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Park Electrochemical Corp. Reports Second Quarter Results

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MELVILLE, N.Y., Oct. 04, 2018 — Park Electrochemical Corp. (NYSE-PKE) reported results for the 2019 fiscal year’s second quarter ended August 26, 2018. As previously reported, Park has entered into a definitive agreement to sell its Electronics Business to AGC, Inc. Therefore, the results of operations for the Electronics Business are reported as discontinued operations. Continuing operations discussed below refer to Park’s Aerospace Business unless otherwise indicated, and prior periods in such discussion have been restated to reflect results excluding the Electronics Business.

Continuing Operations:

Park reported net sales from continuing operations of $11,211,000 for the 2019 fiscal year second quarter ended August 26, 2018 compared to net sales from continuing operations of $11,355,000 for the 2018 fiscal year second quarter ended August 27, 2017 and net sales from continuing operations of $10,393,000 for the 2019 fiscal year first quarter ended May 27, 2018. Park’s net sales from continuing operations for the six months ended August 26, 2018 were $21,604,000 compared to net sales from continuing operations of $20,081,000 for the six months ended August 27, 2017.  Net earnings from continuing operations for the 2019 fiscal year second quarter were $1,824,000 compared to $859,000 for the 2018 fiscal year second quarter and $816,000 for the 2019 fiscal year first quarter. Net earnings from continuing operations were $2,640,000 for the current year’s first six months compared to $931,000 for last year’s first six months.

Pre-tax earnings from continuing operations were $1,386,000 for the 2019 fiscal year second quarter compared to pre-tax earnings from continuing operations of $1,116,000 for the 2018 fiscal year second quarter and $1,091,000 for the 2019 fiscal year first quarter. Pre-tax earnings from continuing operations were $2,477,000 for the six months ended August 26, 2018 compared to pre-tax earnings from continuing operations of $1,212,000 for last fiscal year’s first six months.

Park reported net earnings from continuing operations before special items of $1,036,000 for the 2019 fiscal year second quarter compared to net earnings from continuing operations of $859,000 for the 2018 fiscal year second quarter and net earnings from continuing operations of $816,000 for the 2019 fiscal year first quarter. In the 2019 fiscal year second quarter, the Company recorded a one-time tax benefit of $788,000 related to the Tax Cuts and Jobs Act enacted in December 2017.

For the six months ended August 26, 2018, Park reported net earnings from continuing operations before special items of $1,852,000 compared to net earnings from continuing operations of $931,000 for last fiscal year’s first six months.  The current year’s first six months included the one-time tax benefit of $788,000 mentioned above.  

Park reported basic and diluted earnings per share from continuing operations of $0.09 for the 2019 fiscal year second quarter compared to $0.04 for the 2018 fiscal year second quarter and $0.04 for the 2019 fiscal year first quarter. Basic and diluted earnings per share from continuing operations before special items were $0.05 for the 2019 fiscal year second quarter compared to $0.04 for the 2018 fiscal year second quarter and $0.04 for the 2019 fiscal year first quarter. 

Park reported basic and diluted earnings per share from continuing operations of $0.13 for the 2019 fiscal year’s first six months compared to $0.04 for the 2018 fiscal year’s first six months. Basic and diluted earnings per share from continuing operations before special items were $0.09 for the 2019 fiscal year’s first six months compared to $0.04 for 2018 fiscal year’s first six months. 

Discontinued Operations:

Net sales included in the calculation of net earnings from discontinued operations were $17,843,000 for the 2019 fiscal year second quarter ended August 26, 2018 compared to $18,481,000 for the 2018 fiscal year second quarter ended August 27, 2017 and $20,709,000 for the 2019 fiscal year first quarter ended May 27, 2018. Net sales included in the calculation of net earnings from discontinued operations for the six months ended August 26, 2018 were $38,552,000 compared to $37,172,000 for last year’s first six months.

Net earnings from discontinued operations were $876,000 for the 2019 fiscal year second quarter ended August 26, 2018 compared to negative $339,000 for the 2018 fiscal year second quarter ended August 27, 2017 and $2,352,000 for the 2019 fiscal year first quarter ended May 27, 2018. For the six months ended August 26, 2018, net earnings from discontinued operations were $3,228,000 compared to net earnings from discontinued operations of $983,000 for last fiscal year’s first six months.

Net earnings from discontinued operations for the 2019 fiscal year second quarter included pre-tax restructuring charges of $242,000 related to the Company’s consolidation of its Nelco Products, Inc. electronics Business Unit located in Fullerton, California and its Neltec, Inc. electronics Business Unit located in Tempe, Arizona and the closure in fiscal year 2009 of its New England Laminates Co., Inc. facility located in Newburgh, New York and pre-tax advisory fees of $212,000. Net earnings from discontinued operations for the 2018 fiscal year second quarter included pre-tax restructuring charges of $2,902,000 related to the Company’s consolidation of its electronics Business Units and the facility closure mentioned above. Net earnings from discontinued operations for the 2019 fiscal year first quarter included pre-tax restructuring charges of $183,000 related to the Company’s consolidation of its electronics Business Units and the facility closure mentioned above and pre-tax advisory fees of $120,000.

Net earnings from discontinued operations for the 2019 fiscal year’s first six months included pre-tax restructuring charges of $425,000 related to the Company’s consolidation of its electronics Business Units and the facility closure mentioned above and pre-tax advisory fees of $332,000. Net earnings from discontinued operations for the 2018 fiscal year’s first six months included pre-tax restructuring charges of $4,638,000 related to the Company’s consolidation of its electronics Business Units and the facility closure mentioned above and a one-time pre-tax litigation expense of $375,000.

The Company will conduct a conference call to discuss its financial results at 11:00 a.m. EDT today.  Forward-looking and other material information may be discussed in this conference call.  The conference call dial-in number is (844) 466-4114 in the United States and Canada and (765) 507-2654 in other countries and the required passcode is 7593528.

For those unable to listen to the call live, a conference call replay will be available from approximately 2:00 p.m. EDT today through 11:59 p.m. EDT on Wednesday, October 10, 2018.  The conference call replay can be accessed by dialing (855) 859-2056 in the United States and Canada and (404) 537-3406 in other countries and entering passcode 7593528 or on the Company’s web site at www.parkelectro.com/investor/investor.html.

Any additional material financial or statistical data disclosed in the conference call will also be available at the time of the conference call on the Company’s web site at www.parkelectro.com/investor/investor.html.

Park believes that an evaluation of its ongoing operations would be difficult if the disclosure of its operating results were limited to accounting principles generally accepted in the United States of America (“GAAP”) financial measures, which include special items, such as one-time tax benefits, restructuring charges, and strategic evaluation advisory fees. Accordingly, in addition to disclosing its operating results determined in accordance with GAAP, Park discloses non-GAAP operating results that exclude special items in order to assist its shareholders and other readers in assessing the Company’s operating performance, since the Company’s on-going, normal business operations do not include such special items. The detailed operating information presented below reconciles the non-GAAP operating results before special items to earnings determined in accordance with GAAP. Such non-GAAP financial measures are provided to supplement the results provided in accordance with GAAP.

Park Electrochemical Corp. is a global advanced materials company which develops and manufactures advanced composite materials, primary and secondary structures and assemblies and low-volume tooling for the aerospace markets and high-technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure, enterprise and military/aerospace markets.  The Company’s manufacturing facilities are located in Kansas, Singapore, France, Arizona and California. The Company also maintains R&D facilities in Arizona, Kansas and Singapore. 

Additional corporate information is available on the Company’s web site at www.parkelectro.com

Performance table, including non-GAAP information (in thousands, except per share amounts – unaudited):

  13 Weeks Ended   26 Weeks Ended
               
  August 26, 2018     August 27, 2017     May 27, 2018   August 26, 2018     August 27, 2017  
Sales $   11,211     $   11,355       $   10,393   $   21,604     $   20,081  
                           
Net Earnings before Special Items1 $   1,036     $   859       $   816   $   1,852     $   931  
Special Items, net of Tax:                          
Tax Cut and Jobs Act     788         –           –       788         –  
Net Earnings from Continuing Operations $   1,824     $   859       $   816   $   2,640     $   931  
                           
Earnings/(Loss) from Discontinued Operations, Net of Tax $   876     $   (339 )     $   2,352   $   3,228     $   983  
                           
Net Earnings $   2,700     $   520       $   3,168   $   5,868     $   1,914  
                           
Basic Earnings per Share:                          
Basic Earnings before Special Items1 $   0.05     $   0.04       $   0.04   $   0.09     $   0.04  
Special Items:                          
Tax Cut and Jobs Act     0.04         –            –        0.04         –   
Basic Earnings per Share from Continuing Operations $   0.09     $   0.04       $   0.04   $   0.13     $   0.04  
                           
Basic Earnings/(Loss) per Share from Discontinued Operations     0.04         (0.01 )         0.12       0.16         0.05  
                           
Basic Earnings per Share $   0.13     $   0.03       $   0.16   $   0.29     $   0.09  
                           
                           
Diluted Earnings before Special Items1 $   0.05     $   0.04       $   0.04   $   0.09     $   0.04  
Special Items:                          
Tax Cut and Jobs Act     0.04         –            –        0.04         –   
Diluted Earnings per Share from Continuing Operations $   0.09     $   0.04       $   0.04   $   0.13     $   0.04  
                           
Diluted Earnings/(Loss) per Share from Discontinued Operations     0.04         (0.01 )         0.12       0.16         0.05  
                           
Diluted Earnings per Share $   0.13     $   0.03       $   0.16   $   0.29     $   0.09  
                           
Weighted Average Shares Outstanding:                          
Basic     20,253         20,236           20,242       20,248         20,236  
Diluted     20,382         20,250           20,296       20,339         20,247  
                           

 

1 Refer to “Reconciliation of non-GAAP financial measures” below for information regarding Special Items.

Comparative balance sheets (in thousands):

  August 26, 2018   February 25, 2018
Assets (unaudited)   (Note 1)
Current Assets      
Cash and Marketable Securities $   108,310   $   108,231
Accounts Receivable, Net     5,878       6,961
Inventories     3,994       3,955
Prepaid Expenses and Other Current Assets     1,578       1,473
Current Assets – Discontinued Operations     22,624       20,648
Total Current Assets     142,384       141,268
       
Fixed Assets, Net     9,111       9,805
Other Assets     10,195       10,188
Non Current Assets – Discontinued Operations     11,406       11,799
Total Assets $   173,096   $   173,060
       
Liabilities and Shareholders’ Equity      
Current Liabilities      
Accounts Payable $   1,091   $   1,825
Accrued Liabilities     1,108       1,022
Income Taxes Payable     1,467       1,456
Current Liabilities – Discontinued Operations     8,170       7,924
Total Current Liabilities     11,836       12,227
       
Noncurrent Income Taxes Payable     18,594       20,364
Deferred Income Taxes     3,309       4,047
Other Liabilities     314       314
Noncurrent Liabilities – Discontinued Operations     846       847
Total Liabilities     34,899       37,799
       
Shareholders’ Equity     138,197       135,261
       
Total Liabilities and Shareholders’ Equity $   173,096   $   173,060
       
Additional information      
Equity per Share $   6.82   $   6.68
           

(Note 1) – These amounts have not been audited, are based on the audited financial statements

Comparative statements of operations (in thousands – unaudited):

  13 Weeks Ended     26 Weeks Ended
                             
  August 26, 2018     August 27, 2017     May 27, 2018     August 26, 2018     August 27, 2017  
                             
Net Sales $   11,211       $   11,355       $   10,393       $   21,604       $   20,081    
                             
Cost of Sales     8,066           8,147           7,541           15,607           14,576    
                             
Gross Profit     3,145           3,208           2,852           5,997           5,505    
  % of net sales   28.1 %       28.3 %       27.4 %       27.8 %       27.4 %  
                             
Selling, General & Administrative Expenses     2,116           2,240           2,101           4,217           4,680    
  % of net sales   18.9 %       19.7 %       20.2 %       19.5 %       23.3 %  
                             
Earnings from Operations     1,029           968           751            1,780           825    
                             
Interest:                            
  Interest Income     357           751           340           697           1,500    
                             
  Interest Expense     –            603           –            –            1,113    
                             
Net Interest and Other Income     357           148           340           697           387    
                             
Earnings before Income Taxes     1,386           1,116           1,091           2,477           1,212    
                             
Income Tax Provision/(Benefit)     (438 )         257           275           (163 )         281    
                             
Net Earnings from continuing operations     1,824           859           816           2,640           931    
  % of net sales   16.3 %       7.6 %       7.9 %       12.2 %       4.6 %  
                             
Earnings/(Loss) from discontinued operations, net of tax     876           (339 )         2,352           3,228           983    
                             
Net Earnings $   2,700       $   520       $   3,168       $   5,868       $   1,914    
  % of net sales   24.1 %       4.6 %       30.5 %       27.2 %       9.5 %  
                                                 

Reconciliation of non-GAAP financial measures (in thousands – unaudited):

  13 Weeks Ended August 26, 2018     13 Weeks Ended August 27, 2017     13 Weeks Ended May  27, 2018
  GAAP   Specials Items   Before Special Items     GAAP   Specials Items   Before Special Items     GAAP   Specials Items   Before Special Items
                                         
Earnings from Operations 1,029         1,029       968       968       751       751  
% of net sales 9.2 %         9.2 %     8.5 %       8.5 %     7.2 %       7.2 %
                                         
Interest Income 357         357       751       751       340       340  
% of net sales 3.2 %         3.2 %     6.6 %       6.6 %     3.3 %       3.3 %
                                         
Interest Expense               603       603              
% of net sales 0.0 %         0.0 %     5.3 %       5.3 %     0.0 %       0.0 %
                                         
Net Interest and Other Income 357         357       148       148       340       340  
% of net sales 3.2 %         3.2 %     1.3 %       1.3 %     3.3 %       3.3 %
                                         
Earnings before Income Taxes 1,386         1,386       1,116       1,116       1,091       1,091  
% of net sales 12.4 %         12.4 %     9.8 %       9.8 %     10.5 %       10.5 %
                                         
Income Tax Provision/(Benefit) (438 )   788     350       257       257       275       275  
Effective Tax Rate -31.6 %         25.3 %     23.0 %       23.0 %     25.2 %       25.2 %
                                         
Net Earnings from continuing operations 1,824     (788 )   1,036       859       859       816       816  
% of net sales 16.3 %         9.2 %     7.6 %       7.6 %     7.9 %       7.9 %
                                         
Earnings/(Loss) from discontinued operations 876     336     1,212       (339 )   1,823   1,484       2,352     205   2,557  
% of net sales 7.8 %         10.8 %     -3.0 %       13.1 %     22.6 %       24.6 %
                                         
Net Earnings 2,700     (452 )   2,248       520     1,823   2,343       3,168     205   3,373  
% of net sales 24.1 %         20.1 %     4.6 %       20.6 %     30.5 %       32.5 %
                                                     
  26 Weeks Ended August 26, 2018     26 Weeks Ended August 27, 2017
  GAAP   Specials Items     Before Special Items     GAAP   Specials Items   Before Special Items
Earnings from Operations   1,780           1,780         825         825  
% of net sales 8.2 %         8.2 %     4.1 %       4.1 %
                           
Interest Income   697             697         1,500         1,500  
% of net sales 3.2 %         3.2 %     7.5 %       7.5 %
                           
Interest Expense   –            –          1,113         1,113  
% of net sales 0.0 %         0.0 %     5.5 %       5.5 %
                           
Net Interest and Other Income   697           697         387         387  
% of net sales 3.2 %         3.2 %     1.9 %       1.9 %
                           
Earnings before Income Taxes   2,477           2,477         1,212         1,212  
% of net sales 11.5 %         11.5 %     6.0 %       6.0 %
                           
Income Tax (Benefit)/Provision   (163 )   788       625         281         281  
Effective Tax Rate -6.6 %         25.2 %     23.2 %       23.2 %
                           
Net Earnings from continuing operations   2,640     (788 )     1,852         931         931  
% of net sales 12.2 %         8.6 %     4.6 %       4.6 %
                           
Earnings/(Loss) from discontinued operations   3,228     541       3,769         983     2,913     3,896  
% of net sales 14.9 %         17.4 %     4.9 %       19.4 %
                           
Net Earnings   5,868     (247 )     5,621         1,914     2,913     4,827  
% of net sales 27.2 %         26.0 %     9.5 %       24.0 %
                                   
Contact:   Martina Bar Kochva                                                                                           48 South Service Road Melville, NY 11747 (631) 465-3600
         

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Infosys Completes Acquisition of Award-Winning Digital Customer Experience, Commerce & Analytics Company, Blue Acorn iCi

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BENGALURU, India and RALEIGH, N.C., Oct. 28, 2020 /PRNewswire/ — Infosys (NYSE: INFY), a global leader in next-generation digital services and consulting, today announced that it has completed the acquisition of Blue Acorn iCi, an Adobe Platinum partner in the US, and a leader in digital customer experience, commerce and analytics. This follows the announcement the company made on October 08, 2020.

This acquisition further strengthens Infosys’ end-to-end customer experience offerings and demonstrates its continued commitment to help clients navigate their digital transformation journey. Blue Acorn iCi brings to Infosys, significant cross-technology capabilities through the convergence of customer experience, digital commerce, analytics, and experience driven commerce services.

Together with Infosys’ earlier acquisition of WONGDOODY that offers creative and marketing services, Blue Acorn iCi brings complimentary capabilities to help global CMOs and businesses thrive in a digital commerce world. This acquisition further deepens Infosys’ capabilities in the Adobe, Magento, Salesforce Commerce and Shopify ecosystems.

Infosys is excited to welcome Blue Acorn iCi and its leadership team.

Adobe and the Adobe logo are registered trademarks or trademarks of Adobe in the United States and/or other countries.

Salesforce is a trademark of salesforce.com, inc.

Shopify is a trademark of Shopify Inc.

About Blue Acorn iCi

Born from the minds of engineers, data scientists, digital commerce experts, designers, and strategists, Blue Acorn iCi is the leading independent digital customer experience company. We work with executives responsible for the growth of Fortune 500 brands (and those who aspire to enter the Fortune 500!) who want to get more out of their digital customer experience. Through the strategic fusion of content management, commerce & analytics, our teams solve problems and deliver results leveraging our deep expertise in strategy, experience design, engineering and DTC services. For more information please visit www.blueacornici.com.

About Infosys

Infosys is a global leader in next-generation digital services and consulting. We enable clients in 46 countries to navigate their digital transformation. With nearly four decades of experience in managing the systems and workings of global enterprises, we expertly steer our clients through their digital journey. We do it by enabling the enterprise with an AI-powered core that helps prioritize the execution of change. We also empower the business with agile digital at scale to deliver unprecedented levels of performance and customer delight. Our always-on learning agenda drives their continuous improvement through building and transferring digital skills, expertise, and ideas from our innovation ecosystem.

Visit www.infosys.com to see how Infosys (NYSE: INFY) can help your enterprise navigate your next.

Safe Harbor

Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2020. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

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ATIF Holdings Limited Announces Additional $1 Million Consulting Service Agreement with Lendmerit Inc., Records Aggregate Revenue of $3 Million in a Week

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LOS ANGELES, Oct. 28, 2020 /PRNewswire/ — ATIF Holdings Limited (Nasdaq: ATIF, the "Company" or "ATIF"), a company providing business consulting and multimedia services in Asia, today announced the Company entered into a consulting service agreement (the "Agreement"), dated Oct 23, 2020, to serve as a business advisor for Lendmerit Inc.("Lendmerit"), a leading California-based financial lender providing integrated loan services nationwide. The Agreement was signed in anticipation of Lendmerit to enter into the U.S. capital market.

Pursuant to the Agreement, ATIF agreed to provide Lendmerit with services including business consulting such as business planning and strategies development, capital market advisory for fund raising, and investor and public relations services. As consideration, Lendmerit agreed to pay the Company a fixed consulting fee of US$1 million which will be paid in installments subject to certain conditions.

Mr. Pishan Chi, Chief Executive Officer of the Company, commented, "We are proud that we have signed service agreements with Lendmerit, McSen Realty Corp. and Promise Logistics Corp. respectively, within a week. We are diversifying our services following the recent wave of Chinese companies going public in the U.S. We look forward to seeing our clients achieving great progress and strong growth in 2021 and beyond, as they access to U.S. capital market, which we believe will drive their business growth. Lendmerit has a promising future because Lendmerit is one of the first batch of financial institutions to start Chinese loan business, and has built up a strong network and prestige. We are honored to serve as Lendmerit’s financial advisor to assist Lendmerit with its growth strategies of up-listing its securities to the U.S. exchanges."

About Lendmerit Inc.

Lendmerit Inc. was founded in April 2015 and is recognized as a California-based financial lender who holds the financial lending license to offer simple process and fast funding solution to qualified clients. The main business of Lendmerit Inc. includes unsecured loans for international students, personal credit/mortgage loans, and business emergency loans. After five-year development, Lendmerit Inc.’s has provided solutions for tens of thousands of residents and international students throughout the United States. In 2018, Lendmerit Inc. launched a financial services platform Finway to provide unsecured credit loan services, targeting high-consumption international students with middle and high-end backgrounds. Moreover, Lendmerit Inc. also helps international students establish their credit history through credit loans. Up to now, Lendmerit Inc. has provided services for over 1,000 international students.

About ATIF Holdings Limited

Headquartered in Shenzhen, China, ATIF Holdings Limited ("ATIF") is a company providing business consulting services to small and medium-sized enterprises in Asia, including going public consulting services, international business planning and consulting services, and financial media services. ATIF operates an internet-based financial consulting service platform IPOEX.com, which provides prestige membership services including online capital market information, pre-IPO education and matchmaking services between SMEs and financing institutions. ATIF has advised several enterprises in China in their plans to become publicly listed in the U.S. Through its majority-owned subsidiary, Leaping Group Co., Ltd., ATIF also provides multimedia services and is engaged in three major businesses, including multi-channel advertising, event planning and execution, film and TV program production and movie theater operations. ATIF operates the largest pre-movie advertising network in Heilongjiang Province and Liaoning Province of China and also provides advertising services in elevators and supermarkets. ATIF is often hired to plan both online and offline advertising campaigns and to produce related advertising material. In addition, ATIF invests in films and TV programs and distributes them in movie theaters or through online platforms. ATIF is also one of majority shareholders of AeroCentury Corp. (NYSE American: ACY) which is an independent global aircraft operating lessor and finance company specializing in leasing regional jet and turboprop aircraft and related engines to airlines and commercial users worldwide. For more information, please visit https://ir.atifchina.com/.

Forward-Looking Statements

Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantee of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: future financial and operating results, including revenues, income, expenditures, cash balances and other financial items; ability to manage growth and expansion; current and future economic and political conditions; ability to compete in an industry with low barriers to entry; ability to continue to operate through our VIE structure; ability to obtain additional financing in the future to fund capital expenditures; ability to attract new clients and further enhance brand recognition; ability to hire and retain qualified management personnel and key employees; trends and competition in the financial consulting services industry; a pandemic or epidemic; and other factors listed in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions you that actual results may differ materially from the anticipated results expressed or implied by the forward-looking statements we make. You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management’s beliefs and assumptions only as of the date such statements are made. These forward-looking statements are made as of the date of this news release.

Related Links :

https://ir.atifchina.com/

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News

Origin Agritech’s Joint Venture Receives an Additional RMB20 million in Funding from Beijing Changping Technology Innodevelop Group

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BEIJING, Oct. 28, 2020 /PRNewswire/ — Origin Agritech Ltd. (NASDAQ: SEED) (the "Company" or "Origin"), an agriculture technology company, today announced that the company’s Beijing Origin subsidiary has received an additional RMB20 million in funding from its joint venture partner, Beijing Changping Technology Innodevelop Group (BC-TID).

  • The receipt of this second tranche of money brings the total funding from BC-TID to the RMB157 million or approximately $23.4 million.
  • The deal documents have been completed by both Origin and BC-TID and have been submitted to government officials and are pending final approval.
  • Origin Agritech anticipates that the joint venture will receive the necessary government approval and that the deal will close, all within two weeks.
  • With the receipt of the RMB157 million Origin Agritech has the money necessary to execute on its plans to expand its seed production and marketing in anticipation of China going GMO positive in the near-term.

About BC-TID

BC-TID is wholly owned by the local government of Changping District in Beijing and was setup as an industrial investment platform. With over RMB10 billion asset, BC-TID mainly invests in the companies in the industrial parks of Changping District, where Origin Life Science Center building is located.

About Origin Agritech Limited

Origin Agritech Limited, founded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, is a leading Chinese agricultural technology company. In crop seed biotechnologies, Origin Agritech’s phytase corn was the first transgenic corn to receive the Bio-Safety Certificate from China’s Ministry of Agriculture. Over the years, Origin has established a robust biotechnology seed pipeline including products with glyphosate tolerance and pest resistance (Bt) traits. For further information, please visit the Company’s website at: http://www.originseed.com.cn or http://www.originseed.com.cn/en/.

Forward-Looking Statements

This communication contains "forward-looking statements" as defined in the federal securities laws, including Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements address expected future business and financial performance and financial condition, and contain words like "expect," "anticipate," "intend," "plan," "believe," "seek," "will," "would," "target," and similar expressions and variations. Forward-looking statements address matters that are uncertain. Forward-looking statements are not guarantees of future performance and are based on assumptions and expectations which may not be realized. They are based on management’s current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates but involve a number of risks and uncertainties, many of which are beyond the company’s control. Some of the important factors that could cause the company’s actual results to differ materially from those discussed in forward-looking statements are: failure to develop and market new products and optimally manage product life cycles; ability to respond to market acceptance, rules, regulations and policies affecting our products; failure to appropriately manage process safety and product stewardship issues; changes in laws and regulations or political conditions; global economic and capital markets conditions, such as inflation, interest and currency exchange rates; business or supply disruptions; natural disasters and weather events and patterns; ability to protect and enforce the company’s intellectual property rights; and separation of underperforming or non-strategic assets or businesses. The company undertakes no duty or obligation to publicly revise or update any forward-looking statements as a result of future developments, or new information or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.

Contact:

Joe Ramelli
Phone: (310) 845-6238
Email: [email protected]

 

Related Links :

http://www.originseed.com.cn

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