Dr. Anthony Fauci, Director of the National Institute of Allergy and Infectious Diseases (NIAID), discusses his role in the next presidential administration.
Dr. Anthony Fauci, Director of the National Institute of Allergy and Infectious Diseases (NIAID), discusses his role in the next presidential administration.
A new HuffPost/YouGov survey finds low expectations for the season and disagreements about what's safe to do amid COVID-19.
Avril Haines, tapped by President-elect Joe Biden to be the top U.S. spy, is a former CIA No. 2 who would be taking over as the chief overseer of a U.S. intelligence community beset by low morale and charges its work has been used for political attacks. A lawyer from New York, judo brown belt and licensed pilot who once tried unsuccessfully to fly a small plane across the Atlantic Ocean, Haines is the first woman named as director of national intelligence, a post created after the Sept. 11, 2001, attacks to coordinate the work of the 17 U.S. intelligence agencies. Republican and Democratic Senate sources said Haines is expected to win confirmation - but not without some hard questioning about her role as deputy CIA director from August 2013 to January 2015 and her views on national security challenges, from Russia to cyber warfare.
On Monday AstraZeneca became the third pharmaceutical company this month to announce promising results from a late-stage coronavirus vaccine clinical trial, joining Pfizer and Moderna as the leading candidates for developing an effective prevention for COVID-19.While all promise a suitable vaccine can be rolled out within the coming months, they differ slightly in efficacy, delivery and other components.So how do we judge the leading candidates so far, and how might they impact a vaccine rollout program in Canada?The Canadian Press asked Kelly Grindrod, an associate professor at the University of Waterloo's School of Pharmacy, and Dr. Earl Brown, a virology and microbiology expert at the University of Ottawa, to break down those questions.HOW DO THEY WORK?All three of the drug companies are incorporating novel techniques in developing their vaccines, with Pfizer and Moderna using messenger RNA (mRNA) and AstraZeneca using a non-replicating viral vector.AstraZeneca's vaccine, developed with Oxford University, takes a chimpanzee cold virus that's not harmful to humans and "hides" pieces of the coronavirus in it, Grindrod explained. Non-replicating means the virus won't actually reproduce throughout the body."It shows our cells how to make the coronavirus spike protein so that our bodies can actually have an immune response to it," she said.Brown explained it as a "dummy virus" that has essentially had its genes stripped and replaced with the spike protein gene for the coronavirus. The vaccine makes an mRNA molecule from the genome and that molecule makes the protein, he said."The protein is put on the cell, the immune system recognizes it and makes antibodies — therefore immunity."The mRNA vaccines are similar, but structurally different with Brown simplifying it by saying Pfizer and Moderna "put the RNA right into your arm.""Their vaccine is a synthetically-produced mRNA packaged in a fat coating," he said. "So they inject that into your muscles, that little fat gloms onto your cells, fuses with them and becomes part of the cell and dumps that mRNA into your cell. And then the mRNA is translated into protein."Grindrod said both vaccine methods "show us the genetic component" our cells need to make the antibodies."It's just really how it's delivered," she added. HOW EFFECTIVE ARE THEY?AstraZeneca says its vaccine was up to 90 per cent effective when a half dose was followed by a full dose a month later. Another method, where two full doses were distributed a month apart, showed to be 62 per cent effective.Moderna said last week that preliminary data showed a 94.5 per cent efficacy, and Pfizer, the first to share its initial results earlier this month, upped theirs from 90 to 95 after releasing final trial results last week.While the medical journal "The Lancet" did review some of AstraZeneca's results, Grindrod says to remember that most of the efficacy claims from the clinical trials are from press releases based off preliminary data."Now what we're waiting for is the actual study, the full published, peer review that you can see and compare efficacy and safety and how they measured it," she said, adding she expects peer-reviewed studies on the vaccines to emerge soon. "Things are coming at much different timelines than we're used to." Another factor that's still unknown is how long immunity lasts, and whether we will need booster vaccines in the future.WHAT ARE THE HURDLES FACING DISTRIBUTION?All three of the leading vaccine candidates require two doses, injected roughly one month apart, and there could be challenges in getting people back to a doctor or pharmacy to receive their second dose.Grindrod said tracking will become particularly important with a two-dose vaccine, especially if AstraZeneca goes forward with injecting different amounts of the vaccine per dose. Rollout can become even more complicated when there's a surge for the vaccine, as we saw this year with the flu shot."You have to track who got which vaccine, which dose, and make sure they come back three to four weeks later," she said. Where AstraZeneca could have the upper hand in distribution, however, is in its storage temperature. The company says its vaccine can be stored in a fridge, unlike Moderna and Pfizer, which require freezing temperatures due to the instability of the mRNA, Brown says.Pfizer's vaccine needs to be stored at minus-70 C, while Moderna's needs a temperature around minus-20 C — about the same as a regular freezer."For really ultra-low temperature freezers, you find those in hospitals and research laboratories, but not many other places," Brown said. "So we aren't prepared for (a vaccine that requires) ultra low freezers."ARE THERE ANY SIDE EFFECTS?Side effects for all three vaccines have been minimal — things like sore arms, fatigue and headaches that generally don't last long — and Brown says the presence of those reactions are a good thing."When you're vaccinating, you're stimulating an immune response, and those are immune-regulated things," he said. "So a sore arm reaction is good, because that means it's working for you."More safety data, which can only be garnered from monitoring trial participants over a longer term, is needed to judge further, he says.WHAT'S NEXT, AND WHAT DOES IT MEAN FOR CANADA?The Food and Drug Administration (FDA) is meeting to discuss Pfizer's emergency use authorization request on Dec. 10, which means a vaccine rollout could happen in the United States within the next month.But the vaccines would need approval from Health Canada in order to get them here. Health Canada's website says it will review authorization submissions from companies to determine "evidence of safety, efficacy and manufacturing quality for each vaccine."Canada locked in a supply of potential vaccine candidates when it signed agreements with a number of pharmaceutical companies, including AstraZeneca, Pfizer and Moderna months ago, and that should accelerate a rollout when ready.But the actual time frame will depend on when these drug companies can show enough safety data to move forward, Brown said.Grindrod expects a viable candidate to be approved quickly after safety and efficacy can be shown."We might see early 2021 and it's not clear whether that's January or February or around that time," she said. "From there, as we get more doses and more vaccines are approved, then we may see a broader population getting vaccinated. But it's hard to say when that will happen."This report by The Canadian Press was first published Nov. 23, 2020.Melissa Couto Zuber, The Canadian Press
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The on-loan Everton forward last netted for Saints against MK Dons as a 16-year-old.
For the first time in its storied history, the Hugo Awards will honor a video game.
Buffalo Bills tight end Tommy Sweeney will miss the remainder of the season after being diagnosed with an inflamed heart, which is considered a COVID-19 aftereffect. Coach Sean McDermott provided the update on Monday as the Bills (7-3) returned from their bye week to prepare to host the Los Angeles Chargers (3-7) this weekend. McDermott said a team doctor discovered Sweeney had myocarditis during an examination to determine whether he could resume practicing.
Say this for the Cleveland Browns, version 2020: They're a resilient bunch. “You have seen adversity roll in in a variety of ways this season, and our guys have not blinked,” coach Kevin Stefanski said Monday, one day after the Browns beat the Philadelphia Eagles despite not having dominating rusher Myles Garrett. On Sunday, Cleveland's defense showed it's more than a one-man show by rising to the challenge and excelling without Garrett, who will also miss this week's game at Jacksonville as he recovers from the coronavirus.
OTTAWA — The commander of the Canadian Armed Forces is preparing to formally apologize to victims of sexual misconduct as the military seeks to turn the page on its record of failing to prevent inappropriate and criminal behaviour. The Armed Forces and Department of National Defence quietly floated the idea of an apology last year as the federal government reached a $900-million settlement deal on several class-action lawsuits brought by former and current service members. The apology was not required as part of that settlement agreement, said lawyer Jonathan Ptak, who represented some of the plaintiffs in the six overlapping lawsuits that included both military personnel and civilian Defence Department employees. “It was voluntarily offered by Canada,” Ptak said Monday. “To mandate an apology is different from an apology which is given outside the context of the contract. So I actually think it's meaningful in a different way.” Exactly when the apology will be delivered and whether it will be in person or online remains uncertain, however, as the COVID-19 pandemic continues to wreak havoc across Canada. “The apology is an important part of restoring relationships with those harmed by sexual misconduct,” Defence Department spokeswoman Jessica Lamirande told The Canadian Press in an email. “As the COVID-19 pandemic has impacted its planning, details and timing of the apology will be shared following further discussion and consultation.” The apology will be delivered by both the chief of defence staff and the deputy minister of the Department of National Defence, it’s not clear who will actually be the defence chief when the time comes. Gen. Jonathan Vance has personally championed the fight against sexual misconduct in the ranks since he took over as chief of the defence staff in 2015. He soon launched an all-out effort to eradicate such behaviour. In July, Vance announced his plan to retire. The government has yet to name a successor. Defence Minister Harjit Sajjan on Monday did not give any update on the search for a new defence chief or the pending apology. "Rest assured, we are not going to stop until we get the appropriate culture change inside the Canadian Armed Forces that allows everyone, especially women, to be able to succeed in an environment that is safe and reaches their highest potential," he said in Ottawa. Deputy chief of the defence staff Lt.-Gen. Mike Rouleau recently told The Canadian Press that the apology is “the right thing to do,” and that it is being planned alongside a training week for military members on sexual misconduct. Marie-Claude Gagnon, a former naval reservist who founded a group for survivors of military sexual trauma called It's Just 700, said the apology could represent a bookend to Vance’s tenure as defence chief, given how he started in the position. On the other hand, having his successor begin his or her own time as Canada’s top military commander could also send a message of continuity — and inject some new energy — into the Armed Forces’ efforts to stop inappropriate and criminal behaviour. Either way, said Gagnon, “I just want something genuine and that's taken seriously. That's done well. … What I'm looking for, at least if I speak for myself, is something that is authentic.” Both Gagnon and Ptak said an apology would help the victims of military sexual conduct heal by acknowledging the harm that was done to them after years of denials. “A lot of times, victims’ experiences were hidden or minimized or not validated,” Gagnon said. “So I think that if it's coming from the military itself and Defence, it shows some kind of validation, that it happened, experiences were, in fact, happening.” Prime Minister Justin Trudeau personally apologized in the House of Commons in 2017 for the mistreatment of LGBTQ military personnel in previous decades, with formal letters of apology sent to hundreds of former service members afterward. That apology came ahead of a settlement that Ottawa reached with troops and Defence Department civil servants discriminated against and in some cases forced from their jobs by what has been described as the government’s gay purge. Asked whether the prime minister or defence minister should apologize instead of the chief of the defence staff and deputy minister, Gagnon noted that the policies contributing to the purge were ordered by governments of the day. “So it’s a little different,” she said. “I don’t think there was an order to assault people.” This report by The Canadian Press was first published Nov. 23, 2020. — with files from Chris Reynolds Lee Berthiaume, The Canadian Press Note to readers: This is a corrected story. A previous version said the coming apology from the Canadian Armed Forces is part of a settlement agreement.
New York, New York--(Newsfile Corp. - November 23, 2020) - Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Precigen, Inc. f/k/a Intrexon Corporation (NASDAQ: PGEN) (NASDAQ: XON) between May 10, 2017 and September 25, 2020, inclusive (the "Class Period"), of the important December 4, 2020 lead plaintiff deadline in the securities class action commenced by the firm. The lawsuit seeks to recover damages for Precigen f/k/a ...
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TORONTO — Long before the first snowflake has hit the ground in Toronto, Catherine Choi is already planning for the holiday season.It's the busiest sales period for her trio of Hanji Gift shops, but this time, they'll be closed.Lockdown restrictions that went into effect in Toronto and Peel Region on Monday have forced small businesses to close their brick-and-mortar locations while COVID-19 continues to spread.That means Choi will have to rely on curbside pickup and e-commerce to sell her array of cards, notebooks and other paper goods, but big box stores like Walmart and Costco will be allowed to stay open and offer the same products because they also stock essentials like groceries.It's a policy some small business owners worry could result in a slump in sales or worse: the death of their business and their own financial ruin."I stand behind public health officials because … they're making decisions to keep everybody safe, but it is frustrating that stores like Walmart and Loblaw are able to profit … during a time when small businesses are shutting down and it's not fair," Choi said"We're going to lose the foot traffic of people just going to Koreatown because there's so many cute little stores … and we have a lot of older customers who don't believe in online shopping."Choi's worries come as the country's largest organization of small businesses is calling on the Ontario government to allow all non-essential small retailers to open for in-store sales, but with very limited capacity.The Canadian Federation of Independent Business, which represents more than 110,000 small- and medium-sized companies, suggests the government could keep stores open and people safe by limiting the number of staff and customers at any given time, and encouraging shoppers to pre-book their visits."If it is dangerous to buy a book at an independent bookseller, why isn’t it dangerous at Costco?” questioned CFIB president Dan Kelly in a release.“The lockdown restrictions have created a massive unfair advantage for many big, multinational corporations."The CFIB called out Costco and Walmart specifically. Neither responded to a request for a comment.Meanwhile, Hudson's Bay Co. decided Monday to keep its flagship Queen Street store open in Toronto. Despite the bulk of its products being non-essential, the company argued it sells essential items like food and appliances and has a Pusateri's grocery store and Foodwares market, allowing it to stay open.The company's other stores in Peel and Toronto remain closed, but HBC President Iain Nairn said at a Retail Council of Canada virtual event that the lockdown is unfair because the government hasn't made public any data showing COVID-19 is spreading at stores."I strongly recommend the Ontarian government rethink their position and rethink it extremely urgent and allow all retailers to open up again," he said.Ontario premier Doug Ford's office referred requests for comment to the ministry of health, which said in an email that big box stores are impacted too because they have to limit capacity to 50 per cent. "To be clear, moving regions into a lockdown is not a measure this government takes lightly," a ministry spokesperson said in an email. "We continue to closely monitor the evolving situation to advise if and when public health measures need to be adjusted."If the government doesn't change its policy, Kelly warns that many small businesses won't survive. The CFIB estimated earlier in the year that 160,000 businesses across the country may permanently close due to COVID-19. It believes that number could climb all the way to 225,000 if restrictions persist.When Ontario Premier Doug Ford introduced the lockdown policy on Friday, he pleaded for people to support small businesses.“Please shop local," he said. "If you are shopping online I know it can be easy to go with Amazon, but please remember you can get the exact same product from local stores."Ford also doubled the province's investment in small business supports to $600 million for personal protective equipment and other forms of relief.Chris Korwin-Kuzynski, the chairman of the Lakeshore Village BIA and a former city councillor, was disappointed by the advantages big box stores are getting through Ford's approach."There is a clear mistake there because some of the small businesses could continue to operate with staggered people coming in just like a Walmart does or a grocery store or a Canadian Tire," he said. "Why do they all get the business and then the small little people don't get the business?"Instead small businesses have been left to contend with fewer shoppers, constantly changing restrictions and a struggle to shift operations online.Choi has spent much of her time lately getting new products onto Hanji's website and while her online business has seen a bump, it pales in comparison to what she'd be making if her stores were open.She misses the personal aspect of her business like gift wrapping items for customers, learning about who they are buying for and hearing about which products are their favourites. She's hopeful they'll keep supporting her despite the tough times and changes, but she's already accepted that this year will be "very different." — with files from Brett Bundale in Halifax and Anita Balakrishnan in Toronto.This report by The Canadian Press was first published Nov. 23, 2020.Tara Deschamps, The Canadian Press
The Michigan board responsible for certifying the state’s election results has approved the votes from the 2020 election, despite Donald Trump’s attempts to undermine the outcome and delay president-elect Joe Biden’s transition to the White House. A vote to certify the results moves Mr Biden closer to receiving the swing state’s 16 electoral college votes. During a public hearing on Monday before the four-member board’s approval, a Republican member of the Michigan Board of State Canvassers deflected a GOP lawyer’s call to delay and audit the results.
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GAMCO Investors, Inc. ("GAMCO") (NYSE: GBL) announced today that its Board of Directors approved a special dividend of $0.90 per share to all of its Class A and Class B shareholders, payable on December 15, 2020 to its shareholders of record on December 4, 2020.
(Bloomberg) -- More than seven months after starting a bull market rally, Canada’s stock market has finally turned positive for the year. The S&P/TSX Composite Index climbed 0.3% on Monday in intraday trade, clawing its way back into the green for 2020. Earlier this year, the Covid-19 outbreak sent the index down 37%. The Canadian benchmark rose above the 17,063.43 level on an intraday basis today as vaccine progress buoyed investor sentiment.This has been a year for the history books. As quickly as the Canadian market plunged into bear-market territory in March, it surged even more rapidly into a bull zone as governments and central banks reacted with stimulus programs.Since its March 23 bottom, the S&P/TSX Composite Index recouped about C$893 billion ($683 billion) in market value -- with plenty of bumps along the way.Stock bulls have a lot to point to: promising vaccine results, the end of U.S. elections, signs of an economic recovery, better-than-expected quarterly profits and general corporate optimism that the worst of the crisis is over.For the naysayers, fresh waves of virus cases around the world, including partial lockdowns in some major cities, means global growth could be painfully slow with international trade nowhere near where it was before Covid-19. Meanwhile, U.S. fiscal stimulus talks have stalled and getting a vaccine approved and delivered to Americans could take until spring or summer next year, at the earliest.Put it all together and there are plenty of reasons to expect a bumpy ride. Canada’s stock market, laden with value plays, stands to gain a lot from an effective vaccine delivered next year. But it could still be volatile with the potential for a split House and Senate and no U.S. fiscal package in sight.Here’s a look at what propped up Canada’s stock market and what held it back:TechnologyDespite a small weighting on the S&P/TSX Composite, tech stocks have been the best performers this year as investors sought companies that would do better in a scarred global economy where most people continue to work from home and more shop online.Shopify Inc. has had a blistering run with its shares more than doubling as a flood of merchants focused on e-commerce during the coronavirus pandemic. That has made it the most valuable firm on the Toronto benchmark, surpassing the market stalwart Royal Bank of Canada. Supply chain software provider Kinaxis Inc. and network provider for the real estate industry Real Matters Inc. have also surged 80% and 60% respectively.Read more: Meet the Other Tech Companies Propping Up Canada’s Stock MarketAt almost 10% of the Canadian benchmark, the tech sector’s impact is still small compared to the nation’s banks, miners and energy companies. So while its shares have surged this year, helping offset some losses on the benchmark, its epic rally hasn’t helped the TSX in the same manner that FAANG stocks have for the S&P 500, now up 11% so far this year.GoldWorsening virus projections and fears of a widening economic slowdown propelled the price of precious metals to record highs this year. In a pandemic-struck world, awash in stimulus from central banks and governments, the attraction of a hard asset that carries no counterparty risk proved difficult to ignore.That helped the S&P/TSX Materials Index, home to more than 30 Canada-based precious metals miners, surge 15% this year, making it the second-best performing group after tech. Making up 14% of the broader Canadian benchmark, the group has even surpassed energy. It now has the second-biggest weighting in the benchmark -- a first since 2004, according to data compiled by Bloomberg.Read more: An Old Idea Sparkles in Canada’s Stock Market on New Virus WoesETFsInvestors have also been flooding back into exchange traded funds at levels not seen since the start of the Covid-19 pandemic. Equity funds have attracted net flows of C$19.7 billion as of the end of October, making up 58% of total capital into Canadian ETFs this year, according to data compiled by National Bank of Canada. An influx of C$22.4 billion in the first half of the year was more than double the amount in the same period last year.The StalwartsFinancial stocks, which include banks, insurers and asset managers, make up more than 30% of the S&P/TSX Composite Index and have lagged the record-breaking comeback on the benchmark since the March-low. While the sector has reversed some of its losses amid optimism on vaccine progress, it’s still in the red this year.The Big Six banks are slated to report in a couple of weeks and strong profit growth or an improving outlook for loan losses, which would suggest a solid economic recovery, could give the equity market another lift.(Corrects percentage decline in index in second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
TORONTO, Nov. 23, 2020 (GLOBE NEWSWIRE) -- ThreeD Capital Inc. (“ThreeD” or the “Company”) (CSE:IDK / OTCQB:IDKFF) a Canadian based venture capital firm that invests in disruptive companies and promising junior resources companies, is pleased to announce its results as at and for the three months ended September 30, 2020. As at September 30, 2020, the Company had cash, investments and digital assets of $13.9 million.As at September 30, 2020, net asset value per share was $0.41 as compared to $0.41 as at June 30, 2020. (See “Use of Non-GAAP Financial Measures” elsewhere)Financial Highlights for the three months ending September 30, 2020 with comparatives:Operating Results Three months ended September 30, 2020 2019 Net investment and digital assets gains (losses)$325,076 $(8,616,653) Operating, general and administrative expenses (794,542) (686,160) Net loss for the period (408,176) (9,262,481) Total comprehensive loss for the period (407,788) (9,262,690) Basic and diluted loss per common share (0.01) (0.49) Consolidated statement of financial position highlights September 30, 2020 June 30, 2020 Cash$ 26,924 $69,730 Investments, at fair value 13,632,254 13,808,153 Digital assets, at fair value less cost to sell 259,111 255,910 Total assets 14,521,462 14,944,430 Due to brokers 612,323 850,698 Advances from officer 248,000 - Total liabilities 1,613,966 1,712,368 Share capital, contributed surplus, warrants 142,810,352 142,727,130 Foreign currency translation reserve 875,568 875,180 Accumulated deficit (130,778,424) (130,370,248) Sheldon Inwentash, Chairman and CEO stated, “Over the past 18 months we have been quietly but deliberately building our portfolio with very early-stage investments in highly prospective companies in industries including fintech, artificial intelligence, smart buildings, blockchain, and precious metals. We are now just starting to see the early phase returns on many of these strategic investments and have reason to believe in our accelerating growth in 2021.”Use of Non-GAAP Financial Measures:This press release contains references to “net asset value per share” (basic and diluted) (“NAV”) which is a non-GAAP financial measure. NAV is calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. NAV (diluted) is calculated as total assets less total liabilities divided by the total number of common shares of the Company outstanding as at a specific date, calculated based upon the assumption that all outstanding securities of the Company that are convertible into or exercisable for common shares have been converted or exercised. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable GAAP financial measure presented in ThreeD’s consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure. The Company believes that the measure provides information useful to its shareholders in understanding our performance, and may assist in the evaluation of the Company’s business relative to that of its peers.About ThreeD Capital Inc.ThreeD is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors. ThreeD’s investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to the Company’s ecosystem.For further information: Gerry Feldman, CPA, CA Chief Financial Officer and Corporate Secretary Feldman@threedcap.com Phone: 416-941-8900 ext 106 The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.Forward-Looking StatementsThis news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of Canadian securities laws including, without limitation, statements with respect to the legal action concerning the common shares of New Found Gold Corp. (the “Litigation”). All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur including, without limitation, risks relating to the timing, costs and potential outcome of the Litigation. Although the Company believes that the expectations reflected in the forward looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the Company’s 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. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
DAYTONA BEACH, Fla., Nov. 23, 2020 (GLOBE NEWSWIRE) -- CTO Realty Growth (NYSE American: CTO) (the “Company”) today announced the closing of the sale of approximately 30 acres (the “Parcel”) for $8.1 million, or $273,000 per acre, to Capstone Collegiate Communities, LLC (“Capstone”), a national real estate developer. Capstone intends to develop an estimated 280 multi-family units on the Parcel, which is located at the southwest corner of Williamson Boulevard and Strickland Range Road in Daytona Beach, FL on the east side of I-95. The Parcel was sold by the venture that was formed in October 2019 when the Company sold its controlling interest in the entity that owned the Company’s remaining land portfolio (the “Land JV”). Proceeds from the sale of the Parcel will be distributed under the terms of the Land JV. CTO has a retained interest in the Land JV.The Land JV has completed over $79 million in land sales since its inception and currently has a pipeline related to the approximately 1,600 remaining acres, which includes approximately 70 acres of potential land sales that total $5.2 million. The capital balance of the Land JV partner following distributions related to the sale of the Parcel is approximately $32.7 million.About CTO Realty Growth, Inc.CTO Realty Growth, Inc. (NYSE American: CTO) is a Florida-based publicly traded real estate company, which owns income properties comprised of approximately 2.4 million square feet in diversified markets in the United States and an approximately 23.5% interest in Alpine Income Property Trust, Inc., a publicly traded net lease real estate investment trust (NYSE: PINE).We encourage you to review our most recent investor presentation, which is available on our website at www.ctorealtygrowth.com.Safe HarborCertain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words.Although forward-looking statements are made based upon management’s present expectations and reasonable beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include: (1) the expected timing and likelihood of completion of the Company’s pending merger with the Company’s wholly owned subsidiary, CTO NEWCO REIT, Inc. (the “Merger”); (2) risks related to disruption of management’s attention from ongoing business operations due to the Merger and REIT conversion; (3) the Company’s ability to remain qualified as a REIT; (4) the Company’s exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; (5) general adverse economic and real estate conditions; (6) the inability of major tenants to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; (7) the completion of 1031 exchange transactions; (8) the availability of investment properties that meet the Company’s investment goals and criteria; (9) the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and (10) an epidemic or pandemic (such as the outbreak and worldwide spread of the novel coronavirus (“COVID-19”)), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address it, which may (as with COVID-19) precipitate or exacerbate one or more of the above-mentioned and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period. For additional information regarding factors that may cause the Company’s actual results to differ materially from those set forth in the Company’s forward-looking statements, the Company refers you to the information contained under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, each as filed with the Securities and Exchange Commission.There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.Contact:Matthew M. Partridge Senior Vice President and Chief Financial Officer (386) 944-5643 email@example.com