In two recent one-on-one interviews, Douglas Familia shared what he has learned throughout his career as a funeral director

NEW YORK, NY / ACCESSWIRE / August 18, 2020 / Douglas Familia was recently featured in two exclusive interviews with Kivo Daily and Thrive Global. He spoke primarily about what makes him passionate about his career as a funeral director.

With over 30 years of experience in the funeral industry, Douglas Familia is the funeral home manager and director of Schwartz Brothers-Jeffer Memorial Chapels, Parkside Memorial Chapels, and Forest Park Funeral Home, all in Queens, New York.

In his interview with Kivo Daily, Douglas Familia shared that working in the funeral industry is extremely fulfilling for him, as he can help people through one of the most difficult times of their lives, as they cope with the death of a loved one.

He also explained how the funeral industry is changing over time, with the implementation of webcasting and live streaming at funerals for family members across the country.

In his interview with Thrive Global, Mr. Familia said that people interested in getting into the funeral industry should spend time at funeral homes, either working or volunteering, to see if the career is for them. He noted that funeral homes are usually always in need of help, so reaching out to those within your community would be a start.

Finally, Douglas shared some advice for readers.

"Funeral directing for years has been very old-fashioned, very traditional, and very reluctant to change. Recently Webcasting and other live electronic methods of streaming funeral services have been incorporated and have been very helpful when you have families spread out all over the country who cannot attend, or people who are reluctant to join in person because of the pandemic" said Douglas Familia.

"The hardest obstacle is getting people to face their own mortality and think about making funeral plans ahead of time that will ease the burdens on their family. Whenever a person has made funeral pre arrangements, the family is so thankful that the person did that."

About Douglas Familia

A New York native, Douglas Familia is a funeral director with over 30 years of experience in the industry. He began his studies in Criminal Justice. One of his close friends' fathers owned a funeral home in New York and after having the opportunity to see the process of funeral preparation from start to finish, Douglas decided to change course and study Mortuary Science. He is currently the funeral home manager and director of three funeral homes in the Queens, New York area, including Schwartz Brothers-Jeffer Memorial Chapels, Parkside Memorial Chapels, and Forest Park Funeral Home. The funeral homes are nonsectarian and can meet the religious requirements and customs specific for all faiths.

Contact:

Douglas Familia
(914) 804-3225
https://www.linkedin.com/in/douglas-familia-915484192/

SOURCE: Douglas Familia

ReleaseID: 602213

Development Agreement Improves Current Liquidity and Establishes Foundation for Future Growth

MIAMI, FL / ACCESSWIRE / August 18, 2020 / Kisses from Italy Inc. (OTCQB:KITL), a U.S.-based restaurant chain operator, franchisor, and product distributor (the "Company"), today reported financial results for the three months ended June 30, 2020.

Highlights:

Quarterly revenue of $300,921, up 85% from $162,429 in the quarter ended June 30, 2019. Revenue in the 2020 period includes $291,585 in franchise sales compared to no franchise sales in the 2019 quarter; and $9,336 in food sales in the 2020 quarter ended June 30, 2020 compared to $119,082 in food sales in the quarter ended June 30, 2019. The Company's restaurants were closed for most of the second quarter ended June 30, 2020, due to Covid-19 restrictions in the jurisdictions in which they operate.
Net loss of $1,905,849 for the three months ended June 30, 2020, compared to a net loss of $142,286 in the three months ended June 30, 2019.

The increased net loss is primarily attributable to $1,981,939 in stock-based compensation expense in the three months ended June 30, 2020, compared to no stock-based compensation in the three months ended June 30, 2019.
Net cash provided in operating activities was $114,458 during the six months ended June 30, 2020, compared to net cash used of $(175,614) during the six months ended June 30, 2019.

Cash on hand at June 30, 2020 increased to $281,993 compared to $26,841 on December 31, 2019.
Working capital which is defined as current assets minus current liabilities, was a positive $64,057.
Entered into a multi-unit development agreement with Demasar Management Inc., to open and operate up to 100 Kisses from Italy Italian restaurants in Canada.

Received a non-refundable fee under the development agreement of $291,585.

Partnered with Oberfeld Snowcap, a leading Canadian developer for the Company's strategic franchise expansion for site selection across Canada.
On July 23, 2020, the Company announced the full re-opening of all corporate-owned restaurants which are currently allowed to operate with capacity restrictions.

"The Company has weathered an extremely challenging environment in the restaurant industry caused by COVID-19 which has caused some of our competitors to become insolvent. We believe that due to our low overhead structure, and through cost-cutting measures, we were able to offset the loss of revenue and loss of gross margin at our restaurants in the three months ended June 30, 2020, compared to the three months ended June 30, 2019. During the three months ended June 30, 2020, we believe that we have positioned the Company to emerge from this difficult period stronger, with excellent partnerships. This includes Demasar Management, our Canadian franchise development partner as well as Oberfeld Snowcap, a prominent Canadian retailer which will lead our site selection facilitating Demasar's franchise build-out of the Kisses from Italy brand", commented Kisses from Italy's co-founder, co-CEO and CIO, Claudio Ferri.

About Kisses from Italy Inc.

Kisses from Italy Inc. is a U.S.-based restaurant chain operator, franchisor, and product distributor with locations in North America and Europe. The Company offers a quick-service menu and a unique take on traditional Italian delicacies with an All-American flair. Kisses from Italy offerings include sandwiches, salads, Italian roasted coffee, coffee-related beverage, and an array of other products. The Company currently operates four corporate-owned stores. It successfully commenced operations in May 2015 with the opening of its flagship location in Ft. Lauderdale at 3146 NE 9th St. This was followed by three additional sites across the greater Ft. Lauderdale/Pompano Beach area. The Company recently opened its inaugural European location in Ceglie del Campo, Bari, Italy in October of 2019. Kisses from Italy Inc. trades on the OTCQB under the ticker symbol "KITL".

Forward-Looking Statements

This press release may contain forward-looking statements, which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues and any payment of dividends on our common and preferred stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including, but not limited to, general stock market conditions. Reference is hereby made to cautionary statements set forth in the Company's most recent SEC filings. We have incurred and will continue to incur significant expenses in the expansion of our existing and new service lines, noting there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. Additional service offerings may expose us to additional legal and regulatory costs and unknown exposure(s) based upon the various geopolitical locations where we will be providing services, the impact of which cannot be predicted at this time. Additionally, the ultimate impact of the Covid-19 pandemic on our company's operations continues to evolve, is highly uncertain, and subject to change.

Contact Information:

Kisses from Italy Inc.
305-423-7129
info@kissesfromitaly.com

SOURCE: Kisses from Italy Inc.

ReleaseID: 602175

TAMPA, FL / ACCESSWIRE / August 18, 2020 / Generation Income Properties, Inc. (OTCQB:GIPR) ("GIP" or the "Company") today announced its results for the second quarter ended June 30, 2020.

Key Second Quarter 2020 Operating and Financial Highlights:

Revenues from operations increased approximately $600 thousand over the prior year quarter to approximately $877 thousand
Portfolio was 100% occupied and all tenants paid contractual rents on time
Approximately $1.0 million of cash remained on hand as of June 30, 2020
Net loss for the quarter was approximately $243 thousand as compared to the prior year quarter of $603 thousand
Core Funds from Operations ("Core FFO") was approximately $135 thousand as compared to a negative Core FFO of approximately $196 thousand in the prior year quarter
Core FFO per share was $0.064 for the current quarter as compared to a negative Core FFO per share of $0.097 in the prior year quarter
Cash distribution of $.0875 per share was authorized for common stockholders

CEO David Sobelman

"In light of current macroeconomic realities, I am particularly pleased that we maintained 100% occupancy and received all rents throughout the second quarter," said founder and CEO David Sobelman. "I believe our focus on tenant quality, strong underlying real estate, and an intelligent acquisition process helped us deliver strong results."

Financial Results

Revenue

Revenues from operations for the three months ended June 30, 2020 increased 216% to $877,604, as compared to $277,912 for the comparable period in 2019 due to three revenue generating properties acquired in September 2019.

Total Expenses

The Company's total expenses for the three months ended June 30, 2020 were $1,120,328, an increase of $239,208 over the quarter ended June 30, 2019 due primarily to increases in depreciation and amortization, interest, and building expenses as the result of the three properties acquired in September 2019, partially offset by nonrecurring costs of $305,000 and $85,000 relating to a stock based payment to an investment bank and a contract termination fee in 2019, respectively.

General, administrative, and organizational ("GAO") expenses for the three months ended June 30, 2020 decreased by $326,910 over the comparable period in 2019 due primarily to the non-recurrence of the above mentioned $305,000 stock based payment to the Company's investment bank.

Net Loss

Net loss for the quarter ended June 30, 2020 and 2019 was $242,724 and $603,208, respectively. The improvement in net loss was due to increased revenues and decreased GAO expenses offset by increased building expenses, depreciation, amortization, interest expense.

Core Funds From Operations

Core FFO for the three months ended June 30, 2020 and 2019 was $134,509 and ($196,444), respectively; a $330,953 increase over the prior year comparable period. Core FFO is a non-GAAP financial measure. A reconciliation of Core FFO to GAAP net income is included in the schedules attached hereto.

Distributions

On June 23, 2020, the Company's Board of Directors authorized a $.0875 per share cash distribution for common stockholders of record as of July 2, 2020. On July 27, 2020, the Company also paid the Non-Controlling Redeemable Interest in the Operating Partnership $.0875 per unit.

Liquidity

As of June 30, 2020, the Company had approximately $1.0 million of cash on hand, total current liabilities (excluding the current portion of the acquired lease intangible liability which consists of accounts payable, accrued expenses, and insurance payable) of approximately $0.3 million, and current mortgage loans due within 12 months totaling $0.4 million.

Important Links

SEC Filings

The Company's U.S. Securities and Exchange Commission filings and corresponding press releases can be found at https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001651721.

Additional Resources

The Company also publishes press releases on the following mediums:

https://gipreit.com/press/
https://www.otcmarkets.com/stock/GIPR/news

Finally, the Company has undertaken efforts to publish non-compulsory regular stockholder letters at https://gipreit.com/press/.

Company Contact:

Justin Gore – Director of Communications
Generation Income Properties Inc.
Tel (813) 448-1234
jgore@gipreit.com

About Generation Income Properties

Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate investment trust formed to acquire and own, directly and jointly, real estate investments focused on retail, office and industrial net lease properties located primarily in major United States cities, with an emphasis on the major coastal markets. GIP invests primarily in freestanding, single-tenant commercial retail, office and industrial properties.

Additional information about Generation Income Properties, Inc. can be found at the Company's corporate website: www.gipreit.com.

Forward-Looking Statements:

This press release, whether or not expressly stated, may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. It reflects the Company's expectations regarding future events and economic performance and are forward-looking in nature and, accordingly, are subject to risks and uncertainties. Such forward-looking statements include risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements which are, in some cases, beyond the Company's control which could have a material adverse effect on the Company's business, financial condition, and results of operations. Some of these risks and uncertainties are identified in the Company's most recent Annual Report on Form 1-K and its other filings with the SEC, which are available at www.sec.gov. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company's business, financial condition, and results of operations. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Generation Income Properties, Inc.
Consolidated Balance Sheet

 
As of June 30,
 
 
As of December 31,
 

 
2020
 
 
2019
 

 
(Unaudited)
 
 
 
 

Assets

Investment in real estate

Property

 
$
35,642,058
 
 
$
35,462,653
 

Tenant improvements

 
 
482,701
 
 
 
482,701
 

Acquired lease intangible assets

 
 
2,829,382
 
 
 
2,858,250
 

Less accumulated depreciation and amortization

 
 
(1,584,917
)
 
 
(864,898
)

Total investments

 
 
37,369,224
 
 
 
37,938,706
 

Cash and cash equivalents

 
 
837,667
 
 
 
974,365
 

Restricted cash

 
 
184,800
 
 
 
424,000
 

Deferred Rent asset

 
 
59,689
 
 
 
65,102
 

Prepaid expenses

 
 
124,836
 
 
 
78,008
 

Deferred financing costs

 
 
353,955
 
 
 
590,990
 

Accounts Receivable

 
 
74,016
 
 
 
73,848
 

Escrow deposit and other assets

 
 
35,721
 
 
 
10,607
 

Total Assets

 
$
39,039,908
 
 
$
40,155,626
 

Liabilities and Stockholder's Equity

Liabilities

Accounts payable

 
$
64,535
 
 
$
82,937
 

Accrued expenses

 
 
200,088
 
 
 
473,545
 

Acquired lease intangible liability, net

 
 
470,395
 
 
 
525,144
 

Insurance payable

 
 
73,270
 
 
 
55,200
 

Deferred rent liability

 
 
131,958
 
 
 
89,599
 

Note Payable – related party

 
 
1,100,000
 
 
 
1,900,000
 

Mortgage loans, net of unamortized discount of $722,026 and $182,255 at June 30, 2020 and December 31, 2019, respectively

 
 
27,202,684
 
 
 
26,397,547
 

Total liabilities

 
 
29,242,930
 
 
 
29,523,972
 

Redeemable Non-Controlling Interests

 
 
8,198,251
 
 
 
8,198,251
 

Stockholders' Equity

Common stock, $0.01 par value, 100,000,000 shares authorized;
2,100,960 shares issued and outstanding at June 30, 2020 and 2,100,960 at December 31, 2019

 
 
21,010
 
 
 
21,010
 

Additional paid-in capital

 
 
4,699,813
 
 
 
4,757,882
 

Accumulated deficit

 
 
(3,122,096
)
 
 
(2,345,489
)

Total Generation Income Properties, Inc. stockholders' equity

 
 
1,598,727
 
 
 
2,433,403
 

Total Liabilities and Stockholders' Equity

 
$
39,039,908
 
 
$
40,155,626
 

Generation Income Properties, Inc.
Consolidated Statements of Operations (unaudited)

 
Three Months ended June 30,
 
 
Six Months ended June 30,
 

 
2020
 
 
2019
 
 
2020
 
 
2019
 

Revenue

Rental income

 
$
877,604
 
 
$
277,912
 
 
$
1,758,242
 
 
$
552,118
 

Expenses

General, administrative and organizational costs

 
 
180,688
 
 
 
507,598
 
 
 
422,052
 
 
 
608,398
 

Building expenses

 
 
166,167
 
 
 
22,901
 
 
 
355,628
 
 
 
49,361
 

Depreciation and amortization

 
 
363,001
 
 
 
99,941
 
 
 
720,019
 
 
 
199,715
 

Interest expense, net

 
 
350,163
 
 
 
138,666
 
 
 
726,453
 
 
 
263,087
 

Other expenses

 
 
–
 
 
 
85,000
 
 
 
–
 
 
 
85,000
 

Compensation costs

 
 
60,309
 
 
 
27,014
 
 
 
128,002
 
 
 
54,305
 

Total expenses

 
 
1,120,328
 
 
 
881,120
 
 
 
2,352,154
 
 
 
1,259,866
 

Net Loss

 
$
(242,724
)
 
$
(603,208
)
 
$
(593,912
)
 
$
(707,748
)

Less: Net income attributable to Non-controlling interest

 
 
39,851
 
 
 
109,854
 
 
 
182,695
 
 
 
212,995
 

Net Loss attributable to Generation Income Properties, Inc.

 
$
(282,575
)
 
$
(713,062
)
 
$
(776,607
)
 
$
(920,743
)

Total Weighted Average Shares of Common Shares Outstanding

 
 
2,100,960
 
 
 
2,018,182
 
 
 
2,100,960
 
 
 
1,929,467
 

Basic and Diluted Loss Per Share Attributable to Common Stockholder

 
$
(0.13
)
 
$
(0.35
)
 
$
(0.37
)
 
$
(0.48
)

 
 
 
 
 
 
–
 
 
 
 
 
 
 
–
 

Generation Income Properties, Inc.

Consolidated Statements of Cash Flows (unaudited)

 
Six Months Ended June 30,
 

 
2020
 
 
2019
 

OPERATING ACTIVITIES

Net loss

 
$ 
(593,912)
 
 
$ 
(707,748)
 

Adjustments to reconcile net loss to cash used in operating activities

Depreciation

 
 
514,788
 
 
 
152,755
 

Amortization of acquired lease intangible assets

 
 
205,231
 
 
 
46,960
 

Amortization of debt issuance costs

 
 
77,786
 
 
 
37,233
 

Amortization of below market leases

 
 
(54,749
)
 
 
(7,062
)

Stock award compensation

 
 
47,032
 
 
 
305,965
 

Changes in operating assets and liabilities

Account receivables

 
 
(168
)
 
 
–
 

Other assets

 
 
(25,114
)
 
 
8,352
 

Deferred rent asset

 
 
5,413
 
 
 
(12,599
)

Prepaid expense

 
 
(46,828
)
 
 
(178,920
)

Accounts payable

 
 
(49,667
)
 
 
148,966
 

Accrued expenses

 
 
19,994
 
 
 
(121,580
)

Deferred rent liability

 
 
42,359
 
 
 
–
 

Net cash provided by (used in) operating activities

 
 
142,165
 
 
 
(327,678)
 

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of land, buildings, other tangible and intangible assets

 
 
(150,537
)
 
 
–
 

Net cash (used in) generated from investing activities

 
 
(150,537)
 
 
 
–
 

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from sale of stock

 
 
–
 
 
 
1,000,000
 

Mortgage loan borrowings

 
 
11,287,500
 
 
 
–
 

Mortgage loan repayments

 
 
(9,942,592
)
 
 
(3,550
)

Mortgage loan repayments – related party

 
 
(800,000
)
 
 
–
 

Deferred financing costs paid in cash

 
 
(77,851
)
 
 
–
 

Stock costs paid in cash

 
 
–
 
 
 
(124,100
)

Debt issuance costs paid in cash

 
 
(564,857
)
 
 
–
 

Insurance financing borrowings

 
 
106,084
 
 
 
59,891
 

Insurance financing repayments

 
 
(88,014
)
 
 
(24,103
)

Distribution on redeemable non-controlling interests

 
 
(182,695
)
 
 
(103,141
)

Dividends paid on common stock

 
 
(105,101
)
 
 
(119,676
)

Net cash generated from (used in) financing activities

 
 
(367,526)
 
 
 
685,321
 

Net Increase (Decrease) in Cash

 
 
(375,898
)
 
 
357,643
 

Cash and cash equivalents and restricted cash – beginning of period

 
 
1,398,365
 
 
 
642,132
 

Cash and cash equivalents and restricted cash – end of period

 
$ 
1,022,467
 
 
$ 
999,775
 

CASH TRANSACTIONS

Interest Paid

 
 
634,285
 
 
 
218,499
 

NON-CASH TRANSACTIONS

Deferred distribution on redeemable non-controlling interest

 
 
–
 
 
 
109,854
 

Core Funds From Operations

Our reported results are presented in accordance with GAAP. We also disclose funds from operations (FFO) and adjusted funds from operations (AFFO) both of which are non-GAAP financial measures. We believe these two non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs.

FFO and AFFO do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.

The following table reconciles net income (which we believe is the most comparable GAAP measure) to FFO and AFFO:

We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and real estate related depreciation and amortization, including the pro rata share of such adjustments of unconsolidated subsidiaries. To derive AFFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as amortization of deferred financing costs, amortization of capitalized lease incentives, above- and below-market lease related intangibles, non-cash stock compensation, and non-cash compensation. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals.

FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. FFO and AFFO may not be comparable to similarly titled measures employed by other companies.

We also use Core FFO and Core AFFO to adjust for non-capitalized costs incurred by the Company in relation to initial public company status and costs incurred with up-listing to Nasdaq. These costs will typically include non-cash stock compensation, consulting fees to investment banks, consultants for advice for public company status, non-recurring litigation expenses and distribution on redeemable non-controlling interest OP Units. Core FFO and Core AFFO may not be comparable to similarly titled measures employed by other companies.

SOURCE: Generation Income Properties Inc.

ReleaseID: 602163

Q2 2020 Processing Volume of $34.4 Million Drives Significant Sequential Increase in Revenue, Gross Profit and Net Income

SAN DIEGO, CA / ACCESSWIRE / August 18, 2020 / GreenBox POS (OTCQB:GRBX) ("GreenBox", the "Company"), an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions, has provided its financial results for the second quarter ended June 30, 2020.

Financial Summary:

Q2 2020

Q1 2020

Change (%)

Processing volume

$34.4 million

$1.7 million

1,893%

Revenue

$2.3 million

$0.2 million

1,125%

Gross profit

$0.9 million

($0.1) million

N/A

Gross profit margin

38.4%

(32.1%)

N/A

Operating Expense

$1.1 million

$1.0 million

6%

Net Income

$4.9 million

($5.2) million

N/A

EPS – Basic and Diluted

$0.03

($0.03)

N/A

Operational Highlights:

Updated QuickCard Payment System, which has provided clients processing speed increases of approximately 300% and reduced approximately 50% of costs
Acquired Canadian money service business MoltoPay, expanding its international footprint and licensing capabilities to deploy its proprietary blockchain payment solutions
Added Crypto currency and FOREX as acceptable forms of payment in the GreenBox ecosystem to expand capabilities globally
Expanded international capabilities by adding the acceptance of SEPA payments to GreenBox's ecosystem, Europe's fastest and least expensive payment option
Repurchased 6.0 million shares of common stock in a transaction as part of the settlement agreement option with RB Capital Partners Inc
Completed the retirement of its last convertible note held by Vista Capital
Engaged MZ Group to lead a comprehensive strategic investor relations and financial communications program across all key markets

Management Commentary
"Our second quarter 2020 results marked the successful launch of our highly scalable, next-generation payment platform," said Fredi Nisan, Chief Executive Officer of GreenBox POS. "Since this launch, our processing volume and revenue accelerated throughout the quarter, totaling $34.4 million and $2.3 million, respectively, representing significant sequential increases that we expect to not only continue, but accelerate through the second half of 2020 driven by strong growth in the United States and Europe.

"Subsequent to the end of the second quarter, we also announced the strategic acquisition of MoltoPay, which bolstered our presence in Canada and allowed us to deploy our proprietary technology and expand our global presence. Significant steps were also taken to strengthen our capital structure and market awareness as we grow, as evidenced by the repurchase and cancelation of a large share block, retirement of our last convertible note, uplisting to the OTCQB market, and the engagement of MZ Group, an investor relations firm."

"Looking ahead, we see tremendous growth in our proprietary, highly scalable blockchain platform. Not only do we believe transaction volume and revenues will accelerate, but we also expect to become much more profitable as we grow. Clearly, we will continue to focus on developing key partnerships, improving our technology and building our customer base to create sustainable long-term value for our shareholders," concluded Nisan.

Second Quarter 2020 Financials

Revenues in the second quarter of 2020 were $2.3 million, compared to revenues of $3.3 million in the same quarter a year ago. Sequentially, revenues increased significantly when compared to $0.2 million in the first quarter of 2020.
Gross profit in the second quarter of 2020 increased 228% to $0.9 million, or 38.4% of total revenue, compared to gross profit of $0.3 million, or 8.1% of total revenue, in the same quarter a year ago.
Total operating expenses in the second quarter of 2020 totaled $1.1 million, compared to $1.2 million in the same quarter a year ago, and $1.1 million in the first quarter of 2020.
Loss from operations in the second quarter of 2020 was $0.2 million, compared to an operating loss of $0.9 million in the same quarter a year ago.
Net income in the second quarter of 2020 was $4.9 million, or $0.03 per basic and diluted share, compared to a net loss of $1.3 million, or ($0.01) per basic and diluted share, in the same quarter a year-ago. The increase in net income was primarily related to changes in the fair value of a derivative security and gain from extinguishment of convertible debt.

About GreenBox POS
GreenBox POS (OTCQB:GRBX) is an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions. The Company's applications enable an end-to-end suite of turnkey financial products, reducing fraud and improving the efficiency of handling large-scale commercial processing volumes for its merchant clients globally. For more information, please visit the Company's website at www.greenboxpos.com.

Forward-Looking Statements Disclaimer
This release contains 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. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set out in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.

Investor Relations Contact
Mark Schwalenberg
MZ Group – MZ North America
312-261-6430
GRBX@mzgroup.us
www.mzgroup.us

GreenBox POS
Consolidated Balance Sheets
June 30, 2020 and December 31, 2019
(unaudited)

 
(Unaudited)
 
 
 
 

 
June 30,
 
 
December 31,
 

 
2020
 
 
2019
 

ASSETS

Current Assets:

Cash and cash equivalents

 
$ 
–
 
 
$ 
–
 

Restricted cash

 
 
697,232
 
 
 
763,110
 

Accounts receivable, net of allowance for bad debt of $0 and $0, respectively

 
 
10,000
 
 
 
70,257
 

Accounts receivables from fines and penalties from merchants, net of allowance for
bad debt of $6,665,031

 
 
2,789,230
 
 
 
2,776,687
 

Cash due from gateways, net

 
 
5,297,642
 
 
 
8,426,844
 

Prepaid and other current assets

 
 
75,403
 
 
 
42,062
 

Total current assets

 
 
8,869,507
 
 
 
12,078,960
 

Non-current Assets:

Property and equipment, net

 
 
65,603
 
 
 
66,491
 

Operating lease right-of-use assets, net

 
 
175,442
 
 
 
229,639
 

Total non-current assets

 
 
241,045
 
 
 
296,130
 

Total assets

 
$ 
9,110,552
 
 
$ 
12,375,090
 

Current Liabilities:

Accounts payable

 
$ 
470,761
 
 
$ 
504,505
 

Other current liabilities

 
 
29,454
 
 
 
15,100
 

Accrued interest

 
 
84,000
 
 
 
368,071
 

Payment processing liabilities, net

 
 
12,944,341
 
 
 
14,021,892
 

Short-term notes payable, net of debt discount of $78,000 and $32,418, respectively

 
 
617,184
 
 
 
741,253
 

Convertible debt

 
 
225,000
 
 
 
807,500
 

Derivative liability

 
 
–
 
 
 
1,050,063
 

Current portion of operating lease liabilities

 
 
58,898
 
 
 
113,935
 

Total current liabilities

 
 
14,429,638
 
 
 
17,622,319
 

Operating lease liabilities, less current portion

 
 
120,111
 
 
 
120,110
 

Total liabilities

 
 
14,549,749
 
 
 
17,742,429
 

Commitments and contingencies

Stockholders' Equity:

Common stock, par value $0.001, 495,000,000 shares authorized, shares issued and
outstanding of 181,050,238 and 169,862,933, respectively

 
 
181,150
 
 
 
169,863
 

Common stock – issuable

 
 
–
 
 
 
695
 

Additional paid-in capital

 
 
1,396,360
 
 
 
1,179,272
 

Accumulated deficit

 
 
(7,016,707)
 
 
 
(6,717,169)
 

Total stockholders' equity

 
 
(5,439,197)
 
 
 
(5,367,339)
 

Total liabilities and stockholder's equity

 
$ 
9,110,552
 
 
$ 
12,375,090
 

GreenBox POS
Consolidated Statements of Operations
For the Three and Six Months Ended June 30, 2020 and 2019
(unaudited)

 
Three Months Ended June 30,
 
 
 
 
 
 
 

 
2020
 
 
2019
 
 
Changes
 

 
 
 
 
% of
 
 
 
 
 
% of
 
 
 
 
 
 
 

 
Amount
 
 
Revenue
 
 
Amount
 
 
Revenue
 
 
Amount
 
 
%
 

Revenue

 
$ 
2,292,859
 
 
 
100.0
%
 
$ 
3,309,747
 
 
 
100.0
%
 
$ 
(1,016,888
)
 
 
-30.7
%

Cost of revenue

 
 
1,411,683
 
 
 
61.6
%
 
 
3,042,022
 
 
 
91.9
%
 
 
(1,630,339
)
 
 
-53.6
%

Gross profit

 
 
881,176
 
 
 
38.4
%
 
 
267,725
 
 
 
8.1
%
 
 
613,451
 
 
 
229.1
%

Operating expenses:

Advertising and marketing

 
 
15,384
 
 
 
0.7
%
 
 
12,603
 
 
 
0.4
%
 
 
2,781
 
 
 
22.1
%

Research and development

 
 
267,686
 
 
 
11.7
%
 
 
600,264
 
 
 
18.1
%
 
 
(332,578
)
 
 
-55.4
%

Payroll and payroll taxes

 
 
428,758
 
 
 
18.7
%
 
 
309,719
 
 
 
9.4
%
 
 
119,039
 
 
 
38.4
%

Professional fees

 
 
293,622
 
 
 
12.8
%
 
 
127,473
 
 
 
3.9
%
 
 
166,149
 
 
 
130.3
%

General and administrative

 
 
113,653
 
 
 
5.0
%
 
 
119,699
 
 
 
3.6
%
 
 
(6,046
)
 
 
-5.1
%

Depreciation and amortization

 
 
5,716
 
 
 
0.2
%
 
 
3,615
 
 
 
0.1
%
 
 
2,101
 
 
 
58.1
%

Total operating expenses

 
 
1,124,819
 
 
 
49.1
%
 
 
1,173,373
 
 
 
35.5
%
 
 
(48,554
)
 
 
-4.1
%

Loss from operations

 
 
(243,643
)
 
 
-10.6
%
 
 
(905,648
)
 
 
-27.4
%
 
 
662,005
 
 
 
-73.1
%

Other Income (Expense):

Interest expense

 
 
(30,659
)
 
 
-1.3
%
 
 
(24,738
)
 
 
-0.7
%
 
 
(5,921
)
 
 
23.9
%

Interest expense – debt discount

 
 
(8,342
)
 
 
-0.4
%
 
 
–
 
 
 
0.0
%
 
 
(8,342
)
 
 
n/a
 

Derivative expense

 
 
(4,373
)
 
 
-0.2
%
 
 
–
 
 
 
0.0
%
 
 
(4,373
)
 
 
n/a
 

Changes in fair value of derivative liability

 
 
2,619,250
 
 
 
114.2
%
 
 
(412,158
)
 
 
-12.5
%
 
 
3,031,408
 
 
 
-735.5
%

Gain from extinguishment of convertible debt

 
 
2,612,246
 
 
 
113.9
%
 
 
–
 
 
 
0.0
%
 
 
2,612,246
 
 
n/a
 

Other income or expense

 
 
(2,177
)
 
 
-0.1
%
 
 
–
 
 
 
0.0
%
 
 
(2,177
)
 
 
n/a
 

Total other income (expense)

 
 
5,185,945
 
 
 
226.2
%
 
 
(436,896
)
 
 
-13.2
%
 
 
5,622,841
 
 
 
-1287.0
%

Loss before provision for income taxes

 
 
4,942,302
 
 
 
215.6
%
 
 
(1,342,544
)
 
 
-40.6
%
 
 
6,284,846
 
 
 
-468.1
%

Provision for income taxes

 
 
–
 
 
 
0.0
%
 
 
–
 
 
 
0.0
%
 
 
–
 
 
 
0.0
%

Net loss

 
$ 
4,942,302
 
 
 
215.6
%
 
$ 
(1,342,544
)
 
 
-40.6
%
 
$ 
6,284,846
 
 
 
-468.1
%

 
Six Months Ended June 30,
 
 
 
 
 
 
 

 
2020
 
 
2019
 
 
Changes
 

 
 
 
 
% of
 
 
 
 
 
% of
 
 
 
 
 
 
 

 
Amount
 
 
Revenue
 
 
Amount
 
 
Revenue
 
 
Amount
 
 
%
 

Revenue

 
$ 
2,480,064
 
 
 
100.0
%
 
$ 
4,277,745
 
 
 
100.0
%
 
$ 
(1,797,681
)
 
 
-42.0
%

Cost of revenue

 
 
1,658,988
 
 
 
72.4
%
 
 
3,768,355
 
 
 
88.1
%
 
 
(2,109,367
)
 
 
-56.0
%

Gross profit

 
 
821,076
 
 
 
35.8
%
 
 
509,390
 
 
 
11.9
%
 
 
311,686
 
 
 
61.2
%

Operating expenses:

Advertising and marketing

 
 
27,269
 
 
 
1.2
%
 
 
25,609
 
 
 
0.6
%
 
 
1,660
 
 
 
6.5
%

Research and development

 
 
554,234
 
 
 
24.2
%
 
 
704,186
 
 
 
16.5
%
 
 
(149,952
)
 
 
-21.3
%

Payroll and payroll taxes

 
 
842,958
 
 
 
36.8
%
 
 
547,047
 
 
 
12.8
%
 
 
295,911
 
 
 
54.1
%

Professional fees

 
 
507,593
 
 
 
22.1
%
 
 
307,018
 
 
 
7.2
%
 
 
200,575
 
 
 
65.3
%

General and administrative

 
 
246,422
 
 
 
10.7
%
 
 
199,252
 
 
 
4.7
%
 
 
47,170
 
 
 
23.7
%

Depreciation and amortization

 
 
11,092
 
 
 
0.5
%
 
 
6,455
 
 
 
0.2
%
 
 
4,637
 
 
 
71.8
%

Total operating expenses

 
 
2,189,568
 
 
 
95.5
%
 
 
1,789,567
 
 
 
41.8
%
 
 
400,001
 
 
 
22.4
%

Loss from operations

 
 
(1,368,492
)
 
 
-59.7
%
 
 
(1,280,177
)
 
 
-29.9
%
 
 
(88,315
)
 
 
6.9
%

Other Income (Expense):

Interest expense

 
 
(319,249
)
 
 
-13.9
%
 
 
(174,953
)
 
 
-4.1
%
 
 
(144,296
)
 
 
82.5
%

Interest expense – debt discount

 
 
(38,418
)
 
 
-1.7
%
 
 
(188,273
)
 
 
-4.4
%
 
 
149,855
 
 
 
-79.6
%

Derivative expense

 
 
(4,373
)
 
 
-0.2
%
 
 
(634,766
)
 
 
-14.8
%
 
 
630,393
 
 
 
-99.3
%

Changes in fair value of derivative liability

 
 
(1,203,135
)
 
 
-52.5
%
 
 
(365,370
)
 
 
-8.5
%
 
 
(837,765
)
 
 
229.3
%

Gain from extinguishment of convertible debt

 
 
2,630,795
 
 
 
114.7
%
 
 
–
 
 
 
0.0
%
 
 
2,630,795
 
 
n/a
 

Other income or expense

 
 
3,334
 
 
 
0.1
%
 
 
–
 
 
 
0.0
%
 
 
3,334
 
 
 
n/a
 

Total other income (expense)

 
 
1,068,954
 
 
 
46.6
%
 
 
(1,363,362
)
 
 
-31.9
%
 
 
2,432,316
 
 
 
-178.4
%

Loss before provision for income taxes

 
 
(299,538
)
 
 
-13.1
%
 
 
(2,643,539
)
 
 
-61.8
%
 
 
2,344,001
 
 
 
-88.7
%

Provision for income taxes

 
 
–
 
 
 
0.0
%
 
 
–
 
 
 
0.0
%
 
 
–
 
 
 
0.0
%

Net loss

 
$ 
(299,538
)
 
 
-13.1
%
 
$ 
(2,643,539
)
 
 
-61.8
%
 
$ 
2,344,001
 
 
 
-88.7
%

GreenBox POS
Consolidated Statements of Cash Flows
For the six months ended June 30, 2020 and 2019
(unaudited)

 
Six Months Ended June 30,
 

 
2020
 
 
2019
 

Cash flows from operating activities:

Net loss

 
$ 
(299,538)
 
 
$ 
(2,643,539)
 

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation expense

 
 
11,092
 
 
 
6,456
 

Noncash lease expense

 
 
(839)
 
 
 
3,219
 

Stock compensation expense

 
 
12,130
 
 
 
85,640
 

Interest expense – debt discount

 
 
38,418
 
 
 
188,273
 

Derivative expense

 
 
4,373
 
 
 
634,766
 

Gain (loss) on extinguishment of debt

 
 
(2,630,795)
 
 
 
–
 

Changes in fair value of derivative liability

 
 
1,203,135
 
 
 
365,370
 

Changes in assets and liabilities:

Other receivable, net

 
 
47,714
 
 
 
–
 

Prepaid and other current assets

 
 
(33,341)
 
 
 
35,110
 

Cash due from gateways, net

 
 
3,502,426
 
 
 
(3,184,361)
 

Accounts payable

 
 
(33,597)
 
 
 
(39,054)
 

Other current liabilities

 
 
14,354
 
 
 
15,356
 

Accrued interest

 
 
(290,021)
 
 
 
9,442
 

Payment processing liabilities, net

 
 
(1,077,551)
 
 
 
6,364,927
 

Net cash provided by (used in) operating activities

 
 
467,960
 
 
 
1,841,605
 

Cash flows from investing activities:

Purchases of property and equipment

 
 
(10,244)
 
 
 
(41,634)
 

Net cash used in investing activities

 
 
(10,244)
 
 
 
(41,634)
 

Cash flows from financing activities:

Borrowings from convertible debt

 
 
–
 
 
 
482,500
 

Repayments on convertible debt

 
 
(445,000)
 
 
 
(496,500)
 

Borrowings from notes payable

 
 
744,480
 
 
 
–
 

Principal payments on notes payable

 
 
(823,074)
 
 
 
–
 

Repayment on long-term debt

 
 
–
 
 
 
(75,000)
 

Net cash provided by (used in) financing activities

 
 
(523,594)
 
 
 
(89,000)
 

Net increase in cash, cash equivalents, and restricted cash

 
 
(65,878)
 
 
 
1,710,971
 

Cash, cash equivalents, and restricted cash – beginning of period

 
 
763,110
 
 
 
284,978
 

Cash, cash equivalents, and restricted cash – end of period

 
$ 
697,232
 
 
$ 
1,995,949
 

Supplemental disclosures of cash flow information

Cash paid during the period for:

Interest

 
$ 
525,270
 
 
$ 
125,511
 

Income taxes

 
$ 
800
 
 
$ 
800
 

Non-cash financing activities:

Convertible debt conversion to common stock

 
$ 
137,500
 
 
$ 
(150,000)
 

Interest accrual from convertible debt converted to common stock

 
$ 
78,050
 
 
$ 
–
 

 
Six Months Ended June 30,
 

 
 
2020
 
 
 
2019
 

Cash flows from operating activities:

Net loss

 
$ 
(299,538)
 
 
$ 
(2,643,539)
 

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation expense

 
 
11,092
 
 
 
6,456
 

Noncash lease expense

 
 
(839)
 
 
 
3,219
 

Stock compensation expense

 
 
12,130
 
 
 
85,640
 

Interest expense – debt discount

 
 
38,418
 
 
 
188,273
 

Derivative expense

 
 
4,373
 
 
 
634,766
 

Gain (loss) on extinguishment of debt

 
 
(2,630,795)
 
 
 
–
 

Changes in fair value of derivative liability

 
 
1,203,135
 
 
 
365,370
 

Changes in assets and liabilities:

Other receivable, net

 
 
47,714
 
 
 
–
 

Prepaid and other current assets

 
 
(33,341)
 
 
 
35,110
 

Cash due from gateways, net

 
 
3,502,426
 
 
 
(3,184,361)
 

Accounts payable

 
 
(33,597)
 
 
 
(39,054)
 

Other current liabilities

 
 
14,354
 
 
 
15,356
 

Accrued interest

 
 
(290,021)
 
 
 
9,442
 

Payment processing liabilities, net

 
 
(1,077,551)
 
 
 
6,364,927
 

Net cash provided by (used in) operating activities

 
 
467,960
 
 
 
1,841,605
 

Cash flows from investing activities:

Purchases of property and equipment

 
 
(10,244)
 
 
 
(41,634)
 

Net cash used in investing activities

 
 
(10,244)
 
 
 
(41,634)
 

Cash flows from financing activities:

Borrowings from convertible debt

 
 
–
 
 
 
482,500
 

Repayments on convertible debt

 
 
(445,000)
 
 
 
(496,500)
 

Borrowings from notes payable

 
 
744,480
 
 
 
–
 

Principal payments on notes payable

 
 
(823,074)
 
 
 
–
 

Repayment on long-term debt

 
 
–
 
 
 
(75,000)
 

Net cash provided by (used in) financing activities

 
 
(523,594)
 
 
 
(89,000)
 

Net increase in cash, cash equivalents, and restricted cash

 
 
(65,878)
 
 
 
1,710,971
 

Cash, cash equivalents, and restricted cash – beginning of period

 
 
763,110
 
 
 
284,978
 

Cash, cash equivalents, and restricted cash – end of period

 
$ 
697,232
 
 
$ 
1,995,949
 

Supplemental disclosures of cash flow information

Cash paid during the period for:

Interest

 
$ 
525,270
 
 
$ 
125,511
 

Income taxes

 
$ 
800
 
 
$ 
800
 

Non-cash financing activities:

Convertible debt conversion to common stock

 
$ 
137,500
 
 
$ 
(150,000)
 

Interest accrual from convertible debt converted to common stock

 
$ 
78,050
 
 
$ 
–
 

SOURCE: GreenBox POS, LLC

ReleaseID: 602176

Proven and Probable Mineral Reserve Ounces increased 40% year-over-year (net of mined depletion) including a 12% increase in reserve grade to 4.0 g/t Au

TORONTO, ON / ACCESSWIRE / August 18, 2020 / Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX:JAG) is pleased to report updated Mineral Resources and Mineral Reserves ("MRMR") estimates as at May 31, 2020 for the Pilar Gold Mine located in Minas Gerais, Brazil.

Highlights

Pilar Proven and Probable Mineral Reserves ("2P") as at May 31, 2020 were 240,000 ounces of gold contained within 1.86 Mt at a weighted average grade of 4.0 g/t Au, representing a 12% increase in reserve grade. This reflects an ounce increase of 58% year-over-year before mined depletion, and an increase in 2P Mineral Reserves of 40% year-over-year, net of January-May, 2020 mined depletion (21,000 ounces). 
Probable Mineral Reserves increased 99% to 133,000 ounces of gold at a weighted average grade of 4.11 g/t Au
Proven Mineral Reserves remained constant at 106,000 ounces of gold at a weighted average grade of 3.86 g/t Au

Pilar Mineral Reserves and Resources are reported as at May 31, 2020 have been prepared in accordance with CIM definitions (2014) as in National Instrument 43-101 ("NI 43-101") and are reported along with an updated Technical Report dated August 17, 2020 and will be filed shortly.

Vern Baker, CEO of Jaguar Mining stated; "While our Pilar mine has steadily increased production to record levels, the Pilar Geology team has spent the last 18 months focused on increasing our understanding of the complex structures that incorporate our orebodies. Through the utilization of good basic geologic efforts – mapping, sampling, drilling, and modeling – the team has once again replaced and added to our reserves and have demonstrated that the grade our orebodies can deliver is higher than prior reserves indicated. We continue to have a solid resource base under our Reserves, and the work has identified some significant opportunities to add ounces in structures higher up in our mine. Pilar has now added drilling capacity to drive reserves down plunge and to delineate new opportunities. With this additional effort, we look forward to expanding our resource base and reserve inventory and to grow our operation through successful drilling and solid mining practices.

Pilar Gold Mine Mineral Reserves and Mineral Resources summary as at May 31, 2020 compared to December 31, 2019:

Table 1

Pilar Gold Mine Change in Mineral Reserves as at May 31,2020

Gold Ounces (000's)

Gold Grade (g/t)

Reserves

As at May 31, 2020

As at December 31, 2019

Change (%)

2020

2019

Change (%)

Proven

106

106

0%

3.86

3.59

8%

Probable

133

67

99%

4.11

3.51

17%

Total

240

173

40%

4.00

3.56

12%

Table 2

Pilar Gold Mine Mineral Reserves as at May 31, 2020, by Orebody

Orebody

Proven Reserves

Probable Reserves

Proven and Probable Reserves

ROM (t)

Au

Oz

ROM (t)

Au

Oz

ROM (t)

Au

Oz

(000's)

(g/t)

(000's)

(000's)

(g/t)

(000's)

(000's)

(g/t)

(000's)

BA

129

3.80

16

59

4.27

8

188

3.95

24

BF

153

4.45

22

149

4.55

22

302

4.50

44

BFII

385

3.77

47

33

5.12

5

417

3.88

52

BFIII

18

3.34

2

31

3.06

3

49

3.16

5

TORRE

73

3.18

8

75

3.29

8

148

3.23

15

SW

0

0.00

0

617

4.17

83

617

4.17

83

Other

100

3.94

13

45

3.06

4

145

3.67

17

Total

858

3.86

106

1,009

4.11

133

1,866

4.00

240

Notes:

CIM (2014) definitions were followed for Mineral Reserves.
Mineral Reserves are estimated at a cut-off grade of 2.14 g/t Au.
Mineral Reserves are estimated using an average long-term gold price of US$1,300 per ounce and a US$/BRL$ exchange rate of 4.50.
A minimum mining width of 2.0 m was used.
Bulk density is 2.89 t/m3.
Numbers may not add due to rounding.

Table 3

Pilar Gold Mine Changes in Mineral Reserves

since December 31, 2019.

ROM (t)

Au

Oz

(000's)

(g/t)

(000's)

Pilar Mineral Reserves Dec 31st 2019 (AIF)

1,508

3.56

173

Pilar Depletion Jan-May 2020

176

4.15

21

Pilar Depleted Reserves May 30th , 2020

1,331

3.55

152

Updated Pilar Mineral Reserve May 30th, 2020

1,866

4.00

240

Mineral Reserve Addition

535

88

Change (%)

Change (%)

Change (%)

Percent Increase (before mined depletion)

40%

12%

58%

For the May 31, 2020, Mineral Reserve and Mineral Resource estimates, the Company prepared an updated geological and block model and a supporting Technical Report under the supervision of RPA´s Qualified Persons Mr. Sepp and Mr. Pressacco.

For comparison purposes, Gold Price and Cut-Off Grade assumptions used in this press release are the same as those previously reported in Jaguar´s 43-101 Technical Report on the Caeté Mining Complex published May 28, 2019 (SEDAR) effective date 5th, April 2019. There is a potential for increases in assumptions due to higher gold prices and/or more favorable BRL exchange rates. 
Infill Drilling and Secondary Development has successfully replaced year to date (January-May) 2020 mined depletion of some 21,000 ounces Au and added significantly to the Mineral Reserves which are now equivalent to more than four years of production at current production rates.
Total 2P Mineral Reserves are 240,000 ounces of gold (1,866 Mt at a weighted average grade of 4.00 g/t Au) (net of 2020 year to date depletion (January-May) of 21,000 ounces, which are 40% higher compared to 2P Reserves of 173,000 ounces at a weighted grade of 3.56 g/t Au as at December 31, 2019. 
Total Probable Mineral Reserves increased 99% to 133,000 ounces of gold, at a weighted average grade of 4.11 g/t Au which reflects a 17% increase in weighted average grade year on year.
Total Proven Mineral Reserves remained constant at 106,000 ounces of gold, at an increased weighted average grade of 3.86 g/t Au which reflects an 8% increase in weighted average grade year on year. 
The database used to prepare the estimates, with a cut-off date of April 31, 2020, comprises 1,941 drill holes and 22,716 samples. The estimate was generated from a block model constrained by three-dimensional (3D) wireframe models. Capping values are applied as appropriate for each orebody. The wireframe models of the mineralization, block model, and excavated material for Pilar were constructed by Jaguar and reviewed by RPA. Separate wireframes were built for each mineralized lens for each orebody and were used to constrain the grade estimates into the block model.
The Mineral Resources and Mineral Reserves for May 31, 2020 Technical Report will be published on SEDAR by the end of August 2020.

Table 4.

Pilar Gold Mine Change in Mineral Resources as at May 31, 2020, compared to December 31, 2019

Gold Ounces (000's)

Gold Grade (g/t)

Resources

As at May 31, 2020

As at December 31, 2019

Change (%)

2020

2019

Change (%)

Measured

319

387

-18%

4.39

4.29

2%

Indicated

241

230

5%

4.28

3.87

11%

Total – M&I

561

617

-9%

4.34

4.12

5%

Inferred

182

161

13%

4.52

3.61

25%

Table 5.

Pilar Gold Mine Mineral Resources Summary as at May 31, 2020, by Orebody

Orebody

Measured Resources

Indicated Resources

Total Measured & Indicated Resources

Inferred Resources

Tonnes

Au

Oz

Tonnes

Au

Oz

Tonnes

Au

Oz

Tonnes

Au

Oz

(000's)

(g/t)

(000's)

(000's)

(g/t)

(000's)

(000's)

(g/t)

(000's)

(000's)

(g/t)

(000's)

BA

484

4.31

67

123

4.36

17

607

4.32

84

25

4.67

4

BF

572

4.57

84

164

5.72

30

736

4.83

114

537

4.98

86

BFII

629

4.48

91

39

4.94

6

668

4.51

97

51

7.11

12

BFIII

51

5.24

9

16

4.88

3

67

5.15

11

44

4.90

7

Torre

245

3.86

30

269

3.73

32

514

3.79

63

314

3.50

35

SW

0

0.00

0

1050

4.20

142

1050

4.20

142

221

4.28

30

Other

285

4.23

39

90

3.77

11

375

4.12

50

62

4.07

8

Total

2266

4.39

319

1751

4.28

241

4017

4.34

561

1254

4.52

182

Notes:

CIM (2014) definitions were followed for Mineral Resources.
Mineral Resources are estimated at a cut-off grade of 1.46 g/t Au Pilar Mines.
Mineral Resources are estimated using a long-term gold price of US$1,500 per ounce for the Pilar Mine.
Mineral Resources are estimated using an average long-term foreign exchange rate of R$4.50 : US$1.00 for the Pilar Mine
A minimum mining width of approximately two metres was used.
Gold grades are estimated using ordinary kriging (OK) for the Pilar Mine.
Mineral Resources are inclusive of Mineral Reserves for the Pilar Mine.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Numbers may not add due to rounding.

Measured and Indicated Mineral Resources at Pilar at a cut-off grade of 1.46 g/t Au comprise 4.01 Mt at a weighted average grade of 4.34 g/t Au – containing 561,000 ounces of gold. 
This reflects a decrease of 9% in Measured and Indicated Category gold ounces year-over-year but with 5% higher grades.
The Inferred Mineral Resource at Pilar is 1.254 Mt at an average grade of 4.52 g/t Au which reflects a grade increase of 25%, containing 182,000 oz. of gold which reflects an overall 13% increase in contained ounces in this category.

Figure 1.

The updated distribution of Mineral Reserves at Pilar Gold Mine as at May 31, 2020, (left) and December 31, 2019, (right) seen from the hanging wall looking towards the south west.

Figure 2.

The updated distribution of Mineral Resources at Pilar Gold Mine as at May 31, 2020, (left) and December 31, 2019, (right) seen from the hanging wall looking towards the south west.

Qualified Persons

The scientific and technical information contained in this press release has been reviewed and approved (i) in respect of the estimated Mineral Reserves and the Life of Mine Plan (LOM) by Jeff Sepp, P.Eng., of Roscoe Postle Associates Inc. ("RPA"), and (ii) in respect of the estimated Mineral Resources by Reno Pressacco, P.Geo., of RPA. RPA is an independent mining consultant and Mr. Sepp and Mr. Pressacco are each Qualified Persons within the definition of NI 43-101.

Quality Control

All sampling and samples utilized at Jaguar for Mineral Resource and or Mineral Reserves estimation uses a quality-control program that includes insertion of blanks and commercial standards in order to ensure best practice in sampling and analysis.

HQ, NQ, and BQ size drill core is sawn in half with a diamond saw. Samples are selected for analysis in standard intervals according to geological characteristics such as lithology and hydrothermal alteration. Rock channel sampling of the underground development follows the same standard intervals as for the drill core.

Half of the sawed sample is forwarded to the analytical laboratory for analysis while the remaining half of the core is stored in a secure location. The drill core and rock chip samples for resource-reserve conversion and grade control samples are transported for physical preparation and analysis in securely sealed bags to the Jaguar in-house laboratory located at the company´s Caeté Complex, Caeté, Minas Gerais. Growth exploration samples are sent to the independent ALS Brazil (subsidiary of ALS Global) laboratory located in Vespasiano, Minas Gerais, Brazil. The analysis of these exploration samples is conducted at ALS Global's respective facilities (fire assay is conducted by ALS Global in Lima, Peru, and multi-elementary analysis is conducted by ALS Global in Vancouver, Canada). ALS has accreditation in a global management system that meets all requirements of international standards ISO/IEC 17025:2005 and ISO 9001:2015. All major ALS geochemistry analytical laboratories are accredited to ISO/IEC 17025:2005 for specific analytical procedures.

For a complete description of Jaguar's sample preparation, analytical methods and QA/QC procedures, please refer to "Technical Report on the Roça Grande and Pilar Operations, Minas Gerais State, Brazil", a copy of which is available on the Company's SEDAR profile at www.sedar.com.

Mineralized material for each orebody was classified into the Measured, Indicated, or Inferred Mineral Resource categories based on the search ellipse ranges obtained from the variography study, the observed continuity of the mineralization, the drill hole and channel sample density, and previous production experience from these orebodies.

The Mineral Resources are inclusive of Mineral Reserves. For those portions of the Mineral Resources that comprise the Mineral Reserve, stope design wireframes were used to constrain the Mineral Resource reports.

The Iron Quadrangle

The Iron Quadrangle has been an area of mineral exploration dating back to the 16th century. The discovery in 1699-1701 of gold contaminated with iron and platinum-group metals in the southeastern corner of the Iron Quadrangle gave rise to the name of the town Ouro Preto (Black Gold). The Iron Quadrangle contains world-class multi-million-ounce gold deposits such as Morro Velho, Cuiabá, and São Bento. Jaguar Mining is the second largest operating gold company tenement holder in the Iron Quadrangle, holding just over 25,000 hectares.

About Jaguar Mining Inc.

Jaguar Mining Inc. is a Canadian-listed junior gold mining, development, and exploration company operating in Brazil with three gold mining complexes, and a large land package with significant upside exploration potential from mineral claims covering an area of approximately 64,000 hectares. The Company's principal operating assets are located in the Iron Quadrangle, a prolific greenstone belt in the state of Minas Gerais and include the Turmalina Gold Mine Complex and Caeté Gold Mine Complex. The Company also owns the Paciência Gold Mine Complex, which has been on care and maintenance since 2012. Additional information is available on the Company's website at www.jaguarmining.com.

For further information, please contact:

Vern Baker
Chief Executive Officer
Jaguar Mining Inc.
vbaker@jaguarmining.com
+55 (31) 3232-7101

Hashim Ahmed
Chief Financial Officer
Jaguar Mining Inc.
hashim.ahmed@jaguarmining.com
416-847-1854

Forward-Looking Statements

Certain statements in this news release constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements and information are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking information set forth in this news release is qualified by the cautionary statements below and those made in our other filings with the securities regulators in Canada. Forward-looking information contained in forward-looking statements can be identified by the use of words such as "are expected," "is forecast," "is targeted," "approximately," "plans," "anticipates," "projects," "continue," "estimate," "believe," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will" be taken, occur or be achieved. All statements, other than statements of historical fact, may be considered to be or include forward-looking information. These forward-looking statements are made as of the date of this news release and the dates of technical reports, as applicable. This news release contains forward-looking information regarding potential and, among other things, expected future mineral resources, potential mineral production opportunities, geological and mineral exploration statistics, ore grades, current and expected future assay results, and definition/delineation/exploration drilling at the Pilar Gold Mine and the Turmalina Gold Mine in Brazil, as well as forward-looking information regarding costs of production, capital expenditures, costs and timing of the development of projects and new deposits, success of exploration, development and mining activities, capital requirements, project studies, mine life extensions, and continuous improvement initiatives. The Company has made numerous assumptions with respect to forward-looking information contained herein, including, among other things, assumptions about the estimated timeline and for the development of the drill program at the Pilar Gold Mine (and its expanded exploration footprint) and the Turmalina Gold Mine; its mineral properties; the supply and demand for, and the level and volatility of the price of, gold; the accuracy of reserve and resource estimates and the assumptions on which the reserve and resource estimates are based; the receipt of necessary permits; market competition; ongoing relations with employees and impacted communities; and political and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations including, without limitation, the impact of any potential power rationing, tailings facility regulation, exploration and mine operating licenses and permits being obtained and renewed and/or there being adverse amendments to mining or other laws in Brazil and any changes to general business and economic conditions. Forward-looking information involves a number of known and unknown risks and uncertainties, including among others: the risk of Jaguar not meeting its plans regarding its operations and financial performance; uncertainties with respect to the price of gold, labour disruptions, mechanical failures, increase in costs, environmental compliance and change in environmental legislation and regulation, weather delays and increased costs or production delays due to natural disasters, power disruptions, procurement and delivery of parts and supplies to the operations; uncertainties inherent to capital markets in general (including the sometimes volatile valuation of securities and an uncertain ability to raise new capital) and other risks inherent to the gold exploration, development and production industry, which, if incorrect, may cause actual results to differ materially from those anticipated by the Company and described herein. In addition, there are risks and hazards associated with the business of gold exploration, development, mining and production, including without limitation environmental hazards, tailings dam failures, industrial accidents and workplace safety problems, unusual or unexpected geological formations, pressures, cave-ins, flooding, chemical spills, and gold bullion thefts and losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

SOURCE: Jaguar Mining Inc.

ReleaseID: 602050

VANCOUVER, WA / ACCESSWIRE / August 18, 2020 / Adaptive Ad Systems, Inc. (OTC PINK:AATV), today releases the Company's report of its financial performance for the quarter ending on June 30, 2020, reporting a profitable quarter for the 23rd time in a row. Adaptive provides Dynamic Digital Ad Insertion (DDAI) via its streaming media hardware and proprietary processing software for all U.S. cable TV markets.

The Company reports that, despite the nation-wide temporary business closures beginning in March following CDC guidelines to stem the COVID 19 pandemic, Adaptive was able to continue deployment of scheduled ad insertions throughout its network, as well as continue installations of new proprietary Adaptive hardware systems to keep expanding its network and revenue potential.

Sales for the three months ending June 30, 2020 were slightly lower than sales in the comparative period in 2019, amounting to $1,179,608, a decrease of $150,463, or about 11%. Results for the second quarter were clearly hampered by the negative impact the pandemic had on the entire industry. Nevertheless, Adaptive was able to produce another profitable quarter for the 23rd time in a row, with its revenue already recovering in the last month of the second quarter. Results are summarized as follows:

Total sales for the second quarter were $1,179,608
Six months sales increased to $2,494,644
Net Profit before taxes amounted to $161,474.
Net assets increased by $646,106 to $9,211,278
Current assets exceed liabilities by $7,995,522.
Current cash balance is $2,148,595

CEO J. Michael Heil states: "While some people had originally expected a more significant negative impact on our financial performance during the second quarter of 2020, due to the lack of consumer confidence during the ongoing pandemic, we were able to respond effectively by continuing the installation of new systems to expand our existing network and maintain deployment of our scheduled ad insertions. We offer advanced technological management and a desirable revenue sharing model to our clients, thus creating a solid foundation for our clients to expand their advertising reach, even during difficult economic times. This was further supported by advertisers regaining confidence in the latter part of the quarter. All of the foregoing is reflected in our financial performance, which produced yet another profitable quarter for the 23rd time in a row. Furthermore, we expect at least a 20% increase in third quarter 2020 revenue over the current quarter."

ABOUT ADAPTIVE

Adaptive Ad Systems Inc. is a digital media and video communications company that, together with its subsidiaries and manufactures, develops and deploys Dynamic Digital Ad Insertion (DDAI) and video streaming media hardware and proprietary processing software for the Cable TV, Satellite and IPTV markets. The Company initially targeted the often-over-looked 2nd and 3rd tier US markets and now additionally serves many Tier 1 markets. Adaptive exclusively sells all available advertising space in each market it has contracted, while maintaining complete technology ownership. Currently, the Company's technology and business model allows it to dynamically serve over 75 designated marketing areas in over 40 states. Adaptive also provides broadband and cable TV services in some niche major markets. For additional information, please visit: www.aatv.co.

FORWARD-LOOKING STATEMENTS

Any statements contained in this press release that do not describe historical facts constitute forward-looking statements. Forward-looking statements may include, without limitation, financial projections, statements regarding the plans and objectives of management for current and future operations, the development, regulatory approvals and commercialization of the Company's products, or any of the Company's proposed services, systems, services, licensing arrangements, joint ventures, partnerships or acquisitions. Such forward-looking statements are not meant to predict or guarantee actual results and performance and actual events or results may differ considerably. Factors that may cause actual results to differ materially from any projections may include, without limitation, delays in the Company's development of its products and services, the inability to obtain additional financing, the impact of significant new or changing government regulation on the industry, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's general failure to effectively implement the Company's business plans or strategies. The Company assumes no obligation to update any forward-looking statements to reflect any change in events or circumstances that may arise after the date of this release.

Adaptive Ad Systems, Inc.

4400 NE 77th Avenue Suite 275

Vancouver, Washington 98662

310-321-4958

info@aatv.co

www.aatv.co

StockWatchIndex

San Diego, California

442-287-8059

info@stockwatchindex.com

www.stockwatchindex.com

www.swiresearch.com

SOURCE: Adaptive Ad Systems, Inc.

ReleaseID: 602185

TORONTO, ON / ACCESSWIRE / August 18, 2020 / Galway Metals Inc. (TSXV:GWM) (the "Company" or "Galway") is pleased to report that the previously-reported intersect of a 14.4 metre massive quartz vein containing 29 splashes of Visible Gold (VG) in hole CL20-65 (see photos; July 29, 2020 press release) returned 13.4 g/t Au over 12.95m. This hole is the first in a newly drilled area, located 320 metres NE of a previously-reported new vein intersection of 11.4 g/t Au over 2.0m, including 43.5 g/t Au over 0.5m in hole CL20-58. The intersection in hole 58 had been discovered 75 metres north of the George Murphy Zone (GMZ) at the Clarence Stream Gold Project in SW New Brunswick (Figure 1, Figure 2, Figure 3, Figure 4).

Hole CL-65 intersected 13.4 grams per tonne (g/t) Au over 12.95 metres (m), including 40.15 g/t Au over 1.0m, 26.0 g/t Au over 0.55m, 78.85 g/t Au over 0.8m, 16.0 g/t Au over 0.5m, and 32.9 g/t Au over 0.95m, starting at a vertical depth of 172m. The new vein appears to be associated with a strong magnetic low and with a line of coincident soil anomalies, both located close to the interpreted location of the main structure on the property – the Sawyer Brook Fault (Figure 3). This trend is sub-parallel to, and north of the GMZ, Richard and Jubilee Zones.

"Galway is very pleased with results from the new discovery in hole 65. The initial interpretation is that the intersect is not part of the 3.5 km trend that hosts the George Murphy, Richard and Jubilee Zones, or the other new discovery of 186.5 g/t Au over 0.6 metres ~1 km SW of Jubilee. These are all on the south side of the local intrusive in the area. Instead, it appears as if the gold mineralization in hole 65 trends along the north side of the intrusive, which would confirm Galway's view that the intrusive is ringed on both sides with mineralization. The north side contains gold-in-till and soil anomalies in the same meta-sediment host rocks that exist on the south side, and the main structure that runs throughout the district, the Sawyer Brook Fault, is also interpreted to be on the north side of the intrusive. This fault is thought to be the main conduit for gold-bearing fluids to flow.

"Galway is currently drilling follow-up holes to the new discovery with the aim of turning it into a new deposit, and will soon conduct a similar follow-up drill program at the other new discovery located 3.7km to the SW. With over $20 million in cash, Galway is fully funded through the end of 2021 to complete its 75,000-metre drill program at Clarence Stream. The local intrusive that is thought to control the 3 deposits and 2 new discoveries is just one of many intrusives across Galway's 65km land position, and they all have associated gold anomalies. We believe this underscores the potential of Clarence Stream as an important new gold district in North America," cites Robert Hinchcliffe, President and CEO of Galway Metals.

The GMZ is 730m long to date (excludes the new discovery), with multiple structures over 310m horizontal thickness (width), and with all veins open in every direction (Figure 1). The new intersect that returned 13.4 g/t Au over 12.95m in hole 65 appears to be associated with a strong magnetic low and with a line of coincident soil anomalies, both located close to the interpreted location of the main structure on the property – the Sawyer Brook Fault (Figure 3). It directly underlies a soil anomaly that gave a grade of 19 ppb. The anomaly is present on the next line 100m to the east that gives it a strike along the magnetic low. It also lines up nicely with another soil anomaly located a further 320m east that grades 53 ppb. The anomalies extend for another 1.6 km east beyond that. They also extend 1.0 km SW of the vein, north of the local intrusive in the area. Soil anomalies, in conjunction with glacial till and stream sediment anomalies led to the discovery of all 5 known gold deposits at Clarence Stream, and the property hosts many other as of yet untested gold anomalies.

On June 24 (June 24, 2020 press release), Galway announced a different new discovery that returned 186.5 g/t Au over 0.6m, located 950m SW and along strike of the western-most intersection of the Jubilee Zone (Figure 2). That Jubilee intersection had returned 1.9 g/t Au over 43.3m (35.7m true width (TW)), including 21.2 g/t Au over 2.35m, starting at a vertical depth of 36m below surface (September 5, 2019). Another similar vein to the discovery is located 13m further downhole and returned 2.2 g/t Au over 0.7m. Galway plans on following up on this discovery in coming days.

These two new discoveries are in addition to Galway's previous discoveries of the George Murphy and Richard Zones, initially reported December 2017 and January 2019, respectively.

Table 1. Assay Results

Hole ID

From
(m)

To
(m)

Intercept
(m)

Intercept
(m) TW

Au
g/t

GMZ NORTH TREND

GWM20CL-65

0

241.00

PENDING

243.50

256.45

12.95

13.4

incl.

246.00

246.50

0.50

29.8 *

incl.

246.50

247.00

0.50

50.5 * VG

incl.

250.85

251.40

0.55

26.0 *

incl.

252.40

253.20

0.80

78.9 * VG

incl.

255.50

256.45

0.95

32.9

259.10

260.75

1.65

0.5

260.75

580.70

PENDING

VG = visible gold. 0.42 g/t Au was used for the bottom cut-off; True widths are unknown if not noted. *Screen metallic assays

New Brunswick Junior Mining Assistance Program

Galway would like to acknowledge financial support from the New Brunswick Junior Mining Assistance Program, which partially funded drilling of the GMZ, Jubilee, and Richard Zones.

Geology and Mineralization

The recent discovery of the Richard Zone in hole 12 contains elevated levels of bismuth, arsenopyrite, and antimony, in multiple quartz veins, with tungsten in the vicinity. This is similar to other Clarence Stream deposits, which can be characterized as intrusion-related quartz-vein hosted gold deposits. Richard Zone contains multiple zones of quartz veining with sulfides and sericite alteration. In general, mineralization at Clarence Stream consists of 10-70% quartz stockworks and veins with 1-5% fine pyrite plus pyrrhotite plus arsenopyrite plus stibnite in sericite altered sediments. The Jubilee mineralization consists of 2%-5% disseminated pyrite, sphalerite, galena, arsenopyrite, chalcopyrite, and pyrrhotite in sediments with white to smoky grey quartz veining. Locally there is up to 10% sphalerite and semi-massive galena veinlets. The 2.5 km trend that hosts the GMZ, Richard and Jubilee Zones contains a mineralized mafic intrusive locally – similar to the South Zone, which currently hosts most of the property's last reported gold resources (September 2017). A more complete description of Clarence Stream's geology and mineralization can be found at www.galwaymetalsinc.com.

Review by Qualified Person, Quality Control and Reports

Michael Sutton, P.Geo., Director and VP of Exploration for Galway Metals, is the Qualified Person who supervised the preparation of the scientific and technical disclosure in this news release on behalf of Galway Metals Inc. All core, chip/boulder samples, and soil samples are assayed by Activation Laboratories, 41 Bittern Street, Ancaster, Ontario, Canada, who have ISO/IEC 17025 accreditation. All core is under watch from the drill site to the core processing facility. All samples are assayed for gold by Fire Assay, with gravimetric finish, and other elements assayed using ICP. The Company's QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards, blanks and duplicates are inserted at one per 20 samples. Approximately five percent (5%) of the pulps and rejects are sent for check assaying at a second lab with the results averaged and intersections updated when received. Core recovery in the mineralized zones has averaged 99%.

Table 2: Drill Hole Coordinates

Hole ID

Azimuth

Dip

Northing

Easting

Total Depth (m)

GWM20CL-65

320

-45

5022656

654540

594

For results of all holes that Galway has drilled at Clarence Stream, go to Galway's website at www.galwaymetalsinc.com.

Figure 1: Plan Map of the George Murphy Zone and New Discovery

Figure 2: Clarence Stream Plan Map

Figure 3: Clarence Stream Magnetics and Soils

Figure 4: GMZ Cross Section

About the Company

Galway Metals is well capitalized with two gold projects in Canada, Clarence Stream, an emerging gold district in New Brunswick, and Estrades, the former producing, high-grade VMS mine in Quebec. The Company began trading on January 4, 2013, after the successful spinout to existing shareholders from Galway Resources following the completion of the US$340 million sale of that company. With substantially the same management team and Board of Directors, Galway Metals is keenly intent on creating similar value as it had with Galway Resources.

Should you have any questions and for further information, please contact (toll free):

Galway Metals Inc.
Robert Hinchcliffe
President & Chief Executive Officer
1-800-771-0680
www.galwaymetalsinc.com

CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements made herein with respect to, among other things, the Company's objectives, goals or future plans, potential corporate and/or property acquisitions, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, exploration results being less favourable than anticipated, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, risks associated with the defence of legal proceedings and other risks involved in the mineral exploration and development industry, as well as those risks set out in the Company's public disclosure documents filed on SEDAR. Although the Company believes that management's assumptions used to develop the forward-looking information in this news release are reasonable, including that, among other things, the Company will be able to identify and execute on opportunities to acquire mineral properties, exploration results will be consistent with management's expectations, financing will be available to the Company on favourable terms when required, commodity prices and foreign exchange rates will remain relatively stable, and the Company will be successful in the outcome of legal proceedings, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information contained herein, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

SOURCE: Galway Metals Inc.

ReleaseID: 602143