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Lottery company knew about suspicious money at B.C. casinos, says former VP


A former executive of the British Columbia lottery corporation became emotional on Tuesday after two days of giving evidence at a public inquiry into money laundering.

Robert Kroeker took a few moments to collect himself when asked to describe his experience as a focal point in the British Columbia investigation into money laundering and the impact of allegations that the company of lottery would not act on large amounts of illegal money in casinos.

“It was devastating not being able to react, especially when I was at the corporation, and especially for my team,” said the former RCMP officer. “They are professionals and to see them continuously attacked and slandered, it is really unfair. . ”

Kroeker, who was fired as vice president of corporate compliance in 2019, spent much of his testimony explaining what the state corporation knew about cash circulating in casinos and what was made to prevent it.

“You’re not a floor manager. You’re not on the business side of casinos. You’re not winning and eating high rollers,” said Marie Henein, Kroeker’s attorney. . “You’re not doing that. You’ve spent your life playing by the rules and trying to fight money laundering and keep BC casinos safe”

Former gaming investigator Larry Vander Graaf, who is also a former constable, told the commission last November that the BC Lottery Corporation (BCLC) had not acted quickly enough to protect the integrity of gaming from the organized crime more than ten years ago.

Vander Graaf testified that large amounts of suspicious cash began showing up in B.C. casinos in 2007, and in 2010 loan sharks were circulating nearby parking lots with bags of money believed to be from of crime.

Kroeker testified Tuesday that he received a high-level briefing on suspicious cash activity at provincial casinos with possible links to organized crime on his first day at the lottery company in 2015.

He said he reviewed a document finding that lottery officials appeared unwilling to address police concerns about suspicious cash and its potential links to organized crime. The document also included the lottery company’s concerns about potential fallout if the information became public, he added.

“Certainly at this point BCLC knew there was a concern that cash brought into casinos was proceeds of crime,” said BC government lawyer Jacqueline Hughes. , addressing Kroeker.

“Yes, of course,” Kroeker said.

On Monday, Kroeker testified that Attorney General David Eby seemed uninterested in the lottery company’s anti-money laundering efforts during a 2017 meeting shortly after the New Democrats took office.

The Attorney General’s Department said in a statement Monday that Eby would not comment on evidence or proceedings while the commission is ongoing.

But in a statement on Tuesday, the ministry said “this government’s actions to combat financial crime in British Columbia speak for themselves.”

Kroeker testified Tuesday that the issue of money laundering in British Columbia had become “politically charged” and was being used by both major political parties to criticize each other.

The province appointed B.C. Supreme Court Justice Austin Cullen in 2019 to lead the public inquiry into money laundering after three reports described how hundreds of millions of dollars in illegal cash affected sectors real estate, luxury vehicles and games in the province.

Chamber community cash loans are still available


“It’s not just for Christmas.” That was the point made by Lisa Koski, executive director of the Glasgow Region Chamber of Commerce and Agriculture. She was talking about the Community Cash Loan program run by the Chamber to encourage local purchases.

Called Christmas Cash in years past, the local loan program is designed so residents can take out an interest-free loan to spend at community stores, benefiting shoppers and business owners. Individuals are eligible for up to $1,000 each, while married couples can apply for $2,000. Loans are on credit approval and have a 10 month repayment period. Funds that are not used can be returned to banks for full credit.

Based on the previous name, some may assume that the program is only for Christmas shopping. Koski is quick to point out that’s not true: “If you want to update your furniture, work on a renovation project, or buy gas in bulk. Or groceries! You can buy a prepaid grocery gift card and free up money for daily expenses.

The list of vendors participating in the Community Cash program this year runs the gamut from places that would normally be considered Christmas gifts, such as Red Barn Gifts, Robyn’s Nest and Shippwrecked, to those offering necessities, Dale Plumbing & Heating, Markle’s Ace Hardware and Albertsons.

A full list of participants is available from the Chamber and from participating financial institutions, First Community Bank, Glasgow, First Community Bank, Hinsdale, Bank of Glasgow and Independence Bank. Buyers are encouraged to ask companies if they are participating. If a company is not, they are encouraged to contact the Chamber to be added to the list of suppliers. Companies must be members of the Chamber to participate and the registration fee is $15. “We’re very accommodating,” Koski said. “The company can call the Chamber, which will call the banks and then they [the business] can accept the Community Cash script right away.

As with much of what the Chamber does, the driving force behind the program is the community. Koski stressed that the Chamber wants people to buy locally, to support the local economy. With Small Business Saturday just days away, November 30, the Chamber reminds the public that the Community Cash program is still available to everyone.

The benefits of shopping local in any community have been touted by business organizations and financial journalists across the country. Lisa Wirthman, quoting Amy Hartzler of Forbes’ Business Alliance for Local Living Economies, said, “For every $100 spent at one of these businesses, for example, $68 stays in the community.

Other benefits of shopping local include job creation, variety of products available, improved local networks and knowledge, environmental sustainability and increased real estate values. As the Chamber stated in a press release earlier this year, “Buy local and the money stays here.” Koski further emphasized that “this is not a low income loan. It’s for everyone! We really see it as an investment in the community. I encourage everyone to think about it.

The community loan program has been in place for many years, with some statistics available as far back as 1999, when $143,378 was loaned. The program has maintained a steady number of companies participating each year, with an average of over 60 suppliers per year. Over the years, the numbers have fluctuated in terms of the number of loans and the total dollar amount given to the community. In 2018, 129 loans amounting to $115,555 were disbursed to 62 businesses.

The loans were first made available on October 16 and the last day to apply is Monday December 30. The last day to spend the funds is Tuesday, December 31, while any unused script must be returned to the financial institution no later than Friday. January 3, for credit.

Anyone interested in applying for a Community Cash loan is encouraged to contact the Chamber, 228-2222, or visit one of the participating banks – First Community Bank, Hinsdale, 203 Montana St, Hinsdale; First Community Bank, Glasgow, 540 2nd Ave S, Glasgow; Bank of Glasgow, 110 6th St S, Glasgow, or Independence Bank, 101 8th St. N, Glasgow.

Andhra CM announces cash reward of Rs 2 lakh to winner of PM NCC Contingent-ANI Trophy


Amaravati (Andhra Pradesh) [India], Feb 05 (ANI): Andhra Pradesh Chief Minister YS Jagan Mohan Reddy on Friday congratulated the National Cadet Corps (NCC) contingent who won the Prime Minister’s Trophy and announced a reward of Rs 2 lakh to each winner.
The contingent, who won the PM trophy in the Republic Day Parade, called the Chief Minister at the camp office here today.
The cadets who received cash incentives are Shreyasi Bhakta, A Sri Sai Priya, Rongali Bhargavi, Chilakapati Jyotsna, A Hari Prasad, B Bharat Nayak, DD Naga Suresh, V Ram Prashant, P Satish Kumar Reddy.
Principal Secretary Youth Services and Sports Ramgopal, AP Telangana NCC Directorate DDG Air Commander TSS Krishnan, Director Colonel S Nag, Group Commander (Kakinada) Colonel KV Srinivas, Station Commander (Vijayawada) Colonel Nitin Sharma, Group Commander Captain Pankaj Gupta, Army Officers Col. Nalin Mohan, Col. K Nair, Lt. Col. Bobin, Lt. Col. PVN Reddy and NCC Cadets are among those who met with the Chief Minister . (ANI)

Warning: The views expressed in the article above are those of the authors and do not necessarily represent or reflect the views of this publishing house. Unless otherwise indicated, the author writes in a personal capacity. They are not intended and should not be taken to represent the official ideas, attitudes or policies of any agency or institution.

Ukraine to get $300m loan to help poor families amid coronavirus outbreak


The World Bank has approved a new loan for Ukraine to help the country hit hard by the coronavirus outbreak provide support to low-income families.

The $300 million loan, which was approved late on December 11, comes as the international financial institution predicted that the level of poverty in Ukraine could reach 23% by the end of the year.

“The new funds will help finance Ukraine’s emergency social protection response to COVID-19 by introducing rapid cash transfers to individuals and households who have lost their jobs or sources of income due to the pandemic,” the bank said in a statement.

The funds will be added to an earlier loan of $150 million released in April.

Ukraine has been hit hard by the coronavirus pandemic, with more than 885,000 cases of infection and nearly 15,000 deaths. The continued spread of the coronavirus has recently led the government to impose tough new restrictions, including a ban on mass gatherings and the closure of schools and restaurants.

Similar containment measures in June caused Ukraine’s economy to plummet by more than 11%.

Earlier this month, the World Bank approved a $100 million project to promote socio-economic recovery and development in government-controlled areas of eastern Ukraine, where a separatist conflict backed by Russia which has killed more than 13,000 people since 2014 is still simmering.

The World Bank also recently announced plans to help Ukraine purchase COVID-19 vaccines.

With information from Reuters

Definition of combined loan


When buying a home, it’s common to look for just one mortgage product. In some cases, however, it may be necessary to obtain a combined loan or a combined mortgage instead. This type of loan is also sometimes referred to as a mortgage loan, depending on its use. Not all mortgage lenders offer combination loans, and there are pros and cons to taking one out to buy or build a home.

Key points to remember

  • A combined loan is two separate mortgage loans from the same lender to the same borrower.
  • Combination loans can finance the construction of a new home or the purchase of an existing property.
  • Choosing a combined loan can allow borrowers to avoid paying for private mortgage insurance (PMI).
  • Taking out a combined loan can increase costs in terms of interest and fees, and it also means juggling two mortgage payments.

What is a combined loan?

A combined loan consists of two separate mortgages from the same lender to the same borrower. One type of combined loan provides financing for the construction of a new home, followed by a conventional mortgage once construction is complete. Another type of combined loan provides for two simultaneous loans for the purchase of an existing home. It is often withdrawn when the buyer cannot make a 20% deposit but wants to avoid paying for private mortgage insurance (PMI).

To note

Private mortgage insurance applies to conventional loans, although some government-guaranteed loans may have their own mortgage insurance requirements.

How a combined loan works

In the case of a new home, a combined loan usually consists of a adjustable rate mortgage to finance construction, followed by a second loan, usually a 30-year mortgage, when the house is completed. Typically, the second loan will pay off the first, leaving the borrower with only one loan.

For someone buying an existing home, a combined loan can take the form of a piggyback or 80-10-10 mortgage. An 80-10-10 mortgage consists of two loans with a down payment. The primary loan covers 80% of the purchase price of the house, the second loan covers an additional 10%, and the buyer pays a down payment of 10%.

Since the principal loan has an 80% loan-to-value ratio, the buyer can usually avoid paying private mortgage insurance (PMI), which is typically required when homebuyers make down payments below 20%. The PMI is not a one-time expense but must be paid annually until the owner’s equity reaches 20%. It usually costs borrowers an amount equal to 0.5% to 1% of the value of their loan each year.

The second loan represents the remainder of that 20% down payment. It usually comes in the form of a Home equity line of credit (HELOC). A HELOC works much like a credit card, but with a lower interest rate because the home equity backs it up. As such, it only bears interest when the borrower uses it.

A combination loan can help homebuyers avoid the added cost of private mortgage insurance, but HELOCs can come with variable (rather than fixed) interest rates.

Advantages and disadvantages of a combined loan

Taking out a combined loan to buy an existing home tends to be more common in active housing markets. As prices rise and homes become less affordable, stacked mortgages allow buyers to borrow more money than their down payment would otherwise allow. This can be an advantage as long as buyers don’t go into debt more than they can afford if something goes wrong.

Combination loans can also be an option for people who are trying to buy a new home but have not yet sold their current one. In this scenario, the buyer could use the HELOC to cover part of the down payment on the new home and then pay off the HELOC when the old home sells.

Buyers who are building a new home may have options that are simpler or less expensive than a combination loan. For example, the builder could finance the construction. Then, when the house is complete, the buyer can arrange for a regular mortgage and pay the builder. Alternatively, the owner can use a ready to build then shop around for a permanent mortgage.

However, a combined loan may have an advantage over two separate loans from different lenders because of its one-time closing costs.

Alternatives to Combination Loans

Alternatives to combination loans include a range of mortgage products. For example, instead of a combined loan, you can choose one of the following options for buying a home:

When comparing combination loan alternatives, it is important to consider how each type of loan works with respect to such things as minimum credit score requirements, PMI requirements, debt to income ratio requirements. , interest rates, down payments and fees. In the case of FHA loans, for example, it is possible to borrow with as little as 3.5% down payment and a credit score of 580. On the flip side, USDA loans and VA loans do not require a down payment, but you may be subject to higher minimum credit score requirements, depending on the lender you choose.

Jumbo loans are mortgages that do not meet compliant loan limits. You may want to consider a jumbo loan if you are purchasing a more expensive home and cannot qualify for other loan options. Keep in mind that these loans may require larger down payments or higher credit scores to qualify.


Using a mortgage calculator can help you compare the cost of loans combined with other options to help you find the one that best suits your needs.


What is a combined loan?

A combined loan is actually two mortgages combined into one. A combined loan can consist of a primary mortgage and a secondary mortgage, with each loan having its own repayment terms. A borrower who takes out a combined loan may have one or two mortgage payments, depending on how the loan is structured.

What Can Combine Loans Fund?

Combination loans can finance the construction of new homes. They can also finance the purchase of existing homes when the borrower wishes to avoid paying private mortgage insurance. In this case, a combined loan or a combined loan may be referred to as a piggyback loan or a piggyback mortgage loan.

How does a combined loan work?

A combined loan works by allowing borrowers to take out two separate loans from the same lender for the same purpose. Each loan has fixed repayment terms, and the borrower is responsible for repaying both bonds. For example, a borrower can use the first loan to pay for the construction of a new house with a second loan term starting when construction is complete.

Wind power developers risk default as nightclubs fail to pay their bills


MUMBAI: The risk of non-payment of contributions by electricity distribution companies (discoms) has resurfaced for wind power projects, with four key states – Madhya Pradesh, Maharashtra, Rajasthan and Andhra Pradesh – which are acting as counterpart to around 40% of overall wind capacity in India totaling unpaid contributions of Rs 5,450 crore to 156 renewable projects in January. This is a 50% increase in contributions from one year to the next, according to an analysis by the rating agency Crisil.

The payments crisis, if continued, could put nearly Rs 30,000 crore of corporate debt at risk of default.

Wind projects, which account for nearly three-quarters of the total private renewable energy capacity (wind and solar) in these four states, have suffered a greater share of late payments as the majority of them are old. projects with tariffs of more than ??4.5 per unit. These tariffs are higher than the average purchase prices for electricity in these states, making discos reluctant to honor them.

“For the wind projects rated by Crisil, the total period of the receivables of these state discos has increased to 9 months from the invoice date, compared to 3 to 5 months on average in March 2020,” said Manish Gupta, Senior Director of Crisil Ratings. in the report. “For the projects in Andhra Pradesh, it lasted up to 18-19 months.”

These late payments are due to the persistent weakness of the financial health of discos, which deteriorated in 2020 due to the drop in customer receipts in the context of the pandemic. Although collections have recovered from their April-June quarterly lows, they remain below pre-pandemic levels.

So far, wind power developers have been able to manage the cash pressures on the utility with the help of the Reserve Bank of India’s moratorium on debt service and / or excess liquidity from the ‘Previous exercice. However, a prolonged delay of another quarter could strain the liquidity buffers, typically 6 to 9 months in these projects, making them vulnerable to delays.

This could expose nearly Rs 30,000 crore to delays in 9.5 GW of wind projects. The remaining 6.5 GW of wind projects are present in large groups and therefore have more flexibility to manage delays, given the strength of their balance sheet and the diversity of other counterparties in the overall portfolio.

Ankit Hakhu, Director of Crisil Ratings, said: “In the future, we expect the liquidity position of discoms to improve as collection efficiency returns to normal, as well as the release. state government grants, which typically accelerate toward the end of a fiscal year. This should help restore the payment cycle to pre-pandemic levels. “

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Norwegian raises $ 2 billion; More than a year of silver if needed – Cruise Industry News


Norwegian Cruise Line Holdings announced today that it has secured more than $ 2 billion in additional cash in response to the impacts of the global COVID-19 pandemic on the business.

The company announced last week that it expects consumption of $ 100-150 million per month with most of its fleet on hold cold, giving the company more than a year of cash flow for the worst case scenario of zero income.

Yesterday, the company announced the launch of a series of capital markets deals, led by Goldman Sachs, to raise around $ 2 billion. The transaction has since grown to gross proceeds of $ 2.225 billion ($ 2.4 billion if the underwriters exercise all of their over-allotment options) due to significant oversubscription and demand on all three offers.

The transactions consisted of (1) a public offering of common shares of $ 400 million, (2) an offering of exchangeable senior notes of $ 750 million, (3) an offering of senior secured notes of 675 million dollars and (4) a private investment of $ 400 million from a global consumer-focused private equity firm. L Catterton.

In addition, a number of cost-cutting measures range from layoffs to deferred loan payments on company vessels.

Subject to the finalization of transactions, the company expects to have approximately $ 3.5 billion in cash.

This significantly strengthens the company’s financial position and liquidity trail and it now expects to be positioned to withstand more than 12 months of travel suspensions in a potential downside scenario, according to a press release.

Annual Cruise Industry News Report

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Coffee and afterpay purchases could all factor into your chances of getting a bank loan.


There may be a higher price to pay for any coffees you purchased that week or dinners you had delivered.

Banks and credit unions closely monitor the daily spending habits of potential customers for loans – shopping with Afterpay, food deliveries, daily splurges, and entertainment are all scrutinized.

This scrutiny of borrowing has especially intensified amid the fallout from the Royal Banking Commission, according to Brisbane mortgage broker Steve Moore.

“This is the hardest it has been in the past 15 years – even harder than during the global financial crisis,” he said. Rebecca Levingston of ABC Radio Brisbane.

“The focus is on living expenses, and they’ve never focused on that in the past.”

Mr Moore said most banks, including the Big Four, look for where and when you spend money.

“They look at your daily coffee and assume it will continue to do so in the future,” he said.

“What they don’t think about is that people are living within their means and adjusting after getting into debt.

Knowing where your partner is can help take the anxiety out of money issues.(Unsplash: rawpixel)

Look at your living expenses

Mr. Moore said many credit unions and banks are looking at your statements to try to calculate future living expenses.

He added that small lenders go further than others.

Currently, most applications that fall into a gray area tend not to be approved.

“The lack of loans will also potentially lead to declines on the construction side,” Moore said.

“If people can’t qualify to buy these new properties, it will trickle down to builders and traders as well. “

ANZ and NAB bosses said at a parliamentary hearing earlier this year that they were willing to lend, as part of a greater focus on responsible lending after the royal banking commission.

ANZ’s Shayne Elliott said the ensuing debate over responsible lending caused banks to become more conservative.

“As a result, Australians … some, not all, will have a little more trouble getting credit or getting the amount of credit they otherwise would have had in the past or want, and I’m not suggesting a minute that’s wrong, it’s just reality. “

Difficult times getting a loan

Calls to ABC Radio Brisbane expressed their frustrations at the difficulty of obtaining a loan.

“It was horrible, and if you are self-employed it is difficult. We have been doing business with our bank for over 25 years and we had money in the bank and we already owned several houses. went to get a mortgage, it was just “no, no, no.” Well, our bank said we would need a 40 percent deposit. We had never defaulted on a mortgage. ” – Robyn from Brisbane

“We tried to get a loan of $ 40,000, but we were turned down because of the expenses of the previous three months, as well as the fact that my wife was not working enough hours. The house is paid and we have over $ 700,000 in cash and super and a combined income of $ 130,000. My wife is furious and she wants to take all the money out of the bank right away. ” – Maryborough Stone

“We refinanced and got, but late on a credit card, the first time in 15 years, and I had to write them a letter explaining why. We have more equity in the loan and we have money in the bank to pay off the loan and we’re not at risk, but it was so difficult and it’s still not finalized. ” – Scott of Mount Warren Park

“We paid for our house and wanted to buy a new car, but I think we have no hope of getting a loan now. I work occasional but reliable hours as a doctor, but that doesn’t even matter. will now have to save for our car, it’s not worth the stress. ” – Toowoomba Stone

Hand holding credit cards.
How often you spend and how much is reviewed by borrowers.(ABC News: Jessica Hinchliffe)

How can you improve your chances?

Mr Moore said most lenders will take a close look at your last three months of spending when you apply for a loan.

He recommended:

  • Do your research and talk to someone who has done it before – you really can’t have enough information on this just yet.
  • Check what you spend on Afterpay or Zip and have those expenses reimbursed or cancel the account.
  • If you have credit cards, lower the card limits or cancel them all together. Lenders assume that you are going to withdraw from this card and apply a repayment to it which will affect your borrowing capacity.
  • Monitor your spending for the three months before you apply for a loan.

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Coal companies take advantage of small business loan program


COAL: The federal government gave over $ 31 million in small business relief loans to listed coal companies. (Bloomberg)

• Creditors complaint alleges two Murray Energy executives fraudulently used ailing coal company like their own personal “piggy bank”. (Global S&P)
• Murray Energy went bankrupt with about $ 300 million in cash and in two months burned around $ 180 million. (WVPB)

***SPONSORED LINK: Applications are now open for the Veterans Advanced Energy Fellowship, a one-year program for high-performing and high-potential military veterans in the field of advanced energy, presented by the Atlantic Council Global Energy Center. Learn more about www.vetsenergyproject.org/fellowship***

EMISSIONS: Two states and New York City will argue in federal appeals court that the EPA fails to treat a pollutant that drifts onto them from upstream power plants and other sources. (Bloomberg)

CONGRESS: More than 40 legislators back to legislation to ban fossil fuel companies from receiving federal aid related to the coronavirus. (The hill)

Dominion Energy’s opposition to 100% clean energy resolution for a village in Ohio emerges part of a larger trend gas utilities are becoming more active at the local government level. (Energy Information Network)
A Minneapolis entrepreneur is to advance with plans for a renewable energy employment training center and hopes to start some courses this summer. (Finance and trade)

UTILITIES: By a wide margin, voters in Pueblo, Colorado reject a proposal to leave Black Hills Energy and form a municipal utility. (KRDO)

• Updated guidance from California regulators recognizes that distributed power can help eliminate the need for some transmission projects. (Utility dive)
• Data shows that the pandemic has had less effect on year-over-year growth in residential solar power than expected. (PV Magazine)
• A startup from New England associates community solar projects with farmers who need income from their unused land. (The climb)

STORAGE: California regulators think battery storage will be integral the state’s goal of achieving zero carbon electricity by 2045. (Utility dive)

WIND: Wind turbine maker Siemens Gamesa warns investors of project delays and supply chain disruptions will continue to hurt profits this year. (Reuters)

Defenders worried about the pandemic irreparable financial damage to public transport systems and force more people to trust private cars. (E&E News, subscription)
You’re here postpone the first delivery of its semi-trailer until 2021, citing battery supply constraints that could have slowed production. (Diving Transport)
Idaho man plans to cross the country in a truck he built to ride entirely solar powered. (KIVI)

The coronavirus pandemic threatens the push for denser and more transit-oriented development as the world becomes uncomfortable about shared space. (New York Times)
The buildings represent a major source of load flexibility through energy efficiency and demand response, according to a report. (Utility dive)

GRID: The Ministry of Commerce is taking into account the additional tariffs on steel components used in electrical transformers and equipment used in all types of power generation. (Greentech Media)

• Dominion Energy says Atlantic Coast pipeline will cost $ 8 billion and be completed by 2022, pending several court cases. (Reuters)
• The pipeline company MPLX declares that it is no longer continues a pipeline from the Permian Basin to the Gulf of Mexico coast due to falling oil prices. (Reuters)

Oil companies are preparing to drastically reduce production in the Permian Basin due to massive losses amid the coronavirus crisis. (Washington Post)
Berkshire Hathaway CEO Warren Buffet regrets his 10 billion dollars of investment in an oil company last year and plans to invest more in wind and solar. (E&E News, subscription)
• The coronavirus pandemic could lead to massive abandonment of oil and gas wells in the Appalachians, Louisiana and elsewhere. (E&E News, subscription)

• Climate activists can organize more public debates and create more political analysis as the coronavirus prevents mass pipeline protests, the leader of an indigenous rights group said. (Grist)
• The Sierra Club says states should leave organized energy markets whether their decisions and recent orders from federal regulators undermine efforts to encourage clean resources and hurt consumers. (Utility dive)

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Pixium Vision announces its treasury at 30


Pixium Vision announces its cash flow
until September 30, 2020

Paris, October 22, 2020 – 6:00 p.m. CEST – Pixium Vision (Euronext Growth Paris – FR0011950641 – ALPIX), a bioelectronics company that develops innovative bionic vision systems to enable patients who have lost their sight to live more independently, announces cash flow of 13.3 million € as of September 30, 2020 and reports on its main developments.

Summary cash flow table
In thousands of € 09/30/2020 09/30/2019
Cash and cash equivalents at January 1 6,791.5 15 629.4
(Decrease) / Increase in cash flow 6 515.3 (8 609.3)
Of which net cash flow from operating activities (4,213.2) (7668.7)
Of which net cash flow from investing activities 222.5 (26.7)
Of which net cash flow from financing activities 10 506.0 (913.8)
Closing cash and cash equivalents 13,306.8 7,020.1

Net cash outflow from operating activities over the first nine months of 2020 amounts to 4.2 million euros, compared to 7.7 million euros a year earlier. In the second quarter of 2020, the Group was forced to postpone its clinical activities and therefore had to temporarily suspend orders from its main suppliers for the production of devices intended for ongoing clinical development. As a result, cash outflows decreased by almost 45% compared to the previous year. Since then, the Group has resumed its clinical trials pending authorization, before the end of the year, to launch the pivotal study.

As of September 30, 2020, investments were small and consisted mainly of purchases of industrial and laboratory equipment. It should be noted that the Group was reimbursed the sum of € 0.3 million corresponding to the financing deposits paid within the framework of the bond issue with Kreos Capital. This bond issue was fully redeemed at the start of September 2020.

At the end of the third quarter of 2020, net cash flow from financing activities amounts to 10.5 million euros. In the third quarter of 2020, the Group carried out a capital increase for a gross amount of 7.3 million euros. In addition, as part of its contribution to the fundamental R&D project of the “Sight Again” competitiveness cluster, Bpifrance Financement granted Pixium Vision aid of € 2.7 million for key stages 3 and 4. This aid was provided in the form of subsidies of € 0.5 million and repayable advances of € 2.3 million. In addition, the Group has taken out a loan guaranteed by the State for 2.5 million euros.

In total, as of September 30, 2020, Pixium Vision had a cash flow € 13.3 million, compared to € 6.8 million on January 1, 2020. The cash flow with ESGO financing enables the Group to be financed until the end of 2021.

Pixium Vision
Guillaume Renondin
Financial director
[email protected]
+33 1 76 21 47 68
Media relations

LifeSci Advisors
Sophie Baumont
[email protected]
+33 6 27 74 74 49

Investor relations
LifeSci Advisors
Guillaume de Renterghem
gvanrenterghem @ lifesciadvisors.com
+33 6 69 99 37 83

Pixium Vision creates a world of bionic vision for those who have lost their sight, allowing them to regain visual awareness and greater autonomy. Pixium Vision’s bionic vision systems are associated with surgery and a period of rehabilitation. The Prima System miniature wireless subretinal photovoltaic implant is undergoing clinical testing for patients who have lost their sight due to external retinal degeneration, initially to age-related atrophic dry macular degeneration (dry AMD ). Pixium Vision works closely with academic and research partners, including some of the most prestigious vision research institutions in the world, such as: Stanford University in California, Institut de la Vision in Paris, Moorfields Eye Hospital in London, Institute of Ocular Microsurgery (IMO) in Barcelona, ​​Bonn University Hospital and UPMC in Pittsburgh, PA. The company is EN ISO 13485 certified and qualified as an “Innovative Company” by Bpifrance.

For more information: http://www.pixium-vision.com/fr

follow us on @PixiumVision; www.facebook.com/pixiumvision


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