HERITAGE GLOBAL INC - HGBL STOCK NEWS

Heritage Global Inc. (NASDAQ: HGBL) has raised its target for full year net operating income to exceed $10.0 million, up from a previous estimate of $9.0 million. CEO Ross Dove noted a record year driven by a resurgence in consumer spending, boosting both brokerage and lending operations. Strong demand in the Industrial Assets segment and an active auction calendar contributed to this growth. The company plans to report its fourth quarter and year-end results on the week of March 13, 2023.

Heritage Global Partners (HGP), a subsidiary of Heritage Global Inc. (NASDAQ: HGBL), has renewed its global Master Agreement with Amgen for asset valuation, disposition, and redeployment services. Since the partnership began, HGP has conducted over 80 auctions for Amgen. The company will manage the sale of surplus assets, including laboratory and manufacturing equipment. HGP plans to hold its 83rd and 84th auctions for Amgen in January 2023, emphasizing its commitment to financial asset recovery while focusing on environmental sustainability.

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Heritage Global Inc. (NASDAQ: HGBL) reported strong financial results for Q3 2022, with operating income reaching $3.5 million compared to $533 thousand in Q3 2021. Net income was $2.3 million, or $0.06 per share, up from $474 thousand or $0.01 per share last year. Total EBITDA stood at $3.6 million versus $638 thousand a year prior. The company has raised its full-year net operating income target to $9.0 million, surpassing the previous record of $6.1 million in 2020. Strong performance in both Industrial and Financial Assets divisions contributed to these results, supported by increasing auction activity and growing demand for non-performing loans.

Heritage Global Capital (HGC), a division of Heritage Global Inc. (NASDAQ: HGBL), has successfully extended and increased its funding facility from $80 million to $200 million, now expiring on March 31, 2025. This $120 million upsizing enhances HGC's lending capacity to support anticipated growth, particularly as loan defaults are expected to rise due to the current economic climate. HGC specializes in flexible funding structures within the Accounts Receivable Management industry, positioning itself as a leading lender in this space.

Heritage Global Inc. (NASDAQ: HGBL) will release its Q3 2022 financial results on November 10, 2022, after market close. Following this, a webcast and earnings conference call will take place at 5:00 pm ET on the same day. Interested analysts and investors can join via specific dial-in numbers provided. A replay of the call will be accessible on the company's website until November 24, 2022. Heritage Global specializes in asset transactions, aiding in the circular economy by monetizing industrial and financial assets.

Heritage Global Partners announced a public foreclosure sale of assets owned by Forward Foods LLC, including trademarks, recipes, agreements, accounts receivables, and inventory. The auction will take place on October 25, allowing bidders to acquire the assets of the well-known ‘Detour’ and ‘Overnight Oats’ brands. This sale represents a significant opportunity for companies in the health and nutrition sectors. Interested bidders can find more information on HGP's website.

Heritage Global (NASDAQ:HGBL) announced its participation at the Microcap Rodeo Windy City Roundup 2022 on October 12-13, 2022. CEO Ross Dove will present on October 12 at 9:00 AM CT and will be available for one-on-one meetings during the conference. The presentation will be live-streamed and available for replay online. This event aims to connect investors with over 60 microcap companies, providing insights into key value drivers and trends.

For scheduling meetings or further information, contact Angie Goertz.

Heritage Global Partners (HGP), a subsidiary of Heritage Global Inc. (NASDAQ: HGBL), has secured a multi-year contract with Pfizer for laboratory asset disposition services starting January 1, 2023. This decision follows a competitive bidding process, highlighting the strength of their longstanding relationship since 2013. HGP is projected to handle around 5,000 assets annually from various global locations. The contract emphasizes HGP's role in enhancing Pfizer's asset recovery while contributing to sustainability by redeploying surplus equipment.