Author: Michelle Dryden

Categories
Business

AM Best revises outlooks to stable for Constitution Insurance Company

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Constitution Insurance Company (Constitution) (headquartered in Omaha, NE).

The Credit Ratings (ratings) reflect Constitution’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The stable outlooks consider the enhanced business profile, as Constitution has begun to expand its urban homeowners and dwelling fire books of business. In addition, Constitution now participates on a workers’ compensation quota share program with an affiliated company, which provides some product diversity. Nonetheless, Constitution still faces geographic and product concentrations, and AM Best will continue to monitor the company’s progress with its business plans and execution over the near term.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s

Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Raymond Thomson, CPCU, ARe, ARM

Director
+1 908 439 2200, ext. 5621
raymond.thomson@ambest.com

Greg Williams
Senior Director
+1 908 439 2200, ext. 5815
greg.willams@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy

Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Categories
Business

AM Best addresses COVID-19’s impact on Canadian insurers in market briefing

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best’s Insurance Market Briefing – Canada will take place as two complimentary webinars on Sept. 9 and 10, 2020.

“AM Best’s Canadian Outlook: In the Shadow of COVID-19,” will be held on Sept. 9, from 2:00 p.m. to 3:00 p.m. (EDT). AM Best analysts will review the impact of COVID-19 on the Canadian insurance market and economy, including regulatory and monetary policies, the AM Best stress test results, innovation and other key issues and trends.

Panelists include:

  • Michael Adams, associate director, life/annuity, AM Best;
  • Ann Modica, associate director, economic & industry research, AM Best; and
  • Raymond Thomson, director, composite ratings, AM Best.

Register now at www.ambest.devs/webinars/can120.

“Canada 2020 Hot Topics Panel Discussion,” will be held on Sept. 10, from 2:00 p.m. to 3:00 p.m. (EDT). AM Best analysts and market experts will examine significant industry issues, including the impact of COVID-19, latest innovation trends and regulatory/accounting issues that will influence the Canadian insurance market.

Panelists include:

  • Sridhar Manyem, director, industry research, AM Best;
  • Gordon McLean, senior financial analyst, property/casualty, AM Best;
  • David Sloan, chief executive officer, Canada reinsurance solutions, AON; and.
  • Ron Stokes, partner, Ernst & Young.

Register now at www.ambest.com/webinars/can220.

Attendees can submit advance questions during registration or by emailing webinars@ambest.com. Playback will be available to registered viewers shortly after the event.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Categories
Sports & Gaming

Allied Esports tournament marks first esports betting opportunity in New Jersey

Two-Week VIE.gg CS:GO Legend Series Competition Now Offered to Sports Bettors and Esports Enthusiasts Daily Through September 13

IRVINE, Calif.–(BUSINESS WIRE)–Allied Esports, a global esports entertainment company and a subsidiary of Allied Esports Entertainment, Inc. (NASDAQ: AESE), has created the first opportunity for legal esports betting in New Jersey through its VIE.gg CS:GO (Counter-Strike: Global Offensive) Legend Series tournament, which runs through September 13. The announcement allowing legal esports betting in the state was made by the New Jersey Economic Development Authority (NJEDA) and the New Jersey Division of Gaming Enforcement (DGE), and was facilitated by New Jersey-based gaming and esports agency Gaud-Hammer Gaming Group.


Allied Esports’ previously announced data and video rights licensing agreement with GRID Esports, a leading esports data provider, paved the way for the tournament’s live-server data to be distributed to participating sportsbooks and other online vendors in the Garden State, allowing bettors to engage with the event in real time.

“We are extremely proud that bettors in New Jersey will place their first legal esports wagers on the VIE.gg CS:GO Legend Series,” said Fran Ng, CEO of Allied Esports Entertainment. “Between our recent data and video rights agreements and focus on competitive integrity, we have raised the value of one of our key tournament brands and provided our partners with an innovative business solution. We are excited to play a new role in the rapidly growing esports betting market and believe we have taken the necessary steps to capture future opportunities in the U.S. and around the world with our unique offerings.”

“This is a momentous decision for esports betting in the U.S., and Allied Esports’ commitment to increased fan engagement and integrity allows for states and operators to function securely in their approach,” said Moritz Mauer, CEO of GRID Esports. “Each day, esports wagering gets closer to legitimacy across all 50 states and our ongoing effort in evangelizing esports data for betting and media is made possible by partners like Allied Esports. We are honored to join them in a part of history that starts this week in New Jersey.”

According to figures released by the NJDGE, New Jersey’s sportsbooks took $315.1 million in bets in July 2020, up 91% over June’s total and up 25.4% from the same month of 2019. Sports betting revenue was $29.6 million, up 65.2% over last July. For 2019, the first full calendar year of legal sports betting in New Jersey, a total of $4.55 billion was wagered at New Jersey sportsbooks, with $3.8 billion of that total online. Those wagers resulted in $299 million in gross revenue and $36.7 million in tax revenue for the state.

Through Allied Esports’ agreements with GRID Esports and naming rights partner Esports Entertainment Group, Inc. (NASDAQ: GMBL, GMBLW), a licensed online gambling company with a focus on esports wagering and 18+ gaming, the VIE.gg CS:GO Legend Series represents the first time Allied Esports has offered the use of its tournament data and video rights for the enhancement of regulated consumer betting. Allied Esports also recently announced its membership in the Esports Integrity Commission (ESIC) to maintain and enforce the competitive gaming regulations and conduct in its tournaments, effective immediately.

Each broadcast during the VIE.gg CS:GO Legend Series tournament prominently features a wagering component, including dynamic live odds that are on display for the entirety of each match. The online event is produced by Allied Esports from its HyperX Esports Studio in Hamburg, Germany and streamed live on Twitch.tv/AlliedEsports from 6 a.m. to 1 p.m. PDT (9 a.m. – 4 p.m. EDT) each day. For the tournament bracket and schedule of matchups, visit AlliedEsports.gg/LegendSeries.

The VIE.gg CS:GO Legend Series is a showcase of 16 teams from multiple European countries, the Commonwealth of Independent States (CIS) region and South America competing online for €50,000 ($59,000) in total prize money. The lineup includes the top-ranked CS:GO teams from five countries – Belarus, Bulgaria, Norway, Romania and Ukraine – and seven teams ranked in the top 50 globally.

Created in 2017, Allied Esports’ original Legend Series tournament brand was designed to expand the competitive ecosystem and total prize pool for teams ranked outside of the first tier. The VIE.gg CS:GO Legend Series is Allied Esports’ sixth edition of the CS:GO Legend Series and the first to feature a licensing partner and title sponsor. Additional versions of the series have previously included Overwatch, League of Legends, FIFA, COD Blackout and VALORANT.

About Allied Esports

Named one of the World’s Most Innovative Companies by Fast Company, Allied Esports International, Inc. is at the forefront of esports entertainment with a global network of properties designed to serve as competition battlegrounds, community experience hubs and content production centers.

Through direct operation or membership in the Allied Esports Property Network, the world’s first esports affiliate program, Allied Esports’ facilities span North America, Europe, China and Australia, and include the world-renowned HyperX Esports Arena Las Vegas, a fleet of mobile arenas, the HyperX Esports Trucks, and the HyperX Esports Studio in Hamburg, Germany.

Allied Esports’ properties serve as the home to a number of online and offline proprietary productions and events, including Friday Frags and Saturday Night Speedway, as well as original partner programs like the Simon Cup and VALORANT Ignition Series: Allied Esports Odyssey.

For more information about Allied Esports, visit AlliedEsports.gg and follow @AlliedEsports. Allied Esports International, Inc. is a subsidiary of Allied Esports Entertainment, Inc.

About Allied Esports Entertainment

Allied Esports Entertainment, Inc. (NASDAQ: AESE) is a global leader in esports entertainment, providing innovative infrastructure, transformative live experiences, multiplatform content and interactive services to audiences worldwide through its strategic fusion of two powerful brands: Allied Esports and the World Poker Tour (WPT). For more information, visit AlliedEsportsEnt.com.

Forward Looking Statements

This press release includes “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 guarantees 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 control of us, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: our ability to execute on our business plan; our ability to retain key personnel; general economic and market conditions impacting demand for our products and services; adequacy of our funds for future operations; our future expenses, revenue and profitability; our ability to develop new products; our dependence on key suppliers, manufacturers and strategic partners; and industry trends and the competitive environment in which we operate. These and other risk factors are discussed in our reports filed with the Securities and Exchange Commission. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contacts

Media Contacts:
Brian Fisher

Allied Esports

brian@alliedesports.com

Investor Contact:
Lasse Glassen

Addo Investor Relations

lglassen@addoir.com
424-238-6249

Categories
Business

Marotta Controls offers nation’s leading acoustic testing facility

Customers Gaining Major ROIs from State-of-the-Art Facility Centered on Advanced Airborne and Structure-borne Testing

MONTVILLE, N.J.–(BUSINESS WIRE)–#acoustictesting—Marotta Controls, a rapidly growing aerospace and defense supplier based in New Jersey, today released additional information about its state-of-the-art acoustic testing facility first introduced in May. Already in use, the facility is the nation’s most sophisticated resource for airborne and structure-borne noise analysis of various technologies sensitive to sound affecting end application performance. Customers gain numerous benefits ranging from project cost reductions to faster system diagnostics and hardware adjustments, all while meeting MIL-STD-740 standards.


Marotta’s new capabilities span a freestanding 1,600 ft2 building that houses dual sound chambers—one dedicated to low-pressure simulation and the other dedicated to high-pressure simulation. This space accommodates low- and high-pressure airborne testing as well as low-pressure structure-borne testing. An additional 970 ft2 in the company’s main building accommodate high-pressure structure-borne testing.

The acoustic chambers support noise ratings of less than 40 decibels for frequencies ranging from 8 to 16,000 Hz. Leveraging multiple nitrogen tanks networked throughout the facility, blow down testing is accomplished via 1,989+ ft3 of nitrogen storage at 6,000 psi and 1,600+ ft3 of nitrogen storage at 800 psi. Maximum pressure and flow ranges from 650 PSIG (up to 28,000 SCFM) to 6,300 PSIG (up to 270,000 SCFM). Note that structure-borne testing is currently able to reach the maximum pressure and flow limits whereas airborne testing currently reaches 800 psi (up to 28,000 SCFM) and is expected to reach maximum limits by the end of the year. Marotta is also in the process of installing additional tanks that will allow for longer test durations.

Lastly, to complete the testing process, Marotta has developed a custom, advanced analytics software. The sound data capture system swiftly collects, compiles, analyzes and reports on data in easy-to-read formats designed for customer and internal use.

“Until now, the market offered only one testing facility spec’d to our basic needs, which was based on the West Coast,” said Brian Fly, Vice President, Marine Systems, Marotta. “However, customer hardware solutions are becoming more complex, requiring more advanced testing techniques. As is our nature, we felt it necessary to take lessons learned thus far and define, then build our own facility. This is our way of ensuring the highest quality materials, systems, and tools are used to create the highest quality testing labs. The cost-benefit analysis clearly indicated major value propositions not just for our customers, but for our own teams as well. By housing acoustic testing under our own roof, we’re freeing our engineers to do what they do best—solving customer challenges through innovation.”

Noteworthy returns on investment (ROIs) include a 30 percent reduction in project cost as well as an up to 25 percent reduction in project lead times. The ROIs come from multiple process efficiencies partly enabled by the facility’s location. Prior to Marotta’s construction effort, the company relied on a third-party lab situated in California. The cross-country locale added time and cost to projects due to limited timely access to expert engineers, flying experts out for on-site diagnostics, product disassembly and reassembly, shipping, machine shop access, and more.

For more information on Marotta’s testing capabilities, visit https://marotta.com/assembly-test/.

About Marotta Controls

Founded in 1943, Marotta Controls is a fully-integrated solutions provider which designs, develops, qualifies and manufactures innovative systems and sub-systems for the aerospace and defense sectors. Our portfolio includes pressure, power, motion, fluid, and electronic controls for weapon systems, shipboard and sub-sea applications, satellites, launch vehicles, and aircraft systems. With over 200 patents, Marotta Controls continues to build on its legacy as a highly respected, family-owned small business based in the state of New Jersey. Twitter: @marottacontrols LinkedIn: Marotta Controls, Inc.

Contacts

Heather Ailara

211 Communications

+1.973.567.6040

heather@211comms.com

Katee Glass

Marotta Controls, Inc.

kglass@marotta.com

Categories
Business

NICE announces Interactions Live, the industry’s biggest customer experience virtual event and its lineup of award-winning celebrity appearances and customer delivered insights

Celebrity lineup includes Matthew McConaughey and Martha Stewart and offers the industry’s largest virtual concert featuring musical performances by Bryan Adams and Alanis Morrissette

HOBOKEN, N.J.–(BUSINESS WIRE)–NICE (Nasdaq: NICE) today announced Interactions Live, the biggest customer experience virtual event of the year. To be held on September 15-16, this free event will provide unprecedented insights for adopting an agile service approach and creating extraordinary customer and employee experiences in any market dynamic. Featuring content to suit every role and interest, this global event offers a wealth of informative sessions, interactive demo stations, live video chats with NICE experts, exciting keynote speakers and entertaining performing artists. To learn more or register for the event, please click here.

Interactions Live will host Academy Award-Winning Actor, philanthropist and author of the upcoming book Greenlights, Matthew McConaughey as a keynote speaker, sharing his drive for constant reinvention throughout his impressive career spanning over 40 feature films that have grossed over $1 billion. Also keynoting will be Martha Stewart – Emmy Award-Winning television show host, bestselling author of 96 lifestyle books to date, entrepreneur and founder of the first multi-channel lifestyle company. The virtual event’s analyst lineup includes McGee Smith, Forrester, DMG Consulting, Aberdeen, Everest Group and Saddletree Research who will review current industry trends and offer guidance on maintaining CX excellence in times of change. Also joining the event are industry-leading organizations who will discuss how they are innovating to provide agile service in the cloud, engage their workforce as they work remotely and leverage data insights to create exceptional experiences for customers and employees.

This year’s event will include a virtual concert attendees can stream from any location, September 16 starting at 3:45 pm EST. It will feature Award-Winning musician, Bryan Adams who will take the stage to share his hits spanning four decades. One of the most exciting live musicians in the world, Bryan Adams’ energetic performance, effortless stage presence and incredible vocals are guaranteed to thrill and entertain. Also joining is Award-Winning artist, Alanis Morissette, whose album, Jagged Little Pill remains the best-selling debut release by a female artist in the U.S. and the highest-selling debut album worldwide in music history.

With over seven tracks and more than 50 best practice sessions, the conference agenda is rich with ideas, insights and advice that will inspire, energize, and invigorate CX professionals of all ranks. Attendees can join informative best practices sessions, engage with various experts, see live demos of the latest innovations and be inspired by industry-leading customer speakers, visionary leaders and subject-matter-experts from prominent organizations.

Barak Eilam, CEO, NICE, said, “CX agility has never been more critical and we remain focused on helping organizations transform experiences to be extraordinary. In the face of the unprecedented current challenges organizations are facing, we aim to bring clarity by sharing powerful insights that will enable organizations to be agile in engaging customers and employees while driving successful business outcomes. Interactions has always been a key channel through which we connect among customers, content experts, innovators and opinion-makers, and we’re pleased to present a new avenue to enable this connection via Interactions Live. ”

About NICE

NICE (Nasdaq: NICE) is the world’s leading provider of both cloud and on-premises enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NICE helps organizations of all sizes deliver better customer service, ensure compliance, combat fraud and safeguard citizens. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, are using NICE solutions. www.nice.com.

Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Eilam, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the “Company”). In some cases, such forward-looking statements can be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” “estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in economic and business conditions, including as a result of the COVID-19 pandemic; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; changes in technology and market requirements; decline in demand for the Company’s products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners;, cyber security attacks or other security breaches against the Company; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company’s reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

Contacts

Corporate Media
Christopher Irwin-Dudek, 201-561-4442, chris.irwin-dudek@nice.com

Investors
Marty Cohen, +1 551 256 5354, ir@nice.com, ET

Yisca Erez +972 9 775 3798, ir@nice.com, CET

Categories
Business

Eos Energy Storage provides business and transaction update

Announcement of Orders for 1 GWh and 500 MWh Energy Storage Projects

Announcement of $10 Million Investment from Strategic Partner

Update on Potential Business Combination Transaction with BRPM II

EDISON, N.J.–(BUSINESS WIRE)–Eos Energy Storage (“Eos”), a leading manufacturer of safe, low-cost, and long-duration zinc hybrid cathode (Znyth™) battery energy storage systems, today announced three business updates and additional details regarding the potential business combination transaction (the “business combination”) with B. Riley Principal Merger Corp. II (NYSE: BMRG, BMRG WS, BMRG.U) (“BRPM II”), a special purpose acquisition company sponsored by an affiliate of B. Riley Financial, Inc. (Nasdaq: RILY) (“B. Riley Financial”), announced on June 24, 2020.

Joe Mastrangelo, Chief Executive Officer of Eos, said, “This is an exciting time for Eos. We are pleased to announce orders to deliver 1.5 GWh of our battery energy storage solution, which will be manufactured in the USA at HI-POWER, our state of the art joint venture multi-gigawatt manufacturing facility, co-owned with Holtec International (“Holtec”), located in Pittsburgh. We have further deepened our relationship with Holtec through their additional investment in Eos. We continue to make progress with our business combination with BRPM II, and we are on track to imminently execute a definitive agreement.”

Joe Mastrangelo, added, “The business combination will allow Eos to achieve its long-term potential and fuel our mission. Our groundbreaking aqueous zinc battery technology is well-positioned to be a leading solution to meet short-term and long-term demand for safe, sustainable, and scalable long-duration clean energy.”

Strategic Agreement for 1 GWh Energy Storage Project with International Electric Power

Eos announced today that it has entered into a binding agreement to supply 1 GWh of standalone battery energy storage systems (“BESS”) to International Electric Power, LLC (“IEP”) for grid connected projects with the Electric Reliability Council of Texas (“ERCOT”). Eos will manufacture, design and deliver multiple integrated AC BESS solutions starting in the third quarter of 2021.

IEP has entered into this partnership with Eos to help lead the long duration energy storage transition to new, safer and more reliable alternative technologies to lithium-ion. IEP also benefits from Eos’ minimal auxiliary power requirements (HVAC systems are not required) and simple operations and maintenance throughout the equipment’s 20 year life expectancy. IEP aims to identify key locations to build these storage projects to maximize revenue streams in the ERCOT market.

“ERCOT is an important and growing market for energy storage. Long term energy storage will help mitigate massive investments that are needed in transmission facilities to relieve congestion,” commented Balki G. Iyer, Chief Commercial Officer of Eos. “We are very excited to be partnering with a high quality developer such as IEP on this important project. Our zinc batteries offer the perfect solution to address the project’s needs. We are particularly proud to announce that we will be supplying the entire 1 GWh from batteries sourced and manufactured here in the USA.”

Peter Dailey, Chief Executive Officer of IEP commented, “ERCOT offers perhaps the most interesting opportunity for battery plays in the United States, including hourly energy arbitrage, ancillaries and congestion revenue rights. IEP is pleased to announce this relationship with Eos, which offers some of the best utility scale battery technology in the market.”

IEP is a technology agnostic power producer which seeks to build, own and operate a portfolio of generation assets that offer investors attractive financial returns. IEP’s core competencies in asset operations and optimization, energy market analysis and contracting, and project financing and deal execution, enables it to manage all aspects of a transaction.

500 MWh Long Duration Energy Storage Project with Carson Hybrid Energy Storage

Eos announced that it has entered into an agreement to supply Carson Hybrid Energy Storage, LLC (“CHES”) with 500 MWh of integrated AC BESS. Eos will manufacture, design and deliver its zinc-based battery solutions to CHES starting in the first quarter of 2023. These safe, sustainable, long duration battery solutions will be used in parallel with existing power generation and substation architecture to store renewable energy generated capacity, and to provide power quality and better resilience to the California Power Grid.

“The recent rolling blackouts in California call for another transformation in energy, this time related to supply. We believe long duration energy storage is going to play a pivotal role in this transformation over the next three to five years,” commented Balki G. Iyer. “Eos is delighted to be partnering with an innovator such as CHES, which is seeking to build this project to provide solutions around a premium zone in Los Angeles. Eos’s zinc batteries are non-flammable, built with environmentally friendly materials, and are manufactured right here in the USA. They are a perfect fit for addressing the need which we have seen from some of our recent projects in California on a smaller scale.”

Peter Reardon, President of CHES, commented, “California needs fire safe, large scale energy storage located in our cities and towns to provide grid reliability as we move towards our zero carbon future. The recent blackouts showed that California cannot rely on out of state imports during climate induced heat waves affecting regions and not individual states. CHES is committed to developing safe energy storage solutions located in the Los Angeles basin. We seek to partner on this project and a second project with LA’s Load Serving Entities (LSE) that value our safe, city based product. With support from Southern California Edison, we are going to maximize the benefit of an existing interconnect to allow for this important energy storage resource to be located in the Los Angeles basin. Choosing Eos was easy, as their zinc aqueous technology is safe from fire, made in the USA, and provides green jobs. We will implement a pilot 1 MW behind the meter project in the Los Angeles basin in 2021 and then scale rapidly.”

Headquartered in California, CHES operates under the California Independent System Operator Corporation (“CAISO”) tariff as a grid connected generator.

Investment from Strategic Partner

Eos announced a new investment from strategic partner Holtec. Following the prior investment of $12 million, Holtec is investing an additional $10 million to help support the acceleration of the order book over the last several months. If the potential business combination with BRPM II is consummated, the terms of Holtec’s additional $10 million investment are expected to be consistent with the terms of the private investment into public equity that was announced in conjunction with the proposed business combination on June 24, 2020.

“We believe Eos is well-positioned as the leading energy storage system alternative to lithium-ion. We are excited to further strengthen our relationship through our investment, and look forward to participating in their future growth as an investor, a manufacturing partner, and as a future customer,” said Dr. Kris Singh, President and CEO of Holtec International.

Holtec is a privately-held supplier of equipment and systems for the energy industry. In September 2019, Eos and Holtec announced the formation of HI-POWER, LLC, a multi-gigawatt manufacturing joint venture to produce Eos’ next generation of aqueous zinc batteries. The state-of-the-art HI-POWER manufacturing facility is located in Pittsburgh, PA.

Business Combination Transaction Update

On June 24, 2020, Eos and BRPM II announced the execution of a letter of intent for a business combination transaction, which would result in Eos becoming a public reporting company.

Eos and BRPM II anticipate executing a definitive agreement for the business combination imminently. If the definitive agreement for the business combination is executed as anticipated, the potential business combination is expected to be completed during the fourth quarter of 2020, subject to certain closing conditions, including but not limited to approval of the business combination by BRPM II’s stockholders and other customary closing conditions.

”We are pleased with our steady progress to enter into a definitive agreement for a business combination of BRPM II and Eos,” said Dan Shribman, Chief Executive Officer and Chief Financial Officer of BRPM II and Chief Investment Officer of B. Riley Financial. ”We believe the business combination will serve as the catalyst to accelerate the growth of Eos’ disruptive technology. We look forward to sharing our full business plan with the market shortly.”

About Eos Energy Storage

At Eos, we are on a mission to accelerate clean energy by deploying stationary storage solutions that can help deliver the reliable and cost-competitive power that the market expects in a safe and environmentally sustainable way. Armed with a patent for a membrane-free zinc battery technology, Eos has been pursuing this opportunity since 2008 when it was founded. Eos Energy Storage has 10+ years of experience in battery storage testing, development, deployment, and operation. The Eos Aurora® system integrates the Company’s aqueous, zinc battery technology (Znyth®) to provide a safe, scalable, and sustainable alternative to Lithium Ion.

To learn more about Eos, please visit: https://eosenergystorage.com.

About B. Riley Principal Merger Corp. II

B. Riley Principal Merger Corp. II (NYSE: BMRG, BMRG WS, BMRG.U) (“BRPM II”) is a blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses, and is sponsored by an affiliate of B. Riley Financial, Inc. (Nasdaq: RILY). BRPM II is focused on pursuing a business combination with established businesses with an aggregate enterprise value of approximately $400 million to $1 billion that would benefit from access to public markets and the operational and strategic expertise of B. Riley’s management team and board of directors. For more information, visit https://brileyfin.com/principalmergercorp.

Additional Information and Where to Find It

If a legally binding definitive agreement is entered into, a full description of the terms of the business combination will be provided in a proxy statement for the stockholders of BRPM II (the “Business Combination Proxy Statement”), to be filed with the U.S. Securities and Exchange Commission (the “SEC”).

Investors and security holders of BRPM II are advised to read, when available, the preliminary Business Combination Proxy Statement and the definitive Business Combination Proxy Statement, and any amendments thereto, because these documents will contain important information about BRPM II and the proposed business combination. The definitive Business Combination Proxy Statement will be mailed to BRPM II’s stockholders of record as of a record date to be established for the special meeting of stockholders relating to the proposed business combination. Stockholders will also be able to obtain copies of the Business Combination Proxy Statement, without charge, once available, at the SEC’s website at www.sec.gov or by directing a request to: B. Riley Securities, Inc., 299 Park Avenue, 21st Floor, New York, New York 10171, by telephone at (800) 846-5050 or by email at prospectuses@brileyfbr.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 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 guarantees 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 BRPM II’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability of BRPM II to enter into a definitive agreement with respect to the proposed business combination with Eos or to complete the contemplated business combination; matters discovered by BRPM II or Eos as they complete their respective due diligence investigation of the other; the risk that the approval of the stockholders of BRPM II for the potential business combination or any other closing condition is not obtained; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of funds available in BRPM II’s trust account following any redemptions by BRPM II stockholders, competition, and the ability of the combined company to grow, manage growth profitably and retain its key employees; the ability to meet NYSE’s listing requirements following the consummation of the business combination; costs related to the proposed business combination; the risk that the potential business combination disrupts current plans and operations; and those factors discussed in BRPM II’s registration statement for the initial public offering filed with the SEC. BRPM II does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Participants in the Solicitation

BRPM II and its directors and executive officers may be considered participants in the solicitation of proxies with respect to the business combination described herein under the rules of the SEC. Information about the directors and executive officers of BRPM II and a description of their interests in BRPM II will be contained in the Business Combination Proxy Statement when it is filed with the SEC. This document can be obtained free of charge from the sources indicated above.

Non-Solicitation

The disclosure herein is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the business combination and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of BRPM II, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Contacts

For Investor Relations

Ed Yuen

ir@eosenergystorage.com
or

For Media Relations

Balki G. Iyer

media@eosenergystorage.com

Categories
Sports & Gaming

Skechers Elite Runner Edward Cheserek wins 10K and sets new PB during Sunset Tour in Los Angeles

MANHATTAN BEACH, Calif.–(BUSINESS WIRE)–Skechers celebrates 17-time NCAA national champion Edward Cheserek winning the 10K race during the Sunset Tour on Saturday in Los Angeles—his first pro career attempt on the track at this distance. Cheserek, who ran in custom-made prototype Skechers GO RUN track spikes, crossed the finish line first in 27:42, which was 48 seconds faster than his previous best time at this distance set at the 2014 NCAA Championship. This follows his recent victory at the 5K distance with a meet-record time of 13:21 on August 22.


“It feels great to be racing again after the extended time off during the pandemic, so to find my groove with the 5K win last week and then win my first career pro 10K attempt on the track is even better,” said Edward Cheserek. “I’m thankful for the partnership with Skechers. I asked them for an even lighter race day shoe and they delivered—leading to a new personal best today at this distance six years after the collegiate championships in 2014.”

“Edward continues to be a dominating force in running, and we’re lucky to have him on our team racing in Skechers GO RUN footwear,” said Michael Greenberg, president of Skechers. “The combination of his power, strength and dedication plus our footwear has given Edward the competitive edge he needs to succeed. We’re proud to be part of his journey as the sport gets back in gear building up to Tokyo next summer.”

Originally from Kenya, Cheserek attended Saint Benedict’s Preparatory School in New Jersey, where he was named the Gatorade 2013 National Cross Country Runner of the Year, before choosing to continue his collegiate career at distance running powerhouse, University of Oregon. In 2013, Cheserek became the first freshman in school history to win the NCAA National Cross Country Championships, and would then go on to repeat as cross country champion in his sophomore and junior years. By the end of his collegiate career, Cheserek was the winningest male athlete in NCAA Division I athletics’ history with a combined 17 national championships in cross country plus indoor and outdoor track and field. After going pro in September 2017, he set a new PR in the indoor mile with a win at the 2018 Boston University Valentine Invitational. Wearing custom Skechers GO RUN racing spikes, his time of 3:49.44 placed him at #2 all-time on the world record list for that distance. In April 2019, Cheserek won the Carlsbad 5000 in 13:29, tying the IAAF road world record and achieving a new road 5K personal best.

Since its debut with the first model of Skechers GO RUN worn by Meb Keflezighi in 2012, Skechers Performance footwear has earned respect throughout the running world and won numerous awards within the footwear industry—including 10 editorial awards in 2019 alone.

The entire Skechers GO RUN collection for men and women is available at Skechers retail stores and skechers.com as well as select retail partners.

About Skechers USA, Inc.

Based in Manhattan Beach, California, Skechers (NYSE: SKX) designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in the United States and over 170 countries and territories via department and specialty stores, and direct to consumers through 3,615 Company- and third-party-owned retail stores and e-commerce websites. The Company manages its international business through a network of global distributors, joint venture partners in Asia, Israel and Mexico, and wholly-owned subsidiaries in Canada, Japan, India, Europe and Latin America. For more information, please visit about.skechers.com and follow us on Facebook, Instagram, Twitter, and TikTok.

This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers’ future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “plan,” “project,” “will be,” “will continue,” “will result,” “could,” “may,” “might,” or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include the disruption of business and operations due to the COVID-19 pandemic; international economic, political and market conditions including the challenging consumer retail markets in the United States; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2019 and its quarterly report on Form 10-Q for the three months ended June 30, 2020. More specifically, the COVID-19 pandemic has had and is currently having a significant impact on Skechers’ business, financial conditions, cash flow and results of operations. Forward-looking statements with respect to the COVID-19 pandemic include, without limitation, Skechers’ plans in response to this pandemic. At this time, there is significant uncertainty about the COVID-19 pandemic, including without limitation, (i) the duration and extent of the impact of the pandemic, (ii) governmental responses to the pandemic, including how such responses could impact Skechers’ business and operations, as well as the operations of its factories and other business partners, (iii) the effectiveness of Skechers’ actions taken in response to these risks, and (iv) Skechers’ ability to effectively and timely adjust its plans in response to the rapidly changing retail and economic environment. Taking these and other risk factors associated with the COVID-19 pandemic into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance.

Contacts

Jennifer Clay

Skechers

jennc@skechers.com

Categories
Business

Advent eModal releases street turn application

New eModal “Empty Manager” street turn application facilitates interchange of empty containers between truckers, reduces unnecessary trips to terminals.

SOMERSET, N.J.–(BUSINESS WIRE)–Advent eModal, provider of the eModal® suite of applications that simplify and accelerate the flow of cargo across the intermodal supply chain, today announced the release of “Empty Manager,” a street turn application designed to streamline the exchange of empty container equipment between trucking companies. Empty Manager digitizes what is typically a manual process, providing full visibility and traceability for all parties.

The application, which is free to use for anyone with an eModal account, allows an import trucking company to publish an empty container as available for street turn, while an export trucking company can search for available equipment in their area by size/type, ocean carrier, and other criteria. When they have found an empty matching their criteria, the export motor carrier simply reserves the container and completes the street turn. Both parties are provided instant visibility throughout the process. Future versions of the product will incorporate the ability to make an appointment for the delivery of the export load at the time of completing the street turn, digitization of the ocean carrier approval process, and other enhancements.

“Return of empty containers to the marine terminals is consistently identified by the motor carriers as a critical area of opportunity,” said Dennis Monts, COO of Advent eModal. “By reducing the number of visits to the terminals solely for the purpose of interchanging empties, the Empty Manager street turn application will benefit not only the motor carriers but also the terminal operators. We are excited to be able to provide innovative solutions like Empty Manager to the community and continue to work with stakeholders to identify additional ways to increase efficiencies in the intermodal supply chain.”

Over the last several months, Advent eModal has worked closely with the Harbor Trucking Association (HTA), California Trucking Association (CTA), Washington Trucking Association (WTA), as well as terminal operators to target solutions that can provide the highest impact to their operations. Empty Manager is an example of the results of these ongoing discussions.

“We are pleased to work with Advent eModal on the issues that impact our members as well as the larger port community,” stated Weston LaBar, CEO of HTA. “Particularly in these difficult times, open and constructive dialog is the best and only way forward. We are excited to continue the collaboration with Advent eModal to help bring technology solutions to bear on the challenges that we collectively face.”

In addition to Empty Manager, Advent eModal has also recently released enhancements to its eModal platform to address issues around empty returns. These enhancements include features to encourage dual transactions as well as discourage the hoarding of empty appointments, which sometimes occurs. Additional appointment enhancements are planned for the near future.

About Advent eModal

Advent eModal provides the market leading technology platform that connects multi-modal stakeholders via applications that remove friction at every point of intermodal equipment interchange. The eModal platform hosts unlimited applications, developed by Advent eModal, customers or third parties, that speed container movement, optimize equipment utilization and aid in maximizing financial returns. Core Advent eModal developed applications provide executional tools and APIs offering cargo visibility, terminal pre-advice and appointment setting, payment processing and data enabled business intelligence. For more information, visit https://www.adventintermodal.com

Contacts

Kelly Stroud Spinella

kelly@ladyfishproductions.com
843.816.0584

Categories
Sports & Gaming

FanDuel Par-A-Dice Sportsbook debuts in Illinois

Residents and Visitors to Illinois Can Now Place Wagers on the FanDuel Par-A-Dice Sportsbook App

NEW YORK–(BUSINESS WIRE)–FanDuel Group today announced the launch of the FanDuel Par-A-Dice Sportsbook app and online experience in Illinois. In partnership with Boyd Gaming, Illinois is the sixth state in the United States where the industry-leading FanDuel Sportsbook online and mobile platform is available. FanDuel is bringing its best-in-class online sports betting experience to sports fans who can now place wagers across professional football, basketball, baseball, golf, MMA, soccer, and tennis with a multitude of betting and payment options available.

The FanDuel Par-A-Dice Sportsbook is available for download via iOS and Android for residents and visitors to Illinois.

“We have been waiting for this day for quite some time,” said Mike Raffensperger, CMO of FanDuel Group. “Sports are back, so we are going to show sports fans in Illinois an innovative sports betting app experience with industry leading promotions and consumer protections that have made FanDuel the #1 sportsbook in the U.S.”

The FanDuel Par-A-Dice Sportsbook in Illinois is simple, secure and convenient, with a number of key features, including:

  • Industry-leading promotions: Any customer that doesn’t win their first bet is refunded their wager, up to $500. Plus, if you refer a friend, you’ll both get $50 more.
  • Hometown Heroes: The FanDuel Par-A-Dice Sportsbook will offer markets on hometown teams with extremely generous odds to give new customers More Ways to Win.
  • Innovative Spirit: FanDuel was the first US Sportsbook to offer live streaming of sporting events inside a betting app and the first to offer Same Game Parlays, which is the ability to build a parlay utilizing betting markets from the same game.
  • FanDuel Group’s Account and Wallet Technology: FanDuel Group developed its own account and wallet technology in-house that is the backbone of the new operating system on the FanDuel Par-A-Dice Sportsbook app in Illinois. The FanDuel Par-A-Dice Sportsbook now connects to FanDuel’s popular fantasy sports app, so customers can use fantasy sports and sportsbook winnings interchangeably.
  • Cash Out: FanDuel offers fast, secure payouts enabling customers to withdraw their winnings in as little as 24 hours. The new Cash Out feature allows you to settle a bet for a certain value before the sporting event bet on has finished.

In addition, the FanDuel Par-A-Dice Sportsbook offers a range of payment options, safe and secure banking, lightning fast payouts usually within twenty four hours, 24/7 customer service, and in-game wagering allowing users to bet on live games as they’re being played. FanDuel utilizes its proprietary risk and trading technology that leverages the IGT PlaySports platform. The FanDuel Par-A-Dice Sportsbook also has account protections in place and a global reputation for responsible wagering.

Sports fans in Illinois can download the FanDuel Par-A-Dice Sportsbook app today on iOS and Android or visit https://il.sportsbook.fanduel.com/sports. For more on the FanDuel Sportsbook and sports betting content, follow @FDSportsbook on Twitter.

If You Or Someone You Know Has A Gambling Problem, Crisis Counseling And Referral Services Can Be Accessed By Calling 1-800-GAMBLER

About FanDuel Group

FanDuel Group is an innovative sports-tech entertainment company that is changing the way consumers engage with their favorite sports, teams, and leagues. The premier gaming destination in the United States, FanDuel Group consists of a portfolio of leading brands across gaming, sports betting, daily fantasy sports, advance-deposit wagering, and TV/media, including FanDuel, Betfair US, and TVG. FanDuel Group has a presence across 45 states and 8.5 million customers. The company is based in New York with offices in California, New Jersey, Florida, Oregon, and Scotland. FanDuel Group is a subsidiary of Flutter Entertainment plc, a leading international sports betting and gaming operator and a constituent of the FTSE 100 index of the London Stock Exchange.

About Boyd Gaming

Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 29 gaming entertainment properties in 10 states. The Company currently operates 1.76 million square feet of casino space, approximately 38,000 gaming machines, 900 table games, more than 11,000 hotel rooms, and 320 food and beverage outlets. With one of the most experienced leadership teams in the casino industry, Boyd Gaming prides itself on offering its guests an outstanding entertainment experience, delivered with unwavering attention to customer service. For additional Company information and press releases, visit www.boydgaming.com.

Contacts

FanDuel

Emily Bass

press@fanduel.com

Categories
Healthcare

Legend Biotech reports second quarter 2020 financial results

SOMERSET, N.J.–(BUSINESS WIRE)–Legend Biotech Corporation (NASDAQ: LEGN) (Legend Biotech), a global clinical-stage biopharmaceutical company engaged in the discovery and development of novel cell therapies for oncology and other indications, today reported financial results for the quarter ended June 30, 2020.

“Legend Biotech continues to execute on our corporate strategy, advancing the development of our lead product candidate, ciltacabtagene autoleucel (cilta-cel), in collaboration with Janssen Biotech, Inc. as well as our other pipeline programs,” said Frank Zhang, Ph.D., Chief Executive Officer and Chairman of the Board of Legend Biotech. “We look forward to presenting data from the CARTITUDE-1 study at a major medical conference in the second half of 2020.”

Second Quarter 2020 & Recent Highlights

  • Collaborative Research and License Agreement with Noile-Immune Biotech. On April 27, 2020, Legend Biotech entered into a collaborative research and license agreement with Noile-Immune Biotech Inc. pursuant to which Legend Biotech obtained a license to develop and commercialize next-generation CAR-T and/or TCR-T cell therapies incorporating Noile-Immune’s PRIME (proliferation-inducing and migration-enhancing) technology for up to two targets for all indications.
  • Updated Results from Janssen sponsored Phase 1b/2 CARTITUDE-1 study. On May 13, 2020, Legend Biotech announced positive follow up data (median of 11.5 months) from the Phase 1b portion of the CARTITUDE-1 study evaluating cilta-cel1 (JNJ-4528) in heavily pretreated patients with relapsed or refractory multiple myeloma (RRMM).
  • Appointment of Three New Directors. In May 2020, Dr. Corazon (Corsee) Dating Sanders, Dr. Darren Ji, and Mr. Philip Yau joined Legend Biotech’s Board of Directors.
  • Successful Initial Public Offering. On June 9, 2020, Legend Biotech successfully completed its initial public offering for total gross proceeds of approximately $487.3 million.
  • Appointment of Dr. Frank Zhang as CEO. On August 1, 2020, the Board of Directors of Legend Biotech appointed Dr. Frank Zhang to serve as Chief Executive Officer, succeeding Dr. Yuan Xu upon her resignation.
  • First Breakthrough Therapy Designation from China CDE. On August 5, 2020, Legend Biotech announced that the China Center for Drug Evaluation (“CDE”), National Medical Products Administration recommended Breakthrough Therapy Designation (“BTD”) for cilta-cel for the treatment of adults with relapsed/refractory multiple myeloma. The designation was granted on August 13, 2020, making cilta-cel the first investigational product to obtain BTD in China.

Key Upcoming Milestones

  • Legend Biotech, in collaboration with Janssen Biotech, Inc., anticipates the presentation of data from the CARTITUDE-1 study at a major medical conference in the second half of 2020.
  • Janssen Biotech, Inc., Legend Biotech’s collaboration partner, expects to initiate the BLA filing for cilta-cel to the U.S. FDA by the end of 2020 and also expects that a marketing authorization application will be submitted to the European Medicines Agency (“EMA”) in early 2021.
  • Legend Biotech expects to use the data from CARTIFAN-1 in support of a regulatory submission for approval in China in 2021.
  • Legend Biotech intends to submit an IND application for LB1901 in relapsed or refractory T cell Lymphoma (“TCL”) in the second half of 2020.

The extent to which the COVID-19 may impact our business and clinical trials is highly uncertain and cannot be predicted with confidence, such as the ultimate geographic spread of the disease, the duration of the outbreak and social distancing regulations, travel restrictions, business closures or business disruptions and the effectiveness of actions taken in the United States and other countries to contain and treat the disease.

Financial Results for the Quarter Ended June 30, 2020

Cash and Cash Equivalents:

As of June 30, 2020, Legend Biotech had approximately $562.4 million of cash and cash equivalents and approximately $75.6 million in time deposits.

Revenue

Revenue for the three months ended June 30, 2020 was $11.6 million compared to $10.1 million for the three months ended June 30, 2019. This increase of $1.5 million was primarily due to additional milestone payments from Janssen Biotech, Inc. that were achieved in late 2019, which resulted in additional consideration being allocated to steering committee service for the three month ended June 30, 2020. Revenue for the three months ended June 30, 2020 and June 30, 2019 consisted of recognition of upfront and milestone payments allocated to steering committee service pursuant to the license and collaboration agreement with Janssen Biotech, Inc. Legend Biotech has not generated any revenue from product sales to date.

Research and Development Expenses

Research and development expenses for the three months ended June 30, 2020 were $53.6 million compared to $32.6 million for the three months ended June 30, 2019. This increase of $21.0 million was primarily due to a higher number of clinical trials, a higher number of patients enrolled in those trials and a higher number of research and development product candidates in the three months ended June 30, 2020.

Administrative Expenses

Administrative expenses for the three months ended June 30, 2020 were $4.5 million compared to $1.6 million for the three months ended June 30, 2019. This increase of $2.9 million was primarily due to Legend Biotech’s expansion of supporting administrative functions to aid continued research and development activities.

Selling and Distribution Expenses

Selling and distribution expenses for the three months ended June 30, 2020 were $9.6 million compared to $5.0 million for the three months ended June 30, 2019. This increase of $4.6 million was primarily due to increased costs associated with commercial preparation activities for cilta-cel.

Other Income and Gains

Other income and gains for the three months ended June 30, 2020 was $1.3 million compared to $1.2 million for the three months ended June 30, 2019.

Fair Value Loss of Convertible Redeemable Preferred Shares

For the three months ended June 30, 2020, Legend Biotech reported a one-time non-cash charge of $80.0 million caused by changes of fair value of Series A convertible redeemable preferred shares (Series A Preferred Shares). Upon listing on the Nasdaq Global Market, all outstanding Series A Preferred Shares were converted into ordinary shares of Legend Biotech and all accrued but unpaid dividends were settled in the form of ordinary shares of Legend Biotech.

Loss for the Period

For the three months ended June 30, 2020, net loss was $134.9 million, or $0.63 per share, compared to a net loss of $28.8 million, or $0.14 per share, for the three months ended June 30, 2019.

About Legend Biotech

Legend Biotech is a global clinical-stage biopharmaceutical company engaged in the discovery and development of novel cell therapies for oncology and other indications. Our team of over 700 employees across the United States, China and Europe, along with our differentiated technology, global development, and manufacturing strategies and expertise, provide us with the strong potential to discover, develop, and manufacture best-in-class cell therapies for patients in need.

We are engaged in a strategic collaboration with Janssen Biotech, Inc. to develop and commercialize our lead product candidate, ciltacabtagene autoleucel, an investigational BCMA-targeted CAR-T cell therapy for patients living with multiple myeloma. This candidate is currently being studied in registrational clinical trials.

Cautionary Note Regarding Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to Legend Biotech’s strategies and objectives; the anticipated timing of, and ability to progress, clinical trials; the ability to make, and the timing of, regulatory submissions in the United States, Europe and Asia, including the BLA filing for cilta-cel to the U.S. FDA, the submission of a marketing authorization application for cilta-cel to the EMA, and the submission of an IND LB1901 in relapsed or refractory TCL; the ability to generate, analyze and present data from clinical trials; patient enrollment; and the potential benefits of our product candidates. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the factors discussed in the “Risk Factors” section of the prospectus filed with the Securities and Exchange Commission on June 8, 2020. Any forward-looking statements contained in this press release speak only as of the date hereof, and Legend Biotech specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

LEGEND BIOTECH CORPORATION

UNAUDITED INTERIM CONDENSED

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019

Three months ended

June 30

Six months ended

June 30

(in thousands, US$, except share and per share data)

2020

(unaudited)

2019

(unaudited)

2020

(unaudited)

2019

(unaudited)

REVENUE

11,600

10,087

23,146

20,140

Other income and gains

1,265

1,221

3,796

4,073

Research and development expenses

(53,567)

(32,640)

(101,570)

(53,929)

Administrative expenses

(4,508)

(1,607)

(7,938)

(2,712)

Selling and distribution expenses

(9,557)

(5,030)

(16,102)

(7,786)

Other expenses

(37)

(478)

(82)

(625)

Fair value loss of convertible redeemable preferred shares

(79,984)

—

(79,984)

—

Finance costs

(88)

(19)

(4,079)

(57)

LOSS BEFORE TAX

(134,876)

(28,466)

(182,813)

(40,896)

Income tax (expense)/credit

—

(336)

3,709

(336)

LOSS FOR THE PERIOD

(134,876)

(28,802)

(179,104)

(41,232)

Attributable to:

Equity holders of the parent

(134,876)

(28,802)

(179,104)

(41,232)

LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT

Ordinary shares—basic

(0.63)

(0.14)

(0.86)

(0.21)

Ordinary shares—diluted

(0.63)

(0.14)

(0.86)

(0.21)

Ordinary shares used in loss per share computation:

Ordinary shares—basic

215,551,887

200,000,000

207,775,944

200,000,000

Ordinary shares—diluted

215,551,887

200,000,000

207,775,944

200,000,000

LEGEND BIOTECH CORPORATION

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT JUNE 30, 2020 AND DECEMBER 31, 2019

June 30, 2020

(Unaudited)

December 31,

2019

(in thousands, US$)

NON-CURRENT ASSETS

Property, plant and equipment

88,589

70,079

Advance payments for property, plant and equipment

2,121

665

Right-of-use assets

7,786

9,348

Intangible assets

978

519

Total non-current assets

99,474

80,611

CURRENT ASSETS

Inventories

1,668

1,157

Trade receivables

—

29,991

Prepayments, other receivables and other assets

33,517

16,777

Pledged short-term deposits

256

256

Time deposits

75,559

75,559

Cash and cash equivalents

562,391

83,364

Total current assets

673,391

207,104

Total assets

772,865

287,715

CURRENT LIABILITIES

Trade and notes payables

6,976

9,586

Other payables and accruals

60,429

70,854

Lease liabilities

1,314

1,027

Contract liabilities

46,312

46,294

Total current liabilities

115,031

127,761

NON-CURRENT LIABILITIES

Contract liabilities

254,714

277,765

Lease liabilities

2,119

5,058

Total non-current liabilities

256,833

282,823

Total liabilities

371,864

410,584

EQUITY

Share capital

26

20

Reserves/(deficits)

400,975

(122,889)

Total ordinary shareholders’ equity/(deficit)

401,001

(122,869)

Total equity/(deficit)

401,001

(122,869)

Total liabilities and equity

772,865

287,715

LEGEND BIOTECH CORPORATION

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019

Three months ended June 30

Six months ended

June 30

(in thousands, US$)

2020

(Unaudited)

2019

(Unaudited)

2020

(Unaudited)

2019

(Unaudited)

LOSS BEFORE TAX

(134,876)

(28,466)

(182,813)

(40,896)

CASH FLOWS USED IN OPERATING ACTIVITIES

(56,885)

(38,766)

(102,681)

(43,025)

CASH FLOWS USED IN INVESTING ACTIVITIES

(9,212)

(36,031)

(26,711)

(150,909)

CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES

459,803

(7,177)

608,558

21,500

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

393,706

(81,974)

479,166

(172,434)

Effect of foreign exchange rate changes, net

(112)

(16)

(139)

(11)

Cash and cash equivalents at beginning of the period

168,797

119,711

83,364

210,166

CASH AND CASH EQUIVALENTS AT END OF THE PERIOD.

562,391

37,721

562,391

37,721

ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS

Cash and bank balances

638,206

149,032

638,206

149,032

Less: Pledged short-term deposits

256

250

256

250

Time deposits

75,559

111,061

75,559

111,061

Cash and cash equivalents as stated in the statement of financial position

562,391

37,721

562,391

37,721

Cash and cash equivalents as stated in the statement of cash flows

562,391

37,721

562,391

37,721

1tacabtagene autoleucel (cilta-cel) refers to both JNJ-4528 (the identifier for the investigational product being studied outside of China) and LCAR-B38M CAR-T cell (the identifier for the investigational product being studied in China), both of which identify the same CAR-T cell therapy.

Contacts

Media and Investor Relations:

Jessie Yeung, Head of Corporate Finance and Investor

Relations, Legend Biotech jessie.yeung@legendbiotech.com or

investor@legendbiotech.com