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News

cbdMD Reports Record First Quarter Fiscal 2020 Net Sales of $10.14 Million

gbafNews28

cbdMD, Inc. (NYSE American: YCBD, YCBD PR A) (the Company), a leading cannabidiol (CBD) consumer brands company, reported today its first fiscal 2020 quarter ended December 31, 2019 results, the highlights of which were:

  • The Company reported record net sales of $10,148,236, a year-over-year quarterly increase of approximately 285% (which is based upon the pre-acquisition and post-acquisition net sales of the brand which the Company acquired in late December 2018).
  • The Company reported its net sales for the quarter were approximately 67% through its e-commerce channel and 33% through its retail brick and mortar channel.
  • The Company reported its gross profit margin as a percent of net sales were 63.5% as compared to 64.4% in prior year same period and an improvement from our last quarter ending September 30, 2019, which was 56.7%.
  • The Company reported a quarterly loss from operations of $6,112,598, of which approximately $965,000 was non-cash items. Total operating expenses related to marketing, advertising, sponsorship and affiliate commissions were approximately $5 million for the quarter, of which $1.2 million was an accelerated license fee for the Life Time Fitness Agreement.
  • The Company reported a $16,898,006 decrease in the Companys non-cash contingent liability and net income before provision for income tax of $10,730,665.
  • The Company reported net income for the first quarter of fiscal 2020 of $12,863,029 or $0.45 cents per diluted share.
  • The Company reported $3,661,210 in cash at December 31, 2019, which gave no effect to the subsequent follow-on firm commitment common stock offering which resulted in approximately $16.9 million of net proceeds on January 14, 2020.

cbdMD is reporting another record quarter of revenue growth, we are fully financed and expect to achieve cash flow breakeven by the end of this fiscal year. In calendar 2019, our first full year of CBD sales, we generated over $33 million in total net sales, which was well ahead of our initial expectations of $20 million. We believe that we have built two of the leading CBD brands in America, cbdMD and Paw CBD. While our common share price has been negatively impacted by the current investor sentiment in the cannabis sector, we believe we are a bright spot in the overall industry, said Martin Sumichrast, Chairman and co-CEO of the Company.

We continue to drive online sales through the use of various digital marketing tactics, athlete and major league partnerships, and high traffic affiliate programs. Currently we have over 222,000 active e-commerce subscribers, an increase of over 10% since last quarter. On the brick and mortar side of our business, we are growing the amount of retail stores who currently carry our brands. Our retail reach is now over 5,300 retail doors, an increase of over 1,000 doors since last quarter and we have also increased our international presence and are now currently selling to wholesale customers in 16 international markets, up from 10 last quarter, continued Mr. Sumichrast.

During calendar 2019, we invested heavily in brand development and acquiring brand building assets as well as our physical infrastructure with full scale manufacturing, distribution and warehousing facilities. During calendar 2020, our focus is on deploying and activating these assets while containing our overall advertising and marketing costs. We continue to invest in R&D and testing to ensure the safety and quality of our products. Every batch of finished goods are tested with a full panel by an ISO certified testing laboratory to ensure the quality and purity, as well as to ensure we meet our label claims for potency, continued Mr. Sumichrast.

Our brands have also received leading brand recognition in the CBD industry. In July, 2019, the Brightfield Group, one of the leading predictive analytics and market research firms for the legal CBD industry, named cbdMD a Top 10 domestic brand in two booming categories, Topicals and Skincare/Beauty. In November 2019, in a newly released survey conducted by Brightfield of more than 3,500 CBD users, cbdMD ranked the highest in terms of overall consumer satisfaction as well as the highest in unaided consumer awareness of any of the top 20 CBD brands. In the animal health side of our business, Paw CBD was recently ranked by the Brightfield Group as one of the top five brands in the animal CBD market. Most recently, we announced a plan to start a joint venture with holistic pet foods leader Halo, Purely for Pets (Halo), a premium, natural pet food brand with a rich 30-year operating history, added Mr. Sumichrast.

 

CONFERENCE CALL DETAILS

Thursday, February 13, 2020, 4:15 p.m. Eastern Time

Domestic:

1-844-602-0380

International:

1-862-298-0970

 

Replay dial in “ Available through January 18, 2020

Domestic:

1-877-481-4010

International:

1-919-882-2331

Replay ID:

56986

Webcast Replay link “ available through March 18, 2020:

https://www.investornetwork.com/event/presentation/56986

 

About cbdMD, Inc.

cbdMD, Inc. (NYSE American: YCBD and NYSE American: YCBD PR A) owns and operates the nationally recognized consumer cannabidiol (CBD) brand cdbMD, whose current products include CBD gummies, CBD tinctures, CBD topical, CBD bath bombs, CBD oils and CBD pet products. cbdMD, Inc. is a nationally recognized consumer cannabidiol (CBD) brand whose current products include CBD tinctures, CBD gummies, CBD topicals, CBD bath bombs, and CBD pet products. cbdMD is also the proud partner with the Big 3 Basketball League, Barstool Sports, Bellator MMA, (a subsidiary of Viacom: NASDAQ:VIA), Life Time Fitness and Nitro Circus. To learn more about cbdMD, Inc. and our comprehensive line of over 100 SKUs of U.S. produced, THC-free CBD products, please visit: www.cbdmd.com or follow cbdMD on Instagram and Facebook or visit one of the over 4,000 retail outlets that carry cbdMD products.

Forward-Looking Statements

This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified by the use of words such as ”should,” ”may,” ”intends,” ”anticipates,” ”believes,” ”estimates,” ”projects,” ”forecasts,” ”expects,” ”plans,” and ”proposes.” These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation, statements made with respect to the expansion of the consumer market for CBD products and our ability to increase our market share, our limited operating history, our ability to expand our business and significantly increase our revenues, our ability to effectively leverage our brand partnerships and sponsorships, our ability to effectively compete in our market, our ability to achieve our net sales guidance, and our ability to report profitable operations in the future. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in cbdMD, Inc.’s Annual Report on Form 10-K for the fiscal year ended September 30, 2019 as filed with the Securities and Exchange Commission (the “SEC”) and our other filings with the SEC. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of cbdMD, Inc. and are difficult to predict. cbdMD, Inc. does not undertake any duty to update any forward-looking statements except as may be required by law. The information which appears on our websites and our social media platforms, including, but not limited to, Instagram and Facebook, is not part of this press release.

   

cbdMD, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2019 AND SEPTEMBER 30, 2019

 
   

 

 

(Unaudited)

   

 

 

 

 

December 31,

   

September 30,

 
 

2019

   

2019

 

Assets

       
         

Current assets:

       

Cash and cash equivalents

 

$

3,661,310

   

$

4,689,966

 

Accounts receivable

 

 

670,182

   

 

1,425,697

 

Accounts receivable other

 

 

160,137

   

 

160,137

 

Accounts receivable “ discontinued operations

 

 

875,331

   

 

1,080,000

 

Marketable securities

 

 

136,527

   

 

198,538

 

Investment other securities

 

 

600,000

   

 

600,000

 

Deposits

 

 

28,365

   

 

6,850

 

Merchant reserve

 

 

412,979

   

 

519,569

 

Inventory

 

 

5,307,217

   

 

4,301,586

 

Inventory prepaid

 

 

1,141,211

   

 

903,458

 

Deferred issuance costs

 

 

16,828

   

 

93,954

 

Prepaid software

 

 

187,220

   

 

206,587

 

Prepaid equipment deposits

 

 

868,589

   

 

868,589

 

Prepaid expenses and other current assets

 

 

808,275

   

 

688,104

 

Total current assets

 

 

14,874,171

   

 

15,743,035

 

 

 

 

   

 

 

Other assets:

 

 

   

 

 

Property and equipment, net

 

 

2,157,980

   

 

1,715,557

 

Operating lease assets

 

 

7,704,109

   

 

 

Deposits for facilities

 

 

755,383

   

 

754,533

 

Intangible assets, net

 

 

21,635,000

   

 

21,635,000

 

Goodwill

 

 

54,669,997

   

 

54,669,997

 

Total other assets

 

 

86,922,469

   

 

78,775,087

 

 

 

 

   

 

 

Total assets

 

$

101,796,640

   

$

94,518,122

 

 

     

cbdMD, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2019 AND SEPTEMBER 30, 2019

(continued)

     

 

 

(Unaudited)

 

 

 

 

December 31,

 

September 30,

 

 

2019

 

2019

Liabilities and shareholders’ equity

   
     

Current liabilities:

   

Accounts payable

 

$

3,625,073

 

 

$

3,021,271

 

Accrued expenses

 

 

531,958

 

 

 

681,269

 

Operating leases “ short term liabilities

 

 

1,044,611

 

 

 

 

Note payable

 

 

279,606

 

 

 

 

Customer deposit “ related party

 

 

 

 

 

7,339

 

Total current liabilities

 

 

5,481,248

 

 

 

3,709,878

 

     

Long term liabilities:

 

 

 

 

Long term liabilities

 

 

 

 

 

363,960

 

Note payable

 

 

182,975

 

 

 

 

Operating leases – long term liabilities

 

 

6,906,193

 

 

 

 

Contingent liability

 

 

33,701,994

 

 

 

50,600,000

 

Deferred tax liability

 

 

 

 

 

2,240,300

 

Total long term liabilities

 

 

40,791,162

 

 

 

53,204,260

 

 

 

 

 

 

Total liabilities

 

 

46,272,410

 

 

 

56,914,138

 

 

 

 

 

 

cbdMD, Inc. shareholders’ equity:

   

Preferred stock, authorized 50,000,000 shares, $0.001 par value, 500,000 and 0 shares issued and outstanding, respectively

 

 

500

 

 

 

 

Common stock, authorized 150,000,000 shares, $0.001 par value,

   

27,720,356 and 27,720,356 shares issued and outstanding, respectively

 

 

27,720

 

 

 

27,720

 

Additional paid in capital

 

 

102,256,769

 

 

 

97,186,524

 

Accumulated deficit

 

 

(46,760,759

)

 

 

(59,610,260

)

Total cbdMD, Inc. shareholders’ equity

 

 

55,524,230

 

 

 

37,603,984

 

 

 

 

 

 

     

Total liabilities and shareholders’ equity

 

$

101,796,640

 

 

$

94,518,122

 

 

   

cbdMD, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2019 AND 2018

(Unaudited)

   

 

 

Three months

 

Three months

 

 

Ended

 

Ended

 

 

December 31,

2019

 

December 31,

2018

 

 

 

 

 

Sales

 

$

10,412,491

 

 

$

683,730

 

Sales related party

 

 

 

 

 

 

Total Gross Sales

 

 

10,412,491

 

 

 

683,730

 

Allowances

 

 

(264,255

)

 

 

(218,042

)

Net sales

 

 

10,148,236

 

 

 

465,687

 

Net sales related party

 

 

 

 

 

 

Total Net Sales

 

 

10,148,236

 

 

 

465,687

 

Cost of sales

 

 

3,700,537

 

 

 

165,492

 

 

 

 

 

 

Gross Profit

 

 

6,447,699

 

 

 

300,196

 

 

 

 

 

 

Operating expenses

 

 

12,560,297

 

 

 

1,391,812

 

Income (Loss) from operations

 

 

(6,112,598

)

 

 

(1,091,617

)

Realized and Unrealized gain (loss) on marketable securities

(62,010

)

 

Decrease of contingent liability

 

 

16,898,006

 

 

 

Interest income

 

 

7,267

 

 

 

37,686

 

Income (loss) before provision for income taxes

 

 

10,730,665

 

 

 

(1,053,931

)

 

 

 

 

 

Benefit for income taxes

 

 

2,240,300

 

 

 

133,000

 

Net Income (Loss) from continuing operations

 

 

12,970,965

 

 

 

(920,931

)

Net Loss from discontinued operations, net of tax (Note 15)

 

 

(41,202

)

 

 

(1,268,111

)

Net Income (Loss)

 

 

12,929,763

 

 

 

(2,189,042

)

Net Loss attributable to non-controlling interest from discontinued operations (Note 15)

 

 

 

 

 

(79,149

)

Preferred dividends

 

 

66,734

 

 

 

 

 

 

 

 

 

Net Income (Loss) attributable to cbdMD, Inc. common shareholders

 

$

12,863,029

 

 

$

(2,109,893

)

 

 

 

 

 

Net Income (Loss) per share:

 

 

 

 

Basic earnings per share

 

$

0.46

 

 

$

(0.21

)

Diluted earnings per share

 

 

0.45

 

 

 

 

Weighted average number of shares Basic:

 

 

27,720,356

 

 

 

10,052,960

 

Weighted average number of shares Diluted:

 

 

28,553,856

 

 

 

10,052,960

 

 

cbdMD, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

FOR THE THREE MONTHS ENDED DECEMBER 31, 2019 AND 2018

(Unaudited)

 

 

 

Three months

 

Three months

 

 

Ended

 

Ended

 

 

December 31,

2019

 

December 31,

2018

 

 

 

 

 

Net Income (Loss)

 

$

12,929,763

 

 

$

(2,189,042

)

Other Comprehensive Income:

 

 

 

 

Continued operations – Net Unrealized Gain (Loss) on Marketable Securities, net of tax

 

 

 

 

 

 

Comprehensive Income (Loss)

 

 

12,929,763

 

 

 

(2,189,042

)

 

 

 

 

 

Comprehensive Income (loss) attributable to non-controlling interest

 

 

 

 

 

(79,149

)

Preferred dividends

 

 

(66,734

)

 

 

 

Comprehensive Income (Loss) attributable to cbdMD, Inc. common shareholders

 

$

12,863,029

 

 

$

(2,109,893

)

 

 

 

 

 

 

     

cbdMD, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2019 AND 2018

(unaudited)

     

 

 

Three Months Ended December 31,

 

Three Months Ended December 31,

 

2019

 

2018

Cash flows from operating activities:

   

Net income (loss)

 

$

12,929,763

 

 

$

(2,189,042

)

Adjustments to reconcile net income (loss) to net

   

cash used by operating activities:

   

Stock based compensation

 

 

542,574

 

 

 

143,673

 

Restricted stock expense

 

 

138,000

 

 

 

 

Impairment on discontinued operations asset

 

 

38,002

 

 

 

 

Depreciation and amortization

 

 

113,252

 

 

 

64,414

 

Gain on settlement of Note

 

 

 

 

 

(20,000

)

Increase/(Decrease) in contingent liability

 

 

(16,898,006

)

 

 

 

Realized and unrealized loss of marketable securities

 

 

62,011

 

 

 

1,578,976

 

Non-cash lease expense

 

 

382,432

 

 

 

 

Non-cash consideration received for services

 

 

 

 

 

(407,500

)

Changes in operating assets and liabilities:

   

Accounts receivable

 

 

755,515

 

 

 

(113,629

)

Accounts receivable “ related party

 

 

 

 

 

204,902

 

Other accounts receivable

 

 

 

 

 

(8,865

)

Note receivable

 

 

 

 

 

(6,000

)

Note receivable “ related party

 

 

 

 

 

156,147

 

Deposits

 

 

(22,365

)

 

 

 

Merchant reserve

 

 

106,590

 

 

 

(25,090

)

Inventory

 

 

(1,005,631

)

 

 

(13,833

)

Prepaid inventory

 

 

(237,753

)

 

 

 

Prepaid expenses and other current assets

 

 

(100,803

)

 

 

184,300

 

Marketable securities

 

 

 

 

 

174,327

 

Accounts payable and accrued expenses

 

 

454,490

 

 

 

(329,680

)

Operating lease liability

 

 

(318,758

)

 

 

 

Note payable

 

 

268,115

 

 

 

(308,627

)

Deferred revenue / customer deposits

 

 

(7,339

)

 

 

(114,375

)

Cash provided by discontinued operations

 

 

166,667

 

 

 

 

Deferred tax liability

 

 

(2,240,300

)

 

 

(133,000

)

Cash used by operating activities

 

 

(4,873,544

)

 

 

(1,162,902

)

     

Cash flows from investing activities:

   

Net cash used for merger

 

 

 

 

 

(1,177,669

)

Purchase of intangible assets

 

 

 

 

 

(79,999

)

Purchase of property and equipment

 

 

(555,674

)

 

 

(9,925

)

Cash used by investing activities

 

 

(555,674

)

 

 

(1,267,593

)

     

Cash flows from financing activities:

   

Proceeds from issuance of common stock

 

 

 

 

 

6,356,997

 

Proceeds from issuance of preferred stock

 

 

4,421,928

 

 

 

 

Preferred dividend distribution

 

 

(66,734

)

 

 

 

Deferred issuance costs

 

 

45,368

 

 

 

(177,521

)

Cash provided by financing activities

 

 

4,400,562

 

 

 

6,179,476

 

Net increase (decrease) in cash

 

 

(1,028,656

)

 

 

3,748,981

 

Cash and cash equivalents, beginning of period

 

 

4,689,966

 

 

 

4,282,553

 

Cash and cash equivalents, end of period

 

$

3,661,310

 

 

$

8,031,534

 

 

cbdMD, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS ENDED DECEMBER 31, 2019 AND 2018

(unaudited) (continued)

 

Supplemental Disclosures of Cash Flow Information:

     

 

 

Three Months ended December 31,

 

Three Months Ended December 31,

 

 

2019

 

2018

 

 

 

 

 

Cash Payments for:

 

 

 

 

Interest expense

 

$

8,221

 

$

203

 

 

 

 

 

Non-cash financial activities:

   

Warrants issued to secondary selling agent

 

$

178,513

 

$

86,092

Stock received for prior period services, adjusted for other accounts receivable write down prior to receipt

 

$

 

$

1,352,000

     

 

Investors:

John Weston

Director of Investor Relations

[email protected]

704-249-9515

News

Suncity Group Named Title Sponsor for Local Arts Events

gbafNews28

Fully Supports Macau’s Cultural Industry and the Recovery of Macau

 

MACAU, CHINA – Media OutReach – 20 September 2020 – To revitalize the development of Macau’s cultural industry, Suncity Group fully supports the local arts event, rooting for Macau citizens and local artists through series of astonishing and diversified music entertaining events. ‘Suncity Group Rooting for Macau – SIM! Music Festival 2020’ is the first musical performance of series events title sponsored by Suncity Group, ended perfectly at the Cotai Arena, Venetian Macau on September 19.

[View Image]

Maria Helena de Senna Fernandes, Director of Macau Government Tourist Office, Mr. Kevin Ho, Macau Deputy to the National People’s Congress of PRC, Mr. Alvin Chau, Chief Executive Officer and Director of Suncity Group and President of Macau Artistes Association, Dr. Wilfred Wong, President and Executive Director of Sands China Ltd. attended the event 

‘Best Performance Award’ was awarded to Classic heritage- The Final Trigger by Mr. Alvin Chau

[View Image]

Local singers, artists, dancers and more than 200 people from the industry were assembled to organise this music festival

 

With the purpose of ‘reigniting the local performing arts power’, a group of outstanding local singers, artists, dancers and more than 200 people from the industry were assembled to organise this music festival. A total of 12 units did their utmost to compete in the same stage with singing and dancing. There was no cessation to the excitement and the symphony of applause and cheers in the whole night.

 

The organisers have specially invited Mr. Kevin Ho, Macau Deputy to the National People’s Congress of PRC, Dr. Wilfred Wong, President and Executive Director of Sands China Ltd., Mr. Alvin Chau, Chief Executive Officer and Director of Suncity Group and President of Macau Artistes Association to serve as adjudicators and presenters, witnessing and supporting this diversified music festival that belongs to Macau with the other officiating guests. It shot in the arm of Macau’s cultural industry which has been gradually recovering after the pandemic. After a series of stiff competitions and wonderful performances by the participating units, the ‘Best Styling Award’ went to Walk with Scamper, the ‘Best Teamwork Award’ was awarded to Girls Rock, the ‘Best Positive Energy’ was given to Bacalhau Talkshow & Band, and finally the ‘Best Performance Award’ was awarded to Classic heritage- The Final Trigger by Mr. Alvin Chau.

 

Mr. Chau said, ‘2020 is the year full of difficulties. With the impact of the pandemic, performing arts and cultural industries in mainland China and Macau have been hard hit. Most of the large-scale musical performances have also been suspended. “Suncity Group Rooting for Macau – SIM! Music Festival 2020” as the first music festival of this year, it undoubtedly brings more positive energy to Macau society as well as the cultural industry, pro-actively supporting the development of Macau’s industrial diversification.’

 

As the first extraordinary music feast of series events ended, ‘Suncity Group Rooting for Macau – SIM! Full Band festival 2020’, also title sponsored by Suncity Group, comes immediately thereafter and will be held on September 26. 13 teams of local rock bands will spare no effort to inspire local Macau citizens and awaken their rocking soul. There are also DJ performances, cold beer and snacks at that night, creating a diversified and dynamic rock music festival with hyper performances and mouth-watering delicacies. It once again roots for the recovery of Macau’s economy.

 

As an enterprise rooted in Macau, Suncity Group is committed to the motherland and Macau. With actively fulfilling its social responsibilities, the Group strives to support the recovery of cultural industry in mainland China and Macau as well as the diversified development of Macau in cooperating to national policies and long-term development of China. Through the title sponsorship of the series arts events, Suncity Group hopes to bring more positive energy and get the uptick of confidence to the Macau society.

 

High-resolution images can be downloaded in the gallery:

https://dropbox.suncity-group.com/url/0919sim

About Suncity Group

Suncity Group was founded in 2007. Since establishment, Suncity Group has been striving to provide the extraordinary VIP entertainment service for our guests, and we then opened a number of VIP Clubs in various 6-star hotels and resorts throughout Macau with the rapid growth of our business. Meanwhile, we successively set up exclusive VIP Clubs in Manila, Seoul, Incheon, Phnom Penh and Da Nang, etc.

 

Adhering to the spirit of “Innovating With Diversity, Striving For Success”, Suncity Group spared no effort to develop high-end entertainment services and products as well as roll out global VIP loyalty program for the selected members to enjoy entertainment, travel, catering services, luxury shopping and motion picture. Today, the scope of our business covers most sectors, especially in the fields of global travel, film production, concert and event planning, catering and luxury goods.

 

As a Macau born and bred enterprise, Suncity Group is not only devoted to develop the Asian market, but also oriented to expand the global network. In the future, we will surely continue to diversify our VIP entertainment services, attract more exclusive members and make every effort to promote our business in every corner of the world.

 

Official Website | www.suncitygroup.com.mo/en

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News

CNOOC Limited Announces Commencement of Production at Liuhua 16-2 Oilfield / 20-2 Oilfield Joint Development Project

gbafNews28

HONG KONG, Sept. 20, 2020 /PRNewswire/ — CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Liuhua 16-2 oilfield/ 20-2 oilfield joint development project has commenced production.

Liuhua 16-2 oilfield / 20-2 oilfield joint development project is located in Eastern South China Sea. The average water depth of the joint development project is approximately 410 meters.  One 150,000 DWT FPSO and three underwater production systems are newly built. A total of 26 development wells are planned to be put into production and development. The project is expected to reach its peak production of approximately 72,800 barrels of crude oil per day in 2022.

CNOOC Limited holds 100% interest of Liuhua 16-2 oilfield/ 20-2 oilfield joint development project.

– End –

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

*** *** *** ***

This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company’s expectations, including but not limited to those associated with fluctuations in crude oil and natural gas prices, macro-political and economic factors, changes in the tax and fiscal regimes of the host countries in which we operate, the highly competitive nature of the oil and natural gas industry, the exploration and development activities, mergers, acquisitions and divestments activities, environmental responsibility and compliance requirements, foreign operations and cyber system attacks.  For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the Annual Report on Form 20-F filed in April of the latest fiscal year.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

*** *** *** ***

For further enquiries, please contact:

Ms. Jing Liu
Manager, Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-3404
Fax: +86-10-8452-1441
E-mail: [email protected]

Ms. Ada Leung 
Hill+Knowlton Strategies Asia
Tel: +852-2894-6225
Fax: +852-2576-1990
E-mail: [email protected]

Photo – https://photos.prnasia.com/prnh/20200911/2914374-1LOGO?lang=0

 

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Odonate Therapeutics, Inc. of Class Action Lawsuit and Upcoming Deadline – ODT

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NEW YORK, Sept. 19, 2020 — Pomerantz LLP announces that a class action lawsuit has been filed against Odonate Therapeutics, Inc.  (“Odonate” or the “Company”) (NASDAQ: ODT) and certain of its officers.   The class action, filed in United States District Court for the Southern District of California, and docketed under 20-cv-01828, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Odonate securities between December 7, 2017, and August 21, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Odonate securities during the class period, you have until November 16, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Odonate was founded in 2013 and is based in San Diego, California.  Odonate is a pharmaceutical company that develops therapeutics for the treatment of cancer.  The Company is focused on developing tesetaxel, an orally administered chemotherapy agent. 

Tesetaxel is in Phase 3 clinical study for patients with locally advanced or metastatic breast cancer (“MBC”), called the CONTESSA trial, which is evaluating tesetaxel in combination with capecitabine in patients with MBC.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) tesetaxel was not as safe or well-tolerated as the Company had led investors to believe; (ii) consequently, tesetaxel’s commercial viability as a cancer treatment was overstated; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On August 24, 2020, during pre-market hours, Odonate issued a press release announcing top-line results from the CONTESSA trial.  Although the study met its primary endpoint, tesetaxel plus capecitabine was associated with Grade 3 or higher neutropenia (low levels of white blood cells), which occurred in 71.2% of patients with the combination treatment versus 8.3% for capecitabine alone.  Various other Grade 3 or higher treatment-emergent adverse events (“AEs”) were also associated with tesetaxel plus capecitabine versus capecitabine alone.  Further, discontinuation rates were 4.2% from neutropenia and 3.6% from neuropathy, and the overall discontinuation rate was 23.1% in the treatment group compared to 11.9% in the capecitabine alone group.

On this news, Odonate’s stock price fell $15.21 per share, or 45.35%, to close at $18.33 per share on August 24, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT: Robert S. Willoughby Pomerantz LLP [email protected]

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