Monthly Archives: February 2020

GRUPO GICSA, S.A.B. DE C.V.: GICSA ANNOUNCES CONSOLIDATED RESULTS FOR FOURTH QUARTER 2019

MEXICO CITY, MEXICO / ACCESSWIRE / February 25, 2020 / GRUPO GICSA, S.A.B. de C.V. ("GICSA" or "the Company") (BMV:GICSA), a Mexican leading company specialized in the development, investment, commercialization and operation of shopping malls, corporate offices, industrial buildings and mixed-use properties, announced today its results for the fourth quarter ("4Q19") and full-year ("2019") periods ended December 31, 2019.

All figures have been prepared in accordance with International Financial Reporting Standards ("IFRS") and are stated in millions of Mexican pesos (Ps.) GICSA's financial results presented in this report are unaudited; therefore, figures mentioned throughout this report may present adjustments in the future.

Main Highlights

Corporative

Reaffirming the confidence of the international markets, in December the Company carried out the placement of debt securities of approximately Ps. 11,950 million via a trust comprised of 9 properties of our stabilized portfolio and in stabilization[1], including our properties of the Malltertainment model. This is an independent vehicle non-recourse of GICSA and bankruptcy remote. In addition, we placed preferred capital instruments for Ps. 2,310 million.

In this first stage, the Company utilized approximately Ps. 9,700 million of the main instruments and Ps. 2,310 million of the other instrument, which were used to pay off the previously existing debt amounting to approximately Ps. 8,430 million. The remaining Ps. 2,250 million will be released in the subsequent nine months upon reaching certain financial metrics of the portfolio properties.

This financing offers higher liquidity and flexibility to the Company to conclude its pipeline, for the surplus amount of cash of approximately Ps. 3,500 million, and improves our debt profile since the maturity extends to 15 years, improves the schedule of capital repayments that gradually begins in the third year, and gives us certainty in our weighted fixed interest rate of 10%.

Operational

GICSA reported a total of 910,707 square meters (m²) of Gross Leasable Area (GLA) comprised of 16 properties in operation at the close of 4Q19. GICSA´s proportional GLA was 84.7% equivalent to 771,624 square meters. This represented an increase of 8.4% of total GLA and 10.1% of proportional GLA, compared to 4Q18.
During 4Q19, the portfolio in operation opened 87 stores and 345 stores in 2019.
As of 4Q19, the occupancy rate of the stabilized properties was 92.2% and 90.2%, including the properties in the stabilization process.
Average leasing rate per square meter of the stabilized portfolio at the close of 4Q19 was Ps. 360, and Ps. 355 in the total portfolio.
GICSA registered an occupancy cost of 9.7% at the close of 2019, an increase of 158 basis points compared to 2018.
At the close of 4Q19, GICSA had a total of 21 million of visitors in the shopping malls portfolio, and 74 million of visitors in 2019, an increase of 15.2% and 23.3%, respectively.

Financial

Fixed rental revenues were Ps. 788 million in 4Q19 and Ps. 2,986 million in 2019, an increase of 21.2% and 26.8%, respectively.
Net operating income (NOI) reached Ps. 810 million in 4Q19, and Ps. 3,302 million in 2019, an increase of 17.3% and 23.6%, respectively. GICSA's proportional NOI was Ps. 655 million in 4Q19 and Ps. 2,653 million in 2019, an increase of 21.2% and 40.1%, respectively.
Consolidated EBITDA reached Ps. 744 million in 4Q19, an increase of 28.4% compared to 4Q18; while GICSA's proportional EBITDA was Ps. 590 million, an increase of 37.2% compared to 4Q18. Excluding the effect of the extraordinary revenue in 2018, consolidated EBITDA and GICSA's proportional EBITDA in 2019 increased by 16.6% and 36.7%, respectively.
At the close of 4Q19, net income before valuation effects was Ps. 640 million, an increase of 10.5% compared to 4Q18. Excluding the effect of the extraordinary revenue in 2018, net income before valuation effects was Ps. 2,368 million, an increase of 29.6% in 2019.
Consolidated debt at the close of 4Q19 was Ps. 27,875million; while GICSA's proportional debt was Ps. 25,384 million. Consolidated LTV was 38.4%.

Pipeline

During 4Q19, the commercialization of properties under development and in stabilization reached progress of 45 signed contracts, representing 12,805 square meters of GLA, while for the portfolio under operation and development 424 contracts were signed as 2019.
Explanada Culiacán, Cero5Cien and Gran Outlet Riviera Maya reported work progress rates of 82%, 31% and 24%, respectively.
Regarding work progress rates, during the quarter the Company invested Ps. 524 million in projects under development and Ps. 3,176 million in 2019.
With regards to the Galerias Metepec development, in previous months redesign works, administrative procedures, and negotiations were completed, which joined the properties of Paseo Metepec (GICSA) with Galerías Metepec (Liverpool). Therefore, beginning in this quarter the Company resumed on-site works and the estimated delivery date for the project was modified to the first half of 2021.

***

For a full version of GICSA's Fourth Quarter 2019 Earnings Release, please visit:

http://www.gicsa.com.mx/en/investors-relationship/financial-information

Conference Call

GICSA cordially invites you to its Fourth Quarter 2019 Conference Call

Wednesday, February 26, 2020
12:00 PM Eastern time

11:00 AM Mexico City Time

Presenting for GICSA:
Diódoro Batalla, Chief Financial Officer

Avril Carenzzo – Treasury and Investor Relation Officer

To access the call, please dial:
1 (877) 830 2576 U.S. participants
1 (785) 424 1726 International participants
Passcode: 44272

About the Company

GICSA is a leading company in the development, investment, commercialization and operation of shopping malls, corporate offices and mixed-used well known for their high-quality standards, which transform and create new development spaces, lifestyles and employment in Mexico, in accordance to its history and executed projects. As of December 31, 2019, the Company owned 16 income-generating properties, consisting of ten shopping malls, five mixed-use projects (which include four shopping malls, four corporate offices and one hotel), and one corporate office building, representing a total Gross Leasable Area (GLA) 910,707 square meters, and a Proportional GLA of 771,624 square meters. Since June 2015, GICSA is listed on the Mexican Stock Exchange under the ticker (BMV: GICSA B).

Investor Relations Contact:
Avril Carenzzo
Tel: +52 (55) 5148 0400 Ext. 4609
Email: acarenzzo@gicsa.com.mx

Yinneth Lugo
Tel: +52 (55) 5148 0402
Email: ylugo@gicsa.com.mx

SOURCE: GRUPO GICSA, S.A.B. DE C.V.

 

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Argonaut Manufacturing and Particle Measuring Systems Services Partnering for Top-Tier Results

Partnership leverages their individual strengths to achieve high-quality, reliable drug product manufacturing.

BOULDER, CO / ACCESSWIRE / February 25, 2020 / Argonaut Manufacturing Services, a contract development and manufacturing organization (CDMO) for biopharmaceuticals, and Particle Measuring Systems (PMS), a contamination monitoring solutions company, have announced their ongoing partnership. The companies have been partnering for over a year to achieve manufacturing results that exceed industry standards, are flexible enough to adapt to new standards, and deliver actionable insights to ensure high-quality, safe products for customers.

The partnership was initiated in 2019 when Argonaut purchased a state-of-the-art Bausch+Ströbel VarioSys filling line and was seeking top-tier solutions for their equipment. PMS instruments are not the default on the line, but Argonaut's previous experience with various environmental monitoring solutions and their desire to use only premier partners led the team to select PMS instruments, including particle, microbial, and data management.

"Argonaut is a top-tier contract manufacturer, and we partner with other industry-leading companies such as Particle Measuring Systems to ensure that we provide our customers with the highest standards and safest products," said Stacy Sutton, VP Regulatory and Quality at Argonaut. She continued, "After being in this industry for decades, I know the various players; we chose PMS because of their proven, reliable track record and complete solutions."

"As the industry experts in our field, we fit well with companies such as Argonaut who strive for excellence," said Giovanni Scialo, VP Life Sciences at PMS. "We provide complete solutions to help ensure our customers meet relevant regulatory requirements and identify problems before they happen."

Drug product manufacturing requires a high degree of manufacturing environment control. "Quality is key to successfully partnering with our clients," reinforced Eric Blair, Chief Commercial Officer of Argonaut. "Argonaut provides drug product manufacturing services of the highest quality to our clients, and we require excellence in the supporting platforms we select. This partnership with Particle Measuring Systems provides confidence to our clients that Argonaut can serve as their strategic manufacturing partner."

About Argonaut
Argonaut Manufacturing Services is a cGMP contract manufacturing organization dedicated to providing custom manufacturing and supply chain solutions for biopharmaceutical, life science, and molecular diagnostics companies worldwide. With state-of-the-art equipment, ISO 13485:2016 compliance, and FDA registration, Argonaut meets your regulatory requirements. Services include high-yield aseptic fill/finish, reagent formulation, filling, kitting, lyophilization, and analytical support. From diagnostics to drug products, Argonaut provides a wide range of flexible solutions for diverse outsourcing needs.

About Particle Measuring Systems
Particle Measuring Systems Inc. (PMS), a subsidiary of Spectris plc, is a global technology leader in contamination monitoring, the inventor of laser particle counting, and is now the leading provider of solutions for monitoring and controlling many forms of contamination that impact companies that manufacture in ultra-clean environments.

For more information on PMS, visit pmeasuring.com.

Media contacts

Particle Measuring Systems:
Nina Morton
Global Marketing Manager
Particle Measuring Systems
​Tel: 303-443-7100
nmorton@pmeasuring.com

Argonaut Manufacturing Services
Eric Blair
CCO
Argonaut Manufacturing Services
Tel: 888-834-8892
info@argonautms.com

SOURCE: Particle Measuring Systems

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SHAREHOLDER UPDATE: Brodsky & Smith, LLC Reminds Investors of Investigations Related to the Following Companies: ETFC, LM, RESI

BALA CYNWYD, PA / ACCESSWIRE / February 25, 2020 / Brodsky & Smith, LLC reminds investors of investigations it is conducting regarding the following companies for possible breaches of fiduciary duty and other violations of federal and state law with respect to proposed acquisition transactions. If you own shares of any of the below-referenced stocks and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, or calling toll free 877-534-2590. There is no cost or financial obligation to you.

E*TRADE Financial Corporation (NasdaqGS:ETFC)

Under the terms of the agreement, E*TRADE shareholders will receive only 1.0432 shares of Morgan Stanley for each share of E*TRADE stock that they own, implying a deal price of $58.74. The investigation concerns whether the E*TRADE Board breached its fiduciary duties to shareholders by failing to conduct a fair process and whether Dialog is underpaying for the Company. For example, at least one financial analyst following the Company has set a price target of $62.00 for E*TRADE shares.

Additional information can be found at http://www.brodskysmith.com/cases/etrade-financial-corporation-nasdaqgs-etfc/, or call 877-534-2590. No cost or obligation to you.

Legg Mason, Inc. (NYSE:LM)

Under the terms of the agreement, Legg Mason shareholders will receive only $50.00 for each share of Legg Mason stock they own. The investigation concerns whether the Legg Mason Board breached its fiduciary duties to shareholders by failing to conduct a fair process and whether Franklin Resources is underpaying for the Company.

Additional information can be found at http://www.brodskysmith.com/cases/legg-mason-inc-nyse-lm/, or call 877-534-2590. No cost or obligation to you.

Front Yard Residential Corporation (NYSE:RESI)

Under the terms of the agreement, Front Yard shareholders will receive only $12.50 for each share of Front Yard stock that they own. The investigation concerns whether the Front Yard Board breached its fiduciary duties to shareholders by failing to conduct a fair process and whether Amherst Residential is underpaying for the Company. For example, the deal price is well below the 52-week high of $13.28 for the Company's shares, and the stock was trading over the deal price as recently as late December 2019. Additionally, the twelve-month average analyst price target for Front Yard is $15.00.

Additional information can be found at http://www.brodskysmith.com/cases/front-yard-residential-corporation-nyse-resi/, or call 877-534-2590. No cost or obligation to you.

Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.

SOURCE: Brodsky & Smith, LLC

ReleaseID: 577897

SHAREHOLDER NOTICE: Brodsky & Smith, LLC Announces an Investigation of Adesto Technologies Corporation (NasdaqGS – IOTS)

BALA CYNWYD, PA / ACCESSWIRE / February 25, 2020 / Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Adesto Technologies Corporation ("Adesto" or the "Company") (NasdaqGS:IOTS) for possible breaches of fiduciary duty and other violations of federal and state law in connection with proposed acquisition of the Company by Dialog Semiconductor plc ("Dialog"). Under the terms of the agreement, Adesto shareholders will receive only $12.55 for each share of Adesto stock that they own.

The investigation concerns whether the Adesto Board breached its fiduciary duties to shareholders by failing to conduct a fair process and whether Dialog is underpaying for the Company. For example, at least one financial analyst following the Company has set a price target of $13.00 for Adesto shares.

If you own shares of Adesto stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, by visiting http://www.brodskysmith.com/cases/adesto-technologies-corporation-nasdaqgs-iots/, or calling toll free 877-534-2590.

Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.

SOURCE: Brodsky & Smith, LLC

ReleaseID: 577896

HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Urges Opera Limited (OPRA) Investors With Losses to Contact its Attorneys: Application Deadline Looming

SAN FRANCISCO, CA / ACCESSWIRE / February 25, 2020 / Hagens Berman urges Opera (NASDAQ:OPRA) investors who have suffered significant losses to submit their losses now to learn if they qualify to recover their investment losses. A securities class action has been filed against the Company and certain investors may have valuable claims.

Class Period: July 24, 2018 – Jan. 15, 2020

Lead Plaintiff Deadline: Mar. 24, 2020

Sign Up: www.hbsslaw.com/investor-fraud/OPRA

Contact An Attorney Now: OPRA@hbsslaw.com

844-916-0895

Opera (OPRA) Securities Class Action:

According to the Complaint, Defendants misled investors by misrepresenting and failing to disclose that (1) Opera's sustainable growth and market opportunity for its browser apps were significantly overstated and (2) Defendants' funded, owned, or otherwise controlled loan services apps and businesses relied on predatory lending practices, and (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 apps' continued availability on the Google Play Store.

The market learned the truth on Jan. 16, 2020, when Hindenburg Research published a scathing report about the Company, accusing Opera of engaging in predatory short-term loans in Africa and India, deploying deceptive "bait and switch" tactics to lure borrowers, and charging egregious interest rates ranging from about 365% – 876%. According to the report, Opera's apps are now "in black and white violation of numerous Google rules," and therefore "this entire line of business is at risk of disappearing or being severely curtailed."

In addition, the Report accused Opera's chairman and CEO, Yahui Zhou of diverting $40 million of Company proceeds to entities owned or influenced by Zhou through a slew of questionable related-party transactions that were not adequately disclosed to investors.

In response, the price of Opera ADSs fell sharply on Jan. 16, 2020. Opera ADSs now trade sharply below Opera's IPO and secondary offering prices.

"We're focused on investors' losses and proving Opera concealed the risks posed by its short term loan business and questionable related-party deals," said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you purchased ADSs of Opera and suffered significant losses, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Opera Limited should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email OPRA@hbsslaw.com.

# # #

About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

CONTACT:
Reed Kathrein
844-916-0895

SOURCE: Hagens Berman Sobol Shapiro LLP

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Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Spirit AeroSystems Holdings, Inc. (SPR)

BENSALEM, PA­ / ACCESSWIRE / February 25, 2020 / Law Offices of Howard G. Smith reminds investors of the upcoming April 10, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired of Spirit AeroSystems Holdings, Inc. ("Spirit" or the "Company") (NYSE:SPR) securities between October 31, 2019 and January 29, 2020 inclusive (the "Class Period").

Investors suffering losses on their Spirit investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On January 30, 2020, Spirit issued a press release announcing executive officer changes. Therein, Spirit stated that it "did not comply with its established accounting processes related to certain potential contingent liabilities that were received by Spirit after the end of third quarter 2019." Moreover, the Company stated that "[i]n light of these findings," Spirits' Chief Financial Officer, Jose Garcia, and Principal Accounting Officer, John Gilson, resigned from their positions.

On this news, the Company's share price fell $2.56, or nearly 4%, to close at $65.08 per share on January 30, 2020, on usually heavy trading volume.

The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company lacked effective internal controls over financial reporting; (2) the Company did not comply with its established accounting principles related to potential contingent liabilities; and (3) as a result, defendants' statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

If you purchased Spirit securities during the Class Period, you may move the Court no later than April 10, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

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

CONTACT:
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

SOURCE: Law Offices of Howard G. Smith

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Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Opera Limited

LOS ANGELES, CA / ACCESSWIRE / February 25, 2020 / Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming March 24, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Opera Limited ("Opera" or the "Company") (NASDAQ:OPRA): investors who purchased (a) American Depositary Shares ("ADSs") pursuant and/or traceable to the Company's initial public offering commenced on or about July 27, 2018 (the "IPO" or "Offering"); and/or (b) securities between July 27, 2018 and January 15, 2020, inclusive (the "Class Period").

If you are a shareholder who suffered a loss, click here to participate.

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.

On January 16, 2020, Hindenburg Research published a report alleging, among other things, that "Opera's apps are now in black and white violation of numerous Google [Play Store] rules" on predatory, short-term lending, and misleading apps and that Opera had spent $9.5 million to purchase a business already funded and operated by Opera.

On this news, Opera's share price fell $1.69, or over 18%, to close at $7.33 per share on January 16, 2020, thereby injuring investors.

The complaint filed in this class action alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (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), that as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased Opera ADSs pursuant and/or traceable to the IPO and/or securities during the Class Period, you may move the Court no later than March 24, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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

CONTACT:
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com

SOURCE: Glancy Prongay & Murray LLP

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LMP Automotive Holdings, Inc. Announces Fourth Quarter and Audited Fiscal Year 2019 Financial Results

Company Results Are In Line With Its February 5th Pre-Announced Expectations and 2020 Outlook

PLANTATION, FL / ACCESSWIRE / February 25, 2020 / LMP Automotive Holdings, Inc. (NASDAQ:LMPX) (the "Company"), an e-commerce and facilities-based platform for consumers who desire to buy, sell, rent, subscribe for or finance pre-owned and new automobiles, today announced it will report its fourth quarter and fiscal year 2019 financial results for the period ended December 31, 2019. As previously announced, management will hold a conference call at 5:30 p.m. ET to review and discuss the company's business and results. For more information visit: https://investors.lmpah.com.

Revenues in the fourth quarter increased 157% to $3.0 million as compared to the third quarter of 2019.

Gross profit in the fourth quarter increased to $247,000, an improvement of $417,189 as compared to the third quarter of 2019.

EBITDA1 loss in the fourth quarter was $224,246, an improvement of $473 as compared to the third quarter of 2019.

Sam Tawfik, Chairman and CEO of LMP Automotive commented, "LMP's fourth quarter revenues grew to $3.0 million with gross profits of $247,000 as we began receiving new 2020 model vehicle inventory in the fourth quarter of 2019 utilizing some of the proceeds from our IPO and as our allocated fleet utilization for Subscription Leasing and Rentals increased to 83%. The recent luxury fleet acquisition from Revolve announced last week added to our inventory and expanded our South Florida market presence. As we grow our inventory, we anticipate being able to match our growing demand, which is projected to grow substantially in the future. In addition, over the last three months we launched subscription leasing in six new markets: Maryland, Connecticut, Illinois, Texas, New Jersey and California. In the second quarter of 2020 we are anticipating launching subscription leasing in three new markets: New York, Washington and Tennessee."

Bryan Silverstein, the Company's Chief Financial Officer added "Our recent IPO in December 2019 increased our cash by approximately $12 million and equity by approximately $10.5 million to $15.8 million and our follow-on public offering in February 2020 further strengthened our balance sheet by approximately $17.5 million. Our vehicle inventory financed as of December 31. 2019 was approximately 22%. We will continue to evaluate additional vehicle financing options to further leverage our balance sheet for future acquisitions and vehicle inventory growth."

Fourth Quarter 2019 Financial Discussion

Total revenue in the fourth quarter of 2019 decreased 47%, to $3.0 million, compared to $5.8 million, in the fourth quarter of 2018. Revenue decreased in the fourth quarter of 2019 primarily driven by our intent to improve the quality of our revenues by maintaining the higher margin subscription leasing and rental fleet active for a longer period before those vehicles are available for sale on our online platform. In addition, we sold vehicles to meet cash needs at the end of 2018.

Gross profit in the fourth quarter of 2019 increased to $247,000, or 8% of revenues, compared to a loss of $1.0 million, or -18% of revenues, in the fourth quarter of 2018. Margin expansion was driven by a higher allocated fleet utilization in our Subscription Leasing and Rentals business in the fourth quarter.

Total operating expenses, consisting of selling, general, and administrative expenses, shared-based compensation, acquisition, consulting and legal expenses and property, equipment, leasehold improvements and intangibles depreciation and amortization were approximately $796,000 in the fourth quarter of 2019, compared to $1.9 million in the fourth quarter of 2018. The decrease in operating expenses was primarily due to decreases in expenses related to payroll advertising and rent. In addition, we discontinued our Miami Beach, FL rental operations and consolidated them with our Plantation, FL operation in the second quarter of 2019.

Net loss in the fourth quarter of 2019 totaled $572,195, or a loss of $0.70 per share, compared to a net loss of $2.9 million, or a loss of $0.12 per share, in the fourth quarter of 2018. Total shares outstanding as of December 31, 2019 were 8,691,323, versus on December 31, 2018.

Cash totaled $6.5 million at December 31, 2019. This represented an increase of $4.4 million from $2.1 million at the third quarter of 2019. This increase was primarily the result of proceeds from the Company's Initial Public Offering in December of 2019.

Additional Fourth Quarter 2019 Highlights

Q4 2019 GAAP Results

Revenue of $3,032,480, an increase of $1,854,593 as compared to Q3 2019;
Subscription fees revenue of $459,010, as compared to $340,482 in Q3 2019 and $242,881 in Q4 2018;
Rental revenue of $23,049, as compared to $43,858 in Q3 2019 and $274,439 in Q4 2018;
Total gross profit of $247,874, an improvement of $417,189 as compared to Q3 2019;
Net loss of $572,195, an improvement of $203,198 as compared to Q3 2019;
Inventory total $10,035,903;
Net loss per share of $0.07, based on weighted average shares of common stock outstanding of 6.8 million shares;
Shares of common stock outstanding at the end of the year was 8,691,323 shares; and
Stockholder equity at the end of the year was $15.8 million, an increase of $10.1 million from Q3 2019.

Q4 2019 non-GAAP Results

Unless otherwise noted, all financial comparisons stated below are versus Q4 2018.

EBITDA[2] loss was $224,246, a decrease of $473 as compared to Q3 2019;
Subscription Leasing and Rental Margins1 in the aggregate increased from 28.2% to 39.5% as compared to Q4 2018 and from 21.3% to 39.5% as compared to Q3 2019, an improvement of 11.4 and 18.2 percentage points, respectively; and
Vehicle Sales Margins1 increased from -21% to 2% as compared to Q4 2018 and from -43% to 2% as compared to Q3 2019, an improvement of 23 and 45 percentage points, respectively.

December 2019 Other Results

Month ended December 31, 2019 as compared to month ended November 30, 2019

Subscription Leasing and Rentals in-service unit count increased from 205 to 279, an increase of 36.1%;
Subscription Leasing in-service average monthly unit revenue was $877;
Rentals in-service average monthly unit revenue was $391; and
Allocated fleet utilization for Subscription Leasing and Rentals increased to 83%.

2020 Outlook

We are reiterating our 2020 internal goals ex-acquisitions for Revenue and Net Income based on our results in the trailing months and our view of the many exciting opportunities ahead. Our internal goals are as follows:

– Revenue of $52 – $65 million; and

– Net income of $2.8 – $3.5 million

2020 Internal Goals

Continue and expand the success of our Subscription Leasing and Rental business model at potential franchise dealership group acquisitions.
Launch 3D photo technology in the second quarter to enhance our e-commerce sales platform.
Launch LMP's App Technology in the Apple and Google stores licensed from Revolve Technologies in March for a smoother and faster consumer experience.
Launch our test market wholesale Subscription Leasing offering in March with Auto Dealers, Brokers and Rental Company Partners

At LMP, we believe we can and intend to demonstrate rapid, efficient and profitable expansion and in a modern online-centric way. LMP is focused on acquiring dealer groups to create concentrated clusters of dealerships to derive maximum SG&A efficiency and redundancy, as well as expanded consumer product optionality. At the same time, we plan on maintaining each dealership's local brand recognition and online presence while simultaneously presenting all new, used, subscription, and rental inventory on the main LMP sites to create one of the largest and most diverse online stores, enabling consumers multiple options for access to vehicles. We believe this approach will grow both revenue and earnings of the potential acquisitions.

Other Financial Measures

Subscription Leasing and Rental In-service Average Monthly Unit Revenue

The Company calculates subscription leasing in-service average monthly unit revenue by dividing subscription fee revenues in the period by the subscription vehicle count that generated the revenue in the period.

The Company calculates rental in-service average monthly unit revenue by dividing rental revenues in the period by the subscription vehicle count that generated the revenue in the period.

Non-GAAP Financial Measures

The Company has provided in this release certain non-GAAP financial measures, including EBITDA, Subscription Leasing and Rental Margins and Vehicle Sales Margins, to supplement its financial results that are prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Management uses these financial metrics internally in analyzing the Company's financial results to assess operational performance and to determine the Company's future capital requirements. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. The Company believes that both management and investors benefit from referring to these financial metrics in assessing our performance and when planning, forecasting and analyzing future periods. The Company believes these financial metrics are useful to investors and others to understand and evaluate the Company's operating results and it allows for a more meaningful comparison between the Company's performance and that of competitors. Our use of EBITDA, Subscription Leasing and Rental Margins and Vehicle Sales Margins have limitations as analytical tools, and you should not consider these performance measures in isolation from or as a substitute for analysis of our results as reported under GAAP. Because of these limitations, you should consider these financial metrics along with other financial performance measures, including total revenues, total gross profit and net loss presented in accordance with GAAP.

EBITDA

The company defines EBITDA as net loss before interest expense, income tax expense, depreciation (including vehicle inventory impairment) and amortization.

The following table provides a reconciliation of EBITDA to net income, the most directly comparable GAAP financial measure, on a historical basis and for each of the periods indicated.

Reconciliation of Net loss to EBITDA

 
 
Q4 2019
 
 
 
Q3 2019
 
 
Change
 

Net loss

 
$
(572,195
)
 
$
(775,393
)
 
 
 
 

Interest expense

 
$
23,233
 
 
$
4,161
 
 
 
 
 

Tax

 
$

 
 
$

 
 
 
 
 

Depreciation and amortization expense – Property, equipment, leasehold improvements, and intangibles

 
$
26,505
 
 
$
23,996
 
 
 
 
 

Depreciation expense – fleet vehicles

 
$
249,031
 
 
$
225,606
 
 
 
 
 

 

 
$
49,180
 
 
$
297,857
 
 
 
 
 

EBITDA

 
$
(224,246
)
 
$
(223,773
)
 
 

(473)
 

Subscription Leasing and Rental Margins

The Company calculates Subscription Leasing and Rental Margins by deducting subscription and rental cost of revenues from subscription fee and rental revenues adjusted for non-recurring, material adjustments.

The following table provides a reconciliation of Subscription Leasing and Rental Margins to subscription fee and rental revenues, the most directly comparable GAAP financial measure, on a historical basis and for each of the periods indicated.

Reconciliation of Subscription Fees and Rental Revenues to Subscription Leasing and Rental Margin

 
 
Q4 2019
 
 
 
Q3 2019
 
 
Change from Q4 2019
 
 
 
Q4 2018
 
 
Change from Q4 2019
 

Subscription fees revenue

 
$
459,010
 
 
$
340,482
 
 
 
 
 
 
$
242,881
 
 
 
 
 

Rental revenues

 
$
23,049
 
 
$
43,858
 
 
 
 
 
 
$
274,439
 
 
 
 
 

Total Subscription fees and rental revenues

 
$
482,059
 
 
$
384,340
 
 
 
 
 
 
$
517,320
 
 
 
 
 

Subscription and rental cost of revenues

 
$
(291,526
)
 
$
(302,331
)
 
 
 
 
 
$
(371,609
)
 
 
 
 

Gross profit (loss)

 
$
190,533
 
 
$
82,009
 
 
 
 
 
 
$
145,711
 
 
 
 
 

Subscription Leasing and Rental Margin

 
 
39.5
%
 
 
21.3
%
 
 

18.2
%
 
 
28.2
%
 
 

11.4
%

Vehicle Sales Margins

The Company calculates Vehicle Sales Margins by deducting vehicle sales cost of revenues and inventory impairment from vehicle sales revenue.

The following table provides a reconciliation of Vehicle Sales Margins to Vehicle Sales Revenue, the most directly comparable GAAP financial measure, on a historical basis and for each of the periods indicated.

Reconciliation of Vehicle Sales Revenue to Vehicle Sales Margin

 
 
Q4 2019
 
 
 
Q3 2019
 
 
Change from Q4 2019
 
 
 
Q4 2018
 
 
Change from Q4 2019
 

Vehicle sales revenue

 

2,544,904
 
 

793,547
 
 
  
 
 
 

5,245,485
 
 
  
 
 

Vehicle sales cost of revenues

 

(2,443,900
)
 

(833,168
)
 
 
 
 
 

(5,830,626
)
 
 
 
 

Inventory impairment

 

(49,180
)
 

(297,857
)
 
 
 
 
 

(529,983
)
 
 
 
 

Gross profit (loss)

 

51,824
 
 

(337,478
)
 
 
 
 
 

(1,115,124
)
 
 
 
 

Vehicle sales margin

 
 
2
%
 
 
(43
%)
 
 

45
%
 
 
(21
%)
 
 

23
%

Conference Call

Management will host an investor conference call at 5:30 p.m. ET on Tuesday, February 25, 2020 to discuss LMP Automotive Holdings Fourth Quarter and 2019 Financial Results and conclude with Q&A from participants. All interested parties can join the call by dialing (855) 327-6837 or (631) 891-4304. A webcast of the call may be accessed at: http://public.viavid.com/player/index.php?id=138004

An archived webcast of the conference call will be accessible from the Investor Relations section of the company's website, https://investors.lmpah.com/. A telephonic replay of the conference call will be available through Tuesday, March 10, 2020, by dialing (844) 512-2921

or (412) 317-6671 and entering passcode 10008626#.

About LMP Automotive Holdings, Inc. – "Buy, Rent or Subscribe, Sell and Repeat."

LMP Automotive Holdings, Inc. (NASDAQ: LMPX) describes its business model as "Buy, Rent or Subscribe, Sell and Repeat." This means that we "Buy" pre-owned automobiles primarily through auctions or directly from other automobile dealers, and new automobiles from manufacturers and manufacturer distributors at fleet rates. We "Rent or Subscribe" by either renting automobiles to our customers or allowing them to enter into our subscription plan for automobiles in which customers have use of an automobile for a minimum of thirty (30) days. LMP's all-inclusive vehicle subscription membership includes monthly swaps and covers insurance, maintenance and upkeep. It offers the flexibility to upgrade your vehicle to a more premium model or downgrade for a lesser cost model when you like. We "Sell" our inventory, including automobiles previously included in our rental and subscription programs, to customers as well, and then we "Repeat" the whole process.

Media Contact:

John Mattio
President and Founder
Lamnia International
(203) 885-1058
jmattio@lamniacom.com

For more information visit: https://lmpmotors.com/.

FORWARD-LOOKING STATEMENTS:

This press release may contain "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, each as amended. Such statements include, but are not limited to, any statements relating to our expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar matters that are not historical facts. These statements may be preceded by, followed by or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "intend," "likely," "outlook," "plan," "potential," "project," "projection," "seek," "can," "could," "may," "should," "would," will," the negatives thereof and other words and terms of similar meanings. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock value. Factors that could cause actual results to differ materially from those currently anticipated include: our dependence upon external sources for the financing of our operations; our ability to effectively executive our business plan; our ability to maintain and grow our reputation and to achieve and maintain the market acceptance of our services and platform; our ability to manage the growth of our operations over time; our ability to maintain adequate protection of our intellectual property and to avoid violation of the intellectual property rights of others; our ability to maintain relationships with existing customers and automobile suppliers, and develop relationships; and our ability to compete and succeed in a highly competitive and evolving industry; as well as other risks described in our SEC filings. There is no assurance that any forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of this date. 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.

[1] EBITDA, Subscription Leasing and Rental Margin and Vehicle Sales Margin are non-GAAP financial measures which are reconciled to the most directly comparable measures calculated in accordance with GAAP under the caption "Non-GAAP Financial Measures."

[2] EBITDA, Subscription Leasing and Rental Margin and Vehicle Sales Margin are non-GAAP financial measures which are reconciled to the most directly comparable measures calculated in accordance with GAAP under the caption "Non-GAAP Financial Measures."

SOURCE: LMP Automotive Holdings, Inc.

ReleaseID: 577891

Update Call Scheduled for Thursday February 27, 2020 at 12:00pm EST

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES

A Corporate Update conference call will be held on Thursday, February 27, 2020 at 12:00pm EST

TORONTO, ON / ACCESSWIRE / February 25, 2020 / Rogue Resources Inc. (TSX-V:RRS) ("Rogue" or the "Company") invites investors to join management on an Update Call this Thursday at noon Toronto-time.

The financing plan for the Orillia Acquisition, including the New Debt Facility (announced earlier today) will be discussed in detail on a conference call with management on Thursday, February 27th, 2020, at noon Eastern (9 am Pacific, 6 pm in Western Europe). Rogue CEO Sean Samson and VP, Technical Paul Davis will give a brief presentation followed by a question and answer period. Interested investors should forward questions in advance to questions@rogueresources.ca. Dial-in numbers to access the conference call, as well as a new corporate presentation, will be available 24 hours in advance on the Rogue webpage, www.rogueresources.ca. As with past calls, a playback of the call will be available online soon afterward.

About Rogue Resources Inc.

Rogue is a mining company focused on generating positive cash flow. Not tied to any commodity, it looks at rock value and quality deposits that can withstand all stages of the commodity price cycle. The Company includes Rogue Stone-selling quarried limestone for landscape applications; Rogue Quartz- focused on advancing its silica/quartz business with the Snow White Project in Ontario and the Silicon Ridge Project in Québec; and Rogue Timmins with the nickel resource at Langmuir and the gold potential at Radio Hill.

Rogue is always searching for projects or mines that meet its criteria of "Grade, Stage and Jurisdiction".

For more information visit www.rogueresources.ca.

For additional information regarding this news release please contact:

Sean Samson
+1-647-243-6581
info@rogueresources.ca

Cautionary Note Regarding Forward-Looking Statements:

This news release contains certain statements or disclosures relating to the Company that are based on the expectations of its management as well as assumptions made by and information currently available to the Company which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "intends", "target", "estimates", "projects", "continue", "potential" and similar expressions, or are events or conditions that "will", "would", "may", "could" or "should" occur or be achieved.

In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: the increasing demand for Armour; the continued evolution of the product mix; the future purchase volumes and pricing of the Preferred Partners; finalization of purchase orders; meeting remaining Ministry regulatory requirements at Bobcaygeon Quarry; closing of the acquisition of the Orillia Quarry; securing financing for the Orillia Quarry; operations at the Bobcaygeon Quarry; sales from the Bobcaygeon Quarry; obtain debt financing for the Company's operations on terms acceptable to the Company or not at all.

The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of the Company including, without limitation: business strategies and the environment in which the Company will operate in the future; commodity prices; exploration and development costs; mining operations, drilling plans and access to available goods and services and development parameters; regulatory restrictions; the ability of the Company to obtain applicable permits; activities of governmental authorities (including changes in taxation and regulation); currency fluctuations; the global economic climate; and competition.

The Company believes that the material factors, expectations and assumptions reflected in the forward-looking statements contained in this news release are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation, those risks identified in the Company's most recent annual and interim management's discussion and analysis, copies of which are available on the Company's SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive and are cautioned not to place undue reliance on these forward-looking statements.

If the closing of the Orillia Quarry acquisition does not occur for any reason including the receipt of applicable regulatory approvals, or if revenues and/or profitability from the Bobcaygeon Quarry are not sufficient, then there is a specific risk that the market price of the Company's securities will be negatively impacted.

The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.

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

SOURCE: Rogue Resources Inc.

ReleaseID: 577894

The Gross Law Firm Announces Class Actions on Behalf of Shareholders of FSCT, WBK and HPQ

NEW YORK, NY / ACCESSWIRE / February 25, 2020 / The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies. Shareholders who purchased shares in the following companies during the dates listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Appointment as Lead Plaintiff is not required to partake in any recovery.

Forescout Technologies, Inc. (NASDAQ:FSCT)

Investors Affected: February 7, 2019 – October 9, 2019

A class action has commenced on behalf of certain shareholders in Forescout Technologies, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) Forescout was experiencing significant volatility with respect to large deals and issues related to the timing and execution of deals in the Company's pipeline, especially in Europe, the Middle East, and Africa; (ii) the foregoing was reasonably likely to have a material negative impact on the Company's financial results; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.

Shareholders may find more information at https://securitiesclasslaw.com/securities/forescout-technologies-inc-loss-submission-form/?id=5522&from=1

Westpac Banking Corporation (NYSE:WBK)

Investors Affected: November 11, 2015 – November 19, 2019

A class action has commenced on behalf of certain shareholders in Westpac Banking Corporation. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) contrary to Australian law, the Company failed to report over 19.5 million international funds transfer instructions to the Australian Transaction Reports and Analysis Centre ("AUSTRAC"); (2) the Company did not appropriately monitor and assess the ongoing money laundering and terrorism financing risks associated with movement of money into and out of Australia; (3) the Westpac did not pass on requisite information about the source of funds to other banks in the transfer chain; (4) despite being aware of the heightened risks, the Company did not carry out appropriate due diligence on transactions in South East Asia and the Philippines that had known financial indicators relating to child exploitation risks; (5) the Company's Anti-Money Laundering and Counter-Terrorism Financing Policy Program was inadequate to identify, mitigate and manage money laundering and terrorism financing risks; and (6) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Shareholders may find more information at https://securitiesclasslaw.com/securities/westpac-banking-corporation-loss-submission-form/?id=5522&from=1

HP Inc. (NYSE:HPQ)

Investors Affected: February 23, 2017 – October 3, 2019

A class action has commenced on behalf of certain shareholders in HP Inc. According to the filed complaint, defendants knew that HP's "four-box" model for measuring its supplies business was severely deficient and not a strong predictor of supplies demand and outcomes because HP lacked telemetry data from its commercial printers and had to use unreliable and stagnant market share data to develop assumptions for the four-box model. The complaint further alleges that defendants knew the lack of telemetry data for commercial printing was a critical shortcoming of the four-box model because HP possessed telemetry data on its personal printing side and knew it was a necessary element for an accurate understanding of the supplies channel. As a result, the supplies inventory in the Company's channel exceeded demand by at least $100 million and HP's supplies revenue growth was grossly inflated.

Shareholders may find more information at https://securitiesclasslaw.com/securities/hp-inc-loss-submission-form/?id=5522&from=1

The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (212) 537-9430
Fax: (833) 862-7770

SOURCE: The Gross Law Firm

ReleaseID: 577895