INFINITI USA Reports February Sales

NASHVILLE, TN—(Marketwired – March 01, 2018) –

       
  2018 2017 % Change
       
February Sales 12,820 13,737 –6.7
       
Total Sales 23,455 25,295 –7.3
       

INFINITI today reported sales of 12,820 vehicles in the U.S. during February, down 7%.

The Q50 sports sedan had its best–ever February, up 13.4% to 3,904, while the Q70 luxury performance sedan increased 9% for the month. Overall INFINITI sedans and coupes were up 12% in February.

With deliveries of the updated 2018 QX80, INFINITI's premium full–size SUV had its best February, with an increase of 4% to 1,689. The QX60 premium crossover also had its best February with deliveries of 3,880, up 46%.

This month, INFINITI will begin deliveries of its all–new 2019 QX50. Competing in the industry's fastest growing segment, this mid–size crossover features the world's first variable compression engine, and is expected to soon become one of INFINITI's most popular models.

             
  Feb Feb Monthly CYTD CYTD CYTD
  2018 2017 % chg 2018 2017 % chg
             
INFINITI Total 12,820 13,737 –6.7 23,455 25,295 –7.3
             
Q50 3,904 3,444 13.4 6,616 6,650 –0.5
Q60 855 810 5.6 1,467 1,542 –4.9
Q70 450 414 8.7 836 890 –6.1
QX30 775 2,414 –67.9 1,588 3,572 –55.5
QX50 1,120 1,388 –19.3 2,171 2,594 –16.3
QX60 3,880 2,658 46.0 6,909 4,847 42.5
QX70 147 986 –85.1 349 1,828 –80.9
QX80 1,689 1,623 4.1 3,519 3,372 4.4
Car 5,209 4,668 11.6 8,919 9,082 –1.8
CUV/SUV 7,611 9,069 –16.1 14,536 16,213 –10.3
             

About INFINITI
INFINITI Motor Company Ltd. is headquartered in Hong Kong with representations in 50 markets around the world. The INFINITI brand was launched in 1989. Its range of premium automobiles is currently built in manufacturing facilities in Japan, the United States, United Kingdom and China. INFINITI design studios are located in Atsugi–Shi (near Yokohama), London, San Diego and Beijing. INFINITI is in the middle of a major product offensive. The brand has been widely acclaimed for its daring design and innovative driver–assistance technologies. From the 2016 season, INFINITI is a technical partner of the Renault Sport Formula One team, contributing its expertise in hybrid performance.

More information about INFINITI and its industry–leading technologies can be found at www.infiniti.com. You can also follow us on Facebook, Twitter, LinkedIn and see all our latest videos on YouTube.

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Nissan Group reports February 2018 U.S. Sales

NASHVILLE, TN—(Marketwired – March 01, 2018) –

   February   2018 February   2017 % Change
Nissan Group Total sales (units) 129,930 135,740 –4.3
Nissan   Division sales 117,110 122,003 –4.0
INFINITI   sales* 12,820 13,737 –6.7

Nissan Group today announced total U.S. sales for February 2018 of 129,930 units, a decrease of 4% compared to the previous year.

Nissan highlights:

  • Combined sales of Nissan crossovers, trucks and SUVs set a February record, up 9%
  • Nissan Rogue sales continued to be strong with 38,119 sales, up 15%, and set a February record
  • Frontier truck sales rose to 7,992 units, up 69%
  • Sales of the TITAN pickup in February totaled 3,761, up 26%
  • Murano crossover sales increased 11% to 6,179 units
  • Armada SUV sales rose 11% to 2,548 units

*INFINITI sales total included for reference. For more information on INFINITI's February sales performance, please visit INFINITINews.com.

NOTE: To ensure consistency in global sales reporting, Nissan North America calculates monthly variances on a straight–percentage basis, unadjusted for the number of selling days. February 2018 and February 2017 each had 24 selling days.

NISSAN DIVISION FEB   FEB   Monthly   CYTD   CYTD   CYTD
  2018   2017   % chg   2018   2017   % chg
                       
Nissan Division Total 117,110   122,003   –4.0   230,013   222,764   3.3
Versa 7,196   9,869   –27.1   14,444   18,739   –22.9
Sentra 17,148   16,010   7.1   34,879   29,454   18.4
Altima 19,703   26,543   –25.8   39,888   45,474   –12.3
Maxima 4,387   4,898   –10.4   8,720   8,636   1.0
LEAF 895   1,037   –13.7   1,045   1,809   –42.2
Juke 124   1,297   –90.4   314   2,601   –87.9
370Z 312   424   –26.4   536   748   –28.3
GT–R 35   55   –36.4   69   120   –42.5
Total Car 49,800   60,133   –17.2   99,895   107,581   –7.1
Frontier 7,992   4,736   68.8   13,893   8,593   61.7
Titan 3,761   2,988   25.9   7,812   5,756   35.7
Pathfinder 6,140   8,997   –31.8   11,426   16,278   –29.8
Armada 2,548   2,289   11.3   4,794   4,197   14.2
Rogue 38,119   33,149   15.0   74,303   61,909   20.0
Murano 6,179   5,569   11.0   12,971   9,932   30.6
Quest 1   1,372   –99.9   2   3,250   –99.9
NV 1,139   1,436   –20.7   2,162   2,670   –19.0
NV200 1,431   1,334   7.3   2,755   2,598   6.0
Total Truck 67,310   61,870   8.8   130,118   115,183   13.0
                       
INFINITI FEB   FEB   Monthly   CYTD   CYTD   CYTD
  2018   2017   % chg   2018   2017   % chg
                       
Infiniti Total 12,820   13,737   –6.7   23,455   25,295   –7.3
Infiniti Q50 3,904   3,444   13.4   6,616   6,650   –0.5
Infiniti Q60 855   810   5.6   1,467   1,542   –4.9
Infiniti Q70 450   414   8.7   836   890   –6.1
Infiniti QX30 775   2,414   –67.9   1,588   3,572   –55.5
Infiniti QX50 1,120   1,388   –19.3   2,171   2,594   –16.3
Infiniti QX60 3,880   2,658   46.0   6,909   4,847   42.5
Infiniti QX70 147   986   –85.1   349   1,828   –80.9
Infiniti QX80 1,689   1,623   4.1   3,519   3,372   4.4
Total Car 5,209   4,668   11.6   8,919   9,082   –1.8
Total Truck 7,611   9,069   –16.1   14,536   16,213   –10.3
                       
NISSAN GROUP FEB   FEB   Monthly   CYTD   CYTD   CYTD
  2018   2017   % chg   2018   2017   % chg
                       
TOTAL VEHICLE 129,930   135,740   –4.3   253,468   248,059   2.2
Total Car 55,009   64,801   –15.1   108,814   116,663   –6.7
Total Truck 74,921   70,939   5.6   144,654   131,396   10.1
Selling days 24   24       49   48    

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Newrange Gold Appoints Robert Archer to Board of Directors

VANCOUVER, BC—(Marketwired – March 01, 2018) – (TSX VENTURE: NRG) (OTCQB: NRGOF) (FRANKFURT: X6C) Newrange Gold Corp. (“Newrange” or the “Company”) is pleased to welcome Mr. Robert Archer, Co–founder of Great Panther Silver Limited, as a Director of the Company, effective immediately. Mr. Archer's highly successful career spans more than 37 years in exploration, mining and executive management of resource sector companies. Most recently, in his position as Co–founder, President, CEO and Director, he successfully took Great Panther Silver from concept to a highly successful Toronto (TSX: GPR) and New York (NYSE American: GPL) (NYSE MKT: GPL) listed mining company with a market capitalization of more than $250 million with two operating mines in Mexico and a third under development in Peru. Mr. Archer is a Professional Geologist (BC) and holds an Honours B.Sc. in Geology from Laurentian University in Sudbury, Ontario.

Robert Carrington, President and CEO of Newrange Gold stated, “Robert's significant financial, technical and management expertise further strengthens our Board, and we look forward to working with him as we execute our growth strategy.”

In conjunction with his appointment, Mr. Archer has been granted 150,000 stock options in accordance with the Company's Stock Option Plan. The options are exercisable into common shares of Newrange at C$0.30, the closing price on the TSX Venture Exchange on February 28, 2018, for a period of two (2) years, subject to regulatory approval.

Upcoming Events

Newrange will be exhibiting at the Metal Investors Forum on Saturday March 3, 2018. The Company will also be exhibiting at the Prospectors & Developers Association of Canada, March 4th and 5th, 2018 at Booth 2415, Session A. Additional information is available at (http://www.pdac.ca/convention). All interested persons are cordially invited to visit us and take advantage of these opportunities to meet management, and discuss the Company and its projects. Interested parties may also contact Fidel Thomas at 604–669–0868 or 778–228–5735 or by email at info@newrangegold.com for additional information.

About Newrange Gold Corp.

Newrange is an aggressive exploration and development company focused on near to intermediate term production opportunities in favorable jurisdictions, including Nevada and Colombia. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com.

Signed: “Robert G. Carrington”
President & CEO

Website: www.newrangegold.com

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Forward–Looking Statement: Some of the statements in this news release contain forward–looking information that involves inherent risk and uncertainty affecting the business of Newrange Gold Corp. Actual results may differ materially from those currently anticipated in such statements.

Vaxil Granted First U.S. Patent for Its Cancer Immunotherapy Antibody Platform

NESS–ZIONA, ISRAEL—(Marketwired – March 01, 2018) – VAXIL BIO LTD. (TSX VENTURE: VXL), an innovative Israeli cancer research company focused on immunotherapy, is pleased to announce that it has successfully obtained a U.S. Patent for its Signal Peptide Antibody Platform known as SPmAb™.

Vaxil has been granted U.S. Patent # 9,732,153 entitled “Antibodies directed against signal peptides, methods and uses thereof.” Within Vaxil's intellectual property portfolio, this marks the Company's 3rd U.S. patent and 8th global patent. The Company has an additional 8 patents pending.

“Although this marks Vaxil's 8th granted patent, we are pleased to finally have the first patent specifically protecting the Company's proprietary antibody platform known as SPmAb™,” Vaxil CEO Mr. Isaac Maresky commented. “Our research and development to date has indicated that this family of antibodies possess both therapeutic and diagnostic potential for cancer patients.”

Vaxil's latest patent is available publicly online, and includes the following: “This invention relates to diagnostic and therapeutic methods employing antibodies directed against the signal peptide (SP) of disease–related polypeptides, in particular for the diagnosis and treatment of cancer and infectious diseases… In another aspect, the present invention provides a method of treatment of a subject suffering from a disease, the method comprises administering to said subject a therapeutically effective amount of at least one antibody directed against a signal peptide…” This granted patent provides broad patent protection for diagnostic methods of detecting autoantibodies directed against MUC1 signal peptides, MUC1 being a cancer tumor cell marker present in more than 90% of cancer types. In order to bolster this initial antibody platform patent coverage, Vaxil has already filed a U.S. continuation application to pursue additional diagnostic and therapeutic methods using the anti–MUC1 signal peptide monoclonal antibodies.

BOARD CHANGES
Additionally, Vaxil announces that Dr. Saeid Babaei has resigned from his role as Chairman of the Board of Directors. The Company would like to thank Dr. Babaei for his invaluable leadership during the last two years in advancing Vaxil's cancer immunotherapy pipeline and listing on the TSX–Venture Exchange. We wish him well in his future endeavors as he is transitioning over various initiatives to the Company's new board members. Mr. Isaac Maresky has accepted the role of Chairman for the time being.

MANUFACTURING UPDATE
Vaxil is focused on advancing the drug manufacturing processes for its lead cancer immunotherapy product, ImMucin™. While manufacturing of the drug substance has begun, the Company is in discussions with relevant experts pertaining to Chemistry, Manufacturing and Controls (CMC). The Company is working on identifying an optimal CMC process for production of its drug which will in turn allow efficient production via a current Good Manufacturing Practices (cGMP) approved facility. The goal of such an endeavor is to enhance Vaxil's ability to more readily produce larger quantities of high quality product, which would enable the Company to embark upon additional clinical trials. CMC is an important bridge between clinical pilot batches of therapeutic drugs to more commercial–scale batches. The Company hopes to be in a position to report more on the manufacturing process and its CMC direction in the near future.

ABOUT VAXIL
Vaxil is an Israeli immunotherapy biotech focused on its novel approach to targeting prominent cancer markers. Its lead product ImMucin™ is a MUC1 signal peptide derived product, wholly owned by Vaxil and protected by a series of patents in all major territories around the globe, believed to act as a true neoantigen. Vaxil is currently advancing toward a Phase–II which may include additional solid tumor indications. Information about the Company's pipeline is available at www.vxlbio.com

ABOUT VAXIL'S LEAD PRODUCT: IMMUCIN™
Vaxil's products, including the actual ImMucin™ peptide, are protected by a series of patents around the globe. The Company successfully completed a Phase– I/II clinical trial in multiple myeloma patients demonstrating encouraging immunological and clinical benefits. ImMucin™ was designated Orphan Drug by both the US FDA and the EMA for use in multiple myeloma. As was recently presented by the company, the mode of action by which ImMucin™ exerts its unique immunological and clinical activity, is believed to be via its distinctive characteristics as a neoantigen. These features enable the robust immune response observed in patients with various hematological malignancies, with potential to be effective in a large population section due to the broad coverage of immune system repertoires. Additionally, it is currently hypothesized that ImMucin™ possesses the ability to overcome cancer's immune–system bypass resistance.

ABOUT VAXIL'S SIGNAL PEPTIDE ANTIBODY PLATFORM
In addition to its lead product, Vaxil has developed the first ever signal peptide specific antibodies, believed to have both treatment and diagnostic potential.

ABOUT VAXIL'S TUBERCULOSIS VACCINE
Vaxil has developed and patented unique Tuberculosis vaccines predicated upon the Company's VaxHit algorithm. In 21 patient samples, Vaxil scientists observed promising potential. Given that this early staged product family is not within the Company's core focus of cancer, Vaxil may seek potential partners for its advancement.

Disclaimer: The TSX Venture Exchange Inc. has in no way passed upon the merits of the Company has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward–looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds, the results of financing efforts, the results of exploration activities — that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward–looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward–looking statements, whether as a result of new information, future events or otherwise. This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States or elsewhere. These securities have not been, and will not be, registered in the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

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Avaya Reports First Quarter Fiscal 2018 Financial Results

SANTA CLARA, CA—(Marketwired – March 01, 2018) –

Combined First Quarter Fiscal 2018(1):

  • Revenue of $752 million, Non–GAAP(2) revenue of $775 million
  • Net income of $3,214 million, non–GAAP(2) net loss of $68 million
  • Adjusted EBITDA of $206 million(2) or 26.6% of non–GAAP revenue
  • Emerged from chapter 11 on December 15, 2017 and listed on the New York Stock Exchange on January 17, 2018

Avaya Holdings Corp. (NYSE: AVYA) today reported financial results for the first quarter of fiscal 2018 ended December 31, 2017. Due to the company's emergence from chapter 11 proceedings, and adoption of fresh start accounting effective on December 15, 2017, the results for the quarter are required by GAAP to be presented separately as the predecessor period from October 1, 2017 through December 15, 2017 (inclusive of results prior to October 1, 2017, the “Predecessor” period) and the successor period from December 16, 2017 through December 31, 2017 (the “Successor” period). The application of fresh start accounting results in a new basis of accounting making the results of the Predecessor period not comparable to the results of the Successor period. We have, however, combined results of the Predecessor and Successor periods for discussion purposes as we believe it provides the most meaningful basis to analyze our results.(1)

Revenue for the combined period from October 1, 2017 through December 31, 2017 (the “Combined First Quarter Fiscal 2018″(1)), was $752 million, including $3 million related to Avaya's former Networking business, which was sold on July 14, 2017. Revenue for the fourth quarter fiscal 2017 ending September 30, 2017 was $790 million, including $5 million related to the Networking business, and $875 million for the first quarter fiscal 2017 ending December 31, 2016, including $66 million related to the Networking business.

Non–GAAP revenue excluding the revenue of the Networking business for the Combined First Quarter Fiscal 2018 was $772 million, $13 million lower than the fourth quarter ending September 30 2017, representing a decline of approximately 2%, primarily as a result of seasonality and $37 million lower than the first quarter ending fiscal 2017, representing a decline of 5%, primarily as a result of the impact of the chapter 11 proceedings.

Gross margin for the Combined First Quarter Fiscal 2018 was 58.5%. Non–GAAP gross margin was 61.8%, a record percentage for a first quarter result, compared to 63.3% for the prior quarter and 61.7% for the first quarter of fiscal 2017.

Operating income for the Combined First Quarter Fiscal 2018 was $38 million, compared to operating income of $69 million in the prior quarter and operating income of $70 million for the first quarter of fiscal 2017. Non–GAAP operating income for the first quarter of fiscal 2018 was $172 million, or a first quarter record 22.2% percentage of non–GAAP revenue, compared to $183 million for the prior quarter and $192 million for the first quarter of fiscal 2017. Net income for the Combined First Quarter Fiscal 2018 was $3,214 million, compared to net income of $27 million for the prior quarter, and a net loss of $103 million for the first quarter of fiscal 2017. The increase in net income for Combined First Quarter Fiscal 2018 was primarily related to execution of the reorganization plan and the impact of fresh start accounting. Non–GAAP net loss for the Combined First Quarter Fiscal 2018 was $68 million compared to non–GAAP net income of $162 million for the prior quarter and $19 million for the first quarter of fiscal 2017.

For the Combined First Quarter Fiscal 2018, adjusted EBITDA was $206 million or 26.6% of non–GAAP revenue, compared to adjusted EBITDA of $225 million, or 28.5% of revenue, for the prior quarter and $238 million, or 27.2% of revenue, for the first quarter of fiscal 2017.

Cash used for operating activities for the Combined First Quarter Fiscal 2018 was $374 million, compared to cash provided by operating activities of $166 million during the fourth quarter of fiscal 2017, and cash used for operations of $44 million during the first quarter of fiscal 2017. Cash and cash equivalents totaled $417 million as of December 31, 2017, compared to $876 million at the end of the prior quarter and $209 million at the end of the first quarter of fiscal 2017. The sequential change in cash and cash equivalents is primarily due to payments upon emergence from bankruptcy to former debt holders, Pension Benefit Guarantee Corporation, and other creditors, repayment of the Debtor–In–Possession loan facility, debt issuance costs and professional fees, offset by proceeds of a new term loan.

“Our first quarter results represented a great start for the fiscal year and are a testimony to the loyalty and dedication of our customers, partners and employees who supported us this past year,” said Jim Chirico, president and CEO of Avaya. “These results demonstrate four straight quarters of revenue stabilization in the business. We continued to drive momentum by improving our industry– leading business model, generating over 10% of our revenue from the cloud. In addition, there were sequential increases in midmarket/SMB cloud seats of 41% and in cloud activations of 96%. We added over 1,300 new customers and more than 265 partners to our ecosystem. We utilized our new capital structure and announced the pending acquisition of Spoken Communications, further fueling our cloud momentum.”

1 The results for the period from October 1, 2017 through December 31, 2018, the “Combined First Quarter Fiscal 2018,” represent the sum of the reported amounts for the Predecessor period from October 1, 2017 through December 15, 2007 and the Successor period from December 16, 2017 through December 31, 2017. Refer to Supplemental Financial Information accompanying this press release for more information, including a reconciliation of combined results to our Predecessor and Successor results.

2 Non GAAP revenue, Non–GAAP gross margin, Non–GAAP operating income, Non–GAAP net income and Adjusted EBITDA are not measures calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”). Refer to Supplemental Financial Information accompanying this press release for more information, including a reconciliation of these measures to the most closely comparable measure calculated in accordance with GAAP.

First Quarter Fiscal 2018 Highlights

  • Added over 1,300 new logos worldwide during the first fiscal quarter 2018, an increase of 6% sequentially.
  • Refreshed our management team, adding respected leaders with proven experience driving transformation and growth.
  • More than three million cloud seats and growing.
  • Launched dedicated Cloud Business Unit, concentrating cloud assets for agile solution delivery and growth.
  • Announced the acquisition of Spoken Communications, a leading innovator in Contact Center as a Service (CCaaS) solutions. The Spoken platform will speed Avaya's ability to deliver a secure, reliable and highly scalable cloud platform for customers of all sizes, and its intellectual property will accelerate our move into Big Data, Machine Learning and AI.
  • Avaya Private Cloud Services revenue for the Enterprise market grew 3% sequentially.
  • Midmarket/SMB cloud business seats grew 41% quarter–over–quarter, and monthly recurring revenue (MRR) grew by 39% quarter–over–quarter.
  • Continued strength in our business model as a software & services company:
    — Software and services accounted for a record 82% of total revenue, up year–over–year from 76%
    — Recurring revenue represented over 57% of total revenue, up year–over–year from 53%
    — 89 deals over $1 million of Total Contract Value (TCV)
  • Showcased customer success stories with Avaya solutions across industries, and unveiled a Happiness Index on Blockchain at the GITEX Technology Week in Dubai.
  • A record 3,000 customers and partners attended the Avaya Engage 2018 conference, showcasing leading innovations and intelligent technologies such as AI, automated workflows, and advanced analytics to shape the connected world.
  • Introduced Avaya AVA™, a cloud based AI solution that goes beyond bots to automate and manage customer engagement through social media and messaging.
  • Listed on the New York Stock Exchange (NYSE) on January 17, 2018.

Second Quarter Fiscal 2018 Outlook

  • Revenue of $660–$680 million, non–GAAP revenue of $750–$770 million
  • GAAP operating loss of 16–20% of revenue, non–GAAP operating profit of 20–22% of non–GAAP revenue
  • Net loss $1.35–$1.55 per diluted share, non–GAAP net income $0.80–$0.90 per diluted share
  • Adjusted EBITDA of $180–$200 million or adjusted EBITDA margin of approximately 25% of non–GAAP revenue

Fiscal Year 2018 Outlook

  • Revenue of $2,775–$2,900 million, non–GAAP revenue of $3,000–$3,100 million
  • GAAP operating loss of 4–6% of revenue, non–GAAP operating margin of 21–22% of non–GAAP revenue
  • Approximately $175 million of expected cash interest expense
  • GAAP net income $2,850–$2,950 million
  • Capital expenditures of $60–$75 million
  • Approximately 110 million basic and diluted shares outstanding
  • Adjusted EBITDA of $750–$800 million or adjusted EBITDA margin of approximately 25–26% of non–GAAP revenue

Avaya's outlook does not include the potential impact of any business combinations, asset acquisitions, divestitures, strategic investments, the pending Spoken acquisition, or other significant transactions that may be completed after March 1, 2018. Actual results may differ materially from Avaya's outlook as a result of, among other things, the factors described under “Forward–Looking Statements” below.

Conference Call and Webcast

Avaya will host a financial results webcast and conference call to discuss its financial results and Q&A at 6:00 AM PT/9:00 AM ET on March 1, 2018. On the call will be Jim Chirico, president and CEO, and Pat O'Malley, senior vice president and CFO. The call will be moderated by Peter Schuman, senior director of investor relations.

To join the financial results live webcast and view supplementary materials, listeners should access the investor page of Avaya's website https://investors.avaya.com. Following the live webcast, a replay will be available at the same web address in the event archives for a period of one year.

To access the financial results live by phone, dial 866–393–4306 in the U.S. or Canada and +1–734–385–2616 for international callers. Listeners should access the webcast or the call 10–15 minutes before the start time to ensure they are able to connect.

A replay of the financial results live conference call will be available for 2 business days soon after the call by phone by dialing 855–859–2056 in the U.S. or Canada and +1–404–537–3406 for international callers, using the conference access code: 2438229.

Links to this financial results press release and accompanying slides are available on the investor page of Avaya's website https://investors.avaya.com.

About Avaya

Avaya is a global leader in digital communications software, services and devices for businesses of all sizes. Our open, intelligent and customizable solutions for contact centers and unified communications offer the flexibility of Cloud, on–premises and hybrid deployments. Avaya shapes intelligent connections and creates seamless communication experiences for our customers, and their customers. Our professional planning, support and management services teams help optimize solutions, for highly reliable and efficient deployments. Avaya Holdings Corp. is traded on the NYSE under the ticker AVYA. For more information, please visit www.avaya.com.

Cautionary Note Regarding Forward–Looking Statements

This document contains certain “forward–looking statements.” All statements other than statements of historical fact are “forward–looking” statements for purposes of the U.S. federal and state securities laws. These statements may be identified by the use of forward looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “our vision,” “plan,” “potential,” “preliminary,” “predict,” “should,” “will,” or “would” or the negative thereof or other variations thereof or comparable terminology and include, but are not limited to, second quarter fiscal 2018 and fiscal year 2018 outlook. The company has based these forward–looking statements on its current expectations, assumptions, estimates and projections. While the company believes these expectations, assumptions, estimates and projections are reasonable, such forward–looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. These factors are discussed in the company's Registration Statement on Form 10 filed with the Securities and Exchange Commission (the “SEC”), may cause its actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward–looking statements. For a further list and description of such risks and uncertainties, please refer to the company's filings with the SEC that are available at www.sec.gov. The company cautions you that the list of important factors included in the company's SEC filings may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward–looking statements contained in this report may not in fact occur. The company undertakes no obligation to publicly update or revise any forward–looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

   
Avaya Holdings Corp.  
Consolidated Statements of Operations  
(Unaudited; in millions)  
  Successor     Predecessor  
  Period from
 December 16, 2017 through
 December 31, 2017
    Period from
 October 1, 2017 through 
December 15, 2017
    Three months ended December 31, 2016  
REVENUE                      
  Products $ 71     $ 253     $ 401  
  Services   77       351       474  
    148       604       875  
COSTS                      
  Products:                      
    Costs   33       84       145  
    Amortization of technology intangible assets   7       3       5  
  Services   30       155       190  
    70       242       340  
GROSS PROFIT   78       362       535  
OPERATING EXPENSES                      
  Selling, general and administrative   50       264       336  
  Research and development   9       38       62  
  Amortization of intangible assets   7       10       57  
  Restructuring charges, net   10       14       10  
    76       326       465  
OPERATING INCOME   2       36       70  
  Interest expense   (9 )     (14 )     (174 )
  Other (expense) income, net   (2 )     (2 )     4  
  Reorganization costs, net         3,416        
(LOSS) INCOME BEFORE INCOME TAXES   (9 )     3,436       (100 )
Benefit from (provision for) income taxes   246       (459 )     (3 )
NET INCOME (LOSS) $ 237     $ 2,977     $ (103 )
                       
Avaya Holdings Corp.  
Consolidated Balance Sheets  
(Unaudited; in millions, except share amounts)  
   
  Successor     Predecessor  
  December 31,
2017
    September 30,
2017
 
ASSETS              
Current assets:              
  Cash and cash equivalents $ 417     $ 876  
  Accounts receivable, net   413       536  
  Inventory   124       96  
  Other current assets   230       269  
TOTAL CURRENT ASSETS   1,184       1,777  
  Property, plant and equipment, net   306       200  
  Deferred income taxes, net   31        
  Intangible assets, net   3,421       311  
  Goodwill   2,632       3,542  
  Other assets   53       68  
TOTAL ASSETS $ 7,627     $ 5,898  
               
LIABILITIES              
Current liabilities:              
  Debt maturing within one year $     $ 725  
  Long–term debt, current portion   29        
  Accounts payable   304       282  
  Payroll and benefit obligations   124       127  
  Deferred revenue   384       614  
  Business restructuring reserve, current portion   36       35  
  Other current liabilities   153       90  
TOTAL CURRENT LIABILITIES   1,030       1,873  
               
  Long–term debt   2,867        
  Pension obligations   793       513  
  Other postretirement obligations   215        
  Deferred income taxes, net   444       32  
  Business restructuring reserve, non–current portion   34       34  
  Other liabilities   377       170  
TOTAL NON–CURRENT LIABILITIES   4,730       749  
LIABILITIES SUBJECT TO COMPROMISE         7,705  
TOTAL LIABILITIES   5,760       10,327  
               
Commitments and contingencies              
Predecessor equity awards on redeemable shares         7  
Predecessor preferred stock, $0.001 par value, 250,000 shares authorized at September 30, 2017              
  Convertible Series B preferred stock; 48,922 shares issued and outstanding at September 30, 2017         393  
  Series A preferred stock; 125,000 shares issued and outstanding at September 30, 2017         184  
Successor preferred stock, $0.01 par value; 55,000,000 authorized, no shares issued or outstanding at December 31, 2017          
               
STOCKHOLDERS' EQUITY (DEFICIT)              
  Predecessor common stock, $0.01 par value; 750,000,000 shares authorized, 494,768,243 issued and outstanding at September 30, 2017          
  Successor common stock, $0.01 par value; 550,000,000 shares authorized, 110,000,000 issued and 109,794,137 outstanding at December 31, 2017   1        
  Additional paid–in capital   1,642       2,389  
  Retained earnings (Accumulated deficit)   237       (5,954 )
  Accumulated other comprehensive loss   (13 )     (1,448 )
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)   1,867       (5,013 )
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 7,627     $ 5,898  
               
Avaya Holdings Corp.  
Condensed Statements of Cash Flows  
(Unaudited; in millions)  
   
                         
                         
    Successor     Predecessor     Non–GAAP Combined     Predecessor  
    Period from     Period from              
    December 16,
2017 through
    October 1,
2017 through
             
    December 31,
2017
    December 15,
2017
    Three months
ended December 31,
2017
    Three months
ended December 31,
2016
 
Net cash provided by (used for):                                
  Net income (loss)   $ 237     $ 2,977     $ 3,214     $ (103 )
    Adjustments to net income (loss) for non–cash items     (225 )     (3,410 )     (3,635 )     141  
    Changes in operating assets and liabilities     54       (7 )     47       (82 )
  Operating activities     66       (440 )     (374 )     (44 )
  Investing activities     8       8       16       (15 )
  Financing activities           (102 )     (102 )     (57 )
  Effect of exchange rate changes on cash and cash equivalents     3       (2 )     1       (11 )
Net increase (decrease) in cash and cash equivalents     77       (536 )     (459 )     (127 )
Cash and cash equivalents at beginning of period     340       876       876       336  
Cash and cash equivalents at end of period   $ 417     $ 340     $ 417     $ 209  
Avaya Holdings Corp.
Supplemental Schedules of Non–GAAP Revenue
(Unaudited; in millions)
                                                 
                                                 
                                                 
                                                 
  Successor   Predecessor                                          
  Period from   Period from           Predecessor                     Predecessor
  Dec. 16, 2017
through
  Oct. 1, 2017
through
      Q118   Three Months Ended   Change     Three Months Ended
  Dec. 31, 2017   Dec. 15, 2017   Adj. for
Fresh Start
Accounting
  Non–GAAP
Combined
Results
  Dec. 31,
2016
  Amount     Pct.     Pct., net of
FX impact
    Sept. 30,
2017
  June 30,
2017
  Mar. 31,
2017
                                                                   
Revenue by Segment                                                                  
Total ECS product revenue   71     253     6     330     401     (71 )   –18 %   –19 %     343     345     348
AGS   77     351     17     445     474     (29 )   –6 %   –8 %     447     458     456
Total revenue $ 148   $ 604   $ 23   $ 775   $ 875   $ (100 )   –11 %   –13 %   $ 790   $ 803   $ 804
                                                                   
                                                                   
Revenue by Geography                                                                  
U.S. $ 71   $ 331   $ 23   $ 425   $ 466   $ (41 )   –9 %   –9 %   $ 447   $ 435   $ 450
International:                                                                  
  EMEA   42     166         208     234     (26 )   –11 %   –15 %     194     204     202
  APAC – Asia Pacific   19     57         76     90     (14 )   –16 %   –17 %     79     88     77
  Americas International – Canada and Latin America   16     50         66     85     (19 )   –22 %   –25 %     70     76     75
Total International   77     273         350     409     (59 )   –14 %   –17 %     343     368     354
Total revenue $ 148   $ 604   $ 23   $ 775   $ 875   $ (100 )   –11 %   –13 %   $ 790   $ 803   $ 804

Use of non–GAAP (Adjusted) Financial Measures

The information furnished in this release includes non–GAAP financial measures that differ from measures calculated in accordance with generally accepted accounting principles in the United States of America (“GAAP”), including the combined three month period ending December 31, 2018 and financial measures labeled as “non–GAAP” or “adjusted.”

Although GAAP requires that we report on our results for the periods October 1, 2017 through December 15, 2007 and December 16, 2017 through December 31, 2017 separately, management reviews the Company's operating results for the three months ended December 31, 2017 by combining the results of these two periods because such presentation provides the most meaningful comparison of our results. The company cannot adequately benchmark the operating results of the 16–day period ended December 31, 2017 against any of the previous periods reported in its condensed consolidated financial statements and does not believe that reviewing the results of this period in isolation would be useful in identifying any trends regarding the company's overall performance. Management believes that the key performance metrics such as revenue, gross margin and operating income when combined for the three months ended December 31, 2017 provide meaningful comparisons to other periods and are useful in identifying current business trends.

We also present the measures non–GAAP revenue, non–GAAP gross margin, non–GAAP operating income, and non–GAAP net income as a supplement to our unaudited condensed consolidated financial statements presented in accordance with GAAP. We believe these non–GAAP measures are the most meaningful for comparisons to prior periods because they exclude the impact of earnings or charges noted in the table below that resulted from matters that we consider not to be indicative of our ongoing operations. The presentation of these non–GAAP financial measures is not intended to be considered in isolation from, as substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and maybe different from the non–GAAP financial measures used by other companies. In addition, these non–GAAP measures have limitation in that they do not reflect all of the amounts associated with the company's results of operations as determined in accordance with GAAP.

EBITDA is defined as net income (loss) before income taxes, interest expense, interest income and depreciation and amortization. Adjusted EBITDA is EBITDA further adjusted to exclude certain charges and other adjustments described in our SEC filings.

We believe that including supplementary information concerning adjusted EBITDA is appropriate because it serves as a basis for determining management and employee compensation. In addition, we believe adjusted EBITDA provides more comparability between our historical results and results that reflect purchase accounting and our current capital structure. We also present EBITDA and Adjusted EBITDA because we believe analysts and investors utilize these measures in analyzing our results. Accordingly, adjusted EBITDA measures our financial performance based on operational factors that management can impact in the short–term, such as our pricing strategies, volume, costs and expenses of the organization and it presents our financial performance in a way that can be more easily compared to prior quarters or fiscal years.

EBITDA and adjusted EBITDA have limitations as analytical tools. EBITDA measures do not represent net income (loss) or cash flow from operations as those terms are defined by GAAP and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. While EBITDA measures are frequently used as measures of operations and the ability to meet debt service requirements, these terms are not necessarily comparable to other similarly titled captions of other companies due to the potential inconsistencies in the method of calculation. Adjusted EBITDA excludes the impact of earnings or charges resulting from matters that we consider not to be indicative of our ongoing operations. In particular, our formulation of adjusted EBITDA allows adjustment for certain amounts that are included in calculating net income (loss), however, these are expenses that may recur, may vary and are difficult to predict.

The estimate of adjusted EBITDA provided in this press release has been determined consistent with the methodology for calculating adjusted EBITDA as set forth in Avaya Holdings Corp. Form 10 for the fiscal year end September 30, 2017.

Avaya believes that the presentation of all of these non–GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding the company's performance by excluding certain items that may not be indicative of the company's core business, operating results or future outlook. Avaya's management uses, and believes that investors benefit from referring to, these non–GAAP financial measures in assessing the company's operating results both as a consolidated entity and at the business unit level, as well as when planning, forecasting and analyzing future periods. These non–GAAP financial measures also facilitate comparisons of the company's performance to prior periods.

These non–GAAP measures are not based on any comprehensive set of accounting rules or principles and have limitations as analytical tools in that they do not reflect all of the amounts associated with the company's results of operations as determined in accordance with GAAP. As such, these measures should only be used to evaluate the company's results of operations in conjunction with the corresponding GAAP measures.

The following tables present Successor, Predecessor and combined results and reconcile GAAP measures to non–GAAP measures. We do not provide a forward–looking reconciliation of expected second quarter and full fiscal 2018 Adjusted EBITDA guidance as the amount of significance of special items required to develop meaningful comparable GAAP financial measures cannot be estimated at this time without unreasonable efforts:

   
Avaya Holdings Corp.  
Supplemental Schedule of Non–GAAP Adjusted EBITDA  
(Unaudited; in millions)  
                 
                 
  Successor     Predecessor  
  Period from
 December 16, 2017 through
 December 31, 2017
    Period from
 October 1, 2017 through 
December 15, 2017
    Three months ended December 31, 2016  
Net income (loss) $ 237     $ 2,977     $ (103 )
  Interest expense   9       14       174  
  Interest income         (2 )      
  (Benefit from) provision for income taxes   (246 )     459       3  
  Depreciation and amortization   22       31       90  
EBITDA   22       3,479       164  
  Impact of fresh start accounting adjustments   27              
  Restructuring charges, net   10       14       10  
  Sponsors' and other advisory fees   8       3       51  
  Reorganization items, net         (3,416 )      
  Share–based and other compensation   1             2  
  Loss on disposal of long–lived assets         1        
  Costs in connection with certain legal matters         37        
  Change in fair value of warrant liability   5              
  Foreign currency gains, net   (2 )           (11 )
  Pension/OPEB/nonretirement postemployment benefits and long–term disability costs         17       21  
  Other               1  
Adjusted EBITDA $ 71     $ 135     $ 238  
                       
Avaya Holdings Corp.  
Supplemental Schedules of Non–GAAP Reconciliationsof Non–GAAP Gross Profit and Non–GAAP Gross Margin  
(Unaudited; in millions)  
   
                                         
  Successor     Predecessor                                
  Period from     Period from                 Predecessor  
  Dec. 16, 2017     Oct. 1, 2017                 Three Months Ended  
  through     through     Combined     Sept. 30     June 30     Mar. 31     Dec. 31,  
  Dec. 31, 2017     Dec. 15, 2017     Results     2017     2017     2017     2016  
Reconciliation                                                      
  Gross Profit $ 78     $ 362     $ 440     $ 496     $ 493     $ 484     $ 535  
  Gross Margin   52.7 %     59.9 %     58.5 %     62.8 %     61.4 %     60.2 %     61.1 %
                                                       
  Items excluded:                                                      
    Adj. for fresh start accounting                   29                          
    Amortization of technology intangible assets                   10       4       5       6       5  
  Non–GAAP Gross Profit                 $ 479     $ 500     $ 498     $ 490     $ 540  
                                                       
  Non–GAAP Gross Margin                   61.8 %     63.3 %     62.0 %     60.9 %     61.7 %
                                                       
                                                       
Reconciliationof Non–GAAP Operating Income                                                      
  Operating Income (Loss) $ 2     $ 36     $ 38     $ 69     $ (43 )   $ 75     $ 70  
    Percentage of Revenue   1.4 %     6.0 %     5.1 %     8.7 %     –5.4 %     9.3 %     8.0 %
                                                       
  Items excluded:                                                      
    Adj. for fresh start accounting                   33                          
    Amortization of intangible assets                   27       38       62       62       62  
    Restructuring charges, net                   24       8       8       4       10  
    Loss on disposal of long–lived assets                   1                          
    Impairment charges                               120              
    Advisory fees                   11       3       18       14       48  
    Share–based compensation                   1       1       4       4       2  
    Costs in connection with certain legal matters                   37       64                    
                                                       
  Non–GAAP Operating Income                 $ 172     $ 183     $ 169     $ 159     $ 192  
                                                       
  Non–GAAP Operating Margin                   22.2 %     23.2 %     21.0 %     19.8 %     21.9 %
 
Avaya Holdings Corp.
Supplemental Schedules of Non–GAAP Reconciliation of Gross   Profit and Gross Margin by Portfolio
(Unaudited; in millions)
                                         
  Successor     Predecessor           Predecessor  
  Period from     Period from                                
  Dec. 16, 2017     Oct. 1, 2017           Three Months Ended  
  through     through     Combined     Sept. 30,     June 30,     Mar. 31,     Dec. 31,  
  Dec. 31, 2017     Dec. 15, 2017     Results     2017     2017     2017     2016  
Reconciliation of Non–GAAP Gross Profit and Non–GAAP Gross Margin – Products                                                      
Revenue $ 71     $ 253     $ 324     $ 343     $ 345     $ 348     $ 401  
Costs   33       84       117       104       121       125       145  
Amortization of technology intangible assets   7       3       10       4       5       6       5  
GAAP Gross Profit   31       166       197       235       219       217       251  
GAAP Gross Margin   43.7 %     65.6 %     60.8 %     68.5 %     63.5 %     62.4 %     62.6 %
                                                       
Items excluded:                                                      
Adj. for fresh start accounting                   7                          
Amortization of technology intangible assets                   10       4       5       6       5  
Non–GAAP Gross Profit                 $ 214     $ 239     $ 224     $ 223     $ 256  
                                                       
Non–GAAP Gross Margin                   64.8 %     69.7 %     64.9 %     64.1 %     63.8 %
                                                       
                                                       
Reconciliation of Non–GAAP Gross Profit and Non–GAAP Gross Margin – Services                                                      
Revenue $ 77     $ 351     $ 428     $ 447     $ 458     $ 456     $ 474  
Costs   30       155       185       186       184       189       190  
GAAP Gross Profit   47       196       243       261       274       267       284  
GAAP Gross Margin   61.0 %     55.8 %     56.8 %     58.4 %     59.8 %     58.6 %     59.9 %
                                                       
Items excluded:                                                      
Adj. for fresh start accounting                   22                          
Non–GAAP Gross Profit                 $ 265     $ 261     $ 274     $ 267     $ 284  
                                                       
Non–GAAP Gross Margin                   59.6 %     58.4 %     59.8 %     58.6 %     59.9 %
                                                       

Avaya Holdings Corp.
       

Reconciliation of GAAP to Non–GAAP results
       

Three months ended December 31, 2017
       

(Unaudited; in millions)
   
    
     Successor        Predecessor                                                                                                  
     Period from        Period from                                        Loss on                        Costs in                                  
     December 16, 2017        October 1, 2017                Adj. for        Amortization                Disposal of                Share–based        Connection                        Q117     
     through        through        Combined        Fresh Start        of Intangible        Restructuring        Long–lived        Reorganization        and Other        with Certain        Advisory        Non–GAAP        GAAP        Non–GAAP  
     December 31, 2017        December 15, 2017        Results        Accounting        Assets        Changes, net        Assets        Items        Comp.        Legal Matters        Fees        Results        Results        Results  
Revenue                                                                                                              
  Products $ 71     $ 253     $ 324     $ 6     $     $     $     $     $     $     $     $ 330     $ 401     $ 401  
  Services   77       351       428       17                                                               445       474       474  
    148       604       752       23                                                 775       875       875  
Costs                                                                                                              
  Products:                                                                                                              
    Costs   33       84       117       (1 )                                                             116       145       145  
    Amortization of technology intangible assets   7       3       10               (10 )                                                           5        
  Services   30       155       185       (5 )                                                   180       190       190  
    70       242       312       (6 )     (10 )                                         296       340       335  
GROSS PROFIT   78       362       440       29       10                                           479       535       540  
OPERATING EXPENSES                                                                                                              
  Selling, general and administrative   50       264       314       (4 )                     (1 )             (1 )     (37 )     (11 )     260       336       286  
  Research and development   9       38       47                                                                       47       62       62  
  Amortization of intangible assets   7       10       17               (17 )                                                           57        
  Restructuring charges, net   10       14       24                       (24 )                                                   10        
    76       326       402       (4 )     (17 )     (24 )     (1 )           (1 )     (37 )     (11 )     307       465       348  
OPERATING INCOME   2       36       38       33       27       24       1             1       37       11       172       70       192  
                                                                                                               
  Interest expense   (9 )     (14 )     (23 )                                                                     (23 )     (174 )     (174 )
  Other (expense) income, net   (2 )     (2 )     (4 )                                                                     (4 )     4       4  
  Reorganization items, net         3,416       3,416                                       (3,416 )                                          
(LOSS) INCOME BEFORE INCOME TAXES   (9 )     3,436       3,427       33       27       24       1       (3,416 )     1       37       11       145       (100 )     22  
Benefit from (provision for) income taxes   246       (459 )     (213 )                                                                     (213 )     (3 )     (3 )
NET INCOME (LOSS) $ 237     $ 2,977     $ 3,214     $ 33     $ 27     $ 24     $ 1     $ (3,416 )   $ 1     $ 37     $ 11     $ (68 )   $ (103 )   $ 19  

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Source: Avaya Newsroom

Pura Naturals' CEO Robert Doherty Featured On “Small Cap Spotlight” Podcast Hosted By PublicWire

LAKE FOREST, CA—(Marketwired – March 01, 2018) – Pura Naturals, Inc. (OTCQB: PNAT) (“Pura” or the “Company”), makers of eco–friendly earth–conscious cleaning products, today announced that Robert Doherty, CEO of Pura Naturals was recently interviewed in an exclusive podcast on PublicWire.com's program called “Small Cap Spotlight.” The podcast can be heard here: http://www.publicwire.com/podcast/pura–naturals/.

Doherty discussed a number of topics with host, Dave Donlin on the number one source for small cap market news, including recent company news regarding its private label agreement with Laguna 3P Pro, uniqueness of PNAT products, the company's growth, its mission and much more.

The “Small Cap Spotlight” podcast provides valuable insight into today's financial markets and a unique prospective by featuring company CEOs, authors, newsmakers and many more.

About Pura Naturals
Pura Naturals has a household cleaning product that absorbs grease and grime while delivering unique soap infusion without harmful chemicals or the bacteria buildup common with typical sponge products. Pura Naturals' foam technology was developed in response to the gulf oil spill. The revolutionary foam absorbs grease while repelling water and inhibiting bacteria growth and odors. The earth conscious company prides itself on its plant–based products made from renewable resources with no petroleum by–products. Pura Naturals products are sold at CVS Pharmacy, Ingles Markets, Kroger, Meijer, Sprouts Farmers Market, Target, Walmart and Whole Foods Market nationwide. Further information can be found at www.puranaturalsproducts.com.

About PublicWire.com
Since 2004, PublicWire (www.PublicWire.com) — The Number One Source for Small Cap Market News, has worked with a variety of companies, both public and private, across the spectrum generating results driven communications programs. PublicWire's executive team has more than a half–century of combined experience in all aspects of public relations, investor relations and marketing communications. The Company specializes in Digital Investor Relations campaigns utilizing video along with over 15 social media sites, over 250 online media contacts and an ultra–responsive investor email network of over 10 million.

Forward Looking Statements
This release may contain “forward–looking statements” that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward–looking statements reflect the Company's current expectations about its future plans and performance, including statements concerning the impact of marketing strategies, new product introductions and innovation, deliveries of product, sales, earnings and margins. These forward–looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward–looking statement made by the Company. Please refer to the Company's most recent Form 10–K and subsequent filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward–looking statements in order to reflect events or circumstances after the date of this release.

NanoVibronix Announces Positive Response to UroShield(TM) Presentation at the Infection Prevention and Control 2018 London Conference

ELMSFORD, NY—(Marketwired – March 01, 2018) – NanoVibronix, Inc, (NASDAQ: NAOV), a medical device company utilizing the Company's proprietary and patented low intensity surface acoustic wave (SAW) technology today announced that Dr. Harold Jacob, M.D., Chief Medical Officer of NanoVibronix, led a workshop at the Infection Prevention and Control 2018 London Conference entitled “Low Frequency/Low Intensity Ultrasound — a Breakthrough in Treating Catheter–Associated Urinary Tract Infection (CAUTI).”

Dr. Jacob presented clinical data regarding the Company's UroShield™ device, as well as recent evidence demonstrating the device reduces CAUTIs. In addition, Dr. Jacob discussed how the device has the potential to help the UK National Health Service (NHS) achieve its objectives such as reducing the use of antibiotics, lowering infection rates, decreasing hospital admissions and improving patient safety. The workshop was hosted by the Company's newly announced UK distributor, IMS Ultrasound, a wholly owned subsidiary of Ideal Medical Solutions Limited.

UroShield™ is an ultrasound–based product that is designed to prevent bacterial colonization and biofilm on indwelling urinary catheters and increase antibiotic efficacy, ultimately reducing the incidence of CAUTI. UroShield is also intended to decrease pain and discomfort associated with urinary catheter use.

Brian Murphy, Chief Executive Officer, of NanoVibronix, commented, “We are extremely pleased with the favorable response we received at the Infection Prevention and Control 2018 London Conference. Conference attendees included many of the top key opinion leaders (KOLs) across Europe in the field of infectious diseases. CAUTI is the second most common cause of hospital–acquired infection with an estimated 15–25% of patients admitted to NHS hospitals in the UK requiring catheterization. Tragically, CAUTI is associated with a significant increase in patient mortality. UroShield™ is a highly effective means of lowering infection rates and improving patient outcomes.”

Mr. Murphy continued, “We are very pleased with the progress that IMS Ultrasound, our UK distributor, has made in the short time since we announced the partnership. This workshop presentation is a good illustration of the positive response to UroShield™, especially among the clinicians in the fields of urology and infectious disease. The fact that our device effectively reduces bacterial colonization and biofilm that is common with indwelling catheters, will ultimately reduce healthcare costs and save lives.”

Dr. Jacob is board certified in Internal Medicine and Gastroenterology and a member of the American College of Medicine and American Gastroenterological Association (AGA) and a Fellow of the American College of Gastroenterology (ACG). He founded and served as Editor in Chief of Endoscopy Review and has authored numerous publications in the field of gastroenterology. Dr. Jacob has served as an attending physician at Hadassah University Medical Center and was the Director of the Gastrointestinal Endoscopy Unit. He served as Co–Chief of Gastroenterology at St. John's Episcopal Hospital in New York, Clinical Assistant Professor of Medicine at SUNY Brooklyn and Chief of Gastro at South Nassau Communities Hospital, Oceanside, New York. He is also part time attending in Gastroenterology at Bikur Cholim Hospital in Israel. He has patented and licensed a number of medical devices in daily hospital use today.

About NanoVibronix
NanoVibronix Inc. (NASDAQ: NAOV) is a medical device company headquartered in Elmsford, NY with research and development in Nesher, Israel, that is focused on developing medical devices utilizing its proprietary and patented low intensity surface acoustic wave technology. The company's groundbreaking technology allows for the creation of low–frequency ultrasound waves that can be utilized for a variety of medical applications, including the disruption of biofilms and bacteria colonization, as well as providing pain relief. The devices can be administered at home, without the assistance of medical professionals. The company's products include PainShield® UroShield™ NG–Shield™ and WoundShield™. Additional information about the company is available at: www.nanovibronix.com.