LONDON, UK / ACCESSWIRE / April 29, 2020 / Condor Gold (AIM:CNR)(TSX:COG) is pleased to announce that it has been granted an Environmental Permit for the development and exploitation of gold from the high grade Mestiza open pit ("the Permit"). The Mestiza open pit hosts 92 thousand tonnes ("Kt") at a grade of 12.1 g/t gold (36,000 oz contained gold) in the Indicated Mineral Resource category and 341Kt at a grade of 7.7 g/t gold (85,000 oz contained gold) in the Inferred Mineral Resource category. The Mestiza open pit compliments the already permitted La India open pit which hosts 8,377Kt at a grade of 3.1 g/t gold (837,000 oz contained gold) in the Indicated Mineral Resource category and 883Kt at grade of 2.4 g/t gold (68,000 oz contained gold) in the Inferred Mineral Resource category. La India open pit has a robust, economically viable Pre-Feasibility Study ("PFS") with Mineral Reserves of 6.9 million tonnes ("Mt") at 3.0 g/t for 675,000 oz gold. Following the permitting of the Mestiza open pit Condor has just over 1M oz gold open pit Mineral Resources permitted for extraction inclusive of a Mineral Reserve of 6.9Mt at 3.0g/t gold for 675,000 oz gold.

Highlights:

1 million oz gold open pit Mineral Resources, including Mineral Reserves permitted for production
The permitted La India open pit which hosts 8,377Kt at a grade of 3.1 g/t gold (837,000 oz contained gold) in the Indicated Mineral Resource category and 883Kt at grade of 2.4 g/t gold (68,000 oz contained gold) in the Inferred Mineral Resource category
The permitted Mestiza open pit hosts 92Kt at a grade of 12.1 g/t gold (36,000 oz contained gold) in the Indicated Mineral Resource category and 341Kt at a grade of 7.7 g/t gold (85,000 oz contained gold) in the Inferred Mineral Resource category
Mestiza open pit permitted to deliver robust diluted tonnage of 600Kt at 5.76 g/t gold for 111,100 oz gold
The permitted high grade Mestiza open pit adds flexibility to the mine schedule, potentially improving project economics and extending the life of mine

Mark Child, Chairman and CEO commented:

"It is a significant development, after a 15 month process, that Condor has been granted the key Environmental Permit to develop and exploit gold from the high grade Mestiza open pit. When added to the high grade La India open pit, Condor has just over 1 million oz gold open pit Mineral Resources, including Mineral Reserves permitted for extraction. Condor also has the permit to construct and develop a processing plant with capacity of up to 2,800tpd at La India Project. The permitted high grade Mestiza open pit adds flexibility to the mine schedule, potentially improving project economics and extending the life of mine."

Background

La India Project, Nicaragua, contains a Mineral Resource of 9,850Kt at 3.6 g/t gold for 1,140Koz gold in the Indicated category and 8,479Kt at 4.3g/t gold for 1,179Koz gold in the Inferred category (See RNS dated 28 January, 2019). Condor's focus has been on developing the open pit Mineral Resources, which are inclusive of a Mineral Reserve of 6.9 Mt at 3.0 g/t gold for 675,000 oz gold, into production.

Condor has been granted an Environmental Permit to construct and operate a processing plant with capacity of up to 2,800 tonnes per day ("tpd") and develop the associated mine site infrastructure for a new mine at its La India Project (the "Main Permit"). The Main Permit is for development and extraction of ore from La India open pit, subject to certain conditions. Production from La India open pit is estimated to be between 80,000 to 100,000 oz gold per annum. On 22 January 2020, Condor received a letter from the Ministry of Environment and Natural Resources ("MARENA") detailing an extension, as provided for under the terms of the Permit, to complete the conditions of the Main Permit by 27 July 2021 (See RNS dated 28 January 2020).

On 21 November 2019, Condor submitted Environmental and Social Impact Assessments ("ESIAs") to MARENA for the Environmental Permits for the development and extraction of contained gold from the America and Mestiza open pits. Each ESIA is over 600 pages in length, including the appendices and summarises 18 mining, environmental and social technical studies. (See RNS 22 November 2019).

Significance of Permitting the Mestiza Open Pit

The Mestiza open pit has double the gold grade of La India open pit. The Mestiza open pit is likely to be mined earlier to reduce the payback period on the plant and equipment and improve the internal rate of return. La India open pit has lower quartile industry all-in-sustaining-cash cost of US$690 per oz gold in the PFS which used a gold price of $1,250/oz. (See RNS 14 November, 2014). A second permitted open pit adds flexibility to the mine schedule.

The diluted and modified mining model for the permitted Mestiza open pit, undertaken by SRK Consulting (UK) Limited ("SRK"), reported a total diluted tonnage of 600Kt at 5.76 g/t gold for 111,100 oz gold within the 1,500 USD/oz optimized pit shell used in the 2019 Mineral Resource Estimate update. A cut-off grade of 0.75g/t gold was used. (See RNS 4 March 2020).

The Mestiza open pit is located withing easy trucking distance and less than 4km from the location of the permitted processing plant.

The Permit granted by MARENA for the Mestiza open pit is for an initial 8 year period from the date notification is received by MARENA that production is due to commence and can be renewed for further periods. There are a number of conditions associated with the Permit, ranging from the appointment of an Environmental Manager to adherence to environmental management programs as detailed in the ESIA. For example, priority is to be given to hiring local employees and a reforestation programme will be instigated that plants 10 new trees for every tree cut down. Exploitation is required to commence within 18 months of the grant of the Permit although this can be extended for a further two 18 month periods.

The diluted and modified mining model for the permitted La India open pit, undertaken internally by Condor, reports a total diluted tonnage of 7,284Kt at 2.80g/t gold for 656,000 oz gold, excluding low grade material. The total permitted mill feed for La India and Mestiza open pits is 7,884Kt at 3.03g/t gold for 767,100 oz gold. Assuming a 92% metallurgical recovery, gold production is estimated to be 706,000 oz gold.

It should be noted that the Company is running a number of mining studies ahead of a construction decision, which are part of ongoing work being done by Condor to optimize the Project; such studies are yet to be finalized and so do not replace the 2019 MRE or the technical report entitled "Technical Report on the La India Gold Project, Nicaragua, December 2014" dated 13 November 2017 with an effective date of 21 December 2014 (the "Technical Report"), both of which remain current.

Looking forward, it is anticipated that the America open pit will be permitted in the near future. Condor intends to complete the ongoing mining dilution studies and pit optimisation studies, which are underway, and incorporate the results of those studies in a mine production schedule. Ahead of production, Condor will complete infill drilling on the Mestiza open pit to convert the majority of mineralised material to the Indicated Mineral Resource category.

For further information please visit www.condorgold.com or contact:

Condor Gold plc
Mark Child, Chairman and CEO
+44 (0) 20 7493 2784

Beaumont Cornish Limited
Roland Cornish and James Biddle
+44 (0) 20 7628 3396

SP Angel Corporate Finance LLP
Ewan Leggat
+44 (0) 20 3470 0470

Blytheweigh
Tim Blythe, Camilla Horsfall and Megan Ray
+44 (0) 20 7138 3204

About Condor Gold plc:

Condor Gold plc was admitted to AIM in May 2006 and dual listed on the TSX in January 2018. The Company is a gold exploration and development company with a focus on Nicaragua.

In August 2018, the Company announced that the Ministry of the Environment in Nicaragua had granted the Company the Environmental Permit ("EP") for the development, construction and operation of a processing plant with capacity to process up to 2,800 tonnes per day at its wholly-owned La India gold project ("La India Project"). The EP is considered to be the master permit for mining operations in Nicaragua. Condor Gold published a PFS on the La India Project in December 2014, as summarised in the Technical Report. The PFS details an open pit gold Mineral Reserve in the Probable category of 6.9 Mt at 3.0 g/t gold for 675,000 oz gold, producing 80,000 oz gold per annum for seven years. La India Project contains a Mineral Resource of 9,850Kt at 3.6 g/t gold for 1,140Koz gold in the Indicated category and 8,479Kt at 4.3g/t gold for 1,179Koz gold in the Inferred category. The Indicated Mineral Resource is inclusive of the Mineral Reserve.

Disclaimer

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

Qualified Persons

The Mineral Resource Estimate has been completed by Ben Parsons, a Principal Consultant (Resource Geology) with SRK Consulting (U.S.), Inc, who is a Member of the Australian Institute of Mining and Metallurgy, MAusIMM(CP). Ben Parsons has some eighteen years' experience in the exploration, definition and mining of precious and base metal Mineral Resources. Ben Parsons is a full-time employee of SRK Consulting (U.S.), Inc, an independent consultancy, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a "qualified person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators and as required by the June 2009 Edition of the AIM Note for Mining and Oil & Gas Companies. Ben Parsons consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears and confirms that this information is accurate and not false or misleading.

The mining dilution studies reported for the Mestiza and America deposits have been performed under the supervision of Dr Tim Lucks, Principal Consultant (Geology & Project Management), of SRK Consulting (UK) Limited, who is a Member of the Australian Institute of Mining and Metallurgy, MAusIMM(CP). Tim Lucks is an independent "qualified person" as such term is defined in NI 43-101. Tim Lucks consents to the inclusion in the announcement that material that relates to the America and Mestiza dilution studies, in the form and context in which it appears and confirms that this information is accurate and not false or misleading

The technical and scientific information in this press release has been reviewed, verified and approved by Gerald D. Crawford, P.E., who is a "qualified person" as defined by NI 43-101 and is the Chief Technical Officer of Condor Gold plc.

Technical Information

Certain disclosure contained in this news release of a scientific or technical nature has been summarised or extracted from the technical report entitled "Technical Report on the La India Gold Project, Nicaragua, December 2014", dated November 13, 2017 with an effective date of December 21, 2014 (the "Technical Report"), prepared in accordance with NI 43-101. The Technical Report was prepared by or under the supervision of Tim Lucks, Principal Consultant (Geology & Project Management), Gabor Bacsfalusi, Principal Consultant (Mining), Benjamin Parsons, Principal Consultant (Resource Geology), each of SRK Consulting (UK) Limited, and Neil Lincoln of Lycopodium Minerals Canada Ltd., each of whom is an independent "qualified person" as defined by NI 43-101.

Forward Looking Statements

All statements in this press release, other than statements of historical fact, are ‘forward-looking information' with respect to the Company within the meaning of applicable securities laws, including statements with respect to: the ongoing mining dilution and pit optimisation studies, and the incorporation of same into any mining production schedule, future development and production plans at La India Project. Forward-looking information is often, but not always, identified by the use of words such as: "seek", "anticipate", "plan", "continue", "strategies", "estimate", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", "could", "might", "will" and similar expressions. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions regarding: future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future currency exchange and interest rates; the impact of increasing competition; general conditions in economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; the receipt of required permits; royalty rates; future tax rates; future operating costs; availability of future sources of funding; ability to obtain financing and assumptions underlying estimates related to adjusted funds from operations. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.

Such forward-looking information involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to: mineral exploration, development and operating risks; estimation of mineralisation, resources and reserves; environmental, health and safety regulations of the resource industry; competitive conditions; operational risks; liquidity and financing risks; funding risk; exploration costs; uninsurable risks; conflicts of interest; risks of operating in Nicaragua; government policy changes; ownership risks; permitting and licencing risks; artisanal miners and community relations; difficulty in enforcement of judgments; market conditions; stress in the global economy; current global financial condition; exchange rate and currency risks; commodity prices; reliance on key personnel; dilution risk; payment of dividends; as well as those factors discussed under the heading "Risk Factors" in the Company's annual information form for the fiscal year ended December 31, 2018 dated March 22, 2019, available under the Company's SEDAR profile at www.sedar.com.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, 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 such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

Technical Glossary

Mineral Resource

Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. An Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource. An Indicated Mineral Resource has a higher level of confidence than an Inferred Mineral Resource but has a lower level of confidence than a Measured Mineral Resource.

A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction.

The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.

Material of economic interest refers to diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals.

The term Mineral Resource covers mineralization and natural material of intrinsic economic interest which has been identified and estimated through exploration and sampling and within which Mineral Reserves may subsequently be defined by the consideration and application of Modifying Factors. The phrase ‘reasonable prospects for eventual economic extraction' implies a judgment by the Qualified Person in respect of the technical and economic factors likely to influence the prospect of economic extraction. The Qualified Person should consider and clearly state the basis for determining that the material has reasonable prospects for eventual economic extraction. Assumptions should include estimates of cutoff grade and geological continuity at the selected cut-off, metallurgical recovery, smelter payments, commodity price or product value, mining and processing method and mining, processing and general and administrative costs. The Qualified Person should state if the assessment is based on any direct evidence and testing.

Interpretation of the word ‘eventual' in this context may vary depending on the commodity or mineral involved. For example, for some coal, iron, potash deposits and other bulk minerals or commodities, it may be reasonable to envisage ‘eventual economic extraction' as covering time periods in excess of 50 years. However, for many gold deposits, application of the concept would normally be restricted to perhaps 10 to 15 years, and frequently to much shorter periods of time.

Inferred Mineral Resource

An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity.

An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

An Inferred Mineral Resource is based on limited information and sampling gathered through appropriate sampling techniques from locations such as outcrops, trenches, pits, workings and drill holes. Inferred Mineral Resources must not be included in the economic analysis, production schedules, or estimated mine life in publicly disclosed Pre-Feasibility or Feasibility Studies, or in the Life of Mine plans and cash flow models of developed mines. Inferred Mineral Resources can only be used in economic studies as provided under NI 43-101.

There may be circumstances, where appropriate sampling, testing, and other measurements are sufficient to demonstrate data integrity, geological and grade/quality continuity of a Measured or Indicated Mineral Resource, however, quality assurance and quality control, or other information may not meet all industry norms for the disclosure of an Indicated or Measured Mineral Resource. Under these circumstances, it may be reasonable for the Qualified Person to report an Inferred Mineral Resource if the Qualified Person has taken steps to verify the information meets the requirements of an Inferred Mineral Resource.

Indicated Mineral Resource

An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.

Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation.

An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.

Mineralization may be classified as an Indicated Mineral Resource by the Qualified Person when the nature, quality, quantity and distribution of data are such as to allow confident interpretation of the geological framework and to reasonably assume the continuity of mineralization. The Qualified Person must recognize the importance of the Indicated Mineral Resource category to the advancement of the feasibility of the project. An Indicated Mineral Resource estimate is of sufficient quality to support a Pre-Feasibility Study which can serve as the basis for major development decisions.

Mineral Reserve

Mineral Reserves are sub-divided in order of increasing confidence into Probable Mineral Reserves and Proven Mineral Reserves. A Probable Mineral Reserve has a lower level of confidence than a Proven Mineral Reserve.

A Mineral Reserve is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified.

The reference point at which Mineral Reserves are defined, usually the point where the ore is delivered to the processing plant, must be stated. It is important that, in all situations where the reference point is different, such as for a saleable product, a clarifying statement is included to ensure that the reader is fully informed as to what is being reported.

The public disclosure of a Mineral Reserve must be demonstrated by a Pre-Feasibility Study or Feasibility Study.

Mineral Reserves are those parts of Mineral Resources which, after the application of all mining factors, result in an estimated tonnage and grade which, in the opinion of the Qualified Person(s) making the estimates, is the basis of an economically viable project after taking account of all relevant Modifying Factors. Mineral Reserves are inclusive of diluting material that will be mined in conjunction with the Mineral Reserves and delivered to the treatment plant or equivalent facility. The term ‘Mineral Reserve' need not necessarily signify that extraction facilities are in place or operative or that all governmental approvals have been received. It does signify that there are reasonable expectations of such approvals.

‘Reference point' refers to the mining or process point at which the Qualified Person prepares a Mineral Reserve. For example, most metal deposits disclose mineral reserves with a "mill feed" reference point. In these cases, reserves are reported as mined ore delivered to the plant and do not include reductions attributed to anticipated plant losses. In contrast, coal reserves have traditionally been reported as tonnes of "clean coal". In this coal example, reserves are reported as a "saleable product" reference point and include reductions for plant yield (recovery). The Qualified Person must clearly state the ‘reference point' used in the Mineral Reserve estimate.

Probable Mineral Reserve

A Probable Mineral Reserve is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Mineral Reserve is lower than that applying to a Proven Mineral Reserve.

The Qualified Person(s) may elect, to convert Measured Mineral Resources to Probable Mineral Reserves if the confidence in the Modifying Factors is lower than that applied to a Proven Mineral Reserve. Probable Mineral Reserve estimates must be demonstrated to be economic, at the time of reporting, by at least a Pre-Feasibility Study.

Pre-Feasibility Study (Preliminary Feasibility Study)

The CIM Definition Standards requires the completion of a Pre-Feasibility Study as the minimum prerequisite for the conversion of Mineral Resources to Mineral Reserves.

A Pre-Feasibility Study is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a preferred mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, is established and an effective method of mineral processing is determined. It includes a financial analysis based on reasonable assumptions on the Modifying Factors and the evaluation of any other relevant factors which are sufficient for a Qualified Person, acting reasonably, to determine if all or part of the Mineral Resource may be converted to a Mineral Reserve at the time of reporting. A Pre-Feasibility Study is at a lower confidence level than a Feasibility Study.

SOURCE: Condor Gold plc

ReleaseID: 587507

LOS ANGELES, CA / ACCESSWIRE / April 28, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class-action lawsuit against Allakos Inc. ("Allakos" or "the Company") (NASDAQ:ALLK) for violations of 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission. The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class-action lawsuit against Allakos Inc. ("Allakos" or "the Company") (NASDAQ:ALLK) for violations of 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company's securities between August 5, 2019 and December 17, 2019, inclusive (the ''Class Period''), are encouraged to contact the firm before May 11, 2020.

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

We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Allakos failed to appropriately design the ENIGMA trial for its flagship drug, AK002. The Company engineered results for the trial by cherrypicking timeframes, among other actions. The Company's chosen endpoints for trial were superficial as compared to FDA guidance. The Company misreported the number of adverse incidents that occurred during the trial, while also failing to report key data from the trial. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Allakos, investors suffered damages.

Join the case to recover your losses.

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

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

CONTACT:
The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
Cell: 424-303-1964
info@schallfirm.com

SOURCE: The Schall Law Firm

ReleaseID: 587521

NEW YORK, NY / ACCESSWIRE / April 28, 2020 / The Klein Law Firm announces that class action complaints have been filed on behalf of shareholders of the following companies. There is no cost to participate in the suit. If you suffered a loss, you have until the lead plaintiff deadline to request that the court appoint you as lead plaintiff.

World Wrestling Entertainment, Inc. (NYSE:WWE)
Class Period: February 7, 2019 to February 5, 2020
Lead Plaintiff Deadline: May 5, 2020

World Wrestling Entertainment, Inc. allegedly made materially false and/or misleading statements and/or failed to disclose that: Defendants perpetrated a fraudulent scheme which: (i) deceived the investing public regarding WWE's business and prospects; (ii) artificially inflated the price of WWE Class A common stock; (iii) permitted certain senior executives of WWE to sell more than $282 million worth of their personally held shares at fraud inflated prices; and (iv) caused the public to purchase WWE Class A common stock at artificially inflated prices.

Learn about your recoverable losses in WWE: http://www.kleinstocklaw.com/pslra-1/world-wrestling-entertainment-inc-loss-submission-form?id=6241&from=1

Tilray, Inc. (NASDAQ:TLRY)
Class Period: January 15, 2019 to March 2, 2020
Lead Plaintiff Deadline: May 5, 2020

During the class period, Tilray, Inc. allegedly made materially false and/or misleading statements and/or failed to disclose that: (i) the purported advantages of the marketing and revenue sharing agreement with Authentic Brands Group (the "ABG Agreement")were significantly overstated; (ii) the underperformance of the ABG Agreement would foreseeably have a significant impact on the Company's financial results; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.

Learn about your recoverable losses in TLRY: http://www.kleinstocklaw.com/pslra-1/tilray-inc-loss-submission-form?id=6241&from=1

Inovio Pharmaceuticals, Inc. (NASDAQ:INO)
Class Period: February 14, 2020 to March 9, 2020
Lead Plaintiff Deadline: May 12, 2020

According to a filed complaint, throughout the class period, defendants made misleading statements about the company's development of a purported vaccine for the novel coronavirus, artificially inflating the company's share price and resulting in significant investor losses.

Learn about your recoverable losses in INO: http://www.kleinstocklaw.com/pslra-1/inovio-pharmaceuticals-inc-loss-submission-form?id=6241&from=1

Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. If you suffered a loss during the class period and wish to obtain additional information, please contact J. Klein, Esq. by telephone at 212-616-4899 or visit the webpages provided.

J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
Fax: (347) 558-9665
www.kleinstocklaw.com

SOURCE: The Klein Law Firm

ReleaseID: 587511

VANCOUVER, BC / ACCESSWIRE / April 28, 2020 / Apteryx Imaging Inc. (TSXV:XRAY)(OTCQB:APTEF)(FRA:XRAY) ("Apteryx" or the "Company"), a leading dental imaging technology provider focused on delivering state-of-the-art imaging software and systems, today announced its financial results for the fourth quarter and year ended December 31, 2019, reported in United States dollars and in accordance with International Financial Reporting Standards ("IFRS"). The Company's results are presented in comparison to the fourth quarter and year ended December 31, 2018.

Financial Highlights for the year ended December 31, 2019

Net revenue for the year ended December 31, 2019 was US$15,544,157 representing an increase of 9% from the year ended December 31, 2018. The Company's gross margin2 was 67% for the year ended December 31, 2019 as compared to 61% for the year ended December 31, 2018. EBITDA1 for the year ended December 31, 2019 increased to US$1,682,437 compared to EBITDA1of US$99,176 for the year ended December 31, 2018. Revenue growth was due to increased software revenues and, in particular, the Company's relatively recent XVWeb® Software as a Service ("SaaS") offering and other recurring revenues tied to growth in the number of maintenance and support contracts. Gross margin was positively impacted by increased software revenue contribution as well as a retroactive pricing rebate received from a key vendor in our imaging device business due to increased sales volume achieved.

Net loss for the year ended December 31, 2019 was US$1,151,055 compared to net income of US$816,450 for the year ended December 31, 2018. Net income for the 2018 year was impacted by non-cash fair value gains on the revaluation of warrants and derivative liabilities.

Cash flow from operations was US$2,114,187 during the year ended December 31, 2019 compared to cash flow from operations of (US$1,799,295) during the year ended December 31, 2018. The Company used funds generated from operations to help repay its remaining CDN$2.5 million of 12% interest bearing debenture obligations in October 2019. Cash outflows from financing activities for the year ended December 31, 2019 was US$3,020,228 compared to $2,000,875 for the year ended December 31, 2018.

The Company had cash on hand of US$1,849,533 and Net Working Capital3 of US$1,669,735 as of December 31, 2019 compared to cash of US$2,827,882 and Net Working Capital3 of US$776,681 as of December 31, 2018.

Financial Highlights for the three months ended December 31, 2019

Net revenue for the three months ended December 31, 2019 was $4,630,513 representing an increase of 21% from the three months ended December 31, 2018. The Company's gross margin2 was 67% for the three months ended December 31, 2019 as compared to 55% for the three months ended December 31, 2018. EBITDA1was $665,991 for the three months ended December 31, 2019 compared to EBITDA1 of $(414,598) for the three months ended December 31, 2018. Net income for the three months ended December 31, 2019 was $141,712 compared to net income of $538,132 for the three months ended December 31, 2018.

"During 2019, Apteryx delivered its strongest year of financial performance to date with significant revenue, gross margin and EBITDA growth for the year," commented Apteryx CEO Dr. David Gane. "The growth during fiscal 2019 in EBITDA and cash flow was largely attributed to growth in software and service revenues, particularly the growth in recurring revenues from subscription sales of our award winning XVWeb®, cloud imaging service."

Gane continued, "When we acquired Apteryx in February 2017, it was a perpetual license software-oriented company generating revenue of approx. $4.0 million per annum with no significant recurring revenue. We have increased software revenue to $6.7 million during 2019 with the growth being attributable to our launch of our XVWeb® SaaS offering post acquisition. During 2019, we successfully grew the number of subscribers, or unique customer sites running XVWeb®, to approx. 1,800 total, representing annual monthly recurring revenue ("MMR") of $234,000. In addition to growth in our XVWeb® SaaS offering, growth in the number of maintenance and support subscriptions further contributed to overall recurring revenue growth resulting in approximately 46% of our FY19 software revenues being recurring in nature increasing both the quantity and quality of our software revenue."

Regarding the impact of the COVID-19 on the business, Dr. Gane commented: "Our forward momentum and growth initiatives for 2020 were disrupted recently by the onset of COVID -19. Most dental practices have been closed for all but emergency care since the middle of March. These dental practice closures have had a negative impact on our business, especially related to imaging device sales, which has prompted our management team and employees to put the appropriate plans and measures in place to best navigate this challenging period. Despite this pandemic, we continue to build on our recurring revenue gains during this time, especially related to XVWeb® and maintenance and support service subscriptions. Although the total impact of COVID-19 remains uncertain currently, I remain confident in the dental profession's resiliency and ability to bounce back in the coming weeks ahead. We are very excited about our accomplishments in 2019 and despite the COVID-19 setback, do Iook forward to a prosperous and productive 2020."

The Company made progress regarding its products during fiscal 2019 as follows:

The Company is now exclusively distributing its own proprietary devices including the VELscope® oral screening device, Tuxedo intraoral radiographic sensor, related consumables and its suite of software solutions and services. This refocusing of efforts on its proprietary products has improved the Company's revenue growth and overall gross margin.
Higher margin Tuxedo sensor sales have replaced more than $1.7M in revenue from lower margin third party distributed products generated in 2018.
The Company continues to develop new software-based subscription service offerings to expand its market, grow the business and better serve its customers. To that end, during 2019, the Company announced a partnership to access artificial intelligence ("AI") and machine learning capabilities. This partnership has allowed the Company to leverage its incomparable data lake of dental images to develop subscription-based AI service offerings. During 2020, the Company plans to bring to market these value-added subscription-based services to provide decision support for dentists in their radiographic diagnoses as well as to provide quality assurance support to assist in the identification of common x-ray image acquisition errors and monitoring of imaging device health within their practices.

During 2019, the Company was re-named Apteryx Imaging Inc. from LED Medical Diagnostics Inc., leveraging the longstanding equity of the Apteryx brand in dentistry, and changed its stock ticker changed to XRAY on TSXV to reflect its dental imaging focus.

The Company was also awarded a major contract with the US Defense Logistics Agency and were the recipients of the Cellerant® "Best of Class" Technology Award for imaging software for its market leading XVWeb® cloud imaging service.

Financial Statements and Management's Discussion & Analysis

Please see the consolidated financial statements and related Management's Discussion & Analysis ("MD&A") for more details. The consolidated financial statements for the three months and year ended December 31, 2019 and related MD&A have been reviewed and approved by the Company's Audit Committee and Board of Directors. The Company has prepared this truncated news release to alert investors to its results and that a more detailed explanation and analysis is readily available in the MD&A. These reports have been filed on SEDAR at www.sedar.com and also posted to www.apteryx.com.

About Apteryx Imaging Inc.

Apteryx Imaging develops award-winning dental imaging software and oral screening technologies while also providing state-of-the-art dental imaging devices. Our customers include many of the largest dental practices and organizations in the world, including many of the country's top Dental Support Organizations (DSOs), the United States Army and the United States Navy. Our proprietary brands include Apteryx XrayVision® imaging software, the VELscope® Enhanced Oral Screening System and TUXEDO® Intraoral Sensors.

Backed by an experienced leadership team and dedicated to a higher level of service and support, Apteryx Imaging is committed to providing dental practitioners with the best technology available by identifying and adding leading products to its growing portfolio.

Apteryx Imaging, Inc. is publicly traded on the TSX-Venture Exchange (TSX-V: XRAY), OTCQB (OTCQB: APTEF), and the Frankfurt Stock Exchange (FSE: XRAY). Apteryx Imaging, Inc. is headquartered in Vancouver, BC, Canada.

Media Contact:

Chris Koch
Phone: 678-293-9413
Email: chris.koch@apteryx.com

Corporate Contact:

Dr. David Gane, CEO
Phone: 604-434-4614 x227
Email: david.gane@apteryx.com

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 or accuracy of this release.

Forward Looking Statements

This press release contains statements which, to the extent that they are not recitations of historical fact, may constitute forward-looking information under applicable Canadian securities legislation that involve risks and uncertainties. Such forward-looking statements or information include statements regarding, but not limited to the Company's future growth strategy, its distribution strategy and product offerings, potential expansion of the Company's technology to other medical applications or markets, or the potential introduction of new technologies by the Company. Persons reading this press release are cautioned that such statements or information are only predictions, and that the Corporation's actual future results or performance may be materially different. Factors that could cause actual events or results to differ materially from those suggested by these forward-looking statements include, but are not limited to competition risks, distributor risks, product development risks such as regulatory, design, intellectual property and other factors described in the Corporation's reports filed on SEDAR including its Annual Information Form and financial report for the year ended December 31, 2019. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. All forward-looking statements made in this press release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by the Company will be realized. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

1 EBITDA or Earnings before Interest, Taxes, Depreciation and Amortization is a non-IFRS measure that does not have a standardized meaning and may not be comparable to a similar measure disclosed by other issuers. This measure does not have a comparable GAAP measure. EBITDA referenced here relates to net revenue less cost of goods sold, sales, marketing, support, research and development and administration expenses but excludes interest, income taxes, depreciation, amortization, finder's warrants issuance costs, stock-based compensation, deferred share unit compensation, mark to market adjustments on Canadian dollar denominated warrants, changes in fair value to derivative liabilities, foreign exchange gain or loss and other income. This measure does not have a comparable IFRS measure and is used by the Company to manage and evaluate the cash operating loss of the business.

2 Gross margin is a non-IFRS measure that does not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. Gross margin referenced here relates to revenues less cost of sales. This measure does not have a comparable IFRS measure and is used by the Company to manage and evaluate the operating performance of the Company.

3 Net Working Capital is defined as total current assets less total current liabilities.

SOURCE: Apteryx Imaging Inc.

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