BUENOS AIRES / ACCESSWIRE / July 28, 2020 / Central Puerto S.A ("Central Puerto" or the "Company") (NYSE:CEPU) one of the largest private sector power generation companies in Argentina, as measured by generated power, will issue a press release announcing its Second Quarter 2020 results on August 26, 2020. Mr. Jorge Rauber, Chief Executive Officer, and Mr. Fernando Bonnet, Chief Operating Officer, will host a conference call to discuss the Company's financial results on August 27, 2020 at 10:00 ET.

To access the conference call, please dial:

United States Participants (Toll Free): +1-888-317-6003
Argentina Participants (Toll Free): 0-800-555-0645
International Participants: +1-412-317-6061

Passcode: 5307307

The Company will also host a live audio webcast of the conference call on the Investor Relations section of the Company's website at www.centralpuerto.com. Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast. The call will be available for replay on the Company website under the Investor Relations section.

For further information please contact:

Tomás A. Daghlian
Investor Relations Officer
inversores@centralpuerto.com
+54 11 4317-5000 ext. 2192

Av. Tomas Alva Edison 2701
Dársena E – Puerto de Buenos Aires
(C1104BAB) Ciudad de Buenos Aires
República Argentina

SOURCE: Central Puerto S.A.

ReleaseID: 599364

-Sales Decrease 2.6% from Prior Year to $242.1 Million, with Accelerating Growth of 4.3% in May and 6.4% in June-

-Operating Income of $20.1 Million, Up 0.5% from Prior Year; Operating Margin Expands to 8.3%-

– Board Declares $0.14 Dividend –

PORT WASHINGTON, NY / ACCESSWIRE / July 28, 2020 / Systemax Inc. (NYSE:SYX) today announced financial results for the second quarter ended June 30, 2020.

Performance Summary*

(U.S. dollars in millions, except per share data)

Highlights

 
Quarter Ended
June 30,
 
 
Six Months Ended
June 30,
 

 
2020
 
 
2019
 
 
2020
 
 
2019
 

Net sales

 
$
242.1
 
 
$
248.6
 
 
$
469.4
 
 
$
480.8
 

Gross profit

 
$
84.8
 
 
$
86.0
 
 
$
161.5
 
 
$
166.3
 

Gross margin

 
 
35.0
%
 
 
34.6
%
 
 
34.4
%
 
 
34.6
%

Operating income from continuing operations

 
$
20.1
 
 
$
20.0
 
 
$
31.6
 
 
$
33.2
 

Operating margin

 
 
8.3
%
 
 
8.0
%
 
 
6.7
%
 
 
6.9
%

Net income from continuing operations

 
$
15.3
 
 
$
14.9
 
 
$
23.6
 
 
$
24.9
 

Net income per diluted share from continuing operations

 
$
0.40
 
 
$
0.39
 
 
$
0.62
 
 
$
0.66
 

Net income (loss) from discontinued operations

 
$
1.1
 
 
$
(0.3
)
 
$
1.0
 
 
$
(0.6
)

Net income (loss) per diluted share from discontinued operations

 
$
0.03
 
 
$
(0.01
)
 
$
0.03
 
 
$
(0.02
)

*Systemax manages its business and reports using a 52-53 week fiscal year that ends at midnight on the Saturday closest to December 31. For clarity of presentation, fiscal years and quarters are described as if they ended on the last day of the respective calendar month. The actual fiscal quarters ended on June 27, 2020 and June 29, 2019. The second quarters of both 2020 and 2019 included 13 weeks and the first six months of both 2020 and 2019 included 26 weeks.

Second Quarter 2020 Financial Summary:

Consolidated sales decreased 2.6% to $242.1 million in U.S. dollars and average daily sales decreased 2.6% compared to prior year. Sales trends improved throughout the quarter, with acceleration during the last nine weeks of the period as sales grew 4.3% in May and 6.4% in June.
On a Non-GAAP, average daily sales, constant currency basis, sales decreased 2.4% compared to prior year.
Consolidated operating income grew 0.5% to $20.1 million compared to $20.0 million last year.
Net income per diluted share from continuing operations increased 2.6% to $0.40.

Six Months 2020 Financial Summary:

Consolidated sales decreased 2.4% to $469.4 million in U.S. dollars and average daily sales decreased 2.4% compared to prior year.
On a Non-GAAP, average daily sales, constant currency basis, sales decreased 2.2% compared to prior year.
Consolidated operating income decreased 4.8% to $31.6 million compared to $33.2 million last year.
Net income per diluted share from continuing operations decreased 6.1% to $0.62.

Barry Litwin, Chief Executive Officer, said, "We had a terrific finish to the quarter and have been pleased with our continued strength. The health and safety of our associates remains our first priority as we continue, as an essential business, to support our customers. In the second quarter, our teams did an excellent job executing our return to work plan and generating momentum with our strategy to accelerate our customers' experience. We realized substantial revenue recovery from the declines experienced in late March and much of April, as we finished the quarter down 2.6%. Our trends improved as we moved through the quarter, with acceleration during the last nine weeks of the period as we grew 4% in May and 6% in June. This accelerating growth trend has continued into July. Revenue performance was driven by growth in PPE, an expanding pandemic product line, and sequential monthly improvement in core non-PPE lines as businesses began to reopen. We generated year-over-year operating leverage by expanding gross margin through a higher concentration of private label products and our disciplined approach to managing expenses. Overall, this was a significant accomplishment given the current operating and economic environment."

"Our Restore, Return, Rebound campaign launched in April and has positioned Global Industrial with customers as a leading source for education and guidance on pandemic related solutions and supplies. The proposition enables our sales force and digital platform to engage customers with timely and practical information on how to harden their environment through PPE, as well as our broader facility solutions offering. While the supply chain for national branded PPE remained constrained, the nimbleness of our internal sourcing teams allowed us to anticipate changing product needs for businesses and schools, as we quickly secured these high demand products and launched our own private label lines."

"We remain focused on our multi-year strategy to accelerate our customer experience, generate operating leverage from current operations and investments, and champion a customer focused culture across our entire organization. The economic environment remains challenging, but we are seeing a number of opportunities and will continue to make strategic investments to strengthen our position for the future. We are well positioned with a strong balance sheet and maintain significant financial flexibility."

At June 30, 2020, the Company had total working capital of $120.7 million, cash and cash equivalents of $58.1 million and excess availability under its credit facility of approximately $71.4 million. Operating cash flow used in continuing operations in the quarter was $0.3 million as the Company invested strategically in inventory and customer mix drove an increase to our accounts receivable profile. The Company's Board of Directors has declared a cash dividend of $0.14 per share to common stock shareholders of record at the close of business on August 10, 2020, payable on August 17, 2020. The Company anticipates continuing a regular quarterly dividend in the future. The Company repurchased approximately 50,000 shares of stock at an average price of $17.65 in the quarter. As of June 30, 2020, the Company had approximately 1.5 million shares remaining under its current repurchase authorization.

Earnings Conference Call Details

Systemax Inc. will provide pre-recorded remarks on its second quarter 2020 results today, July 28, 2020 at 5:00 p.m. Eastern Time. A live webcast of the remarks will be available on the Company's website at www.systemax.com in the investor relations section. The webcast will also be archived on www.systemax.com for approximately 90 days.

About Systemax Inc.

Systemax Inc. (www.systemax.com), through its operating subsidiaries, is a provider of industrial products in North America going to market through a system of branded e-Commerce websites and relationship marketers. The primary brand is Global Industrial.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of that term in the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Additional written or oral forward-looking statements may be made by the Company from time to time in filings with the Securities and Exchange Commission or otherwise. Any such statements that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management's estimates, assumptions and projections and are not guarantees of future performance. Forward-looking statements may include, but are not limited to statements regarding: i) projections or estimates of revenue, income or loss, exit costs, cash flow needs and capital expenditures; ii) fluctuations in general economic conditions; iii) future operations, such as, plans relating to new distribution facilities, plans for utilizing alternative sources of supply in response to government tariffs and trade actions and/or due to supply chain disruptions arising from the Coronavirus pandemic, and plans for new products or services; iv) plans for acquisition or sale of businesses, including expansion or restructuring plans, such as our exit from and winding down of our sold North American Technology Group ("NATG") operations and European operations; v) financing needs, and compliance with financial covenants in loan agreements; vi) assessments of materiality; vii) predictions of future events and the effects of pending and possible litigation; and viii) assumptions relating to the foregoing. In addition, when used in this release, the words "anticipates," "believes," "estimates," "expects," "intends," and "plans" and variations thereof and similar expressions are intended to identify forward-looking statements.

Other factors that may affect our future results of operations and financial condition include, but are not limited to, unanticipated developments in any one or more of the following areas, as well as other factors which may be detailed from time to time in our Securities and Exchange Commission filings: general economic conditions, such as customer inventory levels, interest rates, borrowing ability and economic conditions in the manufacturing industry generally will continue to impact our business; the temporary closing of many businesses, and reduced business activity, during the Coronavirus pandemic has negatively impacted the general economy, and decreased customer purchasing volume, generally, which has negatively affected our business and will likely continue to do so until general business activity reaches pre-pandemic levels; the imposition of tariffs and other trade barriers, as well as retaliatory trade measures, have caused us to raise the prices on certain of our products and seek alternate sources of supply, which could negatively impact our sales or disrupt our operations in the future; increases in freight and shipping costs have from time to time impacted our margins to the extent the increases could not be passed along to customers in a timely manner and may impact our margins again in the future, and factors affecting the shipping and distribution of products imported to the United States by us or our domestic vendors, such as global availability of shipping containers and fuel costs can impact our results as well; our reliance on common carrier delivery services for shipping inventoried merchandise to customers; our reliance on drop ship deliveries directly to customers by our product vendors for products we do not hold in inventory; delays in the timely availability of products from our suppliers could delay receipt of needed product and result in lost sales; in this regard, global supply chains and the timely availability of products, particularly products, or product components used in domestic manufacturing, imported from China and other Asian nations as well as from other countries, have been, and in the future could continue to be adversely affected by quarantines, factory slowdowns or shutdowns, border closings and travel restrictions resulting from the Coronavirus pandemic; additionally governmental mandated shutdowns of entities deemed to be non-essential businesses has negatively impacted sales of our products to those businesses and will continue to impact our sales as long as these mandated closures are in place; the extent to which the Coronavirus pandemic continues to impact our operations and financial results will depend on numerous evolving factors including the duration of the pandemic; our ability to keep our distribution centers operating productively and with minimal down time for Coronavirus safety and remediation efforts; governmental actions such as "stay at home" or "shelter in place" regulations or guidelines, that have been and continue to be taken in response to the pandemic; the impact, duration and severity of the pandemic on economic activity; how long it will take to return to more historic levels of economic growth, the effect of the economic downturn on our customers and customer demand for our products; liquidity constraints on our vendors or customers; our ability to maintain available capacity in our distribution operations for stocked inventory and to enable on time shipment and deliveries, such as by timely implementing additional temporary or permanent distribution resources, whether in the form of additional facilities we operate or by outsourcing certain functions to third party distribution and logistics partners; we compete with other companies for recruiting, training, integrating and retaining talented and experienced employees, particularly in markets where we and they have central distribution facilities; this aspect of competition is aggravated by the current tight labor market in the U.S. which is also undergoing competitive changes due to the Coronavirus pandemic; risks involved with e-commerce, including possible loss of business and customer dissatisfaction if outages or other computer-related problems should preclude customer access to our products and services; our information systems and other technology platforms supporting our sales, procurement and other operations are critical to our operations and disruptions or delays have occurred and could occur in the future, and if not timely addressed could have a material adverse effect on us; a data security breach due to our e-commerce, data storage or other information systems being hacked by those seeking to steal Company, vendor, employee or customer information, or due to employee error, resulting in disruption to our operations, litigation and/or loss of reputation or business; managing various inventory risks, such as being unable to profitably resell excess or obsolete inventory and/or the loss of product return rights from our vendors; meeting credit card industry compliance standards in order to maintain our ability to accept credit cards; rising interest rates, increased borrowing costs or limited credit availability, including our own ability to maintain satisfactory credit agreements and to renew credit facilities, could impact both our and our customers' ability to fund purchases and conduct operations in the ordinary course; pending or threatened litigation and investigations, as well as anti-dumping and other government trade and customs proceedings, could adversely affect our business and results of operations; sales tax laws or government enforcement priorities may be changed which could result in e-commerce and direct mail retailers having to collect sales taxes in states where the current laws and/or prior interpretations do not require us to do so; and extreme weather conditions could disrupt our product supply chain and our ability to ship or receive products, which would adversely impact sales.

Investor/Media Contacts:

Mike Smargiassi
The Plunkett Group
212-739-6729
mike@theplunkettgroup.com

SYSTEMAX INC.
Condensed Consolidated Statements of Operations – Unaudited
(In millions, except per share amounts)

 
Quarter Ended
June 30,
 
 
Six Months Ended
June 30,
 

 
2020
 
 
2019
 
 
2020
 
 
2019
 

Net sales

 
$ 
242.1
 
 
$ 
248.6
 
 
$ 
469.4
 
 
$ 
480.8
 

Cost of sales

 
 
157.3
 
 
 
162.6
 
 
 
307.9
 
 
 
314.5
 

Gross profit

 
 
84.8
 
 
 
86.0
 
 
 
161.5
 
 
 
166.3
 

Gross margin

 
 
35.0
%
 
 
34.6
%
 
 
34.4
%
 
 
34.6
%

Selling, distribution and administrative expenses

 
 
64.7
 
 
 
66.0
 
 
 
129.9
 
 
 
133.1
 

Operating income from continuing operations

 
 
20.1
 
 
 
20.0
 
 
 
31.6
 
 
 
33.2
 

Operating margin

 
 
8.3
%
 
 
8.0
%
 
 
6.7
%
 
 
6.9
%

Interest and other (income) expense, net

 
 
0.0
 
 
 
(0.1
)
 
 
0.2
 
 
 
(0.1
)

Income from continuing operations before income taxes

 
 
20.1
 
 
 
20.1
 
 
 
31.4
 
 
 
33.3
 

Provision for income taxes

 
 
4.8
 
 
 
5.2
 
 
 
7.8
 
 
 
8.4
 

Net income from continuing operations

 
 
15.3
 
 
 
14.9
 
 
 
23.6
 
 
 
24.9
 

Net income (loss) from discontinued operations

 
 
1.1
 
 
 
(0.3
)
 
 
1.0
 
 
 
(0.6
)

Net income

 
$ 
16.4
 
 
$ 
14.6
 
 
$ 
24.6
 
 
$ 
24.3
 

Net income per common share from continuing operations:

Basic

 
$ 
0.41
 
 
$ 
0.40
 
 
$ 
0.62
 
 
$ 
0.66
 

Diluted

 
$ 
0.40
 
 
$ 
0.39
 
 
$ 
0.62
 
 
$ 
0.66
 

Net income (loss) per common share from discontinued operations:

Basic

 
$ 
0.03
 
 
$ 
(0.01
)
 
$ 
0.03
 
 
$ 
(0.02
)

Diluted

 
$ 
0.03
 
 
$ 
(0.01
)
 
$ 
0.03
 
 
$ 
(0.02
)

Net income per common share:

Basic

 
$ 
0.44
 
 
$ 
0.39
 
 
$ 
0.65
 
 
$ 
0.64
 

Diluted

 
$ 
0.43
 
 
$ 
0.38
 
 
$ 
0.65
 
 
$ 
0.64
 

Weighted average common and common equivalent shares:

Basic

 
 
37.5
 
 
 
37.5
 
 
 
37.6
 
 
 
37.4
 

Diluted

 
 
37.6
 
 
 
37.9
 
 
 
37.8
 
 
 
37.9
 

SYSTEMAX INC.
Condensed Consolidated Balance Sheets – Unaudited
(In millions)

 
June 30,
 
 
December 31,
 

 
2020
 
 
2019
 

Current assets:

Cash and cash equivalents

 
$ 
58.1
 
 
$ 
97.2
 

Accounts receivable, net

 
 
110.2
 
 
 
88.2
 

Inventories

 
 
132.4
 
 
 
112.5
 

Prepaid expenses and other current assets

 
 
6.5
 
 
 
6.4
 

Total current assets

 
 
307.2
 
 
 
304.3
 

Property, plant and equipment, net

 
 
16.1
 
 
 
17.8
 

Operating lease right-of-use assets

 
 
57.7
 
 
 
59.3
 

Goodwill, intangibles and other assets

 
 
15.7
 
 
 
15.5
 

Total assets

 
$ 
396.7
 
 
$ 
396.9
 

Current liabilities:

Accounts payable and accrued expenses

 
$ 
176.4
 
 
$ 
149.9
 

Operating lease liabilities

 
 
10.1
 
 
 
9.9
 

Total current liabilities

 
 
186.5
 
 
 
159.8
 

Deferred tax liability

 
 
0.1
 
 
 
0.1
 

Other liabilities

 
 
4.1
 
 
 
2.8
 

Operating lease liabilities

 
 
57.3
 
 
 
58.7
 

Shareholders' equity

 
 
148.7
 
 
 
175.5
 

Total liabilities and shareholders' equity

 
$ 
396.7
 
 
$ 
396.9
 

SYSTEMAX INC.
Condensed Consolidated Statements of Cash Flows – Unaudited
(In millions)

 
Six Months Ended
June 30,
 

 
2020
 
 
2019
 

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income from continuing operations

 
$ 
23.6
 
 
$ 
24.9
 

Adjustments to reconcile income from continuing operations to net cash provided by (used in) operating activities:

Depreciation and amortization

 
 
2.1
 
 
 
2.0
 

Stock-based compensation

 
 
1.8
 
 
 
2.8
 

Change in working capital

 
 
(14.9
)
 
 
20.2
 

Other, net

 
 
0.8
 
 
 
0.2
 

Net cash provided by operating activities from continuing operations

 
 
13.4
 
 
 
50.1
 

Net cash provided by operating activities from discontinued operations

 
 
1.0
 
 
 
0.1
 

Net cash provided by operating activities

 
 
14.4
 
 
 
50.2
 

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property, plant and equipment

 
 
(0.4
)
 
 
(2.4
)

Net cash used in investing activities

 
 
(0.4
)
 
 
(2.4
)

CASH FLOWS FROM FINANCING ACTIVITIES:

Dividends paid

 
 
(48.6
)
 
 
(252.5
)

Stock-based compensation share issuances, net

 
 
0.4
 
 
 
0.2
 

Repurchase of treasury shares

 
 
(4.8
)
 
 
0.0
 

Net cash used in financing activities from continuing operations

 
 
(53.0
)
 
 
(252.3
)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

 
 
(0.1
)
 
 
(0.1
)

NET DECREASE IN CASH

 
 
(39.1
)
 
 
(204.6
)

CASH AND CASH EQUIVALENTS – BEGINNING OF YEAR

 
 
97.2
 
 
 
295.4
 

CASH AND CASH EQUIVALENTS – END OF PERIOD

 
$ 
58.1
 
 
$ 
90.8
 

SYSTEMAX INC.
Consolidated Summary Results – Unaudited
(In millions)

 
Quarter ended June 30,
 
 
Six Months Ended June 30,
 

GAAP:

 
2020
 
 
2019
 
 
2020 vs. 2019
 
 
2020
 
 
2019
 
 
2020 vs. 2019
 

Net sales

 
$ 
242.1
 
 
$ 
248.6
 
 
 
(2.6
)%
 
$ 
469.4
 
 
$ 
480.8
 
 
 
(2.4
)%

Average daily sales*

 
 
3.8
 
 
 
3.9
 
 
 
(2.6
)%
 
 
3.7
 
 
 
3.8
 
 
 
(2.4
)%

Operating income from continuing operations

 
$ 
20.1
 
 
$ 
20.0
 
 
 
0.5
%
 
$ 
31.6
 
 
$ 
33.2
 
 
 
(4.8
)%

Operating margin %

 
 
8.3
%
 
 
8.0
%
 
 
 
 
 
 
6.7
%
 
 
6.9
%
 
 
 
 

Non-GAAP:

Average daily sales, constant currency**

 
 
3.8
 
 
 
3.9
 
 
 
(2.4
)%
 
 
3.7
 
 
 
3.8
 
 
 
(2.2
)%

*Average daily sales is calculated based upon the number of selling days in each period, with Canadian sales converted to US Dollars using the current year's average exchange rate. In Q2 2020 and Q2 2019 there were 64 selling days in the U.S. and 63 selling days in Canada. For the six months ended June 30, 2020 and 2019, there were 128 selling days in the U.S. and 126 selling days in Canada.

**Non-GAAP, average daily sales, constant currency is calculated based upon the number of selling days in each period, with Canadian sales converted to US Dollars using the prior year's average exchange rate.

SOURCE: Systemax

ReleaseID: 599245

Not for Dissemination in the United States of America

TORONTO, ON / ACCESSWIRE / July 28, 2020 / Monterey Minerals Inc. (the "Company" or "Monterey") (CSE:MREY)(FSE:2DK) announces that it has closed the final tranche of the oversubscribed non-brokered private placement offering announced on July 7, 2020 (the "Financing"). As part of the final closing, the Company issued 9,090,000 units for gross proceeds of $454,500. This Financing resulted in the Company receiving total gross proceeds of $1,629,500.

On July 7, 2020, Monterey announced a non-brokered private placement of up to 30,000,000 units at a price of $0.05 per unit for gross proceeds of up to $1,500,000. Each Unit consisted of one (1) common share and one (1) non-transferable common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share at a price of $0.10 for a period of twenty-four (24) months from the date of the issue.

The Company paid finders' fees consisting of 8% cash and 8% non-transferable warrants in connection with the financing totaling $39,400 and 788,000 non-transferable warrants.

This financing is subject to regulatory approval and all securities issued are subject to a four-month hold period under applicable Canadian securities laws.

About Monterey Minerals Inc.

The Company has a definitive agreement to purchase 100% of the Alicia Project in the Alicia Municipality of the Philippines. The Alicia Project is a system of multiple, high-grade gold and silver veins with base metals over a strike length of greater than ten kilometers. The Company also has the Cobalt Mountain Property (the "Property") in the Omineca Mining Division of British Columbia near the town of Smithers. The Company's NI 43-101 technical report, available on SEDAR, notes historic sampling on the Property that returned mineralized showings of gold, silver, copper, zinc, and cobalt. The Company also has 877 sq. km. of prospective Pilbara Basin tenements on the eastern flank of the Pilbara Basin in Western Australia, including a property that abuts Pacton Gold's tenement where gold-bearing conglomerates were identified.

For more information, contact investor relations at info@montereyminerals.com

On Behalf of the Board of Directors,

James Macintosh, President and CEO

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

SOURCE: Monterey Minerals Inc.

ReleaseID: 599340

TIMBERVILLE, VA / ACCESSWIRE / July 28, 2020 / F & M Bank Corp. (OTCQX:FMBM), parent company of Farmers & Merchants Bank, announces its financial results for the second quarter ending June 30, 2020 and second quarter dividend to shareholders.

As the global pandemic continues, the company continually assesses our procedures to maintain the safety of our customers, employees and community while serving their financial needs. Farmers & Merchants Bank continues to operate our branches in a drive-thru only capacity daily, with courier pick up and by appointment lobby transactions.

As of June 30, 2020, we had processed 676 Paycheck Protection Program (PPP) loans for a balance of $59.9 million. These loans are funded by participation in the Federal Reserve Paycheck Protection Program Lending Facility. In addition, we have processed 922 individual loan deferrals. As of June 30, 2020, 155 loans remain in deferral with a balance of $24.5 million.

Selected financial highlights for the quarter include:

Net income of $2.63 million.
Net interest margin of 3.55%.
Total deposits increased $87.3 million and $158.2 million, respectively for the quarter and for the trailing 12 months.
Nonperforming loans decreased to 0.45% of total assets at the end of the quarter from 0.50% on 3/31/20 and 1.45% on 6/30/2019.
Allowance for loan losses are 1.47% of loans held for investment (1.61% excluding PPP loans).

Mark Hanna, President, commented "Our second quarter earnings of $2.63 million is an improvement over the first quarter which was more heavily weighed down by provision expenses related to COVID-19. The second quarter also reflects recognition of $267,000 in Small Business Administration fees related to PPP loans and recognition of $567,000 for implementation of a mortgage rate lock derivative associated with our mortgage company pipeline. Our net interest margin of 3.55% shows a historical decline but still remains strong in the current environment. Our balance sheet liquidity has increased significantly over the last three quarters and we are implementing strategic solutions to leverage these assets including deploying $73.5 million into the investment portfolio in the second quarter. These strategies should improve out net interest margin in the future."

Mr. Hanna continued, ‘Nonperforming loans have improved dramatically over prior year, decreasing $7.2 million since second quarter of 2019, and also decreasing $1.3 million since year end 2019".

On July 24, 2020 our Board of Directors declared a first quarter dividend of $.26 per share to common shareholders. Based on our most recent trade price of $18.50 per share this constitutes a 5.62% yield on an annualized basis. The dividend will be paid on August 31, 2020, to shareholders of record as of August 14, 2020."

F & M Bank Corp. is an independent, locally-owned, financial holding company, offering a full range of financial services, through its subsidiary, Farmers & Merchants Bank's eleven (as of July 31, 2020) banking offices in Rockingham, Shenandoah, Page and Augusta Counties, Virginia. The Bank also provides additional services through a loan production office located in Penn Laird, VA and through its subsidiaries, F&M Mortgage and VSTitle, both of which are located in Harrisonburg, VA. Additional information may be found by contacting us on the internet at www.fmbankva.com or by calling (540) 896-8941.

This press release may contain "forward-looking statements" as defined by federal securities laws, which may involve significant risks and uncertainties. These statements address issues that involve risks, uncertainties, estimates and assumptions made by management, and actual results could differ materially from the results contemplated by these forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects include, but are not limited to, changes in interest rates, general economic conditions, legislative and regulatory policies, and a variety of other matters. Other risk factors are detailed from time to time in our Securities and Exchange Commission filings. Readers should consider these risks and uncertainties in evaluating forward-looking statements and should not place undue reliance on such statements. We undertake no obligation to update these statements following the date of this press release.

F & M Bank Corp.
Key Statistics

 
2020
 
 
2019
 

 
Q2
 
 
Q1
 
 
YTD
 
 
Q2
 
 
Q1
 
 
YTD
 

Net Income (000's)

 
$
2,626
 
 
$
1,189
 
 
$
3,815
 
 
$
1,634
 
 
$
1,287
 
 
$
2,921
 

Net Income available to Common

 
$
2,560
 
 
$
1,123
 
 
$
3,683
 
 
$
1,556
 
 
$
1,208
 
 
$
2,764
 

Earnings per common share – basic

 
$
0.80
 
 
$
0.35
 
 
$
1.15
 
 
$
0.48
 
 
$
0.38
 
 
$
0.86
 

Earnings per common share – diluted

 
$
0.76
 
 
$
0.35
 
 
$
1.11
 
 
$
0.47
 
 
$
0.37
 
 
$
0.84
 

Return on Average Assets

 
 
1.17
%
 
 
0.58
%
 
 
1.71
%
 
 
0.83
%
 
 
0.67
%
 
 
0.74
%

Return on Average Equity

 
 
11.50
%
 
 
5.23
%
 
 
16.69
%
 
 
7.12
%
 
 
5.68
%
 
 
6.40
%

Dividend Payout Ratio excluding Special Dividend

 
 
32.50
%
 
 
74.29
%
 
 
45.22
%
 
 
52.08
%
 
 
65.79
%
 
 
58.14
%

Net Interest Margin

 
 
3.55
%
 
 
3.97
%
 
 
3.75
%
 
 
4.47
%
 
 
4.67
%
 
 
4.57
%

Yield on Average Earning Assets

 
 
4.20
%
 
 
4.88
%
 
 
4.52
%
 
 
5.42
%
 
 
5.54
%
 
 
5.48
%

Yield on Average Interest Bearing Liabilities

 
 
0.92
%
 
 
1.27
%
 
 
1.09
%
 
 
1.33
%
 
 
1.21
%
 
 
1.26
%

Net Interest Spread

 
 
3.28
%
 
 
3.61
%
 
 
3.43
%
 
 
4.09
%
 
 
4.33
%
 
 
4.22
%

Provision for Loan Losses (000's)

 
$
800
 
 
$
1,500
 
 
$
2,300
 
 
$
1,600
 
 
$
1,450
 
 
$
3,050
 

Net Charge-offs

 
$
203
 
 
$
453
 
 
$
656
 
 
$
483
 
 
$
1,757
 
 
$
2,240
 

Net Charge-offs as a % of Loans

 
 
0.12
%
 
 
0.30
%
 
 
0.20
%
 
 
0.30
%
 
 
1.09
%
 
 
0.70
%

Non-Performing Loans (000's)

 
$
4,465
 
 
$
4,168
 
 
$
4,465
 
 
$
11,688
 
 
$
10,587
 
 
$
11,688
 

Non-Performing Loans to Total Assets

 
 
0.45
%
 
 
0.50
%
 
 
0.45
%
 
 
1.45
%
 
 
1.36
%
 
 
1.45
%

Non-Performing Assets (000's)

 
$
5,625
 
 
$
5,504
 
 
$
5,625
 
 
$
13,657
 
 
$
12,761
 
 
$
13,657
 

Non-Performing Assets to Assets

 
 
0.57
%
 
 
0.66
%
 
 
0.57
%
 
 
1.69
%
 
 
1.64
%
 
 
1.69
%

Efficiency Ratio

 
 
65.33
%
 
 
70.51
%
 
 
67.79
%
 
 
65.32
%
 
 
67.15
%
 
 
66.20
%

(1) The net interest margin is calculated by dividing tax equivalent net interest income by total average earning assets. Tax equivalent interest income is calculated by grossing up interest income for the amounts that are nontaxable (i.e. municipal securities and loan income) then subtracting interest expense. The tax rate utilized is 21%. The Company's net interest margin is a common measure used by the financial service industry to determine how profitable earning assets are funded. Because the Company earns nontaxable interest income from municipal loans and securities, net interest income for the ratio is calculated on a tax equivalent basis as described above.

(2) The efficiency ratio is not a measurement under accounting principles generally accepted in the United States. The efficiency ratio is a common measure used by the financial service industry to determine operating efficiency. It is calculated by dividing non-interest expense by the sum of tax equivalent net interest income and non-interest income excluding gains and losses on the investments portfolio and Other Real Estate Owned. The Company calculates this ratio in order to evaluate how efficiently it utilizes its operating structure to create income. An increase in the ratio from period to period indicates the Company is losing a greater percentage of its income to expenses.

F & M Bank Corp.
Financial Highlights

 
For Six Months Ended
June 30,
 

INCOME STATEMENT

 
Unaudited
2020
 
 
Unaudited
2019
 

Interest and Dividend Income

 
$
18,101,844
 
 
$
19,313,133
 

Interest Expense

 
 
3,090,815
 
 
 
3,224,392
 

Net Interest Income

 
 
15,011,029
 
 
 
16,088,741
 

Non-Interest Income

 
 
5,681,703
 
 
 
4,265,082
 

Provision for Loan Losses

 
 
2,300,000
 
 
 
3,050,000
 

Impairment of long lived assets

 
 
19,193
 
 
 
–
 

Other Non-Interest Expenses

 
 
14,385,236
 
 
 
14,121,689
 

Income Before Income Taxes

 
 
3,988,303
 
 
 
3,182,134
 

Provision for Income Taxes

 
 
173,250
 
 
 
232,317
 

Less Minority Interest (income)/loss

 
 
–
 
 
 
(28,589
)

Net Income

 
$
3,815,053
 
 
$
2,921,228
 

Dividend on preferred stock

 
 
131,746
 
 
 
157,373
 

Net Income available to common shareholders

 
$
3,683,307
 
 
$
2,763,855
 

Average Common Shares Outstanding

 
 
3,199,183
 
 
 
3,200,119
 

Net Income Per Common Share

 
 
1.15
 
 
 
.86
 

Dividends Declared

 
 
.52
 
 
 
.50
 

BALANCE SHEET

 
Unaudited
June 30,
2020
 
 
Unaudited
June 30,
2019
 

Cash and Due from Banks

 
$
16,950,810
 
 
$
8,075,243
 

Interest Bearing Bank Deposits

 
 
1,199,474
 
 
 
768,029
 

Federal Funds Sold

 
 
68,548,000
 
 
 
5,937,000
 

Loans Held for Sale

 
 
90,403,042
 
 
 
78,405,674
 

Loans Held for Investment

 
 
661,528,802
 
 
 
636,407,632
 

Less Allowance for Loan Losses

 
 
(10,033,466
)
 
 
(6,050,257
)

Net Loans Held for Investment

 
 
651,495,336
 
 
 
630,357,375
 

Securities

 
 
93,381,484
 
 
 
23,524,719
 

Other Assets

 
 
59,623,971
 
 
 
59,880,840
 

Total Assets

 
$
981,602,117
 
 
$
806,948,880
 

Deposits

 
$
766,651,982
 
 
$
608,470,178
 

Short Term Debt

 
 
–
 
 
 
40,000,000
 

Long Term Debt

 
 
100,585,081
 
 
 
47,916,889
 

Other Liabilities

 
 
22,063,159
 
 
 
18,487,049
 

Total Liabilities

 
 
889,300,222
 
 
 
714,874,116
 

Preferred Stock

 
 
4,591,623
 
 
 
5,591,623
 

Common Equity

 
 
87,710,272
 
 
 
86,483,141
 

Stockholders' Equity

 
 
92,301,895
 
 
 
92,074,764
 

Total Liabilities and Stockholders' Equity

 
$
981,602,117
 
 
$
806,948,880
 

Book Value Per Common Share

 
$
27.44
 
 
$
27.18
 

Tangible Book Value Per Common Share

 
$
27.51
 
 
$
27.23
 

CONTACT:

F & M Bank Corp.
Carrie Comer EVP/Chief Financial Officer
540-896-8941 or ccomer@fmbankva.com

SOURCE: F & M Bank Corp.

ReleaseID: 599258

The National Organization for Women's "White Women Can We Talk" series features black women connecting with white women to become better allies

ELLENWOOD, GA / ACCESSWIRE / July 28, 2020 / Nselaa Ward is proud to facilitate the National Organization for Women's "White Women Can We Talk" Listening Tour. The series is taking place in every state, with the next tour stop to take place in Minnesota on Wednesday, July 29, 2020, from 10 p.m. to 11:30 p.m. UTC+07.

Nselaa Ward is a Juris Doctor and the CEO of Ni' Nava & Associates. She is the former organizer of the 2004 March for Women's Lives, the largest march in the history of the U.S. of its time with 1.2 million marchers in Washington.

The National Organization for Women is the largest women's organization in the world. "White Women Can We Talk" is a Pandora's box discussion through which black women connect with white women to become better allies.

Panelists include Kolieka Siegle, California's President for the National Organization for Women, Annette Bethel, South Carolina's President for the National Organization for Women, Freda McKee, Missouri's President for the National Organization for Women, and Mariquita Anderson, Minnesota's President for the National Organization for Women.

The tour also features a special guest, Triana Arnold-James, Georgia's President for the National Organization for Women and state senate candidate.

For more information and to register, please visit www.whitewomencanwetalk.com.

About Nselaa Ward

With a powerful story of entrepreneurial resilience, Nselaa Ward is a Juris Doctor and the CEO of Ni' Nava & Associates (NNA). She has been asked on numerous occasions to speak at TEDx conferences around the world, universities, and corporations to share her expertise and life changing story of transcending from a child sex worker in a crack cocaine community to an attorney and ultimately becoming one of the top business architects of the country. After working on hundreds of business and bankruptcy cases, Nselaa Ward found that she was drawn to entrepreneurship and business practices, as she also owned her own enterprises including a limo company, law firm, technology company, general contracting company, and landscaping business. She designed a "Blueprint to Building Better Businesses." Ni' Nava & Associates help business owners build legacies by teaching them how to be CEOs and providing the companies with a COO and CFO team while building a sustainable business model.

Contact:

Nselaa Ward
404-410-0200
connect@ninavafirm.com
http://www.ninavafirm.com/
https://www.linkedin.com/in/nselaaward/

SOURCE: Nselaa Ward

ReleaseID: 599078

DNA Methylation Multivariate Biomarkers Offers 98% Specificity and Sensitivity

ONTARIO, CANADA / ACCESSWIRE / July 28, 2020 / SignPost Cancer Dx Inc. ("SignPost" or "company"), a company developing an advanced molecular diagnostic test to identify invasive breast cancer, is pleased to announce the filing of a provisional patent for the company's lead diagnostic test – BreastDefense.

SignPost's goal is to create the world's most accurate screening test for breast cancer utilizing BreastDefense. BreastDefense is designed to detect all major subtypes of invasive breast cancers from stages 1 to 4. The test has accuracy rates of 98% or higher – almost eliminating false positives (sensitivity) and false negatives (specificity). BreastDefense is based upon proprietary algorithms and search strategies.

Currently, BreastDefense is designed as a lab developed test (LDT) to speed the path to market, making the test available as soon as possible. Furthermore, SignPost is the first company in the world to achieve both high sensitivity and high specificity in one test – distinguishing BreastDefense from other molecular diagnostic tests.

SignPost intends to develop BreastDefense in both a tissue biopsy and a liquid biopsy format. The liquid biopsy will help breast cancer survivors monitor remission and can also be used to assist mammographers to greatly improve accuracy with annual breast cancer screening. The tissue biopsy will assist pathologists by improving accuracy in ambiguous cases and help prevent potential misdiagnosis. The design of BreastDefense positions it for high potential uptake by doctors and patients.

"Having a provisional patent is a very significant milestone for SignPost. This will allow SignPost to speed up development. We can now openly share critical information with our development partner, Dynacare (a wholly-owned subsidiary of LabCorp), as we work together to complete clinical validation for the test. It should greatly enhance our ability to attract capital to complete scale up. It will also position SignPost to patent the technology in the global market to fully amplify the promise and opportunity," stated Peter Blaney, Chief Executive Officer.

About SignPost Cancer Dx Inc.

SignPost a company which has developed an advanced molecular diagnostic test, BreastDefense, to identify invasive breast cancer. BreastDefense will be a lab developed test. In Canada, SignPost is working with Dynacare, a wholly owned subsidiary of LabCorp, to complete test validation. SignPost was founded and is managed by Induran Ventures, a Venture Philanthropy General Partnership which strives to achieve both outsized returns and massive social impact through our projects. For more information, please visit www.signpostcancerdx.com.

Forward Looking Statements

This press release includes forward-looking statements including, but not limited to, statements related to the development of our technology, our operations and business strategy, our expected financial results, and corporate updates. The forward-looking statements contained in this press release are based on management's current expectations and are subject to substantial risks, uncertainty and changes in circumstances. Actual results may differ materially from those expressed by these expectations due to risks and uncertainties. Forward-looking statements speak only as of the date of this press release, and we undertake no obligation to review or update any forward-looking statement except as may be required by applicable law.

SignPost Cancer Dx Inc.:

Peter Blaney
Chief Executive Officer
SignPost Cancer Dx Inc.
Tel: +1 613.532.1290
Email: peterblaney@induranventures.com

Investor Contact:

Jennifer K. Zimmons, Ph.D.
Investor Relations
Zimmons International Communications
Tel: +1 917.214.3514
Email: jzimmons@zimmonsic.com

SOURCE: SignPost Cancer Dx Inc.

ReleaseID: 599031

A "Top 200 Community Bank" in the U.S. for the thirteenth consecutive year

KILMARNOCK, VA / ACCESSWIRE / July 28, 2020 / On behalf of Chesapeake Financial Shares, Inc. (parent company of both Chesapeake Bank and Chesapeake Wealth Management), Jeffrey M. Szyperski, Chairman of the Board & CEO, reported earnings for the second quarter of 2020 of $2,050,676, a 37% decrease from the second quarter of 2019. The components of the decrease were driven by the second quarter slowdown in both the merchant services and receivables financing divisions of 30% and 48% respectively. Standalone bank operations reflected an 11% increase in net interest income in the second quarter of 2020 as compared to the prior year's second quarter. The reported earnings per share were $0.416 fully diluted compared to $0.659 fully diluted for the second quarter of 2019.

The bank's total assets grew 16% from December 31, 2019 to $1,114,791,000 of which approximately half was due to Paycheck Protection Program loans closed as part of the CARES Act. The bank has received $2,960,917 in fee income from processing these loans but has only recognized $25,000 into income as of June 30 consistent with current accounting treatment of these fees. We anticipate recognizing almost all of these fees prior to year end once these loans have been forgiven by the Small Business Administration. Through June 30, 2020 Chesapeake has recognized $808,152 in pare-off fees for mortgage origination as compared to $310,068 for the same period in the prior year reflecting the huge and continued spike in mortgage originations.

The bank also increased its loan loss provision by $450,000 in the second quarter as compared to the second quarter of 2019. Chesapeake has added $1,150,000 to the provision for loan losses in 2020 as compared to $350,000 for the first six months of the prior year. Excluding the Paycheck Protection Programs loans, the allowance for loan losses is 16% higher than the second quarter of 2019. Mr. Szyperski noted, "We have increased our monthly loan loss provision ever since March in an effort to have a sufficient reserve for any anticipated weaknesses in our portfolio. We are closely tracking sectors within our portfolio we feel need close monitoring in the current economic environment. Our allowance for loan loss is 1.16% of total loans at June 30, 2020 excluding the Paycheck Protection Program portfolio which is 100% guaranteed by The Small Business Administration.

"On a year-to-date basis, our net income is 13.3% behind 2019. With the low level of rates thus far in 2020 we are pleased with these results. Our year-to-date net interest income after provision for loan losses is 4.6% ahead of 2019," said Szyperski.

At the July 17, 2020 Chesapeake Financial Shares Board of Directors meeting, the Board affirmed the quarterly dividend of $0.125 per share effective September 1, 2020, payable on or before September 15, 2020. Chesapeake has increased its dividend for the last 29 years consecutively. Currently the stock has a 2.65% dividend yield.

"2020 has been a trying year but we feel we are proactively addressing the challenge," stated Szyperski. "Our non-performing assets are 0.749% at June 30, 2020 as compared to 1.666% a year earlier. With a conservative loan-to-deposit ratio of 66% we feel our balance sheet is well positioned to provide us with the financial flexibility these uncertain economic times demand. We are mindful of the need to maintain a well-capitalized balance sheet currently. Likewise, this positioning and earnings also allow us to provide support to our communities in this environment."

For more information about Chesapeake Financial Shares stock (CPKF), or to receive daily e-mail alerts of our stock price, see www.chesapeakefinancialshares.com. The company is followed by Zacks Investment Research, and a copy of their report can also be found on this site or at www.zacks.com. Chesapeake Financial Shares is an over-the-counter, publicly traded stock. "Like" Chesapeake Bank on Facebook and follow us on LinkedIn, Twitter, and Instagram.

Contact:

Jeffrey M. Szyperski
804-435-4249
1-800-434-1181

SOURCE: Chesapeake Financial Shares Inc.

ReleaseID: 599233

NEW YORK, NY / ACCESSWIRE / July 28, 2020 / Mike Ashabi is changing the game to provide better service to his clients through his two business pursuits: True Life Ventures, a consulting agency that specializes in life and business coaching of which Mike is the CEO, and The One Connection Network, a network Mike founded to create convenience in the marketplace.

The One Connection Network allows business owners and entrepreneurs to get things done all in one place rather than having to go to different resources, making the marketplace convenient. In one place, they have all the information and resources to do promotion, content creation, sales training, software, and anything else business owners need.

"When running a business, entrepreneurs and business owners have to go down many different avenues and talk to many different people to get things done for promotion, advertising, PR, lead generation, funding, etc.. That's why I created The One Connection Network to build a business." Mike states.

Moreover, Mike understands that what works for some entrepreneurs and business owners does not necessarily translate to work for all.

"I realized that most coaches are just selling their strategies on what made them successful but what I've observed over the last few years is that what works for one person does not work for another. People don't have the same tools, resources, or financial abilities as another person does." Mike shares.

In order to tackle this reality, Mike wanted to connect with his clients to better understand their situation and tailor solutions for them, allowing for more successful outcomes.

"I wanted to change the game and get directly involved with my clients, learn about their situation and where they want to go, and develop strategies with them that they can effectively execute within the means of the tools, resources and financial abilities that they have." Mike explains.

Through Mike's businesses, he is able to communicate and connect with people. He talks with his clients to learn about their current situation and where they want to go, to make sure he can help them get there in the best way possible.

"I like helping my clients know what they need to do with what they have at their disposal in order to achieve their goals by taking what seems complex to them and showing them the simplicity in what needs to be done. As well as helping them identify their why and their pain points which need to be attached to their goals." Mike shares.

Mike understands the struggles his clients go through. He dropped out of college three times, moved from state to state, went through a breakup and got fired from a high-paying sales job all before starting his own business.

"I was telling myself that I was never going to reach rock bottom, and when I hit it and knew what it felt like, I knew that other people were going through the same thing. That is the moment i wanted to be a voice for others to help them realize their own self worth as well as understand that they can create the future they want." Mike recalls.

It was after working for a tree removal company for 10 months, working five months in the financial industry, and working 10 months for free as a sales manager for a franchise branch that Mike started to turn his life around and focus his efforts toward the coaching business.

"I had a lot of connections with some big names as well as a good sense of how things worked in the business coaching industry. This is when I started looking at the coaching industry and seeing what was missing." Mike recounts.

Mike discovered that the missing piece was tailored coaching: most coaches act as if there was a one-size fits all solution that worked for everyone, but this is not the case. Mike and his team work to figure out their clients' goals and their "why", and put together a daily routine for them to execute. This method gives his clients small wins in order to have a sense of fulfillment.

"We also identify the strengths and weaknesses of an organization in various departments, in order to strategize solutions on weak points while having the organization hyperfocus on their strengths." Mike states.

Mike also helps clients understand the correlation between what happens in their personal life and how it could affect them in their professional life. This differentiates him from his competition.

"Most coaches keep life and business coaching separate, but I combine the two to get the client the best possible results. I want to be known for helping individuals get the results they desire in their personal and professional life as well as assist them to develop their self worth!" Mike explains.

Finally, Mike knows that the difference between a leader and a boss is that a leader cares about the people that are with him rather than only caring about himself. This is the approach Mike carries through to both his businesses, True Life Ventures and The One Connection Network.

Find out more about Mike on his website and Instagram.

CONTACT:
Paula Henderson
646-736-2071
phendersonnews@gmail.com

About VIP Media Group:
VIP Media Group is a hybrid PR agency. Their diverse client base includes top-class entrepreneurs, public figures, influencers, and celebrities.

SOURCE: VIP Media Group

ReleaseID: 599243

SAN FRANCISCO, CA / ACCESSWIRE / July 28, 2020 / ​​The consumer electronics retailer and Philips Projection company team up to provide an extended portfolio of 8 chosen pico and home cinema projectors to the US market on BestBuy.com. The focus will be on the accessible, portable, and cinema projectors from the NeoPix, PicoPix, and Screeneo Collections.

With staying-in being the new going out, Philips Projection wants to offer the widest range of mainstream projectors to the customers who are looking for ways to improve their home entertainment set-ups. "Many cinemas across the country are still shut down or delaying re-openings, so we wanted to provide stay at home movie fans with convenient alternatives," says Serge Kossi, VP Global Sales at Philips Projection. "We are excited to launch our products at Best Buy, a retailer known for its innovative assortment of cutting edge electronics and smart solutions for a new generation of connected consumers."

The innovative company has picked the following three products as leading items for their July/August campaign.

Philips NeoPix Easy – $99

The most affordable of the three offers a pleasant viewing experience and projects pictures up to 80". The keystone correction combined with the focus technology allows you to fine-tune images to your needs. The LED light source displays rich, vivid colors and will last up to 30,000 hours. Thanks to its built-in media player, watch your movies, TV shows, or picture from any USB stick. You can enjoy the stereo sound and all the connectivity you need (HDMI, USB, etc.).

Philips NeoPix Prime – $199

A mid-range projector that helps you enjoy projecting images up to up to 100" large. In addition to having all technical attributes as the Easy model, it provides a vivid and sharp 720p HD picture resolution, Wi-Fi screen mirroring, and Bluetooth. It has a sleek titanium finish look and a simple, user-friendly interface and can be connected to any external Bluetooth speaker.

Philips PicoPix Micro – $269

Small yet very smart. Fits easily in your hand and comes with all the accessories you need to travel: multi-heads adapter, small, foldable tripod for extra convenience, a remote control, and a pouch. It's elegant with a glossy effect plus projects up to 115 minutes on a single charge. This compact projector comes with 540p resolution, wireless Wi-Fi screen mirroring, mini HDMI, plus microSD, and USB ports. It also has a built-in speaker, multimedia player and is set to last up to 30,000 hours of operational life.

About Screeneo Innovation SA (Philips Projection)

It was set up in 2018 and is an exclusive brand licensing partner PHILIPS. It acquires all the global rights to the PHILIPS brand for handheld, ultra-short throw projectors, and digital receivers. It's in charge of design, manufacturing, sales, customer support, and serves as a global distributor of these products.

For more product information, please contact lucie@rainfactory.com

or visit www.usa.philips.com/c-m-so/projectors.

Press kit is available at: https://drive.google.com/drive/u/0/folders/1GWF86CQLrtNqq52qNQSnipGBGQPg8mpo.

Media Contact

Lucie Simikova
lucie@rainfactory.com

SOURCE: Philips Projection

ReleaseID: 599226