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DUBLIN--(BUSINESS WIRE)--The "Vessel Traffic Management - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.


The publisher brings years of research experience to the 6th edition of this report. The 226-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.

Global Vessel Traffic Management Market to Reach $4.8 Billion by 2027

Amid the COVID-19 crisis, the global market for Vessel Traffic Management estimated at US$3.2 Billion in the year 2020, is projected to reach a revised size of US$4.8 Billion by 2027, growing at a CAGR of 6.1% over the analysis period 2020-2027.

Equipment, one of the segments analyzed in the report, is projected to record a 5.9% CAGR and reach US$2.1 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Solutions segment is readjusted to a revised 6.8% CAGR for the next 7-year period.

The U.S. Market is Estimated at $929.9 Million, While China is Forecast to Grow at 5.7% CAGR

The Vessel Traffic Management market in the U.S. is estimated at US$929.9 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$838.3 Million by the year 2027 trailing a CAGR of 5.7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.8% and 4.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 5% CAGR.

Services Segment to Record 5.4% CAGR

In the global Services segment, USA, Canada, Japan, China and Europe will drive the 5.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$574.7 Million in the year 2020 will reach a projected size of US$832.8 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$548.7 Million by the year 2027.

Competitors identified in this market include, among others:

  • Frequentis AG
  • Indra Sistemas SA
  • Japan Radio Co., Ltd.
  • Kelvin Hughes Ltd.
  • Kongsberg Gruppen ASA
  • L3 Technologies, Inc.
  • Leonardo SpA
  • Rolta India Ltd.
  • SAAB AB
  • Signalis
  • Terma A/S
  • Thales Group
  • Tokyo Keiki, Inc.
  • Vissim AS

Key Topics Covered:

I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Global Competitor Market Shares
  • Vessel Traffic Management Competitor Market Share Scenario Worldwide (in %): 2019 & 2025
  • Impact of COVID-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

Total Companies Profiled: 46

For more information about this report visit https://www.researchandmarkets.com/r/7selhk


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Veteran executive to lead company’s next phase of growth and innovation

BOSTON--(BUSINESS WIRE)--BriefCam, the industry’s leading provider of Video Content Analytics and VIDEO SYNOPSIS® solutions, today announced the appointment of Gil Briman as its Chief Executive Officer. Briman joins the organization to build upon BriefCam’s momentum delivering the best-in-class video analytics platform.

“Gil is a stand-out international technology executive with an impressive track record of market-leading business growth, operational excellence and innovation,” said Seymour Liebman, Executive Vice President, CEO and General Counsel of Canon USA, Inc. and Chairman of BriefCam. “His strategic vision, inspiring leadership and ability to execute are exactly what BriefCam needs as it enters its next chapter. We are thrilled to welcome him aboard and look forward to an exciting future as the company continues to be at the forefront of the video analytics market.”



As CEO, Briman will focus on driving the company strategy to help organizations transform video into actionable intelligence through BriefCam’s innovative and comprehensive video content analytics platform.

“This is an exciting time for intelligent video surveillance, and I am thrilled to lead the BriefCam team towards further growth and innovation,” said Briman. “The company’s long-standing and successful track record in the video analytics space, coupled with a winning strategy, has enabled it to grow continuously. Building further on this success is a challenge I accept with enthusiasm, confidence, and fierce determination. The company’s innovation and differentiation resonates strongly across verticals and industries, and I look forward to this next chapter for the company.”

Briman has 27 years of experience leading global technology companies. Prior to joining BriefCam, he held the position of CEO at Solcon Group, a dynamic power electronics company that has been at the forefront of design, development and manufacturing of industrial electronic systems. During his tenure at Solcon, Briman established a strong track record in initiating and leading change, obtaining strong results and strengthening innovation amid a rapidly market landscape. Before joining Solcon, Briman served as Vice President for APAC at Mellanox, a computer network products company (recently acquired by NVIDIA) where he led a complex business to drive substantial growth and instantiated significant strategic alliances with leading OEM partners. Previous to Mellanox, Briman was Vice President and General Manager at Amdocs, a company specializing in software and services for communications, media and financial services providers and digital enterprises.

About BriefCam

BriefCam is the industry’s leading provider of Deep Learning and VIDEO SYNOPSIS® solutions for rapid video review and search, face and license plate recognition, real-time alerting, and quantitative video insights. By transforming raw video into actionable intelligence, BriefCam dramatically shortens the time-to-target for security threats while increasing safety and optimizing operations. BriefCam’s award-winning products are deployed by law enforcement and public safety organizations, government and transportation agencies, major enterprises, healthcare and educational institutions, and local communities worldwide.


Contacts

BriefCam
Stephanie Weagle
CMO
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Moxie & Mettle
Justine Schneider
201-921-9428
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LONDON--(BUSINESS WIRE)--#FloatingLiquefiedNaturalGasMarket--The global floating liquefied natural gas market size is expected to grow by USD 20.69 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.



Request challenges and opportunities influenced by COVID-19 pandemic - Request a Free Sample Report on COVID-19 Impacts

The global liquid fuel consumption grew at a significant rate during 2011-2019 and it is expected to continue growing at a high rate during the forecast period. However, most oil-producing countries do not have large additional capacities. Hence, there is a rising need to discover greenfield oil wells in the existing and new oil fields to meet the high demand for fuel. In addition, natural gas has witnessed a higher rise in consumption than oil due to increasing adoption of natural gas as a fuel. Also, with the increased consumption of fuel from the developing economies such as India and China, the demand for LNG is likely to propel during the forecast period, thereby increasing the demand for FLNG projects during the forecast period.

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR44490

As per Technavio, the growing preference for road transportation will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Floating Liquefied Natural Gas Market: Growing Preference for Road Transportation

The growing preference for road transportation for last mile delivery and the consequent increase in the use of heavy, medium, and light-duty vehicles in emerging countries, will lead to a rise in vehicles, especially HCVs. One of the main reasons for enterprises to opt for road transport for transportation of cargo is the limited rail freight services within a country. The lack of sufficient freight services causes companies to choose roadways as a reliable mode of transportation of products. In India, road transportation is a widely chosen means for container transport. The primary reason for this the high rail freight cost, poor last-mile connectivity, and the lack of availability of freight trains. Road transportation vehicles travel long distances every day to deliver packages, especially during this COVID-19 pandemic, which leads to an increase in the consumption of liquid fuels. This will drive the growth of the global floating liquified natural gas market during the forecast period.

“Other factors such as the increasing demand for cleaner fuel, and the rise in number of deepwater and ultra-deepwater drilling projects will have a significant impact on the growth of the floating liquefied natural gas market value during the forecast period,” says a senior analyst at Technavio.

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Floating Liquefied Natural Gas Market: Segmentation Analysis

This market research report segments the floating liquefied natural gas market by production capacity (large-scale capacity and small-scale capacity) and geography (North America, MEA, APAC, Europe, and South America).

The North American region led the floating liquefied natural gas market share in 2019, followed by MEA, APAC, Europe, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the presence of leading vehicle manufacturers.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report

Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.


Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.technavio.com/

DUBLIN--(BUSINESS WIRE)--The "Marine Fuel Injection System - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.


The publisher brings years of research experience to the 8th edition of this report. The 287-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.

Global Marine Fuel Injection System Market to Reach $5.6 Billion by 2027

Amid the COVID-19 crisis, the global market for Marine Fuel Injection System estimated at US$4.7 Billion in the year 2020, is projected to reach a revised size of US$5.6 Billion by 2027, growing at a CAGR of 2.5% over the analysis period 2020-2027.

Inland Waterways Transport Vessel, one of the segments analyzed in the report, is projected to record a 2.6% CAGR and reach US$1.5 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Commercial Vessels segment is readjusted to a revised 2.6% CAGR for the next 7-year period.

The U.S. Market is Estimated at $1.3 Billion, While China is Forecast to Grow at 4.7% CAGR

The Marine Fuel Injection System market in the U.S. is estimated at US$1.3 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.1 Billion by the year 2027 trailing a CAGR of 4.7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.6% and 1.8% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.1% CAGR.

Offshore Support Vessels Segment to Record 2.1% CAGR

In the global Offshore Support Vessels segment, USA, Canada, Japan, China and Europe will drive the 1.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$736.7 Million in the year 2020 will reach a projected size of US$828.4 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$759.2 Million by the year 2027, while Latin America will expand at a 2.8% CAGR through the analysis period.

Competitors identified in this market include, among others:

  • Caterpillar, Inc.
  • Cummins, Inc.
  • Delphi Automotive PLC
  • Denso Corporation
  • Liebherr International Deutschland GmbH
  • MAN SE
  • Robert Bosch GmbH
  • Rolls-Royce Holdings PLC
  • Woodward, Inc.
  • YANMAR Co., Ltd.

Key Topics Covered:

I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Product Overview
  • Marine Fuel Injection System: A Prelude
  • Global Competitor Market Shares
  • Marine Fuel Injection System Competitor Market Share Scenario Worldwide (in %): 2019 & 2025
  • Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Innovations & Advancements

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

Total Companies Profiled: 47

For more information about this report visit https://www.researchandmarkets.com/r/kqkk0p


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

Closures for Great Lakes Transmission System Expansion

LOUISVILLE, Ky.--(BUSINESS WIRE)--$SYPR--Sypris Technologies, Inc., a subsidiary of Sypris Solutions, Inc. (Nasdaq/GM: SYPR), announced today that it has recently received an order for its Tube Turns® Tool-less® closures. Production will begin immediately and is expected to be completed prior to year-end. Terms of the purchase were not disclosed.


Brett Keener, General Manager of Sypris Technologies, commented, "This is another good example of a project that leverages our extensive experience in engineering high-quality closures for the demanding requirements to continually support major energy projects around the globe. We are proud to be a part of enhancing energy infrastructure with these types of important global projects."

The Tube Turns® Tool-less® closure has been chosen for the Alberta XPress Project (AXP). According to the project website, AXP will utilize existing capacity on the Great Lakes Gas Transmission (GLGT) system and American Natural Resources (ANR) pipeline system, with facility expansions taking place along ANR’s Southeast Mainline (SEML). The combined effort will result in an addition of 165,000 Dth/d of incremental firm transmission capacity from the GLGT Emerson receipt point in Manitoba to delivery locations along ANR’s SEML in the Midwestern and Southern U.S.

As part of the ANR expansion, a new compressor station will be built in Evangeline Parish, Louisiana. This project has an estimated cost of $300 million USD for compressor station and pipeline modifications to increase the performance of the system which will serve the rising demand for natural gas on the U. S. Gulf Coast and beyond. The Gulf Coast is the principal area in the U.S. for LNG export terminals. These closures will be up to 58” in diameter and rated to a pressure of 1,000 psi.

Sypris Technologies, Inc. is a global leader in the manufacture of custom engineered closures for high pressure critical applications serving the oil and gas pipeline infrastructure, hydrocarbon and petrochemical processing, and utility industry since 1927. Headquartered in Louisville, Kentucky, the Company's products are marketed worldwide, and can be found in projects ranging from the Trans Alaska Pipeline and Strategic Petroleum Reserve in the U.S. to the Tengiz Oil Field in Kazakhstan and the Bonny Island Gas Field in Nigeria. For more information about the Company, visit its Web site at www.sypris.com.

Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of the federal securities laws. Forward-looking statements include our plans and expectations of future financial and operational performance. Such statements may relate to projections of the company’s revenue, earnings, and other financial and operational measures, our liquidity, our ability to mitigate or manage disruptions posed by COVID-19, and the impact of COVID-19 and economic conditions on our future operations, among other matters.

Each forward-looking statement herein is subject to risks and uncertainties, as detailed in our most recent Form 10-K and Form 10-Q and other SEC filings.

Briefly, we currently believe that such risks also include the following: the impact of COVID19 and economic conditions on our future operations; possible public policy response to the pandemic, including legislation or restrictions that may impact our operations or supply chain; our failure to successfully complete final contract negotiations with regard to our announced contract “orders”, “wins” or “awards”; our failure to achieve and maintain profitability on a timely basis by steadily increasing our revenues from profitable contracts with a diversified group of customers, which would cause us to continue to use existing cash resources or other assets to fund operating losses; dependence on, retention or recruitment of key employees and distribution of our human capital; the cost, quality, timeliness, efficiency and yield of our operations and capital investments, including the impact of tariffs, product recalls or related liabilities, employee training, working capital, production schedules, cycle times, scrap rates, injuries, wages, overtime costs, freight or expediting costs; disputes or litigation involving governmental, supplier, customer, employee, creditor, product liability or environmental claims; our inability to develop new or improved products or new markets for our products; cost, quality and availability of raw materials such as steel, component parts, natural gas or utilities; our reliance on a few key customers, third party vendors and sub-suppliers; unanticipated or uninsured disasters, public health crises, losses or business risks; volatility of our customers’ forecasts, scheduling demands and production levels which negatively impact our operational capacity and our effectiveness to integrate new customers or suppliers, and in turn cause increases in our inventory and working capital levels; our inability to patent or otherwise protect our inventions or other intellectual property from potential competitors; adverse impacts of new technologies or other competitive pressures which increase our costs or erode our margins; legal rights to operate, manage our work force or import and export as needed; inaccurate data about markets, customers or business conditions; or unknown risks and uncertainties. We undertake no obligation to update our forward-looking statements, except as may be required by law.


Contacts

Brett H. Keener
General Manager
(502) 774-6271

ARLINGTON, Va.--(BUSINESS WIRE)--Accenture Federal Services (AFS), a subsidiary of Accenture (NYSE: ACN), is one of eight firms awarded a position on a contract to help the U.S. Air Force manage and execute enterprise-wide transformation efforts.


The indefinite delivery/indefinite quantity contract has a five-year ordering period, with a maximum value of $990 million and was awarded by Air Force District of Washington, Secretary of the Air Force Enterprise Support Division for the Deputy Under Secretary of the Air Force, Management and Deputy Chief Management Office.

The Air Force defines transformation as fundamentally changing its systems processes, people and/or technology to achieve measurable improvements in efficiency and effectiveness and stakeholder satisfaction. Work under the contract includes organizational support for the Air Force Deputy Chief Management Officer as well as the Deputy Assistant Secretary for the Air Force Office of Business Transformation.

“We look forward to teaming with the Air Force as they accelerate the development and deployment of digital technologies, said Vince Vlasho, Accenture Federal Services Defense portfolio lead. “Through our deep experience in advanced technology implementations, AFS can help the Air Force advance its goal of enterprise-wide transformation in the years ahead.”

The services that Accenture would provide include digital solutions, the alignment of organizational models, and data-driven performance management across up to 10 Department of Defense (DoD) lines of business: contract/category management; financial management; information technology; acquisition/logistics/supply chain; healthcare; community services; human resources; real property; digital transformation; and the DoD 4th Estate.

“We are honored to have the opportunity to support the Air Force in its transformation efforts,” said Susan Lawrence, deputy director of the AFS Defense portfolio. “We will apply our experience in areas like digital innovation, workforce transformation and continuous process improvement to help increase Air Force readiness at all levels.”

About Accenture Federal Services

Accenture Federal Services, a subsidiary of Accenture (NYSE: ACN), is a U.S. company with offices in Arlington, Virginia. Accenture’s federal business has served every cabinet-level department and 30 of the largest federal organizations. Accenture Federal Services transforms bold ideas into breakthrough outcomes for clients at defense, intelligence, public safety, civilian and military health organizations. Learn more at www.accenturefederal.com

About Accenture

Accenture is a leading global professional services company, providing a broad range of services in strategy and consulting, interactive, technology and operations, with digital capabilities across all of these services. We combine unmatched experience and specialized capabilities across more than 40 industries — powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. With 513,000 people serving clients in more than 120 countries, Accenture brings continuous innovation to help clients improve their performance and create lasting value across their enterprises. Visit us at www.accenture.com


Contacts

Jane Norris
Accenture Federal Services
+1 571 414 4475
This email address is being protected from spambots. You need JavaScript enabled to view it.

COLUMBIA, Md.--(BUSINESS WIRE)--GSE Systems, Inc. (“GSE Solutions”, “GSE” or “we”) (Nasdaq: GVP), a leader in delivering and supporting end-to-end training, engineering, compliance, simulation and workforce solutions to the power industry, announced today its financial results for the three months ended June 30, 2020.


Financial overview for the second quarter of fiscal 2020

  • Revenue of $14.3 million, compared to $23.5 million in Q2 2019
  • Gross profit of $3.6 million, compared to $5.9 million in Q2 2019
  • Net loss of $2.1 million or $(0.11) per basic and diluted share in Q2 2020, compared to a net loss of $216 thousand or $(0.01) per basic and diluted share in Q2 2019
  • Adjusted net loss1 of $707 thousand or $(0.03) adjusted loss per diluted share in Q2 2020, compared to adjusted net income of $964 thousand or $0.05 adjusted earnings per diluted share in Q2 2019
  • Adjusted EBITDA1 of $(191) thousand, compared to $1.9 million in Q2 2019
  • Cash provided by operations of $2 million YTD, compared to cash used in operations of $909 thousand YTD 2019
  • Repaid $3.5 million of long-term debt during Q2 2020
  • New orders of $6.8 million, compared to $9.5 million in Q2 2019

At June 30, 2020

  • Cash and cash equivalents of $18.3 million
  • Total indebtedness of $23.3 million, inclusive of $10.0 million loan pursuant to the Payroll Protection Program
  • Working capital totaled $3.4 million and current ratio equaled 1.1x
  • Backlog of $46.6 million

1 Refer to the non-GAAP reconciliation tables at the end of this press release for a definition of "EBITDA", “adjusted EBITDA” and “adjusted net income”.

Kyle J. Loudermilk, GSE’s President and Chief Executive Officer, said, “As anticipated, our second quarter financial results were depressed due to the COVID-19 pandemic. The pandemic has resulted in industrywide RFP delays, project postponements and softer customer demand. Nonetheless, we generated positive cash flow and paid down approximately $3.5 million of long-term debt during the quarter. This demonstrates our ability to manage through the current challenges through providing essential services to our industry while operating the business within the constraints of the pandemic.”

Mr. Loudermilk continued, “We believe that significant pent-up demand for our services ultimately will be released as the COVID-19 impact abates. In the meantime, we are pursuing a number of meaningful second-half opportunities in Nuclear Industry Training & Consulting and expect a steady flow of new orders in Performance Improvement Solutions. To emerge stronger from the current challenges, we are focused on driving organic growth, containing costs, generating cash flow and deleveraging our balance sheet. Our long-term outlook remains bullish as GSE delivers differentiated products and services required for the safe, efficient and reliable operation of our clients’ nuclear facilities.”

Q2 2020 FINANCIAL RESULTS

Q2 2020 revenue of $14.3 million decreased by $9.1 million from $23.5 million in Q1 2019.

Three months ended

 

Six months ended

(in thousands)

June 30, 2020

 

June 30, 2019

 

June 30, 2020

 

June 30, 2019

Revenue:

 

 

 

 

Performance

$

8,273

$

13,010

$

17,984

$

25,200

NITC

 

6,067

 

10,448

 

14,061

 

20,452

Total revenue

$

14,340

$

23,458

$

32,045

$

45,652

Performance revenue decreased to $8.3 million in Q2 2020 from $13.0 million in Q2 2019. The change was mainly driven by a decrease of $2.2 million due to major project completions in the second quarter of 2019. We recorded total Performance orders of $7.1 million and $3.7 million for Q2 2020 and Q2 2019, respectively.

NITC revenue decreased to $6.1 million in Q2 2020 from $10.4 million in Q2 2019. The decrease in revenue was largely due to lower staffing needs during the quarter, particularly attributed to lower demand for staff augmentation support from two major customers. NITC orders totaled $(0.3) million and $5.8 million for Q2 2020 and Q2 2019, respectively.

Q2 2020 gross profit was $3.6 million or 24.8% of revenue, compared to $5.9 million or 25.0% of revenue, in Q2 2019.

Three months ended

 

Six months ended

June 30, 2020

June 30, 2019

June 30, 2020

June 30, 2019

(in thousands)

$

 

%

 

$

 

%

 

$

 

%

 

$

 

%

Gross profit:

 

 

 

 

 

 

 

 

 

 

 

Performance

$

2,970

 

35.9%

 

$

4,540

 

34.9%

 

$

5,758

 

32.0%

 

$

8,239

 

32.7%

NITC

 

592

9.8%

 

1,327

12.7%

 

1,919

13.6%

 

2,364

11.6%

Consolidated gross profit

$

3,562

24.8%

$

5,867

25.0%

$

7,677

24.%

$

10,603

23.2%

The decrease in our gross profit of $2.9 million was primarily driven by decreased gross profit margins in our Performance segment, due to completion of higher margin projects in our True North and DP Engineering subsidiaries during fiscal 2019.

Selling, general and administrative expenses in Q2 2020 totaled $4.7 million or 32.9% of revenue, compared to $4.3 million or 18.5% of revenue, in Q2 2019. The increase in SG&A during the three months ended June 30, 2020 over the same period for fiscal 2019, relates to a relates primarily to a provision for a loss on legal settlement of $861 thousand and an increase in the consulting expenses due to the COVID-19 pandemic.

Net loss for Q2 2020 totaled $2.1 million or $(0.11) per basic and diluted share, compared to a net loss of $216 thousand or $(0.01) per basic and diluted share, in Q2 2019.

Adjusted net loss1 totaled $707 thousand or $(0.03) per diluted share in Q2 2020, compared to adjusted net income of $964 thousand, or $0.05 per diluted share, in Q2 2019.

Earnings before interest, taxes, depreciation and amortization ("EBITDA")1 for Q2 2020 was approximately $(1.2) million, compared to $1.3 million in Q2 2019.

Adjusted EBITDA1 totaled $(191) thousand in Q2 2020, compared to $1.9 million in Q2 2019.

BACKLOG AND CASH POSITION

Backlog at June 30, 2020 was $46.6 million, compared to $52.7 million at December 31, 2019. Backlog at June 30, 2020 included $31.2 million of Performance backlog and $15.4 million of NITC backlog. Performance backlog decreased by $6 million primarily due to 2019 backlog that was converted to revenues during 2020 and has only been partially replaced by new orders.

Our cash position was $18.3 million at June 30, 2020, compared to $11.7 million at December 31, 2019. The increase of $6.6 million during the six months ended June 30, 2020 in our cash and cash equivalents was primarily due to a positive, operating cash flow of $2 million, receipt of $10 million from the Paycheck Protection Program Loan and a draw on our revolving line of credit of $3.5 million on our credit line, offset by repayments of debt of $8.7 million.

CONFERENCE CALL

Management will host a conference call today at 4:30 pm Eastern Time to discuss Q2 2020 results as well as other matters.

Interested parties may participate in the call by dialing:
(877) 407-9753 (United States)
(201) 493-6739 (International)

The conference call will also be accessible via the following link: https://78449.themediaframe.com/dataconf/productusers/gvp/mediaframe/40287/indexl.html

For those who cannot listen to the live broadcast, an online webcast replay will be available at the following link: https://78449.themediaframe.com/dataconf/productusers/gvp/mediaframe/40287/indexl.html or at www.gses.com for a longer period.

ABOUT GSE SOLUTIONS

We are the future of operational excellence in the power industry. As a collective group, GSE Solutions leverages top skills, expertise, and technology to provide highly specialized solutions that enable customers to achieve the performance they envision. Our experts deliver and support end-to-end training, engineering, compliance, simulation, and workforce solutions that help the power industry reduce risk and optimize plant operations. GSE is a proven solution provider, with more than four decades of industry experience and more than 1,100 installations serving hundreds of customers in over 50 countries spanning the globe. www.gses.com

FORWARD LOOKING STATEMENTS

We make statements in this press release that are considered 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. These statements reflect our current expectations concerning future events and results. We use words such as “expect,” “intend,” “believe,” “may,” “will,” “should,” “could,” “anticipates,” and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. We do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

 

Three months ended

Six months ended

June 30, 2020

June 30, 2019

June 30, 2020

June 30, 2019

 

 

 

 

Revenue

$

14,340

23,458

 

$

32,045

 

 

45,652

Cost of revenue

10,778

17,591

 

 

24,368

 

 

35,049

Gross profit

$

3,562

5,867

 

$

7,677

 

 

10,603

Operating expenses:

 

 

 

 

Selling, general and administrative

4,722

4,343

 

9,670

 

8,766

Research and development

179

156

 

 

389

 

 

396

Restructuring charges

-

2

 

10

 

2

Loss on impairment

-

-

 

4,302

 

5,464

Depreciation

70

102

 

178

 

193

Amortization of definite-lived intangible assets

444

638

 

 

1,114

 

 

1,208

Total operating expenses

5,415

5,241

 

 

15,663

 

 

16,029

Operating (loss) income

$

(1,853)

626

 

$

(7,986)

 

 

(5,426)

 

 

 

 

Interest expense, net

(187)

(316)

 

 

(428)

 

 

(524)

Gain (loss) on derivative instruments, net

47

(101)

 

 

4

 

 

(8)

Other income (expense), net

24

(19)

 

 

53

 

 

3

(Loss) income before income taxes

(1,969)

190

 

 

(8,357)

 

 

(5,955)

Provision for (benefit from) income taxes

180

406

 

 

50

 

 

(1,442)

Net loss

$

(2,149)

(216)

 

$

(8,407)

 

 

(4,513)

 

 

 

 

 

 

 

 

Net loss per common share - basic and diluted

$

(0.11)

(0.01)

 

$

(0.41)

 

 

(0.23)

 

 

Weighted average shares outstanding used to
compute net loss per share - basic and diluted

20,407,958

20,006,492

 

20,375,446

 

19,979,018

Selected Consolidated Balance Sheet Data

(in thousands)

 

 

 

(unaudited)

(audited)

 

 

June 30, 2020

December 31, 2019

 

 

Cash and cash equivalents

$

18,298

11,691

Current assets

 

14,270

19,087

Noncurrent assets

 

21,691

 

27,731

Total assets

$

54,259

58,509

 

 

 

Current liabilities

$

29,207

34,434

Long-term liabilities

 

13,041

3,956

Stockholders’ equity

 

12,001

 

20,119

Total liabilities and
stockholders' equity

$

54,259

58,509

EBITDA and Adjusted EBITDA
(in thousands)

References to “EBITDA” mean net (loss) income, before taking into account interest expense (income), provision for income taxes, depreciation and amortization. References to Adjusted EBITDA exclude loss on impairment, impact of the change in fair value of contingent consideration, restructuring charges, stock-based compensation expense, impact of the change in fair value of derivative instruments, and acquisition-related expense. EBITDA and Adjusted EBITDA are not measures of financial performance under generally accepted accounting principles (GAAP). Management believes EBITDA and Adjusted EBITDA, in addition to operating profit, net income and other GAAP measures, are useful to investors to evaluate the Company’s results because it excludes certain items that are not directly related to the Company’s core operating performance that may, or could, have a disproportionate positive or negative impact on our results for any particular period. Investors should recognize that EBITDA and Adjusted EBITDA might not be comparable to similarly-titled measures of other companies. This measure should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP. A reconciliation of non-GAAP EBITDA and Adjusted EBITDA to the most directly comparable GAAP measure in accordance with SEC Regulation G follows:

(in thousands)

Three months ended

Six months ended

June 30, 2020

June 30, 2019

June 30, 2020

June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(2,149)

(216)

$

(8,407)

(4,513)

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

187

316

428

524

Provision for (benefit from) income taxes

180

406

50

(1,442)

Depreciation and amortization

593

839

 

1,451

 

1,629

EBITDA

(1,189)

1,345

(6,478)

(3,802)

 

 

 

 

 

 

 

 

 

 

 

 

Provision for legal settlement

861

-

861

-

Loss on impairment

 

 

-

 

 

-

 

4,302

 

 

5,464

Impact of the change in contingent consideration

-

-

-

(1,200)

Restructuring charges

-

2

10

2

Stock-based compensation expense

171

439

324

1,036

Gain (loss) on derivative instruments, net

(47)

101

(4)

8

Acquisition-related expenses

7

-

188

628

Adjusted EBITDA

$

(191)

1,887

$

(797)

2,136

Adjusted Net (Loss) Income per Common and Diluted share
(in thousands)

References to Adjusted net income exclude the impact of gain from loss on impairment, impact of the change in fair value of contingent consideration, restructuring charges, stock-based compensation expense, impact of the change in fair value of derivative instruments, acquisition-related expense, and amortization of intangible assets related to acquisitions, net of income tax expense impact of adjustments. Adjusted Net Income and adjusted earnings per share (adjusted EPS) are not measures of financial performance under generally accepted accounting principles (GAAP). Management believes adjusted net income and adjusted EPS, in addition to other GAAP measures, are useful to investors to evaluate the Company’s results because they exclude certain items that are not directly related to the Company’s core operating performance and non-cash items that may, or could, have a disproportionate positive or negative impact on our results for any particular period, such as stock-based compensation expense. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP. A reconciliation of non-GAAP adjusted net income and adjusted EPS to GAAP net income, the most directly comparable GAAP financial measure, is as follows:

(in thousands)

Three months ended

Six months ended

 

June 30, 2020

June 30, 2019

June 30, 2020

 

June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(2,149)

(216)

$

(8,407)

(4,513)

 

Provision for legal settlement

861

-

861

-

Loss on impairment

 

 

 

 

 

 

 

 

4,302

 

 

5,464

Impact of the change in fair value of
contingent consideration

-

-

-

(1,200)

Restructuring charges

-

2

10

2

Stock-based compensation expense

177

439

324

1,036

Gain (loss) on derivative instruments, net

(47)

101

(4)

8

Acquisition-related expense

7

-

188

628

Amortization of intangible assets related to acquisitions

444

638

1,114

1,208

Adjusted net (loss) income

$

(707)

964

$

(1,612)

2,633

 

Adjusted (loss) earnings per common share
– basic and diluted

$

(0.03)

0.05

$

(0.08)

0.13

 

Weighted average shares outstanding used
to compute adjusted net (loss) earnings per
share - basic and diluted(1)

20,407,958

20,269,733

 

20,375,446

 

20,154,866

 

(1) During the three months ended June 30, 2020 and 2019, we reported a GAAP net loss. Accordingly there were 74,732 an 263,241 dilutive shares from RSUs included in the adjusted earnings per common share calculation that were considered anti-dilutive when calculating the adjusted net (loss) income per common share for the six months ended June 30, 2020 and 2019, respectively.

(1) During the six months ended June 30, 2020 and 2019, we reported a GAAP net loss. Accordingly there were 56,373 and 175,848 dilutive shares from RSUs included in the adjusted earnings per common share calculation that were considered anti-dilutive when calculating the adjusted net (loss) income per common share for the three months ended June 30, 2020 and 2019, respectively.


Contacts

Company Contact
Kyle Loudermilk
Chief Executive Officer
GSE Systems, Inc.
(410) 970-7800

The Equity Group Inc.
Kalle Ahl, CFA
(212) 836-9614
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ANNAPOLIS, Md.--(BUSINESS WIRE)--$HASI--Hannon Armstrong Sustainable Infrastructure Capital, Inc. (“Hannon Armstrong” or the “Company”) (NYSE: HASI), a leading investor in climate change solutions, today announced it has upsized and priced its private offering of $375 million in aggregate principal amount of 3.75% senior unsecured notes due 2030 (the “Senior Unsecured Notes”) by its indirect subsidiaries, HAT Holdings I LLC (“HAT I”) and HAT Holdings II LLC (“HAT II,” and together with HAT I, the “Issuers”). The offering was upsized from the previously announced $350 million in aggregate principal amount.


The Senior Unsecured Notes will be guaranteed by the Company, Hannon Armstrong Sustainable Infrastructure, L.P., and Hannon Armstrong Capital, LLC. The settlement of the Senior Unsecured Notes is expected to occur on August 25, 2020, subject to customary closing conditions. The Notes (as defined below) are expected to be rated BB+ by Standard & Poor's Rating Services and Fitch Ratings.

The Company believes the Notes meet the environmental eligibility criteria for green bonds as defined by the International Capital Market Association’s Green Bond Principles. The Company intends to utilize the net proceeds of the offering of the Notes to acquire or refinance, in whole or in part, eligible green projects, which include assets that are neutral to negative on incremental carbon emissions. In addition, these projects may include projects with disbursements made during the twelve months preceding the issue date of the bonds and those with disbursements to be made following the issue date. Prior to the full investment of such net proceeds, the Company intends to invest such net proceeds in interest-bearing accounts and short-term, interest-bearing securities which are consistent with the Company's intention to continue to qualify for taxation as a REIT.

The Senior Unsecured Notes and the related guarantees will be offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The Senior Unsecured Notes and the related guarantees will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from the registration requirements of the Securities Act or any state securities laws.

Additionally, the Company announced the pricing of its underwritten public offering of $125 million aggregate principal amount of its 0% convertible senior notes due August 2023 (the “Convertible Notes,” and together with Senior Unsecured Notes, the “Notes”). The Company has granted to the underwriters a 30‑day over-allotment option to purchase up to an additional $18.75 million aggregate principal amount of the Convertible Notes.

The Convertible Notes will not bear regular interest, and the principal amount of the Convertible Notes will not accrete. The conversion rate will initially equal 20.6779 shares of common stock per $1,000 principal amount of notes, which is equivalent to a conversion price of approximately $48.36 per share of common stock, representing a 27.5% conversion premium based on the closing price of the Company's common stock of $37.93 per share on August 18, 2020. The initial conversion rate is subject to adjustment upon the occurrence of certain events. The Convertible Notes will mature on August 15, 2023. The offering of the Convertible Notes is expected to close on or about August 21, 2021, subject to customary closing conditions.

Morgan Stanley is acting as a sole book-running manager and Oppenheimer & Co. Inc. is acting as a co-manager for the offering of the Convertible Notes.

A registration statement relating to the Convertible Notes has been filed with the Securities and Exchange Commission ("SEC") and has become effective. The offering of the Convertible Notes will be made by means of a preliminary prospectus supplement and accompanying prospectus. A copy of the preliminary prospectus supplement and accompanying prospectus related to the offering of the Convertible Notes can be obtained by contacting Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or email: This email address is being protected from spambots. You need JavaScript enabled to view it..

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor shall there be any sale of these 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 any such state or jurisdiction.

About Hannon Armstrong

Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate change solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $6 billion in managed assets as of June 30, 2020, Hannon Armstrong’s core purpose is to make climate-positive investments with superior risk-adjusted returns.

Forward-Looking Statements

Some of the information in this press release contains 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. When used in this press release, words such as “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may,” “target,” or similar expressions, are intended to identify such forward-looking statements. Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption “Risk Factors” included in the Company’s Annual Report on Form 10-K for the Company’s fiscal year ended December 31, 2019 and the Company’s Quarterly Reports on Form 10-Q for the Company’s quarters ended March 31, 2020 and June 30, 2020, which were filed with the SEC, as well as in other reports that the Company files with the SEC.

Forward-looking statements are based on beliefs, assumptions and expectations as of the date of this press release. The Company disclaims any obligation to publicly release the results of any revisions to these forward-looking statements reflecting new estimates, events or circumstances after the date of this press release.


Contacts

INVESTOR RELATIONS INQUIRIES
Chad Reed
410-571-6189
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KANSAS CITY, Mo.--(BUSINESS WIRE)--Kansas City Southern (KCS) (NYSE: KSU) announced today that it has been recognized by Logistics Management magazine with a 2020 Quest for Quality award. Kansas City Southern Railway is this year’s Rail/Intermodal Service Provider winner by leading in the key categories of On-Time Performance and Customer Service and tying for the top spot in Equipment and Operations.


Logistics Management readers evaluate companies in all modes and service disciplines, choosing the top performers in categories including motor carriers, railroad and intermodal services, ocean carriers, airlines, freight forwarders, third party/contract logistics services and ports. Transportation service providers are rated on five key criteria: On-Time Performance, Value, Information Technology, Customer Service, and Equipment and Operations.

We are so pleased to have received this recognition from our customers and Logistics Management magazine,” said KCS executive vice president and chief marketing officer Mike Naatz. “A core part of the KCS vision is to be the most-customer focused transportation service provider in North America, so this validation from our customers is important.”

To read more on the 37th Annual Quest for Quality Awards, visit: https://www.logisticsmgmt.com/article/quest_for_quality_2020_rail_intermodal.

Headquartered in Kansas City, Mo., KCS is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS' North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada.


Contacts

C. Doniele Carlson
816-983-1372
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HALIFAX, Nova Scotia--(BUSINESS WIRE)--Scott Balfour, President and CEO of Emera Inc. (TSX: EMA) announced today that Peter Gregg will become the next President & CEO of Nova Scotia Power Inc. (NSPI). Following a rigorous Canadian search that attracted a long list of high caliber internal and external energy executives, Peter was selected as the successful candidate.


“We are excited for Peter to join the Emera team as President and CEO of NSPI,” says Scott Balfour, President and CEO of Emera Inc. “Peter brings deep experience in the Canadian energy sector with a focus on energy efficiency, renewables and innovation. He is joining a strong team at NSPI that’s committed to transitioning to a lower carbon future while ensuring reliability, affordability and a superior customer experience for Nova Scotians.”

Peter is currently the President and CEO of the Independent Electricity System Operator (IESO) in Ontario. The IESO is an independent organization that oversees the safe and reliable operation of the bulk electricity system in Ontario, ensuring affordable electricity is available when and where people need it. The IESO also operates the wholesale electricity markets, plans for Ontario’s future electricity needs, focuses on energy efficiency and demand management programs, and works with partners to foster innovation in support of system cost effectiveness and reliability. Prior to his role at the IESO, Peter served as the President and CEO of Enersource and COO at Hydro One Networks where he was heavily focused on energy distribution in Ontario.

“I was attracted to this exciting opportunity because NSPI is recognized as an innovative and customer-centric utility with an impressive track record and plan for the continued transition to cleaner energy – all at a pace that is affordable for customers,” says Peter Gregg, Incoming President and CEO of NSPI. “I am looking forward to joining NSPI and working with the dedicated team to continue to deliver for customers in Nova Scotia.”

Peter will officially join the NSPI team in mid-November 2020.

About Emera

Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $32 billion in assets and 2019 revenues of more than $6.1 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F and EMA.PR.H. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional Information can be accessed at www.emera.com or at www.sedar.com.

About Nova Scotia Power

Nova Scotia Power Inc. is a wholly-owned subsidiary of Emera Inc. (TSX-EMA), a diversified energy and services company. Nova Scotia Power provides 95% of the generation, transmission and distribution of electrical power to more than 525,000 residential, commercial and industrial customers across Nova Scotia. The company is focused on new technologies to enhance customer service and reliability, reduce emissions and add renewable energy. Nova Scotia Power has over 1,700 employees and $4.1 billion in operating assets. Learn more at www.nspower.ca.


Contacts

Media:
Dina Seely
902-222-2683
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NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ:NFE) (the “Company”) announced today the pricing of its previously announced private offering of $1,000 million (upsized from $800 million) aggregate principal amount of senior secured notes due 2025 (the “Notes”). The Notes will bear interest at 6.750% per annum and will be issued at an issue price equal to 100% of principal, plus accrued interest, if any, from September 2, 2020. The Company intends to use the net proceeds from the offering, together with cash on hand, to repay in full the amounts outstanding under its credit agreement and to redeem in full the senior secured bonds and senior unsecured bonds issued by its subsidiary, NFE South Power Holdings Limited, terminating the credit agreement and the documentation governing such bonds, in each case including related premiums, costs and expenses. The closing of the offering is subject to certain limited conditions.


The Notes and the guarantees thereof were offered in the United States to qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to persons outside of the United States under Regulation S under the Securities Act. The Notes and the guarantees thereof will not be registered under the Securities Act or any state securities laws, and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About New Fortress Energy Inc.

New Fortress Energy (NASDAQ:NFE) is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.

Cautionary Language Regarding Forward-Looking Statements

This press release contains forward-looking statements, including but not limited to statements regarding the consummation of the offering or the Company’s anticipated use of the net proceeds from the offering. All statements contained in this press release other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “targets,” “potential” or “continue” or the negative of these terms or other comparable terminology. Such forward-looking statements are necessarily estimates based upon current information and involve a number of risks and uncertainties. Actual events or results may differ materially from the results anticipated in these forward-looking statements as a result of a variety of factors.

All forward-looking statements speak only as of the date on which it is made. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in our annual, quarterly and other reports we file with the SEC. We undertake no duty to update these forward-looking statements, even though our situation may change in the future. Furthermore, we cannot guarantee future results, events, levels of activity, performance, projections or achievements.


Contacts

IR:
Alan Andreini
(212) 798-6128
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Joshua Kane
(516) 268-7455
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Media:
Jake Suski
(516) 268-7403
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Together, Kahuna and HRG offer a digital platform and framework to keep a culture of excellence, quality, and safety front-of-mind at all times.

HOUSTON--(BUSINESS WIRE)--Kahuna Workforce Solutions and High Reliability Group (HRG) announce a partnership combining Kahuna’s proven SaaS platform with HRG’s organizational framework enabling organizations to create and sustain Operational Excellence.

Built with compliance and workforce management in mind, Kahuna gives enterprise-wide visibility into competencies and meets organizational needs of how they are really assigned, assessed, and managed. Ultimately, Kahuna’s platform ensures organizations have complete visibility and control, empowering complex organizations to place the right worker in the right job at the right time – one hundred percent of the time. HRG’s foundational framework is based on using the principles of the US Nuclear Navy to help clients in highly complex and potentially dangerous operational environments transform into High Reliability Organizations (HRO).

“Customers often ask for recommendations regarding their operating models and competency frameworks. HRG’s approach and expertise to ensure management systems, culture, leadership, and feedback all work together is a natural fit for our customer base,” said Jai Shah, Kahuna Co-founder and CEO. “Kahuna allows organizations who adopt the HRG framework to better sustain their operational excellence initiatives by engaging participants and allowing organizations to track and measure progress.”

“To transform at scale into a High Reliability Organization, our clients are often in need of tools that will enable change across geographically and operationally diverse operations. Combining our proven HRO principles with the Kahuna platform gives our clients the ability to accelerate the implementation of these required changes to establish a more safe, efficient, and effective working environment,” said Bob Koonce, HRG Founder and President.

In highly regulated environments, mistakes can cost lives. By partnering together, Kahuna’s best-of-breed competency management platform and HRG’s model for High Reliability Organizations offer clients the framework and software to transform their operational culture and performance, improve productivity, and prioritize safety into ongoing reputable processes.

About High Reliability Group

High Reliability Group LLC was founded in 2016 to help our clients improve operations based on the principles of the US Nuclear Navy. Each one of our consultants has significant experience in the U.S. Nuclear Submarine Force or Nuclear Surface Navy along with post-Navy industry experience. We look forward to helping you on your journey to Extreme Operational Excellence.

About Kahuna Workforce Solutions

Kahuna Workforce Solutions is transforming competency management and workforce planning. Our flagship Kahuna platform helps organizations gain an objective view of their workforce’s capabilities, measure talent supply against current and future demand, and maximize the return on training investment. Kahuna is used in a wide array of industries including oil and gas, healthcare, manufacturing, construction, and aerospace. For information visit www.kahunaworkforce.com.


Contacts

Torrye Metoyer
Director of Marketing
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HOUSTON--(BUSINESS WIRE)--Live Oak Resource Partners, LLC (“Live Oak”) and Posse Resources, LLC (“Posse”) announced the closing of the sale of Live Oaks’ mineral and royalty assets held by Live Oak Resource Partners I, LP (“Fund I”) to Posse, through Posse’s newly created entity, Oak Ridge Royalties, LP.


The transaction includes all of Live Oak Fund I’s remaining north Louisiana mineral & royalty assets, consisting of ~4,800 net royalty acres (normalized to 1/8 royalty), with production across the Haynesville Shale, Bossier Shale, and Cotton Valley formations.

“The successful closing on the sale of Fund I’s remaining assets during a challenging time for the industry highlights the quality of the portfolio assembled and managed by the Live Oak team. Fund I was a demonstrable success in validating the scalability and efficiency of Live Oak’s aggregation business model. We are sincerely appreciative for the support of our Fund I partners and are thrilled to deliver this successful result,” said Andrew Keene, Live Oak’s President and Chief Financial Officer.

Discussing the transaction, Mitchell Currie, Vice President of Posse said, “We believe this acquisition of mineral and royalty interests with exposure to the Haynesville, Bossier and Cotton Valley formations enhances our diverse portfolio of oil & gas investments. This transaction complements our existing north Louisiana property base held by our affiliated entity, Louisiana Minerals, Ltd.”

Commenting further, Mr. Keene said, “We appreciate the professionalism and diligence of Posse and wish them great success with this asset. In a challenging A&D market, we believe our Fund I portfolio found the proper suitor; a firm with a long history and substantial existing footprint in the basin, deep technical understanding of the Haynesville, and a long-term view towards the ownership of mineral rights.”

“While this sale provides for a successful exit in Fund I, Live Oak remains principally active in the Haynesville as the leading acquiror of royalty, mineral and non-operated working interests in the basin. In the last five years, the Live Oak team has closed over 600 transactions covering more than 18,000 royalty acres,” said Mr. Keene.

“We enjoyed working alongside the Live Oak team and appreciated their commitment to closing a successful transaction. Posse remains focused on growing its diversified mineral and non-operated oil and gas portfolio through both opportunistic acquisitions and participation in drilling proposals,” said Mr. Currie.

Willkie, Farr, & Gallagher LLP served as legal counsel to Live Oak. Kean Miller, LLP and Ewing & Jones, PLLC served as legal counsel to Posse.

About Live Oak Resource Partners

Live Oak Resource Partners is a privately held firm based in Houston, Texas, focused on the aggregation and management of royalty and mineral interests and non-operated working interests in the Haynesville Shale of north Louisiana and east Texas. For more information visit www.liveoakrp.com.

About Posse Resources

Posse Resources (formerly Peter Paul Petroleum Co.), founded by B.P. Huddleston in 1967, is a family-owned private company based in Houston, Texas. Posse focuses on the acquisition and management of mineral and royalty properties and non-operated working interests, primarily in Louisiana, Texas and Oklahoma, among other areas within the U.S. For more information on Posse Resources and its affiliated entities, visit www.PosseResources.com.


Contacts

Live Oak Resource Partners
Katy Franz (832) 982-0787
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Posse Resources
Mitchell Currie (713) 209-1111
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DAYTON, Ohio--(BUSINESS WIRE)--REX American Resources Corporation (NYSE American: REX), a leading ethanol company, announced today that it will report its fiscal 2020 second quarter financial results on Wednesday, August 26, pre-market and will host a conference call and webcast at 11:00 a.m. ET that morning to review the results.


To access the conference call, interested parties may dial 212-231-2900 (domestic and international callers). Participants can also listen to a live webcast of the call on the REX website at www.rexamerican.com/Corp/Page4.aspx. A webcast replay will be available for 30 days following the live event at www.rexamerican.com/Corp/Page4.aspx.

About REX American Resources Corporation
REX American Resources has interests in six ethanol production facilities, which in aggregate shipped approximately 650 million gallons of ethanol over the twelve-month period ended April 30, 2020. REX’s effective ownership of the trailing twelve-month gallons shipped (for the twelve months ended April 30, 2020) by the ethanol production facilities in which it has ownership interests was approximately 226 million gallons. In addition, the Company acquired a refined coal operation in August 2017. Further information about REX is available at www.rexamerican.com.


Contacts

Douglas Bruggeman
Chief Financial Officer
937/276‑3931

Joseph Jaffoni, Norberto Aja
JCIR
212/835-8500
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California Grid Operator Confirms State’s Energy Supply Expected to Meet Demand Tonight as Heatwave Continues

PG&E Thanks All Customers for Coming Together to Conserve Power

Customers Strongly Urged to Continue Conserving through Thursday Night

SAN FRANCISCO--(BUSINESS WIRE)--Based on forecasts for electricity supply and demand, the state’s electric grid operator, the California Independent System Operator (CAISO), has confirmed that Pacific Gas and Electric Company (PG&E) will not need to employ rotating power outages on Wednesday.

PG&E has been on standby throughout the day and for the duration of this heat wave, which began Friday (Aug. 14). The company’s Emergency Operations Center remains open and prepared to initiate potential rotating outages at the request of the CAISO. PG&E teams will continue to coordinate with the CAISO as the heatwave extends through Thursday. The CAISO oversees the larger power grid and balances energy demand with supply.

Even with the request to start conserving energy an hour earlier, with a 2 p.m. start time today versus a 3 p.m. start time on Sunday, Monday and Tuesday, customers helped the state meet the energy challenge. Thanks to the conservation efforts of California residents, the CAISO was able to call off potential rotating outages Sunday, Monday, Tuesday and now Wednesday.

Electricity Conservation Is Key Through Thursday

Residential and commercial PG&E customers alike have all come together to conserve electricity and help avoid the need for rotating outages.

With the heatwave expected to continue at least through Thursday night, PG&E strongly encourages all customers to continue conserving to reduce overall power demand.

“The end of this record heatwave is in sight. Thanks to a remarkable joint effort among all Californians to conserve, the state’s grid has weathered this heat storm without significant interruption so far this week. We are incredibly appreciative of the contributions our customers have made to help avoid rotating outages. We urge our customers to keep up their great efforts to conserve through Thursday, and we thank them for their support and patience during this extreme weather event,” said Laurie Giammona, Senior Vice President and Chief Customer Officer for PG&E.

PG&E Tips to Save Energy and Reduce Usage

  • Raise the thermostat: Cool homes and use air conditioners more during morning hours. Set the thermostat to 78 degrees when at home during the rest of the day, health permitting. Turn it up to 85 degrees or turn it off when not at home.
  • Use a ceiling fan: Turn on a ceiling fan when using the air conditioner, which will allow the thermostat to be raised about 4 degrees to save on cooling costs with no reduction in comfort. Turn off fans and lights when you leave the room.
  • Cover windows: Use shade coverings and awnings so the air conditioner won’t have to work as hard to cool the home.
  • Avoid using the oven: Instead, cook on the stove, use a microwave or grill outside.
  • Limit the opening of refrigerators, which are major users of electricity in most homes. The average refrigerator is opened 33 times a day.
  • Clean clothes and dishes early: Use large energy-consuming appliances like washing machines and dishwashers earlier in the day or late at night after 10:00 pm.

PG&E Tips to Stay Safe and Cool

  • Plan ahead: Check the weather forecast to prepare for hot days.
  • Keep an emergency contact list: Keep a list of emergency phone numbers.
  • Have a buddy system: Check in on elderly or people with access and function needs.
  • Stay hydrated: Drink plenty of water, even when you are not thirsty.
  • Stay cool: Take a cool shower or bath and wear lightweight, loose, light-colored clothing.
  • Stay safe: Stay out of direct sunlight and avoid alcoholic or caffeinated beverages.

Rotating outages directed by the CAISO are not Public Safety Power Shutoffs, which are called by PG&E during specific high fire threat conditions, and they are not related to any issues with PG&E’s equipment or its ability to deliver energy locally.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 23,000 employees, the company delivers some of the nation's cleanest energy to 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news


Contacts

Media Relations
415.973.5930

HOUSTON--(BUSINESS WIRE)--#BESS--Key Capture Energy (KCE) has selected Mitsubishi Hitachi Power Systems Americas, Inc. (MHPS) and Powin Energy Corporation (Powin) to build three utility-scale battery energy storage systems (BESS) projects totaling 200 megawatts (MW) in Texas. MHPS will provide turnkey engineering, procurement, and construction, as well as long-term service support for all direct current (DC) equipment, power conversion systems, and high voltage substations. Powin will provide a fully integrated battery, a battery management system, and long-term service.



Construction on KCE TX 11 (50 MW), KCE TX 12 (100 MW), and KCE TX 23 (50 MW) will begin in the fall of 2020, and the projects will be online before the summer of 2021. KCE has been a first mover in Electric Reliability Council of Texas (ERCOT) standalone storage. The company’s first-half 2021 operating capacity of 229.7 MW of battery storage projects is enhanced by 199 MW of offtake contracts with investment grade counterparties.

MHPS and Powin both have extensive lithium ion energy storage experience and together developed a custom solution to meet KCE’s technical requirements. It uses lithium iron phosphate battery chemistry (LiFePO4) combined with fast acting controls and power conversion systems selected from key suppliers.

The BESS projects expand all three companies’ presence in ERCOT. KCE is currently the second largest operator of stand-alone battery storage projects in Texas, with three operating projects totaling 29.7 MW — all of which Powin contributed to as the battery system integrator. KCE also has a growing pipeline of stand-alone energy storage projects under development in Texas. The Mitsubishi Heavy Industries Group Companies have been leading the investment in lower carbon intensive energy technology in Texas, which includes 2 gigawatts (GW) of on-shore wind generation, 1.3 GW of natural gas generation, and the world’s largest post-combustion carbon dioxide capture project. The BESS projects continue Mitsubishi’s history of technology-driven partnerships and solutions in the region.

Jeff Bishop, Chief Executive Officer of Key Capture Energy, stated, “As an industry-leading energy storage solution provider, MHPS has a strong history of technological innovation, a proven track record in large-scale project management, and strong financial positioning. We are pleased to partner with MHPS to supply full turnkey solutions for this round of Texas projects. Texas is the epicenter of the global energy market, and with a growing Houston office, we look forward to providing best-in-class energy storage solutions in the Lone Star state for decades to come.”

Tom Cornell, MHPS’ Vice President of NEXT, said, “Key Capture Energy is a premier developer with an impressive 1500 MW of stand-alone battery storage projects in its pipeline across the country. We look forward to joining forces in Texas to build battery energy storage for ERCOT’s needs. With today’s increasing penetration of renewable energy, it’s an ideal time for projects such as this to optimize the grid. We are experiencing a Change in Power.”

About Key Capture Energy
Key Capture Energy (KCE) identifies, develops, constructs and operates energy storage solutions to foster greater deployment of renewable energy, create a more stable electric grid, and provide value to all ratepayers. By comprehensively studying the grid for geographically and electrically beneficial market opportunities and researching and selecting the best technology solutions to meet the needs of an evolving energy landscape, KCE efficiently constructs and effectively operates large-scale energy storage projects today that will transition us to the grid of tomorrow. For more information about KCE, visit www.keycaptureenergy.com.

About Mitsubishi Hitachi Power Systems Americas, Inc.
Mitsubishi Hitachi Power Systems Americas, Inc. (MHPS Americas) headquartered in Lake Mary, Florida, employs more than 2,000 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North and South America. MHPS Americas’ power generation solutions include natural gas, steam, aero-derivative, geothermal, distributed renewable technologies, environmental controls, and services. Energy storage solutions include green hydrogen and battery energy storage systems. MHPS also offers digital solutions that enable autonomous operations and maintenance of power assets. MHPS Americas is a subsidiary of Mitsubishi Hitachi Power Systems (MHPS), a joint venture between Mitsubishi Heavy Industries, Ltd. and Hitachi, Ltd. integrating their operations in power generation systems. MHPS recently announced that its name will change to Mitsubishi Power on September 1, 2020.

Learn more about MHPS by visiting www.changeinpower.com and https://www.linkedin.com/company/mitsubishi-hitachi-power-systems-americas-inc-/.

About Powin Energy Corporation
Based in Tualatin, Oregon, Powin is a global leader in cost-effective, safe and scalable battery energy storage systems. The Powin Stack™ is purpose-built for the demands of utility, C&I, and microgrid applications. Powin's BESS has a modular architecture, which facilitates streamlined and cost efficient installation for projects from MWh to GWh scale. Powin's industry-leading product offering is supported by an unrivaled team of experts from across the energy industry with decades of experience in product design, manufacturing, and software development. To learn more about Powin, please visit http://www.powinenergy.com/ or call (503) 516-3398.


Contacts

Sarah Bray
Key Capture Energy
(832) 226-2116
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Sharon Prater
MHPS Americas, Inc.
(407) 688-6200
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HOUSTON--(BUSINESS WIRE)--PrimeEnergy Resources Corporation (NASDAQ: PNRG) announced today the following unaudited results for the periods ended June 30, 2020 and 2019:

 

Three Months Ended June 30,

Six Months Ended June 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

Revenues

$

7,278,000

 

$

31,534,000

 

$

33,386,000

 

$

55,953,000

 

Net Loss

$

(6,266,000

)

$

5,775,000

 

$

(6,436,000

)

$

2,737,000

 

Earnings per Common Share:

 

 

 

 

 

Basic

$

(3.14

)

$

2.85

 

$

(3.23

)

$

1.35

 

Shares Used in Calculation of:

 

 

 

 

 

 

Basic EPS

 

1,994,177

 

 

2,026,119

 

 

1,994,675

 

 

2,031,569

 

Total assets at June 30, 2020 were $218,930,000 compared to $229,365,000 at December 31, 2019.

Oil and gas production and the average prices received (excluding gains and losses from derivatives) for the three and six months ended June 30, 2020 and 2019 were as follows:

 

Three Months Ended June 30,

Six Months Ended June 30,

 

 

2020

 

 

2019

Increase /
(Decrease)

 

2020

 

 

2019

Increase /
(Decrease)

Barrels of Oil Produced

 

144,000

 

 

332,000

 

(188,000

)

 

378,000

 

688,000

 

(310,000

)

Average Price Received

$

25.09

 

$

59.17

$

(11.00

)

$

37.89

$

55.84

$

(17.95

)

Oil Revenue

$

3,613,000

$

19,644,000

$

(16,031,000

)

$

14,324,000

$

38,442,000

$

(24,118

)

Mcf of Gas Sold

 

874,000

 

 

1,295,000

 

(421,000

)

 

1,812,000

 

2,243,000

 

(431,000

)

Average Price Received

$

0.62

 

$

1.05

$

(0.63

)

$

0.77

$

1.60

$

(0.83

)

Gas Revenue

$

543,000

 

$

1,355,000

$

(812

)

$

1,389,000

$

3,590,000

$

(2,201

)

Barrels of Natural Gas Liquids Sold

 

86,000

 

 

146,000

 

(60,000

)

 

213,000

 

288,000

 

(75,000

)

Average Price Received

$

5.76

 

$

16.27

$

(0.26

)

$

8.16

$

18.14

$

(9.98

)

Natural Gas Liquids Revenue

$

495,000

 

$

2,375,000

$

(1,880

)

$

1,738,000

$

5,219,000

$

(3,481

)

Total Oil & Gas Revenues

$

4,651,000

 

$

23,374,000

$

(18,723

)

$

17,451,000

$

47,251,000

$

(29,800

)

PrimeEnergy is an independent oil and natural gas company actively engaged in acquiring, developing and producing oil and natural gas, and providing oilfield services, primarily in Texas and Oklahoma. The Company’s common stock is traded on the Nasdaq Stock Market under the symbol PNRG. If you have any questions on this release, please contact Connie Ng at (713) 735-0000 ext 6416.

Forward-Looking Statements: This Report contains forward-looking statements that are based on management's current expectations, estimates and projections. Words such as "expects," "anticipates," "intends," "plans," "believes", "projects" and "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and are subject to the safe harbors created thereby. These statements are not guarantees of future performance and involve risks and uncertainties and are based on a number of assumptions that could ultimately prove inaccurate and, therefore, there can be no assurance that they will prove to be accurate. Actual results and outcomes may vary materially from what is expressed or forecast in such statements due to various risks and uncertainties. These risks and uncertainties include, among other things, the possibility of drilling cost overruns and technical difficulties, volatility of oil and gas prices, competition, risks inherent in the Company's oil and gas operations, the inexact nature of interpretation of seismic and other geological and geophysical data, imprecision of reserve estimates, and the Company's ability to replace and expand oil and gas reserves. Accordingly, stockholders and potential investors are cautioned that certain events or circumstances could cause actual results to differ materially from those projected.


Contacts

PrimeEnergy Resources Corporation
Connie Ng
(713) 735-0000 ext 6416

Clean Energy Facility Capable of Powering an Average of 30,000 Texas Homes Annually

174 Power Global Affiliate Chariot Energy Commits to Purchasing Nearly 20% of Oberon Output

HOUSTON--(BUSINESS WIRE)--174 Power Global today announced that it has completed and energized its Oberon Solar Power Facility (“Oberon”), one of the largest utility-scale solar generation facilities in Texas. Chariot Energy, an affiliate of 174 Power Global, has entered into a power purchase agreement (PPA) for 30 megawatts (MW) of the 180-MW project to support its 100 percent renewable energy product offering to retail customers across the deregulated Texas energy market, the Electric Reliability Council of Texas (“ERCOT”).


“This is a major milestone for both 174 Power Global and Chariot Energy, as we commissioned this project as a means of helping transform the way energy is generated and provided to the grid,” said 174 Power Global and Chariot Energy President and CEO, Henry Yun, PhD. “This announcement underscores our commitment to providing sustainable energy solutions to homes and businesses across the state.”

174 Power Global broke ground on the 180-MW project, located outside of Odessa in Ector County, in June 2019. The area was selected as it receives an abundance of productive sun and is a welcoming environment for new business by the local community. The facility is comprised of more than 560,000 solar panels.

The energy generated by the Oberon facility also will directly benefit Chariot Energy retail customers, who will receive grid energy powered by solar, without the need for the upfront expense of costly equipment traditionally required to go solar.

“Last year, we set out to position Chariot Energy as a leader in the renewable energy space at the consumer level in Texas, in addition to providing world-class customer service and transparency in our product offerings,” said Yun. “Today’s announcement does just that. Customers who choose Chariot Energy get clean, solar-generated electricity at prices competitive with energy plans that rely on traditional sources of energy, such as fossil fuels.”

About 174 Power Global

Irvine, California-headquartered 174 Power Global is a leading solar energy company that is wholly owned by the Hanwha Group. With deep expertise across the full spectrum of the project development cycle, 174 Power Global works closely with landowners, local communities, financial investors and other partners to build highly productive, utility scale solar power plants throughout North America. Since its formation in 2017, 174 Power Global has signed nearly 2 gigawatts (GW) of power purchase agreements and has more than 6 GW of additional projects in the development pipeline. The Company was ranked as the 2018 number #1 solar project development company in the United States by Wood Mackenzie. 174 Power Global’s name was inspired by the 174 petawatts (PW) of power the earth receives from the sun at any moment.

For more information, visit: www.174powerglobal.com/

About Chariot Energy

Chariot Energy is a Houston-headquartered retail energy provider that provides 100% clean, renewable energy to the Texas market. By offering simple, transparent and reliable electricity products to the communities it serves, Chariot Energy is transforming the energy supply for Texas while modernizing and simplifying the way solar energy is sold and delivered. In collaboration with its affiliate companies, Chariot Energy is able to bring competitive prices to the market by leveraging its value chain from the manufacturing of the solar modules and development of utility scale solar plants to the delivery of renewable power to homes and businesses.

Chariot Energy’s mission is to bring solar electricity to all, without a premium.

Chariot Energy was recently named a top three retail electricity provider by the readers of the Houston Chronicle and awarded five out of five stars by the Public Utilities Commission of Texas (PUCT). Additionally, a well-established energy ratings website named Chariot Energy a top two retail energy provider, ahead of legacy brands, such as Reliant, TXU and Gexa.

For more information, visit: https://chariotenergy.com/


Contacts

For media inquiries:
Kelly Kimberly
713.822.7538
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Brian Armentrout
281.968.5635
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NINGBO, China--(BUSINESS WIRE)--Recently, the research project titled "Development of 1.5 T cryogen-free superconducting magnets" has achieved a phased breakthrough and the University of Nottingham Ningbo China (UNNC) is expected to introduce the world's first 1.5T rotatable dual-gesture magnetic resonance imaging (MRI) scanner soon.


This is a collaboration among UNNC, Ningbo Gaosi Superconducting Technology Co. Ltd, Ningbo XinGaoYi Medical Equipment Co. Ltd, the First Affiliated Hospital of Zhejiang University School of Medicine, and China Academy of Sciences University Ningbo Hwamei Hospital.

Helium, a rare gas and a by-product of natural gas industry, is the ideal cooling medium to achieve the extreme-low temperature in MRI, but has become strategic material and experienced a rocketed price rise in recent years. The development of cryogen-free superconducting magnets has become more and more important.

"We have successfully developed the first prototype 1.5T cryogen-free superconducting magnet, and run it for over one year to prove its feasibility and stability," said Dr Chengbo Wang, the director of Magnetic Resonance Imaging (MRI) Research Centre at UNNC. This new magnet replaces the refrigerant liquid helium with low-cost copper, making the new MRI system extremely safe. It is expected to save six billion RMB of cost within five years when replacing the traditional MRI system.

According to Dr Wang, his team is responsible for the development of innovative applications for this new cryogen-free MRI. Currently the team is working on developing a rotatable dual-gesture 1.5T MRI, which is probably the first clinically available whole-body rotatable MRI around the globe. The machine is expected to settle in UNNC in the near future.

“Due to the explosive property of liquid helium, conventional MRI are difficult and not safe to move or rotate,” explains Dr Wang. Therefore, the successful development of the whole-body superconducting cryogen-free magnets indicates many new breakthroughs such as mobile MRI, or MRI scans in a standing gesture.

Dr Wang and his team are also seeking solutions to install cryogen-free MRIs in small or enclosed spaces, which will significantly boost the improvement in mobile medical technology.


Contacts

University of Nottingham Ningbo China
Chuchu Lou
Content Manager
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HOUSTON--(BUSINESS WIRE)--National Oilwell Varco, Inc. (the “Company” or “NOV”) (NYSE: NOV) announced today that it has commenced a cash tender offer for any and all of its outstanding $400,000,000 aggregate principal amount of 2.600% Senior Unsecured Notes due 2022 (CUSIP No. 637071 AJ0) (the “Notes”), on the terms and subject to the conditions set forth in the Offer to Purchase, dated the date hereof (the “Offer to Purchase”), and the related Notice of Guaranteed Delivery attached to the Offer to Purchase (the “Notice of Guaranteed Delivery”). The tender offer is referred to herein as the “Offer.” The Offer to Purchase and the Notice of Guaranteed Delivery are referred to herein collectively as the “Offer Documents.”


The tender offer consideration for each $1,000 principal amount of the Notes purchased pursuant to the Offer will be $1,035 (the “Tender Offer Consideration”). Holders must validly tender (and not validly withdraw) or deliver a properly completed and duly executed Notice of Guaranteed Delivery for their Notes at or before the Expiration Time (as defined below) in order to be eligible to receive the Tender Offer Consideration. In addition, holders whose Notes are purchased in the Offer will receive accrued and unpaid interest from the last interest payment date to, but not including, the Payment Date (as defined in the Offer to Purchase) for the Notes. The Company expects the Payment Date to occur on August 26, 2020 and the Guaranteed Delivery Payment Date to occur on August 28, 2020.

The Offer will expire at 5:00 p.m., New York City time, on August 25, 2020 (such time and date, as it may be extended by the Company, the “Expiration Time”), unless extended or earlier terminated by the Company. The Notes tendered may be withdrawn at any time at or before the Expiration Time by following the procedures described in the Offer to Purchase.

The Company’s obligation to accept for purchase and to pay for the Notes validly tendered and not validly withdrawn pursuant to the Offer is subject to the satisfaction or waiver, in the Company’s discretion, of certain conditions, which are more fully described in the Offer to Purchase. The complete terms and conditions of the Offer are set forth in the Offer Documents. Holders of the Notes are urged to read the Offer Documents carefully.

The Company has retained D.F. King & Co., Inc. as the tender agent and information agent for the Offer. The Company has retained Barclays Capital Inc. (“Barclays”) and J.P. Morgan Securities LLC (“J.P. Morgan”) as the dealer managers (the “Dealer Managers”) for the Offer.

Holders who would like additional copies of the Offer Documents may call or email the information agent, D.F. King & Co., Inc. at (212) 269-5550 (banks and brokers), (800) 967-7510 (all others), or This email address is being protected from spambots. You need JavaScript enabled to view it.. Copies of the Offer to Purchase and Notice of Guaranteed Delivery are also available at the following website: www.dfking.com/nov. Questions regarding the terms of the Offer should be directed to Barclays at (800) 438-3242 (U.S. toll-free) or (212) 528-7581 (collect) or J.P Morgan at (866) 834-4666 (toll-free) or (212) 834-3424 (collect).

This press release shall not constitute an offer to buy, or a solicitation of an offer to sell, any Notes. The Offer is being made solely pursuant to the Offer Documents. The Offer is not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Offer to be made by a licensed broker or dealer, the Offer will be deemed to be made on behalf of the Company by the Dealer Managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

About NOV

NOV is a leading provider of technology, equipment, and services to the global oil and gas industry that supports customers’ full-field drilling, completion, and production needs. Since 1862, NOV has pioneered innovations that improve the cost-effectiveness, efficiency, safety, and environmental impact of oil and gas operations. NOV powers the industry that powers the world.

Visit www.nov.com for more information. Information on the Company’s website is not part of this release.

Cautionary Notice Regarding Forward-Looking Statements

Statements made in this press release that are forward-looking in nature are intended to be “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, and may involve risks and uncertainties. Such statements include plans, projections and estimates regarding the Offer. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including prevailing market conditions, satisfaction of conditions, changes in timing and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. Readers are referred to documents filed by NOV with the SEC, including the Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which identify significant risk factors. Actual results may differ from those contained in the forward-looking statements. The Company undertakes no obligation to update forward-looking statements, except as required by law.


Contacts

Blake McCarthy
(713) 815-3535

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