VANCOUVER, B.C. / ACCESSWIRE / April 29, 2020 / YDX Innovation Corp. (TSXV:YDX) (OTC PINK:YDRMF) (FSE:A2PB03) ("YDX" or the "Company") announces that due to the COVID-19 pandemic, the Company intends to postpone the filing of its first-quarter consolidated interim financial statements, accompanying management's discussion and analysis, and the related CEO and CFO certifications for the three months ended March 31, 2020, which are required to be filed by June 1, 2020, under Sections 4.3 and 4.4 of National Instrument 51-102 – Continuous Disclosure Obligations (collectively, the "Quarterly Filings").

On March 18, 2020, the Canadian Securities Administrators (CSA) announced that they would provide issuers with a 45-day filing extension for filings required on or before June 1, 2020, to allow issuers the time needed to focus on the many other business and financial reporting implications of the COVID- 19 pandemic.

The Company will rely on this exemption with respect to the Quarterly Filings in accordance with BC Instrument 51-515 – Temporary Exemption from Certain Corporate Finance Requirements. The Company is continuing to work diligently and expeditiously to file the Quarterly Filings and currently expects them to be filed on or prior to the extended filing deadline of July 16, 2020.

Until such time as the Quarterly Filings are filed, YDX management and other insiders of YDX are subject to a trading black-out that reflects the principles in section 9 of National Policy 11-207.

The Company confirms there have been no undisclosed material business developments since November 29, 2019, the date of filing the Company's third-quarter interim financial statements for the period ended September 30, 2019.

About YDX Innovation

YDX Innovation Corp. (TSXV-YDX):: www.ydxinnovation.com) is a technology company that develops products and services and is an expert in immersive technologies like Augmented and Virtual Reality, eSports events and Interactive Exhibitions under the following three divisions:

Arkave VR Arena – https://sales.arkavevr.com/ – a gaming platform that brings the most immersive Virtual Reality experience to Location-Based venues with a highly scalable business model. Developed as an all-in-one gamers haven featuring state-of-the-art free room tech right down to the most nostalgic gaming systems.

YDreams Global – www.ydreamsglobal.com – have developed over 1,300 interactive experiences for clients all over the world such as Disney, NBA, Adidas, Cisco, Nokia, Nike, Mercedes-Benz, Coca-Cola, Santander, AmBev, Qualcomm, Unilever, City of Rio and Fiat.

Game On Festival – www.gameonfestival.com – is an interactive entertainment event that celebrates the video game universe. Designed for gamers, families and fans of all ages, this Festival is a fusion of culture, entertainment and fun through Interactive Exhibits, Game Arenas, eSports Tournaments, high impact collective experiences, among other fun activities, all brought together in one large exhibition-style event.

More Information:

Daniel Japiassu
Director and CEO
dj@ydx.rocks
(604) 704-6466

contact@ydxinnovation.com | www.ydxinnovation.com | www.youtube.com/ydreamsglobal

This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws, including, without limitation: the anticipated timing of the filing of the Company's Quarterly Filings for the three months ended March 31, 2020 and other matters relating to the Company's business plans. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. The Company's statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of the Company's control, and undue reliance should not be placed on such statements. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding the filing of the Quarterly Filings, including: material adverse consequences of the COVID-19 pandemic; unanticipated changes in laws, regulations or other industry standards affecting the business of the Company; the effects of general economic and other factors beyond the control of the Company, and other matters that may occur in the future. Except as required by securities law, the Company does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.

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

SOURCE: YDX Innovation Corp.

ReleaseID: 587654

FAIRFAX, VA / ACCESSWIRE / April 29, 2020 / The Freedom Bank of Virginia (OTCQX:FDVA), (the "Bank" or "Freedom") today announced net income of $849,806, or $0.11 per diluted share, for the three months ended March 31, 2020.

Joseph J. Thomas, President and CEO, commented "Every employee across our company has been incredibly dedicated to serving clients and supporting our communities during the unfolding national health crisis. It is also very gratifying to see the results for shareholders improving with the company's net income of $849.8 thousand, or an ROAA of 0.68% for the first quarter, an increase of 13.6% over the prior quarter and higher by 64.7% compared to the first quarter in 2019. This also represents pre-tax, pre-provision income of $1.50 million in the first quarter of 2020, an increase of 58.9% over the prior quarter and 185.9% higher than the comparable quarter in 2019. This is equivalent to a pre-tax, pre-provision ROAA of 1.20% and enabled us to strengthen our loan loss reserves by $549 thousand and still improve net income. Our company enters into this unprecedented global contraction stronger than ever with the talent and technology to operate remotely for clients, the product lines to generate fee-based revenues (37% of total revenue in the first quarter of 2020) as net interest margins are compressed, and the capital and loan loss reserves to weather a sustained economic downturn."

First Quarter Highlights include:

Net income for the first quarter was $849,806 or $0.11 per diluted share compared to $747,808 or $0.10 per diluted share for the fourth quarter of 2019, and net income of $515,986 or $0.07 per diluted share, for the three months ended March 31, 2019;
Return on Average Assets ("ROAA") was 0.68% for the quarter ended March 31, 2020 compared to 0.59% for the prior quarter and 0.43% for the three months ended March 31, 2019;
Return on Average Equity ("ROAE") was 5.27% for the three months ended March 31, 2020 compared to 4.66% for the prior quarter and 3.51% for the three months ended March 31, 2019;
Total assets increased by $35.90 million during the first quarter to $536.29 million.
Total loans increased by $27.39 million or by 6.77% during the quarter. Loans held-for-investment increased by $9.50 million or by 2.42%, while loans held-for-sale increased by $17.88 million or by 153.41% in the first quarter;Available-for-sale Securities increased by $7.56 million or by 15.16% during the quarter;

Total deposits increased by $17.47 million or by 4.42% in the first quarter. Non-interest bearing demand deposits increased to $84.94 million and represented 20.58% of total deposits at the end of the quarter;
The net interest margin was 3.31% in the first quarter of 2020, lower by 2 basis points compared to the previous quarter and lower by 29 basis points for the same period in 2019. The net interest margin was pressured by lower earning asset yields, partially offset by a reduction in the cost of funds;
The cost of funds was 1.44% for the first quarter, lower by 10 basis points compared to the previous quarter and by 10 basis points compared to the same period in 2019, largely due to lower funding costs for borrowings, time deposits and interest bearing demand deposits;
Non-interest income increased by 91.34% compared to the previous quarter and increased by 154.43% compared to the same period in 2019, primarily due to higher revenue from the sale of mortgage loans, income from additional Bank Owned Life Insurance purchased during the first quarter of 2020 and swap fee income;
Non-interest expenses increased by 11.91% compared to the previous quarter and increased by 7.33% compared to the same period In 2019, primarily due to higher compensation costs related to commissions paid to mortgage loan officers and an increase in mortgage settlement costs;
The Efficiency Ratio was 76.36% for the quarter ended March 31, 2020, compared to 82.10% for the previous quarter and 89.59% for the same period in 2019;
The Bank recognized a $549,000 provision for loan losses during the first quarter and the ratio of the allowance for loan and lease losses to loans held-for-investment increased to 1.16% compared to 1.05% in the previous quarter. The increase in reserves was due to loan growth during the first quarter as well as a deterioration in the economy stemming from COVID-19;
The Bank is well capitalized and capital ratios continue to be strong with a Leverage ratio of 12.88%, Common Equity Tier 1 ratio of 14.35%, Tier 1 Risk Based Capital ratio of 14.35% and a Total Capital ratio of 15.38%.

Net Interest Income

The Bank recorded net interest income of $3.98 million for the first quarter of 2020, a decrease of 1.49% compared to the previous quarter, and 3.24% less than the same period in 2019 The net interest margin in the first quarter of 2020 was 3.31%, lower by 2 basis points compared to the previous quarter, and lower by 29 basis points compared to the same period in 2019.

The following factors contributed to the changes in net interest margin during the first quarter of 2020 compared to the previous quarter:

Yields on average earning assets decreased by 12 basis points to 4.59% compared to 4.71% in the previous quarter, primarily due to a decrease in loan yields during the first quarter, stemming from loan payoffs and refinancing activity as well as a reduction in the 1-month LIBOR rate and the Prime rate during the first quarter.
Loan yields decreased by 13 basis points to 5.07% from 5.20% in the previous quarter, while yields on investment securities increased by 30 basis point to 2.62%, from 2.32% in the previous quarter.
Cost of funds decreased by 10 basis points to 1.44%, from 1.54% in the previous quarter, primarily due to lower costs related to borrowings, time deposits and interest bearing demand deposits and changes in the funding mix.

The following factors contributed to the changes in net interest margin during the first quarter compared to the same period in 2019:

Loan yields decreased by 35 basis points to 5.07% from 5.42% in the first quarter of 2019, while yields on investment securities decreased by 21 basis points to 2.62%, from 2.83% in the same period in 2019.
Cost of funds decreased by 10 basis points to 1.44%, from 1.54% in the first quarter of 2019, primarily due to lower costs related to borrowing and money market deposits.

As the COVID-19 outbreak spread across the country and the macroeconomic outlook deteriorated, interest rates declined and the Federal Reserve implemented a series of actions in March to stabilize markets. These actions included a reduction in the Federal Funds target by 150 basis points, increased purchases of mortgage backed securities and Treasuries and the announcement of a number of new lending programs. The decline in interest rates has put pressure on yields for all earning assets and while we have reduced deposit and borrowing costs and expect our cost-of-funds to decline, net interest margin will continue to be under pressure.

On March 27, 2020, the President signed H.R. 748, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") into law. Among other provisions, the CARES Act authorized the Payment Protection Program ("PPP"). The PPP provides small businesses with 500 or fewer employees with funds to pay up to eight weeks of payroll costs including benefits, interest on mortgages, rent and utilities. Funds were made available in the form of fully guaranteed 7(a) loans administered by the Small Business Administration ("SBA"), and made by approved SBA lenders. The loan amounts disbursed may be forgiven in whole or in part by the SBA. The interest rate on the PPP loans is 1%, the term is two years and loan payments are deferred for six months. Additionally, the SBA pays processing fees to the lenders which vary depending upon the loan amount.

As an approved SBA lender, the Bank participated in the PPP loan program, processed and funded 139 loans totaling $61.0 million, in the initial PPP authorization. Upon reauthorization of the PPP loan program, the Bank had processed 263 additional loans for a total of $41 million, as of April 28th, 2020. The Bank expects to receive total processing fees of approximately $3 million from the SBA on the PPP loans processed through April 28th, 2020 The fees represent approximately 2.9% of PPP loan balances, and will be deferred through the term of the loans. The large volume of PPP loans processed by the Bank will lower our loan yields in subsequent quarters and as long as the loans are on the Bank's balance sheet.

Non-interest Income

Non-interest income was $2.37 million for the first quarter, higher by 91.34% compared to the previous quarter and higher by 154.43% compared to the same period in 2019. The principal contributor to the increase in non-interest income in the first quarter of 2020 compared to the previous quarter was higher gain-on-sale revenue from mortgage loans, stemming from an increase in mortgage refinancing activity. Other factors that contributed to the increase in non-interest income were swap fees and income from additional Bank Owned Life Insurance that was purchased during the first quarter.

Non-interest Expenses

Non-interest expenses in the first quarter of 2020 increased by 11.91% compared to the previous quarter and increased by 7.33% compared to the same period in 2019. The increase was largely driven by higher commissions paid to mortgage loan officers and an increase in mortgage settlement costs on higher closed loan volume during the quarter.

Additional categories of non-interest expenses that changed in the first quarter of 2020 were the following:

Professional fees were lower by 7.60% in the first quarter of 2020 compared to the same period in 2019, primarily due to a streamlining of vendor agreements, and more efficient use of legal services.
Data processing expenses in the first quarter were lower by 25.91% compared to the same period in 2019, primarily due to re-negotiation of certain vendor agreements and more efficient utilization of data processing services.
Advertising expenses in the first quarter of 2020 declined relative to the previous quarter on curtailed media advertising.

Asset Quality

Non-accrual loans were $2.16 million or 0.50% of total loans at the end of the first quarter of 2020, compared to $1.70 million or 0.42% of total loans at the end of the prior quarter. As of both March 31, 2020 and December 31, 2019, there were no troubled debt restructurings ("TDRs"). On March 31, 2020 there was one loan with a book balance of $150,000 that was 90 days or more past due and accruing, compared to $4.52 million of loans that were 90 days or more past due and accruing, equivalent to 1.15% of total loans on December 31, 2019. There was no Other Real Estate Owned ("OREO") on the balance sheet on March 31, 2020 or December 31, 2019. Total non-performing assets (defined as the sum of loans on non-accrual, loans greater than 90 days past due and accruing, loans that were TDRs but not on non-accrual, and OREO assets) were $2.31 million or 0.43% of total assets at March 31, 2020 compared to $6.23 million or 1.24% of total assets, at the end of the previous quarter.

As of April 28th, pursuant to the CARES Act and interagency guidance on loan modifications related to COVID-19, the Bank granted loan payment deferrals of up to six months to 81 affected borrowers representing $93 million of outstanding loan balances.

Following an assessment of the collectability of the loans held-for-investment at the end of the first quarter, it was determined that an additional provision for loan losses of $549,000 was necessary to account for loan growth as well as the deteriorating macro-economic outlook as a result of the COVID-19 outbreak. The Bank's ALLL ratio was 1.16% of loans held-for investment on March 31, 2020 compared to an ALLL ratio of 1.05% at December 31, 2019.

Total Assets

Total assets at March 31, 2020 were $536.29 million compared to $500.39 million on December 31, 2019. Changes in major asset categories during linked quarters were as follows:

Cash balances and deposits with other banks decreased by $4.28 million during the quarter.
The available-for-sale securities portfolio increased by $7.56 million compared to December 31, 2019.
Loans held-for-investment increased by $9.50 million during the quarter.
Loans held-for-sale increased by $17.88 million during the quarter.

Total Liabilities

Total liabilities at March 31, 2020 were $471.02 million compared to total liabilities of $436.37 million on December 31, 2019, Total deposits were $412.68 million on March 31, 2020 compared to total deposits of $395.21 million on December 31, 2019. On a linked quarter basis, interest bearing demand deposits increased by $23.22 million, with the bulk of the increase occurring in low cost interest checking balances, while time deposits declined by $10.17 million. Non-interest bearing demand deposits increased during the quarter as well to $84.94 million, and comprised 20.58% of total deposits at the end of the quarter, compared to 18.41% of total deposits on March 31, 2019. The change in funding mix enables the Bank's cost of funds to benefit from lower interest rates. Federal Home Loan Bank advances increased by $16.86 million during the quarter, as the bank took advantage of low borrowing costs to bolster balance sheet liquidity.

Stockholders' Equity and Capital

Stockholders' equity at March 31, 2020 was $65.27 million compared to $64.03 million on December 31, 2019. Additional paid in capital at March 31, 2020 was $58.65 million compared to $58.53 million on December 31, 2019. Accumulated Other Comprehensive Income ("AOCI"), which generally comprises unrealized gains and losses on available-for-sale securities on the balance sheet, increased by $270,395 on unrealized gains during the first quarter of 2020. Total shares issued and outstanding were 7,238,751 on March 31, 2020 compared to 7,221,046 shares on December 31, 2019 and 6,996,602 shares on March 31, 2019. The book value of the Bank's common stock at March 31, 2020 was $9.02 per share compared to $8.86 per share on December 31, 2019.

As of March 31, 2020, all of the Bank's capital ratios were well above regulatory minimum capital ratios for well capitalized banks. The Bank's capital ratios on March 31, 2020 and December 31, 2019 were as follows:

March 31, 2020 December 31, 2019

Total Capital Ratio 15.38% 16.24%

Tier 1 Capital Ratio 14.35% 15.26%

Common Equity

Tier 1 Capital Ratio 14.35% 15.26%

Leverage Ratio 12.88% 12.80%

About Freedom Bank

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

Forward Looking Statements

This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations include: fluctuation in market rates of interest and loan and deposit pricing; general economic and financial market conditions, in the United States generally and particularly in the markets in which the Bank operates and which its loans are concentrated, including the effects of declines in real estate values, an increase in unemployment levels and slowdowns in economic growth, including as a result of COVID-19; maintenance and development of well-established and valued client relationships and referral source relationships; the adequacy or inadequacy of our allowance for loan and lease losses; acquisition or loss of key production personnel; and the potential adverse effects of unusual and infrequently occurring events, such as weather-related disasters, terrorist acts or public health events (such as COVID-19), and of governmental and societal responses thereto; these potential adverse effects may include, without limitation, adverse effects on the ability of the Bank's borrowers to satisfy their obligations to the Bank, on the value of collateral securing loans, on the demand for the Bank's loans or its other products and services, on incidents of cyberattack and fraud, on the Bank's liquidity or capital positions, on risks posed by reliance on third-party service providers, on other aspects of the Bank's business operations and on financial markets and economic growth. The Bank cautions readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and the Bank may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance. Some of the financial tables in this document reflect classifications to accounts to improve consistency in financial reporting.

NEWS RELEASE

Contact:

Joseph J. Thomas

President & Chief Executive Officer

703-667-4161: Phone

jthomas@freedom.bank: Email

THE FREEDOM BANK OF VIRGINIA
CONSOLIDATED BALANCE SHEETS

 
(Unaudited)
 
 
(Audited)
 
 
(Unaudited)
 

 
March 31,
 
 
December 31,
 
 
March 31,
 

 
2020
 
 
2019
 
 
2019
 

ASSETS

Cash and Due from Banks

 
$ 
3,095,339
 
 
$ 
927,322
 
 
$ 
1,796,929
 

Interest Bearing Deposits with Banks

 
 
18,287,112
 
 
 
24,735,085
 
 
 
13,804,921
 

Securities Available-for-Sale

 
 
57,411,258
 
 
 
49,854,912
 
 
 
54,177,183
 

Restricted Stock Investments

 
 
4,514,750
 
 
 
3,752,750
 
 
 
3,041,300
 

Loans Held for Sale

 
 
29,539,880
 
 
 
11,656,802
 
 
 
10,562,219
 

Loans Held for Investment

 
 
402,444,811
 
 
 
392,941,874
 
 
 
377,458,580
 

Allowance for Loan Losses

 
 
(4,670,692
)
 
 
(4,121,693
)
 
 
(4,509,489
)

Net Loans

 
 
397,774,119
 
 
 
388,820,181
 
 
 
372,949,091
 

Bank Premises and Equipment, net

 
 
1,413,622
 
 
 
1,480,535
 
 
 
1,678,539
 

Accrued Interest Receivable

 
 
1,346,501
 
 
 
1,278,037
 
 
 
1,363,329
 

Deferred Tax Asset

 
 
678,826
 
 
 
857,698
 
 
 
864,642
 

Bank-Owned Life Insurance

 
 
16,885,603
 
 
 
12,783,605
 
 
 
12,493,532
 

Right of Use Asset, net

 
 
3,254,731
 
 
 
2,928,546
 
 
 
3,548,583
 

Other Assets

 
 
2,088,067
 
 
 
1,317,201
 
 
 
1,622,226
 

Total Assets

 
$ 
536,289,808
 
 
$ 
500,392,674
 
 
$ 
477,902,494
 

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities

Deposits

Demand Deposits

Non-interest Bearing

 
$ 
84,937,943
 
 
$ 
80,630,053
 
 
$ 
72,778,632
 

Interest Bearing

 
 
135,821,899
 
 
 
112,605,618
 
 
 
121,777,996
 

Savings Deposits

 
 
2,275,796
 
 
 
2,153,939
 
 
 
2,481,822
 

Time Deposits

 
 
189,646,824
 
 
 
199,821,006
 
 
 
198,188,774
 

Total Deposits

 
 
412,682,462
 
 
 
395,210,616
 
 
 
395,227,224
 

Federal Home Loan Bank Advances

 
 
52,714,286
 
 
 
35,857,143
 
 
 
17,000,000
 

Accrued Interest Payable

 
 
358,717
 
 
 
433,586
 
 
 
408,730
 

Lease Liability

 
 
3,314,889
 
 
 
2,981,132
 
 
 
3,565,909
 

Other Liabilities

 
 
1,951,421
 
 
 
1,883,782
 
 
 
1,415,153
 

Total Liabilities

 
 
471,021,775
 
 
 
436,366,259
 
 
 
417,617,016
 

Stockholders' Equity

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

0 Shares Issued and Outstanding, 2020 and 2019

 
 
–
 
 
 
–
 
 
 
–
 

Common Stock, $0.01 Par Value, 25,000,000 Shares:

23,000,000 Shares Voting and 2,000,000 Shares Non-voting.

Voting Common Stock:

6,565,751, 6,548,046 and 6,323,602 Shares Issued and Outstanding

at March 31, 2020, December 31, 2019 and March 31, 2019, Respectively

(Includes 118,335, 120,500 and 115,000 Unvested Shares at March 31, 2020

December 31, 2019 and March 31, 2019, Respectively)

 
 
64,474
 
 
 
64,275
 
 
 
63,236
 

Non-Voting Common Stock:

673,000 Shares Issued and Outstanding March 31, 2020, December 31, 2019

and March 31, 2019

 
 
6,730
 
 
 
6,730
 
 
 
6,730
 

Additional Paid-in Capital

 
 
58,648,131
 
 
 
58,526,913
 
 
 
57,530,232
 

Accumulated Other Comprehensive Loss, Net

 
 
241,120
 
 
 
(29,274
)
 
 
(583,261
)

Retained Earnings

 
 
6,307,578
 
 
 
5,457,771
 
 
 
3,268,541
 

Total Stockholders' Equity

 
 
65,268,033
 
 
 
64,026,415
 
 
 
60,285,478
 

Total Liabilities and Stockholders' Equity

 
$ 
536,289,808
 
 
$ 
500,392,674
 
 
$ 
477,902,494
 

THE FREEDOM BANK OF VIRGINIA
CONSOLIDATED STATEMENTS OF OPERATIONS

 
(Unaudited)
 
 
(Unaudited)
 

 
For the three
 
 
For the three
 

 
months ended
 
 
months ended
 

 
March 31, 2020
 
 
March 31, 2019
 

Interest Income

Interest and Fees on Loans

 
$ 
5,092,699
 
 
$ 
5,204,718
 

Interest on Investment Securities

 
 
357,942
 
 
 
367,017
 

Interest on Deposits with Other Banks

 
 
78,237
 
 
 
125,328
 

Total Interest Income

 
 
5,528,878
 
 
 
5,697,063
 

Interest Expense

Interest on Deposits

 
 
1,395,959
 
 
 
1,501,319
 

Interest on Borrowings

 
 
157,519
 
 
 
87,132
 

Total Interest Expense

 
 
1,553,478
 
 
 
1,588,451
 

Net Interest Income

 
 
3,975,400
 
 
 
4,108,612
 

Provision for Loan Losses

 
 
(549,000
)
 
 
–
 

Net Interest Income After

Provision for Loan Losses

 
 
3,426,400
 
 
 
4,108,612
 

Non-Interest Income

Gain on Sale of Mortgage Loans

 
 
1,886,952
 
 
 
688,393
 

Service Charges and Other Income

 
 
357,489
 
 
 
148,977
 

Gain on Sale of Securities

 
 
25,608
 
 
 
2,688
 

Increase in Cash Surrender Value of Bank-

owned Life Insurance

 
 
101,998
 
 
 
92,215
 

Total Non-interest Income

 
 
2,372,047
 
 
 
932,273
 

Non-Interest Expenses

Officer and Employee Compensation

and Benefits

 
 
3,257,775
 
 
 
2,932,993
 

Occupancy Expense

 
 
292,794
 
 
 
275,776
 

Equipment and Depreciation Expense

 
 
184,022
 
 
 
185,521
 

Insurance Expense

 
 
52,335
 
 
 
77,984
 

Professional Fees

 
 
281,396
 
 
 
304,548
 

Data and Item Processing

 
 
187,101
 
 
 
252,548
 

Advertising

 
 
58,804
 
 
 
35,269
 

Franchise Taxes and State Assessment Fees

 
 
175,870
 
 
 
160,697
 

Mortgage Fees and Settlements

 
 
221,374
 
 
 
131,882
 

Other Operating Expense

 
 
135,521
 
 
 
158,927
 

Total Non-interest Expenses

 
 
4,846,992
 
 
 
4,516,144
 

Income Before Income Taxes

 
 
951,455
 
 
 
524,742
 

Income Tax Expense

 
 
101,649
 
 
 
8,756
 

Net Income

 
$ 
849,806
 
 
$ 
515,986
 

Earnings per Common Share – Basic

 
$ 
0.12
 
 
$ 
0.07
 

Earnings per Common Share – Diluted

 
$ 
0.11
 
 
$ 
0.07
 

Weighted-Average Common Shares

Outstanding – Basic

 
 
7,348,022
 
 
 
7,097,602
 

Weighted-Average Common Shares

Outstanding – Diluted

 
 
7,435,490
 
 
 
7,173,623
 

THE FREEDOM BANK OF VIRGINIA
CONSOLIDATED STATEMENTS OF OPERATIONS

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

 
months ended
 
 
months ended
 
 
months ended
 
 
months ended
 
 
months ended
 

 
March 31, 2020
 
 
December 31, 2019
 
 
September 30, 2019
 
 
June 30, 2019
 
 
March 31, 2019
 

Interest Income

Interest and Fees on Loans

 
$ 
5,092,699
 
 
$ 
5,345,417
 
 
$ 
5,541,462
 
 
$ 
5,022,252
 
 
$ 
5,204,718
 

Interest on Investment Securities

 
 
357,942
 
 
 
278,164
 
 
 
343,288
 
 
 
381,352
 
 
 
367,017
 

Interest on Deposits with Other Banks

 
 
78,237
 
 
 
88,239
 
 
 
82,831
 
 
 
94,979
 
 
 
125,328
 

Total Interest Income

 
 
5,528,878
 
 
 
5,711,820
 
 
 
5,967,581
 
 
 
5,498,583
 
 
 
5,697,063
 

Interest Expense

Interest on Deposits

 
 
1,395,959
 
 
 
1,513,662
 
 
 
1,585,209
 
 
 
1,606,953
 
 
 
1,501,319
 

Interest on Borrowings

 
 
157,519
 
 
 
162,502
 
 
 
174,810
 
 
 
120,696
 
 
 
87,132
 

Total Interest Expense

 
 
1,553,478
 
 
 
1,676,164
 
 
 
1,760,019
 
 
 
1,727,649
 
 
 
1,588,451
 

Net Interest Income

 
 
3,975,400
 
 
 
4,035,657
 
 
 
4,207,562
 
 
 
3,770,934
 
 
 
4,108,612
 

Provision for Loan Losses

 
 
(549,000
)
 
 
–
 
 
 
47,000
 
 
 
147,500
 
 
 
–
 

Net Interest Income after

Provision for Loan Losses

 
 
3,426,400
 
 
 
4,035,657
 
 
 
4,160,562
 
 
 
3,623,434
 
 
 
4,108,612
 

Non-Interest Income

Gain on Sale of Mortgage Loans

 
 
1,886,952
 
 
 
924,410
 
 
 
1,473,453
 
 
 
997,461
 
 
 
688,393
 

Service Charges and Other Income

 
 
357,489
 
 
 
218,583
 
 
 
265,589
 
 
 
203,252
 
 
 
148,977
 

Gains on Sale of Securities

 
 
25,608
 
 
 
–
 
 
 
–
 
 
 
103,034
 
 
 
2,688
 

Increase in Cash Surrender Value of Bank-

owned Life Insurance

 
 
101,998
 
 
 
96,727
 
 
 
97,022
 
 
 
96,324
 
 
 
92,215
 

Total Non-interest Income

 
 
2,372,048
 
 
 
1,239,720
 
 
 
1,836,064
 
 
 
1,400,071
 
 
 
932,273
 

Non-Interest Expenses

Officer and Employee Compensation

and Benefits

 
 
3,257,775
 
 
 
2,637,977
 
 
 
3,064,244
 
 
 
2,711,906
 
 
 
2,932,993
 

Occupancy Expense

 
 
292,794
 
 
 
293,058
 
 
 
285,798
 
 
 
288,213
 
 
 
275,776
 

Equipment and Depreciation Expense

 
 
184,022
 
 
 
261,871
 
 
 
216,275
 
 
 
227,717
 
 
 
185,521
 

Insurance Expense

 
 
52,335
 
 
 
10,760
 
 
 
(48,502
)
 
 
77,984
 
 
 
77,984
 

Professional Fees

 
 
281,396
 
 
 
278,594
 
 
 
297,947
 
 
 
225,119
 
 
 
304,548
 

Data and Item Processing

 
 
187,101
 
 
 
189,680
 
 
 
256,535
 
 
 
187,073
 
 
 
252,548
 

Advertising

 
 
58,804
 
 
 
113,194
 
 
 
63,543
 
 
 
124,276
 
 
 
35,269
 

Franchise Taxes and State Assessment Fees

 
 
175,870
 
 
 
175,920
 
 
 
175,895
 
 
 
117,478
 
 
 
160,697
 

Mortgage Fees and Settlements

 
 
221,374
 
 
 
200,192
 
 
 
312,346
 
 
 
198,771
 
 
 
131,881
 

Other Operating Expense

 
 
135,521
 
 
 
169,741
 
 
 
295,082
 
 
 
235,124
 
 
 
158,927
 

Total Non-interest Expenses

 
 
4,846,992
 
 
 
4,330,987
 
 
 
4,919,163
 
 
 
4,393,661
 
 
 
4,516,142
 

Income before Income Taxes

 
 
951,455
 
 
 
944,389
 
 
 
1,077,463
 
 
 
629,844
 
 
 
524,742
 

Income Tax Expense

 
 
101,649
 
 
 
196,581
 
 
 
145,115
 
 
 
120,769
 
 
 
8,756
 

Net Income

 
$ 
849,806
 
 
$ 
747,808
 
 
$ 
932,348
 
 
$ 
509,075
 
 
$ 
515,986
 

Earnings per Common Share – Basic

 
$ 
0.12
 
 
$ 
0.10
 
 
$ 
0.13
 
 
$ 
0.07
 
 
$ 
0.07
 

Earnings per Common Share – Diluted

 
$ 
0.11
 
 
$ 
0.10
 
 
$ 
0.13
 
 
$ 
0.07
 
 
$ 
0.07
 

Weighted-Average Common Shares

Outstanding – Basic

 
 
7,348,022
 
 
 
7,212,568
 
 
 
7,150,649
 
 
 
7,114,190
 
 
 
7,097,635
 

Weighted-Average Common Shares

Outstanding – Diluted

 
 
7,435,490
 
 
 
7,272,228
 
 
 
7,194,786
 
 
 
7,177,984
 
 
 
7,173,656
 

Average Balances, Income and Expenses, Yields and Rates

(Unaudited)

 
Three Months Ended
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
 
 
 
 

 
March 31, 2020
 
 
 
 
 
 
 
 
December 31, 2019
 
 
 
 
 
 
 

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

Assets

Cash

 
$ 
24,919,112
 
 
$ 
78,237
 
 
 
1.26
%
 
$ 
25,022,661
 
 
$ 
88,239
 
 
 
1.40
%

Investments (Tax Exempt)

 
 
4,541,049
 
 
 
38,411
 
 
 
 
 
 
 
4,494,698
 
 
 
38,432
 
 
 
 
 

Investments (Taxable)

 
 
51,701,396
 
 
 
327,597
 
 
 
 
 
 
 
44,496,212
 
 
 
248,253
 
 
 
 
 

Total Investments

 
 
56,242,445
 
 
 
366,008
 
 
 
2.62
%
 
 
48,990,910
 
 
 
286,685
 
 
 
2.32
%

Loans (Tax Exempt)

 
 
4,533,284
 
 
 
60,196
 
 
 
 
 
 
 
4,561,638
 
 
 
61,239
 
 
 
 
 

Loans (Taxable)

 
 
400,287,163
 
 
 
5,045,143
 
 
 
 
 
 
 
404,433,331
 
 
 
5,297,040
 
 
 
 
 

Total Loans

 
 
404,820,447
 
 
 
5,105,339
 
 
 
5.07
%
 
 
408,994,969
 
 
 
5,358,279
 
 
 
5.20
%

Earning Assets

 
 
485,982,004
 
 
 
5,549,585
 
 
 
4.59
%
 
 
483,008,540
 
 
 
5,733,203
 
 
 
4.71
%

Assets

 
$ 
504,847,678
 
 
 
 
 
 
 
 
 
 
$ 
500,326,991
 
 
 
 
 
 
 
 
 

Liabilities

Interest Checking

 
$ 
25,788,577
 
 
 
22,351
 
 
 
0.35
%
 
$ 
14,182,818
 
 
$ 
14,869
 
 
 
0.42
%

Money Market

 
 
94,433,574
 
 
 
275,134
 
 
 
1.17
%
 
 
88,443,141
 
 
$ 
292,962
 
 
 
1.31
%

Savings

 
 
2,382,236
 
 
 
1,099
 
 
 
0.19
%
 
 
2,272,908
 
 
 
1,146
 
 
 
0.20
%

Time Deposits

 
 
195,524,566
 
 
 
1,097,375
 
 
 
2.26
%
 
 
201,332,510
 
 
 
1,204,685
 
 
 
2.37
%

Interest Bearing Deposits

 
 
318,128,953
 
 
 
1,395,959
 
 
 
1.76
%
 
 
306,231,377
 
 
 
1,513,662
 
 
 
1.96
%

FHLB Borrowings

 
$ 
40,076,102
 
 
 
157,519
 
 
 
1.58
%
 
 
39,890,991
 
 
 
162,502
 
 
 
1.62
%

Interest Bearing Liabilities

 
 
358,205,055
 
 
 
1,553,478
 
 
 
1.74
%
 
 
346,122,368
 
 
 
1,676,164
 
 
 
1.92
%

Non Interest Bearing Deposits

 
$ 
76,609,290
 
 
 
 
 
 
 
 
 
 
$ 
84,845,763
 
 
 
 
 
 
 
 
 

Cost of Funds

 
 
 
 
 
 
 
 
 
 
1.44
%
 
 
 
 
 
 
 
 
 
 
1.54
%

Net Interest Margin1

 
 
 
 
 
$ 
4,007,918
 
 
 
3.31
%
 
 
 
 
 
$ 
4,057,039
 
 
 
3.33
%

Shareholders Equity

 
$ 
64,868,539
 
 
 
 
 
 
 
 
 
 
$ 
63,634,670
 
 
 
 
 
 
 
 
 

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

Average Balances, Income and Expenses, Yields and Rates

(Unaudited)

 
Three Months Ended
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
 
 
 
 

 
March 31, 2020
 
 
Income /
 
 
 
 
 
March 31, 2019
 
 
Income /
 
 
 
 

 
Average Balance
 
 
Expense
 
 
Yield
 
 
Average Balance
 
 
Expense
 
 
Yield
 

Assets

Cash

 
$ 
24,919,112
 
 
$ 
78,237
 
 
 
1.26
%
 
$ 
20,706,435
 
 
$ 
125,328
 
 
 
2.45
%

Investments (Tax Exempt)

 
 
4,541,049
 
 
 
38,411
 
 
 
 
 
 
 
4,643,552
 
 
 
43,118
 
 
 
 
 

Investments (Taxable)

 
 
51,701,396
 
 
 
327,597
 
 
 
 
 
 
 
49,309,238
 
 
 
332,954
 
 
 
 
 

Total Investments

 
 
56,242,445
 
 
 
366,008
 
 
 
2.62
%
 
 
53,952,790
 
 
 
376,072
 
 
 
2.83
%

Loans (Tax Exempt)

 
 
4,533,284
 
 
 
60,196
 
 
 
 
 
 
 
618,161
 
 
 
12,184
 
 
 
 
 

Loans (Taxable)

 
 
400,287,163
 
 
 
5,045,143
 
 
 
 
 
 
 
388,736,646
 
 
 
5,195,092
 
 
 
 
 

Total Loans

 
 
404,820,447
 
 
 
5,105,339
 
 
 
5.07
%
 
 
389,354,807
 
 
 
5,207,276
 
 
 
5.42
%

Earning Assets

 
 
485,982,004
 
 
 
5,549,585
 
 
 
4.59
%
 
 
464,014,032
 
 
 
5,708,676
 
 
 
4.99
%

Assets

 
$ 
504,847,678
 
 
 
 
 
 
 
 
 
 
$ 
482,503,597
 
 
 
 
 
 
 
 
 

Liabilities

Interest Checking

 
$ 
25,788,577
 
 
 
22,351
 
 
 
0.35
%
 
$ 
6,933,095
 
 
 
9,165
 
 
 
0.54
%

Money Market

 
 
94,433,574
 
 
 
275,134
 
 
 
1.17
%
 
 
116,599,595
 
 
 
395,239
 
 
 
1.37
%

Savings

 
 
2,382,236
 
 
 
1,099
 
 
 
0.19
%
 
 
2,892,660
 
 
 
1,411
 
 
 
0.20
%

Time Deposits

 
 
195,524,566
 
 
 
1,097,375
 
 
 
2.26
%
 
 
199,846,160
 
 
 
1,095,504
 
 
 
2.22
%

Interest Bearing Deposits

 
 
318,128,953
 
 
 
1,395,959
 
 
 
1.76
%
 
 
326,271,510
 
 
 
1,501,319
 
 
 
1.87
%

FHLB Borrowings

 
 
40,076,102
 
 
 
157,519
 
 
 
1.58
%
 
 
17,131,746
 
 
 
87,131
 
 
 
2.06
%

Interest Bearing Liabilities

 
 
358,205,055
 
 
 
1,553,478
 
 
 
1.74
%
 
 
343,403,256
 
 
 
1,588,450
 
 
 
1.88
%

Non Interest Bearing Deposits

 
$ 
76,609,290
 
 
 
 
 
 
 
 
 
 
$ 
74,141,543
 
 
 
 
 
 
 
 
 

Cost of Funds

 
 
 
 
 
 
 
 
 
 
1.44
%
 
 
 
 
 
 
 
 
 
 
1.54
%

Net Interest Margin1

 
 
 
 
 
$ 
3,996,107
 
 
 
3.31
%
 
 
 
 
 
$ 
4,120,225
 
 
 
3.60
%

Shareholders Equity

 
$ 
64,868,539
 
 
 
 
 
 
 
 
 
 
$ 
59,571,345
 
 
 
 
 
 
 
 
 

ROAA

 
 
0.68
%
 
 
 
 
 
 
 
 
 
 
0.43
%
 
 
 
 
 
 
 
 

ROAE

 
 
5.27
%
 
 
 
 
 
 
 
 
 
 
3.51
%
 
 
 
 
 
 
 
 

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

Reconciliation of Return on Average Assets for the three months ended March 31, 2020

Net Income

 
$ 
849,806
 
 
$ 
849,806
 

Provision

 
 
(549,000
)
 
 
n/a
 

Pre-Provision Income

 
 
1,398,806
 
 
 
n/a
 

Income Tax Expense

 
 
101,649
 
 
 
n/a
 

Pre-Tax, Pre-provision Income

 
 
1,500,455
 
 
 
n/a
 

Annualized Income

 
 
6,034,798
 
 
 
3,417,902
 

Average Assets

 
$ 
504,847,678
 
 
$ 
504,847,678
 

Provision (adjusted for daily avg.)1

 
 
6,033
 
 
 
n/a
 

Average Assets (adjusted for Provision)

 
 
504,853,711
 
 
 
n/a
 

ROAA

 
 
1.20
%
 
 
0.68
%

 
1 Provision was booked March 31, 2020 and was therefore, outstanding one of the ninety-one days in the quarter ended March 31, 2020.
 

Selected Financial Data by Quarter Ended:

(Unaudited)

Balance Sheet Ratios

 
March 31, 2020
 
 
December 31, 2019
 
 
September 30, 2019
 
 
June 30, 2019
 
 
March 31, 2019
 
 
December 31, 2018
 

Loans to Deposits

 
 
104.68
%
 
 
102.38
%
 
 
105.93
%
 
 
101.19
%
 
 
98.18
%
 
 
99.44
%

Income Statement Ratios (Quarterly)

Return on Average Assets (ROAA)

 
 
0.68
%
 
 
0.59
%
 
 
0.75
%
 
 
0.42
%
 
 
0.43
%
 
 
0.01
%

Return on Average Equity (ROAE)

 
 
5.27
%
 
 
4.66
%
 
 
6.34
%
 
 
3.36
%
 
 
3.51
%
 
 
0.10
%

Efficiency Ratio

 
 
76.36
%
 
 
82.10
%
 
 
81.39
%
 
 
84.97
%
 
 
89.59
%
 
 
89.97
%

Net Interest Margin1

 
 
3.31
%
 
 
3.33
%
 
 
3.52
%
 
 
3.27
%
 
 
3.60
%
 
 
3.49
%

Yield on Average Earning Assets

 
 
4.59
%
 
 
4.71
%
 
 
4.99
%
 
 
4.76
%
 
 
4.99
%
 
 
4.74
%

Yield on Securities

 
 
2.62
%
 
 
2.32
%
 
 
2.79
%
 
 
2.80
%
 
 
2.83
%
 
 
2.67
%

Yield on Loans

 
 
5.07
%
 
 
5.20
%
 
 
5.36
%
 
 
5.17
%
 
 
5.42
%
 
 
5.22
%

Cost of Funds

 
 
1.44
%
 
 
1.54
%
 
 
1.64
%
 
 
1.66
%
 
 
1.54
%
 
 
1.41
%

Noninterest income to Total Revenue

 
 
37.37
%
 
 
23.50
%
 
 
30.38
%
 
 
27.08
%
 
 
18.49
%
 
 
14.62
%

Per Share Data

Tangible Book Value

 
$ 
9.02
 
 
$ 
8.86
 
 
$ 
8.76
 
 
$ 
8.60
 
 
$ 
8.48
 
 
$ 
8.47
 

Share Price Data

Closing Price

 
$ 
5.80
 
 
$ 
10.45
 
 
$ 
9.95
 
 
$ 
9.98
 
 
$ 
10.00
 
 
$ 
10.23
 

Book Value Multiple

 
 
64
%
 
 
118
%
 
 
114
%
 
 
116
%
 
 
116
%
 
 
121
%

Common Stock Data

Outstanding Shares at End of Period

 
 
7,238,751
 
 
 
7,221,046
 
 
 
7,211,046
 
 
 
7,122,102
 
 
 
7,112,102
 
 
 
7,096,602
 

Weighted Average shares outstanding, basic

 
 
7,348,022
 
 
 
7,212,568
 
 
 
7,150,649
 
 
 
7,114,190
 
 
 
7,097,635
 
 
 
7,085,636
 

Weighted Average shares outstanding, diluted

 
 
7,435,490
 
 
 
7,272,228
 
 
 
7,194,786
 
 
 
7,177,984
 
 
 
7,173,656
 
 
 
7,207,759
 

Capital Ratios

Tier 1 Leverage ratio

 
 
12.88
%
 
 
12.80
%
 
 
12.80
%
 
 
12.71
%
 
 
12.61
%
 
 
12.16
%

Common Equity Tier 1 ratio

 
 
14.35
%
 
 
15.26
%
 
 
14.79
%
 
 
14.91
%
 
 
15.28
%
 
 
14.73
%

Tier 1 Risk Based Capital ratio

 
 
14.35
%
 
 
15.26
%
 
 
14.79
%
 
 
14.91
%
 
 
15.28
%
 
 
14.73
%

Total Risk Based Capital ratio

 
 
15.38
%
 
 
16.24
%
 
 
15.84
%
 
 
15.98
%
 
 
16.42
%
 
 
15.85
%

Credit Quality

Net Charge-offs to Average Loans

 
 
0.00
%
 
 
0.09
%
 
 
0.00
%
 
 
0.06
%
 
 
0.02
%
 
 
0.03
%

Total Non-performing Loans to Total Loans

 
 
0.53
%
 
 
1.54
%
 
 
0.67
%
 
 
0.79
%
 
 
0.80
%
 
 
0.83
%

Total Non-performing Assets to Total Assets

 
 
0.43
%
 
 
1.24
%
 
 
0.55
%
 
 
0.65
%
 
 
0.64
%
 
 
0.69
%

Nonaccrual Loans to Total Loans

 
 
0.50
%
 
 
0.42
%
 
 
0.53
%
 
 
0.76
%
 
 
0.65
%
 
 
0.71
%

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

 
 
1.16
%
 
 
1.05
%
 
 
1.12
%
 
 
1.14
%
 
 
1.19
%
 
 
1.16
%

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

SOURCE: Freedom Bank of VA

ReleaseID: 587646

SANTIAGO, CHILE / ACCESSWIRE / April 29, 2020 / 29 de abril de 2020 / Coca-Cola Andina announced today that it has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2019 with the U.S. Securities and Exchange Commission. The document can be accessed by visiting either www.koandina.com or www.sec.gov.

Shareholders may receive a hard copy of the report, which includes Coca-Cola Andina´s audited financial statements, free of charge through the contact listed above.

Coca-Cola Andina anunció hoy que el documento 20-F para el ejercicio terminado el 31 de diciembre de 2019 fue presentado ante la Comisión de Valores e Intercambios de los EE.UU. El documento se encuentra disponible en inglés a través de www.koandina.com o www.sec.gov.

Los accionistas podrán recibir una copia impresa gratuita del informe, el cual incluye los estados financieros auditados de la sociedad a través del contacto señalado en la parte superior de este documento.

Contact / Contacto en Santiago, Chile

Ignacio Morales, Finance and Treasury Manager / Gerente de Finanzas y Tesorería

(562) 2338-0520 / andina.ir@koandina.com

SOURCE: Coca-Cola Andina

ReleaseID: 587190

LIVINGSTON, NJ / ACCESSWIRE / April 29, 2020 / Milestone Scientific Inc. (NYSE American:MLSS), a leading developer of computerized drug delivery instruments that provide painless and precise injections, today announced that it will host a  business update conference call at 11:00 AM Eastern Time on Tuesday, May 5, 2020 to discuss recent developments related to the Company's CompuFlo Epidural System. Interested parties may ask live questions or submit questions in advance by emailing mlss@crescendo-ir.com.

The conference call will be available on the Company's website at www.milestonescientific.com, or via telephone by dialing toll free 877-407-0778 for U.S. callers, or +1 201-689-8565 for international callers. A webcast will also be archived on the Company's website and a telephone replay of the call will be available approximately one hour following the call, through Tuesday, May 19, 2020, and can be accessed by dialing 877-481-4010 for U.S. callers, or +1 919-882-2331 for international callers and entering the pass code 34623.

About Milestone Scientific Inc.

Milestone Scientific Inc. (MLSS) is a biomedical technology research and development company that patents, designs, develops and commercializes innovative diagnostic and therapeutic injection technologies and instruments for medical, dental, cosmetic and veterinary applications. Milestone's computer-controlled systems are designed to make injections precise, efficient, and virtually painless. Milestone's proprietary DPS Dynamic Pressure Sensing technology® is our technology platform that advances the development of next-generation devices, regulating flow rate and monitoring pressure from the tip of the needle, through platform extensions for local anesthesia for subcutaneous drug delivery, with specific applications for cosmetic botulinum toxin injections, epidural space identification in regional anesthesia procedures and intra-articular joint injections. For more information please visit our website: www.milestonescientific.com.

Contact:

David Waldman or Natalya Rudman
Crescendo Communications, LLC
Email: mlss@crescendo-ir.com
Tel: 212-671-1020

SOURCE: Milestone Scientific, Inc.

ReleaseID: 587607

Scepter signs agreement with Dr. Robert Brunst to market his innovative NoseBudz® nasal air filter

LAS VEGAS, NV / ACCESSWIRE / April 29, 2020 / Scepter Holdings, Inc., (OTC PINK:BRZL) a high-performance consumer goods sales and marketing company, is pleased to announce that they have signed an exclusive sales and marketing agreement with Dr. Robert Brunst to market his innovative NoseBudz® nasal air filter.

NoseBudz is a simple, innovative, nasal air filter designed to stop aerosolized viral particles and allergens. The unique patent-pending conical filters in NoseBudz are designed to filter particles one-micron or larger, while maintaining sufficient airflow to allow normal breathing through the nose.

Scepter will take the responsibility for marketing and selling NoseBudz through brand owned websites and Amazon. Dr. Robert Brunst and his team will provide product inventory and funding to directly support marketing expenses. Sales revenue less cost of goods, expenses, returns, merchant fees, etc., will be shared with Scepter in exchange for its marketing and sales services.

"We believe the market for NoseBudz nasal air filter is stronger than it has ever been. We look forward to relaunching the brand under Scepter's guidance.", stated Adam Nicosia, Vice President of Sales.

About Scepter Holdings, Inc.

Scepter Holdings, Inc. (the "Company") manages the sales and brand development of high-performance consumer packaged goods. The company seeks to acquire performing brands to add to the company's portfolio of products and brands sold online and through strategic retail relationships. The company has expertise manufacturing, distributing, marketing, and selling online consumer packaged goods and seeks to leverage its expertise to grow additional acquired brands. Scepter Holdings, Inc. was incorporated under the laws of the State of Nevada on January 11, 2007.

For more information, please visit our website: http://scepterbrands.com

Forward-Looking Statements

This news release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including economic slowdown affecting companies, our ability to successfully develop products, rapid change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in Scepter Holdings, Inc. filings with the Securities and Exchange Commission, which factors may be incorporated herein by reference. Forward-looking statements may be identified but not limited by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," or "continue" and variations or similar expressions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

Investors Contact:

775-296-5768
info@scepterbrands.com

SOURCE: Scepter Holdings, Inc.

ReleaseID: 587477

Fashion, style, and luxury are not everyone's cup of tea. To even be a recognized face in these businesses requires familiarity with the nuances of the industry standards and an artistic perception that is balanced. Penny Karabey, the owner and Creative Director for Luxury Next Season, not only has an eye for detail as she makes some crucial choices every day about luxury, fashion, and style but also knows how to stand out from the crowd and make a noise

NEW YORK, NY / ACCESSWIRE / April 30, 2020 / For many years now, Penny has dedicated her time and craft to bring the rarest and most sought after luxury fashion pieces to the New York market. Running since 2006, Luxury Next Season has provided the latest and most trendy valuables in luxury fashion.

As she makes handpicked selections for her clients every day, Penny Karabey understands creating a fine between trends and choices. "The biggest part of my job is interacting with our customers, I have created a community via our social media through which I engage with our customers daily, regarding new pieces we stock, the latest trends or my style which is reflected in the buying I do for Luxury Next Season," contends Penny.

On intricacies behind not using ‘Black' in her pieces, she tells, "You will notice I stock very little in black, I believe that my business is the ultimate reflection of me, therefore I do not stock anything I would not personally buy. I do not make choices for LNS purely based on profits as many other businesses do, I consider what is best for my customers and what they would appreciate and be drawn to the same way I would be. I think that has been a key element to my success. Before Luxury Next Season I wore many hats! I was a wife, I became a certified fitness instructor as well as a jewelry designer for a few private label brands."

As she throws light on her expansion strategies, Penny Karabey explains, "I have always had many projects going at once, I am a serial entrepreneur! As for the expansion of Luxury Next Season, we will continue to strengthen our customer base and following through social media engagement as we have always done. It has proven to be very effective. Also, I am constantly networking, both digitally and at events, and during Fashion Week, this has been instrumental in our growth. Lastly, we have recently begun collaborating with some influencers and trendsetters which has certainly boosted notoriety and our following, resulting in new customers. One such influencer and Youtuber is Melissa Soldera from Montreal. She has an amazing taste of fashion and is a trustable fashionista.

Contact information

Luxury Next Season
Website: https://www.luxurynextseason.com
Instagram: https://www.instagram.com/luxurynextseason/
https://www.instagram.com/penny/

SOURCE: Luxury Next Season

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OTTAWA, ON / ACCESSWIRE / April 29, 2020 / The Canadian Survey of Business Conditions (CSBC), a joint effort between Statistics Canada and the Canadian Chamber of Commerce, provides the most detailed insight yet into the impact of COVID-19 on Canadian businesses.

"The survey is Canada's first comprehensive view into how our businesses are adapting, managing or, sadly, failing as the COVID-19 shutdown continues. Insights from more than 13,000 businesses bring into focus the time pressures businesses face to avoid closing their doors permanently. At the same time, the survey also shows how quickly the businesses that can are adapting to social distancing and preparing for the re-opening of the economy. The survey will provide critical information for governments as they develop and deliver their programs," said Trevin Stratton, Chief Economist at the Canadian Chamber.

"Today's official release of the data collected from thousands of Canadian business owners represents the innovative and unprecedented solutions needed to address the impacts of the Covid-10 pandemic. The unique partnership and collaboration between our two organizations demonstrates what can be achieved when organizations work together to provide the insights needed to navigate the way forward. Through this collaboration we have advanced our collective ability to better understand the issues and challenges faced by Canadian businesses. Today's results will provide an accurate picture of true impacts of the COVID-19 pandemic on the Canadian economy and will enable the best decisions at public and private sector tables across the country," – Anil Arora, Chief Statistician of Canada.

Select findings examining the urgency of business stabilization include:

How much of a cash buffer did businesses have going into COVID-19

42.2% couldn't operate longer than 60 days without a source of revenue
51.1% couldn't operate longer than 90 days without a source of revenue

Extent to which businesses have experienced a decrease in demand

80.9% have experienced a medium to high drop in demand for services or products

Change in business revenue in Q1 2020 compared to Q1 2019

10.5% experienced an increase in revenue
14.3% saw no change in revenue
17.9% experienced a decrease in revenue of up to 20%
53.5% experienced a decrease in revenue of over 20%

Length of time businesses can remain partially or fully open amid social distancing measures

17.5% say no amount of time amid social distancing
22.2% say they could open for no longer than 3 months amid social distancing
11.9% say they could open between 3 and 6 months amid social distancing
Only 32.1% say they could remain open longer than 6 months amid social distancing

Staffing decisions taken as a result of the COVID-19 pandemic

38.1% have reduced staff hours or shifts
40.5% have laid off staff

"The data clearly shows clearly thousands of businesses are quickly approaching permanent closures. We are now six weeks into the shutdown, which is too late for many, but countless companies can still be saved if we move fast enough to help them. Policy measures like the wage subsidy and the Canada Emergency Business Account will certainly help many businesses, but we're on the clock to get money into the hands of all businesses that need support," added Stratton.

Select findings exploring the resiliency of Canadian businesses include:

17.9% of businesses have altered methods of production
35.4% of businesses have altered products or services offered
45.4% of businesses are using new methods to interact with customers
44.5% of businesses are testing working from home
11.6% of businesses are testing e-commerce
10.6% are trying new staff training
62.3% of businesses say they can return to a state of normal operations within one month of social distancing measures being removed

"Many businesses are proving resilient in adapting to the crisis by altering products, services and production methods. The data shows a large increase in e-commerce, as well as many firms testing working at home practices. Most businesses can return to normal operations within one month of the removal of social distancing measures, which is promising, but the largest firms report a longer lag time of 1-3 months. Policy makers should keep these numbers in mind as they consider reopening and recovery measures," said Stratton.

The CBSC examined issues like the COVID-19's impact on businesses, how businesses have adapted to the ongoing situation, challenges they continue to face and those they expect as the recovery begins. The survey compiled 13,037 responses and was in market between April 4, 2020 and April 24, 2020. For more information about the survey, click here.

About the Canadian Chamber of Commerce – Because Business Matters

The Canadian Chamber of Commerce helps build the businesses that support our families, our communities and our country. We do this by influencing government policy, by providing essential business services and by connecting businesses to information they can use, to opportunities for growth and to a network of local chambers, businesses, decision-makers and peers from across the country, in every sector of the economy and at all levels of government, as well as internationally. We are unapologetic in our support for business and the vital role it plays in building and sustaining our great nation.

-30-

For more information, please contact:

Canadian Chamber of Commerce

Phil Taylor
ptaylor@chamber.ca (preferred and fastest response time)

Statistics Canada
Media Relations at statcan.mediahotline-ligneinfomedias.statcan@canada.ca

SOURCE: Canadian Chamber of Commerce

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OCALA, FL / ACCESSWIRE / April 29, 2020 / AIM ImmunoTech Inc. (NYSE American:AIM), an immuno-pharma company focused on the research and development of therapeutics to treat immune disorders, viral diseases and multiple types of cancers, today announced that CEO Thomas K. Equels is scheduled to present at Maxim's Infectious Disease Virtual Conference to be held on May 5, 2020. Mr. Equels will discuss the urgent need for a therapeutic and vaccine for COVID-19 and give a brief overview of Ampligen® and its current and potential indications.

Panel Discussion Details:

Panel Session Title: COVID-19 (Vaccines and Monitoring)

Time and Date: Tuesday, May 5, 2020, 2:15 p.m. ET

To register for the virtual conference, please click here: http://go.pardot.com/l/652223/2020-04-02/j1mqg

About Maxim's Infectious Disease Virtual Conference

The Infectious Disease Virtual Conference is being presented by Maxim Group, LLC (Maxim). In addition to the keynote presentation by Dr. Roger J. Pomerantz, Chief Executive Officer and Chairman of ContraFect Corporation, there will be three panels of companies in various stages of development, from early-stage to near commercialization, that represent the next wave of innovation in the healthcare industry. Please contact Soraya Dorce (sdorce@maximgrp.com) or visit M-Vest for more information and to register for the conference.

About AIM ImmunoTech Inc.

AIM ImmunoTech Inc. is an immuno-pharma company focused on the research and development of therapeutics to treat immune disorders, viral diseases and multiple types of cancers. AIM's flagship products include the Argentina-approved drug rintatolimod (trade names Ampligen® or Rintamod®) and the FDA-approved drug Alferon N Injection®. Based on results of published, peer-reviewed pre-clinical studies and clinical trials, AIM believes that Ampligen® may have broad-spectrum anti-viral and anti-cancer properties. Clinical trials of Ampligen® include studies of cancer patients with renal cell carcinoma, malignant melanoma, colorectal cancer, advanced recurrent ovarian cancer, and triple-negative metastatic breast cancer. These and other potential uses will require additional clinical trials to confirm the safety and effectiveness data necessary to support regulatory approval and additional funding. Rintatolimod is a double-stranded RNA being developed for globally important debilitating diseases and disorders of the immune system.

Cautionary Statement

Some of the statements included in this press release may be forward-looking statements that involve a number of risks and uncertainties. For example, significant additional testing and trials will be required to determine whether Ampligen will be effective in the treatment of COVID-19 in humans and no assurance can be given that it will be the case. Results obtained in animal models do not necessarily predict results in humans. Human clinical trials will be necessary to prove whether or not Ampligen will be efficacious in humans. Some of the world's largest pharmaceutical companies and medical institutions are racing to find a treatment for COVID-19. Even if Ampligen proves effective in combating the virus, no assurance can be given that our actions toward proving this will be given first priority or that another treatment that eventually proves capable will not make our efforts ultimately unproductive. Neither can any assurances be made as to any future immuno-oncology clinical trials related to the matter herein. No assurance can be given as to whether the current or planned trials will be successful or yield favorable data and the trials are subject to many factors including lack of regulatory approval(s), lack of study drug, or a change in priorities at the institutions sponsoring other trials. In addition, initiation of planned clinical trials may not occur secondary to many factors including lack of regulatory approval(s) or lack of study drug. Even if these clinical trials are initiated, we cannot assure that the clinical studies will be successful or yield any useful data or require additional funding. Among other things, for forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These and other risks are described more fully in AIM's filings with the Securities and Exchange Commission, including without limitation, its most recent Annual Report on Form 10-K under the caption "Risk Factors" and other documents subsequently filed with or furnished to the Securities and Exchange Commission. Any forward-looking statements set forth in this press release speak only as of the date of this press release. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. This press release and prior releases are available at www.aimimmuno.com. The information found on our website is not incorporated by reference into this press release and is included for reference purposes only.

CONTACT:

Crescendo Communications, LLC
Phone: 212-671-1021
Email: aim@crescendo-ir.com

AIM ImmunoTech Inc
Phone: 800-778-4042
Email: IR@aimimmuno.com

SOURCE: AIM ImmunoTech Inc

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