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University Bancorp 1Q2019 Net Loss $735,428, $0.14 Per Share

By University Bancorp, Inc.

ANN ARBOR, MI / ACCESSWIRE / June 17, 2019 / University Bancorp, Inc. (OTCQB: UNIB) announced that it had an unaudited net loss attributable to University Bancorp, Inc. common stock shareholders in 1Q2019 of $735,428, $0.14 per share on average shares outstanding of 5,202,899 for the first quarter, versus an unaudited net income of $625,427, $0.12 per share on average shares outstanding of 5,200,899 for 1Q2018. For the 12 months ended March 31, 2019, net income was $869,491, $0.17 per share on average shares outstanding of 5,201,906 for the period. For the first three months of 2019 minority expense of $90,256 was incurred.

Management currently projects budgeted annual net income in 2019 of $3,270,000 or $0.63 per share. This forecast takes our actual results for the first five months of 2019, plus our original budget for the final seven months of 2019, adjusted for major changes, including:

  • an estimated $1 million write-down on MSRs in the June 2019 quarter, due to the sharp drop in long term mortgage interest rates;
  • a negative impact on the FMV of the locked mortgage origination pipeline in May 2019 due to the sharp drop in mortgage interest rates;
  • a 60-day delay in ramping up the re-launch of our residential mortgage correspondent origination business unit (AMS);
  • the positive impact from the acquisition of $6.8 million portfolio of home equity loans subserviced by Midwest Loan Services, at an attractive valuation.

Shareholders’ equity attributable to University Bancorp, Inc. common stock shareholders was $24,692,718 or $4.75 per share, based on shares outstanding at March 31, 2019 of 5,202,899.

President Stephen Lange Ranzini noted, “The 1Q2019 result for profitability was disappointing. Net income in the first quarter of each year is usually seasonally slow due to the lower pace of mortgage originations. While we had strong profitability at our subservicing division, and mortgage originations during the quarter declined and the margins and mix of our originations was less favorable than budgeted.

During the second quarter we made significant progress with several key initiatives that had a short term cost, and will impact future results:

  • The new AMS software went live at the end of May and the pipeline of loans at AMS is rising rapidly. We currently have 10 mortgage origination firms that have been trained and can submit loans through the new software system. We plan to add 5 additional firms per week until our entire customer base is brought live.
  • Midwest Loan Services signed contracts with several new customers and began to subservice home equity lines of credit for two firms. Based on contracts signed and in process of implementation, its budgeted goal of adding a net 18,000 loans to its subservicing portfolio in 2019 will be met, representing 15% annual growth.
  • We successfully integrated 52 employees from Huron Valley Financial (HVF), including 26 retail residential loan officers and 26 support staff. The now allied group of employees on a combined basis was Washtenaw County’s #1 locally based first mortgage loan originator in both 2018 and 2017.
  • The reverse mortgage employees we hired from HVF have been successfully integrated, the technology required has been implemented and the first loans were originated on the new software system at the end of May. Year to date, the reverse mortgage team originated 50 loans, which makes it the #27 lender of reverse mortgages nationwide, with a 0.36% national market share.
  • Substantial progress was made on several other new product roll-outs.
  • We hired Palmer Heenan as our SVP Director of Capital Markets. Palmer was formerly EVP – Secondary Marketing Manager at Flagstar Bank, where he managed mortgage investor relationships, mortgage product development, pricing, risk analytics and loan trading.
  • We hired Dawn Mansell as our Vice President, Post Closing and Quality Assurance Manager. Dawn was formerly SVP – Post Closing Operations for United Shore Financial Services, the nation’s largest wholesale mortgage lender, and before that held the same job at Flagstar Bank.

Results in 1Q2019 were assisted by a seasonal factor and an unusual gain, which were more than offset by three unusual expenses, which had an overall negative cumulative impact of $824,944, before tax:

Unusual gains:

  1. The fair market value of the hedged mortgage origination pipeline (FMV) rose $744,534 as the amount of locked loans rose over the seasonally low level at year-end;
  2. A portfolio of mortgage servicing rights (MSRs) was purchased from a subservicing customer that liquidated, at a discount of $450,000 from fair market value.

Unusual expenses:

  1. With the fall in long term mortgage interest rates during the quarter the valuation of our MSRs decreased $945,000;
  2. Start-up expenses related to the American Mortgage Solutions division (AMS) were $884,478;
  3. All potential indemnification requests related to a portfolio of mortgage loans sold in the early 2000s was settled for a payment of $190,000.

Results in 1Q2018 were assisted by a seasonal factor and a rise in the value of our mortgage servicing rights, only partially offset by an unusual expense, which had an overall positive cumulative impact of $1,453,347, before tax:

Unusual gains:

  1. The fair market value of the hedged mortgage origination pipeline (FMV) rose $968,641 as the amount of locked loans rose over the level at year-end;
  2. With the rise in long term mortgage interest rates during the quarter the valuation of mortgage servicing rights (MSRs) increased $605,956;

Unusual expense:

  1. Implementation costs related to the adoption of a new mortgage loan origination system in the amount of $121,250 were charged against income;

Mortgage origination volumes declined in the first quarter, with strong volumes at UIF, where overall margins are lower, more than offset by a decline at ULG, which is more focused on FHA and VA lending, where margins are higher. This slowness in our mortgage business continued through the end of the quarter and April results were slightly ahead of April 2018. Our mortgage businesses in May accelerated and our mortgage closings hit an all-time monthly record of $104.7 million in May 2019, however the margins were lower than expected due to a continued unfavorable mix by product type. Closings in June are currently on track for an even better result with $79 million in mortgages already closed through June 14, and over $130 million in closings projected for the month.

In 1Q2019, our residential mortgage origination groups originated $158.7 million of mortgages, of which $93.9 million were originated by our retail origination group, University Lending Group, LLC (ULG), $59.1 million were originated by our UIF unit, and the remainder originated by our wholesale correspondent origination group (AMS). Home purchase transactions originated during 1Q2019 fell 18.5% at ULG and rose 17.7% at UIF over the 1Q2018 level and 92.5% of our retail originations at ULG and 88.9% of our UIF originations in 1Q2019 financed home purchase transactions.

For 1Q2019, the Company had an annualized return on equity attributable to common stock shareholders of -3.1% on initial equity of $25,189,720. Return on equity over the trailing twelve months was 3.6% on initial equity of $24,000,008.

Total Assets as of 3/31/2019 were $266,905,000 versus $247,024,330 at 12/31/2018, $255,647,000 at 3/31/2018 and $245,885,002 at 12/31/2017.

The Tier 1 Leverage Capital Ratio rose to 9.43% on net average assets of $199.8 million, from 9.41% at 12/31/2018 on net average assets of $199.8 million, 10.27% at 3/31/2018 on net average assets of $179.4 million and 10.60% at 12/31/2017 on net average assets of $190.0 million.

Basel 3 Common Equity Tier 1 Capital at 3/31/2019 was $17,100,000, at 12/31/2018 was $17,789,000, at 3/31/2018 was $17,465,000, and at 12/31/2017 was $19,352,000. The FDIC recently finalized a revision to the Basel 3 Capital Rules that changes the capital charges for carrying MSRs and which allows the inclusion of some minority interest in Tier 1 Capital. When this rule becomes effective on 4/1/2020, the Bank’s Tier 1 Capital is projected to rise by $3.5 million.

Basel 3 Total Risk Weighted Assets at 3/31/2019 were $128,001,000, at 12/31/2018 were $114,021,000, at 3/31/2018 were $139,284,000, and at 12/31/2017 were $159,683,000.

The CET1 Risk Weighted Capital Ratio at 3/31/2019 was 13.36%, at 12/31/2018 was 15.60%, at 3/31/2018 was 12.54%, and at 12/31/2017 was 12.12%.

Liquidity remains excellent. The bank is positioned to benefit from rising short term interest rates. We manage an average of over $130 million of deposits in an off-balance sheet sweep arrangement through a series of deposit accounts at the Federal Home Loan Bank of Indianapolis on which we earn interest just under the Fed Funds rate.

Michigan and the Ann Arbor MSA continue to increase employment and as a result, the performance of our portfolio loans and our overall asset quality continues to be excellent. Including one residential foreclosed other real estate owned property carried at $70,586 at quarter-end, substandard assets rose during 1Q2019 to $733,462, 4.05% of Tier 1 Capital at 3/31/2019. The allowance for loan losses stands at $584,857 or 0.82% of the amount of portfolio loans, excluding the loans held for sale.

Cash & marketable securities at the Company, available to meet working capital needs and investment opportunities at University Bank were $5,832,676. The Company has no debt and a class of convertible preferred stock outstanding with a liquidation preference of $5,000,000.

Treasury shares as of 3/31/2019 were zero.

Other key statistics as of 3/31/2019:

  • 5-year annual average revenue growth*, 8.7%
  • 1Q2018 vs. 1Q2017 revenue growth*, -1.4%
  • 5 Year Average ROE 19.7%
  • LLR/NPAs>90 % 117.9%
  • Debt to equity ratio, 0%
  • Current Ratio,# 65.9x
  • Efficiency Ratio, %+ 106.0%
  • Total Assets, $266,095,000
  • Loans Held for Sale, before Reserves, $48,543,529
  • NPAs >90 days $425,644
  • TTM ROA % 0.37%
  • TCE/TA % 10.01%
  • Total Capital Ratio % 11.61%
  • NPAs/Assets % 0.27%
  • Texas Ratio % 2.69%
  • NIM % 4.00%
  • NCOs/Loans % -0.009%
  • Trailing 12 Months P-E Ratiox 50.7x

*Using Trailing 12 month 1Q2019 sales which were $13,080,816, 1Q2018 sales which were $13,260,969, 2018 sales which were $55,988,570 and 2013 sales which were $38,856,573.

#Parent company only current assets divided by 12 month projected cash expenses.

+Calculated as: (non-interest expense/(net interest income + non-interest income))

xBased on last sale of $8.48 per share.

Excluding goodwill & other intangibles related to the acquisition of Midwest Loan Services and Ann Arbor Insurance Center, net tangible shareholders’ equity attributable to University Bancorp, Inc. common stock shareholders was $24,283,050 of $4.67 per share at 3/31/2019. Please note that we view the current market values of our insurance agency and Midwest Loan Services as substantially in excess of their carrying value including this goodwill.

Shareholders and investors are encouraged to refer to the financial information including the audited financial statements, strategic plan and prior press releases, available on our investor relations web page at: http://www.university-bank.com/bancorp/.

Ann Arbor-based University
Bancorp
owns 100% of University Bank which, together with its Michigan-based subsidiaries, holds and manages a total of over $22 billion in financial assets for over 129,000 customers, and our over 450 employees make us the 5th largest bank based in Michigan. University Bank is an FDIC-insured, locally owned and managed community bank, and meets the financial needs of its community through its creative and innovative services. Founded in 1890, University Bank® is the 15th oldest bank headquartered in Michigan. We are proud to have been selected as the “Community Bankers of the Year” by American Banker magazine and as the recipient of the American Bankers Association’s Community Bank Award. University Bank is a Member FDIC. The members of University Bank’s corporate family, ranked by their size of revenues are:

  • University Lending Group, a retail residential mortgage originator based in Clinton Township, MI;
  • Midwest Loan Services, a residential mortgage subservicer based in Houghton, MI;
  • UIF, a faith-based banking firm based in Southfield, MI;
  • Community Banking, based in Ann Arbor, MI, which provides traditional community banking services in the Ann Arbor area;
  • Midwest Loan Solutions, a residential mortgage correspondent lender based in Southfield, MI;
  • Ann Arbor Insurance Centre, an independent insurance agency based in Ann Arbor.

CAUTIONARY STATEMENT: This
press release contains certain forward-looking statements that involve risks
and uncertainties. Forward-looking statements include, but are not limited to,
statements concerning future growth in assets, pre-tax income and net income, budgeted
income levels, the sustainability of past results, mortgage origination levels
and margins, and other expectations and/or goals. Such statements are subject to certain risks
and uncertainties which could cause actual results to differ materially from
those expressed or implied by such forward-looking statements, including, but
not limited to, economic, competitive, governmental and technological factors
affecting our operations, markets, products, services, interest rates and fees
for services. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this press
release.

Contact:

Stephen Lange Ranzini, President and CEO
Phone: 734-741-5858, Ext. 9226
Email: ranzini@university-bank.com

SOURCE: University Bancorp, Inc.

ReleaseID: 549053

Poplar Grove Operations Update

By Paringa Resources Limited

  • Significant increases in productivity rates are being achieved by the underground mine’s first production unit
  • A peak mining rate of 306 ft was cut in a single shift during the week of 10 June
  • Additional productivity increases are expected in the coming weeks, with commissioning of the ventilation overcasts to allow both continuous mining machines to be operated concurrently
  • Mining has progressed beyond the initial challenging conditions caused by a paleochannel intersecting the mine workings
  • Realized bit costs for continuous miners and roof bolters are expected to be ~$1.5M p.a. lower than the BFS forecast due to softer than expected cutting and drilling conditions
  • Processing & surface operations are functioning well, with plant yield increasing as out of seam dilution decreases
  • Delivered coal quality is meeting or exceeding contract specifications

NEW YORK, NY / ACCESSWIRE / June 17, 2019 / Paringa Resources Limited (“Paringa” or “Company”) (NASDAQ: PNRL, ASX: PNL) is pleased to provide an update on activities at the Poplar Grove mine in western Kentucky.

Underground mining operations

Underground mining activities undertaken by the first mining unit (“Unit 1”), comprising two continuous mining machines (“CMs”), are progressing well, with record productivity achieved in recent weeks. During the week of 10 June, the peak mining rate of 306 ft of material was cut in a shift, a 100% increase on the prior week.

Unit 1 has now completed the majority of bottom development, with construction of the ventilation overcasts being the only remaining project, expected to be commissioned in the coming weeks. Commissioning of the overcasts will allow the mining unit to be ventilated in a manner known as “split ventilation”, allowing both CMs to operate concurrently. The ability to operate both CMs concurrently will result in a further significant productivity increase.

Softer than expected cutting conditions are leading to reduced consumption of bits for the CMs and roof bolters, as well as allowing the use of less expensive bits. The estimated costs savings are ~$1.5M p.a. when compared to the BFS forecast.

All underground and surface mobile equipment necessary for the operation of two mining units is onsite, and Paringa is in the process of hiring hourly employees in anticipation of commissioning Unit 2 over the coming months.

Mining productivity

A key measure of room and pillar mining productivity is the number of feet advanced per shift (“ft/shift”), with Paringa averaging a rate of ~200 ft/shift during the week of 10 June, which has steadily increased from an average of ~40 ft/shift when mining began in April.

In the coming months, Paringa will also seek approval from the Mine Safety and Health Administration for an extended cut plan, with the potential for cut depths to be significantly increased from the current 20 ft limit. This approval, coupled with split ventilation, will enable another major step-change in mining productivity. All other surrounding mines in the region have received MSHA extended cut approval, with customary approval limits of up to 40 ft.

The recent increase in productivity is largely attributable to mining operations having progressed beyond the challenging conditions caused by a paleochannel intersecting the mine workings. The occurrence of the paleochannel resulted in the ingress of modest amounts of water from the mine roof, leading to degradation of the mine floor and haulage delays. Additionally, an isolated layer of hard conglomerate rock was previously impacting roof bolting cycle times and causing higher than expected bit consumption.

The extent of the paleochannel and conglomerate rock was well mapped, utilizing core drilling and in-mine observations, and the Company has now progressed beyond the challenging area.

Paringa’s management team is also working with its vendors and technical experts to optimize roof support systems with the intent of lowering cost and reducing production delays.

The Company remains on track to achieve steady state productivity rates of 560 ft/shift for both Unit 1 & Unit 2 operations before year end 2019, equating to the production of 1.8 Mtpa saleable product on an annualized run-rate basis.

Image 1: Roof bolting activities occurring after a continuous miner has taken a cut from the coal seam

Surface operations & coal sales

The coal handling and preparation plant (“CHPP”) and other surface infrastructure are functioning well, with plant yield increasing as out of seam dilution decreases. Dilution during commissioning was largely attributable to underground construction activities, with additional waste rock mined in order to create space for underground infrastructure.

The quality of clean coal being produced by Paringa and delivered to customers is consistent with expected quality specifications.

Image 2: Processed coal being loaded for transport to the Company dock on the Green River

Image 3: Barges of Poplar Grove coal being assembled at the Company dock on the Green River

Additional images and video clips of current operations are available at the Paringa Resources website: www.paringaresources.com

For further information contact:

Egan Antill
Chief Executive Officer
eantill@paringaresources.com

Dominic Allen
Vice President, Finance
dallen@paringaresources.com

Forward Looking Statements

This report may include forward-looking statements. These forward-looking statements are based on Paringa’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Paringa, which could cause actual results to differ materially from such statements. Paringa makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.

Competent Persons statements

The information in this report that relates to Exploration Results, Coal Resources, Coal Reserves, Mining, Coal Preparation, Infrastructure, Production Targets and Cost Estimation was extracted from Paringa’s ASX announcements dated June 13, 2019 entitled ‘Company Presentation’, March 28, 2017 entitled ‘Expanded BFS Results Confirms Development Pathway to A$850 million NPV’ and December 2, 2015 entitled ‘BFS Confirms Buck Creek will be a Low Capex, High Margin Coal Mine’ which are available to view on the Company’s website at www.paringaresources.com.
Paringa confirms that: a) it is not aware of any new information or data that materially affects the information included in the original ASX announcements; b) all material assumptions and technical parameters underpinning the Coal Resource, Coal Reserve, Production Target, and related forecast financial information derived from the Production Target included in the original ASX announcements continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this announcement have not been materially modified from the original ASX announcements.

SOURCE: Paringa Resources Limited

ReleaseID: 549054

CLASS ACTION UPDATE for JMIA, HRTX and TUSK: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders

By Levi & Korsinsky, LLP

NEW YORK, NY / ACCESSWIRE / June 17, 2019 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the links provided.

Jumia Technologies AG (NYSE: JMIA)

Class Period: Purchasers of American Depositary Shares between April 12, 2019 and May 9, 2019
Lead Plaintiff Deadline : July 15, 2019
Join the action: https://www.zlk.com/pslra-1/jumia-technologies-ag-loss-form?prid=1976&wire=1

Allegations: Jumia Technologies AG made materially false and/or misleading statements throughout the class period and/or failed to disclose that: (a) Jumia had materially overstated its active customers and active merchants; (b) Jumia’s representations about its orders, order cancellations, undelivered orders and returned orders lacked a sufficient factual basis and materially overstated the Company’s sales; (c) Jumia failed to sufficiently disclose related party transactions; and (d) Jumia’s financial statements were presented in violation of applicable accounting standards.

To learn more about the Jumia Technologies AG class action contact jlevi@levikorsinsky.com.

Heron Therapeutics, Inc. (NASDAQ: HRTX)

Class Period: October 31, 2018 – April 30, 2019
Lead Plaintiff Deadline : August 5, 2019
Join the action: https://www.zlk.com/pslra-1/heron-therapeutics-inc-loss-form?prid=1976&wire=1

Allegations: Heron Therapeutics, Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) Heron had failed to include adequate Chemistry, Manufacturing, and Controls (“CMC”) and non-clinical information in its NDA for HTX-011; (ii) the foregoing increased the likelihood that the FDA would not approve Heron’s NDA for HTX-011; and (iii) as a result, Heron’s public statements were materially false and misleading at all relevant times.

To learn more about the Heron Therapeutics, Inc. class action contact jlevi@levikorsinsky.com.

Mammoth Energy Services, Inc. (NASDAQ: TUSK)

Class Period: October 19, 2017 – June 5, 2019
Lead Plaintiff Deadline : August 6, 2019
Join the action: https://www.zlk.com/pslra-1/mammoth-energy-services-inc-loss-form?prid=1976&wire=1

Allegations: Mammoth Energy Services, Inc. made materially false and/or misleading statements throughout the class period and/or failed to disclose that: (1) Mammoth’s subsidiary, Cobra, improperly obtained two infrastructure contracts with PREPA that totaled over $1.8 billion; (2) specifically, the contracts were awarded as the result of improper steering and not a competitive RFP process; and (3) as a result, Defendants’ statements about Mammoth’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

To learn more about the Mammoth Energy Services, Inc. class action contact jlevi@levikorsinsky.com.

You have until the lead plaintiff deadlines to request the court appoint as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
<!–Toll Free: (877) 363-5972
–> Fax: (212) 363-7171
www.zlk.com

SOURCE: Levi & Korsinsky, LLP

ReleaseID: 549056

Universal Copper Amends Poplar Option Agreement

By Universal Copper Ltd.

VANCOUVER, BC / ACCESSWIRE / June 17, 2019 / Universal Copper Ltd. (“Universal Copper” or the “Company”) (TSX Venture: UNV) (Frankfurt: 3TA1) is pleased to announce that it has signed an Amending Agreement dated May 25, 2019 with the Vendor of its Poplar Property whereby the Company and the Vendor have agreed to revise the time in which the Company fulfils its cash payments and exploration obligations as set out in the original Option Agreement. In consideration for extending the time in which to fulfil the Company’s obligations (see below), the Company and the Vendor have agreed that a further consideration of 2,000,000 shares of Universal Copper Ltd. be issued to the Vendor within 3 days of Exchange Approval of the Amending Agreement.

Extension for Cash Payments as follows:

  • Pay $50,000 to the Vendor by May 17th, 2020.
  • Pay $100,000 to the Vendor by November 17th, 2021.
  • Pay $150,000 to the Vendor by November 17th, 2022.
  • Pay $600,000 to the Vendor by November 17th, 2023.
  • Pay $3,500,000 to the Vendor by November 17th, 2024.

Extension in which to incur Exploration Expenditures as follows:

  • Complete $1,200,000 in exploration expenditures on the Mineral Claim(s) by May 25th, 2020. (Approx. $500,000 completed to date)
  • Complete $1,500,000 in exploration expenditures on the Mineral Claim(s) by Dec 17th, 2022.

For additional information, please visit the Company’s website at www.universalcopper.com

ON BEHALF OF THE BOARD OF DIRECTORS

“Clive Massey”
Clive H. Massey
President & CEO

For further information, please contact:

Investor Relations
Phone: (604) 341-6870

Neither 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.

Forward-Looking Statements

This news release contains certain statements that may be deemed “forward-looking” statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Universal Copper Ltd. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Universal Copper Ltd. management on the date the statements are made. Except as required by law, Universal Copper Ltd. undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

SOURCE:Universal Copper Ltd.

ReleaseID: 549041

Centurion Law Group Announces Intention to Pursue Public Listing

By Centurion Law Group

SANDTON, JOHANNESBURG / ACCESSWIRE / June 17, 2019 / Centurion Law Group (“Centurion”) is set to become the first African legal and energy advisory firm to be publicly-listed this year, as it prepares to join one of Europe’s leading stock exchange.

This represents a natural step for Centurion given the group’s strong market share within the oil & gas sector in sub-Saharan Africa and its increased activity.

Last year, Centurion acquired IMANI-African Lawyers on Demand to launch Centurion Plus, Africa’s leading flexible legal services model that offers cost savings and efficient flexible legal services across the continent. Through Centurion Plus, corporate clients throughout Africa can select from a pool of approximately 190 carefully vetted, on-demand attorneys for temporary and project-based legal services.

“Centurion has always differentiated itself by its ability to adapt to change, get the deal done and being pan-African and Pro-African,” declared CEO NJ Ayuk. “The African legal market has changed a lot and we are proud to be a leader for legal transformations in Africa. We are looking at being listed in a few months and are truly excited about this new phase of growth for the company and for our clients.”

About Centurion

Centurion is a leading pan-African legal and energy advisory group with extensive experience in the oil and gas sector. The group provides outsourced legal representation and covers a full suite of practice areas for its clients, including arbitration and commercial litigation, corporate law, tax and anti-corruption advisory and contract negotiation. Centurion specializes in assisting clients that are starting or growing a business in Africa with offices and Affiliates in Ghana, Cameroon, Congo, Equatorial Guinea, South Africa, South Sudan, Nigeria, Gabon, Angola and Senegal.

SOURCE: Centurion Law Group

ReleaseID: 549052

Royal Road Minerals Announces Resignation of Chief Financial Officer

Toronto, Ontario–(Newsfile Corp. – June 17, 2019) – Royal Road Minerals Limited (TSXV: RYR) (“Royal Road” or the “Company“) announces that Ardem Keshishian has tendered his resignation as Chief Financial Officer of the Company. The Company has not yet appointed a new Chief Financial Officer.

Management and the board of directors would like the thank Mr. Keshishian for his service and contributions to the Company and wish him well in his future endeavours.

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.

For further information please contact:
Dr. Timothy Coughlin
President and Chief Executive Officer

USA-Canada toll free 1800 6389205
+44 (0)1534 887166
+44 (0)7797 742800
info@royalroadminerals.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45669

GeneNews Will Host an Investor Call and Webcast on June 19th Following the Company’s Annual General Meeting

By GeneNews Limited

TORONTO, ON / ACCESSWIRE / June 17, 2019 / GeneNews Limited (“GeneNews” or the “Company”) (TSX: GEN) today announced that it will host a live webcast that includes an online presentation following the Company’s Annual General Meeting of shareholders on Wednesday, June 19, 2019.

Event Date: June 19, 2019
Time: 4:45 to 5:30 PM EST
Participant Numbers: Toll-Free: 877-407-8033
International: 201-689-8033
Participant Webcast URL: https://www.investornetwork.com/event/presentation/49546

About GeneNews

GeneNews is dedicated to developing and commercializing innovative solutions for early cancer detection. Our mission is to provide advanced diagnostics that can help physicians identify cancer in their patients at the earliest possible stage (Stage 0) when it is the most curable. As early pioneers in the liquid biopsy space, GeneNews developed one of the first blood-based biomarker tests for the early identification of Colorectal Cancer. ColonSentry® uses the company’s proprietary Sentinel Principle technology which is based on the scientific observation that circulating blood reflects, in a detectable way, what is occurring throughout the body. Today, more than 100,000 patients in the U.S. have benefited from the ColonSentry test. GeneNews’ next generation test, Aristotle®, will use this proven technology to test for ten cancers from a single blood sample. In addition to building a pipeline of products for early cancer detection, GeneNews operates a CAP accredited and CLIA certified, clinical reference laboratory based in Richmond, Virginia that offers the ColonSentry® test as well as licensed biomarker tests for lung, breast and prostate cancers. www.GeneNews.com and www.mycancerrisk.info.

Forward-Looking Statements

This press release contains forward-looking statements identified by words such as “expects”, “will” and similar expressions, which reflect the Company’s current expectations regarding future events. The forward-looking statements involve risks and uncertainties that could cause the Company’s actual events to differ materially from those projected herein. Investors should consult the Company’s ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements, except as required by law.

Company Contact:

James R. Howard-Tripp
Chairman & CEO
jhoward-tripp@genenews.com
Tel. (905) 209-2030

Jerome Cliche
Financial Communication Advisor
jcliche@genenews.com
Tel. (514) 815-8799

SOURCE: GeneNews Limited

ReleaseID: 549013

SHAREHOLDER ALERT: XENT RMED ZUO: The Law Offices of Vincent Wong Reminds Investors of Important Class Action Deadlines

By The Law Offices of Vincent Wong

NEW YORK, NY / ACCESSWIRE / June 17, 2019 / The Law Offices of Vincent Wong announce that class actions have commenced on behalf of shareholders of the following companies. If you suffered a loss you have until the lead plaintiff deadline to request that the court appoint you as lead plaintiff.

Intersect ENT, Inc. (NASDAQGM: XENT)

Lead Plaintiff Deadline : July 15, 2019
Class Period: August 1, 2018 to May 6, 2019

Get additional information about XENT: http://www.wongesq.com/pslra-1/intersect-ent-inc-loss-submission-form?prid=1974&wire=1

RA Medical Systems, Inc. (NYSE: RMED)

Lead Plaintiff Deadline : August 6, 2019
Class Period: stockholders that purchased Ra Medical securities pursuant and/or traceable to the Company’s September 2018 initial public offering.

Get additional information about RMED: http://www.wongesq.com/pslra-1/ra-medical-systems-inc-loss-submission-form?prid=1974&wire=1

Zuora, Inc. (NYSE: ZUO)

Lead Plaintiff Deadline : August 13, 2019
Class Period: April 12, 2018 to May 30, 2019

Get additional information about ZUO: http://www.wongesq.com/pslra-1/zuora-inc-loss-submission-form?prid=1974&wire=1

To learn more contact Vincent Wong, Esq. either via email vw@wongesq.com or by telephone at 212.425.1140.

Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

Vincent Wong, Esq.
39 East Broadway
Suite 304
New York, NY 10002
Tel. 212.425.1140
Fax. 866.699.3880
E-Mail: vw@wongesq.com

SOURCE: The Law Offices of Vincent Wong

ReleaseID: 549028

Unity Stakes Loughborough Claims

By Unity Metals Corp.

VANCOUVER, BC / ACCESSWIRE / June 17, 2019 / Unity Metals Corp. (the “Company“) (TSXV: UTY) is pleased to announce the acquisition through staking of the Loughborough claims, which cover an area of 739 hectares and increase the Company’s holdings in the Phillips Arm Gold Camp to 2,686 hectares. The Loughborough claims connect the Margurete claims to the western extent of Loughborough Inlet and surround the historic mine site.

The acquisition of the Loughborough claims was made to capture a 6-kilometer prospective corridor, connecting the Doratha Morton shear to the historic Loughborough mine, where in the 1930’s artisanal miners produced both gold and silver. An examination of gold, silver and base metal mineralization at Loughborough, Doratha Morton and Hewitt Point appear to confirm that the whole of the Philips Arm Gold Camp was subject to several hydrothermal alteration events and is part of a single mineralized system. The acquisition of Loughborough expands the land package at the Phillips Arm Gold Camp and, most importantly, consolidates the most prospective targets under one banner.

The Loughborough claims are underlain by diorites of the Jurassic to Cretaceous Coast Plutonic Complex. Around the old mine site, the diorite is described as a weakly to well-foliated, coarse-grained, equigranular hornblende diorite. Air photographs of the area reveal the presence of multiple, very prominent northeast and northwest trending lineaments. Complexly associated with the diorite are dykes and intrusive bodies of highly altered felsic rock. Alteration minerals in the area are quartz, epidote, chlorite, apatite and pyrite. As elsewhere in the camp, mineralization occurs in quartz veins which follow fractures or narrow shear zones. Disseminated grains and crystalline aggregates of pyrite are found irregularly distributed through the gangue of quartz and altered, sheared and frequently silicified rock. Small amounts of chalcopyrite and sphalerite have also been noted within the veins.

About the Company

Unity Metals Corp. is a Vancouver-based gold exploration company. The Company controls a 100% interest in the Margurete Gold Project, which covers 678ha of mineral claims, located in the Phillips Arm gold camp, approximately 200 kilometers northwest of Vancouver in southwest British Columbia, Vancouver Mining Division. The project is on trend with the historic Doratha Morton and Alexandria gold mines, which were active in the late 1800’s. The Margurete project was last explored in 2015 with property-wide prospecting, mapping and rock chip sampling run in parallel with a targeted diamond drilling program. The primary target at the Margurete Gold Project is the FB Zone, where Falconbridge drilled multiple gold bearing intervals at shallow depths. For more information, please visit www.unitymetalscorp.com.

The technical content of this news release has been reviewed and approved by Dr. Peter Born, P.Geo., a qualified person for the purpose of National Instrument 43-101.

On behalf of the Company,

Peter Born

Peter Born, President
Phone: (604) 681-0004
Email: info@unitymetalscorp.com

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 news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

SOURCE: Unity Metals Corp.

ReleaseID: 548909

Naked Brand Group Limited to Host Business Update & Full Year Fiscal 2019 Financial Results Conference Call on Thursday, June 20, 2019 at 4:30 p.m. ET

By Naked Brand Group Limited

SYDNEY, AU / ACCESSWIRE / June 17, 2019 / Naked Brand Group Limited (Nasdaq: NAKD), a global leader in intimate apparel and swimwear, will hold a conference call on Thursday, June 20, 2019 at 4:30 p.m. Eastern time to discuss its operational performance and financial results for the full year fiscal 2019 ended January 31, 2019 as well as current growth initiatives.

Naked Brand Group CEO Anna Johnson and CFO David Anderson will host the conference call, followed by a question and answer period.

To access the call, please use the following information:

Date:

Thursday, June 20, 2019

Time:

4:30 p.m. EST, 1:30 p.m. PST

Toll-free dial-in number:

1-888-208-1711

International dial-in number:

1-323-994-2082

Australia toll-free:

1 800 820 237

Australia, Sydney local:

+61 (0)2 9193 3761

Conference ID:

7492188

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.

The conference call will be broadcast live and available for replay at http://public.viavid.com/index.php?id=134962 and via the investor relations section of the Company’s website at www.nakedbrands.com.

A replay of the conference call will be available after 7:30 p.m. Eastern time through June 27, 2019.

Toll-free replay number:

1-844-512-2921

International replay number:

1-412-317-6671

Replay ID:

7492188

About Naked Brand Group Limited:

Naked Brand Group Limited (NASDAQ: NAKD) is a leading intimate apparel and swimwear company with a diverse portfolio of brands. The company designs, manufactures and markets a portfolio of 12 company-owned and licensed brands, catering to a broad cross-section of consumers and market segments. Brands include Naked, Bendon, Bendon Man, Davenport, Fayreform, Hickory, Lovable, Pleasure State, Heidi Klum Intimates, Heidi Klum Man, Heidi Klum Swim and Frederick’s of Hollywood. Naked Brand Group Limited products are available in 44 countries worldwide through 5500+ retail doors, a growing network of E-commerce sites and 60 company-owned Bendon retail and outlet stores in Australia and New Zealand. Brands are distributed through premier department stores, specialty stores, independent boutiques and third-party e-commerce sites globally, including Macy’s, Nordstrom, Saks Fifth Avenue, Harrods, Selfridges, Amazon and ASOS among others. For more information please visit www.nakedbrands.com.

Investor Contact:

Joel Primus
Naked Brand Group Limited
joel@thenakedshop.com

Chris Tyson
MZ North America
chris.tyson@mzgroup.us
949-491-8235

SOURCE: Naked Brand Group Limited

ReleaseID: 549008