CALGARY, Alberta--(BUSINESS WIRE)--SCF Ventures (“SCFV”) is pleased to announce its investment in Qube Technologies (“Qube”), a provider of continuous emissions monitoring technology that enables oil and gas operators to better detect, measure, and reduce their methane and other greenhouse gas emissions.
Qube, founded in 2018, provides customers with internet-of-things (“IoT”) devices to continuously monitor for a host of gases including methane, carbon dioxide and hydrogen sulfide. With the help of artificial intelligence, Qube combines gas concentration, atmospheric, and other operational data to locate, quantify and classify emissions by source and severity. Without continuous monitoring, emissions can continue undetected for months, undermining emissions reduction efforts with an associated cost of lost production to operators.
In 2021, Qube received the world’s first regulatory approval to replace traditional leak detection and repair (“LDAR”) practices with Qube’s continuous measurement technology. LDAR programs utilizing Qube’s technology are estimated to reduce fugitive emissions by up to 90% while offering cost savings, improved safety, and verifiable data that prove environmental stewardship.
“Natural gas plays a vital role in powering global standards of living, but methane leaks can cause a significant greenhouse gas impact,” commented Hossam Elbadawy, Managing Director of SCF Ventures. “SCF Ventures is proud to partner with Qube to help solve this problem in a way that will reduce not only harmful emissions, but also monitoring costs and administrative headaches.”
“This investment will allow us to accelerate the deployment of our continuous monitoring systems and help primary industries reduce their emissions,” said Alex MacGregor, Chief Executive Officer at Qube. “Methane emissions are a global problem and we are excited to be working with partners like SCF and NESR which have an international reach and a proven track record. With recent commitments such as the Global Methane Pledge, we are well positioned to help industry cost-effectively reduce greenhouse gas emissions while providing stakeholders, including regulators and investors, with transparent emissions performance data.”
Strategic investors joining the funding round include National Energy Services Reunited (“NESR”, NYSE: NESR), the premier Middle Eastern energy services provider; individuals from Pine Brook, a private equity firm that specializes in business building and growth investments in energy and other areas; and Ian Bruce, former president and CEO of Peters & Co., a leading Canadian energy investment bank.
North West Capital Partners, a Calgary-based energy investment firm, led Qube’s previous funding round and remains an active partner.
About Qube Technologies
Qube is a Calgary-based technology company that has developed a low-cost environmental surveillance technology. Our mission is to help primary industries, such as oil and gas, cost-effectively detect, quantify, and reduce methane and other emissions. Qube is currently working with leading operators across Canada and the US and has support from a wide range of investors and government bodies. Please visit www.qubeiot.com for more information.
About SCF Partners
SCF Ventures is an early-stage investment vehicle within SCF Partners (“SCF”) focused on providing differentiated capital to emerging high growth companies that provide new products and technologies in the energy services sector. Founded in 1989, SCF provides equity capital and strategic growth assistance to build leading energy service, equipment, and technology companies that operate throughout the world. SCF has invested in more than 70 platform companies and made in excess of 400 additional acquisitions to develop 17 publicly listed energy service and equipment companies over its history. The firm is headquartered in Houston, Texas and has offices in Calgary, Singapore and Aberdeen. Learn more at www.scfpartners.com.
Eric Wen
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HOUSTON--(BUSINESS WIRE)--A select group of leading companies that market and trade natural gas in North America has formed and invested in a new, independent company, Eleox. The initial participants in this joint venture – the first of its kind in North America – include bp, Castleton Commodities International LLC (CCI), Koch Energy, Macquarie Group, Mercuria Energy America, and Shell Energy North America (US), L.P.
Eleox will re-imagine commodity post-trade processing through the creation of an enterprise-grade application based on distributed ledger technology (DLT) to replace many existing, siloed post-trade systems with a unified, full lifecycle platform.
This secure, real-time digital approach is being created to manage transactions from post-trade through settlements, replacing paper-based contracts and manual reconciliation processes, and will initially focus on enhancing the post-trade process for North American physical natural gas. The enhanced settlement processing platform will result in:
The platform will be designed by Eleox and tested by its founding members, which will constitute a key segment of its projected user base and is expected to be available for use by all market participants in late 2022.
“We are excited by Eleox’s roadmap, which offers countless opportunities to improve post-trade processing,” said Eleox CEO Kirk Coburn. “Advances in technology mean we can digitize energy trading in the same way we have seen so many other sectors transform, and our platform will help customers optimize the post-trade process, today and tomorrow.”
“The support of these industry leaders demonstrates both the scale of the challenges facing energy trading companies today, and the resolve from market participants to address them with technology to create a more efficient and secure energy sector,” Coburn said.
To learn more, visit Eleox.com.
Rachel Palmour
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202-967-8091
GOTHENBURG, Sweden--(BUSINESS WIRE)--Polestar Automotive Holding UK Limited has filed a Registration/Proxy Statement with the U.S. Securities and Exchange Commission (the “SEC”) on November 12, 2021. The filing follows the September announcement of Polestar’s intention to list on Nasdaq in connection with its proposed business combination (the “Business Combination”) with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW and GGPIU). The Business Combination is expected to close in the first half of 2022.
Polestar continues to deliver on its market and retail expansion plans that underpin significant growth targets over the coming years. The brand is expected to be operating in 30 markets by the end of 2023 as it is looking to ramp up sales to 290,000 vehicles by the end of 2025.
“We have driven tremendous growth since beginning full scale activity in 2020, underpinned by organic market expansion, strong interest in our award-winning Polestar models and benefits from post-pandemic retail tailwinds,” says Thomas Ingenlath, Polestar CEO. “We look forward to further accelerating growth by expanding our global presence and continuing to innovate our product portfolio.”
Polestar began full-scale activity with 10 global markets in 2020 and is on the road in 14 markets today. Market expansion continues and in the first half of 2022, Spain, Portugal and Ireland are planned to be added to the European market footprint, with Israel planned to expand presence in the Middle East.
The expansion of Polestar’s global retail presence has also picked up. A total of 86 Polestar retail locations are now open globally, up from 40 at the end of 2020. These Polestar retail locations include downtown Polestar Spaces, easily accessible out-of-town Polestar Destinations and Polestar test drive centers. The latest additions include facilities in New York City and Boston in the U.S., where, after a surge of new openings, a total of 25 facilities are expected to be in operation by the end of 2021.
Polestar has also seen an increase in interest attributed to the launch of the critically acclaimed Polestar 2, which has seen over 110,000 test drives completed and more than 50 awards to date. More than two million people have visited Polestar retail locations since the start of deliveries in August 2020.
“New markets and growth in our existing markets underpin our near-term volume ambitions,” continues Thomas Ingenlath. “Longer-term, this expansion will be fueled by our plan to launch a new car every year for the next three years. These are the foundations of our rapid growth strategy.”
With the expansion into existing and new markets and the planned arrival of three new products, Polestar aims to increase its annual sales to 290,000 vehicles by the end of 2025.
About Polestar
Polestar was established as a new, standalone Swedish premium electric vehicle manufacturer in 2017. Founded by Volvo Cars and Geely Holding, Polestar enjoys specific technological and engineering synergies with Volvo Cars and benefits from significant economies of scale as a result.
Polestar is headquartered in Gothenburg, Sweden, and its vehicles are currently available and on the road in 14 global markets across Europe, North America and China. In 2021, Polestar is expanding into eight additional new markets in Europe, the middle East and Asia Pacific. Polestar cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the U.S.
In September 2021, Polestar announced its intention to list as a public company on the Nasdaq in a business combination agreement with Gores Guggenheim, Inc. More information on this definitive agreement can be found here.
Polestar produces two electric performance cars. The Polestar 1 is a low-volume electric performance hybrid GT with a carbon fiber body, 609 hp, 1,000 Nm and an electric-only range of 124 km (WLTP) – the longest of any hybrid car in the world. With production coming to an end late in 2021, Polestar 1 has established itself as a truly exclusive driver’s car.
The Polestar 2 electric performance fastback is the company’s first fully electric, high volume car. The Polestar 2 model range includes three variants with a combination of long- and standard range batteries as large as 78 kWh, and dual- and single-motor powertrains with as much as 300 kW / 408 hp and 660 Nm.
In the future, the Polestar 3 electric performance SUV is expected to join the portfolio, as well as the Precept – a design study vehicle released in 2020 that is under development for future production. Precept showcases the brand’s future vision in terms of sustainability, digital technology and design. In April 2021, Polestar announced the important goal of creating a truly climate-neutral car by 2030.
Forward-Looking Statements
Certain statements in this press release (“Press Release”) may be considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or the future financial or operating performance of Gores Guggenheim, Inc. (“Gores Guggenheim”), Polestar Performance AB and/or its affiliates (the “Company”) and Polestar Automotive Holding UK Limited (“ListCo”). For example, projections of future Adjusted EBITDA or revenue and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential,” “forecast,” “plan,” “seek,” “future,” “propose” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Gores Guggenheim and its management, and the Company and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of definitive agreements with respect to the Business Combination; (2) the outcome of any legal proceedings that may be instituted against Gores Guggenheim, the combined company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (3) the inability to complete the Business Combination due to the failure to obtain approval of the stockholders of Gores Guggenheim, to obtain financing to complete the Business Combination or to satisfy other conditions to closing; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (5) the ability to meet stock exchange listing standards following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of the Company as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Business Combination; (9) risks associated with changes in applicable laws or regulations and the Company’s international operations; (10) the possibility that the Company or the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) the Company’s estimates of expenses and profitability; (12) the Company’s ability to maintain agreements or partnerships with its strategic partners Volvo Cars and Geely and to develop new agreements or partnerships; (13) the Company’s ability to maintain relationships with its existing suppliers and strategic partners, and source new suppliers for its critical components, and to complete building out its supply chain, while effectively managing the risks due to such relationships; (14) the Company’s reliance on its partnerships with vehicle charging networks to provide charging solutions for its vehicles and its strategic partners for servicing its vehicles and their integrated software; (15) the Company’s ability to establish its brand and capture additional market share, and the risks associated with negative press or reputational harm, including from lithium-ion battery cells catching fire or venting smoke; (16) delays in the design, manufacture, launch and financing of the Company’s vehicles and the Company’s reliance on a limited number of vehicle models to generate revenues; (17) the Company’s ability to continuously and rapidly innovate, develop and market new products; (18) risks related to future market adoption of the Company’s offerings; (19) increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors; (20) the Company’s reliance on its partners to manufacture vehicles at a high volume, some of which have limited experience in producing electric vehicles, and on the allocation of sufficient production capacity to the Company by its partners in order for the Company to be able to increase its vehicle production capacities; (21) risks related to the Company’s distribution model; (22) the effects of competition and the high barriers to entry in the automotive industry, and the pace and depth of electric vehicle adoption generally on the Company’s future business; (23) changes in regulatory requirements, governmental incentives and fuel and energy prices; (24) the impact of the global COVID-19 pandemic on Gores Guggenheim, the Company, the Company’s post business combination’s projected results of operations, financial performance or other financial metrics, or on any of the foregoing risks; and (25) other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Gores Guggenheim’s final prospectus relating to its initial public offering (File No. 333-253338) declared effective by the SEC on March 22, 2021, and other documents filed, or to be filed, with the SEC by Gores Guggenheim or ListCo, including the Registration/Proxy Statement. There may be additional risks that neither Gores Guggenheim, the Company nor ListCo presently know or that Gores Guggenheim, the Company or ListCo currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.
Nothing in this Press Release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither Gores Guggenheim, the Company nor ListCo undertakes any duty to update these forward-looking statements.
Additional Information
In connection with the proposed Business Combination, (i) ListCo has filed with the SEC a Registration/Proxy Statement, and (ii) Gores Guggenheim will file a definitive proxy statement relating to the proposed Business Combination (the “Definitive Proxy Statement”) and will mail the Definitive Proxy Statement and other relevant materials to its stockholders after the Registration/Proxy Statement is declared effective. The Registration/Proxy Statement will contain important information about the proposed Business Combination and the other matters to be voted upon at a meeting of Gores Guggenheim stockholders to be held to approve the proposed Business Combination. This Press Release does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. Before making any voting or other investment decisions, securityholders of Gores Guggenheim and other interested persons are advised to read, the Registration/Proxy Statement and the amendments thereto and the Definitive Proxy Statement and other documents filed in connection with the proposed Business Combination, as these materials will contain important information about Gores Guggenheim, the Company, ListCo and the Business Combination. When available, the Definitive Proxy Statement and other relevant materials for the proposed Business Combination will be mailed to stockholders of Gores Guggenheim as of a record date to be established for voting on the proposed Business Combination. Stockholders will also be able to obtain copies of the Registration/Proxy Statement, the Definitive Proxy Statement and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to: Gores Guggenheim, Inc., 6260 Lookout Rd., Boulder, CO 80301, attention: Jennifer Kwon Chou.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Participants in the Solicitation
Gores Guggenheim and certain of its directors and executive officers may be deemed participants in the solicitation of proxies from Gores Guggenheim’s stockholders with respect to the proposed Business Combination. A list of the names of those directors and executive officers and a description of their interests in Gores Guggenheim is set forth in Gores Guggenheim’s filings with the SEC (including Gores Guggenheim’s final prospectus related to its initial public offering (File No. 333-253338) declared effective by the SEC on March 22, 2021), and are available free of charge at the SEC’s website at www.sec.gov, or by directing a request to Gores Guggenheim, Inc., 6260 Lookout Rd., Boulder, CO 80301, attention: Jennifer Kwon Chou. Additional information regarding the interests of such participants is contained in the Registration/Proxy Statement.
The Company and ListCo, and certain of their directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Gores Guggenheim in connection with the proposed Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed Business Combination is included in the Registration/Proxy Statement.
No Offer and Non-Solicitation
This Press Release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Gores Guggenheim, the Company or ListCo, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.
For inquiries regarding Polestar:
Jonathan Goodman
Polestar
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Andrew Lytheer
Polestar
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John Paolo Canton
Polestar
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BERLIN--(BUSINESS WIRE)--Accenture (NYSE: ACN) has acquired T.A. Cook, a consultancy specializing in asset performance management and capital projects for clients in capital-intensive industries and infrastructure. The acquisition will strengthen Accenture’s capabilities for improving asset performance, increasing safety, and reducing environmental impact and cost in the chemicals, life sciences, metals and mining, and oil and gas industries. Financial terms were not disclosed.
T.A. Cook provides services in data-driven maintenance, operations and asset life cycle management including a proprietary as-a-service reliability solution. Its asset performance management capabilities, which have been repeatedly recognized by industry analysts, are designed to help companies increase profitability by lowering operating costs while boosting plant utilization. Its capital projects skills support clients looking to increase capacity and reduce cost through large investments in manufacturing plants and technology.
Founded in 1994, T.A. Cook is headquartered in Berlin, Germany, and has additional offices in Canada, Hong Kong and the United States. The company brings a team of 130 consultants, engineers, and development coaches. They will join Accenture’s Industry X group, strengthening its services for digitizing clients’ engineering functions, asset performance management, factory floors, project management office services and plant operations.
“To remain competitive in today’s environment, our clients are seeking to become more resilient, sustainable and profitable,” said Nigel Stacey, global lead for Accenture Industry X. “A powerful lever to achieve this is embedding intelligence in critical production assets. With T.A. Cook, we continue to grow our intelligent asset management capabilities that help clients automate processes, build predictive maintenance capabilities, reduce waste, increase utilization and, ultimately, redefine how they operate plants and factories for sustainable growth.”
Christina Raab, market unit lead for Accenture in Germany, Austria, Switzerland and Russia, added, “Asset-heavy companies need to drive efficiency, flexibility and safety to thrive at a time of growing economic, environmental and regulatory pressures. T.A. Cook’s digital track record, expertise and highly skilled team will enhance the solutions and capabilities that our clients require to transform their operations and boost growth.”
Frank Uwe Hess, co-founder of T.A. Cook, said, “We’re excited for the opportunity to scale our change management capabilities and utilize technological and process knowledge across Accenture’s global network, while expanding our combined digital manufacturing and operations offerings to even more clients.”
T.A. Cook is the latest in a series of 26 acquisitions Accenture has made since 2017 to build its Industry X capabilities. In October, it bought Advoco, a large US-based systems integrator for Hexagon’s Infor EAM solutions, which will scale Accenture’s capabilities for intelligent asset management solutions. Other recent acquisitions include international engineering consulting and services firm umlaut, operations technology provider Electro 80 (Australia), industrial robotics and automation services provider Pollux (Brazil), operations consultancy Myrtle (US) and technology consultancy SALT Solutions (Germany).
About Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 624,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com.
Accenture Industry X embeds intelligence in how clients run factories and plants, as well as design and engineer connected products and services—making manufacturing and operations more efficient, effective and safe; enabling companies to transform how they make things, and the things they make, for sustainable growth.
Forward-Looking Statements
Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “positioned,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. These risks include, without limitation, risks that: the transaction might not achieve the anticipated benefits for Accenture; the COVID-19 pandemic has impacted Accenture’s business and operations, and the extent to which it will continue to do so and its impact on the company’s future financial results are uncertain; Accenture’s results of operations have been, and may in the future be, adversely affected by volatile, negative or uncertain economic and political conditions and the effects of these conditions on the company’s clients’ businesses and levels of business activity; Accenture’s business depends on generating and maintaining ongoing, profitable client demand for the company’s services and solutions including through the adaptation and expansion of its services and solutions in response to ongoing changes in technology and offerings, and a significant reduction in such demand or an inability to respond to the evolving technological environment could materially affect the company’s results of operations; if Accenture is unable to keep its supply of skills and resources in balance with client demand around the world and attract and retain professionals with strong leadership skills, the company’s business, the utilization rate of the company’s professionals and the company’s results of operations may be materially adversely affected; Accenture faces legal, reputational and financial risks from any failure to protect client and/or company data from security incidents or cyberattacks; the markets in which Accenture operates are highly competitive, and Accenture might not be able to compete effectively; Accenture’s ability to attract and retain business and employees may depend on its reputation in the marketplace; if Accenture does not successfully manage and develop its relationships with key alliance partners or fails to anticipate and establish new alliances in new technologies, the company’s results of operations could be adversely affected; Accenture’s profitability could materially suffer if the company is unable to obtain favorable pricing for its services and solutions, if the company is unable to remain competitive, if its cost-management strategies are unsuccessful or if it experiences delivery inefficiencies or fail to satisfy certain agreed-upon targets or specific service levels; changes in Accenture’s level of taxes, as well as audits, investigations and tax proceedings, or changes in tax laws or in their interpretation or enforcement, could have a material adverse effect on the company’s effective tax rate, results of operations, cash flows and financial condition; Accenture’s results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates; changes to accounting standards or in the estimates and assumptions Accenture makes in connection with the preparation of its consolidated financial statements could adversely affect its financial results; Accenture might be unable to access additional capital on favorable terms or at all and if the company raises equity capital, it may dilute its shareholders’ ownership interest in the company; as a result of Accenture’s geographically diverse operations and its growth strategy to continue to expand in its key markets around the world, the company is more susceptible to certain risks; if Accenture is unable to manage the organizational challenges associated with its size, the company might be unable to achieve its business objectives; Accenture might not be successful at acquiring, investing in or integrating businesses, entering into joint ventures or divesting businesses; Accenture’s business could be materially adversely affected if the company incurs legal liability; Accenture’s global operations expose the company to numerous and sometimes conflicting legal and regulatory requirements; Accenture’s work with government clients exposes the company to additional risks inherent in the government contracting environment; if Accenture is unable to protect or enforce its intellectual property rights or if Accenture’s services or solutions infringe upon the intellectual property rights of others or the company loses its ability to utilize the intellectual property of others, its business could be adversely affected; Accenture’s results of operations and share price could be adversely affected if it is unable to maintain effective internal controls; Accenture may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the “Risk Factors” heading in Accenture plc’s most recent Annual Report on Form 10-K and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture’s expectations.
Copyright © 2021 Accenture. All rights reserved. Accenture and its logo are registered trademarks of Accenture.
Jens R. Derksen
Accenture Industry X
+49 175 5761393
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Yvonne Bernerth
Accenture
+49 6173 94 67561
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PITTSBURGH--(BUSINESS WIRE)--Wabtec Corporation (NYSE: WAB) released today its 2021 Sustainability Report, which highlights the company’s accomplishments and commitments to building a more sustainable future by developing innovative technologies, driving responsible operations, and empowering people and communities around the globe.
“For more than 150 years, Wabtec has looked for ways to improve safety and make a positive impact on people and the planet,” said Rafael Santana, President and CEO of Wabtec. “Today, the scope of sustainability requires broader consideration across the environmental, social, and economic landscape, so we must find more ways to enable efficiency, innovation, and human connection. This year’s report highlights the actions we have taken to accelerate our sustainability priorities, evolve our culture, and innovate groundbreaking technologies that will help build a cleaner, safer, more inclusive world.”
The notable actions taken across the company to advance its sustainability strategy, include:
“Despite the disruptions of the past year, we realized significant growth in several key areas, from the eco-efficiency of our product portfolio to reductions in our greenhouse gas emissions intensity,” said Santana. “Driving sustainable improvements is a journey that requires dedication and focus. We are committed to mitigating the impacts of climate change within our products and operations, doing more to create a diverse workforce, and empower our people to bring the best innovations to every customer we serve.”
To download and read the full report, visit www.WabtecCorp.com/Sustainability
About Wabtec
Wabtec Corporation (NYSE: WAB) is focused on creating transportation solutions that move and improve the world. The company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for over 150 years and has a vision to achieve a low- to zero-emission rail system in the U.S. and worldwide. The company has approximately 27,000 employees located at facilities in 50 countries throughout the world. Visit Wabtec’s website at: www.wabteccorp.com.
Media Contacts:
Tim Bader
682-319-7925
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Wabtec Investor Contact
Kristine Kubacki, CFA
412-450-2033
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CAMDEN, N.J.--(BUSINESS WIRE)--American Home Solutions, part of American Water’s Homeowner Services Group, announced today it has entered into an agreement with ONE Gas, one of the largest, 100% regulated natural gas utilities in the U.S., to provide optional home warranty protection programs to homeowners and renters in Texas and Oklahoma.
“We are thrilled to partner with ONE Gas to provide homeowners and renters an affordable and reliable solution specifically tailored to shield customers from the costs of unexpected home repairs,” said Eric Palm, President, Homeowner Services Group. “Most standard homeowners’ insurance policies typically do not cover repairs from normal wear and tear on service lines or home systems. This is where we step in – American Home Solutions offers peace of mind protection and first-class customer service.”
Through the agreement, affordable home warranty protection programs will be offered to customers of Texas Gas Service and Oklahoma Natural Gas, divisions of ONE Gas. Providing peace-of-mind protection from expenses and hassles that arise from unexpected repairs to utility service lines and HVAC systems in their home.
“Our partnership with American Home Solutions aims to protect customers in the Texas and Oklahoma markets from unexpected repair costs to vital lines,” said Chris Sighinolfi, Vice President, ONE Gas. “Saving our customers from the hassle and time when issues arise, is one of the great benefits of working with this well-respected home solutions provider.”
Educational resources about these programs will be arriving to eligible homeowners and renters in the mail. To learn more about the American Home Solutions and ONE Gas agreement and product offerings, visit: yourhomesolutions.com/ONE-Gas.
About American Home Solutions
Pivotal Home Solutions does business as American Home Solutions in select markets. Pivotal Home Solutions has an A+ rating from the Better Business Bureau and is part of American Water’s Homeowner Services Group, protecting homeowners from top to bottom, inside and out, including outside water and sewer lines, plumbing and electrical systems, HVAC maintenance and installation, and appliance repairs. For more information, visit Pivotal Home Solutions at yourhomesolutions.com.
About ONE Gas
ONE Gas, Inc. (NYSE: OGS) is a 100-percent regulated natural gas utility, and trades on the New York Stock Exchange under the symbol "OGS." ONE Gas is included in the S&P MidCap 400 Index and is one of the largest natural gas utilities in the United States.
Headquartered in Tulsa, Oklahoma, ONE Gas provides a reliable and affordable energy choice to more than 2.2 million customers in Kansas, Oklahoma and Texas. Its divisions include Kansas Gas Service, the largest natural gas distributor in Kansas; Oklahoma Natural Gas, the largest in Oklahoma; and Texas Gas Service, the third largest in Texas, in terms of customers.
For more information and the latest news about ONE Gas, visit onegas.com and follow its social channels: @ONEGas, Facebook, LinkedIn and YouTube.
Media Contacts:
Alicia Barbieri
Corporate Communications Manager
American Water
856-676-8103
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Christy Penders
Public Relations Manager
Texas Gas Service
512-791-3450
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Liza Steger
Public Relations Manager
Oklahoma Natural Gas
918-313-6730
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Internal "Bin 99" program has successfully gathered over 10,000 pounds of recyclable plastics from Brightmark staff
ASHLEY, Ind.--(BUSINESS WIRE)--Brightmark, the global waste solutions provider, recognizes America Recycles Day by announcing it has collected over 10,000 pounds of recyclable plastics through its internal "Bin 99" program. On America Recycles Day, the importance and impact of recycling is recognized due to its contribution to American prosperity and the protection of our environment.
"Bin 99" is a program in which staff at Brightmark's Ashley, Indiana Plastics Renewal Facility donate plastic waste generated by their households for conversion into ultra-low sulfur diesel fuel, naphtha blend stocks and wax. Given that plastic waste cannot be donated to the company from non-staff members, this milestone represents a deep-seeded dedication to sustainability from Brightmark's team.
“10,000 pounds of plastic waste is a remarkable number, and Brightmark is proud to convert this waste into sustainably-made, useful end-products," said Mike Dungan, Brightmark Feedstock Development Director and Co-Champion of the "Bin 99" program. "The fact that all these recyclable materials–mostly comprised of general household packaging, food containers and old toys came from less than 40 employees living less than 10 miles away from the facility shows that communities of any size can truly make a difference in reimagining waste."
"When Bin 99 kicked off in July of 2020, we had no idea that we would ever reach such a milestone," said Esther Steffen, Finance Controller at Brightmark and Co-Champion of the "Bin 99" program. “It is spectacular to know it was entirely complied in a little over a year by our own staff which shows the company-wide dedication to sustainably renewing plastic waste and pursuing a circular future.”
When fully operational, Brightmark's Ashley, Indiana Plastics Renewal Facility, now in pilot phase, will divert 100,000 tons of plastic waste each year from landfills and incinerators and convert it into 18 million gallons of ultra-low sulfur diesel fuel and naphtha blend stocks and 6 million gallons of wax – this is more plastic than the weight of 5,400 tractor-trailers or seven Brooklyn Bridges. The facility is anticipated to achieve fully operational status in 2022.
ABOUT BRIGHTMARK
Brightmark is a global waste solutions company with a mission to reimagine waste. The company takes a holistic, closed loop, circular economy approach to tackling the planet’s most pressing environmental challenges with imagination and optimism for the future. Through the deployment of disruptive, breakthrough waste-to-energy solutions focused on plastics renewal (plastic waste-to-fuel) and renewable natural gas (organic waste-to-fuel), Brightmark enables programs specifically tailored to environmental needs in order to build scalable project solutions that have a positive impact on the world and communities in which its stakeholders live and work. For more information, visit www.brightmark.com.
Media:
Cory Ziskind
ICR
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646-277-1232
NEUILLY-SUR-SEINE, France--(BUSINESS WIRE)--Bureau Veritas (Paris:BVI), a world leader in testing, inspection and certification is ranked #1 in the Professional Services Industry category - encompassing the TIC sector - of the 2021 Dow Jones Sustainability Indices (DJSI) Corporate Sustainability Assessment rankings.
The Group achieved a score of 85/100 compared to an industry average of 34/100. Its assessment results range from 85 to 86 in the three criteria: Governance & Economic, Environmental and Social.
Didier Michaud-Daniel, Chief Executive Officer of Bureau Veritas, commented:
“We are proud to rank first in our professional category, and count among the world’s sustainability top-performing companies in the DJSI. This recognition reflects Bureau Veritas’ continuous efforts to be a role model in the industry in terms of Sustainability, particularly regarding environmental, social and good governance issues. It illustrates the engagement of our 78,000 Trust Makers, throughout all levels of the company, in contributing to having a positive impact on people and the planet.”
Manjit Jus, Global Head of ESG Research, S&P Global, added:
"We congratulate Bureau Veritas for being included in the Dow Jones Sustainability Index (DJSI) World. A DJSI distinction is a reflection of being a sustainability leader in your industry. The record number of companies participating in the 2021 S&P Global Corporate Sustainability Assessment is testament to the growing movement for ESG disclosure and transparency."
The DJSI are float-adjusted market capitalization weighted indices that measure the performance of companies selected using environmental, social and governance (ESG) criteria.
The DJSI, including the Dow Jones Sustainability World Index (DJSI World), were launched in 1999 as the pioneering series of global sustainability benchmarks available in the market. The index family comprises of global, regional and country benchmarks.
Being named the most responsible company in its industry category, while contending with 43 other companies, is recognition of Bureau Veritas’ commitment to be exemplary in terms of sustainability internally while offering a wide range of sustainability services and solutions through its BV Green Line.
About Bureau Veritas
Bureau Veritas is a world leader in laboratory testing, inspection and certification services. Created in 1828, the Group has more than 78,000 employees located in more than 1,600 offices and laboratories around the globe. Bureau Veritas helps its 400,000 clients improve their performance by offering services and innovative solutions in order to ensure that their assets, products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility.
Bureau Veritas is listed on Euronext Paris and belongs to the Next 20 index.
Compartment A, ISIN code FR 0006174348, stock symbol: BVI.
For more information, visit www.bureauveritas.com, and follow us on Twitter (@bureauveritas) and LinkedIn.
Our information is certified with blockchain technology.
Check that this press release is genuine at www.wiztrust.com.
ANALYST/INVESTOR CONTACTS
Laurent Brunelle
+33 (0)1 55 24 76 09
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Florent Chaix
+33 (0)1 55 24 77 80
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MEDIA CONTACTS
Caroline Ponsi Khider
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HOUSTON--(BUSINESS WIRE)--SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the Company”) today announced it has entered into an amendment to its senior secured revolving credit facility (“Credit Facility”) under which the borrowing base has been increased from $300 million to $460 million in connection with its regularly scheduled semi-annual redetermination and in conjunction with closing its previously announced acquisition on October 11, 2021. Concurrently, the Company has also entered into an amendment to its Second Lien Notes Purchase Agreement (“Second Lien Facility”) which extends the maturity date from December 2024 to December 2026 subject to paying down the principal amount of the Second Lien Facility from $200 million to $150 million. The Company intends to make the $50 million payment later this month.
MANAGEMENT COMMENTS
Sean Woolverton, SilverBow’s Chief Executive Officer, commented, “I would like to thank our bank syndicate for their support as we continue to execute on our key objectives. The 50% increase to our borrowing base reflects the value SilverBow has added through the drillbit, our previously announced acquisitions and improved commodity prices. Our liquidity is now at the highest level it has been since early 2018.”
Mr. Woolverton commented further, “SilverBow is well positioned to play offense as we evaluate strategic M&A and further develop our Eagle Ford and Austin Chalk assets. The Company’s enhanced liquidity broadens our opportunity set, as evidenced by the maturity extension and redemption optionality of our Second Lien Facility. By extending the maturity runway to late 2026, we can be thoughtful on adding accretive assets to the portfolio, generating free cash flow and further enhancing shareholder value.”
LIQUIDITY UPDATE
As of October 31, 2021, the Company had $2.6 million in cash and $199 million of outstanding borrowings under its Credit Facility. Adjusted for the increase to the borrowing base to $460 million, the Company had $261 million of undrawn capacity and $2.6 million in cash, resulting in $264 million of liquidity. This is not inclusive of the aforementioned $50 million paydown of the Second Lien Facility.
ABOUT SILVERBOW RESOURCES, INC.
SilverBow Resources, Inc. (NYSE: SBOW) is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas in the Eagle Ford Shale and Austin Chalk in South Texas. With over 30 years of history operating in South Texas, the Company possesses a significant understanding of regional reservoirs which it leverages to assemble high quality drilling inventory while continuously enhancing its operations to maximize returns on capital invested. For more information, please visit www.sbow.com. Information on the Company’s website is not part of this release.
FORWARD-LOOKING STATEMENTS
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent management's expectations or beliefs concerning future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, risks and uncertainties discussed in the Company’s reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this news release. You should not place undue reliance on these forward-looking statements.
Jeff Magids
Director of Finance & Investor Relation
(281) 874-2700, (888) 991-SBOW
Global software leader dedicated to the energy industry exhibiting in the Digitalization Zone at booth #13593
HOUSTON--(BUSINESS WIRE)--Quorum Software (Quorum), the global software leader dedicated to the energy industry, will be attending the Abu Dhabi International Petroleum and Exhibition Conference (ADIPEC) 2021. ADIPEC is one of the world’s largest oil and gas events, where international leaders convene in the Middle East to engage and identify opportunities in an evolving energy landscape. Quorum will exhibit its cloud-first software that connects people and information with business workflows across the global energy ecosystem in the Digitalization Zone at booth #13593.
“This year brought unprecedented growth for Quorum globally,” said Kaare Lunde, Executive Vice President at Quorum Software and leader of the international oil and gas business unit Quorum recently acquired from TietoEVRY. “Quorum remains committed to driving value for energy companies in the Middle East and throughout the world,” continued Lunde. “We look forward to connecting with policymakers, industry leaders and professionals at ADIPEC 2021 to address the most pressing issues facing the energy sector.”
Earlier this year, Quorum merged with Aucerna, a global provider of integrated planning, execution, and reserves software for the energy industry. Operating as Quorum Software, the combined company recently acquired TietoEVRY’s Oil and Gas software business, including flagship solutions Energy Components and DaWinci. Together, the company now serves more than 1,800 energy customers across 55 countries.
ADIPEC 2021 is the inaugural event that introduces Quorum’s combined capabilities to the global energy market. Solution experts from Quorum will provide software demonstrations in the Digitalization Zone and meet with ADIPEC participants to solve their digital transformation challenges.
To learn more about Quorum, visit quorumsoftware.com.
About Quorum Software
Quorum Software connects people and information across the energy value chain. Twenty years ago, we built the first software for gas plant accountants. Pipeline operators came next, followed by land administrators, pumpers, and planners. Since 1998, Quorum has helped thousands of energy workers with business workflows that optimize profitability and growth. Our vision for the future connects the global energy ecosystem through cloud-first software, data standards, and integration. The trusted source of decision-ready data for 1,800+ companies, Quorum Software makes the essential connections that let us work better together in the connected energy workplace. For more information, visit quorumsoftware.com.
Adam Cormier
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617.502.4384
Records $13.5 million gain on sale of Electronics & Software business segment
MINNETONKA, Minn.--(BUSINESS WIRE)--Communications Systems, Inc. (NASDAQ: JCS) (“CSI” or the “Company”), which has operated as a global IoT intelligent edge products and IT managed services company, today announced consolidated financial results for the third quarter (“Q3”) ended September 30, 2021.
Management Comments for Q3 2021
Roger Lacey, CSI’s Interim CEO and Chairman of the Board, commented, “During Q3 2021, we continued our positive trajectory of growing revenues and improving margins in our Services & Support business segment, after the loss of that segment’s large educational customer. Our acquisitions of Ecessa in May of 2020 and IVDesk by JDL in late 2020, and our efforts to provide clients with add-on services resulted in a 74% increase of recurring revenues to $1.5 million in Q3 of 2021 as compared to the same quarter of last year, while margins improved due to steps we took to both lower our overhead and increase our higher-margin services revenue. Our focus in Q3 and continuing into Q4 has been on integrating the offerings of these three companies to create a new product for the market that leverages the success each has had in its space and to provide an end-to-end business solution for new and existing clients. Also of note, the sale of our Electronics & Software (“E&S”) business segment to Lantronix, Inc. (Nasdaq: LTRX) (“Lantronix”) closed on August 2, 2021. Therefore, all results from our former E&S segment are included in discontinued operations for the 2021 third quarter and all prior periods.”
Mr. Lacey added, “During the quarter, we continued to make progress towards our goal of completing the previously announced merger transaction with Pineapple Energy, LLC (“Pineapple”), a growing U.S. operator and consolidator of residential solar, battery storage, and grid services solutions. As previously announced, our plan has been to distribute available sale proceeds from any pre-merger divestitures, together with other available cash in the form of a cash dividend to existing CSI shareholders prior to the effective date of the Pineapple merger. On October 15, 2021, CSI paid a special dividend of $3.50 per share for a total of $34.0 million from the $40.9 million of cash, cash equivalents, and liquid investments on our balance sheet as of September 30, 2021, which included $23.6 million in proceeds received from Lantronix following the sale of the E&S segment.”
Mr. Lacey added, “Additionally, under terms of the merger agreement, each CSI shareholder as of the close of the business day immediately preceding the effective time of the merger will receive Contingent Value Rights (“CVRs”) that reflect the right to receive a portion of the net proceeds from the sale of legacy CSI businesses and assets, after the closing of the merger. The Company intends to pay any additional dividends prior to the merger and make any payments to the holders of the CVRs after the merger using supplementary cash, cash equivalents, and investments and proceeds to be received from other legacy CSI assets and businesses that may be sold before or after the merger with Pineapple is completed, including:
Mark Fandrich, the Company’s Chief Financial Officer added, “On November 12, 2021, we filed with the Securities and Exchange Commission a registration statement on Form S-4 that includes a preliminary proxy statement of CSI relating to a special meeting to seek shareholder approval of the Pineapple merger transaction and other matters and that also constitutes a preliminary prospectus of CSI relating to the Pineapple merger transaction. This was an important milestone for the Pineapple merger transaction, and we look forward to providing additional updates to our shareholders as we move forward.”
CSI shareholders and investors should review the important information below under “Additional Information about the Merger and Where to Find It.”
Q3 2021 Summary
Q3 2021 Segment Financial Overview
Services & Support
(in 000s) |
Three Months Ended September 30 |
Nine Months Ended September 30 |
||
|
2021 |
2020 |
2021 |
2020 |
Sales |
$ 1,947 |
$ 3,530 |
$ 5,719 |
$ 5,882 |
Gross profit |
834 |
1,340 |
2,260 |
2,090 |
Operating (loss) income |
55 |
431 |
(376) |
370 |
Services & Support sales decreased 45% to $1,947,000 in the third quarter of 2021 compared to $3,530,000 in the third quarter of 2020. Revenues from the education sector decreased $2,248,000 or 97% in the third quarter of 2021 as compared to the 2020 third quarter due to the substantial completion of projects from the Company’s Florida school district customer in the prior year. The Company was not selected as the primary vendor on the next multi-year project for this school district, but has been selected as the secondary vendor for structured cabling and enterprise networking.
Revenue from sales to SMBs, which are primarily financial, healthcare and commercial clients, increased $721,000 or 69% in the third quarter of 2021 as compared to the third quarter of 2020 due to the acquisition of the assets of IVDesk on November 3, 2020. Project and product revenue decreased $2,314,000 or 89% in the third quarter of 2021 as compared to the third quarter of 2020 primarily due to the decrease in the education sector. Services and support revenue increased $731,000 or 80% as compared to the same quarter of the prior year due to the Company’s acquisition of Ecessa and its service and support revenue on its SD-WAN products as well as the acquisition of IVDesk, which contributed $634,000 in revenue during the quarter. Overall, Ecessa contributed $565,000 in revenue during the quarter, an increase of $30,000 over the third quarter of the prior year.
Gross profit decreased 38% to $834,000 in the third quarter of 2021 compared to $1,340,000 in the same period in 2020 due to the decrease in the education sector revenue. Gross margin increased to 42.8% in the third quarter of 2021 compared to 38.0% in the third quarter of 2020 due to the increase in services & support revenue, which has higher margins. Selling, general and administrative expenses decreased 17% in the third quarter of 2021 to $669,000, or 34.4% of sales, compared to $803,000, or 22.7% of sales, in the third quarter of 2020 due to lower compensation related expenses on lower headcount.
Services & Support reported operating income of $55,000 in the third quarter of 2021 compared to operating income of $431,000 in the same period of 2020, primarily due to lower revenues into the education sector.
Discontinued Operations
On August 2, 2021, the Company and Lantronix, Inc. (“Lantronix”) completed the sale by CSI to Lantronix of all issued and outstanding stock of CSI’s wholly owned subsidiary, Transition Networks, Inc., and the entire issued share capital of its wholly owned subsidiary, Transition Networks Europe Limited (collectively with Transition Networks, Inc., the “TN Companies”), pursuant to the securities purchase agreement dated April 28, 2021 (“E&S Sale Transaction”).
On March 11, 2020, CSI announced that its Suttle, Inc. subsidiary had sold the remainder of its business lines including inventory, related capital equipment, intellectual property, and customer relationships to a third party for $8.0 million in cash, with a net working capital adjustment.
As a result of the divestitures, CSI recognized income from discontinued operations of $10.4 million, including the gain on the E&S Sale Transaction, for Q3 2021 and $961,000 for Q3 2020.
Financial Condition
CSI’s balance sheet at September 30, 2021 included cash, cash equivalents, and liquid investments of $40.9 million, and working capital of $3.5 million. The balance sheet included $34.0 million dividends payable, and stockholders’ equity of $18.6 million.
Form 10-Q
For further information, please see the Company’s Form 10-Q, which will be filed on November 15, 2021.
About Communications Systems
Communications Systems, Inc., which has operated as an IoT intelligent edge products and IT managed services company, with its planned merger with Pineapple Energy will be positioned to acquire and grow leading local and regional solar, storage, and energy services companies nationwide. The vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage on consumers' homes.
No Offer or Solicitation
This press release is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Additional Information about the Merger and Where to Find It
In connection with the proposed Pineapple merger transaction, CSI filed with the SEC a registration statement on Form S-4 on November 12, 2021 (File No. 333-260999), that includes a preliminary proxy statement and that also constitutes a preliminary prospectus. CSI intends to file other relevant documents with the SEC regarding the proposed Pineapple merger transaction, including the definitive proxy statement/prospectus. The information in the preliminary proxy statement/prospectus is not complete and may be changed. This press release is not a substitute for the preliminary proxy statement/prospectus or registration statement or any other document that CSI may file with the SEC. The definitive proxy statement/prospectus (if and when available) will be mailed to shareholders of CSI.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS IF AND WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT CSI AND THE PROPOSED PINEAPPLE MERGER TRANSACTION AND RELATED TRANSACTIONS. Investors and security holders are able to obtain free copies of the registration statement, preliminary proxy statement/prospectus and all other documents containing important information about CSI and the proposed transaction, once such documents are filed with the SEC, including the definitive proxy statement/prospectus if and when it becomes available, through the website maintained by the SEC at http://www.sec.gov. Copies of any documents CSI files with the SEC may be obtained free of charge on CSI’s website at https://www.commsystems.com/investor-resources under “Financial Reports.”
Participants in the Solicitation
CSI and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of CSI, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in CSI’s Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the SEC on March 31, 2021, and an amendment to the Annual Report on Form 10-K/A, which was filed on April 30, 2021. Investors may obtain additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction by reading the preliminary proxy statement/prospectus, including any amendments thereto, as well as the definitive proxy statement/prospectus if and when it becomes available and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors should read the registration statement, the preliminary proxy statement/prospectus, and the definitive proxy statement/prospectus, if and when it becomes available, carefully before making any voting or investment decisions. You may obtain free copies of these documents from CSI through CSI’s website at https://www.commsystems.com/investor-resources under “Financial Reports.”
Forward-Looking Statements
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Communications Systems’ current expectations or beliefs and are subject to uncertainty and changes in circumstances. There can be no guarantee that the previously announced proposed CSI- Pineapple Energy merger transaction will be completed, or that it will be completed as currently proposed, or at any particular time. Actual results may vary materially from those expressed or implied by the statements here due to changes in economic, business, competitive or regulatory factors, and other risks and uncertainties affecting the operation of Communications Systems’ business, as well as the business of Pineapple Energy. These risks, uncertainties and contingencies are presented in the Company’s Annual Report on Form 10-K and, from time to time, in the Company’s other filings with the Securities and Exchange Commission. The information set forth herein should be read considering these risks. Further, investors should keep in mind that the Company’s financial results in any period may not be indicative of future results. Communications Systems is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether because of new information, future events, changes in assumptions or otherwise. Current factors include:
Selected Income Statement Data |
||||||||||||
|
|
Unaudited |
||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
|
Sept. 30, 2021 |
|
Sept. 30, 2020 |
|
|
Sept. 30, 2021 |
|
Sept. 30, 2020 |
||
Sales |
|
$ |
1,828,299 |
$ |
3,354,306 |
|
$ |
5,313,047 |
$ |
5,321,683 |
||
Gross profit |
|
|
715,771 |
|
1,172,717 |
|
|
1,853,716 |
|
1,565,208 |
||
Operating loss from continuing operations |
|
|
(1,867,432) |
|
(964,500) |
|
|
(6,156,026) |
|
(4,043,747) |
||
Operating loss from continuing operations before income taxes |
|
|
(1,797,915) |
|
(689,766) |
|
|
(6,321,864) |
|
(3,096,337) |
||
Income tax expense |
|
|
5,170 |
|
8,952 |
|
|
5,760 |
|
4,049 |
||
Income from discontinued operations |
|
|
10,411,404 |
|
961,083 |
|
|
10,835,605 |
|
2,931,863 |
||
Net income (loss) |
|
$ |
8,608,319 |
$ |
262,365 |
|
$ |
4,507,981 |
$ |
(168,523) |
||
|
|
|
|
|
|
|
|
|
|
|
||
Basic net income (loss) per share |
|
$ |
0.89 |
$ |
0.03 |
|
$ |
0.48 |
$ |
(0.02) |
||
Diluted net income (loss) per share |
|
$ |
0.89 |
$ |
0.03 |
|
$ |
0.47 |
$ |
(0.02) |
||
Cash dividends declared per share |
|
$ |
3.50 |
$ |
0.00 |
|
$ |
3.50 |
$ |
0.04 |
||
|
|
|
|
|
|
|
|
|
|
|
||
Average basic shares outstanding |
|
|
9,631,064 |
|
9,355,425 |
|
|
9,476,264 |
|
9,323,902 |
||
Average dilutive shares outstanding |
|
|
9,715,252 |
|
9,444,986 |
|
|
9,660,317 |
|
9,323,902 |
||
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||
Selected Balance Sheet Data |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Unaudited Sept. 30, 2021 |
|
Audited Dec. 31, 2020 |
|
|
|
|
|
||
Total assets |
|
$ |
56,962,123 |
$ |
55,556,325 |
|
|
|
|
|
||
Cash, cash equivalents & liquid investments |
|
|
40,940,150 |
|
21,456,865 |
|
|
|
|
|
||
Working capital |
|
|
3,540,530 |
|
28,320,602 |
|
|
|
|
|
||
Property, plant and equipment, net |
|
|
5,800,827 |
|
7,242,072 |
|
|
|
|
|
||
Long-term liabilities |
|
|
466,689 |
|
623,947 |
|
|
|
|
|
||
Stockholders’ equity |
|
|
18,564,955 |
|
47,494,727 |
|
|
|
|
|
||
Communications Systems, Inc.
Roger H. D. Lacey
Executive Chair and Interim Chief Executive Officer
952-996-1674
Mark D. Fandrich
Chief Financial Officer
952-582-6416
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The Equity Group Inc.
Lena Cati
Vice President
212-836-9611
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Devin Sullivan
Senior Vice President
212-836-9608
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PARIS--(BUSINESS WIRE)--Regulatory News:
Technip Energies (PARIS:TE) (ISIN:NL0014559478) and PETRONAS have signed a Heads of Agreement (HOA) establishing a strategic collaboration framework for the further development and commercialization of carbon capture technologies.
These include PETRONAS’ Rotating Pack Bed assisted cryogenic CO2 recovery technology (CryoMin), and membrane based CO2 recovery technology (PN2).
Technip Energies and PETRONAS are committed to accelerating the transition to a net-zero carbon future through increasing innovation and fostering active technology collaborations.
Both companies will work together on furthering the development of carbon capture technologies as well as the associated services and equipment, in order to help operators reduce their assets’ carbon emissions in a sustainable manner.
Arnaud Pieton, CEO of Technip Energies, commented: “Collaboration is vital across the industry to accelerate energy transition. We are proud to have signed this strategic partnership with PETRONAS, a long-standing client and partner which has in the past entrusted Technip Energies to design and deliver some of its most iconic assets. This new partnership extends our historical collaboration with PETRONAS into technology development within energy transition, calling on Technip Energies’ extensive capabilities on decarbonization technologies. It will generate unique synergies by combining Technip Energies’ and PETRONAS’ respective experiences in the development of essential technologies for the capture and management of CO2. I trust that the technologies that we will co-develop and commercialize will serve the decarbonization efforts of PETRONAS and other clients extensively.”
Bacho Pilong, Senior Vice President of Project Delivery and Technology at PETRONAS, said: “PETRONAS leverages on innovations in a holistic approach towards its Net Zero Carbon Emissions 2050 aspiration and has identified carbon capture, utilization and storage (CCUS) technologies among core enablers towards achieving the ambition. We are excited about the many possibilities to be created under this collaboration between two companies equally passionate about advancing technologies that will mutually progress our sustainability agenda.
We also hope our synergy and the ensuing successes will spur similar partnerships that meet the triple bottom lines of profit, people and the planet for a better tomorrow”.
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”). For further information: www.technipenergies.com.
About Petroliam Nasional Berhad (PETRONAS)
We are a dynamic global energy group with presence in over 50 countries. We produce and deliver energy and solutions that power society’s progress in a responsible and sustainable manner.
We seek energy potential across the globe, optimising value through our integrated business model. Our portfolio includes cleaner conventional and renewable resources and a ready range of advanced products and adaptive solutions.
Sustainability is at the core of what we do as we harness the good in energy to elevate and enrich lives. People are our strength and partners for growth, driving our passion for innovation to progress towards the future of energy sustainability.
Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.
All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.
Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.
Investor relations
Phillip Lindsay
Vice-President Investor Relations
Tel: +44 20 7585 5051
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Media relations
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Director Press Relations & Digital Communications
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- Suggested strategies for zero carbon emission from power generation, power network reinforcement and optimal operation, and securing of key technologies on time
- Entered into a business agreement for promoting technology development strategies and projects, and promoting mutual cooperation to support the realization of the vision
GWANGJU, South Korea--(BUSINESS WIRE)--#BIXPO2021--Korea Electric Power Corporation (KEPCO, President & CEO: Cheong Seung-il) (KRX:015760) and six public power enterprises declared 'ZERO for Green,' the vision for carbon neutrality at the BIXPO 2021 opening ceremony held on November 10 at Kimdaejung Convention Center in Gwangju.
The vision declaration was organized for public power companies to express their strong commitment to fulfilling the responsibility for carbon neutrality and turning it into a new opportunity.
At the same time, the companies announced the joint technology development strategies for supporting the fulfillment of the vision along with a key project to implement the strategies and entered into a business agreement to further strengthen solidarity and cooperation.
The 'ZERO for Green' conveys the public power companies’ strong commitment to leading innovation for achieving carbon neutrality throughout the value chain process of the power industry, such as energy production (power generation), distribution (power network), and use (efficient consumption). The 'ZERO' stands for Zero Emission, Reliable Energy, and On Time.
To achieve ZERO for Green, it is necessary to select essential technologies for realizing carbon neutrality in the energy transformation sector and to improve technological level by expanding investment in the technologies.
For the carbon-neutral technology development strategies announced together with the vision declaration, improving the efficiency of energy supply and consumption, expanding renewable energy to reduce carbon emissions in power generation industry, transforming to hydrogen and ammonia fuel, and establishing an intelligent power grid for power distribution to consumers were set as the key technological development areas, and the promotional directions for each area were suggested.
Recognizing the importance of cooperation in developing, verifying, and spreading key technologies in the process of realizing carbon neutrality, the public power companies entered into a business agreement for carbon neutrality in order to solidify and declare their cohesive power, and thus further promote solidarity and cooperation in all areas of the power industry ecosystem.
The vision declaration holds significance as it was the first official declaration of public power companies’ will to establish and implement a joint vision and strategies for realizing carbon neutrality as the key players for energy transformation.
While continuously focusing their capacities on achieving 'ZERO for Green,' the carbon neutrality vision, the public power companies will encourage domestic and international stakeholders’ participation in the energy industry ecosystem for de-carbonization and technology innovation based on solidarity and cooperation, and ultimately promote joint effort to realize the national goal of carbon neutrality.
For KEPCO
PR HOUSE
Ara Jo
+82 (70) 4278-1938
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New ZEB operational technology reduces standard primary energy consumption by 115% in first year
TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today that its SUSTIE® net zero-energy building (ZEB) test facility, which launched at the company’s Information Technology R&D Center (Kamakura, Kanagawa Prefecture) in 2020, reduced its energy consumption to less than 0%, meaning that it created more energy than it consumed, in its first full year of operation. The facility, a medium-sized office building with more than 6,000m2 of floor space and equipped with solar panels, deployed ZEB operating technology to optimize operations, resulting in a 115% reduction in energy use compared to standard primary energy consumption as specified in Japan’s Building Energy Conservation Law (values differ according to region and building use). The results demonstrate that ZEB-level operation is possible even in dense urban areas while maintaining a highly comfortable and productive work environment.
For the full text, please visit: www.MitsubishiElectric.com/news/
Customer Inquiries
Information Technology R&D Center
Mitsubishi Electric Corporation
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Media Inquiries
Takeyoshi Komatsu
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Mitsubishi Electric Corporation
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www.MitsubishiElectric.com/news/
-BioCloud Positive Detection Confirmed by Third-Party Laboratory Testing and Generates Significant Data and Analytics-
TORONTO--(BUSINESS WIRE)--Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) ("Kontrol" or the "Company") a leader in smart buildings and cities through IoT, Cloud and SaaS technology, today announced that the Kontrol BioCloud (or "BioCloud") technology delivered repeated, real-time detections of COVID-19 from four individuals.
The successful detection was completed as part of Kontrol's internal data, analytics, and reporting, as supported by PCR testing and independent laboratory confirmation of positive detection results.
"Completing multiple successful positive detections represents another significant milestone achieved for BioCloud,” said Paul Ghezzi, CEO of Kontrol. “In addition, we were able to collect a significant amount of real-time data that will provide additional value to our partners, customers and other applicable relevant organizations. The in-field validation provides critical information on the operation of BioCloud in the presence of the SARS-CoV-2 virus and further advances BioCloud as a leading ambient air monitoring technology."
The data collocated is based on a number of metrics which are divided into four primary sections in the results compiled by the Company. See link to report at https://kontrolbiocloud.com/positivedetection
"BioCloud was designed as an early detection system for viruses and pathogens by continuously monitoring and sampling the ambient air in rooms where individuals gather," said Gary Saunders, President of Kontrol BioCloud. "The results achieved through real-time detection of the SARS-CoV-2 virus is further validation of the value of our technology, and the important data collected in real-time will be shared with researchers and government agencies.”
Further updates on BioCloud will be provided on the Q3 Conference Call.
Kontrol will host a conference call on Monday, November 15th, 2021, at 4:30 PM EST to discuss Kontrol’s third quarter 2021 financial results. To participate, please use the following information:
Title: |
Kontrol Technologies Reports Q3 2021 Financial Results |
Event Date and Time: |
Monday, November 15, 2021, at 4:30 PM EST |
Event Duration: |
30 Minutes |
Event Link: |
|
Conference Call- in Numbers: |
Toronto Local: 416-764-8609 North American Toll Free: 888-390-0605 |
Confirmation #: |
51630465 |
Please dial in at least 5 minutes before the call start time to ensure timely participation.
About Kontrol BioCloudTM
Kontrol BioCloud (“BioCloud”) is an operating subsidiary of Canadian public company Kontrol Technologies. The BioCloud technology is a real-time analyzer designed to detect airborne viruses and pathogens. BioCloud is an air quality technology and not a medical device. BioCloud has been designed to operate as a safe space technology by sampling the air quality continuously. With a proprietary detection chamber that can be replaced as needed, viruses are detected, and a silent notification system is created. BioCloud can be applied to any space where individuals gather including classrooms, offices, retirement homes, hospitals, mass transportation and others.
Additional information about Kontrol BioCloud can be found on its website at www.kontrolbiocloud.com
About Kontrol Technologies Corp.
Kontrol Technologies Corp., a Canadian public company, is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol provides a combination of software, hardware, and service solutions to its customers to improve energy management, air quality and continuous emission monitoring.
Additional information about Kontrol Technologies Corp. can be found on its website at www.kontrolcorp.com and by reviewing its profile on SEDAR at www.sedar.com
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Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy.
Where Kontrol expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that sufficient capital will be available to the Company and that technology will be as effective as anticipated.
However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to, that sufficient capital and financing cannot be obtained on reasonable terms, or at all, that technologies will not prove as effective as expected, that customers and potential customers will not be as accepting of the Company's product and service offering as expected, and government and regulatory factors impacting the energy conservation industry. Kontrol BioCloud is an air quality technology and not a medical device. The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus).
Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. Kontrol does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.
Kontrol Technologies Corp.
Paul Ghezzi
CEO
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180 Jardin Drive, Unit 9, Vaughan, ON L4K 1X8
Tel: (905) 766.0400
Investor Relations:
Brooks Hamilton
MZ Group – MZ North America
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NEW YORK & HOUSTON--(BUSINESS WIRE)--Global Infrastructure Partners (“GIP”), a leading independent infrastructure investor, announced today an agreement to sell its 25.7% interest in Freeport LNG Development, L.P. (“Freeport”) to JERA Americas Inc. for US$2.5 billion, subject to customary purchase price adjustments. GIP’s second flagship fund, Global Infrastructure Partners II, acquired the stake in 2015.
JERA Americas Inc. (“JERA Americas”) is the U.S.-based subsidiary of global energy leader JERA Co., Inc. (“JERA”), the world’s largest buyer of liquefied natural gas (“LNG”). JERA, through its subsidiaries, owns 25% of Freeport LNG Train 1 and purchases and transports 2.32 mtpa of LNG for use in Japan and other LNG importing countries. Closing of the transaction is subject to customary regulatory approvals and closing conditions.
Freeport owns and operates an LNG export facility on Quintana Island, near Freeport, Texas. In May 2020, Freeport completed construction on the third of its three liquefaction trains, which together produce 15+ mtpa and are underpinned by long-term contracts with top-tier offtakers. Today, Freeport is the seventh largest LNG facility in the world, the second largest in the U.S., and the only U.S. facility to use electric motor-driven technology, emitting 90% less CO2 than a comparable gas turbine-driven facility. Freeport is in the process of pursuing multiple accretive growth opportunities across the LNG value chain, including a fully permitted, shovel-ready Train 4 expansion.
Michael Smith, the Chairman, CEO, Founder and majority shareholder of Freeport said, “As global energy needs continue to grow, there is a global push toward a low-carbon future; we are privileged to play a leading role in fulfilling both of these objectives. We liquefy cost-advantaged, clean American natural gas to provide energy security to key allies such as Japan while reducing emissions by using our electric drive motors and displacing coal. Since 2015, GIP has been an invaluable partner, contributing their expertise and relationships. We look forward to building on our success with JERA, who is already a key partner and offtaker at Freeport, and are excited to have them take a larger role in our growing LNG platform.”
Adebayo Ogunlesi, Chairman and Managing Partner of GIP said, “We are extremely proud to have partnered with Michael Smith in transforming Freeport from a regasification facility into a leading LNG export platform that will help drive industrial growth and development. Through its agility and entrepreneurial spirit, Freeport is continuing to innovate and find ways to deliver more LNG with lower carbon intensity to consumers around the world. We congratulate JERA Americas as they participate in the next stage of Freeport’s growth.”
Steven Winn, CEO of JERA Americas said, “Increasing our ownership position in Freeport not only provides JERA Americas with highly cost-competitive LNG that may be used to ensure a stable supply to the global market, it also will allow us to build upon and accelerate some of efforts that Freeport has already initiated toward the goal of cleaner energy. Securing a stable supply of LNG is becoming increasingly important as we witness sharp price increases around the world. We will leverage the knowledge and expertise accumulated through JERA’s global LNG value chain business and power plant operations as we work together with Freeport on its various businesses to meet the growing demand for electricity in Asian countries and help facilitate the transition from coal to lower emission transitional fuel LNG.”
About Freeport LNG
Freeport LNG is an LNG export company headquartered in Houston, Texas. The company’s three train, 15 mtpa liquefaction facility is the seventh largest in the world and second largest in the U.S. Freeport LNG’s liquefaction facility is the largest all-electric drive motor plant of its kind in the world, making it the most environmentally sustainable site of its kind. The facility’s electric drive motors reduce carbon emissions by over 90% relative to gas turbine-driven liquefaction facilities. Freeport plans to expand by adding a fourth liquefaction train, which has received all regulatory approvals for construction. Freeport was formed in 2002 to develop, own and operate an LNG terminal on Quintana Island, near Freeport, Texas. The terminal started LNG import operations in June 2008 and began LNG export operations in 2019. Further information can be found on Freeport’s website at www.freeportlng.com.
About Global Infrastructure Partners
Global Infrastructure Partners is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. GIP targets investments in the energy, transport and water/waste sectors in both OECD and select emerging market countries. GIP’s teams are located in 10 offices: London, New York, Stamford (Connecticut), Sydney, Melbourne, Brisbane, Mumbai, Delhi, Singapore and Hong Kong. GIP’s credit platform provides financing solutions and makes debt and non-common equity investments in infrastructure assets and companies. For more information, visit www.global-infra.com.
About JERA Americas
Houston-based JERA Americas is a leading integrated energy provider supporting the Americas’ energy transition in an environmentally and socially responsible manner. A subsidiary of JERA, the world’s largest buyer of LNG and supplier of 30% of the electricity in Japan, JERA Americas is supporting a “JERA Zero CO2 Emissions 2050” objective to achieve zero CO2 emissions from its businesses by 2050. JERA, which stands for Japanese Energy for a New Era, has a vision to contribute to the development of a sustainable society, and to become a global company that is worthy of the regard of the global energy market and indispensable to the people of the world. Further information may be found at www.jera.co.jp/english/.
Advisors
Rothschild & Co and Mizuho Securities USA LLC are serving as joint financial advisors and Simpson Thacher & Bartlett LLP is serving as legal advisor to GIP. Goldman Sachs & Co. LLC is serving as financial advisor and Sidley Austin LLP is serving as legal advisor to JERA Americas.
GIP Media Contacts
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CLP Strategies
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JERA Media Contact
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HOUSTON--(BUSINESS WIRE)--DXP Enterprises, Inc. (NASDAQ: DXPE) on Friday, November 12, 2021, filed an 8-K with the SEC regarding its plans to transition to a new audit firm for the remainder of fiscal 2021 and for fiscal 2022. The Company determined that in order to timely complete its audit for 2021, rather than wait for its existing auditor to complete its review of the Q3 Form 10-Q before resigning, it would need to immediately replace its existing auditor so that the review of the Company’s Q3 Form 10-Q and its full year audit and review of its internal controls could be run in parallel. Management believes this will give it the best chance of completing its fiscal 2021 full year audit on time and facilitate a successful transition to a new accounting firm in fiscal 2022.
Given the unexpected nature surrounding the circumstances, how late it is in the year and the current squeeze on accounting firm resources in the marketplace, the Company made the decision to appoint McConnell & Jones LLP (“McConnell Jones”) given the firm’s willingness to devote substantial resources to the audit and the breadth, experience and ability to conduct an integrated audit. The Company made the decision to select McConnell Jones as its interim auditor until the Company could more fully review and facilitate an orderly transition during the first half of fiscal 2022. The Company appreciates the willingness of McConnell Jones to step in so late in the year. In choosing McConnell Jones, not only did they have the staffing resources, but they were more than qualified. The deep experience of the firm’s personnel, with roots in big four accounting firms and over thirty years in the business, makes them more than capable to review the Q3 Form 10-Q and complete the full year audit. As customary in an auditor transition, the Company will select an independent registered public accounting firm for fiscal 2022 appropriate for the size, scale and complexity of the Company.
Kent Yee, CFO remarked, “This plan and recent choices have been about the future of DXP and to align with our vision and plan for the finance and accounting function. When you are in a growth environment, change is constant, and you look for partners, solutions and situations that complement your growth. DXP is no different. While we would have preferred a more orderly or conventional transition, that was not applicable to these circumstances. As we have communicated in the recent past, DXP has always valued conservatism, accuracy and timeliness given the multiple stakeholders including customers, vendors, debt and equity investors, rating agencies and the like. We appreciate McConnell Jones and their willingness to dedicate resources over the short term to get our filings back on schedule as we build a bridge to an audit firm commensurate with our business and priorities.”
Gene Padgett, CAO added, “We will remain focused on continuous improvement and a raised bar as we transition to providers and resources that match DXP. Kent, Stephen (DXP’s controller) and I have always talked about aligning service providers and tools befitting of DXP. We are at that inflection point and look forward to our successful transition.”
Kent Yee, CFO concluded, “Our next step, is about aligning partners and the level of expertise and service that fits DXP’s size and evolution going forward. DXP’s business and financial health has never been stronger and as I have said in the past, this can get lost given the unfortunate noise surrounding our recent filings and the finance and accounting groups growth process. DXP has done a great job rebounding from COVID, successfully reduced DXP’s oil and gas exposure fueled by acquisitions (today less than thirty percent) and continued to invest in the business for go-forward improvement, scalability and performance as well as executing on our share repurchase program. This is the messaging that is important.”
About DXP Enterprises, Inc.
DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production ("MROP") services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP's breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP’s business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to www.dxpe.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. These forward-looking statements include without limitation those about the Company’s expectations regarding the impact of and recovery from the COVID-19 pandemic and the impact of low commodity prices of oil and gas; the Company’s business, the Company’s future profitability, cash flow, liquidity, and growth. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; decreases in oil and natural gas prices; decreases in oil and natural gas industry expenditure levels, which may result from decreased oil and natural gas prices or other factors; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, economic risks related to the impact of COVID-19, ability to manage changes and the continued health or availability of management personnel and changes in customer preferences and attitudes. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, “may,” “will,” “should,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “goal,” or “continue” or the negative of such terms or other comparable terminology. For more information, review the Company’s filings with the Securities and Exchange Commission. More information on these risks and other potential factors that could affect the Company’s business and financial results is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
Kent Yee, 713-996-4700
Senior Vice President, CFO
www.dxpe.com
NEW YORK--(BUSINESS WIRE)--#BankofAmerica--Hess Corporation (NYSE: HES) announced today that John Hess, Chief Executive Officer, will speak at the Bank of America Securities 2021 Global Energy Conference on November 17, 2021 at 9:00 a.m. Eastern Time.
A live audio webcast and a replay of the presentation will be accessible via Hess Corporation’s website.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at https://www.hess.com/.
Cautionary Statements
This presentation will contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain risk factors. A discussion of these risk factors is included in the company’s periodic reports filed with the Securities and Exchange Commission.
Investor contact:
Jay Wilson
(212) 536-8940
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Media contact:
Lorrie Hecker
(212) 536-8250
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DUBLIN--(BUSINESS WIRE)--The "Functional Safety Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Functional Safety Market is expected to register a CAGR of 8.3% during the period of 2021-2026.
Companies Mentioned
Key Market Trends
Safety Sensors are Expected to Hold a Significant Share
United States Expected to Dominate the Market
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Industry Value Chain Analysis
4.4 Market Drivers
4.4.1 Growing Standards of Industrial Safety
4.4.2 Increasing Adoption of Functional Safety Systems in a Wide Range of Industries
4.5 Market Restraints
4.5.1 Increasing Complexity Coupled with High Initial Costs and Maintenance Costs
4.6 Assessment of COVD-19 Impact on the Industry
5 MARKET SEGMENTATION
5.1 Device Type
5.2 Safety Systems
5.3 End-user Industry
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/44hsd9
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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COLUMBUS, Ind.--(BUSINESS WIRE)--Today, Cummins Inc. (NYSE: CMI) announced that Steph Disher has been named Vice President – Cummins Filtration, effective November 15.
Disher began leading the Filtration business in August 2020, navigating the business during the global pandemic and related ongoing supply chain constraints. Through these challenges, the business consistently has delivered solid financial performance. Disher has led the business as Cummins explores strategic alternatives for it, a move that was announced as part the Company’s second quarter 2021 results.
“Steph has been asked to step into increasingly challenging roles that are critical to Cummins’ continued success because of her business acumen and commitment to creating environments that foster and further our values both inside and outside of Cummins,” said Jennifer Rumsey, President and Chief Operating Officer. “She truly is a champion of our mission, vision and values, and her leadership, strategic mindset and caring nature have been incredibly important for all Filtration employees and the future opportunities for the business.”
Disher entered Cummins as Director of Finance for the South Pacific region in Australia in 2013. Her leadership capability was quickly recognized, and she was asked to serve as the Director of Operations for the region and then Managing Director – South Pacific in 2017. During her tenure, the business achieved record growth in revenue and profitability in 2019.
Disher has been active in Cummins’ communities, sponsoring the TEC: Technical Education for Communities program in Australia, launching the PRIDE employee resource group in the South Pacific and advocating for the power of diverse teams through her involvement with the Women’s Empowerment network.
Prior to her career with Cummins, Steph excelled in roles across strategy, human resources and finance while working for BP, and as a director with Norman Disney & Young.
Disher earned a bachelor’s degree in Commerce from the University of Western Sydney and a Master of Business Administration from University of Melbourne (Australia). She lives in Nashville, Tennessee (USA), with her husband, Brad, and their three daughters.
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,800 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $1.8 billion on sales of $19.8 billion in 2020. Learn more at cummins.com.
Jon Mills
Director, External Communications
317-658-4540
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