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CarGurus Completes Acquisition of CarOffer


CAMBRIDGE, Mass., Jan. 14, 2021 — CarGurus (Nasdaq: CARG), a leading global online automotive marketplace, today announced it has completed the acquisition of a 51% interest in CarOffer, with the ability to buy the remaining equity interest in the company over the next three years. The acquisition adds wholesale vehicle acquisition and selling capabilities to CarGurus’ portfolio of dealer offerings. CarOffer was founded by auto industry veteran, Bruce Thompson, who will continue to lead the CarOffer brand and team from their Plano, Texas location.

“We are thrilled to welcome the CarOffer team to the CarGurus family and excited to join forces to drive further innovation and value for our customers,” said Jason Trevisan, Chief Financial Officer at CarGurus. “Digital wholesale creates exciting new opportunities for efficiencies in the marketplace, especially as more of the automotive buying journey shifts online. By combining CarGurus and CarOffer capabilities, we can deliver a powerful new solution for dealers to buy and sell the right inventory at the right price. We believe this will not only be a win for dealers, but for consumers as well.”

“I’m incredibly proud of what the CarOffer team has accomplished so far, and I can’t wait to begin this next phase of our growth in partnership with a company as pioneering as CarGurus,” said Bruce Thompson, founder and CEO of CarOffer. “We see tremendous potential in this combination, and we look forward to getting to work integrating our capabilities and continuing to build better solutions for dealers.”

CarGurus is the largest automotive marketplace in the United States, with more visitors1 and more inventory than any other major online automotive marketplace2. The company also has the largest dealer network in the U.S.3, with roughly 24,000 subscribed dealers. With this acquisition, the company plans to expand dealer participation on the CarOffer platform, thereby increasing inventory supply on the sell-side and liquidity on the buy-side. CarGurus will also integrate its Instant Market Value retail valuation data to help dealers price vehicles on CarOffer, and will use the CarOffer Buying Matrix™ to make real-time offers to dealers on their CarGurus inventory.

Unlike traditional vehicle auctions which require manual bidding and vehicle evaluation, CarOffer’s proprietary Buying Matrix technology enables buying dealers to create standing buy orders and provides instant offers to selling dealers. Since its 2019 launch, the company has experienced substantial growth, with more than 2,5004 dealership rooftops installed. The company processed over $350M5 in merchandise and service transactions in the third quarter of 2020.

About CarGurus:

Founded in 2006, CarGurus (Nasdaq: CARG) is a global online automotive marketplace connecting buyers and sellers of new and used cars. The company uses proprietary technology, search algorithms and data analytics to bring trust and transparency to the automotive search experience and help users find great deals from top-rated dealers. CarGurus is the most visited automotive shopping site in the U.S. (source: Comscore Media Metrix® Multi-Platform, Automotive – Information/Resources, Total Audience, Q3 2020, U.S. (Competitive set includes:,,, In addition to the United States, CarGurus operates online marketplaces in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands. To learn more about CarGurus, visit

About CarOffer: CarOffer is the automotive industry’s leading inventory management platform for modern day retailing that allows dealers and dealer groups to buy, sell, and trade with automation and ease. Leveraging the power of data, national scale, and the company’s proprietary Buying Matrix™ technology, the platform helps dealers acquire and exchange used inventory more efficiently. For more information, visit

CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All product names, trademarks and registered trademarks are property of their respective owners.

© 2021 CarGurus, Inc., All Rights Reserved.

Press Contact:

Amy Mueller or Brian Kramer CarGurus PR 617.949.2826 [email protected]

Cautionary Language Concerning Forward-Looking Statements

This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including, without limitation, statements regarding: our expectations for acquiring additional equity interests in CarOffer; our expectation that the transaction will enhance our value proposition for dealers and benefit consumers; our plans to independently operate CarOffer; our ability to accelerate CarOffer’s growth through our investment and dealer reach; expected transaction synergies, including with respect to delivering a new and better solution for dealers, as well as expanding dealer participation on the CarOffer platform; and the value proposition of our products and our market awareness, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “guide,” “intend,” “likely,” “may,” “will” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, risks related to: the potential impact on our or CarOffer’s business due to the closing of the transaction; our growth and ability to grow our revenue; our relationships with dealers; competition in the markets in which we operate; market growth; our ability to innovate; our ability to realize benefits from our acquisitions generally and successfully implement the integration strategies in connection therewith; natural disasters, epidemics or pandemics, like COVID-19 that has negatively impacted our business; our ability to operate in compliance with applicable laws, as well as other risks and uncertainties set forth in the “Risk Factors” section of our Quarterly Report on Form 10-Q, filed on November 5, 2020 with the Securities and Exchange Commission (SEC), and subsequent reports that we file with the SEC. Moreover, we operate in very competitive and rapidly changing environments. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee that future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

___________________________________ 1 Source: Comscore Media Metrix® Multi-Platform, Automotive – Information/Resources, Total Audience, Q3 2020, U.S. (Competitive set includes:,,,

2 Based on publicly available information as of September 30, 2020, and the Comparative Analysis of U.S. Vehicle Listing Platforms, Bates White Economic Consulting, June 2020; major online automotive marketplaces in the U.S. include,,, and

3 Based on publicly available information as of September 30, 2020, and the Comparative Analysis of U.S. Vehicle Listing Platforms, Bates White Economic Consulting, June 2020; compared to major online automotive marketplaces in the U.S. defined as,,, and 4 CarOffer installed dealers are dealers that have signed an agreement with CarOffer to participate on the platform and have completed the onboarding process. 5 Total CarOffer transaction volume in Q3 2020 including gross vehicle value of Buying Matrix buy and sell transactions and Buy Center transactions as well applicable fees and transportation costs. Date of transaction is determined upon seller’s acceptance of offer, which precedes title transfer and completed inspection.

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WesBanco Announces March Investor Conference Schedule


WHEELING, W.V., Feb. 26, 2021 /PRNewswire/ — WesBanco, Inc. (Nasdaq:WSBC), a diversified, multi-state bank holding company announced today that Todd F. Clossin, President and Chief Executive Officer, and Robert H. Young, Senior Executive Vice President and Chief Financial Officer, are scheduled to participate in the following virtual investor conferences.

The Raymond James 42nd Annual Institutional Investors Conference to be held on Wednesday, March 3, 2021.  In addition, Mr. Clossin and Mr. Young will participate in a fireside chat on Wednesday, March 3, 2021 at 7:30 a.m. Eastern Time, which will be webcast.  Interested parties can access a live webcast of the presentation through the Investor Relations section of the Company's website,  An archive of the webcast will also be available on the Investor Relations section of the Company's website for one year.

The RBC Capital Markets Global Financial Institutions Conference to be held on Wednesday, March 10, 2021.  This conference does not include a formal presentation; therefore, no webcast will be available.

About WesBanco, Inc.

Founded in 1870, WesBanco, Inc. ( is a diversified and balanced financial services company that delivers large bank capabilities with a community bank feel.  Our distinct long-term growth strategies are built upon unique sustainable advantages permitting us to span six states with meaningful market share.  Built upon our 'Better Banking Pledge', our customer-centric service culture is focused on growing long-term relationships by pledging to serve all personal and business customer needs efficiently and effectively.  In addition to a full range of online and mobile banking options and a full-suite of commercial products and services, WesBanco provides trust, wealth management, securities brokerage, and private banking services through our century-old Trust and Investment Services department, with approximately $5.0 billion of assets under management (as of December 31, 2020).  WesBanco's banking subsidiary, WesBanco Bank, Inc., operates 212 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia.  Additionally, WesBanco operates an insurance agency, WesBanco Insurance Services, Inc., and a full service broker/dealer, WesBanco Securities, Inc.


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Byrna Technologies Inc. Reports Record Fourth Quarter And Full Fiscal 2020 Results


Fiscal 2021 Outlook Calls for Strong Revenue Growth Driven by Robust Demand, New Product Innovations, Greater Production Capacity and Dynamic Marketing Campaigns

ANDOVER, Mass., Feb. 26, 2021 /PRNewswire/ — Byrna Technologies Inc. (OTCQB: BYRN) (CSE: BYRN) (“Byrna” or “the Company”) today announced results for its fiscal fourth quarter ended November 30, 2020.

Fourth Quarter 2020 Compared to Fourth Quarter 2019:

  • Revenues were $11,029,164 compared to $500,442.
  • Gross margin was 44.4% compared to 10.7%.
  • Non-GAAP adjusted gross margin1 was 48.7% in the fourth quarter of 2020.
  • GAAP Net loss was $1,641,195 compared to $1,720,439.
  • Non-GAAP adjusted net income1 was $220,790 in the fourth quarter of 2020.

Fiscal Year 2020 Compared to Fiscal Year 2019:

  • Revenues were $16,566,295 compared to $924,419.
  • Gross margin was 45.3% compared to 16.1%.
  • Non-GAAP Adjusted gross margin1 was 48.2% for the full fiscal year 2020.
  • GAAP Net loss was $12,553,325 compared to $4,409,785.
  • Non-GAAP adjusted net loss1 was $2,018,795 in the full fiscal year 2020.

“Our fourth quarter concluded a transformative year for Byrna Technologies,” stated Bryan Ganz, CEO of Byrna.  “We delivered our strongest revenue quarter by far and, adjusted for certain non-recurring and non-cash charges, generated the first quarter of positive adjusted net income in the Company's history.  At the same time, we made important enhancements to our corporate platform, both in terms of manufacturing assets and human capital, including the recent addition of a highly experienced Chief Marketing Officer, Luan Pham.  Now that our production capacity has caught up with demand, the Company expects to work through our current order backlog for launcher kits in the next two weeks and return to same-day shipping by the end of March.”

Due to the civil unrest that has taken place over the past year, both consumers and law enforcement professionals in the U.S. and globally are increasingly seeking effective less-lethal self-defense solutions and Byrna is emerging as a leader in this category given the product's unique features and growing brand awareness.  With the availability of increased production capacity, Byrna will be commencing a series of dynamic marketing campaigns spearheaded by Mr. Pham which are designed to allow the Company to capitalize on this growing demand for less-lethal personal security options, such as the Byrna®HD less-lethal personal security device.   

The Company is also developing a number of exciting new products including the Byrna XL, the Byrna LE and the Byrna CP.  The Byrna XL will be able to use the more readily available 12-gram CO2 canisters and will have greater muzzle velocity.  The Byrna LE is being designed for the Law Enforcement market, as well as for firearm enthusiasts.  This launcher, scheduled for release in Q3 of 2021, will have even greater muzzle velocity, an improved sighting system, a seven-round magazine and extreme cold weather capabilities.   Early in 2022 Byrna intends to introduce the Byrna CP, a compact launcher designed for better conceal carry capabilities and for users with smaller hands. 

Mr. Ganz continued, “With respect to our production capabilities, we could not be more pleased with the ramp of the Fort Wayne, Indiana facility that we opened in September of 2020.  The team there has performed admirably as they, along with our employees in South Africa, demonstrated extraordinary commitment, going above and beyond the call of duty to get product out to our customers and work through our backlog of orders.  Once we have fulfilled our current backlog, we will be putting increased focus on expanding our dealer network and pursuing relationships with sporting goods stores, gun stores and outdoor stores.  We believe that these outlets represent a significant growth opportunity for Byrna.”

Fourth Quarter 2020 Business Overview
Revenues were $11,029,154 in the fourth quarter of 2020. This significant increase was driven by strong growth in orders for the Company's Byrna HD, resulting from enhanced market awareness of the product.

Gross profit was $4,896,610, representing a gross margin of 44.4%, compared to $53,542, or a 10.7% gross margin in the prior year period. On an adjusted basis, gross margin in Q4 was 48.7%.  The increase in gross profit margins was driven primarily by the result of substantially higher production volumes, as the Company was able to spread its fixed production overhead across a larger production base.   

Operating expenses were $6,172,482 in the fourth quarter of 2020, up from $824,770 in the prior year period.  The increase reflects greater investment in corporate infrastructure necessary to support the Company's growth in sales and production.  This investment includes increases in employee-related expenses, marketing costs, auditing costs and bank fees.

Financial Position as of November 30, 2020:

  • Cash of $9,563,635, including $6,388,561 of restricted cash (which is released as backorders are fulfilled).
  • Total assets of $21,216,120.
  • Total debt of $190,300.

The Company's cash position as of November 30, 2020 was an increase of $8,481,735 from November 30, 2019, primarily due to positive free cash flow (defined as cash flow from operations less purchases of property and equipment) and early warrant exercises during the twelve-month period.  Cash flow from operations for fiscal 2020 was $2,537,755 and free cash flow was $1,111,321

Technical Service Update
On February 12, 2020, the Company identified a limited number of Byrna HD launchers in which the safety wire was not within specification.  While no injuries were reported as a result of this technical issue, Byrna alerted its customers through multiple channels including a direct email campaign to Byrna HD owners and a notification posted on the Company's website, offering customers the opportunity to return their launchers for a technical service update to correct the issue, free of charge.  In the ten days since alerting its customers of this issue, Byrna has reached more than 31,000 customers (over 80% of customers) and has received less than 350 submissions for the technical service update.  In the event that we ultimately receive a higher number of customer update requests, the Company has accrued $195,000 on its balance sheet to cover the potential costs of the technical service update (labor, materials and roundtrip freight) for the period ended November 30, 2020.  

Mr. Ganz concluded, “Looking out to the balance of 2021, we expect revenues for our fiscal first quarter ending February 28th to be approximately $9.2 million.  This is slightly below our expectations at the beginning of the quarter, as Byrna suspended essentially all shipments of launchers during the last two weeks of the quarter in order to inspect, test and update more than 8,000 launchers that were in the production pipeline and more than 25,000 safety wires held in inventory.  We can confidently state that since Byrna learned of the technical issue on February 12th, every launcher leaving the factory has been reinspected, updated where necessary and retested, and procedures and protocols have been established to prevent a recurrence of this issue.  While the end of quarter reduction in shipments will negatively impact Q1 sales, the Company is going into Q2 with an order backlog of approximately $3.0 million.”

“With respect to our fiscal second quarter ending May 31st, we expect a slight decline in revenues from our seasonally strong first quarter, which includes the holiday shopping period.  Regarding the outlook for full fiscal year 2021 ending November 30th, based on year-to-date sales, our existing backlog, current order rates, our plans to launch multiple new promotional campaigns, our new product launch schedule and the production capacity we have in place, we expect revenues for the full year 2021 to come in between $33 million and $38 million.”   

“Fiscal 2020 was a year of significant achievement for Byrna, and we expect to build upon this momentum as we progress through 2021 and strive to deliver continued growth, profitability, cash flow and value for our shareholders.”

Recent Securities Issuances
On February 24th, the Board approved the issuance, effective April 18, 2021, of 1.5 million restricted stock units (RSU's) to the Chief Marketing Officer. These RSU's will vest on April 18, 2023, subject to certain stock performance measures.  Additionally, the Board approved the grant to two employees, effective March 2nd (the “Effective Date”), of a total of 240,000 options with a five-year term.  The options will vest over a three-year period and have an exercise price equal to the highest of (i) $1.49, the closing price on the date of the Board award, (ii) the closing price on March 1st, or (iii) the closing price on the Effective Date, as required by applicable law and exchange rules.

About Byrna Technologies Inc.
Byrna is a technology company, specializing in the development, manufacture, and sale of innovative non-lethal equipment and munitions. For more information on the Company, please visit the corporate website here or the Company's investor relations site here. The Company is the manufacturer of the Byrna HD personal security device, a state of the art handheld CO2 powered launcher with the look and feel of a handgun, designed to provide a less-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. The Byrna HD is engineered with patented designs and proprietary parts. Unlike less-lethal alternative such as pepper spray and stun guns, the Byrna HD has an effective range of up to 60 feet and comes with easily reloadable magazines that can hold multiple .68 caliber hard kinetic rounds or highly chemical irritant and pepper rounds designed to effectively stop an assailant without loss of life or permanent injury. To purchase Byrna products visit the Company's e-commerce store.

Forward Looking Information
This news release contains “forward-looking statements” within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “expects,” “intends,” “anticipates,” and “believes” and statements that certain actions, events or results “may,” “could,” “would,” “should,” “might,” “occur,” or “be achieved,” or “will be taken.” Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in this news release include but are not limited to the Company's outlook, including expectations of backorder fulfillment and the return to same day shipping, marketing plans, expectations as to future demand for less-lethal products and for the Byrna HD personal security device, anticipated new product introduction plans, timing, features and the benefits thereof, future areas of focus and opportunity and the Company's ability to capitalize thereon, and quarterly and full year projections, including the adequacy of the reserve taken for the recent safety update of certain launchers.  Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.

Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to: the potential disruption of production, distribution, or marketing due to the pandemic, civil unrest, supply chain shortages or interruptions, including material shortages, that could affect our extended supply chain, unavailability of parts, particularly parts sourced from limited or sole source providers, reduced air freight capacity, or otherwise; potential cancellations of existing or future orders including as a result of fulfillment delay, introduction of competing products, negative publicity, the recent safety alert, product recalls, litigation, enforcement proceedings or other  legal developments; changes in the law regulating the Company's products or other regulatory changes including changes in export laws and regulations including sanctions or embargos that could affect the Company's supply chain or markets; extended restriction of the Company's cash resources impacting the availability of sufficient cash to meet operating expenses, other costs of goods or sales, or fund future growth; and increased costs of production or sales and other events  that could potentially reduce demand for the Company's products or result in order cancellations. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results.  Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in our most recent Form 10-K, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in our SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.




Condensed Consolidated Statements of Operations and Comprehensive Loss
(Amounts expressed in US Dollars)

For the Three Months Ended

For the Twelve Months Ended

November 30,

November 30,





Net revenue









Cost of goods sold





Gross profit





Operating expenses











Foreign currency transaction loss





Accretion of debt discounts




Interest expense




Loss on extinguishment of debt


Warrant inducement expense


Change in fair value of derivative liabilities








Income tax provision








Foreign exchange translation adjustment for the period














Net loss per share – basic and diluted









Weighted-average number of common shares outstanding during the period






Condensed Consolidated Balance Sheets
(Amounts expressed in US Dollars)

November 30,

  November 30,










Restricted cash


Accounts receivable



Inventory, net



Prepaid expenses and other current assets



Total current assets



Patent rights, net



Deposits for equipment



Right-of-use asset


Property and equipment, net





Restricted cash



Other assets









Accounts payable and accrued liabilities





Operating lease liabilities, current


Deferred revenue



Convertible notes payable, net


Notes payable


Accrued interest


Total current liabilities



Convertible notes payable, noncurrent


Notes payable, non-current


Operating lease liabilities, noncurrent


Total Liabilities







Preferred stock, $0.001 par value, 5,000,000 shares authorized, no shares issued

Series A Preferred Stock, 1,500 shares designated, 1,391 and 0 shares issued and outstanding, respectively


Common stock, $0.001 par value, 300,000,000 shares authorized, 148,520,227 and 104,021,836 shares issued and outstanding, respectively



Additional paid-in capital



Shares to be issued


Treasury stock, at cost, 0 and 3,699,999 shares, respectively


Accumulated deficit



Accumulated other comprehensive income (loss)



Total Stockholders' Equity (Deficit)








This news release includes certain “non-GAAP financial measures” under the rules of the Securities and Exchange Commission, including Regulation G. These non-GAAP measures are calculated using GAAP amounts in our consolidated financial statements.


Non-GAAP Reconciliation
(Amounts expressed in US Dollars)

Byrna Technologies Inc. Adjusted Results

 Three Months Ended 11/30/2020

 Twelve Months Ended 11/30/2020




As Adjusted



As Adjusted

Total Sales

$  11,029,154

$  11,029,154

$     16,566,295

$     16,566,295


$     6,132,544

$      (473,494)


$     5,659,050

$       9,058,125

$      (473,494)


$       8,584,631

Gross Profit ($)

$     4,896,610

$     5,370,104

$       7,508,170

$       7,981,664

Gross Profit (%)






$     6,172,482

$   (1,095,962)


$     5,076,520

$     11,817,003

$   (1,907,943)


$       9,909,060

Operating Income

$   (1,275,872)

$        293,584

$     (4,308,833)

$     (1,927,396)

Non-Operating Expenses

   PIK Interest on Convertible Debt

$                   –

$                   –

$          233,095

$      (233,095)


$                     –

   Foreign Currency Transaction Loss

$          72,794

$          72,794

$            91,399

$            91,399

   Accretion of Debt Discounts

$                   –

$                   –

$          755,401

$      (755,401)


$                     –

   Loss on Extinguishment of Debt

$                   –

$                   –

$       6,026,654

$   (6,026,654)


$                     –

   Warrant Inducement Expense

$                   –

$                   –

$          845,415

$      (845,415)


$                     –

Net Income / (Loss) Before Income Taxes

$   (1,348,666)

$        220,790

$   (12,260,796)

$     (2,018,795)

Net Income / (Loss)

$   (1,348,666)

$        220,790

$   (12,260,796)

$     (2,018,795)


1) Byrna Technoligies wrote off $473,794 of accumulated early revision components made obsolete by updates to the specifications of the Byrna HD as Byrna fully industrialized the HD Launcher.  This was a one-time event and now that the Byrna HD is in serial production, the Company does not expect to incur this type of write-off going forward.  

4) Byrna paid PIK interest on a 10% convertible debenture that was retired during 2020.  This was a non-cash payment.   

5) Accretion is a non-cash GAAP charge intended to reflect the change in value of the conversion feature of the convertible debt referenced in Note 4 as well as certain warrants issued in conjunction with this debt.  This is treated as a liability and as the stock price increases, the Company books a non-cash “loss” to reflect the increase in the liability resulting from potentially having to issue stock below the current market prices. 

6) The loss on extinguishment of debt is a (non-cash) GAAP entry that the Company was required to book when we retired the convertible debt referenced in Notes 4&5.  The calcuation is based on the value of the convertible preferred stock that was issued to retire the debt.  At the time of this debt for equity swap, the conversion price on both the debt and preferred stock was in the money, making both the debt and equity worth more than the face value of the debt instrument.

7) In order to induce a number of large warrant holders to exercise their warrants early, Byrna offered a limited time “warrant holiday,” reducing the exercise price from $0.25 per share to $0.16 per share.  The purpose was to bring in needed funds without the cost and complexity of issuing new debt.  At the time the stock price was approximately $0.25.

8) In order to attract and retain Senior Management during the rapid growth of 2020 when the Company grew from 10 people to 165 people, the Company issued ISO, RSU's, and Restricted Stock.  These are non-cash items and the majority of these grants have not vested.  For Q4 this non-cash charge came to $592,950 and for the full year 2020 the Company booked $1,252,386 in “Stock Compensation Expense.”

9) Due to the rapid growth, during 2020 Byrna triggered the requirement to charge State Sales tax in a number of jurisdictions.  Due to the fact that the requirement to collect sales tax is based on the Company's total sales at the time of shipment, rather than at the time the order was placed, the Company took orders before realizing that sales in these states would eclipse the sales tax threshold.  Byrna is now potentially liable for sales tax on orders where we did not collect the tax from the customer.  Accordingly, the Company has created a reserve for this amount.  This is a one-time event as Byrna now collects sales tax in all states.  For Q4 the reserve booked was $503,012 and for 2020 it was $655,557.

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Motto Mortgage Network Closes Nearly $2.5 Billion in Loan Volume in 2020


DENVER, Feb. 26, 2021 /PRNewswire/ — Motto Franchising, LLC today announced that the Motto Mortgage network of offices closed almost $2.5 billion in loan volume and helped 10,000 families realize their dreams of homeownership in 2020. Year-over-year, the Motto Mortgage network more than doubled its closed loan volume and saw a 99% increase in families served compared to 2019. This significant achievement is even more noteworthy considering 43% of the network's 2020 loan volume was closed by Motto Mortgage franchise offices that have been operating for two years or less.

“Closing nearly $2.5 billion in loan volume is remarkable in any year, but especially in a challenging one like 2020.”

 Some 383 loan originators in the Motto Mortgage network contributed to closing the $2.47 billion in loan volume in 2020. Currently, over 140 Motto Mortgage offices in nearly 40 states are open and serving consumers. The brand is the first national mortgage brokerage franchise in the United States.

The complexity of 2020 only adds to the accomplishment, said Ward Morrison, president, Motto Franchising, LLC.

“Closing nearly $2.5 billion in loan volume as a network is a remarkable feat in any year, but especially in a challenging one like 2020 – only our fourth full year of operations,” Morrison said. “That was only one of many achievements for our brand last year. 2020 was a record-breaking year for Motto franchise sales, and the fourth quarter was our best quarter yet in company history. Our momentum is real.” 

Earlier this year, the Motto Mortgage brand was named to Entrepreneur magazine's 41st annual Franchise 500® list, ranking first in the Miscellaneous Financial Services category and #147 overall¹. In 2020, the franchise brand received 15 franchise and industry awards from Entrepreneur, Franchise Business Review, The Denver Business Journal and more.

In addition to facilitating home purchases and refinances for 10,000 families in 2020, Motto Mortgage offices gave back to their communities throughout the year via the Motto Mortgage Mission Against Hunger program, which was established in 2017. As food insecurity drastically increased due to the pandemic, Motto Mortgage offices hosted frequent food drives and raised thousands of dollars to support local food banks. “Our people stepped up when their communities needed them most,” Morrison said.

Motto Mortgage, a “mortgage brokerage in a box,” continues to create waves within the mortgage industry by providing exceptional service, more options, greater transparency and added convenience for consumers. This model creates an ancillary business for current real estate brokerage firms, and also offers opportunities for mortgage professionals seeking to open their own businesses and/or independent investors interested in financial services.

Each Motto Mortgage franchise is independently owned, operated and licensed.

About Motto Mortgage

The Motto Mortgage network is breaking the mold by giving the power of choice back to consumers with less jargon, more transparency, and even more options to choose from as they shop for the right home loan. With over 125 offices open in more than 30 states, Motto Franchising, LLC's unique national franchise mortgage brokerage model is the first of its kind in the United States. Created to disrupt the mortgage industry, the Motto Mortgage network is designed to connect loan originators and real estate agents to provide a seamless, personalized experience and one-stop shop for consumers. Motto Mortgage is the second member of the RE/MAX Holdings, Inc. family of brands. Each Motto Mortgage office is independently owned, operated and licensed. To learn more about Motto Mortgage, or for license information for a Motto Mortgage office, email [email protected], or visit

¹Motto Mortgage was ranked 147 in the 2021 Entrepreneur Magazine Franchise 500® and was named first in Entrepreneur's category for Miscellaneous Financial Services. Both the overall and category ranking are based on an analysis of data, including costs and fees, support, size and growth, brand strength, and financial strength and stability, from franchise disclosure and related documents dated August 2019 to July 2020 of 1,116 participating franchise systems which included 3 systems in the Miscellaneous Financial Services category.

This information is not intended as an offer to sell, or the solicitation of an offer to buy, a Motto Mortgage franchise. It is for informational purposes only. We will not offer you a franchise in states or other jurisdictions where registration is required unless and until we have complied with applicable pre-sale registration requirements in your state (or have been exempted therefrom) and a Franchise Disclosure Document has been delivered to you before the sale in compliance with applicable law. New York residents: This advertisement is not an offering. An offering can be made by prospectus only. Minnesota Reg. No. F-8089; Motto Franchising, LLC, 5075 South Syracuse St #1200, Denver, CO 80237, 1.866.668.8649.


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Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

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