Duluth Holdings Celebrates Grand Opening of its Eighteenth Store in Burlington, Massachusetts

BELLEVILLE, Wis., March 23, 2017 (GLOBE NEWSWIRE) — Duluth Holdings Inc. (dba, Duluth Trading Company) (“Duluth Trading”) (NASDAQ:DLTH), a lifestyle brand of men’s and women’s casual wear, workwear and accessories, today announced the grand opening of its 18th store in Burlington, Massachusetts, a suburb of Boston. The store is located outside the Mall at 112 Burlington Mall Road, Burlington, MA 01803.

/EIN News/ — “We are excited to open a Duluth store in the Greater Boston Area,” said Stephanie Pugliese, Chief Executive Officer of Duluth Trading. “The Burlington store will be our third location serving a major metro region on the East Coast.  We have the largest concentration of Duluth customers in the eastern U.S. and are delighted to bring our unique shopping experience and solution-based apparel to our Duluth brand fans and new customers in the region.”

The store will host several events to celebrate the grand opening on Thursday, March 23. There will be an official ribbon cutting ceremony at 9:00 a.m. Eastern Time with Duluth Trading representatives and local dignitaries on hand to do the honors. At noon and 3:00 p.m. Eastern Time, there will be a Lumberjack Show to welcome our customers.

About Duluth Trading

Duluth Trading is a rapidly growing lifestyle brand for the Modern, Self-Reliant American.  Based in Belleville, Wisconsin, we offer high quality, solution-based casual wear, workwear and accessories for men and women who lead a hands-on lifestyle and who value a job well-done. We provide our customers an engaging and entertaining experience.  Our marketing incorporates humor and storytelling that conveys the uniqueness of our products in a distinctive, fun way, and our products are sold exclusively through our content-rich website, catalogs, and “store like no other” retail locations. We are committed to outstanding customer service backed by our “No Bull Guarantee” – if it’s not right, we’ll fix it. Visit our website at www.duluthtrading.com.

Investor and Media Contacts:
                    Donni Case (310) 622-8224
                    Johan Yokay (310) 622-8241
                    Duluth@finprofiles.com

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SeraCare Life Sciences announces launch of industry’s first multiplexed Inherited Cancer reference material

MILFORD, Mass., March 23, 2017 /PRNewswire/ — SeraCare Life Sciences, Inc., a manufacturer and leading partner to global in vitro diagnostics manufacturers and clinical laboratories, is announcing the launch of the industry’s first multiplexed Inherited Cancer reference material for inherited disease testing by next-generation sequencing (NGS). The Seraseq™ Inherited Cancer DNA Mix reference materials were developed with input from industry experts to validate the ability of synthetic reference materials to address technically challenging variants. This product leverages technology that has been previously used for characterizing the performance of a genetic assay for hypertrophic cardiomyopathy and published in the November 2016 issue of The Journal of Molecular Diagnostics.

As targeted inherited disease panels continue to expand, there is a growing demand for multiplexed reference materials that cover a broad range of pathogenic variants to expedite test development and validation. The traditional practice of using reference materials from public biobanks or remnant patient samples with single pathogenic variants can be extremely time consuming and expensive. The alternative is to use reference materials broadly characterized by whole genome sequencing, but these generally contain few, if any, clinically representative variants in commonly tested genes.

As has been shown in multiple clinical studies, a significant fraction of the pathogenic variants underlying genetic diseases can be technically challenging for current assay methods. These challenging variants include large sequence insertions and deletions, very small copy number alterations, and mutations in low complexity sequences. New reference materials containing multiple examples of such variants can aid test developers in implementing and rigorously validating innovative approaches that increase test sensitivity and improve medical decision making.

The Seraseq Inherited Cancer DNA Mix addresses the lack of multiplexed reference materials for targeted NGS assays and is focused on seven genes associated with inherited cancer syndromes, including BRCA1 and BRCA2. This unique product combines over 20 pathogenic variants of diverse types in a well-characterized genomic background that can be used for assay development and analytical validation.

„We are very excited to develop and launch this first of its kind multiplexed reference material with input from industry experts in the field of inherited disease. The inclusion of common, rare and technically challenging variants will expedite both the development and appropriate use of multi-gene inherited disease tests,” said Russell Garlick, Ph.D., Chief Scientific Officer at SeraCare. „Our innovative Seraseq Inherited Cancer DNA Mix reference materials can provide the assurance that test developers require, while also potentially enabling laboratories to monitor long-term performance that is simply not possible using remnant specimens or currently available cell lines.

Additional information about SeraCare’s Inherited Disease solutions is available at: https://www.seracare.com/inherited 

Learn more about the Seraseq Inherited Cancer DNA Mix reference material at: https://www.seracare.com/products/controls-and-reference-materials/ngs-reference-materials-ruo/seraseq-inherited-cancer-dna-mix-v1/

About SeraCare Life Sciences, Inc.
SeraCare enables the promise of precision medicine by advancing the understanding of disease and providing assurance of the diagnostic result. Our innovative tools and technologies not only provide assurance of the safe, effective, and accurate performance of diagnostic assays but also establish a framework for regulating, compiling, and interpreting data from precision diagnostics. Our portfolio includes a broad range of products such as quality control technologies, disease-state specimens and tissues for research and development, processed biological materials, and immunoassay reagents. For more information, please visit www.seracare.com and follow SeraCare on Twitter (@SeraCare).

Company Contact:
Heather DelCarpini
SeraCare Life Sciences, Inc.
508.244.6429
hdelcarpini@seracare.com
www.seracare.com

SOURCE SeraCare Life Sciences, Inc.

Eurocontrol’s Xenemetrix to Introduce P-Metrix at 2017 American Chemical Society Spring Conference, San Francisco

/EINPresswire.com/ — TORONTO, ONTARIO–(Marketwired – Mar 23, 2017) – Eurocontrol Technics Group Inc. (TSX VENTURE:EUO)(OTCQB:EUCTF) („Eurocontrol” or the „Company”), a Canadian public company specializing in the acquisition, development and commercialization of innovative test and measurement technologies for industry with application systems focused on the energy security, semiconductor and precision farming sectors, is pleased to announce that its wholly owned subsidiary Xenemetrix Ltd. („Xenemetrix”) will be presenting its diverse lines of X-ray fluorescence (XRF) instrumentation at the 2017 ACS Spring Conference being held April 3rd through April 6th at the Moscone Convention Center in San Francisco, California.

American Chemical Society (ACS) National Meetings provide researchers with current scientific, professional and product information news through various poster sessions, exhibitions, seminars and networking events and the theme for the ACS Spring Conference is „Advanced Materials, Technologies, Systems and Processes”. Xenemetrix will be featuring its cutting edge X-ray analytical instrumentation at booth 1706.

Analytical and industrial instrumentation from Xenemetrix range from portable field or at-line instrumentation, benchtop units ranging in performance to floor standing advanced capability laboratory instrumentation. Among the instruments on display at the event will be the Xenemetrix P- Metrix portable analyzer. The P-Metrix Portable ED-XRF analyzer is a compact ED-XRF system that is designed to produce lab quality results in the field or at-line. Also being featured at the convention will be X-Calibur, Xenemetrix’s powerful 50kV, 50W direct excitation system that has a selection of Primary Beam Filters / Collimators to enhance performance and for the ultimate in sensitivity and compact size, Xenemetrix will feature its Genius IF, a system that provides monochromatic excitation using the Xenemetrix WAG geometry secondary targets that provides sub ppm detection limits for a wide range of elements – features that push back the frontiers of performance providing a very sensitive analytical tool at a very affordable price point.

Bruce Rowlands, Chief Executive Officer stated, „Our participation of the ACS convention in San Francisco will provide a great opportunity to showcase Xenemetrix’s leading edge product line to the broader scientific community. Like Isranalytical, we anticipate that the Xenemetrix product line will be well received.”

About Xenemetrix Ltd.

With ~1,300 systems sold to leading institutions worldwide, Xenemetrix is a leader in Energy Dispersive X-Ray Fluorescence (ED-XRF) spectroscopy systems and components for a wide range of industries and applications. Located in Israel’s high tech industrial zone, Xenemetrix holds a number of certifications and is the recipient of Frost & Sullivan Best Practices Awards in 2015 and 2010 for Global Analytical X-Ray Instrumentation Price Performance Value Leadership and Global ED-XRF Analyzers Product Line Strategy of the Year, respectively. Xenemetrix continues to develop highly innovative technologies and solutions suitable for today’s ever-growing analytical challenges, performing non-destructive elemental analysis starting from Carbon (6) through Fermium (100), while providing detection limits from low parts-per-billion (ppb) to high weight percent (%wt). ED-XRF spectroscopy is one of the simplest, most accurate and economical analytical methods for the determination of the chemical composition of many types of materials. Xenemetrix combines the latest technological developments with innovative engineering, to provide cost-effective solutions to a wide range of industries including the petroleum, mining, marine, manufacturing, food and beverage, cosmetic and pharmaceutical industries to outline a few. Xenemetrix’s emphasis on quality combined with ongoing research and development has earned Xenemetrix an international reputation for excellence. For further information on Xenemetrix, visit www.xenemetrix.com.

About Eurocontrol Technics Group Inc.

Eurocontrol is a TSX Venture and OTCQB traded company that specializes in the acquisition, development and commercialization of innovative test and measurement technologies for industry with application technologies focused on the energy security, semiconductor and precision farming sectors based on Xenemetrix’s core technological platform of ED-XRF. Eurocontrol has three wholly owned subsidiaries, Xenemetrix Ltd., XwinSys Technology Development Ltd. and Croptimal Ltd. and an agreement with SICPA S.A. for semi-annual earn-out payments of 5% (minimum $9 million over six years) on revenues generated from the oil and gas marking and monitoring field relating to the sale of its former subsidiary Global Fluids International (GFI) S.A. Xenemetrix is a leading designer, manufacturer and marketer of ED-XRF systems, a technology that is the most accurate and economic method for determining the chemical composition of many types of materials, including the analysis of petroleum oils and fuel. Xenemetrix has an exclusive long-term supply, maintenance and support agreement with SICPA/GFI to supply SICPA/GFI with Xenemetrix products and services related to the oil and gas marking and monitoring field. XwinSys has developed a patented, fully automated metrology system for the semiconductor industry that combines 2D and 3D image processing technology with Xenemetrix’s ED-XRF technology. Croptimal, is introducing a new mobile ED-XRF spectroscopic material analysis laboratory for the precision agriculture industry that could dramatically change agricultural testing methodology and increase crop yields.

For further information on Eurocontrol, please visit the Company’s website at www.eurocontrol.ca.

For further information on P-Metrix and Xenemetrix X-ray analytical instrumentation equipment, visit the Xenemetrix website at www.xenemetrix.com.

Neither 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Forward-Looking Statements:

This press release contains forward-looking statements. More particularly, this press release contains statements. Forward-looking statements are frequently characterized by words such as „plan”, „expect”, „project”, „intend”, „believe”, anticipate”, „estimate”, „may”, „will”, „would”, „potential”, „proposed” and other similar words, or statements that certain events or conditions „may” or „will” occur. The forward-looking statements are based on certain key expectations and assumptions made by Eurocontrol. Although Eurocontrol believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Eurocontrol can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition to other risks that may affect the forward-looking statements in this press release are those set out in Eurocontrol’s management discussion and analysis of the financial condition and results of operations for the quarter ended September 30, 2016 and the year ended December 31, 2015 which are available on the Corporation’s profile at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and Eurocontrol undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Ascendant Resources Provides Progress Report on Its El Mochito Optimization Program

/EINPresswire.com/ — TORONTO, ONTARIO–(Marketwired – Mar 23, 2017) – Ascendant Resources Inc. (TSX VENTURE:ASND) („Ascendant” or the „Company„) is pleased to provide a progress report on our ongoing optimization program at the El Mochito Mine. For the first three weeks of March, mined and milled ore tonnes have averaged 1,745 tonnes per day, which is a good improvement from the average of 1,600 tonnes per day produced during January. We note that several individual days have exceeded 2,000 tonnes per day of ore. When sufficient ore has been available, the mill has demonstrated in excess of 2,200 tpd processing capacity. These increases are the result of various ongoing productivity improvement efforts including increasing the utilization of current equipment. A steady ramp-up of production is expected over the coming months with the goal of reaching nameplate plant production by the end of the year.

Personal safety continues to be a top priority for Ascendant. Over the past six weeks, the Company has placed an increased emphasis on worker safety training, proactive leadership oversight and has added personnel to the Health and Safety department to promote the programs.

Maintenance continues to be a primary focus for improvement in order to support higher, sustainable production rates. In addition to rolling out a comprehensive planned maintenance program for the existing fleet, the Company has ordered new and refurbished primary equipment including two 20-tonne trucks, and two LHD loaders, which are expected to be delivered to site within the next few months. The fleet performance will remain under evaluation during the ramp up phase with additional fleet equipment and spares being purchased as may be determined necessary by the maintenance and production teams.

Efforts to improve ventilation and underground working conditions for labour and equipment is ongoing, with various improvements already been implemented. To date these initial efforts have been successful as evidenced by the reduction in temperature at the deepest part of the mine since the beginning of the year. Work continues to further improve the conditions for our workers and equipment in support of increasing productivity.

First Lead Concentrate Sale

The Company is also pleased to announced that on March 9th, the Company completed its first lead concentrate shipment from the El Mochito mine with the sale of approximately 1,500 tonnes of lead concentrate. This was an accelerated shipment fulfilled at the request of its offtake partner via the Port of Cortes, Honduras. Typical shipments are targeted to be a minimum of 5,000 tonnes unless otherwise requested. Ascendant received payment for the provisional invoice of 90% of the shipment within 5 business days.

Collective Bargaining Agreement Negotiations Ongoing

As discussed in our press release dated February 3rd, 2017, negotiations have begun with Union representatives to complete a Collective Bargaining Agreement („CBA”). Discussions to date have been positive and the Company is optimistic that a new agreement can be completed in the second quarter that will align the interests of the Company and its workers such that all parties will benefit from the improved terms.

President and CEO, Chris Buncic commented „The past six weeks have been a critical period for the Company as our team has hastened its efforts to deliver production improvements and throughput volumes. We are only at the midpoint however, and we continue to press for further advances, remaining confident that we can reach our target of 2,200 tonnes per day on a sustainable basis. While additional equipment should advance us a long way towards that goal, we remain focused on improving our maintenance programs, horizontal development towards higher-grade ore, on improving community relations, and on general cost cutting measures.”

Ascendant Resources is also pleased to announced that members of its founding team, senior management and guests will open trading on the TSX on March 26, 2017. This ceremony helps mark the culmination of a year’s work to develop Ascendant Resources as a new TSXV listed zinc producing company. The market opening ceremony can be viewed in real-time at https://youtu.be/YfXNtxkCGDQ and on BNN television. An archive of the ceremony will also be made available at http://www.tsx.com/news/market-opens.

About Ascendant Resources

Ascendant Resources Inc. (formerly known as Morumbi Resources Inc.) is focused on producing zinc, lead and silver from 100% owned, flagship El Mochito mine in west-central Honduras. El Mochito has been in almost continuous production since 1948. The Company is evaluating producing and advanced development stage mineral resource acquisition opportunities in North, South and Central America, on an ongoing basis. The Company’s common shares are listed on the TSX Venture Exchange under the symbol „ASND”. For more information on Ascendant Resources, please visit our website at www.ascendantresources.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.

Cautionary Note Regarding Forward-Looking Information

This press release includes certain „forward-looking information” within the meaning of applicable Canadian securities legislation.

Forward-looking information is based on reasonable assumptions that have been made by Ascendant as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Ascendant to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the successful appointment of Neil Ringdahl as Chief Operating Officer; the successful change in the Corporation’s financial year-end; problems inherent to the marketability of base and precious metals; industry conditions, including fluctuations in the price of base and precious metals, fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects Ascendant; stock market volatility; competition; and such other factors described or referred to elsewhere herein, including unanticipated and/or unusual events. Many such factors are beyond Ascendant’s ability to control or predict.

Although Ascendant has attempted to identify important factors that could cause actual outcomes to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate as actual outcomes and future events could differ materially from those reliant on forward-looking information.

All of the forward-looking information given in this press release is qualified by these cautionary statements and readers are cautioned not to put undue reliance on forward-looking information due to its inherent uncertainty. Ascendant disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by law. This forward-looking information should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.

Zest Labs Demonstrates Proactive Fresh Food Management throughout the Supply Chain

/EINPresswire.com/ — ROGERS, AR–(Marketwired – March 23, 2017) – Zest Labs Inc., a wholly owned subsidiary of Ecoark Holdings, Inc. (OTCQX: EARK) and provider of Zest Fresh, a freshness management solution for produce, meats, seafood and dairy recently demonstrated the benefits of a field-to-shelf, proactive freshness management solution, as highlighted by a recent industry white paper discussing available technologies to address the issue.

Historically, post-harvest agriculture operations have been managed by experience and summary reports or audits. Whether due to the very distributed nature of harvesting and processing, or the predominantly manual processing involved, little has been done to collectively monitor each of these processes in real time. While many other industries have adopted real-time process monitoring and feedback to improve quality consistency — such as car manufacturers in the 1980s — this methodology has not yet been adopted in post-harvest agriculture. Zest Labs has shown the benefits of real-time monitoring and feedback for post-harvest processing, through a significant improvement in the quality consistency of delivered product.

A recent article, „Preemptive Freshness Management,” published by Chainlink Research, highlights the benefits of real-time, data driven feedback in managing the fresh food harvest and distribution processes. „Zest Fresh leads the industry in providing preemptive freshness management capabilities for fresh food, addressing core industry challenges with its approach. Zest Fresh offers both the breadth and depth to cover critical processes from the field to the pack house, and through distribution and retail delivery,” stated Bill McBeath, Chief Research Officer at Chainlink Research. As the Chainlink Research article states, empowering the worker in real time is critical to delivering quality consistency, which is a primary contributor to customer satisfaction and avoiding fresh food waste.

Zest Fresh monitors products at the pallet level from harvest through pack house operations, providing real-time feedback that empower workers to maintain best practices. Real-time feedback includes alerts, process specific mobile applications and web dashboards, all of which reflect pallet-level process adherence against product and vendor specific parameters. Zest Fresh feedback includes prescriptive corrective actions that consider many variables including the current product condition and product volume at each process step, processing equipment availability, daily product demand, and required freshness for planned shipments. The knowledge driving the corrective actions, combined with the real-time availability of the information, equip workers to make better tradeoffs, and consistently deliver high quality product.

„Zest Fresh provides an end-to-end solution for managing freshness, using automated data capture and Cloud-based, real-time analytics to enable workers to make the best decisions,” states Peter Mehring, CEO of Zest Labs. „By knowing the condition of each individual pallet, and the current constraints at each process step, Zest Fresh can optimize the trade-offs at key decision points in real-time, making it easy for workers to do the right thing.”

About Zest Labs Inc.

Zest Labs is a company of passionate problem solvers, addressing the significant challenge of reducing fresh food waste. Zest Fresh is a fresh food management solution that focuses on three primary value propositions — consistent food quality, reduced waste, and improved food safety. Zest Fresh empowers workers with real-time tools and alerts that improve efficiency while driving quality consistency through best practice adherence on every pallet. Zest Fresh drives both business success and environmental sustainability by significantly reducing waste. Zest Labs delivers best-in-class solutions such as Zest Fresh, by addressing the science at the core of the problem, and then provides the tools that make it easy to do „the right thing” every time.

To learn more about Zest Labs, please click here.
To watch a video about Zest Fresh, please click here.

About Ecoark Holdings Inc.

Based in Rogers AR and founded in 2011, Ecoark Holdings, Inc. is a growth-oriented company based in the retail and logistics hub of Northwest Arkansas. Ecoark’s portfolio of technology solutions increase operational visibility and improve organizational transparency for a wide range of corporate clients.

Ecoark’s technologies fight waste in Operations, Logistics, and Supply Chains across the evolving global economy. Ecoark’s portfolio of companies and technologies work to integrate people, processes, and data in order to overcome ingrained operational hurdles and create new revenue streams.

Ecoark’s vision is to expose the cycles of waste that reduce efficiency and cost effectiveness across the business landscape. Ecoark’s strategically acquired subsidiaries have anticipated and responded to key economic factors impacting every business today.

Ecoark addresses these vital economic factors through four active subsidiaries, Zest Labs, Eco3d, Pioneer Products, and Magnolia Solar.

For more information, please visit www.ecoarkusa.com.

Forward Looking Statement:

This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations and statements relating to our expectations regarding the completion of the proposed registered offering. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern; adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Other factors that may cause such a difference include, without limitation, risks and uncertainties related to market and other conditions, the satisfaction of customary closing conditions related to the proposed registered offering and the impact of general economic, industry or political conditions in the United States or internationally. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.

Excellon Reports 2016 Annual and Fourth Quarter Financial Results and Update on Optimization Plan

TORONTO, ON–(Marketwired – March 23, 2017) – Excellon Resources Inc. (TSX: EXN) (TSX: EXN.WT) (OTC: EXLLF) („Excellon” or the „Company”) is pleased to report on corporate, operational and financial results for the three- and twelve-month periods ended December 31, 2016 and provide an update on the ongoing optimization plan (as further described below, the „Optimization Plan”) at the Company’s Platosa Mine in Durango, Mexico.

2016 Corporate and Operational Highlights

  • Advanced implementation of optimization plan at Platosa, with aim of doubling productivity and halving costs during 2017 — optimization plan in final implementation phase, with dry mining conditions expected during Q2 2017
  • Successful financings provided capital for optimization plan and $5 million exploration program at Platosa and addition of key new shareholder, Eric Sprott
  • Closed sale of DeSantis Property in Timmins, Ontario in Q2 2016 for shares of Osisko Mining Corporation that have gained +300% since closing of the transaction
  • Key exploration results near mine infrastructure include 13 metres of 662 g/t Ag, 4.9% Pb, 25.5% Zn and 0.57 g/t Au and 3 metres of 795 g/t Ag, 9.25% Pb and 25.85% Zn
  • Positive initial court resolution from Agrarian Tribunal of litigation with the Ejido La Sierrita
  • Negotiated improved offtake terms for 2017 with approximately 60% reduction in treatment and refining charges
  • Addition of key expertise to management team with appointment of Vice President Technical Services, Denis Flood, Vice President Geology, Ben Pullinger, and Vice President Corporate Responsibility, Dr. Craig Ford
  • Addition of highly-regarded board appointees, Dr. Laurie Curtis and Daniella Dimitrov

2016 Financial Highlights

  • Revenue of $17.0 million (2015 – $16.2 million)
  • Production of 1.3 million silver equivalent („AgEq”) ounces (2015 – 1.4 million AgEq ounces)
  • Sales of 1.1 million AgEq ounces payable (2015 – 1.3 million AgEq ounces payable)
  • Mine operating earnings of $0.7 million (2015 – loss of $2.5 million)
  • Approximately 83% of tonnage mined during 2016 was from outside mineral resources, resulting in minimal depletion of Platosa mineral resources during the year
  • Adjusted net loss of $3.4 million or $0.05/share (2015 – adjusted net loss of $4.0 million or $0.07/share), excluding non-cash financing costs associated with outstanding convertible debentures (the „Debentures”) issued in November 2015
  • Cash, current accounts receivable and marketable securities totaled $7.7 million at December 31, 2016 (December 31, 2015 – $4.0 million)
  • Net working capital totaled $8.6 million at December 30, 2016 (December 31, 2015 – $5.5 million)

„We laid the foundations in 2016 for a significant transition in Excellon’s fortunes over the course of 2017,” stated Brendan Cahill, President and Chief Executive Officer. „We materially advanced and are now near completion of our optimization plan at Platosa, which has already proven effective and promises to improve mine production and costs during the latter half of 2017, with dry mining conditions at Platosa expected to be achieved finally during Q2 2017. We expect to have an update on drawdown rates in the near term as more data are collected. Production during 2016, though certainly below mine potential, only minimally depleted Platosa mineral resources, leaving more high-grade resources to mine at higher-rates and lower costs under dry mining conditions in the coming years. Additionally, our resumption of exploration at Platosa has delivered high-grade and near-term accessible mineralization. We plan to move further afield in the coming quarters, including resumption of exploration for skarn- Source/CRD mineralization. Most importantly, however, we have added exceptional new people to our team and look forward to fully drawing on their experience going forward to improve our performance.”

Update on Optimization Plan

The Company is pleased to provide an update on the ongoing optimization program at Platosa. As further described in the Company’s annual information form (the „AIF”), the Company has developed an optimization program to more effectively dewater Platosa through an enhanced well-pumping system. The optimization program will maintain and increase a localized „cone of depression” of the water table around mine workings, ultimately resulting in dry mining conditions at Platosa. Under dry mining conditions, the Company expects to achieve higher rates of production at lower costs relative to current and historical production at Platosa. Refer to the AIF for a summary estimates on Platosa production rates and costs subsequent to the completion of the optimization program.

In December 2016, the Company completed the installation and testing of the primary booster station (comprising four 600hp pumps) in Guadalupe South. The Company also installed two additional 250hp submersible pumps in Guadalupe South. The initial results from these wells exceeded expectations, with the drawdown over the first week in excess of one metre. During Q1 2017, the Company completed well drilling and focused on advancing well cleaning and installing submersibles as wells were prepared. The well-cleaning process has proven effective and is essential to the project’s long-term success. All submersibles have been delivered and are ready to be installed as wells are cleaned and the installation of the secondary booster station is nearing completion. The Company currently expects to reach 25,000 gpm pumping by mid-April, effectively reaching the Optimization Plan’s long-term target. Additional submersible installations will be completed during Q2 to further enhance pumping rates.

Financial Results

Financial results for the three- and twelve-month periods ended December 31, 2016 and 2015 were as follows:

                 
(‚000s of USD, except amounts per share and per ounce)   Q4 2016   Q4 2015   2016   2015
Revenue (1)   3,354   2,477   16,994   16,167
Production costs   (3,620)   (3,318)   (13,906)   (15,611)
Depletion and amortization   (696)   (675)   (2,435)   (3,080)
Cost of sales   (4,316)   (3,993)   (16,341)   (18,691)
Gross profit (loss)   (961)   (1,516)   653   (2,524)
 
Corporate administration   (1,214)   (976)   (3,477)   (3,309)
Exploration   (809)   (123)   (1,345)   (685)
Other   (1,112)   424   (971)   (354)
Impairment of mineral rights     (662)   156   (662)
Royalty Income     726     726
Net finance cost   2,367   (381)   (11,288)   (446)
Income tax recovery   1,674   831   2,201   2,214
Net loss   (55)   (1,677)   (14,071)   (5,040)
Adjusted net loss (2) (3)   (2,489)   (676)   (3,408)   (4,039)
Loss per share – basic   (0.00)   (0.03)   (0.21)   (0.09)
Adjusted profit/loss per share – basic   (0.03)   (0.01)   (0.05)   (0.07)
 
Cash flow from (used in) operations (4)   (3,147)   (1,492)   (3,291)   (1,867)
Cash flow from (used in) operations per share – basic   (0.04)   (0.03)   (0.05)   (0.03)
 
Production cost per tonne (5)   251   255   250   275
Cash cost per payable silver ounce ($/Ag oz)   18.48   19.86   13.42   15.11
All-in sustaining cost („AISC”) per silver ounce payable ($/Ag oz)   71.17   34.92   33.04   22.58
Adjusted AISC per silver once payable (6)   48.49   34.92   25.82   22.58
                 
(1)   Revenues are net of treatment and refining charges.
(2)   Adjusted net losses reflect results before fair value adjustments on embedded derivatives and warrants related to the Debentures (as defined below) (Q4 2016 – $2.4 million gain; Q4 2015 – $0.3 million loss; 2016 – $10.8 million loss, 2015 – $0.3 million loss). The fair value adjustment derives from the performance of the Company’s stock during each period (Q4 2016 – $1.88 to $1.64; 2016 – $0.31 to $1.64; Q4 2015 and 2015 – $0.25 at inception to $0.31), resulting in variances in valuation/cost upon the potential conversion or exercise of the debentures or warrants, respectively.
(3)   Adjusted net loss for Q4 2015 and 2015 reflects results before $0.7 million impairment charge on DeSantis exploration property in Canada that was subsequently sold in 2016.
(4)   Cash flow from operations before changes in working capital.
(5)   Production cost per tonne includes mining and milling costs excluding depletion and amortization.
(6)   Adjusted AISC per payable silver ounce excludes the relatively one-time sustaining capital expenditures associated with the „Platosa Optimization Plan” described below (associated cash expenditures were $2.8 million in Q4 2016 and $4.8 million in 2016).
     

As in recent years, 2016 production at Platosa was impacted by water inflows, which prevented access to certain zones included in the mine plan. Consequently, available mineralization was mined in historical remnant areas and in newly identified mineralization outside of the Platosa mineral resource block model. Though the deposit is tightly drilled at 15 metre centres, manto boundaries are generally erratic and additional mineralization is often encountered outside of the resource block model. During the year, approximately 83% of produced tonnes were mined from outside the resource block model, with the predominance of tonnage mined from the Rodilla area (41,800 tonnes, with 8,700 tonnes mined from within the Rodilla resource block model), resulting in minimal depletion of mineral resources at Platosa during the year. Mineralization mined from outside the block model tended to be more erratic and thus subject to higher dilution than planned, resulting in lower grades than set out in the Company’s mine plans for 2016. The Company expects grades to increase and mine planning to be more in line with expectations and historical trends when the Optimization Plan becomes fully effective during Q2 2017.

Production costs in 2016 of $13.9 million were reduced by $1.7 million relative to 2015, while producing similar tonnage, a reflection of the continuous cost reductions at the operation. Cost per tonne of $250/t in 2016 improved from $275/t in 2015. Approximately 15% of these cost savings relate to beneficial movements in the exchange rate for the Mexican peso, while the other 85% derived from management’s efforts to reduce and more effectively manage costs.

During Q4 2016, the Company generated higher net revenues of $3.3 million (Q4 2015 – $2.5 million) due to higher silver equivalent payable ounces of 241,867 in Q4 2016 (Q4 2015 – 230,270 AgEq ounces) resulting from higher lead and zinc prices. Revenue of $17.0 million in 2016 improved by 5% (2015 – $16.2 million) despite a 12% decrease in silver ounces payable of 1,133,789 due to lower grades produced and higher realized silver prices of $17.38 (2015 – $15.15).

The Company recorded a net loss of $55,000 in Q4 2016 (Q4 2015 – net loss of $1.7 million). The Company’s adjusted net loss of $2.5 million in Q4 2016 reflects the period’s results before recording a $2.4 million fair value adjustment gain on embedded derivative and warrants relating to the Debentures in accordance with IFRS (Q4 2015 – $0.7 million). For 2016, the Company recorded a net loss of $14.1 million (2015 – net loss of $5.0 million). The Company’s adjusted net loss for 2016 was $3.4 million before (i) a $10.8 million fair value adjustment loss on embedded derivative and warrants related to the debentures and (ii) a $0.2 million reversal of impairment on the DeSantis exploration property sold in the period (2015 – $4 million).

General and administrative expenses of $1.2 million in Q4 2016 increased by 24% compared to Q4 2015, primarily resulting from increased marketing, hiring of new officers, appointing new directors and additional vesting of stock based compensation during the quarter. Cash corporate administrative expenses of $0.8 million in Q4 2016 remained comparable to Q4 2015 of $0.7 million. For the year, general and administrative expense of $3.5 million was comparable to $3.3 million in 2015, with cash expenditures being $2.5 million compared to $2.4 million in 2015. The Company continues to maintain cost discipline at the corporate head office in Toronto.

The Company spent $0.8 million in exploration in Q4 2016 (Q4 2015 – $0.1 million) as it continued its surface drill program at Platosa, with an additional 2,500 metre drilled in the quarter for a total of 3,500 metres drilled in 2016. Drilling will continue to focus on expanding the current footprint of manto mineralization at Platosa as part of an ongoing 25,000 metre drilling program. Overall, exploration cost for 2016 was $1.3 million (2015 – $0.7 million).

In 2016, the Company invested $8.2 million in capital expenditures, with $4.8 million spent in capital expenditures for the Optimization Plan and the remaining $3.4 million spent on other sustaining capital expenditures, including $0.9 million on two new scoop trams, $0.5 million on a new jumbo and increased mine development of $1.3 million. As the Optimization Plan continues to move towards completion in 2017, a continuous review of capital expenditure programs ensures the Company’s capital resources are utilized in a responsible and sustainable manner to conserve cash in advance of a return to positive cash flow at Platosa.

Cash costs net of byproducts (or Total Cash Costs) of $9.0 million in 2016 (2015 – $10.9 million) represented an 18% improvement from 2015. Despite lower silver production in 2016, total cash cost per silver ounce payable was $13.42/ounce compared to $15.11/ounce in 2015. The Company expects total cash costs net of by-product revenues to vary from period to period as planned production and development accesses different areas of the mine with different ore grades and characteristics, with material improvements expected as the Optimization Plan takes effect.

The Company’s adjusted AISC per silver ounce payable of $48.49 in Q4 2016 (Q4 2015 – $34.92), resulted entirely from lower metal grades and, consequently, metal produced, along with the resumption of exploration drilling at Platosa. Non-adjusted AISC of $71.17 per silver ounce payable in Q4 2016 (Q4 2016 – $34.92) included significant one-time capital and development costs associated with the Optimization Plan, primarily relating to the purchase of pumping equipment, along with well-drilling costs. In 2016, the Company had an AISC of $33.04 per silver ounce payable and an adjusted AISC of $25.82 per silver ounce payable, excluding the one-time costs associated with the Optimization Plan.

Excellon defines AISC per silver ounce as the sum of total cash costs (including treatment charges and net of byproduct credits), capital expenditures that are sustaining in nature, corporate general and administrative costs (including non-cash share-based compensation), capitalized and expensed exploration that is sustaining in nature, and (non-cash) environmental reclamation costs, all divided by the total payable silver ounces sold during the period to arrive at a per ounce figure.

All financial information is prepared in accordance with IFRS, and all dollar amounts are expressed in U.S. dollars unless otherwise specified. The information in this news release should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2016 and associated management discussion and analysis („MD&A”) which are available from the Company’s website at www.excellonresources.com and under the Company’s profile on SEDAR at www.sedar.com.

The discussion of financial results in this press release includes reference to „cash flows from operations before changes in working capital items”, „cash cost per silver ounce payable”, „all-in sustaining cost per payable silver equivalent ounce”, „adjusted all-in sustaining cost per silver ounce payable” and „adjusted net income” which are non-IFRS performance measures. The Company presents these measures to provide additional information regarding the Company’s financial results and performance. Please refer to the Company’s MD&A for the year ended December 31, 2016, for a reconciliation of these measures to reported IFRS results.

Production Highlights

Mine production for the periods indicated below were as follows:

        Q4   Q4   12-Mos   12-Mos
        2016(1)   2015(1)   2016(1)   2015(1)
Tonnes of ore produced   15,320   13,145   53,234   54,485
Tonnes of ore processed   14,417   12,999   55,593   56,849
Ore grades:                    
    Silver (g/t)   375   406   456   491
    Lead (%)   3.52   3.65   4.40   4.56
    Zinc (%)   4.80   5.33   5.70   7.20
Recoveries:                
    Silver (%)   90.0   88.9   90.5   89.0
    Lead (%)   81.1   79.8   82.1   77.7
    Zinc (%)   81.3   81.3   80.1   81.6
Production:                
    Silver – (oz)   159,524   152,628   752,689   794,289
    Silver equivalent ounces (oz) (2)   305,934   259,885   1,293,815   1,429,539
    Lead – (lb)   903,763   837,903   4,427,300   4,387,358
    Zinc – (lb)   1,248,022   1,261,072   5,581,060   7,362,938
Payable: (3)                
    Silver ounces – (oz)   126,773   135,928   668,181   721,067
    Silver equivalent ounces (oz) (2)   241,867   230,270   1,133,789   1,287,018
    Lead – (lb)   740,812   780,634   4,092,790   4,212,843
    Zinc – (lb)   955,415   1,061,270   4,602,386   6,274,379
                     
Realized prices: (4)    Silver – ($US/oz)     16.70    13.95    17.38    15.15
    Lead – ($US/lb)     1.03    0.75    0.85    0.79
    Zinc – ($US/lb)     1.22    0.69    0.98    0.83
                     
(1)   Period deliveries remain subject to assay and price adjustments on final settlement with concentrate purchaser. Data has been adjusted to reflect final assay and price adjustments for prior period deliveries settled during the period.
(2)   Silver equivalent ounces established using average realized metal prices during the period indicated applied to the recovered metal content of the concentrates.
(3)   Payable metal is based on the metals shipped and sold during the period and may differ from production due to these reasons.
(4)   Average realized price is calculated on current period sale deliveries and does not include the impact of prior period provisional adjustments in the period.
     

Tonnage mined in Q4 2016 of 15,320 tonnes represented a 17% increase from the previous quarter, with milling of 14,417 tonnes in the quarter, reflecting an 11% improvement from Q4 2015. For 2016, tonnes mined and milled of 53,234 tonnes and 55,593 tonnes were comparable to 2015. Development continues to be a priority to access the higher-grade areas of the mine including the 623 Manto, hosting mineral resources of 83,000 tonnes at 1,232 g/t Ag (1,777 g/t AgEq).

Annual General Meeting

The annual and special meeting (the „Meeting”) of Excellon shareholders will be held at 4:00 p.m. (ET) on May 10, 2017 at the King Edward Hotel (Kensington Room), 37 King Street East, Toronto, Ontario. Shareholders as of March 24, 2017 will be entitled to attend and vote their shares at the Meeting. The Management Information Circular and materials related to the Meeting will be available on the Company website and SEDAR in the coming days pursuant to Notice and Access rules.

Qualified Person

Mr. Ben Pullinger, P. Geo, Vice-President Geology, has acted as the Qualified Person, as defined in NI 43- 101, with respect to the disclosure of the scientific and technical information relating to exploration results contained in this press release.

Michael Verreault, Ing., has acted as a Qualified Person as defined in NI 43-101 for disclosure in respect of the Optimization Plan in this release. Mr. Verreault has a Masters in Applied Science (Hydrogeology) and 15 years of relevant experience focused on hydrogeology. He is a certified professional engineer (OIQ 125243) by the Ordre des ingénieurs du Québec and is President of Hydro- Ressources Inc. Mr. Verreault is independent of the Company and visited Platosa several times during the preparation and ongoing implementation of the Optimization Plan referenced herein.

About Excellon

Excellon’s 100%-owned Platosa Mine in Durango has been Mexico’s highest-grade silver mine since production commenced in 2005. The Company is focused on optimizing the Platosa Mine’s cost and production profile, discovering further high-grade silver and carbonate replacement deposit (CRD) mineralization on the Platosa Project and capitalizing on the opportunity in current market conditions to acquire undervalued projects in Latin America.

Additional details on the La Platosa Mine and the rest of Excellon’s exploration properties are available at www.excellonresources.com.

Forward-Looking Statements

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release, which has been prepared by management. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, business and financing plans, business trends and future operating revenues. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward- looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any minerals produced [particularly silver], the Company’s inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties, and particularly the July 9, 2015 NI 43-101-compliant technical report prepared by Roscoe Postle Associates Inc. with respect to the Platosa Property. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

Neovia Logistics Successfully Completes Note Exchange

IRVING, Texas–(BUSINESS WIRE)–Neovia Logistics, LP, a leading third-party logistics company, announced earlier today the successful completion of the previously announced private offer by its direct parent, Neovia Logistics Intermediate Holdings, LP and Neovia Logistics Intermediate Finance Corporation.

In pursuing the note exchange, the company achieved debt reduction of more than $46 million primarily due to a cash infusion by its investors and extended the maturity of its unsecured notes from 2018 to 2020.

“The successful completion of the exchange offer and equity infusion by our owners represent a strong vote of confidence by Neovia’s shareholders and creditors,” said Pat Olney, Chief Executive Officer of Neovia. “As we enter our fifth year as a standalone company, these moves will position us for continued growth and success. We are happy to have this transaction behind us so that we can continue to focus on providing value to our customers.”

About Neovia Logistics

Neovia is a global non-asset based provider of service parts logistics, offering customized solutions to assist our clients in designing, managing and optimizing their supply chains. Neovia provides fully integrated supply chain solutions to approximately 55 large and mid-sized clients, primarily in the automotive and industrial service parts industries. Through these services, and its proprietary advanced information systems, it is able to provide our clients with tailored solutions that improve efficiency, reliability and control throughout their supply chains. Service parts logistics addresses the need for replacement aftermarket parts for automobiles, industrial machinery, infrastructure, plants and equipment. Specifically, once finished goods are produced by an original equipment manufacturer, service parts logistics helps dealers, intermediaries and end-customers acquire parts for immediate use or to replenish inventory levels.

Nanobiotix: The Independent Data Monitoring Committee Recommends the Continuation of the Ongoing Phase II/III Trial Of NBTXR3 In Soft Tissue Sarcoma

PARIS & CAMBRIDGE, Mass.–(BUSINESS WIRE)–Regulatory News:

NANOBIOTIX (Paris:NANO) (Euronext: NANO – ISIN: FR0011341205), a late clinical-stage nanomedicine company pioneering new approaches to the local treatment of cancer, today announced that the Independent Data Monitoring Committee (IDMC) has completed the interim evaluation of the Phase II/III trial results (Act.In.Sarc) of NBTXR3 in soft tissue sarcoma.

The interim evaluation was based on an analysis of the results of two-thirds of the patients included in the Phase II/III study – 104 patients were analyzed out of a total of 156. Based on the safety and available efficacy data, the IDMC has recommended the continuation of the Phase II/III trial of NBTXR3 in soft tissue sarcoma.

The IDMC’s recommendation to continue the ongoing phase II/III trial of NBTXR3 is very positive news for soft tissue sarcoma patients, and an important milestone in NBTXR3’s clinical development.” said Elsa Borghi, Nanobiotix’s Chief Medical Officer “Now, we look forward to seeing the full data analysis” she added.

The pivotal international Phase II/III study in soft tissue sarcoma was launched in Europe and Asia in October 2014 and aims to evaluate the safety and the efficacy of NBTXR3, a first in-class radio enhancer that could potentially target most solid tumors. The Phase II/III study is a prospective, randomized, multi-center, open label and active controlled two-armed study of 156 patients with locally advanced soft tissue sarcoma. The primary endpoint is the complete pathological response rate. The secondary endpoints are the objective response rate (ORR) by imaging (MRI); the evaluation of the safety profile in term of clinical and laboratory adverse events; the tumor volume changes; the resection margins and the limb amputation rate.

The IDMC is an international independent body of experts made up of scientists, statisticians and practicing physicians. Specifically, it was chartered to review and ensure: i) the data related to the primary endpoint, ii) the safety of all patients enrolled in the study, (iii) the quality of the data collected, and (iv) the continued scientific validity of the study design on two thirds of the patients treated.

The completion of recruitment for the Act.in.Sarc trial is planned by the end of Q2 2017. The full data analysis, except for long-term follow-up, is expected to be available at the end of 2017.

Based on the positive recommendation from the IDMC, the Company will communicate, over the coming weeks, its overall plan to move forward.

For more information about the study: Clinical trial.gov and http://www.actinsarc.com/.

***

About NANOBIOTIX: www.nanobiotix.com

Nanobiotix (Euronext: NANO / ISIN: FR0011341205) is a late clinical-stage nanomedicine company pioneering novel approaches for the local treatment of cancer. The Company’s first-in-class, proprietary technology, NanoXray, enhances radiotherapy energy with a view to providing a new, more efficient treatment for cancer patients.

NanoXray products are compatible with current radiotherapy treatments and are meant to treat potentially a wide variety of solid tumors including soft tissue sarcoma, head and neck cancers, liver cancers, prostate cancer, breast cancer, glioblastoma, etc., via multiple routes of administration.

NBTXR3 is being evaluated in: soft tissue sarcoma (STS), head and neck cancers, prostate cancer, and liver cancers (primary and metastases). Additionally, head and neck cancer and rectal cancer trials led by Nanobiotix’s Taiwanese partner, PharmaEngine, are underway in the Asia Pacific region. The Company filed in August 2016 for market approval (CE Marking) in Europe for its lead product NBTXR3.

The Company started in 2016 a new preclinical research program in Immuno-oncology with its lead product NBTXR3, which could have the potential to bring a new dimension to cancer immunotherapies.

Nanobiotix is listed on the regulated market of Euronext in Paris (ISIN: FR0011341205, Euronext ticker: NANO, Bloomberg: NANO: FP). The Company Headquarters are based in Paris, France, with an affiliate in Cambridge, Massachusetts.

Disclaimer
This press release contains certain forward-looking statements concerning Nanobiotix and its business. Such forward-looking statements are based on assumptions that Nanobiotix considers to be reasonable. However, there can be no assurance that the estimates contained in such forward-looking statements will be verified, which estimates are subject to numerous risks including the risks set forth in the update of the reference document of Nanobiotix filed with the French Financial Markets Authority (Autorité des Marchés Financiers) under number D.16-0732-A01 on December 27, 2016 (a copy of which is available on www.nanobiotix.com) and to the development of economic conditions, financial markets and the markets in which Nanobiotix operates. The forward-looking statements contained in this press release are also subject to risks not yet known to Nanobiotix or not currently considered material by Nanobiotix. The occurrence of all or part of such risks could cause actual results, financial conditions, performance or achievements of Nanobiotix to be materially different from such forward-looking statements.

This press release and the information that it contains do not constitute an offer to sell or subscribe for, or a solicitation of an offer to purchase or subscribe for, Nanobiotix shares in any country. At the moment NBTXR3 does not bear a CE mark and is not permitted to be placed on the market or put into service until NBTXR3 has obtained a CE mark.

LegalShield CEO Jeff Bell Joined a Panel of Legal Experts at SXSW to Discuss Affordable Legal Services and Equal Access to Justice

AUSTIN, Texas–(BUSINESS WIRE)–Jeff Bell, Chief Executive Officer of LegalShield, one of North America’s leading providers of affordable legal plans and the IDShield identity theft solution for individuals, families and small businesses, moderated a panel session on Tuesday, March 14 at the South by Southwest (SXSW) Conference and Festivals in Austin, Texas. The session, titled “Affordable and Accessible Lawyers: Really?”, focused on the existing justice gap in the United States, where citizens are forced to play against law firms that are too expensive or simply trying to fill a capacity gap of billable hours.

The panelists included Michael Hunter, Attorney General of the State of Oklahoma, Judy Perry Martinez, chair of the American Bar Association Presidential Commission on the Future of Legal Services and Daniel B. Rodriguez, Dean of Northwestern University School of Law, who participated via video conferencing. All three participants spoke passionately about the need for affordable legal services, the need for law schools to enable students to better service those in need and how technology and the shared economy are transforming the way citizens access lawyers and law firms.

Hunter, the former Oklahoma Secretary of State and first assistant attorney general, was appointed to the position of attorney general in February 2017. He worked as chief legal advisor for the former administration, overseeing a staff of more than 200 lawyers, law enforcement agents and staff.

“There is going to be continuing disruption in the legal marketplace and increased competition,” he said. “You can do your research on the internet now and determine which law firms are good and will fit your needs, and that competition is going to cause rates to go down.”

Perry Martinez served as Vice President and Chief Compliance Officer of Northrop Grumman Corporation. Before being named CCO, Judy oversaw Northrop Grumman’s litigation for the western half of the country and was named to the Company’s Diversity and Inclusion Leadership Council. Prior to joining Northrop in 2003, she was a commercial litigator at the New Orleans law firm of Simon, Peragine, Smith & Redfearn for 21 years where she was a member of the management committee. Earlier this year, Judy retired from Northrop Grumman to pursue a full-time career in public service.

“One of the challenges and opportunities of the American Bar Association is to empower lawyers to be more efficient so they can spend more time doing what they do best, so they can help more people and do it at rates that will be affordable,” said Perry Martinez.

Rodriguez was appointed Dean and Harold Washington Professor at Northwestern Pritzker Law School in January 2012.

A nationally prominent law teacher and scholar, Rodriguez’s principal academic work is in the areas of administrative law, local government law, and constitutional law. He also has a special interest in the law-business-technology interface and its impact on the future of legal education. He is a leader in the application of political economy to the study of public law and has authored or co-authored a series of influential articles and book chapters in this vein.

“We are in the business of training students to become lawyers, but we are also in the business of advancing the rule of law,” said Rodriguez.

“LegalShield was founded over 45 years ago on the principle of providing all citizens with access to affordable legal services, and we were thrilled to have a high-profile platform at SXSW to share our insights on how technology and the shared economy are disrupting the legal profession,” said Bell.

About LegalShield

LegalShield is one of the North America’s leading providers of legal safeguards for individuals, families and small businesses. The company also offers one of the industry’s most affordable and comprehensive identity theft plans, IDShield. LegalShield plans provide protection to more than 4.2 million individuals, and IDShield provides identity monitoring and restoration services to more than one million individuals across North America. In addition, LegalShield and IDShield serve more than 141,000 businesses.

For as low as $20 per month, LegalShield members get access to attorneys with an average of 19 years of experience in areas such as family matters, estate planning, financial and business issues, consumer protection, tax, real estate, benefits disputes and auto/driving issues. Unlike other legal plans or do-it-yourself websites, LegalShield has dedicated law firms in 50 states and four provinces in Canada that members can call for help without having to worry about high hourly rates.

For more information, visit http://www.LegalShield.com or http://www.IDShield.com.

Advanced Accelerator Applications Reports 23% Sales Growth for Fiscal 2016; Continued NETSPOT® Launch Success

On Track to Resubmit NDA for lutetium Lu 177 dotatate (Lutathera®) to FDA in Mid-2017

Conference Call Today at 10:00 a.m. ET

2016 Key Events:

  • Sales for full-year 2016 increased 23% compared to 2015
  • Closed $150 million follow-on public offering and subsequent underwriters option to purchase additional $22.5 million
  • The U.S. Food and Drug Administration (FDA) issued a Complete Response Letter on the New Drug Application (NDA) for investigational therapeutic, lutetium Lu 177 dotatate (Lutathera®)
  • Successfully launched NETSPOT® in the U.S. and received Transitional Pass-Through status from the Centers for Medicare & Medicaid Services (CMS) for drug reimbursement
  • The European Commission approved the Marketing Authorization Application for SomaKit TOC
  • Achieved marketing authorization in Switzerland for DOPAVIEW and AAACholine
  • Expanded theragnostic pipeline of oncology products by in-licensing two new compounds (NeoBomb1 and PSMA-R2)
  • Enhanced supply chain and manufacturing capabilities through key acquisitions and expansion of existing network
  • More than 40 patients and 14 centers in the U.S. participated in the lutetium Lu 177 dotatate (Lutathera®) Expanded Access Program (currently more than 60 patients and 15 centers)

SAINT-GENIS-POUILLY, France, March 23, 2017 (GLOBE NEWSWIRE) — Advanced Accelerator Applications S.A. (NASDAQ:AAAP) (AAA or the Company), an international specialist in Molecular Nuclear Medicine (MNM), today announced its financial results for fiscal 2016.

Stefano Buono, Chief Executive Officer of AAA, commented, “2016 was a year of many achievements. We obtained approval for four new Positron Emission Tomography (PET) diagnostic products in a six-month period, and launched our first product in the U.S. Our supply chain and manufacturing capabilities were strengthened through several key acquisitions and the expansion of our own sites. We grew our theragnostic pipeline of oncology products by in-licensing two new compounds, NeoBOMB1 and PSMA-R2, both of which are transitioning into the clinic in 2017. Finally, we fortified our balance sheet to support our growth objectives for the coming years, including the anticipated approval and launch of lutetium Lu 177 dotatate (Lutathera®).”

“The first few months of 2017 have demonstrated continued momentum,” added Buono. Results of the Phase 3 NETTER-1 study were published in The New England Journal of Medicine, and demand for NETSPOT® continues to scale at a significant rate. With the help of our radiopharmacy partners, we have already delivered approximately 500 doses of NETSPOT® to institutions across the U.S. in the month of March; and we plan to increase our partner radiopharmacies from 20 to approximately 40 by mid-year. In December, NETSPOT® received pass-through status from CMS for drug reimbursement, and we recently announced its inclusion in the National Comprehensive Cancer Network® (NCCN®) Clinical Practice Guidelines for neuroendocrine tumors (NETs), which should facilitate coverage by private payers. Following the enthusiastic response to NETSPOT® in the U.S., we are eager for the upcoming launch of SomaKit TOC in Europe next month.

“I am also quite pleased to report that our task force has made significant progress in addressing the issues identified by the U.S. Food and Drug Administration (FDA) in their Complete Response Letter on the New Drug Application (NDA) for lutetium Lu 177 dotatate (Lutathera®). We believe we have completed the majority of the work required to revise the datasets to meet the Agency’s stated requirements; and based on our current estimates, we further believe we are on track to complete our resubmission to the FDA in mid-2017. The revised clinical datasets are currently undergoing a rigorous review by our internal statistical team and specialized consultants with specific expertise in preparation and review of oncology submissions to the FDA. This same level of scrutiny will be applied to the entire clinical section of our NDA prior to resubmission to the FDA. Throughout this process, we have also been addressing certain clarifications requested by the European Medicines Agency (EMA) during their review of the Marketing Authorization for lutetium Lu 177 dotatate (Lutathera®); and we anticipate the completion of the review and receipt of an opinion from the EMA in the third quarter, with the European Commission approval following about two months after, as is customary.”

Year-end 2016 Financial Results

Total sales for 2016 were €109.3 million (US$115.4 million(1)), a 23% year-on-year increase compared to €88.6 million (US$93.5 million(1)) in 2015. This reflects a compound annual growth rate of 28% between 2012-2016.

Operating loss for 2016 was €19.5 million (US$20.6 million(1)), compared to a loss of €9.5 million (US$10.1 million(1)) for 2015.

For the full-year of 2016, the Company reported a net loss of €25.3 million (US$26.7 million(1)), compared to a net loss of €17.0 million (US$17.9 million(1)) for 2015.

Fiscal 2016 adjusted EBITDA (see corresponding reconciliation exhibit below) was a loss of €7.5 million (US$7.9 million(1)) compared to a profit of €1.8 million (US$1.9 million(1)) for 2015.

In October 2016, AAA closed a $150 million follow-on public offering of American Depositary Shares (“ADSs”). After the closing of the public offering, the underwriters exercised their option to purchase up to $22.5 million of additional ADSs.

/EIN News/ — (1) Translated solely for convenience into US$ at the noon buying rate of €1.00=$1.0552 at December 30, 2016.

Recent Operational Updates

In January 2017, The New England Journal of Medicine published the results of the Phase 3 NETTER-1 study evaluating efficacy and safety of investigational drug lutetium Lu 177 dotatate (Lutathera®) in patients with advanced, progressive somatostatin receptor-positive midgut NETs.

In February 2017, NETSPOT® was included in the National Comprehensive Cancer Network® (NCCN®) Clinical Practice Guidelines in Oncology for NETs.

Conference Call Information

Advanced Accelerator Applications management will host a conference call today at 10:00 a.m. ET. Interested parties may participate by dialing 877-407-8133 (US) or +1-201-689-8040 (International), approximately five minutes before the call start time. A live webcast of the conference call will be available at: http://www.investorcalendar.com/IC/CEPage.asp?ID=175722. A replay of the call will be available through April 23, 2017, at 11:59 p.m. ET. Interested parties may access the replay by dialing 877-481-4010 (US) or +1-919-882-2331 (International) and entering ID number 10274. An archived webcast of the conference call will be available for 90 days on the Investor Relations page of the Advanced Accelerator Applications website: www.adacap.com.

About lutetium Lu 177 dotatate (Lutathera®)

Lutetium Lu 177 dotatate (Lutathera®) is an investigational, Lu-177-labeled somatostatin analog peptide currently in development for the treatment of gastroenteropancreatic neuroendocrine tumors (GEP-NETs), including foregut, midgut, and hindgut neuroendocrine tumors in adults. Lutetium Lu 177 dotatate (Lutathera®) belongs to an emerging form of treatments called Peptide Receptor Radionuclide Therapy (PRRT), which involves targeting neuroendocrine tumors with radiolabeled somatostatin analog peptides. This novel, investigational compound has received orphan drug designation from the European Medicines Agency (EMA) and the US Food and Drug Administration (FDA). Currently, lutetium Lu 177 dotatate (Lutathera®) is administered on a compassionate use and named patient basis for the treatment of NETs and other tumors over-expressing somatostatin receptors in ten European countries and in the US under an Expanded Access Program (EAP) for midgut NETs. New Drug Application and Marketing Authorization Application submissions to the FDA and EMA for lutetium Lu 177 dotatate (Lutathera®) are currently under review.

About Advanced Accelerator Applications

Advanced Accelerator Applications is an innovative radiopharmaceutical company that develops, produces and commercializes Molecular Nuclear Medicine products. AAA’s lead investigational therapeutic candidate, lutetium Lu 177 dotatate (Lutathera®), is a novel MNM compound that AAA is currently developing for the treatment of Neuroendocrine Tumors, a significant unmet medical need. Founded in 2002, AAA has its headquarters in Saint-Genis-Pouilly, France. AAA currently has 22 production and R&D facilities able to manufacture both diagnostics and therapeutic MNM products, and has 500 employees in 13 countries (France, Italy, UK, Germany, Switzerland, Spain, Poland, Portugal, The Netherlands, Belgium, Israel, the U.S. and Canada). AAA is listed on the Nasdaq Global Select Market under the ticker “AAAP”. For more information, please visit: www.adacap.com.

About Molecular Nuclear Medicine (“MNM”)

Molecular Nuclear Medicine is a medical specialty using trace amounts of active substances, called radiopharmaceuticals, to create images of organs and lesions and to treat various diseases, like cancer. The technique works by injecting targeted radiopharmaceuticals into the patient’s body that accumulate in the organs or lesions and reveal specific biochemical processes. MNM can be divided in two branches: Molecular Nuclear Diagnostics and Molecular Nuclear Therapy. Molecular nuclear diagnostics employs a variety of imaging devices and radiopharmaceuticals. PET (Positron Emission Tomography) and SPECT (Single Photon Emission Tomography) are highly sensitive imaging technologies that enable physicians to diagnose different types of cancer, cardiovascular diseases, neurological disorders and other diseases in their early stages. Molecular nuclear therapy uses radioactive sources (radionuclides) to treat a range of tumor types. Using short-range particles, this therapy can target tumors with little effect on normal tissues.

Reconciliation of adjusted EBITDA to net loss for the year from continuing operations for the years ended December 31, 2016 and 2015

    Twelve months   Twelve months
    December
31, 2016
  December
31, 2016
  December
31, 2015
    in USD
thousands(1)
  In € thousands
             
Net loss for the year from continuing operations      (26,690 )     (25,294 )     (17,001 )
             
Adjustments            
Finance income
(including changes in fair value of contingent consideration)
  (8,509 )   (8,064 )   (1,156 )
Finance costs
(including changes in fair value of contingent consideration)
  14,364     13,613     7,852  
Income taxes   263     249     771  
Depreciation and amortization   12,665     12,002     11,321  
             
Adjusted EBITDA     (7,908 )     (7,494 )     1,787  
Sales   115,360     109,325     88,615  
Adjusted EBITDA margin   -6.85 %   -6.85 %   2.02 %
             
(1) Translated solely for convenience into dollars at the noon buying rate of  EUR 1.00=USD 1.0552 at December 30, 2016.
 

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements. All statements, other than statements of historical facts, contained in this press release, including statements regarding the Company’s strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words „anticipate,” „believe,” „estimate,” „expect,” „intend,” „may,” „plan,” „predict,” „project,” „target,” „potential,” „will,” „would,” „could,” „should,” „continue,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements that appear in a number of places in this press release include the Company’s current expectation regarding future events and various matters, including expected timing of filings with the FDA and EMA, approval dates, and expansion of NETSPOT®. These forward-looking statements involve risks and uncertainties that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the timing of our submission of applications for regulatory approvals, EMA, FDA and other regulatory approvals for our product candidates, the occurrence of side effects or serious adverse events caused by or associated with our products and product candidates; our ability to procure adequate quantities of necessary supplies and raw materials for lutetium Lu 177 dotatate (Lutathera®) and other chemical compounds acceptable for use in our manufacturing processes from our suppliers; our ability to organize timely and safe delivery of our products or product candidates by third parties; any problems with the manufacture, quality or performance of our products or product candidates; the rate and degree of market acceptance and the clinical utility of lutetium Lu 177 dotatate (Lutathera®) and our other products or product candidates; our estimates regarding the market opportunity for lutetium Lu 177 dotatate (Lutathera®), our other product candidates and our existing products; our anticipation that we will generate higher sales as we diversify our products; our ability to implement our growth strategy including expansion in the U.S.; our ability to sustain and create additional sales, marketing and distribution capabilities; our intellectual property and licensing position; legislation or regulation in countries where we sell our products that affect product pricing, taxation, reimbursement, access or distribution channels; regulatory actions or litigation; and general economic, political, demographic and business conditions in Europe, the U.S. and elsewhere. Except as required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

YEARS ENDED DECEMBER 31, 2016 AND 2015

     
    Twelve months
In € thousands   December
31, 2016
  December
31, 2015
         
Sales   109,325     88,615  
Raw materials and consumables used   (25,697 )   (18,335 )
Personnel costs   (41,704 )   (29,520 )
Other operating expenses   (53,655 )   (44,814 )
Other operating income   4,237     5,841  
Depreciation and amortization   (12,002 )   (11,321 )
         
Operating loss     (19,496 )     (9,534 )
         
Finance income
(including changes in fair value of contingent consideration)
  8,064     1,156  
Finance costs
(including changes in fair value of contingent consideration)
  (13,613 )   (7,852 )
         
Net finance loss     (5,549 )     (6,696 )
         
Loss before income taxes     (25,045 )     (16,230 )
         
Income taxes   (249 )   (771 )
         
Loss for the year     (25,294 )     (17,001 )
         
Attributable to:         
Owners of the company   (25,294 )   (17,001 )
         
Loss per share        
Basic (€ per share)   (0.31 )   (0.25 )
Diluted (€ per share)   (0.31 )   (0.25 )
         
Some figures, in the year December 31, 2015, were reclassified for comparison purpose, without net result impact.
         

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

YEARS ENDED DECEMBER 31, 2016 AND 2015

         
    Twelve months
In € thousands   December
31, 2016
  December
31, 2015
Loss for the year     (25,294 )     (17,001 )
         
Other comprehensive income / (expense):         
         
Items that may be reclassified subsequently to profit or loss        
Exchange differences on translating foreign operations   1,039     3,239  
         
Items that will never be reclassified subsequently to profit or loss        
Remeasurement of defined benefit liability   (237 )   (559 )
         
Other comprehensive income / (expense) net of tax (1)   802     2,680  
Total comprehensive loss for the year     (24,492 )     (14,321 )
         
Total comprehensive loss attributable to:         
Owner of the company   (24,492 )   (14,321 )
         
(1) Positive tax effect of €74 thousand at December 31, 2016 and €176 thousand at December 31, 2015
         
Some figures, in the year December 31, 2015, were reclassified for comparison purpose, without net result impact.
 

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AT DECEMBER 31, 2016

         
ASSETS (in € thousands)     December 31,
2016
  December 31,
2015
  Non-current assets   149,695     116,985  
    Goodwill   34,070     22,662  
    Other intangible assets   45,027     31,884  
    Property, plant and equipment   63,915     56,332  
    Financial assets   2,187     1,512  
    Other non-current assets 3,941     4,298  
    Deferred Tax assets   555     297  
  Current assets   269,048     157,118  
    Inventories   8,100     4,105  
    Trade and other receivables   31,079     23,625  
    Other current assets   7,789     10,502  
    Cash and cash equivalents   222,080     118,886  
TOTAL ASSETS       418,743       274,103  
             
EQUITY AND LIABILITIES (in € thousands)     December 31,
2016
  December 31,
2015
  Equity attributable to owners of the Company    299,461     169,754  
    Share capital   8,795     7,856  
    Share premium   360,085     213,982  
    Reserves and retained earnings   (44,125 )   (35,083 )
    Net loss for the year   (25,294 )   (17,001 )
  Total equity   299,461     169,754  
  Non-current liabilities   79,540     68,341  
    Non-current provisions   12,725     9,968  
    Non-current financial liabilities   12,302     16,205  
    Deferred tax liabilities   4,649     2,804  
    Other non-current liabilities   49,864     39,364  
  Current liabilities   39,742     36,008  
    Current provisions   1,135      
    Current financial liabilities   4,017     5,560  
    Trade and other payables 20,119     14,710  
    Other current liabilities   14,471     15,738  
  Total liabilities   119,282     104,349  
TOTAL EQUITY AND LIABILITIES       418,743       274,103  
             
Some figures, in the year December 31, 2015, were reclassified for comparison purpose, without net result impact.
 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2016 AND 2015

   
  Twelve months
In € thousands December 31,
2016
December 31,
2015
Cash flows from operating activities  
Net loss for the year (25,294 ) (17,001 )
     
Adjustments:    
Depreciation, amortization and impairment of non-current assets 12,002   11,321  
Share based payment expense 7,157   1,794  
Loss / (Gain) on disposal of property, plant and equipment 253   367  
Financial result 5,549   6,696  
Income tax expense 249   771  
Negative goodwill recognized in other operating income and earn-out renegotiation (377 )  
Subtotal (461 ) 3,948  
     
Increase in inventories (3,354 ) (742 )
Increase in trade receivables (6,549 ) (3,572 )
Increase in trade  payables 6,018   156  
Change in other receivables and payables (299 ) (1,436 )
Increase in provisions 2,752   752  
Change in working capital  (1,432 ) (4,842 )
     
Income tax paid (3,062 ) (2,902 )
Net cash used in operating activities (4,955 ) (3,796 )
     
Cash flows from investing activities  
Acquisition of property, plant and equipment (11,351 ) (11,286 )
Acquisition of intangible assets (1,718 ) (910 )
Acquisition of financial assets (1,046 ) (99 )
Repayment of financial assets 406   278  
Interests received 569   200  
Proceeds from disposal of property, plant and equipment 108   118  
Proceeds from government grants 75    
Acquisition of subsidiaries, net of cash acquired (22,453 )  
Net cash used in investing activities (35,410 ) (11,699 )
     
Net cash from financing activities    
Payment of deferred and contingent liabilities to former owners of acquired subsidiaries (4,684 ) (1,494 )
Issuance of share capital 146,530   97,094  
Issuance of warrants 638    
Proceeds from borrowings   210  
Repayment of borrowings (5,459 ) (4,852 )
Interests paid (527 ) (827 )
Net cash from financing activities 136,498   90,131  
     
Net (decrease) / increase in cash and cash equivalents 96,133   74,636  
     
Cash and cash equivalents at the beginning of the year 118,886   45,096  
Effect of exchange rate changes on cash and cash equivalents 7,061   (846 )
Cash and cash equivalents at the end of the year 222,080   118,886  
         

Contacts:
                    
                    AAA Corporate Communications
                    Rachel Levine
                    Director of Communications
                    rachel.levine@adacap.com
                    Tel: + 1-212-235-2395
                    
                    AAA Investor Relations
                    Jordan Silverstein
                    Director of Investor Relations
                    jordan.silverstein@adacap.com
                    Tel: + 1-212-235-2394
                    
                    Media inquiries:
                    
                    Makovsky & Company
                    Lee Davies
                    ldavies@makovsky.com
                    Tel: +212-508-9651

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