Daily Archives: September 15, 2020

Rapid Micro Biosystems Hires Chief Human Resources Officer

LOWELL, Mass., Sept. 15, 2020 (GLOBE NEWSWIRE) — Rapid Micro Biosystems, the leading provider of automated, non-destructive, rapid microbial detection, is pleased to announce the appointment of Victoria Vezina as Chief Human Resources Officer reporting directly to the company’s CEO, Robert Spignesi.

Vicki has 25 years of progressive HR experience across multiple industries where she has been effective at impacting business results and cultural change by aligning business and people strategies.  Vicki has a strong track record of designing and implementing HR operating models to attract and develop high-performing teams.  She has held positions such as Chief People Officer, Chief Human Resources Officer, Vice President of Talent Management and Development with SimpliSafe, Skyworks Solutions, and ThermoFisher Scientific, respectively.  Vicki has built her career working with high-growth companies, helping executive teams develop scalable and sustainable talent strategies to support business objectives.

“I am excited to welcome Vicki to our executive management team,” said Mr. Spignesi. “She brings extensive experience in aligning business and people strategies. Vicki will be essential in helping us with our growth as we continue to expand Rapid Micro Biosystems’ operations globally and deliver the Growth Direct™ system to leading BioPharma companies around the world.”

“I am very excited to be joining Rapid Micro Biosystems at such a critical time in their growth trajectory. The opportunity to be able to come into an organization and help build the company’s infrastructure and culture is amazing,” said Ms Vezina. “I look forward to working with the leadership team and the employees to define the company’s culture, to foster employee engagement, to empower the employees to innovate, and facilitate the change necessary to create a great place to work while delivering on the Company’s business results.”

Vicki holds a Masters in Organizational Psychology from William James College and a BA from Clark University.  She sits on the Advisory Board for the George Washington University Transformative Leadership in Disruptive Times Certificate Program.

About Rapid Micro Biosystems

Rapid Micro Biosystems (RMB) creates, sells, validates and services innovative products for fast, accurate, and efficient detection of microbial contamination in the manufacture of pharmaceuticals, biologics, biotechnology products, medical devices, and personal care products. The company’s Growth Direct™—the first and only growth-based system to automate rapid compendial QC Micro testing—ensures data integrity, compliance, and operational efficiencies driven by rapid methods and automation. RMB is dedicated to providing groundbreaking technology and products to support companies in their journey to achieve greater reliability, efficiency, and better predictability, ultimately providing higher quality products for improved patient outcomes. For more information, visit www.rapidmicrobio.com. Follow RMB at @rapidmicrobio or LinkedIn.


Courtney Makolandra
Rapid Micro Biosystems

Lithium Werks Enhances Medical and Healthcare Business Unit

Lithium Werks, B.V., announces the formation of a new Medical and Healthcare business unit that will focus on providing portable power, energy solutions and products to help fight the virus and to flatten the curve

AUSTIN, Texas and ENSCHEDE, The Netherlands, Sept. 15, 2020 (GLOBE NEWSWIRE) — Lithium Werks, leveraging their acquisitions of the A123 Industrial Division and Valence Technology, is forming an enhanced Medical Business Unit to partner and collaborate with medical equipment OEMs and medical system integrators, as well as healthcare companies and communities to provide portable lithium power and energy solutions to help fight the virus and to flatten the curve.

Leveraging their global portfolio of lithium cells, battery modules, battery management systems, as well as their MIT developed Nanophosphate®, known for its Power.Safety.Life.™, Lithium Werks is pleased to share this new business unit will be focusing on working to improve the medical lithium battery supply chain from medical cart batteries, hospital beds, surgical equipment, defibrillators, as well as portable batteries for ventilators and respirators. Also included are robots, UV cleaning and sterilization equipment, energy storage, backup power and auxiliary power units.

Lithium Werks has sold over $100M in cells and battery modules over the past decade to the medical community. It has established a global portfolio of world-class medical OEMs and healthcare system integrator customers and is now developing an enlarged range of products for energy storage, robotics and industrial applications supporting the healthcare industry. Chief Operations Officer, John Aittama, states, “Lithium Werks has been developing its presence in the medical device space for more than 10 years and is well positioned to build off of our long history of quality and reliability.”

As the pandemic has elevated health and safety concerns, Lithium Werks is doing their part to combat the spread of the COVID-19 virus and many other health concerns by increasing our focus and collaboration to help support hospitals, healthcare workers, patients, medical OEMs, and medical systems integrators. Don Lenz, Vice President of Global Sales, affirms, “Equipping our brave front line workers of this global pandemic with long-lasting and fast-charging lithium energy storage units allows medical, fire, and police professionals to stay in the trenches to help the most vulnerable patients.”

Whatever your portable medical power needs, please reach out to Lithium Werks for a professional lithium battery solution.

For more information, please contact us at https://lithiumwerks.com/contact/

About Lithium Werks – Lithium Werks was formed in 2017 and has quietly put together the world’s leading position of Lithium Iron Phosphate materials, cells, modules and battery management systems. They are one of the world’s fastest growing lithium ion battery companies, and a global leader in LFP patents and products, with operations in China, Europe and the United States. For more information about Lithium Werks, please visit www.lithiumwerks.com


Novavax Announces COVID-19 Vaccine Manufacturing Agreement with Serum Institute of India, Increasing Novavax’ Global Production Capacity to Over 2 Billion Doses Annually

  • Serum Institute of India to manufacture ~1 billion doses of NVX-CoV2373 in 2021

  • Increases global manufacturing capacity for NVX-CoV2373 to over 2 billion annualized doses when at full capacity in 2021
  • Agreement expands Novavax partnership with world’s largest vaccine developer to increase global delivery of NVX-CoV2373

GAITHERSBURG, Md., Sept. 15, 2020 (GLOBE NEWSWIRE) — Novavax, Inc. (Nasdaq: NVAX), a late-stage biotechnology company developing next-generation vaccines for serious infectious diseases, today announced an amendment to its existing agreement with Serum Institute of India Private Limited (SIIPL) under which SIIPL will also manufacture the antigen component of NVX‑CoV2373, Novavax’ COVID‑19 vaccine candidate. With this agreement, Novavax increases its manufacturing capacity of NVX-CoV2373 to over two billion doses annually, when all planned capacity has been brought online by mid-2021. NVX‑CoV2373 is a stable, prefusion protein made using Novavax’ recombinant protein nanoparticle technology and includes Novavax’ proprietary Matrix‑M™ adjuvant.

“Today’s agreement with Serum Institute enhances Novavax’ commitment to equitable global delivery of our COVID-19 vaccine. With this arrangement, we have now put in place a global supply chain that includes the recently acquired Praha Vaccines and partnerships with leading biologics manufacturers, enabling production on three continents,” said Stanley C. Erck, President and Chief Executive Officer of Novavax. “We continue to work with extraordinary urgency to develop our vaccine, now in Phase 2 clinical trials, and for which we anticipate starting Phase 3 efficacy trials around the world in the coming weeks.”

The agreement with SIIPL augments a global supply chain that will deliver over two billion doses of NVX-CoV2373 annually as of 2021.

The antigen component of NVX-CoV2373 is being manufactured at Novavax CZ in Bohumil, Czech Republic (formerly Praha Vaccines), as well as at the following partnered manufacturing sites:

  • Biofabri in Spain
  • FUJIFILM Diosynth Biotechnologies (FDB) in both North Carolina and Texas in the United States
  • FDB in the United Kingdom
  • SIIPL in India
  • SK Bioscience in the Republic of Korea
  • Takeda Pharmaceutical Company Limited in Japan

Novavax’ Matrix-M adjuvant is now being manufactured at Novavax AB in Uppsala, Sweden and the following partnered manufacturing sites:

  • AGC Biologics in the United States and Denmark
  • PolyPeptide Group will manufacture two key intermediaries used in Matrix-M in the United States and Sweden

“Signing of the manufacturing agreement with Novavax for NVX-CoV2373 is another great milestone for both companies, which will further strengthen our existing relationship. SIIPL expertise to scale-up and manufacture NVX-CoV2373 will help ensure the supply of this most-needed vaccine,” said Adar Poonawalla, Chief Executive Officer of Serum Institute of India.

About NVX-CoV2373

NVX‑CoV2373 is a vaccine candidate engineered from the genetic sequence of SARS‑CoV‑2, the virus that causes COVID-19 disease. NVX‑CoV2373 was created using Novavax’ recombinant nanoparticle technology to generate antigen derived from the coronavirus spike (S) protein and contains Novavax’ patented saponin-based Matrix-M™ adjuvant to enhance the immune response and stimulate high levels of neutralizing antibodies. In preclinical trials, NVX‑CoV2373 demonstrated indication of antibodies that block binding of spike protein to receptors targeted by the virus, a critical aspect for effective vaccine protection. In its Phase 1 portion of the Phase 1/2 clinical trial, NVX‑CoV2373 was generally well-tolerated and elicited robust antibody responses numerically superior to that seen in human convalescent sera. Phase 2 clinical trials began in August 2020. Novavax has secured $2 billion in funding for its global coronavirus vaccine program, including up to $388 million in funding from the Coalition for Epidemic Preparedness Innovations (CEPI).

About Matrix-M™

Novavax’ patented saponin-based Matrix-M™ adjuvant has demonstrated a potent and well-tolerated effect by stimulating the entry of antigen-presenting cells into the injection site and enhancing antigen presentation in local lymph nodes, boosting immune response.

About Novavax

Novavax, Inc. (Nasdaq:NVAX) is a late-stage biotechnology company that promotes improved health globally through the discovery, development, and commercialization of innovative vaccines to prevent serious infectious diseases. Novavax is undergoing clinical trials for NVX-CoV2373, its vaccine candidate against SARS-CoV-2, the virus that causes COVID-19. NanoFlu™, its quadrivalent influenza nanoparticle vaccine, met all primary objectives in its pivotal Phase 3 clinical trial in older adults. Both vaccine candidates incorporate Novavax’ proprietary saponin-based Matrix-M™ adjuvant in order to enhance the immune response and stimulate high levels of neutralizing antibodies. Novavax is a leading innovator of recombinant vaccines; its proprietary recombinant technology platform combines the power and speed of genetic engineering to efficiently produce highly immunogenic nanoparticles in order to address urgent global health needs.

For more information, visit www.novavax.com and connect with us on Twitter and LinkedIn.

About Serum Institute of India

Serum Institute of India Pvt. Ltd. was founded in 1966 by Dr. Cyrus Poonawalla with a mission of manufacturing life-saving immuno-biologics. Serum is the world’s largest vaccine manufacturer by number of doses produced and sold globally (more than 1.3 billion doses). It is estimated that about 65% of the children in the world receive at least one vaccine manufactured by Serum Institute. Vaccines manufactured by Serum are accredited by the World Health Organization, Geneva and are being used in approximately 170 countries across the globe.

Serum is ranked as India’s No. 1 biotechnology company, manufacturing highly specialized lifesaving biologics like vaccines using cutting edge genetic and cell-based technologies, antisera and other medical specialties.

The philanthropic philosophy of Serum continues with its work on newer vaccines and biologicals.

Learn more about Serum Institute of India at https://www.seruminstitute.com/.

About CEPI

CEPI is an innovative partnership between public, private, philanthropic, and civil society organizations, launched at Davos in 2017, to develop vaccines to stop future epidemics. CEPI has moved with great urgency and in coordination with WHO in response to the emergence of COVID-19. CEPI has initiated 9 partnerships to develop vaccines against the novel coronavirus. The programs will leverage rapid response platforms already supported by CEPI as well as new partnerships. The aim is to advance COVID-19 vaccine candidates into clinical testing as quickly as possible.

Before the emergence of COVID-19 CEPI’s priority diseases included Ebola virus, Lassa virus, Middle East Respiratory Syndrome coronavirus, Nipah virus, Rift Valley Fever and Chikungunya virus. CEPI also invested in platform technologies that can be used for rapid vaccine and immunoprophylactic development against unknown pathogens (Disease X).

Novavax Forward-Looking Statements

Statements herein relating to the future of Novavax and the ongoing development of its vaccine and adjuvant products are forward-looking statements. Novavax cautions that these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include those identified under the heading “Risk Factors” in the Novavax Annual Report on Form 10-K for the year ended December 31, 2019, and Quarterly Report on Form 8-K for the period ended June 30, 2020, as filed with the Securities and Exchange Commission (SEC). We caution investors not to place considerable reliance on forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of the statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.



Silvia Taylor and Erika Trahan

Brandzone/KOGS Communication
Edna Kaplan

Virtual Reality Tour Announced by Cutting Edge Canadian Energy Tech Company

Eavor VR Tour Screen Shot

Eavor VR Tour

CALGARY, Alberta, Sept. 15, 2020 (GLOBE NEWSWIRE) — Due to the travel restrictions of the current global pandemic, Eavor Technologies addresses increasing client demand for tours of its facilities through a scalable, innovative, technologically clever solution. Utilizing virtual reality, Eavor can now showcase their demonstration project (Eavor-Lite™) located near Rocky Mountain House, Alberta to any potential client from anywhere in the world.

Eavor Technologies Inc. is a closed loop geothermal technology company based in Calgary, Alberta. They’re currently in the process of expanding their Eavor-Loop™ technology to produce clean, scalable, baseload power around the globe. The patented Eavor-Loop™ provides a zero-emission, clean energy alternative, free of the shortcomings experienced by existing renewables and traditional geothermal solutions today. By relying on conduction rather than a geothermal aquifer, an Eavor-Loop™ can supply reliable, baseload energy from almost anywhere in the world.

Guided by your friendly tour guide Jen, alongside Eavor’s Lead Engineer, Bailey Schwarz, and Chief Technology Officer Matt Toews, the experience can last minutes or hours, allowing participants to gain an increased understanding of Eavor and their game-changing technology.

“The cost savings are incredibly attractive in a scenario where we generally have multiple staff tied up conducting tours, the travel, and everything related with flights, hotels,” begins Paul Cairns, Eavor’s Chief Business Development Officer and Director, “this virtual tour is like Eavor itself, clean and scalable.”

According to Business on Camera, Eavor’s Agency of Record, and Dekogon Studios, leader in the gaming industry, “During the simulation, the user will experience a virtual transformation, being encapsulated into Eavor’s facilities with the ability to explore the artificial world. Using the latest in virtual reality technology, the Oculus Quest, consumers will journey through an immersive 3D reconstruction of the Eavor-Lite™ demonstration project where they can move around while interacting with specified objects to learn more.”

Virtual Reality has been identified as a massive growth industry expected to reach USD 34.08 billion by 2023.

You can view the tour online on Eavor’s website here or contact Eavor to see if you qualify for an Oculus Quest package.

About Eavor Technologies:

Eavor (pronounced “Ever”) is a technology-based Energy company led by a team dedicated to creating a clean, reliable and affordable energy future on a global scale. Eavor’s solution (Eavor-Loop™) represents the world’s first truly scalable form of clean dispatchable power. Learn more about Eavor here.

Please find Eavor Technologies Inc. Media Kit here.

If you have any questions or would like to schedule a Zoom meeting, please contact:

Eavor Technologies Inc.
John Redfern
President & CEO

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/456abf0f-5604-4ada-948e-32417945b50c


Anantara Vacation Club, Southeast Asia’s premier vacation ownership programme, has unveiled new web features to better meet the demands of travellers in the digital age.

Thailand, Sept. 15, 2020 (GLOBE NEWSWIRE) — Anantara Vacation Club, Southeast Asia’s premier vacation ownership programme, has unveiled new web features to better meet the demands of travellers in the digital age. Through extensive development of in-house technology, Club Points Owners around the world may now enjoy greater flexibility, new package add-ons for stays, and an overall better user experience when planning their next holiday.

In July 2020, Anantara Vacation Club rolled out a new web-based PointsPay functionality that allows for the inclusion of holiday package add-ons when making online bookings. Previously only available by contacting Club Services directly, Club Points Owners can now choose to add daily breakfast inclusions, schedule private airport pick-up and drop-off, purchase resort credit, enjoy F&B special offers and more when making their booking via the Club website. With many international travel restrictions still in place, Club Points Owners with limited travel options now have more opportunities to make use of their points while further enhancing their stay.

With domestic travel beginning to resume in the wake of COVID19, Anantara Vacation Club has also recognized the necessity of providing booking flexibility, and has implemented new web features to ensure peace of mind for its valued Club Points Owners around the globe. From September onwards, all Club Points Owners have the ability to cancel or modify any existing booking that falls within the selected property’s cancellation policies. With just a few clicks, all registered web users can log-in, preview their existing bookings and modify their travel dates based on real-time availability.

These new features come on the heels of the launch of Anantara Vacation Club’s new home-grown cloud-based system, dubbed ECHO, which allows for the seamless management of all bookings and monitoring of points’ usage across multiple platforms.

“ECHO provides a stunning 360-degree overview of our guests and their travel patterns.” said Maurizio Bisicky, Chief Operating Officer at Anantara Vacation Club. “In addition to the ability to provide real-time communications and room availability to our Club Points Owners, we are now able to closely monitor their travel behaviours, pick up on new trends, and quickly create personalized campaigns that meet their evolving needs. With international travel currently on hold, this has been essential to our continued success. So far, we have been able to launch a wide variety of domestic travel campaigns, and have been receiving an overwhelmingly positive response.”

As 2020 draws to close, Anantara Vacation Club will continue to advance innovations in technology that better service Club Points Owners worldwide and facilitate the authentic travel experiences that keep them coming back for more. Development is also underway for the creation of an Anantara Vacation Club app for IOS and Android, with further details to be released later this year.

About Anantara Vacation Club

Anantara Vacation Club is Southeast Asia’s premier vacation ownership programme. It was launched in 2010 by Minor International PCL, the owner of Minor Hotels. The Club offers a portfolio of eight luxurious Club Resorts across Thailand, Indonesia, and New Zealand and provides Club Points Owners and their guests with the opportunity to explore top holiday destinations. Club Points Owners’ travel opportunities are further enhanced through the use of the flexible Club Escapes and Global Traveller programmes, which provide access to hundreds of partner resorts and hotels internationally.

For more information, please visit www.anantaravacationclub.com, or follow Anantara Vacation Club’s social media channels on Facebook, Instagram and Weibo.

About Minor Hotels

Minor Hotels is a hotel owner, operator and investor with a portfolio of over 76,000 rooms across more than 530 hotels, resorts and serviced suites under the Anantara, AVANI, Oaks, Tivoli, Elewana, NH Collection, NH Hotel, nhow, Marriott, Four Seasons, St. Regis, Radisson Blu and Minor International brands. Today, Minor Hotels’ hotel and spa portfolio spans across 56 countries in Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe and the Americas. In addition, Minor Hotels also operates mixed-use business including shopping plazas & entertainment, residential properties, and a points-based vacation club. For more information, please visit www.minorhotels.com.


Andrew Schiff
Anantara Vacation Club - Southeast Asia
+66 (0) 2365 7500 ext. 5806

Cathy Shao
Anantara Vacation Club - Greater China Region
+86 21 2308 7726

Mkango Announces Rutile and Ilmenite Discovery in Malawi

LONDON and VANCOUVER, British Columbia, Sept. 15, 2020 (GLOBE NEWSWIRE) — Mkango Resources Ltd. (AIM/TSX-V: MKA) (the “Company” or “Mkango”) is pleased to announce the results of a reconnaissance shallow soil sampling and auger programme in its 869 square kilometre (“sq km”) Mchinji licence (EPL 0544/19) in Mchinji district, Malawi, held by Mkango’s 100% owned subsidiary MKA Exploration Ltd.

(see map https://mkango.ca/site/assets/files/4775/20200914_mchinji_sampling_on_topo.jpg)

The results demonstrate the presence of interesting grades of rutile plus anatase (both naturally occurring mineral forms of titanium dioxide: TiO2) mineralisation of up to 1.07%, with overall TiO2 grades in the range 0.51 to 4.10% in auger samples and 0.14–2.38% in soil samples; also ilmenite grades of 1.30 to 3.40% (average 1.85%) – see table below.

The grade of the TiO2-bearing minerals in the highest-grading auger hole are in the range of 0.63 to 1.07% rutile plus anatase (average 0.73%) and 1.30 to 3.40% ilmenite (average 1.85%), hosted in free-dig saprolite material from surface.

Mkango’s President Alexander Lemon commented:

“Mkango is focused on developing the Songwe rare earth deposit in Phalombe district in Malawi and is looking forward to completing the feasibility study. We are very pleased to add this new rutile and ilmenite discovery to our portfolio of projects in Malawi. These early stage results show similarities in terms of saprolite-hosted mineralisation to the recent rutile discoveries made on the adjoining Sovereign Metals Ltd licence to the east, and suggest the potential for discovering high-grade rutile deposits within Mkango’s large licence area, in what could potentially be a new province of rutile mineralisation.”

Twelve vertical auger holes were drilled to depths of 0.45 to 9.40m, for a total of 35.8m, from which 41 samples were collected. Available equipment was not able to penetrate beneath a shallow ferricrete horizon in the Ludzi river channel to test the assumed river sands beneath, and eight holes failed to reach more than 2m depth; new auger exploration equipment with improved ground cutting capability has been purchased and is currently being shipped to Malawi. The other four holes were drilled in saprolite on higher ground between the Ludzi’s tributaries.

Soil sampling was carried out in pits dug to 50cm (‘B horizon’) on a 500m staggered grid in four areas of the licence, producing 134 samples.

Sample preparation and analysis was provided by Scientific Services laboratory in Cape Town, employing two-acid microwave digestion and ICP-OES techniques suitable for multi-element determination and following strict internal QAQC procedures inserting blanks and standards. Internal laboratory QAQC was also completed to include blanks, standards and duplicates.

The highest TiO2 grades were returned by nine consecutive samples in a single auger hole (A6), drilled to a depth of 8.9m, that contain between 4.10 and 9.01% total heavy minerals (specific gravity > 2.95) and grade between 3.17 and 4.09% TiO2. These samples were processed by heavy mineral separation and magnetic separation and the separated fractions were sent to XRD Analytical and Consulting CC in Pretoria for quantitative determination of the heavy minerals by X-ray diffraction (“XRD”). Results are given in the table below for vertical auger hole A6 positioned at co-ordinates 507971E 8482591N in UTM Zone 36S:

Auger hole A6 Total heavy minerals % TiO2 % Rutile + anatase % Ilmenite %
0 – 1 m 5.32 4.09 0.66 3.40
1 – 2 m 4.95 3.74 0.66 2.87
2 – 3 m 7.12 3.29 0.69 1.71
3 – 4 m 8.04 3.21 0.66 1.31
4 – 5 m 7.78 3.17 0.63 1.30
5 – 6 m 9.01 3.24 0.74 1.41
6 – 7 m 5.79 3.56 0.65 1.44
7 – 8 m 4.10 3.89 0.85 1.58
8 – 8.9 m 4.18 3.81 1.07 1.62
Weighted average 6.28 3.55 0.73 1.85

Geochemistry of the soil samples reveals anomalous TiO2 values around auger holes A6 and A11, suggesting potential for follow-up and indicating that soil geochemistry may be a useful regional exploration tool.

Mkango is planning an exploration programme of more extensive soil sampling, additional auger drilling, and mineralogical test work to identify rutile prospects across this potential new rutile province within the Mchinji licence. The exploration programme will be funded from the Company’s existing working capital.

Rutile, anatase and ilmenite are naturally occurring TiO2 minerals, whose main uses are 90% for pigments, 5% production of titanium metal and 5% welding. Sierra Rutile owned by Iluka is the only high grade, large scale operating primary source natural rutile mine globally.

Scientific and technical information contained in this release has been approved and verified by Dr. Scott Swinden of Swinden Geoscience Consultants Ltd, who is a “Qualified Person” in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Mkango

Mkango’s primary business is exploration for rare earth elements and associated minerals in the Republic of Malawi, a country whose hospitable people have earned it a reputation as “the warm heart of Africa”. The Company holds interests in four exclusive prospecting licenses in Malawi: the Phalombe licence, the Thambani licence, the Chimimbe Hill licence and the Mchinji licence.

The main exploration target in the 51% held Phalombe licence is the Songwe Hill rare earths deposit. This features carbonatite-hosted rare earth mineralisation and was subject to previous exploration in the late 1980s. Mkango completed an updated Pre-Feasibility Study for the project in November 2015 and a Feasibility Study is currently underway, the initial phases of which included a 10,900-metre drilling programme and an updated mineral resource estimate, announced in February 2019. In March 2019, the Company announced receipt of a £7 million (C$12.3 million) investment from Talaxis to fund completion of the Feasibility Study. Following completion of the Feasibility Study, Talaxis has an option to acquire a further 26% interest in Songwe by arranging financing for project development including funding the equity component thereof.

The main exploration targets in Mkango’s remaining three 100% held licences are, in the Thambani licence, uranium, niobium, tantalum and zircon, in the Chimimbe Hill licence, nickel, cobalt and chromite and in the Mchinji licence, rutile, gold, nickel, cobalt, base metals and graphite.

Mkango also holds a 75.5% interest in Maginito with the balance owned by Talaxis. Maginito is focused on downstream opportunities relating to the rare earths supply chain, in particular, recycling and other innovative technologies for the production of neodymium alloy powders and magnets used in electric vehicles, wind turbines and other industries geared to decarbonisation of the economy.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement may have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements (within the meaning of that term under applicable securities laws) with respect to Mkango, its business and the Project. Generally, forward looking statements can be identified by the use of words such as “plans”, “expects” or “is expected”, “scheduled”, “estimates” “intends”, “anticipates”, “believes”, or variations of such words and phrases, or statements that certain actions, events or results “can”, “may”, “could”, “would”, “should”, “might” or “will”, occur or be achieved, or the negative connotations thereof. Forward looking statements in this news release include statements with respect to the  completion of the feasibility study for Songwe, with respect to the Mchinji licence, the potential for discovering high-grade rutile deposits within the licence area, the potential for a  new province of rutile mineralisation in the area of the licence and Mkango’s plans for an exploration programme on the licence. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Such factors and risks include, without limiting the foregoing, governmental action relating to COVID-19, market effects on global demand for the metals and associated downstream products for which Mkango is exploring, researching and developing, the positive results of a feasibility study on the Songwe Hill rare earths project and delays in obtaining financing or governmental or stock exchange approvals. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any equity or other securities of the Company in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold within the United States to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

For further information on Mkango, please contact:

Mkango Resources Limited  
Alexander Lemon William Dawes
President Chief Executive Officer
alex@mkango.ca will@mkango.ca
UK: +44 207 3722 744
Canada: +1 403 444 5979
Blytheweigh SP Angel Corporate Finance LLP
Financial Public Relations Nominated Adviser and Joint Broker
Tim Blythe Jeff Keating, Caroline Rowe
UK: +44 207 138 3204 UK: +44 20 3470 0470
Alternative Resource Capital  
Joint Broker  
Alex Wood
UK: +44 20 7186 9004

Radient Technologies Inc. Reports Financial Results for The Fourth Quarter and Fiscal Year 2020

Fiscal 2020 Revenues of $18.4 Million
Advances White Label Strategy and Manufacturing Capabilities

EDMONTON, Alberta, Sept. 14, 2020 (GLOBE NEWSWIRE) — Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI; OTCQX: RDDTF), a manufacturer of high quality cannabinoid-based formulations and products, today announced its fiscal results for the quarter and year ended March 31, 2020 and provided an update on recent corporate developments.

“Despite the many headwinds for the cannabis industry, Radient’s fiscal 2020 included several major milestones that have laid the foundations for future growth and profitability,” said Denis Taschuk, CEO of Radient. “We have invested a great deal in our infrastructure, intellectual property and technology.  Looking ahead we see increased opportunities to monetize our development work in higher margin white label business, while also being able to reduce spending.  The strategic shift has begun to take hold and is evident in our success over the past two months.”

Fiscal 2020 Corporate Highlights and Recent Developments

  • Received a license amendment for the Edmonton II expansion, adding licensed space critical to the launch of an expanded line of white label products including cannabis vapes, drink formulations and powders
  • Successful launch of the bioU brand; Radient’s first commercial product launch and the first exclusive brand carried by Medical Cannabis by Shoppers as part of the partnership agreement signed February 2020
  • Closed a fully subscribed equity offering for gross proceeds of $5.75 million in May 2020 and raised an additional $880,000 through the Company’s At-The-Market (“ATM”) offering
  • Received a sales license amendment in June 2020, allowing for the sale of extracts, edibles and topicals directly to provincial distributors.  Radient has already successfully registered with four provincial distribution bodies and is expecting new purchase orders imminently
  • Signed multiple supply and white label agreements including Premium 5, Fluum and Medical Cannabis by Shoppers
  • Successfully commissioned a vape and liquids filling line in August 2020, substantially increasing white label manufacturing capabilities

Fiscal 2020 Summary

  • Generated revenue of $18.4 million compared to $214,060 in fiscal 2019.  The increase was a result of the Company’s first cannabis extract sales and an increase in capacity
  • Gross profit of $447,947 million for the year reflecting the use of high-priced legacy inventory
  • The Company recognized impairment losses of $5.8M on inventory and $4.5M on plant and equipment contributing significantly to the increase in losses for the year
  • Net profit (loss) of ($37.4) million compared to ($27.9) million the previous year, primarily driven by total write-downs of $10.3 million and the investments associated with capacity expansions and product development

Corporate Update

The cannabis market has seen an increasing number of challenges and is in the midst of structural change.  The largest cultivators in the country have shuttered millions of square feet of grow space, bringing the market closer to near term equilibrium of supply and demand.

The reduced production of cannabis and slower rollout of 2.0 products has had a follow-on effect of reducing extraction requirements. Bulk extraction prices are expected to remain under pressure as extractors work through excess biomass in the near term.

Radient is taking a prudent approach, given current demand for bulk extraction, to slow capital spending on expansion and focus resources on white label manufacturing and commercializing its significant formulation library.  Licensed space in Edmonton II is now being utilized for manufacturing and packaging activities, both critical to the Company’s white label offerings.  These lines are being used for current white label products and will be increasingly valuable as Radient diversifies its product offerings and customer base.

Additional equipment is now being installed into the plant that will allow for the production of proprietary powder and liquid based formulations.  Manufacturing space is being designed for flexibility that will allow for multi use rooms and higher utilization rates.  Strategically adding unique product offerings will position the Company for higher margin work and leverage our years of research and development experience.

Radient anticipates having manufacturing capabilities in place by the end of calendar 2020 to offer clients various types of powder and liquid products, including formulations that incorporate nano emulsification and water compatibility.  These proprietary formulations have been developed and tested internally and hold the potential for significantly higher margins.

With the Company committed to product formulations and white label manufacturing, the timelines for future expansions have been pushed out.  This will have an added benefit of reducing capital expenditures and allowing for more financial and strategic flexibility.

The completion of the Edmonton III plant will be deferred until at least calendar 2021, with the Company able to service its current extraction needs and manufacturing from Edmonton I and II.  Edmonton III is expected to serve future growth and any further spending will be directed to increasing product manufacturing capabilities.

European cannabis markets and regulation have also faced challenges and are experiencing slower than expected growth. In order to preserve capital and focus on domestic opportunities, the Company will defer the completion of the German facility at least until the end of 2021.

The management’s discussion and analysis for the period and the accompanying financial statements and notes are available under the Company’s profile on SEDAR at www.sedar.com.

About Radient

Radient Technologies is a commercial manufacturer of high quality cannabinoid based formulations, ingredients and products. Utilizing a proprietary extraction and downstream processing platform that recovers up to 99% of cannabinoids from the cannabis plant, Radient develops specialty products and ingredients that contain a broad range of cannabinoid and terpene profiles while meeting the highest standards of quality and safety. Please visit www.radientinc.com for more information.

SOURCE: Radient Technologies Inc.

For further information please contact:

Radient – Investor Relations, ir@radientinc.com

Forward Looking Information:

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the growth of the Company’s business operations; the Company’s financial results; the Company’s ability to complete the construction of facilities and expected timing thereof; the various uses of the Company’s facilities; the growth of the cannabis market; the Company’s product offerings; the Company’s ability to grow its business in the cannabis sector and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Radient, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Radient has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Radient does not undertake to update any forward-looking information, except in accordance with applicable securities laws.