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News

Firan Technology Group Corporation (“FTG” or “the Corporation”) Announces Full Year and Fourth Quarter 2019 Financial Results

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TORONTO, Feb. 13, 2020 — Firan Technology Group Corporation (TSX: FTG) today announced financial results for the full year and fourth quarter 2019.

  • Achieved record full year sales of $112.7M, an increase of $8.2M after excluding a $5M revenue adjustment on a development contract from Q1 last year
  • Achieved EBITDA of $14.6M, an increase of $4.1M (39%) over last year
  • Achieved net income of $6.1M and diluted earnings per share of $0.25, an increase of 111% over 2018
  • Generated $8.5M in full year free cash flow, inclusive of capital expenditures of $3.1M but exclusive of $3.8M of net cash consideration paid for the Colonial business (now referred to as FTG Circuits-Fredericksburg)
  • At year end, had net cash of $2.2M on the balance sheet.
 
Full Year Results: (twelve months ended Nov 30, 2019 compared with twelve months ended Nov 30, 2018)
 
    FY 2019       FY 2018  
Sales $ 112,653,000     $ 109,420,000  
     
Gross Margin   30,264,000       25,262,000  
Gross Margin (%)   26.9 %     23.1 %
     
Operating Earnings (1):   15,818,000       10,978,000  
     
•  Net R&D Investment   4,846,000       4,740,000  
•  R&D Tax Credits   (669,000 )     (1,016,000 )
•  Foreign Exchange Loss (Gain)   785,000       (75,000 )
•  Amortization of Intangibles   1,128,000       1,049,000  
     
Net Earnings before Tax   9,728,000       6,280,000  
     
•  Income Tax   3,746,000       3,415,000  
•  Non-controlling Interests   (76,000 )     (10,000 )
     
Net Earnings after tax $ 6,058,000     $ 2,875,000  
Earnings per share    
– basic $ 0.27     $ 0.13  
– diluted $ 0.25     $ 0.12  

Fourth Quarter Results: (three months ended Nov 30, 2019 compared with three months ended Nov 30, 2018)

    Q4 2019       Q4 2018  
Sales $ 27,075,000     $ 28,013,000  
     
Gross Margin   5,870,000       7,264,000  
Gross Margin (%)   21.7 %     25.9 %
     
Operating Earnings (1):   2,745,000       3,453,000  
     
•  Net R&D Investment   1,339,000       1,375,000  
•  R&D Tax Credits   (260,000 )     (283,000 )
•  Foreign Exchange Loss   253,000       89,000  
•  Amortization of Intangibles   301,000       266,000  
     
Net Earnings before Tax   1,112,000       2,006,000  
     
•  Income Tax   504,000       769,000  
•  Non-controlling Interests   33,000       11,000  
     
Net Earnings After Tax $ 575,000     $ 1,226,000  
     
Earnings per share    
– basic $ 0.03     $ 0.05  
– diluted $ 0.03     $ 0.05  
 
(1) Operating Earnings is not a measure recognized under International Financial Reporting Standards (“IFRS”). Management believes that this measure is important to many of the Corporation’s shareholders, creditors and other stakeholders. The Corporation’s method of calculating Operating Earnings may differ from other corporations and accordingly may not be comparable to measures used by other corporations.
 

Business Highlights

FTG accomplished many goals in 2019 that continue to improve the Corporation and position it for the future, including:

  • Received Canadian Technical Standard Order (TSO) approval for a Cursor Control Device enabling FTG to begin production of this product under development over the past 3 years
  • On July 15, 2019, FTG successfully closed the acquisition of Colonial Circuits Inc., in Fredericksburg Virginia
  • Achieved sales from Colonial of approximately $3.6M from July to November
  • Began the certification process for the Colonial facility to the Aerospace AS9100 certification with completion planned for early 2020, opening up significant new market opportunities for that site
  • Worked with key suppliers to achieve material cost savings for the Colonial site, in line with costs at other existing FTG sites.
  • In November, FTG reached agreement with its represented staff at FTG Aerospace Toronto. The contract is for four years, with improvements in benefits and wages in line with typical collective agreements in Ontario this year.

For FTG, overall sales increased by $3.2M or 3.0% from $109.4M in 2018 to $112.7M in 2019. Adjusting for the revenue recognition impact of $5M from the C919 program in Q1 2018, the increase in sales is $8.2M or 7.9%. In Q4, FTG was the subject of a cyber-attack that impacted all sites in North America, except the recently acquired business in Fredericksburg, Virginia. The affected sites lost production from a few days to a few weeks. This impacted the 2019 sales in the quarter and the year as deliveries were delayed beyond year end. The acquisition of FTG Circuits Fredericksburg business, which closed July 15, 2019, contributed $3.6M to 2019 sales. Also contributing to the growth was the weakening of the Canadian dollar by 3.8 cents in 2019 compared to the prior year, which added approximately $3M to annual sales. 

FTG’s China sites were not impacted by the cyber-attack in Q4. They are however being impacted by measures taken by the Chinese government in Q1 2020 to control the spread of the corona virus outbreak and are expected to lose approximately 10 days of production in the quarter.

Q4 2019 sales of $27.1M were $0.9M lower than Q4 2018, net of the contribution of $2.4M from the acquisition of the FTG Circuits Fredericksburg business. In September 2019, FTG was the subject of a cyber-attack which impacted FTG’s systems across North America. Overall lost production was approximately 10% of normal quarterly sales. Also in Q4 2019 compared to Q4 2018, shipments of products for the simulator market were down temporarily by approximately $3M as previous orders were completed and new orders could not be assembled until the arrival of longer lead components. Simulator related revenues are expected to rebound in the second half of 2020. 

The Circuits Segment sales were $71.4M, up $7.4M or 11.5% in 2019 versus 2018. In Q4 sales were $18.6M compared to $17.4M in Q4 last year. In Q4 2019, sales were impacted by the cyber-attack but offset by the incremental $2.4M in sales from the acquired business in Virginia.

For the Aerospace segment, sales in 2019 were $41.2M compared to $45.3M last year. 2018 had the $5M one-time adjustment in program revenue. In Q4 2019 sales were $8.4M compared to $10.7M in Q4 2018. The drop in Q4 2019 is due partly to the cyber-attack as well as a drop in simulator activity of $3M year-over-year. The drop in simulator activity is the result the conclusion of existing orders and a gap in shipments until longer lead components arrive. Simulator revenues are expected to rebound in the second half of 2020 as the backlog in simulator work at year end was over $8.0M.

Gross margins in 2019 were $30.3M or 26.9% compared to $25.3M or 23.1% in 2018. The benefit of increased sales was combined with improving operational efficiency across the company. The cyber-attack in Q4 2019 negatively impacted gross margins in the quarter and the full year.

Earnings before interest, tax, depreciation and amortization (EBITDA) for FTG for 2019 was $14.6M compared to $10.5M in 2018.

The following table reconciles EBITDA(2) to the net earnings for 2019.

    2019
   
Net earnings   6,058,000
Add:  
Interest   290,000
Income taxes/ITC   3,077,000
Depreciation/Amortization/Stock Comp   5,165,000
   
EBITDA $ 14,590,000
 
(2) EBITDA are not measures recognized under International Financial Reporting Standards (“IFRS”). Management believes that these measures are important to many of the Corporation’s shareholders, creditors and other stakeholders. The Corporation’s method of calculating EBITDA may differ from other corporations and accordingly may not be comparable to measures used by other corporations.
 

Net profit after tax at FTG in 2019 was $6.1M or $0.25 per diluted share compared to a net profit of $2.9M or $0.12 per diluted share in 2018. Net profit after tax in Q4 2019 was $0.6M, a decrease of $0.6M compared to Q4 2018. The decrease is the result of lower sales (cyber-attack and lower simulator activity) offset by the income from the new Virginia facility.

The Circuits segment net earnings before corporate and interest and other costs was $12.0M in 2019 compared to $9.4M in 2018.

The Aerospace net earnings before corporate and interest and other costs in the quarter was $0.7M in 2019 versus ($0.4M) in 2018.

As at November 30, 2019, the Corporation’s net working capital was $28.6M, compared to $28.7M at year end in 2018. At year-end 2019, all debt is classified as current as the bank facility agreement currently in place expires in less than 12 months. Activity is underway to obtain a new bank facility in 2020.

Net cash at the end of 2019 was $2.2M compared to net debt of $2.4M at the end of 2018. Excluding the Colonial purchase price of $3.8M, the year-end 2019 net cash position would have been $6.0M, with annual free cash flow of $8.5M.

The Corporation will host a live conference call on Friday, February 14, 2020 at 10:000 am (Eastern) to discuss the results of 2019.

Anyone wishing to participate in the call should dial 647-427-2311 or 1-866-521-4909 and identify that you are calling to participate in the FTG conference call. The Chairperson is Mr. Brad Bourne. A replay of the call will be available until March 15, 2020 and will be available on the FTG website at www.ftgcorp.com. The number to call for a rebroadcast is 416-621-4642 or 1-800-585-8367, Conference ID 8595811.

ABOUT FIRAN TECHNOLOGY GROUP CORPORATION

FTG is an aerospace and defense electronics product and subsystem supplier to customers around the globe. FTG has two operating units:

FTG Circuits is a manufacturer of high technology, high reliability printed circuit boards. Our customers are leaders in the aviation, defense, and high technology industries. FTG Circuits has operations in Toronto, Ontario, Chatsworth, California, Fredericksburg, Virginia and a joint venture in Tianjin, China.

FTG Aerospace manufactures illuminated cockpit panels, keyboards and sub-assemblies for original equipment manufacturers of aerospace and defense equipment. FTG Aerospace has operations in Toronto, Ontario, Chatsworth, California, Fort Worth, Texas and Tianjin, China.

The Corporation’s shares are traded on the Toronto Stock Exchange under the symbol FTG.

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements. These forward-looking statements are related to, but not limited to, FTG’s operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains words such as “anticipate”, “believe”, “expect”, “plan” or similar words suggesting future outcomes. Such statements are based on the current expectations of management of the Corporation and inherently involve numerous risks and uncertainties, known and unknown, including economic factors and the Corporation’s industry, generally. The preceding list is not exhaustive of all possible factors. Such forward-looking statements are not guarantees of future performance and actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Corporation. The reader is cautioned to consider these and other factors carefully when making decisions with respect to the Corporation and not place undue reliance on forward-looking statements. Other than as may be required by law, FTG disclaims any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

For further information please contact:

Bradley C. Bourne, President and CEO Firan Technology Group Corporation Tel: (416) 299-4000 x314 [email protected]

Jamie Crichton, Vice President and CFO Firan Technology Group Corporation Tel:(416) 299-4000 x264 [email protected]

Additional information can be found at the Corporation’s website: www.ftgcorp.com

 
FIRAN TECHNOLOGY GROUP CORPORATION
Consolidated Statements of Financial Position
     
As at November 30,   November 30,
(in thousands of Canadian dollars)   2019       2018  
ASSETS    
Current assets    
Cash $ 7,647     $ 5,026  
Accounts receivable   21,085       18,051  
Contract assets   432       645  
Taxes recoverable         189  
Inventories   21,990       24,634  
Prepaid expenses   1,770       1,816  
    52,924       50,361  
Non-current assets    
Plant and equipment, net   13,830       12,078  
Deferred income tax assets   724       732  
Investment tax credits receivable   3,035       4,620  
Deferred development costs   279       276  
Intangible assets and other assets, net   2,585       3,069  
Total assets $ 73,377     $ 71,136  
LIABILITIES AND EQUITY    
Current liabilities    
Accounts payable and accrued liabilities $ 17,104     $ 16,278  
Provisions   946       849  
Contract liabilities   216       1,966  
Current portion of bank debt   5,416       2,019  
Income tax payable   639       563  
    24,321       21,675  
Non-current liabilities    
Bank debt         5,404  
Deferred tax payable   1,297       1,750  
Total liabilities   25,618       28,829  
Equity    
Retained earnings $ 17,745     $ 11,687  
Accumulated other comprehensive loss   (1,554 )     (774 )
    16,191       10,913  
Share capital    
Common Shares   19,323       19,323  
Preferred Shares   2,218       2,218  
Contributed surplus   8,933       8,672  
Total equity attributable to FTG’s shareholders   46,665       41,126  
Non-controlling interest   1,094       1,181  
Total equity   47,759       42,307  
Total liabilities and equity $ 73,377     $ 71,136  
FIRAN TECHNOLOGY GROUP CORPORATION      
Consolidated Statements of Earnings      
       
  Years ended
  November 30,   November 30,
(in thousands of Canadian dollars, except per share amounts)   2019       2018  
       
Sales $ 112,653     $ 109,420  
       
Cost of sales      
Cost of sales   78,788       81,143  
Depreciation of plant and equipment   3,601       3,015  
Total cost of sales   82,389       84,158  
Gross margin   30,264       25,262  
       
Expenses      
Selling, general and administrative   13,732       13,333  
Research and development costs   4,846       4,740  
Recovery of investment tax credits   (669 )     (1,016 )
Depreciation of plant and equipment   163       134  
Amortization of intangible assets   1,128       1,049  
Interest expense on bank debt   290       521  
Stock based compensation   261       296  
Foreign exchange loss (gain)   785       (75 )
Total expenses   20,536       18,982  
       
Earnings before income taxes   9,728       6,280  
       
Current income tax expense   4,296       3,230  
Deferred income tax (recovery) expense   (550 )     185  
Total income tax expense   3,746       3,415  
       
Net earnings $ 5,982     $ 2,865  
       
Attributable to:      
Non-controlling interest $ (76 )   $ (10 )
Equity holders of FTG $ 6,058     $ 2,875  
       
Earnings per share, attributable to the equity holders of FTG      
Basic $ 0.27     $ 0.13  
Diluted $ 0.25     $ 0.12  
FIRAN TECHNOLOGY GROUP CORPORATION        
Consolidated Statements of Comprehensive Income        
         
    Years ended
    November 30,   November 30,
(in thousands of Canadian dollars)     2019       2018  
         
Net earnings   $ 5,982     $ 2,865  
         
Other comprehensive loss to be reclassified to net earnings        
in subsequent periods:        
         
Change in foreign currency translation adjustments     (308 )     421  
Change in net unrealized loss on derivative financial instruments        
designated as cash flow hedges     (644 )     (1,873 )
Change in tax impact     161       468  
         
      (791 )     (984 )
         
Total comprehensive income   $ 5,191     $ 1,881  
         
Attributable to:        
Equity holders of FTG   $ 5,278     $ 1,914  
Non-controlling interest   $ (87 )   $ (33 )
FIRAN TECHNOLOGY GROUP CORPORATION
Consolidated Statements of Changes in Equity
                 
  Years ended November 30, 2019 and November 30, 2018
  Attributed to the equity holders of FTG    
          Accumulated      
          other   Non-  
  Common Preferred Retained Contributed comprehensive   controlling Total
(in thousands of Canadian dollars) shares shares earnings surplus loss Total interest equity
Balance, November 30, 2017 $ 19,295   $ 2,218   $ 8,812   $ 8,384   $ 187   $ 38,896   $ 1,214   $ 40,110  
Net earnings (loss)           2,875             2,875     (10 )   2,865  
Stock-based compensation               296         296         296  
Common Shares issued on exercise of                
share options   28             (8 )       20         20  
Change in foreign currency translation adjustments                   443     443     (23 )   420  
Change in net unrealized loss on derivative financial                
instruments designated as cash flow hedges, net of                    
tax impact                   (1,404 )   (1,404 )       (1,404 )
Balance, November 30, 2018 $ 19,323   $ 2,218   $ 11,687   $ 8,672   $ (774 ) $ 41,126   $ 1,181   $ 42,307  
Net earnings (loss)           6,058             6,058     (76 )   5,982  
Stock-based compensation               261         261         261  
Change in foreign currency translation adjustments                   (297 )   (297 )   (11 )   (308 )
Change in net unrealized loss on derivative financial                    
instruments designated as cash flow hedges, net of                    
tax impact                   (483 )   (483 )       (483 )
Balance, November 30, 2019 $ 19,323   $ 2,218   $ 17,745   $ 8,933   $ (1,554 ) $ 46,665   $ 1,094   $ 47,759  
FIRAN TECHNOLOGY GROUP CORPORATION
Consolidated Statements of Cash Flows
         
    Years ended
    November 30,   November 30,
(in thousands of Canadian dollars)     2019       2018  
Net inflow (outflow) of cash related to the following:        
Operating activities        
Net earnings (attributable to Equity holders of FTG)   $ 5,982     $ 2,865  
Items not affecting cash:        
Stock-based compensation     261       296  
(Gain) loss on disposal of plant and equipment     (53 )     25  
Effect of exchange rates on US dollar debt     24       284  
Depreciation of plant and equipment     3,764       3,149  
Amortization of intangible assets     1,128       1,049  
Amortization of deferred financing costs     12       12  
Investment tax credits/deferred income taxes     1,546       2,640  
Investment tax credits recovery     (669 )     (1,016 )
Increase in net unrealized loss, decrease in net unrealized gain on        
derivative financial instruments designated as cash flow hedges     (483 )     (1,404 )
Net change in non-cash operating working capital     395       3,869  
      11,907       11,769  
Investing activities        
Additions to plant and equipment     (3,069 )     (3,021 )
Acquisition of Colonial Circuits Inc., net of cash acquired     (3,817 )      
(Additions to) recovery of deferred development costs, other     (11 )     143  
Proceeds from disposal of plant and equipment     53       30  
      (6,844 )     (2,848 )
Net cash flow from operating and investing activities     5,063       8,921  
Financing activities        
(Decrease) in bank indebtedness           (6,444 )
Proceeds from bank debt           1,289  
Repayments of bank debt     (2,031 )     (1,928 )
Proceeds from issue of Common Shares           20  
      (2,031 )     (7,063 )
Effects of foreign exchange rate changes on cash flow     (411 )     416  
Net increase in cash flow     2,621       2,274  
Cash, beginning of the year     5,026       2,752  
Cash, end of year   $ 7,647     $ 5,026  
         
Disclosure of cash payments        
Payment for interest   $ 306     $ 529  
Payments for income taxes   $ 1,750     $ 24  
         

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News

Suncity Group Named Title Sponsor for Local Arts Events

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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

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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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