duty claims against Gardner Denver Holdings, Inc. (NYSE:GDI) ("Gardner Denver" or the "Company").

If you currently own shares of Gardner Denver and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/gardner-denver-class-action-investigation/ or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook – www.facebook.com/AndrewsSpringer for future updates.

Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.

Contact: Craig J. Springer, Esq.
cspringer@andrewsspringer.com
Toll Free: 1-800-423-6013

SOURCE: Andrews & Springer LLC

ReleaseID: 574636

Unboxing at B&H: The new Apple Macbook Pro 16" unboxing goes over its specs and upgrades from the previous model in this B&H video

NEW YORK, NY / ACCESSWIRE / January 31, 2020 / B&H Photo would like to share the unboxing video of the 16" MacBook Pro from Apple. Featuring a larger screen and faster internals, this significant upgrade for the MacBook line proves itself a worthy option for creative professionals, such as photographers and filmmakers. As such a well-featured machine, one can find in-depth looks at what makes the latest MacBook Pro 16-inch a great option for photographers, filmmakers, and general use.

The biggest change in the MacBook Pro 16" is its use of a larger 16" Retina display, with 3072 x 1920 resolution. This brings the pixel density up to 226 ppi, and offers almost 6 million individual pixels, for incredibly sharp and detailed images. Apple also ensures each display is calibrated in the factory for accuracy. It will offer a P3 wide color gamut and brightness of up to 500 nits.

Many users will be very happy to hear about a redesigned Magic Keyboard that uses scissor-switch mechanisms and with 1mm of travel. This should feel much more responsive and satisfying, while remaining quiet. It even brings back the physical escape key and an inverted-"T" arrangement for the arrow keys. The Touch Bar and Touch ID remain, as well.

Apple 16" MacBook Pro https://www.bhphotovideo.com/c/product/1520434-REG/apple_mvvj2ll_a_16_macbook_pro_late.html

Product Highlights

2.6 GHz Intel Core i7 6-Core
16GB of 2666 MHz DDR4 RAM | 512GB SSD
16" 3072 x 1920 Retina Display
AMD Radeon Pro 5300M GPU (4GB GDDR6)
P3 Color Gamut | True Tone Technology
Wi-Fi 5 (802.11ac) | Bluetooth 5.0
Touch Bar | Touch ID Sensor
4 x Thunderbolt 3 (USB Type-C) Ports
Magic Keyboard | Force Touch Trackpad
macOS

This is the most powerful MacBook yet and, with that, Apple has introduced an advanced thermal architecture for keeping the machine cooler for longer. There are larger blades and vents for the fans, increasing airflow by 28%, and a heat sink that is 35% larger. Spec-wise, this should result in a sustained bump of up to 12W of power during intensive processes. As for connectivity, this MacBook Pro isn't much different from the last with four Thunderbolt™ 3 (USB-C) ports and a 3.5mm headphone jack.

Unboxing the Macbook Pro 16-inch https://www.bhphotovideo.com/explora/videos/computers/unboxing-the-macbook-pro-16-in-the-bh-superstore

Speaking of power, the 16" MacBook Pro can be equipped with 9th-generation 6- and 8-core processors with Turbo Boost speeds up to 5.0 GHz, which is 2.1x faster than the quad-core 15" MacBook Pro. Pack this with up to 64GB of memory, and you have an impressive portable workstation. Graphics got a bump as well-the 16" is the first to use AMD Radeon Pro 5000M series graphics based on 7nm architecture. It can be configured with up to 8GB GDDR6 VRAM for dramatically improved performance, whether you are editing videos or playing games. Powering all of this is a large 100Wh battery that provides an additional hour of battery life and falls perfectly under current FAA regulations for air travel. This brings the total up to 11 hours for wireless web browsing or Apple TV app video playback.

Not content to leave it there, the new MacBook Pro boasts extra storage options, with the base models starting with either 512GB or 1TB. Configurations are available up to 8TB, which Apple claims is the largest SSD ever made available in a notebook. Also, the audio experience uses a redesigned six-speaker system and uses force-canceling woofers to limit vibrations. This creates clearer sounds and deeper bass. The mic array received a 40% reduction in hiss for improved signal-to-noise ratio. Additionally, the new MacBook Pro will ship with macOS Catalina.

About B&H Photo Video

As the world's largest source of photography, video, and audio equipment, as well as computers, drones, and home and portable entertainment, B&H is known worldwide for its attentive, knowledgeable sales force and excellent customer service, including fast, reliable shipping. B&H has been satisfying customers worldwide for 45 years.

Visitors to the website can access a variety of educational videos and enlightening articles. The B and H YouTube Channel has an unmatched wealth of educational content. Our entertaining and informative videos feature product overviews from our in-house specialists. You can view the B&H Event Space presentations from many of the world's foremost experts and interviews with some of technology's most dynamic characters. Tap into this exciting resource by subscribing to the B&H YouTube Channel here. In addition to videos, the B&H Explora blog presents new product announcements, gear reviews, helpful guides, and tech news written by product experts and industry professionals.

When you're in Manhattan, take a tour of the B&H Photo SuperStore, located at 420 Ninth Avenue. The techno-carousel conveyor spins all year round at the counters and kiosks at B&H. With thousands of products on display, the B&H Photo SuperStore is the place to test-drive and compare all the latest gear.

Contact Information:

Henry Posner
B&H Photo Video
212-615-8820
https://www.bhphotovideo.com/

SOURCE: B&H Photo

ReleaseID: 574755

JUPITER, FL / ACCESSWIRE / January 31, 2020 / Dyadic International, Inc. ("Dyadic" or the "Company") (NASDAQ:DYAI), a global biotechnology company focused on further improving and applying its proprietary C1 gene expression platform to accelerate development, lower production costs and improve the performance of biologic vaccines, drugs, and other biologic products, at flexible commercial scales, today announced that its President and Chief Executive Officer, Mark Emalfarb, has confirmed an interview with Bloomberg TV for the following program:

BLOOMBERG-TV (National)

"Bloomberg Technology"
Live Segment Airs: 5-6pm ET / 2-3pm PST, Friday, January 31, 2020
Host: Emily Chang
About Emily Chang

Mark Zuckerberg. Jack Ma. Bob Iger. Aaron Sorkin. Susan Wojcicki. Emily Chang, the San Francisco-based anchor and executive producer of "Bloomberg Technology," has interviewed them all – and many more. Emily Chang is the San Francisco-based anchor and executive producer of "Bloomberg Technology," Bloomberg Television's weekday technology program airing at 5 pm ET / 2 pm PT from the network's San Francisco studio. Chang reports on global technology and media companies and the startups that may become them. She regularly speaks to top tech executives, investors and entrepreneurs, including Apple CEO Tim Cook, Facebook CEO Mark Zuckerberg, Facebook Chief Operating Officer Sheryl Sandberg, Google Executive Chairman Eric Schmidt, Twitter Co-Founder Jack Dorsey, Disney CEO Bob Iger, and Alibaba Founder and Executive Chairman Jack Ma. Currently, she sits on the board of BUILD, a national non-profit organization that uses entrepreneurship to excite and propel disengaged, low-income students through high school to college success. Before joining Bloomberg in 2010, Chang served as an international correspondent for CNN in Beijing. There, she filed reports for MSNBC and won five regional Emmy Awards. She started her career as a news producer at NBC in New York. Born and raised in Kailua, Hawaii, Chang graduated magna cum laude from Harvard University.

About Dyadic International, Inc.

Dyadic International, Inc. is a global biotechnology company which is developing what it believes will be a potentially significant biopharmaceutical gene expression platform based on the fungus Myceliophthora thermophila, named C1. The C1 microorganism, which enables the development and large scale manufacture of low cost proteins, has the potential to be further developed into a safe and efficient expression system that may help speed up the development, lower production costs and improve the performance of biologic vaccines and drugs at flexible commercial scales. Dyadic is using the C1 technology and other technologies to conduct research, development and commercial activities for the development and manufacturing of human and animal vaccines and drugs (such as virus like particles (VLPs) and antigens), monoclonal antibodies, Fab antibody fragments, Fc-Fusion proteins, biosimilars and/or biobetters, and other therapeutic proteins. Additionally, and more recently, Dyadic is also beginning to explore the use of its C1 technology and other technologies to conduct research, development and commercial activities for the development and manufacturing of Adeno-associated viral vectors (AAV), certain metabolites and other biologic products. Dyadic pursues research and development collaborations, licensing arrangements and other commercial opportunities with its partners and collaborators to leverage the value and benefits of these technologies in development and manufacture of biopharmaceuticals. In particular, as the aging population grows in developed and undeveloped countries, Dyadic believes the C1 technology may help bring biologic vaccines, drugs and other biologic products to market faster, in greater volumes, at lower cost, and with new properties to drug developers and manufacturers and, hopefully, improve access and cost to patients and the healthcare system, but most importantly save lives.

Please visit Dyadic's website at http://www.dyadic.com for additional information, including details regarding Dyadic's plans for its biopharmaceutical business.

Safe Harbor Regarding Forward-Looking Statements

This press release contains 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, including those regarding Dyadic International's expectations, intentions, strategies and beliefs pertaining to future events or future financial performance. Actual events or results may differ materially from those in the forward-looking statements as a result of various important factors, including those described in the Company's most recent filings with the SEC. Dyadic assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise. For a more complete description of the risks that could cause our actual results to differ from our current expectations, please see the section entitled "Risk Factors" in Dyadic's annual reports on Form 10-K and quarterly reports on Form 10-Q filed with the SEC, as such factors may be updated from time to time in Dyadic's periodic filings with the SEC, which are accessible on the SEC's website at http://www.dyadic.com

Contact:

Dyadic International, Inc.
Ping Rawson, CFO
Phone: +1 (561) 743-8333
Email: prawson@dyadic.com

SOURCE: Dyadic International, Inc.

ReleaseID: 574783

VANCOUVER, BC / ACCESSWIRE / January 31, 2020 / Sky Gold Corp. (TSX-V: SKYG) (US:SRKZF) ("Sky Gold Corp." or the "Company") is pleased to announce the acquisition of the "Mustang Property", comprising two non-contiguous blocks of claims, in Central Newfoundland. The eastern claim block hosts the "Outflow Prospect", comprised of the Mustang and Piper mineralized zones, located adjacent to New Found Gold Corp. ("New Found Gold") who recently announced New Found Gold drill hole ("NFGC-19-01") on their Queensway Gold Project which intersected 92.86 g/t Au over 19.0 meters (see Mexican Gold Corp., Press Release dated January 26, 2020)*.

The eastern claim block is contiguous to New Found Gold's Queensway Gold Project and approximately 5 km from New Found Gold's discovery hole. The claims comprise approximately 420 ha on the western shore of Gander Lake. The western claim block comprises approximately 150 hectares and is located approximately 2.2 kilometers west-northwest of the eastern claims. The claim blocks are located approximately 6.5 km south-southeast of the village of Glenwood, with abandoned logging road accessing the area. Glenwood is located on the Trans-Canada Highway 25 kilometers west of an international airport in Gander.

Gold mineralization was discovered at the Outflow Prospect in 1987 by Noranda Exploration Company Limited, whom completed geologic mapping, trenching and shallow (average 84 m) diamond drilling (12 holes totaling 1007.6 m). In late 2001, Altius Minerals Corp. held the current claim area, with the Mustang zone anchoring a major NE-SW structural feature of prospective geology covered by a large property project known as the "Mustang Trend." Altius optioned the property to Barrick Gold Corporation who undertook reconnaissance exploration in 2002 which resulted in the discovery of several new gold showings, including the Road Breccia, Barite, Jasperoid, and Gervase's Lane showings. Exploration on the property was curtailed in late July 2003, when Barrick terminated their option.

Highest gold values, up to 28 grams per tonne gold (g/t Au) over 0.8 metres, occur in dark gray hydrobreccia units, associated with higher arsenopyrite concentrations. Selected diamond-drill assay results from Noranda's drill program include 1.27 g/t Au over 11.3 m, 0.67 g/t Au over 18.3 m and 0.92 g/t Au over 9.0 m.*

*Gold values on adjacent properties in similar rocks, and assays based on historical work, are not representative of the mineralization on the property, have not been verified, and should not be relied upon.

Two geologic models have been proposed for the gold mineralization at the Mustang Prospect. A low-sulphidation epithermal model is proposed, based on the silicified zones, locally in association with fault zones, and consist of chalcedonic silica in association with comb-textured and crustiform quartz and hydrothermal breccia. However, Altius Mineral Corp., considered the Mustang prospect as a possible example of Carlin-style mineralization (Altius Minerals Corporation, press release, August 21, 2003), supported by typical enriched trace-element assemblages (As, Sb, Tl, Hg, and Ba) of Carlin deposits, and barite veins, breccia matrix and stockwork hosted by calcareous sedimentary rocks.

President, Mike England states: "We are pleased to be acquiring the Mustang Property in an active, emerging gold district, led by the recent success of New Found Gold. At this point the Newfoundland claim staking system is making a transition therefore no staking is possible however we will be looking to add to our land position when it is back up and running."

Mr. England further commented "With multiple targets already known, and only limited, shallow drilling to date, we feel there is excellent potential for a significant gold discovery. Our technical team is well suited with expertise on both epithermal and Carlin-type gold mineralization. Data compilation has been initiated to define targets for drill permitting this summer."

To earn a 100-per-cent interest in the "Mustang Property" from an arms-length party, the Company will make a one-time payment of $100,000 cash, the issuance of 3.25 million common shares of the company and expend cumulative $425,000 over a 3 year period. The underlying vendor retains a 3 per-cent net smelter royalty (NSR), 50 per cent of which is purchasable by Sky Gold for $1.5 million at any time.

This transaction is subject to TSX Venture Exchange approval.

The Company further announces that it has arranged a non-brokered private placement of up to 4 million units ("Units") at a price of $0.08 per Unit for aggregate gross proceeds of $320,000.00 (the "Offering").

Each Unit will be comprised of one common share ("Share") and one-half transferable common share purchase warrant of the Company ("Warrant"). Each whole Warrant will entitle the Subscriber to purchase one common Share for a 24-month period after the Closing Date at an exercise price of $0.15 per share.

Proceeds raised from the Offering will be used for general working capital.

Finders' fees may be payable on the private placement, subject to the policies of the TSX Venture Exchange.

This offering is subject to TSX Venture Exchange acceptance.

Qualified Person

Catherine Fitzgerald, P.Geo., a Qualified Person under National Instrument 43-101, is the Qualified Person responsible for reviewing and approving the technical contents of this news release as they pertain to the Mustang property.

About Sky Gold Corp.

Sky Gold Corp. is a junior mineral exploration company engaged in acquiring and advancing mineral properties in Canada and the USA.

ON BEHALF OF THE BOARD

"Mike England"
Mike England, CEO&DIRECTOR

FOR FURTHER INFORMATION PLEASE
CONTACT: Telephone: 1-604-683-3995
Toll Free: 1-888-945-770

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.

FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).

SOURCE: Sky Gold Corp.

ReleaseID: 574788