SEATTLE, June 29, 2023 (GLOBE NEWSWIRE) — (June 29, 2023) Kineta, Inc. (Nasdaq: KA), a clinical-stage biotechnology company focused on the development of novel immunotherapies in oncology that address cancer immune resistance, announced today the achievement of a development milestone which triggers a $5 million payment from its research and development collaboration with Merck (known as MSD outside the United States and Canada). This collaboration, focused on the discovery and development of novel candidates for the treatment of amyotrophic lateral sclerosis (ALS), originated from an agreement between Yumanity Therapeutics and Merck.

“We are proud to achieve this milestone in our collaboration with Merck,” said Shawn Iadonato, Ph.D., Chief Executive Officer of Kineta. “This milestone payment also strengthens our financial position and allows the company to continue to focus on the clinical development of our core immuno-oncology assets.”

Following this milestone, Merck will assume sole responsibility for all future development and commercialization of the ALS program. Under the collaboration and license agreement, Kineta is eligible to receive additional milestone payments totaling up to $255 million associated with the successful development of marketed products for pipeline programs, as well as royalties on worldwide net sales.

About Kineta
Kineta (Nasdaq: KA) is a clinical-stage biotechnology company with a mission to develop next-generation immunotherapies that transform patients’ lives. Kineta has leveraged its expertise in innate immunity and is focused on discovering and developing potentially differentiated immunotherapies that address the major challenges with current cancer therapy. For more information on Kineta, please visit www.kinetabio.com, and follow Kineta on Twitter, LinkedIn and Facebook.

Cautionary Statements Regarding Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as, but not limited to, “believe,” “expect,” “estimate,” “project,” “intend,” “future,” “potential,” “continue,” “may,” “might,” “plan,” “will,” “should,” “seek,” “anticipate,” or “could” and other similar words or expressions are intended to identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on Kineta’s current beliefs, expectations and assumptions regarding the future of Kineta’s business, future plans and strategies, clinical results and other future conditions. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.

Such forward-looking statements are subject to a number of material risks and uncertainties including, but not limited to: the adequacy of Kineta’s capital to support its future operations (including its ability to complete the second tranche of the previously disclosed contemplated private placement in the third quarter of 2023) and its ability to successfully initiate and complete clinical trials; the difficulty in predicting the time and cost of development of Kineta’s product candidates; Kineta’s plans to research, develop and commercialize its current and future product candidates, including, but not limited to, KVA12123; the timing and anticipated results of Kineta’s planned pre-clinical studies and clinical trials and the risk that the results of Kineta’s pre-clinical studies and clinical trials may not be predictive of future results in connection with future studies or clinical trials; the timing of the availability of data from Kineta’s clinical trials; the timing of any planned investigational new drug application or new drug application; the risk of cessation or delay of any ongoing or planned clinical trials of Kineta or its collaborators; the clinical utility, potential benefits and market acceptance of Kineta’s product candidates; Kineta’s commercialization, marketing and manufacturing capabilities and strategy; developments and projections relating to Kineta’s competitors and its industry; the impact of government laws and regulations; the timing and outcome of Kineta’s planned interactions with regulatory authorities; Kineta’s ability to protect its intellectual property position; Kineta’s estimates regarding future revenue, expenses, capital requirements and need for additional financing; the intended use of proceeds from the registered direct offering completed in April 2023; and those risks set forth under the caption “Risk Factors” in the Company’s most recent Annual Report on Form 10-K filed with the SEC on March 31, 2023, and Quarterly Report on Form 10-Q filed with the SEC on May 11, 2023, as well as discussions of potential risks, uncertainties and other important factors in Kineta’s subsequent filings with the SEC. Any forward-looking statement speaks only as of the date on which it was made. Except as required by law, Kineta undertakes no obligation to publicly update or revise any forward-looking statement, whether as result of new information, future events or otherwise.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Kineta, Inc. :
Jacques Bouchy
EVP Investor Relations & Business Development
+1 206-378-0400
jbouchy@kineta.us

Investor Relations:
John Mullaly
LifeSci Advisors, LLC
jmullaly@lifesciadvisors.com

Source: Kineta, Inc.

Trial met primary endpoint with the 60 mcg dose, with BXCL501 demonstrating a statistically significant 39% greater reduction in PEC score from baseline compared to placebo at 2 hours (p=0.0112)

Met key secondary endpoint with statistically significant reduction (p=0.0185) in agitation symptoms versus placebo, as measured by PEC score change from baseline at 1 hour with 60 mcg dose; multiple secondary measures support efficacy

443 episodes for 149 patients were treated over 12 weeks across all doses; dosing with 60 mcg showed a similar reduction in agitation for first and all treated episodes at 1 and 2 hours, as measured by average change in PEC score  

BXCL501 was well tolerated with no drug-related serious adverse events over trial duration

Company intends to engage with FDA in H2 2023 on a potential path to sNDA submission 

BioXcel Therapeutics to host conference call today at 8:00 a.m. ET

NEW HAVEN, Conn., June 29, 2023 (GLOBE NEWSWIRE) — BioXcel Therapeutics, Inc. (Nasdaq: BTAI), a biopharmaceutical company utilizing artificial intelligence approaches to develop transformative medicines in neuroscience and immuno-oncology, today announced positive topline results for TRANQUILITY II, a Phase 3 trial of BXCL501, the Company’s proprietary, orally dissolving film formulation of dexmedetomidine under investigation for the acute treatment of Alzheimer’s disease-related agitation.

The Phase 3 trial met its primary efficacy endpoint with the 60 mcg dose; a statistically significant and clinically meaningful 7.5 point reduction from baseline in Positive and Negative Syndrome Scale-Excitatory Component (PEC) total score was observed at 2 hours versus 5.4 with placebo (p=0.0112). The 60 mcg dose also met the first key secondary endpoint of reducing agitation symptoms at 1 hour during the first episode of agitation (p=0.0185) but did not meet the other key secondary endpoint of change from baseline in PEC score at 30 minutes.

Efficacy for this dose was supported by a number of secondary measures, including CGI-I and ACES. Most patients (76%) responded to the first 60 mcg dose and were determined to be “Very Much” or “Much Improved” (CGI-I of 1 or 2) compared to 50% with placebo. The primary endpoint was not met for the 40 mcg dose, with a 5.7 point reduction from baseline in PEC score.

BXCL501 continued to show a PEC reduction over repeated dosing. A total of 443 episodes were dosed over the 12-week trial period, including 294 episodes occurring after the first treatment across all dose groups. Dosing with 60 mcg showed a reduction in PEC total score from pre-dose versus placebo at 1 hour (p=0.011) and 2 hours (p=0.0044) for all episodes of agitation.

“We believe these results represent a significant milestone for BioXcel Therapeutics and a potential important step forward in our goal to helping those impacted by Alzheimer’s disease,” said Vimal Mehta, CEO of BioXcel Therapeutics. “Today, there are approximately 100 million Alzheimer’s-related agitation episodes in the U.S. annually, and there are no episodic treatment options for these patients. We believe that our data from TRANQUILITY II show that BXCL501 has the potential to treat acute episodes of agitation in patients with mild to moderate Alzheimer’s disease, if approved. This is particularly critical as the prevalence of this disease is expected to nearly double over the next 15 to 20 years. We are excited at the prospect of continuing to expand BXCL501’s market potential.”

BXCL501 was well tolerated, with a side effect profile substantially consistent with prior trials of BXCL501 and the current label for IGALMI. The 60 mcg dose had previously been evaluated in different patient populations and in healthy volunteers. Data from TRANQUILITY II add to this safety database and show that the majority of safety events occurring within 24 hours of dosing in this population were mild or moderate in severity and consistent with the current IGALMI label. In addition, dosing for subsequent episodes did not result in a meaningful increase in the number of adverse events and no treatment-related serious adverse events were observed over the 12-week study period.

For all 443 episodes over the 12-week period, there were no syncope or falls related to trial drug. All falls except one with placebo were outside the 24-hour treatment window (5 falls in the 40 mcg arm, 7 falls in the 60 mcg arm, and 5 falls in the placebo arm).

“I believe that the results from the TRANQUILITY II trial are an exciting development for potentially addressing Alzheimer’s disease-related agitation,” said George Grossberg, M.D., Professor and Director Division of Geriatric Psychiatry in the Department of Psychiatry & Behavioral Neuroscience at St. Louis University School of Medicine. “In this trial, BXCL501 showed a desirable onset of action and a meaningful reduction in agitation at 2 hours with the 60 mcg dose, and was well tolerated in this patient population. I believe it has potential to be a new treatment option for a condition that not only impacts patients but also caregivers and families.”

TRANQUILITY II Topline Results

Efficacy Results at 2 Hours (Primary Endpoint)

	BXCL501 60 mcg  n=50	BXCL501 40 mcg  n=48	Placebo  n=51
Reduction in PEC Total Score  from Baseline LSM (SE)	7.5 (0.6)	5.7 (0.6)	5.4 (0.6)
p-value (vs. placebo)	0.0112*	0.7648

^{*Statistical significance achieved at 0.025}

Adverse Events of Special Interest Reported Within 24 Hours of First Dose**

Adverse Event	Severity	BXCL501 60 mcg n=50 (%)	BXCL501 40 mcg n=48 (%)	Placebo n=51 (%)
Somnolence*	Mild Moderate	8 (16.0) 1 (2.0)	6 (12.5) 2 (4.2)	2 (3.9) 0
Lethargy	Mild Moderate	2 (4.0) 1 (2.0)	1 (2.1) 1 (2.1)	1 (2.0) 0
Hypotension	Mild Moderate	7 (14.0) 1 (2.0)	4 (8.3) 0	2 (3.9) 0
Bradycardia	Mild Moderate	3 (6.0) 1 (2.0)	0 1 (2.1)	0 0
Orthostatic Hypotension	Mild Moderate	2 (4.0) 2 (4.0)	2 (4.2) 1 (2.1)	1 (2.0) 0

^{*Verbatim; drowsy or feeling sleepy}

^{** The adverse events of special interest (AESI) are defined as those related to mechanism of action of the drug. Those that are listed were observed within 24 hours after the first dose and occur with a frequency of at least 2% and greater than with placebo. Subjects are counted once at highest severity for each preferred term}

“We are extremely pleased with the positive topline results of this trial in elderly patients with Alzheimer’s disease-related agitation,” said Robert Risinger, M.D., Chief Medical Officer, Neuroscience of BioXcel Therapeutics. “The favorable safety data, along with the consistent efficacy observed for the 60 mcg dose, underscores BXCL501’s potential in mitigating a condition that impacts millions of patients and their families annually. In addition to our positive topline results with TRANQUILITY II, we have a robust safety database of more than 1,200 subjects across a range of ages, multiple neuropsychiatric conditions, and doses. Additionally, BXCL501 has been granted a Breakthrough Therapy Designation for the acute treatment of dementia-related agitation based on TRANQUILITY I data. We believe this body of evidence lays the foundation to potentially bring a differentiated acute agitation treatment option for patients with Alzheimer’s disease.”  

The Company plans to develop a path to potential sNDA submission for the acute treatment of agitation associated with Alzheimer’s disease in H2 2023, subject to further discussions with the FDA. 

Conference Call

BioXcel Therapeutics will host a conference call and webcast on June 29, 2023 at 8:00 a.m. ET to discuss the Phase 3 TRANQUILITY II trial results. To access the call, please dial 877-407-5795 (domestic) or 201-689-8722 (international). A link to a live webcast and accompanying presentation materials will be available on the Investors section of the corporate website, bioxceltherapeutics.com, and a replay will be available through September 29, 2023. 

BioXcel Therapeutics may use its website as a distribution channel of material information about the Company. Financial and other important information regarding the Company is routinely posted on and accessible through the Investors sections of its website at bioxceltherapeutics.com. In addition, you may sign up to automatically receive email alerts and other information about the Company by visiting the “Email Alerts” option under the News/Events section of the Investors & Media website section and submitting your email address. You can also review our public filings on the SEC’s website at www.sec.gov, including the Current Report on Form 8-K filed with the SEC on June 29, 2023 for additional important information relating to the TRANQUILITY II trial.

About TRANQUILITY II

TRANQUILITY II, a randomized, placebo-controlled, parallel group trial, evaluated the safety and efficacy of BXCL501 for the acute treatment of Alzheimer’s-related agitation in adults 65 years and older in assisted living facilities (ALFs) and residential care settings who required minimal assistance with activities of daily living. The trial dosed 149 patients with mild to moderate dementia. Randomized patients self-administered 40 mcg or 60 mcg of BXCL501 or placebo for agitation episodes that occurred over a 12-week period. The primary endpoint was the change from pre-dose in PEC total score at 2 hours post-dose for the first treated episode of agitation. The key secondary efficacy endpoints were PEC change from pre-dose at 1 hour post-dose of study treatment for the first treated episode of agitation, and PEC change from pre-dose at 30 minutes post-dose of study treatment for the first treated episode of agitation.

For additional information regarding the TRANQUILITY II Phase 3 trial, including data integrity and protocol adherence issues at one of the trial sites, see the Company’s Current Report on Form 8-K filed with the SEC on June 29, 2023, which should be read in conjunction with this press release.

About the Positive and Negative Syndrome Scale-Excitatory Component Score (PEC or PANSS-EC)

The PEC total score is a validated endpoint for use in clinical research to quantify the severity of a patient’s acute agitation. The PEC rating evaluates 5 elements associated with agitation: poor impulse control, tension, hostility, uncooperativeness, and excitement; each scored 1 (minimum) to 7 (maximum). The PEC total score is the sum of these 5 elements and thus ranges from 5 to 35.

About the Agitation Calmness Evaluation Scale (ACES)

ACES consists of a single item that rates overall agitation and sedation at the time of evaluation, where 1 indicates marked agitation; 2, moderate agitation; 3, mild agitation; 4, normal behavior; 5, mild calmness; 6, moderate calmness; 7, marked calmness; 8, deep sleep; and 9, unarousable.

About the Clinical Global Impressions – Improvement Scale (CGI-I)

The CGI-I scale is a widely used rating scale to assess overall improvement or change in a patient’s condition. It provides a subjective evaluation of the patient’s global improvement relative to their baseline or previous state. The scale consists of categories ranging from “Very much improved” to “Very much worse,” allowing healthcare professionals or researchers to rate the patient’s progress based on their clinical judgment.

About BXCL501

BXCL501 is an investigational proprietary, orally dissolving film formulation of dexmedetomidine, a selective alpha-2 adrenergic receptor agonist. BioXcel Therapeutics believes that BXCL501 potentially targets an important mediator of agitation, and the Company has observed anti-agitation results in multiple clinical studies across several neuropsychiatric disorders. BXCL501 is under investigation for the acute treatment of agitation associated with bipolar I or II disorder or schizophrenia in the at-home setting, for the acute treatment of Alzheimer’s-related agitation, and as an adjunctive treatment for Major Depressive Disorder. The safety and efficacy of BXCL501 for these investigational uses have not been established. BXCL501 has been granted Breakthrough Therapy designation for the acute treatment of agitation associated with dementia and Fast Track designation for the acute treatment of agitation associated with schizophrenia, bipolar disorders, and dementia.

About BioXcel Therapeutics, Inc.

BioXcel Therapeutics, Inc. is a biopharmaceutical company utilizing artificial intelligence approaches to develop transformative medicines in neuroscience and immuno-oncology. The Company’s drug re-innovation approach leverages existing approved drugs and/or clinically validated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indications. The Company’s commercial product, IGALMI (developed as BXCL501), is a proprietary, sublingual film formulation of dexmedetomidine approved for the acute treatment of agitation associated with schizophrenia or bipolar I or II disorder in adults. The safety and effectiveness of IGALMI have not been established beyond 24 hours from the first dose. For more information, please visit igalmi.com and also see the IGALMI full Prescribing Information. BXCL501 is under evaluation for at-home use for the acute treatment of agitation in bipolar and schizophrenia patients, for acute treatment of agitation associated with Alzheimer’s disease, and as an adjunctive treatment for major depressive disorder. The safety and efficacy of BXCL501 for these uses have not been established. The Company is also developing BXCL502 as a potential therapy for chronic agitation in dementia. Under its subsidiary, OnkosXcel Therapeutics, the Company is developing BXCL701, an investigational, oral systemic innate immune activator for the treatment of aggressive forms of prostate cancer and other solid and liquid tumors. The safety and efficacy of BXCL502 and BXCL701 have not been established. For more information, please visit bioxceltherapeutics.com.

Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the Company’s expected timing of, trial design and data results from, future clinical trials and future regulatory approvals of BXCL501, in particular for treatment of dementia, potential safety and tolerability features of BXCL501, the potential addressable market for BXCL501 and the potential benefits from treatment with BXCL501. When used herein, words including “anticipate,” “believe,” “can,” “continue,” “could,” “designed,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. All forward-looking statements are based upon the Company’s current expectations and various assumptions. The Company believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. The Company may not realize its expectations, and its beliefs may not prove correct. Actual results could differ materially from those described or implied by such forward-looking statements as a result of various important factors, including, without limitation, its ability to receive regulatory approval for its product candidates and the possibility that the FDA does not conclude that its product candidates satisfy the regulatory requirements for approval; dependence on third-party clinical investigators who may not comply with good clinical practice or other regulatory requirement; the outcomes of its internal and third-party investigations into one of the principal investigators on the TRANQUILITY II trial; its limited operating history; its incurrence of significant losses; its need for substantial additional funding and ability to raise capital when needed; its limited experience in drug discovery and drug development; its dependence on the success and commercialization of IGALMI, BXCL501, BXCL502 and BXCL701 and other product candidates; its lack of experience in marketing and selling drug products; the failure of preliminary data from its clinical studies to predict final study results; failure of its early clinical studies or preclinical studies to predict future clinical studies; its ability to enroll patients in its clinical trials; undesirable side effects caused by the Company’s product candidates; and the other important factors discussed under the caption “Risk Factors” in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023, as such factors may be updated from time to time in its other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While the Company may elect to update such forward-looking statements at some point in the future, except as required by law, it disclaims any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.

Contact Information

Corporate
BioXcel Therapeutics
Erik Kopp
1.203.494.7062
ekopp@bioxceltherapeutics.com

Investor Relations
BioXcel Therapeutics
Brennan Doyle
1.475.355.8462
bdoyle@bioxceltherapeutics.com

Media
David Schull or Scott Stachowiak
Russo Partners
(858) 717-2310
David.schull@russopartnersllc.com
Scott.stachowiak@russopartnersllc.com

Source: BioXcel Therapeutics, Inc.

BETHESDA, Md., June 29, 2023 (GLOBE NEWSWIRE) — Eagle Bancorp, Inc. (the “Company”) (NASDAQ: EGBN), the parent company for EagleBank, today announced a cash dividend for the second quarter of 2023, in the amount of $0.45 per share. The cash dividend will be payable on July 28, 2023 to shareholders of record on July 20, 2023.

About Eagle Bancorp: The Company is the holding company for EagleBank, which commenced operations in 1998. The Bank is headquartered in Bethesda, Maryland, and operates through thirteen branch offices, located in Suburban Maryland, Washington, D.C. and Northern Virginia. The Company focuses on building relationships with businesses, professionals and individuals in its marketplace.

Caution About Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Company operations and policies and regarding general economic conditions. These forward-looking statements are based on current expectations that involve risks, uncertainties and assumptions, including the volatility and uncertainty in global markets and economies. Because of these uncertainties and the assumptions on which the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. Readers are cautioned against placing undue reliance on any such forward-looking statements. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and other filings with the SEC. Except as required by law, the Company does not undertake to update forward-looking statements contained in this release.

EagleBank Contact
Dave Danielson
240.552.9534

ORLANDO, FL, June 29, 2023 (GLOBE NEWSWIRE) — Coda Octopus Group, Inc. (“CODA” or the “Company”) (Nasdaq: CODA), a global market leader in real-time 3D/4D/5D and 6D imaging sonar technology for real-time subsea intelligence and real time information platform diving technology, announced the election by the Board of two new directors to fill vacancies as a result of the retirement of two directors. The Company is pleased to announce the appointments of Brigadier General Anthony J. Tata (US Army, Retired) and Robert Harcourt to its Board.

Brigadier General Anthony J. Tata (US Army, Retired) most recently performed the duties of Undersecretary of Defense for Policy, the number 3 position in the United States Department of Defense, where he implemented the National Defense Strategy and worked closely with allies and partners to achieve strategic defense goals globally.

His distinguished military career includes commands in the 82^nd Airborne and 101^st Airborne Divisions and the 10^th Mountain Division, as well as many overseas operations. His military awards include the bronze star, combat action badge, ranger tab, master parachutist badge and the department of defense award for distinguished public service. He is a West Point graduate with a Bachelor of Science and has two master’s degrees in Operational Planning and International Relations. He was also a distinguished national security fellow at Harvard University’s JFK School of Government and is a successful author.

Brigadier General Tata said, “Coda Octopus’ ground breaking and unique technology for real time 3D imaging and visualization underwater coupled with its simultaneous information platform for diving through its Diver Augmented Vision Display (DAVD) system will save lives, provide better, safer infrastructure, and increased capabilities to governments and businesses globally. As the Company now pivots to an ambitious growth strategy around these technologies, I am looking forward to helping Coda Octopus on its journey to becoming an even more significant platform in bringing cutting edge patented technology not only to the commercial world but also to our military and those of our allies.”

Mr. Robert R Harcourt is a retired Audit and Advisory Partner of KPMG with a professional career spanning over 40 years, executing a variety of roles at the partnership level during this time with this leading global organization, both in the USA and Europe. Mr. Harcourt has a wide experience as an audit and advisory professional, practice manager, professional practice leader, and human resource head. He brings to the Board a wide experience in Sarbanes-Oxley. He also worked as an associate director of the Public Company Accounting Oversight Board (PCAOB) for several years. Mr. Harcourt has broad experience with a number of industries, including manufacturing. He completed a BBA in Accountancy from Pace University, is a Certified Public Accountant and has completed course work at Harvard University and Stanford University. He is also a co-author of “Supply Chain Management,” published in The CPA Journal.

Mr. Harcourt echoed Brigadier General Tata, saying, “CODA’s technology is truly impressive, and its management impresses with its vision and determination. The Company is in excellent condition, with world-leading products. I look forward to playing my part in helping management execute its vision and advance the business for its stakeholders.”

Annmarie Gayle, CODA’s Chair and CEO, said, “We are very pleased and humbled to add these exceptional individuals to our Board as we pivot the Company to its next level of performance. We look forward to leveraging their expertise and capabilities for the benefit of our stakeholders. At this pivotal and transformational time in the Company, where we are diverting our focus from our R&D to business development and global brand building, we believe that this Board composition brings us additional, targeted expertise to help management execute on its strategy for the Company.”

The vacancies were the result of the retirement from the Board of Ms. Mary Losty and Captain Charlie Plumb (Ret) with immediate effect. Ms. Gayle stated: “On behalf of the Company and the Board of Directors, I would like to thank both Ms. Losty and Captain Plumb for their service and significant contributions to the Company during their tenure on the Board. We wish each of them the best in their future endeavors.”

About Coda Octopus Group, Inc.

The Company, founded in 1994, innovates, develops, manufactures and markets subsea products (hardware and software) and solutions including its flagship real-time 3D, 4D, 5D and 6D underwater imaging sonar technology, marketed under the name “Echoscope^®” and Echoscope PIPE^® and its recently launched Diver Augmented Vision Display system (“CodaOctopus^® DAVD”). This sonar technology generates real-time 3D, 4D, 5D and 6D imaging data for inspection and mapping underwater and is used globally for numerous applications including the commercial and defense underwater market. Applications for the Echoscope^® technology include complex mapping underwater, subsea intervention, subsea asset placements, offshore renewables cable installations and surveys, marine construction, subsea infrastructure installation, mining applications, breakwater construction and monitoring, decommissioning, diving applications and port and harbor security. The recently launched new generation of diving technology, DAVD, is expected to change the way global diving operations are performed (both in the Defense and Commercial space) because it provides real time digital information for use and consumption by both the divers and the dive supervisor top-side team. It is also expected to transform the way communications are made in diving from analog audio to digital audio and to 2D and 3D visual imagery, both in textual and video format. In addition to the Marine Products business, Coda Octopus Products Ltd., CODA’s two defense engineering services businesses are operated through Coda Octopus Colmek and Coda Octopus Martech. For further information, please visit http://www.codaoctopusgroup.com or contact us at coda@codaoctopusgroup.com.

Forward Looking Statement

This press release contains forward-looking statements concerning Coda Octopus Group, Inc. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward‐looking statements. Those forward-looking statements include, without limitation, statements regarding the Company’s expectations for the growth of the Company’s operations and revenue. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, restrictions on our business operations due to the Pandemic, customer demand for our products and market prices; the outcome of our ongoing research and development efforts relating to our products including our patented real time 3D solutions; our ability to develop the sales force required to achieve our development and other examples of forward looking statement set forth in our Annual Report on Form 10-K for the year ended October 31, 2022, filed with the Securities and Exchange Commission on January 30, 2023. Coda Octopus Group, Inc. does not undertake, and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.

Contact:

Cody Slach or Jackie Keshner
Gateway Group, Inc.
(949) 574-3860
CODA@Gateway-grp.com

SHANGHAI, China, June 29, 2023 (GLOBE NEWSWIRE) —

Dear shareholders,

On behalf of Hywin Holdings Ltd., I would like to express our deepest gratitude for your unwavering trust and support. In spite of a challenging macroeconomic environment, further complicated by the pandemic in 2022, with your support and the dedication from all of our staff, Hywin was able to push ahead, finding opportunities and making breakthroughs in this past year.

Results for H1FY2023

In the first half of fiscal year 2023, Hywin recorded net revenue of RMB1.04 billion, up 17.6% year-on-year, with net income increasing by 0.3% to RMB70.58 million. As of December 31, 2022, the total number of clients had reached 146,000, up 8.7% year-on-year, including nearly 37,000 active clients, a year-on-year increase of 3.9%. Repeat investment rate from existing clients had reached 80.5% and remained at the top of the industry throughout the year. At the same time, transaction value of the wealth management business reached RMB40.11 billion, a 6.9% increase over the previous year. Client assets under management (AUM) for the asset management business increased by 114.3% year-on-year to RMB7.01 billion, with Hywin International’s external asset management (EAM) business, also known as discretionary investment for ultra-high-net-worth clients, exceeding RMB5.8 billion in AUM. As for our Hywin Health segment, the number of medical examination visits was 4,936, with an average visit price of RMB2,520, generating revenue of RMB12.44 million. The number of health management service clients totaled 1,178, with an average revenue per client of RMB21,952, which is well above industry average price levels, generating a revenue of RMB25.86 million.

I would attribute Hywin’s achievements in this past year to our unremitting pursuit of professional excellence, the continuous strengthening of our organization, the ongoing diversification of our products and business lines, as well as the implementation of a number of practical measures that helped us adapt to market changes. We announced our new “Wealth + Health” strategy, proactively adjusted our product mix, increased expansion of our overseas businesses, as well as further strengthened our risk management system.

Hywin’s Professional Capabilities

With our professional capabilities being our core competency, Hywin has accurately captured market trends and client needs for the past 17 years to help clients realize long-term value.

For the tenth consecutive year, Hywin has published 14 asset allocation white papers. Our research team is now passionately working with clients to identify opportunities for investment and wealth creation during this time of economic recovery. In addition to these 14 original papers, we have been honored to carry out in-depth research in various fields, such as the private equity investment market, family offices, digital finance, and jointly publish research reports with renown institutions and colleges including VP Bank, Shanghai Advanced Institute of Finance of Shanghai Jiao Tong University, Hong Kong University of Science and Technology, Hurun Report, Fortune, IBM, and others.

On February 20 of this year, Hywin International was elected as Vice Chair of the Hong Kong Limited Partnership Fund Association (HKLPFA). As such, we began to work with regional institutions such as Haitong International, SPDB International, China Life Insurance, CNCB Investment and other members of the Association, to further promote the development of Hong Kong into a leading domicile for global alternatives managers. Hywin International currently holds Securities and Futures Commission of Hong Kong SAR Licenses 1, 4, 5, and 9, as well as insurance brokerage license issued by the Hong Kong Insurance Authority. Hywin International is also one of the “Top Tier Families Offices” recognized by InvestHK.

Hywin International has rapidly expanded our franchise in the global capital markets in this past year. We are proud to announce the successful launch of a principal-protected structured product linked to the FactSet Hywin Global Health Care Index (FHGHC) by Hywin Holdings, Leonteq AG, a Swiss fintech company with a leading marketplace for structured investment solutions, and Arta TechFin, a hybrid fintech platform in traditional assets and digital assets. This structured note is the first commercialization of the FactSet Hywin index, which combines an attractive theme with principal protection features. We expect to products like this to become an increasingly popular bedrock of our clients’ portfolios.

Hywin Family Office

This year, we also advanced Hywin’s family office services given the strong market opportunities in both domestic and overseas businesses.

On January 9, 2023, Hywin’s family office team was included in the 7^th Asia-Pacific Wealth Forum’s list of Top 50 Family Offices of the Year in China at the 2022 International Private and Family Wealth Management Awards Ceremony. The forum, hosted by the Wealth Management magazine and the think tank Cai Ce, has made these awards a benchmark for excellence in wealth management in the Asia-Pacific region.

As one of the industry’s earliest providers of family office services, in addition to our presence across Mainland China, we seek to explore and expand into overseas markets via Hong Kong as the hub. As one of the first Chinese institutions to offer family office services in Hong Kong, Hywin now sets an example for the industry promoted worldwide by the Hong Kong SAR government.

Digital Hywin

We also invested significantly in Digital Hywin in this past year. We continued to enhance our data intelligence in order to improve the client experience and operating efficiency. Committed to our digitalization strategy, we continue to invest in research and development (R&D) and sought to apply cutting-edge technology in the wealth management field.

Adhering to the principle of KYN (Know Your Needs) in wealth management, Hywin seeks to develop in-depth insight into client needs and provide a differentiated, multi-dimensional online + offline service experience. In addition, “Allomaster”, our scenario-based sales and marketing system responsive to individual clients’ varied asset allocation needs, also officially went live in 2022. Designed to support relationship managers’ construction of fund portfolios, this system provides fund performance comparisons and post-investment holding analyses that are customized to clients’ personalized asset allocation needs. The “Invest Path” service platform, a specialized platform for institutional client fund trading, supports client needs for professional, secure and speedy investment fund trade execution online. As a result, “Invest Path” enhances our overall liquidity management and risk management capabilities for our clients, and improves efficiency and enables better control of operational risk. Behind “Invest Path” and “Allomaster” lies our HIPA system. Developed and refined by Hywin Technology over several years, HIPA combines a “customer data engine” with AI algorithms which continuously accumulate and analyze client data, empowering multi-scenario asset allocation, and fulfilling clients’ personalized full life-cycle needs.

In addition to the increasingly important role that technology plays in our wealth segment, Hywin Technology is also making inroads in health management.

Since its establishment, Hywin Health has placed digitization and the construction of a digital ecosystem at the core of its strategic planning. Hywin Health has since quickly made progress in its health service model, online service matrix, and digital health profiles, among others. The recent official launch of Hywin Technology’s digital health cloud platform will gradually be rolled out and be implemented across all the company’s health management centers. The cloud platform allows Hywin Health to use digital intelligence tools in our health management offerings, reshaping client journeys and improving the overall client experience. Besides, Hywin Health’s cloud platform will improve the standardization, automation, and objective measurement of our health management service standards. It will strengthen our centralized management of all centers nationwide, as well as centralize data across businesses, clients, and product supply chains nationwide, thereby greatly improving Hywin Health’s operational efficiency going forward.

Technology will be a core pillar of Hywin’s business expansion and innovations going forward. Our technology roadmap will be guided by Hywin’s overall strategy of “Wealth + Health”. Since 2021, Hywin Technology has obtained nearly 30 software copyrights. In 2022, Hywin Technology was officially approved as a national high-tech enterprise. In June 2023, Hywin Technology was certified as a “Specialized, Excellent, Featured and Innovative” Enterprise by the Ministry of Industry and Information Technology and Shanghai Municipal Commission of Economy and Informatization. These achievements serve as a recognition of Hywin’s continuous investment in technological R&D, as well as echo the Chinese government’s overall national strategy.

Corporate Governance

In June 2022, we appointed Mr. Vincent Chun Hung Chan, a capital markets and investment management veteran, as an Independent Director of Hywin Holdings. With this appointment, Independent Directors hold half of our Board seats. We will continue to optimize the board’s structure to guide the direction of the company and enhance corporate governance.

ESG

We also continued to lead the industry in our ESG commitment and championed a range of societal and environmental initiatives after joining the United Nations-supported Principles for Responsible Investment (PRI). In December last year, we released our first Sustainability Report, and Hywin received the 2022 ESG Award for Responsible Practices from a well-known Chinese media The Paper, in recognition of our efforts in creating long-term value for our investors, clients, employees, the industry, the public, and other stakeholders.

The Economic Observer recently launched its 2023 ESG Practice 50·Responsible Listed Companies Award to recognize enterprises that make outstanding contributions in respect of the environment, society, and corporate governance, and encourage more financial institutions and enterprises to actively implement the principles of ESG and promote sustainable development. On June 8, 2023, it was announced that Hywin was one of the winners, in recognition of Hywin’s contributions to sustainable investments.

On May 19, winners of the 2022 Annual Ranking of China’s Most Competitive Wealth Management Institutions in Investment were announced, and Hywin Wealth won No.3 among the “Top 5 2022 Most Competitive Wealth Management Institutions” by ChinaVenture, with the jury commenting that Hywin’s organic growth and momentum were exceptionally resilient in the face of market fluctuations. As the asset allocation needs of high-net-worth individuals in China expand, Hywin will continue its efforts across product diversification, service diversification, and strategy diversification, in order to lay a good foundation for further future growth.

WealthBriefingAsia Award

On June 1, 2023, Hywin Holdings was named “Best Wealth Manager of Greater China 2023”. In addition, the Company’s Chief Executive Officer, Madame Wang Dian, was recognized as “Best CEO in Greater China Wealth Management 2023”. This is the third consecutive year that Hywin is named for both awards. Hywin Holdings was the only wealth management institution in China to be named in the list, a further proof of Hywin’s outstanding performance in wealth management segment.

In light of the dynamic nature of China’s wealth management industry, it is essential to gain deep insights into the intrinsic needs of the high-net-worth families and work proactively to win market share.

Hywin Health

Guided by our “Wealth + Health” dual platform strategy, Hywin Holdings entered the health management industry in 2022 through the acquisitions of Grand Doctor, Life Infinity, and Sincerity and Compassion Health Management Center, with the strategic goal of creating a new high-end health management paradigm in China. Hywin Health aims to achieve this goal by integrating these three health management institutions’ core competencies, accumulated over a decade of operation, together with the first-class international resources that Hywin has. Hywin Health’s strategy will revolve around high-end medical examination, preventive care, health management, and specialist referrals. In the current phase, we have developed an AI-based health evaluation system and a digital health management platform for our health management business. Through continued refinement of client data from both our medical examination and health management businesses, we also plan to further customize and expand the value-added health management solutions that we offer to clients.

Conclusion

Following a challenging 2022, Hywin overcame challenges and showed strong resilience and growth potential, demonstrating once again our ability to attract and maintain high-net-worth clients. This year 2023 marks the second anniversary of our IPO and our 17^th birthday. Hywin looks to unleash more growth potential with innovations, further strengthen our operations, and we are committed to providing high quality services to our clients and creating sustainable growth for our shareholders.

Yours faithfully,
Wang Dian
CEO and Director, Hywin Holdings Ltd.

About Hywin Holdings Ltd.

Hywin (NASDAQ: HYW) is a leading independent wealth management service provider in China focusing on providing asset allocation advisory services and comprehensive financial products to high-net-worth clients. The Company’s primary services are wealth management, asset management, other comprehensive financial services, and health management services. Wealth management is currently the Company’s largest business segment, in which its onshore and offshore solution platforms serve clients across generations. The Company also offers integrated and high-end health screening and health management services to high-net-worth clients in China, and aims to become a dual-platform serving clients across market cycles and life cycles. For more information, please visit https://ir.hywinwealth.com/.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “anticipate,” “estimate,” “forecast,” “plan,” “project,” “potential,” “continue,” “ongoing,” “expect,” “aim,” “believe,” “intend,” “may,” “should,” “will,” “is/are likely to,” “could” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Contact:
Hywin Holdings Ltd.
Email: ir@hywinwealth.com

Media Contact:
ICR, LLC
Edmond Lococo
Phone: +86 138-1079-1408
Email: HywinPR@icrinc.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9bcf6286-08d2-4755-a329-c8836fd16d9f

NEW YORK and SANTIAGO, Chile, June 29, 2023 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) and Depósito Central de Valores (DCV) today announced an extension of their technology partnership, which will allow DCV to issue and settle digitized securities. Incorporating this service will differentiate DCV as a first mover in the tokenization of assets whilst providing its clients with one platform, based on a consolidated view and single access point across all asset classes.

The technology leverages digital asset capabilities developed by Nasdaq and is fully integrated with its Central Security Depository solution, DCV Evolución. The new service will reduce manual processes, settlement times, and time to market for future enhancements and offerings.

“Market infrastructures are increasingly looking for ways to embrace tokenization, driven by an accelerating global trend towards leveraging existing securities systems and payment rails to service emerging asset classes,” said Roland Chai, Executive Vice President and Head of Marketplace Technology at Nasdaq. “Nasdaq’s technology allows providers to continue serving traditional securities, whilst capturing the many opportunities across digitized assets. The expansion of our partnership with DCV puts them at the forefront of this secular shift.”

DCV will leverage smart contracts to store information related to the underlying security and its ownership, thereby enabling them to automate asset servicing procedures such as managing interest payments or time-consuming legal processes.

“With a solid focus on the client, at DCV we recognize the need to move towards a modern capital market, with access to world-class standards and technology that allows agility and simplicity in the processes without neglecting the security that our business and our clients need. This is the vision that has mobilized us to advance in the DCV Digital project hand in hand with Nasdaq,” said Rodrigo Roblero, CEO at DCV. “We are interested in being a relevant player in the world of tokenizing assets to deliver an applicable service that helps to improve the processes of issuing instruments.”

While DCV will initially launch digitized securities using a central private database, the technology is DLT-enabled to support the issuance, registry and settlement of tokenized assets on distributed ledgers as the broader ecosystem evolves. Nasdaq’s CSD technology is fully interoperable with other depositories and can be readily integrated into existing and future payment networks.  

This announcement marks a significant expansion in Nasdaq’s partnership with DCV. Last year, the company replaced its legacy system with Nasdaq’s CSD platform which significantly enhanced the performance, speed, and scalability of its offering, increasing the processing speed of its operations over one hundred times faster. With these improvements, DCV has been able to enhance services across the Chilean financial ecosystem as well as more easily access international investors with standardized operations, messaging, and data infrastructure. For this reason, the company was awarded “Most Innovative Financial Infrastructure Company in Chile” last November.

Nasdaq’s Marketplace Technology business serves as one of the world’s largest market infrastructure technology providers, providing multi-asset solutions to more than 130 marketplaces, CCPs, CSDs and regulators in over 50 countries. It offers reliable and scalable technology across the trade lifecycle, helping organizations to drive efficiency, transparency, and liquidity with unparalleled resiliency.

About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software, and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.

About DCV

Depósito Central de Valores S.A. (DCV) is a corporation established in accordance with Law 18,876 and its regulations, and directives of the Comisión para el Mercado Financiero, (Commission for the Financial Market, CMF). DCV is entitled to receive public offering securities under deposit for transfer between depositors as per this Law. DCV’s purpose is to electronically process and register transfer transactions in stock exchange and the over-the-counter market, and coordinate and provide the necessary information for financial settlement of such transactions.

DCV set itself a major goal of evolving Chile’s post-trade market infrastructure to address immediate operational and performance needs, while preparing for future growth and business initiatives. To accomplish this mission, DCV tapped Nasdaq as its technology partner and provider.

Media contacts

Nasdaq: Andrew Hughes
+44 (0)7443 100896
Andrew.Hughes@nasdaq.com

DCV: Patricia Rojas
+56 9 54128522
patricia.rojas@vinculacion.cl

-NDAQG-

WISeKey Launches an Upgraded Version of its WISeID Digital Identity and Privacy Platform

Geneva and Zug Switzerland – June 29, 2023 – WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY), a global leader in cybersecurity, digital identity, and Internet of Things (IoT) solutions, announced today a major upgrade to its innovative digital identity and privacy platform, WISeID.com, designed to provide users with enhanced protection against identity theft and increase privacy in today’s hyper-connected digital world.

The new generation of WISeID builds upon WISeKey’s tradition of pioneering advanced cybersecurity solutions and introduces a suite of significant improvements to further secure users’ digital identities and personal data.

NEW FREE IDENTITY VALIDATION: Now all WISeID users can verify their real identity using the computer or phone webcam to capture an identity document (National ID, Driver License, or Passports of most countries are accepted) and do face recognition.

NEW TYPES OF CERTIFICATES: users can now get digital certificates with different validation levels:

• Free Certificates. All users can get free basic certificates, which only contain the email address and are valid for three months.
• Basic Certificates. Users can activate an optional subscription for basic certificates with a validity of two years.
• Advanced Certificates. This subscription will allow users to get certificates that also contain additional information such as name and country, to provide assurance to other people when sending a mail or signing a document. This service requires users to verify their real identity with our new KYC process.
• Advanced PRO Certificates. These certificates will also contain the company information and are suitable for professional use. This requires fulfilling an organization validation process, done by WISeKey.

NEW DOCUMENT SIGNATURE SERVICE: WISeID users now benefit of a free document signature solution. Users can simply sign a PDF document from their computer or mobile, without having to worry about creating and installing certificates in their devices. Our platform generates automatically, and securely single-use certificates whenever is needed to sign a document. The person that signs up can do it for free, and the only requirement is to have a valid WISeID Account and validate their identity.

NEW CORPORATE SERVICE: Companies willing to provide WISeID services to employees or customers can get a corporate account, which gives administrative access to create users and manage their certificates. Corporate users don’t need to do individual identity verification. Corporate customers can also get WISeSign packages that can be shared by all the users to request signatures.

“Our goal is to make available our new security services to all WISeID users,” said Pedro Fuentes, WISeKey’s Trust Services Manager. “This latest update is a leap forward in that mission. We have strengthened our existing free features and added new premium services that will allow users to protect their digital life.”

Privacy is at the core of the new WISeID. Users now have increased control over their personal information, choosing who they share it with and when. Furthermore, an innovative data anonymization feature ensures user activities cannot be traced back to them, further safeguarding their privacy.

Mr. Fuentes added, “We have always believed in the power of technology to protect and empower individuals in the digital realm. With the new WISeID, we are taking another step in ensuring our users can enjoy the benefits of digital connectivity without compromising their privacy or falling prey to identity theft.”

WISeID is now available for both new and existing users. With this latest upgrade, WISeID continues to lead the way in the evolution of digital security, ensuring that digital identities remain secure and private in an increasingly connected world.

About WISeKey
WISeKey (NASDAQ: WKEY; SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large-scale digital identity ecosystems for people and objects using Blockchain, AI, and IoT respecting the Human as the Fulcrum of the Internet. WISeKey microprocessors secure the pervasive computing shaping today’s Internet of Everything. WISeKey IoT has an installed base of over 1.6 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens, etc.). WISeKey is uniquely positioned to be at the leading edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications predict the failure of their equipment before it happens.

Our technology is Trusted by the OISTE/WISeKey’s Swiss-based cryptographic Root of Trust (“RoT”) provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain, and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.

Press and investor contacts:

WISeKey International Holding Ltd Company Contact: Carlos Moreira Chairman & CEO Tel: +41 22 594 3000 info@wisekey.com

WISeKey Investor Relations (US) Contact: Lena Cati The Equity Group Inc. Tel: +1 212 836-9611 lcati@equityny.com

Disclaimer:
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties, and other factors, which could cause the actual results, financial condition, performance, or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

VEON reveals faster local currency revenue and EBITDA growth in first five months at AGM

Amsterdam, 29 June 2023 07:00 CEST – VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, will report its key financial highlights for the first five months of 2023 (“5M23”) at the annual general meeting of shareholders (“AGM”) being held today.

During April and May 2023, VEON Group demonstrated accelerated growth in local currency revenues, achieving a 19.0% year-on-year increase. These results have solidified the strong year-to-date performance. While reported currency revenues for the first five months of 2023 saw a 7.6% decline compared to the previous year, local currency revenues increased by 16.8% year-on-year. Notably, five out of our six countries experienced double-digit local currency revenue growth during this period. Despite the challenges, Kyivstar showcased resilient growth and continued to serve Ukraine with dedication.

Group CEO Kaan Terzioğlu expressed his satisfaction, stating, “The robust operating results in April and May reflect the successful execution of VEON Group’s Digital Operator strategy, which continues to drive our accelerated top-line growth. Our revenues for the April-May period have increased by an encouraging 19% year-on-year in local currency terms, fueled by strong performance across all our local operations despite the challenging business landscape.”

Terzioğlu continued, “We are actively expanding our portfolio of digital products and services while remaining dedicated to delivering a great customer experience. As a result, we are attracting a larger customer base that embraces our digital services, resulting in improved user engagement, reduced customer turnover, increased average revenue per user (“ARPU”), and expanded market share. These achievements underscore our strong operational performance.”

Terzioğlu concluded by acknowledging the efforts of the VEON teams across all six countries of operation, expressing gratitude to the Board and shareholders for their ongoing support.

The table below details both the April and May (“QTD”) and 5M23 revenues and EBITDA trends for the Group on a country-by-country basis:

Period ended 31 May 2023 (unaudited)	QTD YoY (reported)	QTD YoY (local currency)	5M23 YoY (reported)	5M23 YoY (local currency)
Total revenue	(5.9%)	19.0%	(7.6%)	16.8%
Ukraine	(7.5%)	15.6%	(13.5%)	9.7%
Pakistan	(19.8%)	20.2%	(20.2%)	17.7%
Kazakhstan	19.7%	21.5%	21.8%	22.5%
Bangladesh	(5.5%)	16.0%	(4.7%)	17.0%
Uzbekistan	22.0%	24.3%	20.7%	24.1%
Kyrgyzstan	16.2%	23.0%	19.8%	20.6%
Service revenue	(5.3%)	19.5%	(6.9%)	17.4%
Ukraine	(7.7%)	15.3%	(13.6%)	9.6%
Pakistan	(18.4%)	22.2%	(19.2%)	19.2%
Kazakhstan	19.1%	21.0%	22.4%	23.0%
Bangladesh	(5.3%)	16.2%	(4.5%)	17.2%
Uzbekistan	22.0%	24.3%	20.7%	24.1%
Kyrgyzstan	16.6%	23.4%	19.9%	20.7%
EBITDA	(7.3%)	19.6%	(11.1%)	14.6%
Ukraine	(11.8%)	10.2%	(17.7%)	4.5%
Pakistan	(16.9%)	24.6%	(20.7%)	17.1%
Kazakhstan	19.7%	21.8%	30.4%	30.7%
Bangladesh	(4.6%)	17.0%	(7.2%)	13.9%
Uzbekistan	8.6%	10.7%	7.0%	10.1%
Kyrgyzstan	(8.9%)	(4.1%)	13.5%	14.4%

The full AGM presentation is available on the VEON Group website at https://www.veon.com/investors/equity-investors/agm/.

About VEON

VEON is a global digital operator that currently provides converged connectivity and online services to about 160 million customers in six dynamic markets. We transform people’s lives, empower individuals, create opportunities for greater digital inclusion and drive economic growth across countries that are home to more than 7% of the world’s population. Headquartered in Amsterdam, VEON is listed on NASDAQ and Euronext Amsterdam, and has a broad investor base. For more information visit: https://www.veon.com.

Disclaimer

This press release contains “forward-looking statements”, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, expectations regarding management plans and the ability to successfully execute operating model, governance and development plans. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events. Furthermore, elements of this release contain or may contain, “inside information” as defined under the Market Abuse Regulation (EU) No. 596/2014.

VEON’s QTD and 5M23 results presented in this press release are, unless otherwise stated, based on IFRS, using internal management accounts, are the responsibility of management and are subject to financial closing procedures which have not yet been completed and have not been externally audited, reviewed or verified. Although we believe the information to be reasonable, actual results may vary from the information contained above and such variations could be material. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for the quarter or any future period.

Contact Information

VEON
Investor Relations
Nik Kershaw
ir@veon.com

SECAUCUS, N.J., June 28, 2023 (GLOBE NEWSWIRE) — Freshpet Inc. (NASDAQ: FRPT) (“Freshpet” or the “Company”) today announced the addition of at Christopher Kraus as Chief Information Officer, Nishu Patel as VP, Corporate Controller, and Wyatt Hassel as VP, Manufacturing. These additions complete the majority of key hires that are part of the Operational Improvement Plan the Company laid out last fall. The plan contains a detailed roadmap of the skills needed as Freshpet grows and expands.

With these three roles filled, Freshpet further strengthened its financial, manufacturing, and operational expertise to support its continued track record of industry-leading growth. Progress against the Operational Improvement Plan thus far includes improved quality, logistics, fill rates, and margin expansion. These new team members will help support the ongoing delivery of improving profitability and growth.

Billy Cyr, Chief Executive Officer of Freshpet, stated, “Freshpet is committed to improving performance and expanding organizational capabilities. Each of these new hires will significantly impact our business and help to support our operational momentum.”

Background on Wyatt Hassel, appointed VP of Manufacturing
Wyatt Hassel brings with him 25 years of experience in manufacturing and CPG operations with focused expertise in production and supply chain operations. In his most current role, Wyatt held the position of General Manager – Master Planning and Production Control at H.E.B Grocery Company, where he had oversight of production operations for 13 facilities and led continuous improvement efforts for products developed in-store at HEB. He holds an MBA and a Bachelor of Science Degree in Chemical Engineering from Tulane University.

Background on Christopher Kraus, appointed Chief Information Officer
Christopher Kraus brings over 20 years of technology executive experience in FTE200 and privately held global organizations. He aligns technologies to meet strategic business goals both organically and through acquisitions. Most recently, he was Chief Information Officer at Golden Touch Group, Inc., where he helped modernize an outdated technology footprint at a $1.1B global apparel company. He helped develop a multi-year roadmap focused on re-platforming business systems, cloud migration, cybersecurity, business resiliency, and long-term growth. Christopher holds a Bachelor of Arts from Scranton University.

Background on Nishu Patel, appointed VP of Corporate Controller
Nishu Patel brings 15 years of experience in public and private company financial statement audits from her tenure at Ernst & Young LLP. She has extensive knowledge of SEC reporting requirements, Sarbanes-Oxley Act requirements, initial public offerings/carve-out audits, acquisition and divestiture accounting, joint venture transactions, adoption of new accounting standards as well as various other technical accounting and auditing matters. Her background in public accounting will complement her current role and responsibilities of being a strategic leader, resolving complex matters and reviewing the Company’s SEC filings, ensuring that financial statements and disclosures are in accordance with US GAAP and in compliance with SEC rules and regulations. Nishu is a CPA, holds an MBA in Accounting and a Bachelor of Arts in Psychology from Rutgers University, and currently sits on the Board of Trustees of the National Multiple Sclerosis Society of NJ.

About Freshpet
Freshpet’s mission is to improve the lives of dogs and cats through the power of fresh, real food. Freshpet foods are blends of fresh meats, vegetables and fruits farmed locally and made at our Freshpet Kitchens. We thoughtfully prepare our foods using natural ingredients, cooking them in small batches at lower temperatures to preserve the natural goodness of the ingredients. Freshpet foods and treats are kept refrigerated from the moment they are made until they arrive at Freshpet Fridges in your local market.

Our foods are available in select mass, grocery (including online), natural food, club, and pet specialty retailers across the United States, Canada and Europe. From the care, we take to source our ingredients and make our food, to the moment it reaches your home, our integrity, transparency and social responsibility are the way we like to run our business. To learn more, visit www.freshpet.com.

Connect with Freshpet:

https://www.facebook.com/Freshpet

https://twitter.com/Freshpet

http://instagram.com/Freshpet

http://pinterest.com/Freshpet

https://www.tiktok.com/@Freshpet

https://en.wikipedia.org/wiki/Freshpet

https://www.youtube.com/user/freshpet400

Forward Looking Statements

Certain statements in this release constitute “forward-looking” statements, including statements relating to our long-term capacity planning, net sales guidance and Adjusted EBITDA guidance. These statements are based on management’s current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results. These forward-looking statements, including our updated guidance, are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results, levels of activity, performance, achievements and events could differ materially from those stated, anticipated or implied by such forward-looking statements. While Freshpet believes that its assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect actual results. There are several risks and uncertainties that could cause actual results to differ materially from forward-looking statements made herein including, most prominently, the risks discussed under the heading “Risk Factors” in the Company’s latest annual report on Form 10-K and its quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. Such forward-looking statements are made only as of the date of this release. Freshpet undertakes no obligation to publicly update or revise any forward-looking statement because of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

Investor Contact:
ICR
Jeff Sonnek
646-277-1263
Jeff.sonnek@icrinc.com

Media Contact:
Freshpet@edelmansmithfield.com

Fort Lauderdale, FL, June 28, 2023 (GLOBE NEWSWIRE) — OptimumBank Holdings, Inc. (NASDAQ: OPHC) Similar to my comments at last year’s Annual Shareholder meeting, I want to focus today on our past year’s results and discuss our expectations for the remainder of 2023. 2022 was a great year for us, as we had a full year of normalized results. There was barely any income from any one-time events, and we saw our net income pre-tax and pre-allowance jump over 74%. We will discuss earnings later, but our story today is still all about growth. The growth in 2023 is a slower growth as we have managed to hold our loan pricing to a spread over SOFR which brings us to over a 3.5% NIM on current deposit pricing. I, for one, am in favor of slowing growth during this strange time in the world with interest rates being as high as they are. For years, the Company was constrained as to what we were allowed to do because of circumstances that preceded any of our current management or board members. Today I feel we are doing great and now we begin the next phase in the evolution of our bank. I am fortunate to have an excellent team with me on the board of directors and I take seriously the responsibility of being their chairman.

Our singular goal is to provide shareholder returns and we are poised to continue in 2023 the way we ended 2022. As we have evolved over the last few years, we have seen our near-term goals come into focus. We expect that by the end of 2024, meaning over the next 18 months, we will open two new branches in the Miami area. Those two branches will solidify our foothold with smaller businesses, and we anticipate many of our current borrowers will transfer the rest of their banking relationships to us. In the past six months, we have seen the market lose faith in a few banking institutions, but our customers have shown their support and helped grow our deposits 74% from year end 2021 to year end 2022. So far in 2023 we have grown deposits by an additional 3.8%. Fortunately for our customers, at the of 2022, the Bank added ICS, which provides unlimited insurance for our deposits over $250K at our cost. I would also note that our securities portfolio is completely marked to market, and we have no securities with built in losses sitting inside a held to maturity figure.

We continue to improve our online banking, as we believe the future lies in the online platform and to a lesser extent in the bricks and mortar locations. We continue to work towards online account opening and hope to finally get that accomplished soon. We also expect our website users to be able to select various language options to better attract foreigners doing business in America. Lastly, we imminently expect to offer our customers peer-to-peer money transfer services which will allow individuals to send and receive money with each other through connected bank accounts through Zelle^®.

In the last few years, we grew our SNF Accounts Receivable lending program to now include a dedicated lender and underwriter to be able to continue the growth in that segment of our loan portfolio. We felt as a board, with Michael and I being on the board and being heavily involved in the healthcare space, that we should start a lending platform for healthcare providers needing financing for government receivables. We expect the size of that segment of the loan portfolio to increase to $40MM by the end of 2023.

Previously, I said that I appreciated the confidence you have in me to lead our Board and help OptimumBank Holdings, Inc. in reaching our singular goal of bringing shareholder returns, while safeguarding the Company’s equity. 2022 was our best year and we reached a core profitability of almost $5.4MM without adding back provision. The consolidated net income after provision and income tax expense was $4,023,000. The provision for loan loss in 2022 was $3,466,000 as compared to $1,173,000 in 2021. The reason for the extraordinary high provision is from our extraordinary loan growth. I would note that other than bad debt from our consumer lending, we have not had a single dollar of loan loss in the prior few years. If you add back the provision and tax, we made in 2022 over $8.8MM and we expect that number to grow slightly to break $9MM. So far in 2023, our first quarter pre-tax income is over $1,546,000 after a loan loss provision of $726,000. In addition, we are fully allowanced. In fact, we have a higher percentage in our allowance than many of our peers, yet we have a lower bad debt as previously mentioned.

Our total loans have grown from $247MM at the end of 2021 to $477MM at the end of 2022. That is a 93% growth rate, and I am sure that we are doing better than our fellow banks in Florida. As of March 31, 2023, our loan portfolio was at $496MM, which is a growth rate of more than 81% year over year. Our secret sauce lies in the fact that our customers all have long term relationships with people at the bank, the bank itself or board members. We are currently closing loans for borrowers that were referred by borrowers who were referred by borrowers before them. We currently spend little in annual marketing fees as it is not needed. Nevertheless, we have added an employee for investor relations and also to help with moving our bank into the social media space to attract outside customers that typically would not have banked with us. We expect that as our lending limits increase, we will be able to keep lending to our base and future referrals.

In 2022, net interest income increased by $6,432,000 or 68% over 2021. In totality, net interest income in 2022 was $15,836,000, and we are anticipating that number to be over $20MM in 2023. At December 31, 2022, total assets amounted to approximately $585MM, as compared to $351MM for the prior year, which represents a growth of $233MM or 66%. At March 31, 2023, we reached $622MM and expect to surpass $750MM before the end of the year. The increase in total assets during 2022 was mainly driven by a growth of $229MM in loans and $13MM in cash, cash equivalents and investments. For the period ended March 31, 2023, we continued growing our loan portfolio by $19MM. In order to fund the growth, the Bank undertook a significant program of increasing non-maturity deposits such as checking accounts and money market accounts. From the end of the year 2021 until the end of the year 2022, we grew by 74% or $292MM, which put us at $508MM. At March 31, 2022, deposits have grown to over $527MM. I am personally excited by how our depositor base has stood behind our bank. We do not have a single customer that has more than 5% of our deposits, but rather we have many smaller loyal customers banking with us. I, in fact, know many of our customers, and I am able to call them friends.

In 2022, our equity rose to $62.5MM from $38.5MM at year end 2021 after accumulated other comprehensive losses. We did this by selling a $20MM mixture of common and preferred stock, while the rest came from net income. We expect that by the end of 2024, we will do an equity offering to the public, which we will change our balance sheet as well as our public profile. We expect that the next infusion of capital will bolster our market cap and improve our float and stock price to the public. We want to get to a billion dollars in assets and to do that we need over $100MM of equity. At this point, capital is not an obstacle to the Company’s growth. As has been noted in the past, the Company and the Bank are fortunate to enjoy a broad-based Boards of Directors with access to capital.

Based on 7,058,897 shares outstanding at December 31, 2022, we had an Earnings Per Share (EPS) of 68 cents. As of March 31, 2023, with the same common shares outstanding, we have an EPS of 16 cents. I would note that the equity came in at the end of the year and these results do not reflect the money being put out to use as of yet. We expect ending the year with an EPS of approximately 68 cents.

As many of you shareholders know, I am CEO and Chairman of a different company named Strawberry Fields REIT. The reason I bring this up is because Strawberry has taught me many things. One of the things I have learned and have begun to integrate is the managing of the stock price. I learned that I have not succeeded the way I should have succeeded for the shareholders of OPHC. I am by nature programmed to work on fundamentals, and when I became involved in our bank, we focused on fundamentals. In 2010. when I joined the bank board, we were bleeding money. We fixed that and in the last five years we have gone from losing $589k in 2017 to making over $4MM in 2022. We have gone from $62MM of deposits in 2017 to $507MM in 2022. Our loans went from $68MM in 2017 to $477MM in 2022. Lastly, our assets grew from $68MM in 2017 to $585MM in 2022. I realize of course because of the experience with STRW that now we need to finally attract the institutions. We also need to get analyst coverage of our stock. Lastly, we need to create that relationship with the investor public so that we could raise equity from outside the current board of directors.

In conclusion, my comments are similar to previous years comments. It’s been a few years since we created a Strategic Plan which provided the roadmap for growing our bank. Since that time as stated earlier, we have grown our assets, deposits, loan portfolio as well as our net interest income, fee service income and lastly, net income growth. We believe we are doing great so as we go forward, we will continue doing what we are doing. As we succeed, we will keep pushing the goals further out so that we can improve on our results and truly succeed in bringing returns to all of our shareholders.

We will continue working hard and expect great things to happen in the future.

Thank you,

Moishe Gubin, Chairman

About OptimumBank Holdings, Inc.

OptimumBank Holdings, Inc. operates as the bank holding company for OptimumBank that provides a range of consumer and commercial banking services to individuals and businesses. The company accepts demand interest-bearing and noninterest-bearing, savings, money market, NOW, and time deposit accounts, as well as certificates of deposit; and offers residential and commercial real estate, commercial, and consumer loans, as well as lending lines for working capital needs. It also provides debit and ATM cards; investment, cash management, and notary and night depository services; and direct deposits, money orders, cashier’s checks, domestic collections, drive-in tellers, and banking by mail, as well as Internet banking services. In addition, the company engages in holding, managing, and disposing foreclosed real estate. It operates through banking offices located in Broward County, Florida. OptimumBank Holdings, Inc. was founded in 2000 and is based in Fort Lauderdale, Florida.

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OptimumBank Holdings. Inc.
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