NEW YORK, NY / ACCESSWIRE / April 30, 2020 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Amazon, Inc. ("Amazon" or "the Company") (NASDAQ:AMZN). Investors who purchased Amazon securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/amzn.

The investigation concerns whether Amazon and certain of its officers and/or directors have violated federal securities laws.

On April 28, 2020, Reuters published an article entitled "New York AG raises concerns about Amazon's pandemic safety practices: source." The article reported that New York Attorney General Letitia James's office sent a letter to the Company stating, in relevant part, that "Amazon's health and safety measures taken in response to the COVID-19 pandemic are so inadequate that they may violate several provisions of the Occupational Safety and Health Act." With respect to Amazon's termination of Christian Smalls, an employee who demonstrated against the Company's warehouse conditions in the pandemic, the letter reportedly stated "that preliminary findings ‘raise serious concern that Amazon may have discharged (Smalls) in order to silence his complaints and send a threatening message to other employees that they should also keep quiet about any health and safety concerns.'"

If you are aware of any facts relating to this investigation or purchased Amazon shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/amzn. You can also contact Peretz Bronstein of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein

212-697-6484 | info@bgandg.com

SOURCE: Bronstein, Gewirtz and Grossman, LLC

ReleaseID: 587869

CORONA, CA / ACCESSWIRE / April 30, 2020 / ADOMANI, Inc. (OTCQB:ADOM), a provider of new zero-emission purpose-built electric vehicles and drivetrain solutions, today announced its results for the first quarter ended March 31, 2020. ADOMANI does not plan to host an earnings call.

Developments

Continued to work with the California Air Resources Board ("CARB") and the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project ("HVIP") to resolve the California HVIP administrative issues that have resulted in a funding backlog that has to-date prevented us and our customers from accessing the funds, which has created a significant delay in our ability to deliver products and to obtain new orders. We hired an experienced lobbyist to supplement our efforts.
Responded and adapted to unexpected legal and regulatory changes resulting from the ongoing COVID-19 pandemic, such as shelter-in-place orders, travel, social distancing and quarantine policies, boycotts, curtailment of trade, and other business restrictions affecting our ability to assemble and sell our products, and provide our services.
Applied for an Economic Injury Disaster Loan in March and a Paycheck Protection Program loan in April under the Small Business Association loan programs authorized by the Coronavirus Aid, Relief, and Economic Security Act due to the impact of the COVID-19 pandemic on our business.
Backlog at March 31, 2020 was $3.2 million. This includes an order from Santa Clara County for two additional cargo vans received on March 20, 2020.
Effective January 1, 2020, took possession of the warehouse space in Corona, California, that we executed a lease for in December 2019. The facility will be used to conduct research and development activity, stage materials, assemble and/or manufacture vehicles, perform pre-delivery inspections, test demo vehicles, and securely store vehicles, equipment, parts and finished vehicle inventories. Effective February 1, 2020, we executed a sublease agreement with Masters Transportation, Inc. for Masters to occupy a portion of this space. We are performing services for Masters related to basic vehicle maintenance and detailing, as well as safety inspections for compliance with United States Department of Transportation guidelines, in addition to our own activity at the location.
We continue to be excited about a number of new international opportunities that we learned about in 2019 in Ukraine, Mexico, South America and a number of other countries and have been investigating them diligently. However, progress on all these opportunities has been significantly slowed down by the COVID-19 virus impacts in these countries as well. While we remain confident that a number of them may develop into projects, we continue to work through the laborious process as of the date of this release.
In the Philippines, we delivered in 2019 the first 10 e-trikes from the 250 vehicle purchase order we received in early 2019, and the next 50 are in production but are again impacted by the COVID-19 virus impacts, as critical component parts from China, while having arrived, are tied up in customs because they are considered non-essential items.

Jim Reynolds, CEO of ADOMANI, commented, "The COVID-19 virus impact on our business has been significant. We support the government's efforts to slow the spread of the virus while medical researchers try to create a vaccine, and we hope the relaxation of some of the restrictions happen soon, but that is out of our control. We do believe, however, that our biggest obstacle to success has been and remains the temporary inability for ADOMANI and our customers to access HVIP funding as a result of what we believe were serious administrative missteps by CARB and HVIP in 2019 that have made it impossible for us to deliver product that we have had since late 2019 to customers whose orders constitute the bulk of our backlog. We continue to believe that if those issues can be addressed and funds made available to our customers, we will benefit in 2020 from additional diversification of both our customer base and our product offerings. We recently hired an experienced California lobbying firm to enhance our own efforts to free up some HVIP funds for us and any other companies in a similar situation. We also believe that access to HVIP funding would result in a significant increase in orders and backlog once the many interested parties we have demonstrated our electric vehicles to know they can benefit from the buy-down funds. Additional incentive funds that we expect will also be available in 2020 and will spur demand for electric vehicles include, among other potential available incentives, California Energy Commission funding for zero-emission all-electric vehicles; additional grant funding available from states such as Michigan, Indiana, New York and Florida; programs for electric infrastructure from utilities in California and a number of other states; as well as the release of millions from available Volkswagen settlement funding, which we believe will allow us to accelerate accepting orders for our new trucks, cargo vans and chassis, with deliveries potentially starting as early as the third quarter 2020.

We continue to believe that, if we are able to free up HVIP funding, resume our sales and marketing efforts that have been severely curtailed by the COVID-19 virus restrictions, and effectively execute our revised, more conservative business plan and capitalize on the opportunities that are presented to us, we will be profitable, hopefully by early 2021."

First Quarter 2020 Financial Results

Sales were $283,457 for the three months ended March 31, 2020 compared to $420,320 for the three months ended March 31, 2019. Cost of sales were $79,750 for the three months ended March 31, 2020 compared to $390,845 for the three months ended March 31, 2019.

General and administrative expenses in the first quarter of 2020 were approximately $1.4 million for both the three months ended March 31, 2020 and 2019, respectively. The first quarter 2020 general and administrative expenses include approximately $211,856 in non-cash charges, including $200,340 in stock-based compensation expense.

Consulting expenses were $43,703 and $81,636 for the three months ended March 31, 2020 and 2019, respectively. The decrease in the current year period is due primarily to supply chain-related consulting activity incurred in 2019. Consulting expenses for the three months ended March 31, 2020 and 2019 include $15,000 and $10,000 of non-cash charges, respectively.

Research and development expenses were $0 and $45,000 for the three months ended March 31, 2020 and 2019, respectively. The decrease is due to the timing of certain expenditures for research and development activity.

Total net operating expenses for the first quarter of 2020 were approximately $1,474,000 compared to $1,519,000 for the first quarter of 2019, which decrease was primarily due to a $53,000 reduction in non-cash stock-based compensation expense in the current year period compared to the first quarter of 2019.

Net loss in the first quarter of 2020 was approximately $1.3 million, of which $227,000 related to non-cash expenses, the majority of which are discussed above. The 2020 quarterly loss compares to a net loss of approximately $1.4 million in the first quarter of 2019. The total non-cash expenses included in the net loss for the quarter ended March 31, 2019 were $275,000.

As of March 31, 2020, the Company had cash, cash equivalents, and short-term investments of approximately $536,389 and no debt, compared to approximately $7.7 million of cash, cash equivalents and short-term investments and approximately $2.5 million of debt as of March 31, 2019. The decrease in addition to the items discussed above, relates to the repayment initiated by ADOMANI in the quarter of the approximate $6.8 million of debt and accrued interest owed to Morgan Stanley that was funded by the sale of a like amount of short-term investments under their management.

Working capital at March 31, 2020 was approximately $1.5 million as compared to approximately $6.0 million at March 31, 2019. As discussed in the previous paragraph, the repayment of the debt significantly contributed to this decrease. The working capital amount at March 31, 2020 includes approximately $935,000 in deposits paid to third party vehicle manufacturers for vehicles included in our backlog.

About ADOMANI®

ADOMANI, Inc. is a provider of new zero-emission electric vehicles and is a provider of zero-emission electric drivetrain systems for integration in medium to heavy-duty commercial fleet vehicles, as well as re-power conversion kits for the replacement of drivetrain systems in combustion-powered vehicles. ADOMANI's zero-emission electric vehicles are focused on reducing the total cost of vehicle ownership and help fleet operators unlock the benefits of green technology and address the challenges of traditional fuel price cost instability and local, state and federal environmental regulatory compliance. For more information visit www.ADOMANIelectric.com.

Cautionary Statement Regarding Forward-Looking Statements

Statements made in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in ADOMANI's reports filed with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates," "outlook," "designed," and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, ADOMANI® undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.

Investor Relations Contacts:

ADOMANI, Inc.

Kevin Kanning, VP Investor Relations
Telephone: (650) 533-7629
Email: kevin.k@ADOMANIelectric.com

Michael K. Menerey, Chief Financial Officer
Telephone: (951) 407-9860 ext. 205
Email: mike.m@ADOMANIelectric.com

Renmark Financial Communications, Inc.

John Boidman, CPIR
Telephone: (416) 644-2020, ext. 1208 or (514) 939-3989
Email: jboidman@renmarkfinancial.com

SOURCE: ADOMANI, Inc.

ReleaseID: 587481

AUSTIN, TX / ACCESSWIRE / April 30, 2020 / Apollo Endosurgery, Inc. ("Apollo") (NASDAQ:APEN), a global leader in less invasive medical devices for gastrointestinal and bariatric procedures, today announced that the Company is scheduled to release its financial results for the first quarter ended March 31, 2020 on Monday, May 4, 2020, after the U.S. stock markets close.

Apollo will hold a conference call on Monday, May 4, 2020 at 3:30 p.m. CT / 4:30 p.m. ET to discuss the results. The dial-in numbers are 844-369-8770 for domestic callers and +1-862-298-0840 for international callers. A live webcast of the conference call will be available online from the investor relations page of the Company's corporate website at www.apolloendo.com.

A replay of the webcast will be made available on Apollo's website, www.apolloendo.com, shortly after completion of the call.

About Apollo Endosurgery, Inc.

Apollo Endosurgery, Inc. is a medical technology company focused on less invasive therapies to treat various gastrointestinal conditions, ranging from gastrointestinal complications to the interventional treatment of obesity. Apollo's device-based therapies are an alternative to invasive surgical procedures, thus lowering complication rates and reducing total healthcare costs. Apollo's products are offered in over 75 countries today and include the OverStitch™ Endoscopic Suturing System, the OverStitch Sx™ Endoscopic Suturing System, and the ORBERA® Intragastric Balloon.

Apollo's common stock is traded on Nasdaq Global Market under the symbol "APEN". For more information regarding Apollo Endosurgery, go to: www.apolloendo.com.

Contacts:

Apollo Endosurgery, Inc.
Stefanie Cavanaugh, 512-279-5100
investor-relations@apolloendo.com

Darrow Associates Investor Relations
Matt Kreps, 214-597-8200
mkreps@darrowir.com

SOURCE: Apollo Endosurgery, Inc.

ReleaseID: 587587

SAN LEANDRO, CA / ACCESSWIRE / April 30, 2020 / Energy Recovery Inc. (NASDAQ:ERII) ("Energy Recovery," "we," "our," or the "Company"), a leader in pressure energy technology for industrial fluid flows, today announced its financial results for the first quarter ended March 31, 2020.

First Quarter 2020 Highlights:

Total product revenue of $19.0 million, an increase of 18% year-over-year
Total revenue of $21.5 million, an increase of 9% year-over-year
Product gross margin of 70.1%, an increase of 80 basis points year-over-year
Net income of $0.6 million, or diluted earnings per share of $0.01, a decrease of $0.04 year-over-year

Chairman and Interim President and Chief Executive Officer Robert Mao remarked, "We came into the first quarter confident in our confirmed order backlog and successfully navigated the COVID-19 pandemic challenges late in the quarter. We delivered a strong Q1 in which we fulfilled all of our contractual shipments and achieved year-over-year quarterly revenue growth."

Mr. Mao continued, "These results are a testament to the talent, flexibility and hard work of our global team. Thanks to their calm and determined execution, we have been able to safely continue limited manufacturing operations in our San Leandro and Katy facilities and progress our newest manufacturing facility in Tracy, California in accordance with government guidance. Moreover, we have continued to close contracts since California's shelter-in-place order came into effect in mid-March, including large orders from China and Egypt. We cannot anticipate what events may transpire over the coming months, but we can say with certainty that we are as prepared as we can be, with a strong financial position, flexible balance sheet, a solid order backlog and a smart team with deep knowledge of our markets."

COVID-19 Pandemic

In response to measures taken in mid-March by the State of California and local governments in the State of California to fight the COVID-19 pandemic, we elected to temporarily suspend our manufacturing activities to assess the impact of these measures, and to implement health and safety actions recommended by government and health officials to better protect employees who are required to be present at our facilities. In addition, the majority of our office employees have been working remotely since that time. In early April, we commenced limited manufacturing and have continued shipping customer orders from our facilities in accordance with federal, state and local regulations and guidance.

While we cannot accurately predict COVID-19's long-term impact on our financial condition, result of operations, liquidity, and cash flows due to uncertainties, our compliance with these measures did not have a material adverse impact on our financial results for the first quarter of fiscal year 2020. However, to mitigate potential adverse impacts to our business and to conserve cash, we are managing our resources conservatively by reducing and/or deferring capital expenditures and operating expenses. Based on our current projections, which are subject to numerous uncertainties, including the duration and severity of the pandemic and containment measures, and the effect of these on the industries in which we compete, we believe our cash on hand and marketable securities, as well as ongoing cash generated from our operations, should be sufficient to cover our capital requirements for the next 12 months. We believe our gross margins, which were negatively affected in the first quarter, will likely continue to be impacted until such time that we can operate our manufacturing facilities as originally planned.

Our available product inventory combined with our current rate of production leads us to believe that we can fulfill most, if not all, of our existing delivery obligations in fiscal year 2020. We are also closely monitoring the pandemic's impact on the industries in which we compete. While we believe the desalination industry appears to be showing some stability in fiscal year 2020, it is possible that future COVID-19 restrictions could cause reduced demand for our products if they result in a global recessionary economic environment or impact the construction of large desalination projects. For a discussion of the key trends and uncertainties that have affected our revenues, income and liquidity, see Part II, Item 1A, "Risk Factors," of our Q1'2020 Form 10-Q and Part I, Item 1A, "Risk Factors," in our Annual Report on Form 10‑K for the year ended December 31, 2019 filed with the U.S. Securities and Exchange Commission on March 6, 2020.

First Quarter 2020

Revenues

For the first quarter ended March 31, 2020, the Company generated total revenue of $21.5 million, an increase of $1.7 million, or 9%, compared to $19.8 million in the first quarter ended March 31, 2019.

The Water segment generated total product revenue of $19.0 million for the first quarter ended March 31, 2020, an increase of $3.0 million, or 19%, compared to $16.0 million for the first quarter ended March 31, 2019. This increase was due primarily to higher Mega-Project Development ("MPD") shipments. Government measures to fight COVID-19 did not have a material effect on our revenues in the first quarter.

The Oil & Gas segment generated total revenue of $2.5 million for the first quarter ended March 31, 2020, a decrease of $1.3 million, or (34%), compared to $3.8 million for the first quarter ended March 31, 2019. Oil & Gas revenue in the first quarter consisted only of license and development revenue, which is calculated as a percentage of cost to total cost. There was a decrease in expenditures in the first quarter due to the reallocation of resources to VorTeq related activities unrelated to the recognition of this license and development revenue, which subsequently reduced revenue recognition for the quarter.

Product Gross Margin

For the first quarter ended March 31, 2020, product gross margin was 70.1%, an increase of 80 basis points from 69.3% in the first quarter ended March 31, 2019. Despite an increase of $0.5 million, or 3%, in cost of product revenue related to the reduced utilization of our manufacturing facility in the last two weeks of the quarter due to our temporary manufacturing suspension in response to COVID-19-related government measures, product gross margin increased largely driven by favorable product mix.

Operating Expenses

For the first quarter ended March 31, 2020, GAAP operating expenses were $15.7 million, an increase of $3.6 million, or 29%, compared to $12.2 million for the first quarter ended March 31, 2019. This increase was due primarily to our continued investment in research and development in Oil & Gas and Water segments, Incubation initiatives, as well as growth in headcount and personnel-related costs.

COVID-19 did not have a material effect on operating expenditures during the three months ended March 31, 2020.

Bottom Line Summary

To summarize our financial performance, on a quarterly basis, we reported a GAAP net income of $0.6 million, or $0.01 per diluted share for the first quarter ended March 31, 2020, compared to a net income of $2.7 million, or $0.05 per diluted share for the first quarter ended March 31, 2019.

Cash Flow Highlights

We finished the three months ended March 31, 2020 with cash and cash equivalents of $32.8 million, and short-term and long-term investments of $60.4 million, which represents a combined total of $93.2 million.

Forward-Looking Statements

Certain matters discussed in this press release and on the conference call are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the Company's belief that the Company's cash on hand, marketable securities and ongoing cash generated from operations should be sufficient to cover the Company's capital requirements for the next 12 months; our belief that our gross margins will continue to be negatively affected until we are able to operate our manufacturing facilities as originally planned prior to the COVID-19 pandemic; and our belief that we will be able to fulfill most, if not all, of our existing delivery obligations in fiscal year 2020. These forward-looking statements are based on information currently available to us and on management's beliefs, assumptions, estimates, or projections and are not guarantees of future events or results. Potential risks and uncertainties include the Company's ability to achieve the milestones under the VorTeq license agreement, any other factors that may have been discussed herein regarding the risks and uncertainties of the Company's business, and the risks discussed under "Risk Factors" in the Company's Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") for the year ended December 31, 2019 as well as other reports filed by the Company with the SEC from time to time. Because such forward-looking statements involve risks and uncertainties, the Company's actual results may differ materially from the predictions in these forward-looking statements. All forward-looking statements are made as of today, and the Company assumes no obligation to update such statements.

Use of Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures, including Total gross profit and Total gross margin. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States of America, or GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions, and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Conference Call to Discuss First Quarter 2020 Financial Results

LIVE CONFERENCE CALL:
Thursday, April 30, 2020, 2:00 PM PDT / 5:00 PM EDT
Listen-only, US / Canada Toll-Free: +1 (877) 709-8150
Listen-only, Local / International Toll: +1 (201) 689-8354
Access code: 13700231

CONFERENCE CALL REPLAY:
Expiration: Saturday, May 30, 2020
US / Canada Toll-Free: +1 (877) 660-6853
Local / International Toll: +1 (201) 612-7415
Access code: 13700231

Investors may also access the live call or the replay over the internet at ir.energyrecovery.com. The replay will be available approximately three hours after the live call concludes.

Disclosure Information

Energy Recovery uses the investor relations section on its website as means of complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor Energy Recovery's investor relations website in addition to following Energy Recovery's press releases, SEC filings, and public conference calls and webcasts.

About Energy Recovery Inc.

For more than 20 years, Energy Recovery, Inc. (NASDAQ: ERII) has created technologies that solve complex challenges in industrial fluid-flow markets. We design and manufacture solutions that reduce waste, improve operational efficiencies, and lower the production costs of clean water and oil and gas. What began as a game-changing invention for water desalination has grown into a global business delivering solutions that enable more affordable access to these critical resources. Both our headquarters in San Leandro, California, and our Commercial Development Center in Katy, Texas house on-site research, development and manufacturing facilities. In addition, our worldwide sales and technical service organization provides on-site support for our line of water solutions. For more information, please visit www.energyrecovery.com.

Contact

Investor Relations
ir@energyrecovery.com
(281) 962-8105

ENERGY RECOVERY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

 
March 31,
2020
 
 
December 31,
2019
 

 
(In thousands, except share
data and par value)
 

ASSETS

Current assets:

Cash and cash equivalents

 
$
32,842
 
 
$
26,387
 

Short-term investments

 
 
40,995
 
 
 
58,736
 

Accounts receivable, net

 
 
13,841
 
 
 
12,979
 

Inventories, net

 
 
10,938
 
 
 
10,317
 

Prepaid expenses and other current assets

 
 
5,187
 
 
 
4,548
 

Total current assets

 
 
103,803
 
 
 
112,967
 

Long-term investments

 
 
19,361
 
 
 
15,419
 

Deferred tax assets, non-current

 
 
16,932
 
 
 
16,897
 

Property and equipment, net

 
 
19,780
 
 
 
18,843
 

Operating lease, right of use asset

 
 
17,253
 
 
 
11,195
 

Goodwill

 
 
12,790
 
 
 
12,790
 

Other intangible assets, net

 
 
61
 
 
 
65
 

Other assets, non-current

 
 
632
 
 
 
598
 

Total assets

 
$
190,612
 
 
$
188,774
 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

 
$
1,868
 
 
$
1,192
 

Accrued expenses and other current liabilities

 
 
6,156
 
 
 
9,869
 

Lease liabilities

 
 
1,209
 
 
 
1,023
 

Contract liabilities

 
 
16,509
 
 
 
15,746
 

Total current liabilities

 
 
25,742
 
 
 
27,830
 

Lease liabilities, non-current

 
 
17,523
 
 
 
11,533
 

Contract liabilities, non-current

 
 
8,805
 
 
 
13,120
 

Other non-current liabilities

 
 
277
 
 
 
278
 

Total liabilities

 
 
52,347
 
 
 
52,761
 

Commitments and contingencies (Note 8)

Stockholders' equity:

Common stock

 
 
61
 
 
 
61
 

Additional paid-in capital

 
 
171,954
 
 
 
170,028
 

Accumulated other comprehensive loss

 
 
(332
)
 
 
(37
)

Treasury stock

 
 
(30,486
)
 
 
(30,486
)

Accumulated deficit

 
 
(2,932
)
 
 
(3,553
)

Total stockholders' equity

 
 
138,265
 
 
 
136,013
 

Total liabilities and stockholders' equity

 
$
190,612
 
 
$
188,774
 

ENERGY RECOVERY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 
Three Months
Ended March 31,
 

 
2020
 
 
2019
 

 
(In thousands, except per share data)
 

Product revenue

 
$ 
19,001
 
 
$ 
16,072
 

Product cost of revenue

 
 
5,684
 
 
 
4,935
 

Product gross profit

 
 
13,317
 
 
 
11,137
 

License and development revenue

 
 
2,543
 
 
 
3,723
 

Operating expenses:

General and administrative

 
 
6,881
 
 
 
5,579
 

Sales and marketing

 
 
2,138
 
 
 
2,162
 

Research and development

 
 
6,709
 
 
 
4,254
 

Amortization of intangible assets

 
 
4
 
 
 
156
 

Total operating expenses

 
 
15,732
 
 
 
12,151
 

Income from operations

 
 
128
 
 
 
2,709
 

Other income (expense):

Interest income

 
 
420
 
 
 
523
 

Other non-operating expense, net

 
 
(12
)
 
 
(24
)

Total other income, net

 
 
408
 
 
 
499
 

Income before income taxes

 
 
536
 
 
 
3,208
 

(Benefit from) provision for income taxes

 
 
(85
)
 
 
554
 

Net income

 
$ 
621
 
 
$ 
2,654
 

Earnings per share:

Basic

 
$ 
0.01
 
 
$ 
0.05
 

Diluted

 
$ 
0.01
 
 
$ 
0.05
 

Number of shares used in per share calculations:

Basic

 
 
55,412
 
 
 
54,116
 

Diluted

 
 
56,542
 
 
 
55,368
 

ENERGY RECOVERY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

 
Three Months
Ended March 31,
 

 
2020
 
 
2019
 

 
(In thousands)
 

Cash flows from operating activities:

Net income

 
$ 
621
 
 
$ 
2,654
 

Adjustments to reconcile net income to cash used in operating activities

Stock-based compensation

 
 
1,503
 
 
 
1,678
 

Depreciation and amortization

 
 
1,258
 
 
 
900
 

Amortization (accretion) of premiums and discounts on investments

 
 
220
 
 
 
(26
)

Deferred income taxes

 
 
(35
)
 
 
549
 

Provision for warranty claims

 
 
98
 
 
 
152
 

Other non-cash adjustments

 
 
47
 
 
 
(68
)

Changes in operating assets and liabilities:

Accounts receivable, net

 
 
(902
)
 
 
(7,162
)

Contract assets

 
 
(244
)
 
 
2,977
 

Inventories, net

 
 
(692
)
 
 
(218
)

Prepaid and other assets

 
 
(428
)
 
 
(140
)

Accounts payable

 
 
745
 
 
 
18
 

Accrued expenses and other liabilities

 
 
(4,514
)
 
 
(3,353
)

Income taxes

 
 
3
 
 
 
10
 

Contract liabilities

 
 
(3,552
)
 
 
(3,922
)

Net cash used in operating activities

 
 
(5,872
)
 
 
(5,951
)

Cash flows from investing activities:

Sales of marketable securities

 
 
4,974
 
 
 
–
 

Maturities of marketable securities

 
 
21,195
 
 
 
19,599
 

Purchases of marketable securities

 
 
(12,855
)
 
 
(19,198
)

Capital expenditures

 
 
(1,380
)
 
 
(1,566
)

Net cash provided by (used in) investing activities

 
 
11,934
 
 
 
(1,165
)

Cash flows from financing activities:

Net proceeds from issuance of common stock

 
 
440
 
 
 
2,191
 

Tax payment for employee shares withheld

 
 
(22
)
 
 
(34
)

Net cash provided by financing activities

 
 
418
 
 
 
2,157
 

Effect of exchange rate differences on cash and cash equivalents

 
 
(25
)
 
 
(4
)

Net change in cash, cash equivalents and restricted cash

 
 
6,455
 
 
 
(4,963
)

Cash, cash equivalents and restricted cash, beginning of year

 
 
26,488
 
 
 
22,138
 

Cash, cash equivalents and restricted cash, end of period

 
$ 
32,943
 
 
$ 
17,175
 

ENERGY RECOVERY, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)

 
Three Months Ended
March 31, 2020
 
 
Three Months Ended
March 31, 2019
 

 
Water
 
 
Oil & Gas
 
 
Corporate
 
 
Total
 
 
Water
 
 
Oil & Gas
 
 
Corporate
 
 
Total
 

 
(In thousands)
 

Product revenue

 
$ 
19,001
 
 
$ 
–
 
 
$ 
–
 
 
$ 
19,001
 
 
$ 
15,968
 
 
$ 
104
 
 
$ 
–
 
 
$ 
16,072
 

Product cost of revenue

 
 
5,684
 
 
 
–
 
 
 
–
 
 
 
5,684
 
 
 
4,747
 
 
 
188
 
 
 
–
 
 
 
4,935
 

Product gross profit (loss)

 
 
13,317
 
 
 
–
 
 
 
–
 
 
 
13,317
 
 
 
11,221
 
 
 
(84
)
 
 
–
 
 
 
11,137
 

License and development revenue

 
 
–
 
 
 
2,543
 
 
 
–
 
 
 
2,543
 
 
 
–
 
 
 
3,723
 
 
 
–
 
 
 
3,723
 

Operating expenses

General and administrative

 
 
405
 
 
 
741
 
 
 
5,735
 
 
 
6,881
 
 
 
535
 
 
 
364
 
 
 
4,680
 
 
 
5,579
 

Sales and marketing

 
 
1,676
 
 
 
58
 
 
 
404
 
 
 
2,138
 
 
 
1,649
 
 
 
263
 
 
 
250
 
 
 
2,162
 

Research and development

 
 
902
 
 
 
5,247
 
 
 
560
 
 
 
6,709
 
 
 
804
 
 
 
3,363
 
 
 
87
 
 
 
4,254
 

Amortization of intangibles

 
 
4
 
 
 
–
 
 
 
–
 
 
 
4
 
 
 
156
 
 
 
–
 
 
 
–
 
 
 
156
 

Total operating expenses

 
 
2,987
 
 
 
6,046
 
 
 
6,699
 
 
 
15,732
 
 
 
3,144
 
 
 
3,990
 
 
 
5,017
 
 
 
12,151
 

Operating income (loss)

 
$ 
10,330
 
 
$ 
(3,503
)
 
$ 
(6,699
)
 
 
128
 
 
$ 
8,077
 
 
$ 
(351
)
 
$ 
(5,017
)
 
 
2,709
 

Other income, net

 
 
 
 
 
 
 
 
 
 
 
 
 
 
408
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
499
 

Income before income taxes

 
 
 
 
 
 
 
 
 
 
 
 
 
$ 
536
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 
3,208
 

ENERGY RECOVERY, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited)

This press release includes non-GAAP financial information because we plan and manage our business using such information. Our non-GAAP Total Gross Margin is determined by adding back the license and development revenue associated with the amortization of the VorTeq exclusivity fee.

 
Three Months
Ended March 31,
 

 
2020
 
 
2019
 

 
(In thousands, except per share data)
 

Product revenue

 
$ 
19,001
 
 
$ 
16,072
 

License and development revenue

 
 
2,543
 
 
 
3,723
 

Total revenue

 
$ 
21,544
 
 
$ 
19,795
 

Product gross profit

 
$ 
13,317
 
 
$ 
11,137
 

License and development revenue

 
 
2,543
 
 
 
3,723
 

Total gross profit (non-GAAP)

 
$ 
15,860
 
 
$ 
14,860
 

Product gross margin

 
 
70.1
%
 
 
69.3
%

Total gross margin (non-GAAP)

 
 
73.6
%
 
 
75.1
%

SOURCE: Energy Recovery Inc.

ReleaseID: 587806

JUPITER, FL / ACCESSWIRE / April 30, 2020 / Dyadic International, Inc. ("Dyadic") (NASDAQ:DYAI), a global biotechnology company focused on further improving and applying its proprietary C1 expression system to speed up the development, lower production costs and improve the performance of biologic vaccines and drugs at flexible commercial scales, today announced that it will report its financial results for quarter ended March 31, 2020 after the market close on Thursday, May 14, 2020 and it will host a conference call that day at 5:00 p.m. Eastern Time to discuss those results.

Conference Call Information

Date: Thursday, May 14, 2020

Time: 5:00 p.m. Eastern Time

Dial-in numbers: (877) 407-8033 (U.S. or Canada) or +(201) 689-8033 (International)

No pass code is needed

Webcast Link: https://www.webcaster4.com/Webcast/Page/2031/34441

An archive of the webcast will be available approximately three hours after completion of the live event and will be accessible on the "Investors" section of the Company's website at www.dyadic.com. To access the replay of the webcast, please follow the Webcast link above. A dial-in replay of the call will also be available to those interested. To access the replay which will expire May 28, 2020, dial 1 (877) 481-4010 (U.S. or Canada) or 1 (919) 882-2331 (International) and enter replay pass code: 34441.

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 Thermothelomyces heterothallica (formerly 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. Certain other research activities are ongoing which include the exploration of using C1 to develop and produce 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 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 and at http://www.dyadic.com/.

Contact:

Dyadic International, Inc.
Ping W. Rawson
Chief Financial Officer
Phone: (561) 743-8333
Email: mailto:prawson@dyadic.com

SOURCE: Dyadic International, Inc.

ReleaseID: 587761

Empower confirms it has commenced COVID-19 antibody testing in clinics under the phase one and phase two rollout plans, receives first Rapid COVID-19 test kits and places additional purchases of Rapid COVID-19 test kits.

VANCOUVER, BC / ACCESSWIRE / April 29, 2020 / EMPOWER CLINICS INC. (CSE:CBDT)(OTCQB:EPWCF)(Frankfurt:8EC) ("Empower" or the "Company"), a vertically integrated life sciences company, is pleased to announce it is actively testing patients using COVID-19 antibody testing under its phase one and phase two rollout plans in its Sun Valley Health clinics in Phoenix, AZ. The Company has also received its first Rapid COVID-19 antibody test kits and has purchased additional Rapid test kits to start meeting testing demand. The Company also provides an update on the timing of the release of its financial results and associated filings for the fourth quarter and fiscal year ended December 31, 2019.

The Company is utilizing the temporary relief exemption provided by the Ontario Securities Commission under Ontario Instrument 51-502 – Temporary Exemption from Certain Corporate Finance Requirements (the "Instrument"), which provides a 45-day extension for periodic filings, including annual audited financial statements, as required by section 4.1(2) of National Instrument 51-102 – Continuous Disclosure Obligations, and related management's discussion and analysis and CEO and CFO certifications (collectively, the "Annual Filings"), for the year ended December 31, 2019.

In accordance with the Instrument, the Company intends to file its Annual Filings no later than the extended deadline, as permitted under the Instrument, of June 15, 2020.

Until the Company has filed the Annual Filings, the Company confirms that its management and other insiders are subject to a trading blackout that reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. The Company further confirms that, other than as disclosed in this news release or other news releases or material change reports filed by the Company since November 14, 2019, being the date of filing of the Company's unaudited interim financial statements and related filings for the period ended September 30, 2019, there have been no undisclosed material business developments with respect to the Company.

"The Company's four-phase national COVID-19 testing program utilizing Rapid COVID-19 test kits is underway in the United States and our first patients are expecting test results starting today", said Steven McAuley, Chairman & CEO of Empower. "The operational processes we have established to manage the patient experience are proving stable and effective, as is the technology workflow that registers a patient, books an appointment and collects payment on the Sun Valley Health website."

Phase One – Testing in clinics in Arizona, utilizing a patient blood draw by clinic phlebotomists, then samples are sent to our laboratory test partner for analysis, with test results expected within 48 hours. This program is now active and appointment rates are expanding rapidly.

Phase Two – Offering a Rapid COVID-19 antibody test with results in 1-15 minutes. The service will be offered in-clinics using a drive-up service, conducted by Company clinic staff. In addition, an outbound door-step service, to support a variety of consumer, patient and community needs will be offered using certified mobile technicians. The online portal will be open to book appointments commencing May 1, 2020.

Phase Three – Business Employee Testing (BET) programs, offering Rapid COVID-19 testing to businesses on a one-time basis, repeat basis and/or subscription basis, to assist businesses to get back to work safely, will be offered. The Company anticipates phase three services will commence in May 2020.

Phase Four – U.S. nationwide roll-out, offering all phases of Company services, that can be accessed online at Company websites and call centers, to purchase Rapid COVID-19 test kits. The Company anticipates phase four services to commence in Q3 2020.

ABOUT EMPOWER

Empower is a vertically integrated health & wellness brand with a network of corporate and franchised health & wellness clinics in the U.S. The Company is building its first hemp-derived CBD extraction facility and produces its proprietary line of cannabidiol (CBD) based products. The Company is a leading multi-state operator of a network of physician-staffed wellness clinics, focused on helping patients improve and protect their health, through innovative physician recommended treatment options. The Company has commenced activity on how to connect its significant data, to the potential of the efficacy of alternative treatment options related to hemp-derived cannabidiol (CBD) therapies, psilocybin and other psychedelic plant-based treatment options. The Company now offers COVID-19 testing options in the United States and physician-based consultations, to address COVID-19 concerns.

ON BEHALF OF THE BOARD OF DIRECTORS:

Steven McAuley
Chief Executive Officer

CONTACTS:

Investors: Steven McAuley
CEO
s.mcauley@empowerclinics.com
604-789-2146

Investors: Dustin Klein
SVP, Business Development
720-352-1398
Dustin@svmmjcc.com

For French inquiries: Remy Scalabrini, Maricom Inc., E: rs@maricom.ca, T: (888) 585-MARI

DISCLAIMER FOR FORWARD-LOOKING STATEMENTS

This news release contains certain "forward-looking statements" or "forward-looking information" (collectively "forward looking statements") within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Forward-looking statements can frequently be identified by words such as "plans", "continues", "expects", "projects", "intends", "believes", "anticipates", "estimates", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. Forward-looking statements in this news release include statements regarding: the Company's expected timing of filing of its Annual Filings, the Company's intention to create psilocybin and psychedelics divisions, that market research on advancements in psilocybin and psychedelics in North America and globally will create greater shareholder value, the Company's intention to open a hemp-based CBD extraction facility, the expected benefits to the Company and its shareholders as a result of the proposed acquisitions and partnerships; the effectiveness of the extraction technology; the expected benefits for Empower's patient base and customers; the benefits of CBD based products; the effect of the approval of the Farm Bill; the growth of the Company's patient list and that the Company will be positioned to be a market-leading service provider for complex patient requirements in 2019 and beyond; the ability of the Company to complete or execute phases One, Two, Three or Four as noted above, and Psychedelic substances remain illegal in most countries, so please reference your local laws in relation to medical or recreational use. Such statements are only projections, are based on assumptions known to management at this time, and are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including; that the Company may not open a hemp-based CBD extraction facility; that legislative changes may have an adverse effect on the Company's business and product development; that the Company may not be able to obtain adequate financing to pursue its business plan; general business, economic, competitive, political and social uncertainties; failure to obtain any necessary approvals in connection with the proposed acquisitions and partnerships; and other factors beyond the Company's control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned not to place undue reliance on the forward-looking statements in this release, which are qualified in their entirety by these cautionary statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements in this release, whether as a result of new information, future events or otherwise, except as expressly required by applicable laws.

SOURCE: Empower Clinics Inc.

ReleaseID: 587856

MUNICH, GERMANY / ACCESSWIRE / April 30, 2020 / As of today's date, there are over 3,000,000 confirmed cases & over 200,000 deaths reported globally due to the Covid 19 epidemic. There are a lot of challenges the world is facing currently & will face in the near future due to this immense calamity. There are already estimations of losses up to $8 trillion to global economy & job losses at unprecedented levels. Although most businessmen at this time might be worried about reopening the market and restarting their business right from scratch. There are some exemplary entrepreneurs who are using their skills, acumen & network to help fight the battle against Covid19.

People might be sitting at home watching Netflix, cooking, or just chilling while the frontline fighters of the Covid War namely doctors, nurses, police & other essential service personnel are putting their lives on the line. But their efforts are being subdued by the shortage of protective equipment like masks, coveralls & PPE kits etc. Since the world is facing this crisis together and without preparation, there are huge shortages & supply chain barriers which make the availability of important equipment even more scarce.

While everyone else can just be a spectator some are taking the initiative of asking themselves – "How can I help?". Four young entrepreneurs namely Dr. Evan Singh Luthra, Nicholas Duro, Paurush Kumar & David Wang are bridging gaps in the supply chain of mask & other protective gear equipment procurement & fulfillment in countries like China, Germany, Dominican Republic, India, Switzerland, UAE, USA and more.

After the outbreak of corona virus halted the international trade routes & intra nation transport, it got almost impossible to even maintain the proper supply of medical equipment which was a necessity to tackle COVID-19 infection. The national governments & healthcare industry was working under a shortage of masks & other protective gear. This situation limits the capability of healthcare professionals to do their job but also exposes them to the risk of acquiring the disease. Finding out about this troublesome situation Evan Luthra who is an entrepreneur & the founder of StartupStudio decided to use his experience, business network & acumen to find solutions to barriers in supplying Corona Prevention supply.

He got together with Nicholas Duro (founder & owner MaskMarket), Paurush Kumar (Trinaya Legal) & David Wang (founder of Harbor Health) and created an all star team that can manage functions of economical procurement, quick delivery & legal compliance. This dream team is creating an open & secure channel for ensuring the delivery of protective medical equipment even when international borders are being closed. In general manufacturing of medical equipment and delivery is a process which is completed in multiple countries. For eg: the raw material will be sourced from Vietnam going to a manufacturer in India who ships products to China to be packed from where the products go to warehouses in Spain & finally get delivered to hospitals in US. But this kind of process is not sustainable in the current lockdown scenario as every country is exercising its own set of restrictions.

So what did these guys do? Well, they brainstormed and cataloged every manufacturer who was able to provide quality supply, researched & established shipping routes & verified legal obligations to figure out the perfect procurement & delivery structure for Corona prevention products.

Dr. Luthra took care of finding & verifying the manufacturers and suppliers in regards to their location, production capacity, certifications & safety measures. He also invested in his own manufacturing units across the world where production is being increased to match the increasing demand on an everyday basis. Besides being a mastermind for the whole project Dr Luthra is using his network to authenticate demand as well by establishing that only genuine hospitals, healthcare ministries & non-profits working to fight the coronavirus epidemic are handed over the equipment & not middlemen looking to make a profit.

Nicholas Duro took the responsibility of figuring out the correct trading routes where there were no delays and bureaucratic barriers in managing the logistics of medical equipment. As the need for medical PPE kits & masks is urgent, the delivery time becomes the most important factor in the operation. The doctors & other medical staff are not able to do their job of saving lives in the case of absence or delay in receiving the protective medical equipment. Hence the international & national level transportation needs to be highly coordinated & friction-free to ensure that front line fighters receive the required tools to fight. Nicholas already manages the logistics for his private island business so using his experience & network he intelligently figured out logistics routes & vendors who can handle the responsibility diligently. The contribution made by Nicholas' reduced the overall delivery time by 60% and shipments are being delivered from places in Asia to Europe & Americas.

David Wang has founded Harbor Health in Germany, Europe. The mission is to improve the lives of millions around Europe by responding to the shortage of protected gear equipment.

Together with Evan and Nick, he advised on various transactions for large volume protected gear equipment to ensure that an end-to-end trusted supply chain is guaranteed during the peak of the COVID-19 crisis. Overall, Evan was one of the key investors of Harbor Health and he placed an initial seed investment to implement a trusted supply chain for protected gear equipment in Europe.

Harbor Health also donates part of the profits back to those who have been made redundant and who have been affected during these unprecedented times with its #MaskOn Campaign.
For Charities and non-profits Harbor Health makes available masks in high volumes at-cost prices and has most recently worked with AD Singh Charitable Trust to donate hundreds of thousands of masks in New Delhi, India.

The final piece of the puzzle is legal compliance. In major purchases across borders, there are a lot of financial & legal standards that have to be taken into account while structuring the deal. And international exports require a lot of certificates & permissions to be approved beforehand otherwise shipments can be halted in the middle of the journey. In order to resolve this conundrum, Paurush Kumar from Trinaya legally stepped in to manage the contracts & structured every deal to comply with legal standards. His help ensured that payments & interests of all parties involved were secured via iron clad contracts.

The team also took care of establishing that only genuine hospitals, healthcare ministries & non-profits working to fight the coronavirus epidemic are handed over the equipment & not middlemen looking to make a profit. The entire undertaking by these 4 young entrepreneurs is an example of modern-day problem-solving. In a pandemic scenario that nobody was prepared for, these guys are showing everyone how to eliminate challenges and inefficiencies through team building & utilizing competencies to the maximum potential.

Contact Info:
Hello@EvanLuthra.com

SOURCE: EL Group International

ReleaseID: 587826

TORONTO, ON / ACCESSWIRE / April 30, 2020 / Tribert Rujugiro Ayabatwa's PTG-hld, through Leaf Tobacco and Commodities Nigeria Ltd (LTCN), has joined the battle against Covid19 in Nigeria. LTCN already has a long and distinctive history of CSR partnerships with the Kaduna State government, in the field of education and water access. This time, the company decided to aim its CSR contribution to the statewide battle against Covid19.

On April 15, 2020, LTCN handed over its contribution to the Kaduna State Government, Nigeria. To the visible amazement of the receiving officials who included high ranking state government officials and personnel under the Commissioner of Health, the items handed over ended up being the largest contribution to the state's COVID-19 fight to date.

Leading the government team at the State House to receive LTCN's contributions was SSG Balarabe Abbas Lawal and the Permanent Secretary for Special Duties. The contributions included food and medical equipment like PCR machines, ventilators and X-ray machines. More food contributions would be sent the following week to the company's immediate community in Gbakura.

Reacting to the donation, SSG Balarabe Abbas Lawal revealed that it was the single largest donation made to aid the state relief efforts to date. Going further he said.

"The Kaduna State Government does not have enough words to say thank you. This donation shows that you are good partners in business. As you know, there is no state government that can do everything. On our own end, the governor has approved millions of naira that we have used to purchase relief items, and we have distributed them – and yet it's like we have not done anything, due to the size of the population affected. CSR gestures like this will go a very long way in assisting the government of Kaduna State. We appreciate your efforts and we can only thank you very much."

The Kaduna government promised the LTCN team that the relief items would be distributed to those who need them most, such as those whose daily incomes have been impacted. The Kaduna government also assured the LTCN team that it would ensure that the medical equipment would be deployed immediately to the ICUs where they were needed.

Ayabatwa's contribution to Nigeria's battle against Covid19 is timely. As of April 22, 2020, 782 Nigerians were infected, against 25 deaths, and 197 recovered. Meanwhile, Ayabatwa continues to join government leaders to battle Covid19 in countries where he does business.

Contact: David Himbara contact@TribertRujugiroAyabatwa.net

SOURCE: Tribert Rujugiro Ayabatwa 

ReleaseID: 587852

NEW YORK, NY / ACCESSWIRE / May 1, 2020 / TC Energy Corp. (NYSE:TRP) will be discussing their earnings results in their 2020 First Quarter Earnings call to be held on May 1, 2020 at 3:00 PM Eastern Time.

To listen to the event live or access a replay of the call – visit
https://www.investornetwork.com/event/presentation/62121

To receive updates for this company you can register by emailing info@investornetwork.com or by clicking get investment info from the company's profile.

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SOURCE: Investor Network

ReleaseID: 587858