TIDMVRE
RNS Number : 5384Y
VR Education Holdings PLC
10 September 2020
For immediate release 10 September 2020
VR Education Holdings plc
('VR Education' or the 'Group')
Interim Results
VR Education (AIM: VRE; Euronext Growth: 6VR), a leading virtual
reality ('VR') technology company in the education, communication
and virtual events space, and owner/developer of the ENGAGE
platform, today announces its interim results for the six months
ended 30 June 2020 (the 'Period' or 'H1 2020').
Financial Highlights
-- Revenue increased by 37% to EUR681k (H1 2019: EUR497k)
-- ENGAGE revenue accelerated during H1 2020 and the Group is
currently on track to meet FY 2020 expectations
-- ENGAGE revenue comprises 33% of total Group revenue in the Period (H1 2019: 18%)
-- In line with management expectations, the EBITDA result was
unchanged at a loss of EUR0.9m (H1 2019: loss of EUR0.9m)
-- Result before tax was a loss of EUR1.1m (H1 2019: loss of EUR1.2m)
-- Commercial agreement with HTC for the resale of ENGAGE
services within Greater China and subsequent successful fundraise
of EUR3.0m (EUR2.93m net of expenses) from HTC - significantly
underpins external confidence in the Group
-- Net cash as at 30 June 2020 of EUR3.2m and at 9 September 2020 of EUR2.9m
-- Loss per share for the period of EUR0.01 (H1 2019: EUR0.01)
-- ENGAGE revenue post period end comprised 68% of total post
period end Group revenue showing the significant traction achieved
by ENGAGE
Operational Highlights
-- Extremely successful HTC Vive Ecosystem Conference held on the ENGAGE platform in March 2020
-- Partnership agreements entered into with content providers in
USA and UK for on-boarding content onto the ENGAGE platform
-- Multi-year enterprise licence agreement signed with Tokyo Global Gateway for approx. EUR0.2m
-- Significant events contracted to be held in ENGAGE during H2 2020
-- Commercial deals entered into with a number of parties on the
ENGAGE platform for license agreements and for VR events including
Facebook and Victory XR
-- Successful launch of ENGAGE Mobile on Android phones and tablet devices
David Whelan, CEO of VR Education, said: "2020 has been a
catalyst for increasing interest and uptake of VR to enable
companies and employees to continue to interact. Our proprietary
ENGAGE platform has benefitted from this and is now being used by
significant global organisations, both governmental and corporate.
VR Education's outlook and forecast for the future is brighter than
ever and I look forward to updating shareholders on our progress in
due course."
Investor and Analyst Meeting
A meeting for analysts hosted by David Whelan (CEO) and Séamus
Larrissey (CFO) will be held at 0930am today via Zoom. Please
contact Buchanan at vre@buchanan.uk.com if you would like to
receive the dial in details.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
- Ends -
For further information, please contact:
VR Education Holdings plc Tel: +353 87 665 6708
David Whelan, CEO contact@vreducationholdings.com
Sandra Whelan, COO
Cairn Financial Advisers LLP (Nominated Tel: +44 (0) 20 7213
Adviser) 0880
James Caithie / Liam Murray / Ludovico
Lazzaretti
Shard Capital Partners LLP (Joint Tel: +44 (0) 20 7186
Broker) 9952
Damon Heath / Erik Woolgar
Davy (Joint Broker & Euronext Growth Tel: +353 1 679 6363
Advisor)
Fergal Meegan / Ronan Veale / Barry
Murphy
Buchanan (UK Financial PR) Tel: +44 (0)20 7466 5000
Henry Harrison-Topham / Chris Lane VRE@buchanan.uk.com
/ Tilly Abraham
Notes to Editors
VR Education, together with its wholly owned subsidiary, is an
early stage VR software and technology group based in Waterford,
Ireland, dedicated to transforming the delivery methods of
education and corporate training by utilising VR technologies to
deliver fully immersive virtual learning experiences. The Group's
core focus is the development and commercialisation of its online
virtual social learning and presentation platform called ENGAGE,
which provides a platform for creating, sharing and delivering
proprietary and third-party VR content for educational and
corporate training purposes.
In addition to the ongoing development of the ENGAGE platform,
the Group has also built two downloadable showcase VR experiences,
being the award-winning Apollo 11 VR experience and the Titanic VR
experience.
On 12 March 2018, VR Education listed on the AIM market of the
London Stock Exchange and on the Euronext Growth, a market
regulated by Euronext Dublin. For further information, please visit
www.vreducationholdings.com .
Chief Executive's Review
2020 has so far been a tough year for many businesses as the
uncertainty of how to operate safely and efficiently, both during
and following the Covid-19 pandemic, has challenged many of them.
VR Education has been well placed to support many companies through
its proprietary ENGAGE platform where they can host virtual events,
virtual meetings and virtual training, and experience many of the
same positive interactions enabled through physical
interaction.
ENGAGE
Commercial use of the Group's ENGAGE platform has grown
significantly since the pandemic started in Europe and the US with
HTC and various other significant international organisations and
corporations utilising the platform for virtual conferences and
virtual meetings. HTC, a world leader in VR and mobile computing,
hosted its 2020 Vive Ecosystem Conference on ENGAGE and was so
impressed that it subsequently invested in the Group, becoming a
sizable shareholder with a strong vested interest in the continued
growth of the Group as a whole.
VR Education has continued to sell Showcase Experiences on
various VR platforms which perform well, however, the Group's
ENGAGE platform revenue is beginning to dominate. This shift in the
sales mix towards ENGAGE has always been anticipated, however the
pandemic has acted as a catalyst in many respects towards the
uptake of VR services and the need for companies to start using it.
This increased interest and demand for VR can be clearly seen in
the Group's partnership agreement with US-based VictoryXR, a world
leader in VR and augmented reality ('AR') content creation for
schools and education, for the use of the Group's ENGAGE platform
which was announced in April 2020, and the memorandum of
understanding with Virtual College Limited, an industry-leading
digital learning solutions provider, to provide and deliver
technology enhanced learning solutions in the UK and Middle East,
which was announced post period end. Post period end, the Group
also signed a multi-year enterprise licence agreement with Tokyo
Global Gateway, a large-scale experience-oriented English-education
facility, for use of the Group's proprietary ENGAGE platform,
effective from 1 September 2020.
As part of HTC's investment, the Group has entered into a
commercial agreement with HTC for the resale of ENGAGE services
within the Greater China Region. This revenue stream is anticipated
to come online in Q4 2020 with significant opportunities available
inside China, as it is one of the countries leading the way in the
adoption of XR. The Board is confident that having a business
development team and the support structure of a company like HTC
behind the ENGAGE platform will accelerate the overall adoption of
the platform in many areas of training, education and
enterprise.
In Q2 2020 the Group released the beta version of ENGAGE on
android phone and tablets, opening up its potential market to
billions of global users without the need for a headset, with the
full release occurring post period end in July 2020. This version
is perfect for attending events and conferences and an iOS
iPhone/iPadOS version will follow before the end of the year.
With continued Covid-19 outbreaks forecast to happen in the near
to medium term and an increasing number of large global technology
companies allowing employees to work from home or remotely even
after the pandemic is over, the Group expects to see continued
accelerated growth of the ENGAGE platform for many years to come.
ENGAGE offers a different way to communicate between remote teams
and provides a more immersive conference experience than non-VR
alternatives. VR Education believes that the virtualisation of such
events is becoming more normalised with many areas being explored
not just in education but also entertainment. The Board expects
this trend to continue in the coming months as the Group continues
to on-board large organisations and roll out its services in
multiple geographies.
The Group benefits from a healthy order book for its ENGAGE
platform in the second half of the current financial year and since
30 June 2020, the Group has run virtual events for Ericsson and
XPRIZE and has a number of other virtual events planned in the
current quarter. In addition, sales of the ENGAGE platform to date
in H2 2020 for training and remote distance learning purposes has
led to agreements being signed with a number of organisations
including Facebook, The United States Air Force Academy, University
of Arizona, Colorado State University, SNCF, Lobaki, Houston
Community College and Stanford University.
Revenue generated from the ENGAGE platform since 30 June 2020
comprised 68% of total post period end Group revenue (H1 2020:
33%), illustrating the significant traction achieved by ENGAGE.
Showcase Experiences
The Group's Shuttle Commander Showcase Experience, which proved
highly popular on PlayStation VR ('PSVR') will be released on
Oculus Quest later this month. Later in Q4 2020, Shuttle Commander
will also be released on the Steam network for PC-based VR devices
providing users with a HD version of the experience which the Group
expects to remain highly popular in the run up to the highly
lucrative Christmas period.
Due to Covid-19 restrictions, revenue from the Group's Showcase
Experiences at location-based installations such as museums and VR
arcades is lower than anticipated however the Group expects this to
recover as restrictions are eased.
VR Education has continued to see good sales of its
previously-released titles such as Apollo 11 VR, Titanic VR and
Shuttle Commander on PSVR and will bundle these titles at various
times throughout the year during subject matter anniversaries or
general sales offers by Oculus, Sony or Steam.
Outlook
This past six months have been transformational for VR
Education. The Group's ENGAGE platform has become a vital tool for
many educators, event planners and enterprise clients in their
response to Covid-19. The surge in demand for ENGAGE has led to the
Group increasing its employees by 25% to keep up with the growing
user base and the Board expects this to accelerate well into this
coming year with ENGAGE set to be released in China in the near
future with the backing of HTC and its business development
team.
The Group's Showcase Experiences continue to generate meaningful
revenue and this is expected to continue, however more and more
attention is now being spent on the ENGAGE platform as revenues and
user numbers continue to grow strongly. VR Education's outlook and
forecast for the future is brighter than ever which is in stark
contrast to the difficulties many corporates are experiencing with
restrictions and shutdowns happening globally. The Group continues
to hire top talent from around the world and has strengthened the
Board with two excellent appointments providing a fresh outlook for
the Group's products outside of the education arena. A statement I
have heard in the past is 'Right product, right time' and I believe
that VR Education has that product in ENGAGE and the timing for
mass global commercialisation is now.
David Whelan
Chief Executive Officer
10 September 2020
Financial Review
Revenue for the half year is up 37% on the prior half year to
EUR681k (H1 2019: EUR497k), driven by an acceleration in revenue
from the ENGAGE platform and the continued success of the Group's
Showcase Experiences, these being Apollo 11 VR, Titanic VR and
Shuttle Commander.
ENGAGE revenue as a percentage of total revenue grew
significantly in the period and comprised 33% of total revenue in
the period (H1 2019: 18%). Post period-end, ENGAGE revenue
continued to accelerate with ENGAGE revenue comprising 68% of total
revenue post period end providing evidence of the continuing
momentum behind the platform.
EBITDA loss was EUR0.9m comparable to the prior year period (H1
2019: loss of EUR0.9m). The primary cost driver for the EBITDA loss
is salary and associated costs, currently approximately EUR0.2m per
month.
Loss before tax was EUR1.1m, in line with management
expectations, compared to a loss in the prior year of EUR1.2m.
The combination of operating cashflows and capital expenditure
improved by over 20% in the period from an outflow in H1 2019 of
EUR1.25m to just under EUR1.0 in H1 2020 . The current cash burn
rate, net of revenue received, post period end is approximately
EUR0.2m per month but is expected to decline as revenues continue
to grow. This is a reduction from earlier in the period when the
cash burn rate was EUR0.25m.
At 30 June 2020, the Group had a strong cash position with net
cash of EUR3.2m. The Group's cash position as at 9 September 2020
stood at EUR 2.9 m. The cash balance was significantly strengthened
during the period by a successful EUR3.0m (EUR2.93m net of
expenses) share subscription by HTC.
Séamus Larrissey
Chief Financial Officer
10 September 2020
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2020
Note Unaudited Unaudited
Six months Six months
ended ended
30 June 2020 30 June 2019
EUR EUR
Continuing Operations
Revenue 681,152 497,362
Cost of Sales (202,982) (217,699)
-------------- --------------
Gross Profit 478,170 279,663
Administrative Expenses (1,608,415) (1,448,633)
-------------- --------------
Operating Loss (1,130,245) (1,168,970)
Finance Costs (2,710) (3,597)
-------------- --------------
Loss before Income Tax (1,132,955) (1,172,567)
Income Tax Credit - -
-------------- --------------
Loss for the Year from continuing
operations (1,132,955) (1,172,567)
============== ==============
Loss per share
Basic from continuing operations 4 (0.005) (0.006)
Consolidated Statement of Financial Position
As at 30 June 2020
Note Unaudited Unaudited Audited
as at as at as at
30 June 2020 30 June 2019 31 Dec 2019
EUR EUR EUR
Non-Current Assets
Property, Plant &
Equipment 84,291 152,174 115,930
Intangible Assets 2 1,217,679 1,205,227 1,433,733
--------------
1,301,970 1,357,401 1,549,663
Current Assets
Trade and other receivables 301,100 289,932 204,904
Cash and short-term
deposit 3,234,069 2,220,797 1,292,852
-------------- -------------- -------------
3,535,169 2,510,729 1,497,756
============== ============== =============
Total Assets 4,837,139 3,868,130 3,047,419
-------------- -------------- -------------
Equity and Liabilities
Equity Attributable to Shareholders
Issued share capital 5 241,751 193,136 193,136
Share premium 5 24,547,516 21,587,539 21,587,539
Other reserves (11,349,684) (11,300,902) (11,287,395)
Retained earnings (8,834,328) (6,938,317) (7,705,536)
-------------- -------------- -------------
Total Equity 4,605,255 3,541,456 2,787,744
-------------- -------------- -------------
Non-Current Liabilities
Operating lease liabilities 18,984 44,522 34,057
-------------- -------------- -------------
Current Liabilities
Trade and other payables 182,754 246,434 192,893
Operating lease liabilities 30,146 35,718 32,725
-------------- -------------- -------------
212,900 282,152 225,618
============== ============== =============
Total Liabilities 231,884 326,674 259,675
-------------- -------------- -------------
Total Equity and
Liabilities 4,837,139 3,868,130 3,047,419
============== ============== =============
Consolidated Statement of Changes in Equity
At 30 June 2020
Attributable to Equity Shareholders
Share Share Other Retained Total
Capital Premium Reserves Earnings EUR
EUR EUR EUR EUR
---------- ----------- ------------- ------------ ------------
Balance at 1 January 2019 193,136 21,587,539 (11,314,729) (5,765,750) 4,700,196
Loss for the period - - - (1,172,567) (1,172,567)
Share option expense - - 13,827 - 13,827
---------- ----------- ------------- ------------ ------------
Balance at 30 June 2019 193,136 21,587,539 (11,300,902) (6,938,317) 3,541,456
========== =========== ============= ============ ============
Attributable to Equity Shareholders
Share Share Other Retained Total
Capital Premium Reserves Earnings EUR
EUR EUR EUR EUR
---------- ----------- ------------- ------------ ------------
Balance at 1 January 2020 193,136 21,587,539 (11,287,395) (7,705,536) 2,787,744
Loss for the period - - - (1,132,955) (1,132,955)
Issue of ordinary shares 48,615 2,959,977 - - 3,008,592
Issue costs - - (70,720) - (70,720)
Share option expense - - 8,431 4,163 12,594
---------- ----------- ------------- ------------ ------------
Balance at 30 June 2020 241,751 24,547,516 (11,349,684) (8,834,328) 4,605,255
========== =========== ============= ============ ============
Consolidated Statement of Cash Flows
For six month period ended 30 June 2020
Note Unaudited Unaudited
Six months Six months
ended ended
30 June 30 June
2020 2019
EUR EUR
Cash Flows from Operating Activities
Loss before income tax (1,132,955) (1,172,567)
Adjustments to reconcile loss before
tax to net cash flows:
Depreciation 34,510 39,015
Amortisation 269,518 231,807
Finance Costs 2,710 3,597
Share Option Expense 12,596 13,827
Movement in Trade & Other Receivables (96,196) 104,182
Movement in Trade & Other Payables (10,139) 51,239
------------ ------------
(919,956) (728,900)
Bank interest & other charges paid (2,710) (3,597)
------------ ------------
Net cash used in operating activities (922,666) (732,497)
------------ ------------
Cash Flows from Investing Activities
Purchases of property, plant & equipment (2,870) (34,137)
Payments to develop Intangible Assets (53,464) (480,482)
------------ ------------
Net cash used in investing activities (56,334) (514,619)
Cash Flows from Financing Activities
Proceeds from issuance of ordinary
shares 5 2,937,872 -
Payment of operating lease liabilities (17,655) (17,273)
------------ ------------
Net cash generated / (used) from
financing activities 2,920,217 (17,273)
------------ ------------
Net increase / (decrease) in cash
and cash equivalents 1,941,217 (1,264,389)
Cash and cash equivalents at beginning
of period 1,292,852 3,485,186
Cash and cash equivalents at the
end of period 3,234,069 2,220,797
============ ============
Notes to the Interim Report
1. Basis of Preparation
The consolidated interim financial statements have been prepared
in accordance with the recognition and measurement principles of
International Financial Reporting Standards as endorsed by the
European Union ("IFRS") and expected to be effective at the
year-end of 31 December 2020.
The accounting policies are unchanged from the financial
statements for the year ended 31 December 2019. The interim
financial statements are unaudited and do not constitute statutory
accounts within the meaning of Section 434 of the Companies Act
2006. Statutory accounts for the year ended 31 December 2019,
prepared in accordance with IFRS, have been filed with the
Companies Registration Office. The Auditors' Report on these
accounts was unqualified, but did include an emphasis on the Groups
ability to continue as a going concern in light of the impact of
COVID-19. The opinion given was not modified as a result of the
emphasis and did not contain any statements under section 498 of
the Companies Act 2006.
The consolidated interim financial statements are for the 6
months to 30 June 2020.
The interim consolidated financial information does not include
all the information and disclosures required in the annual
financial statements and should be read in conjunction with the
Group's annual financial statements for the year ended 31 December
2019, which were prepared in accordance with IFRS's as adopted by
the European Union.
2. Summary of Significant Accounting Policies
New standards, interpretations and amendments adopted by the
Company
No new standards or amendments have been adopted for the first
time in these financial statements:
Intangible Assets
Research costs are expensed as they are incurred. Development
costs that are directly attributable to the design and testing of
identifiable and unique commercial software controlled by the
Company are recognised as intangible assets when the following
criteria are met:
- it is technically feasible to complete the software product so
that it will be available for use and sale;
- management intends to complete the software product and use or sell it;
- there is an ability to use or sell the software product;
- it can be demonstrated how the software product will generate
future economic benefits;
- adequate technical, financial and other resources to complete
the development and use or
- sell the software product are available; and
- the expenditure attributable to the software product during
its development can be reliably
- measured.
Directly attributable costs that are capitalised as part of the
software product include the software development employee costs
and subcontracted development costs.
Other development expenditure that does not meet these criteria
is recognised as an expense as incurred.
Development costs previously recognised as an expense are not
recognised as an asset in a subsequent period.
Computer software development costs recognised as assets are
amortised over their estimated useful lives, which do not exceed 3
years and commences after the development is complete and the asset
is available for use. Intangible assets are amortised over their
estimated useful lives based on the pattern of consumption of the
underlying economic benefits. Amortisation is included in
'Administrative Expenses'.
2. Intangible Assets
Software Total
in development EUR
Costs
EUR
Cost or Valuation
At 1 January 2020 2,022,009 2,022,009
Additions 53,464 53,464
---------------- -----------
At 30 June 2020 2,075,473 2,075,473
---------------- -----------
Amortisation
At 1 January 2020 588,276 588,276
Charge 269,518 269,518
---------------- -----------
At 30 June 2020 857,794 857,794
---------------- -----------
At 30 June 2020 1,217,679 1,217,679
At 31 December 2019 1,433,733 1,433,733
---------------- -----------
Software Total
in development EUR
Costs
EUR
Cost or Valuation
At 1 January 2019 1,131,850 1,131,850
Additions 480,484 480,484
---------------- ----------
At 30 June 2019 1,612,334 1,612,334
---------------- ----------
Amortisation
At 1 January 2019 175,300 175,300
Charge 231,807 231,807
---------------- ----------
At 30 June 2019 407,107 407,107
---------------- ----------
At 30 June 2019 1,205,227 1,205,227
At 31 December 2018 956,550 956,550
---------------- ----------
The software being developed relates to the creation of three
virtual reality experiences and an online virtual learning and
corporate training platform.
ENGAGE is an online virtual learning and corporate training
platform currently in development by the Company. A desktop version
was released in December 2018 and the mobile version was released
in December 2019. Amortisation commenced when the mobile version
launched.
The three virtual reality experiences are at various stages in
their development cycles. Once the experience is launched on the
major VR capable platforms amortisation commences.
Amortisation expense of EUR231,807 (H1 2018: EURNil) has been
charged in 'Administrative Expenses'. An impairment review was
carried out at the balance sheet date. No impairment arose.
3. Share Based Payments
Share-based payment schemes with employees
There were no employee options granted during 2020 (2019:
133,089 at an exercise price of EUR0.10).
The remaining employee options expire at the end of a period of
7 years from the Grant Date or on the date on which the option
holder ceases to be an employee.
Share-based payment expense with Director
There were no share options granted during 2020 (2019: Nil) to
Directors.
The movement in employee share options and weighted average
exercise prices are as follows for the reporting periods
presented:
2018 Scheme
Half-Year Half-Year
2020 2019
At 1 January 4,465,526 4,425,028
Capital restructure and Listing process - -
Granted during period - 133,089
Exercised during period (330,447) -
Forfeited during period (37,037) (92,591)
At 30 June 4,098,042 4,465,526
Options outstanding at 30 June
Number of shares 4,098,042 4,465,526
Weighted average remaining contractual
life 2.33 years 3.30 years
Weighted average exercise price per share EUR0.027 EUR0.028
Range of exercise price EUR0.0001 EUR0.0001
- EUR0.135 - EUR0.135
Exercisable at 30 June
Number of shares 2,328,003 2,438,152
Weighted average exercise price per share EUR0.026 EUR0.026
330,447 options were exercised during the period at a price of
EUR0.026 per share.
The expense recognised in respect of employee share based
payment expense and credited to the share based payment reserve in
equity was EUR12,596 (2019: EUR13,827)
The Company has measured the fair value of the services received
as consideration for equity instruments of the Company, indirectly
by reference to the fair value of the equity instruments. The table
below sets out the options and warrants that were issued during the
period and the principal assumptions used in the valuation.
Employee
Number of options / warrants 133,089
Grant date 1 Jan 2019
Vesting period 3 years
Share price at date of grant GBP0.11
Exercise price EUR0.1127
Volatility 57%
Option life 7 years
Dividend yield 0%
Risk free investment rate 0.14%
Fair value per option at grant date EUR0.071
Weighted average remaining contractual life
in years 5.5
4. Loss per share
Loss attributable to equity holders Unaudited Unaudited
of the Group: Six months Six months
ended ended
30 June 30 June
2020 2019
EUR EUR
Continuing Operations (1,132,955) (1,172,567)
Weighted average number of shares
for Basic EPS 241,750,955 193,136,406
Basic loss per share from continuing
operations (0.005) (0.006)
5. Share Capital
Number of Ordinary Share
shares shares premium Total
EUR EUR EUR
At 1 January 2020 193,136,406 193,136 21,587,539 21,780,675
Ordinary Shares Issued 48,284,102 48,285 2,951,715 3,000,000
Exercise of Share
Options 330,447 330 8,262 8,592
----------- -------- ---------- ----------
At 31 December 2018
and at 31 December
2019 241,750,955 241,751 24,547,516 24,789,267
----------- -------- ---------- ----------
On 12 June 2020 HTC Corporation invested EUR3.0 million in the
Group and were issued 48,284,102 ordinary shares at an issue price
of EUR0.062 per share. Net proceeds after expenses were EUR2.94
million.
On 22 June 2020, as a result of the exercise of share options,
330,447 ordinary shares in the Company at an exercise price of
EUR0.026 per share providing the Company with gross proceeds of
EUR8,591.62
Forward-Looking Statements
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements are not historical
facts but rather are based on the Company's current expectations,
estimates, and projections about its industry; its beliefs; and
assumptions. Words such as 'anticipates,' 'expects,' 'intends,'
'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties, and other factors, some
of which are beyond the Company's control, are difficult to
predict, and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking
statements.
The Company cautions security holders and prospective security
holders not to place undue reliance on these forward-looking
statements, which reflect the view of the Company only as of the
date of this announcement. The forward-looking statements made in
this announcement relate only to events as of the date on which the
statements are made. The Company will not undertake any obligation
to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement
except as required by law or by any appropriate regulatory
authority.
- ENDS -
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IR SSWFWUESSESU
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September 10, 2020 02:00 ET (06:00 GMT)
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