CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced today that it plans to accelerate its share purchases under its normal course issuer bid (NCIB). The current NCIB allows Imperial to repurchase up to five percent of its 711,673,439 outstanding common shares as of June 15, 2021, or a maximum of 35,583,671 shares prior to June 28, 2022. This maximum includes shares purchased from Exxon Mobil Corporation (ExxonMobil) outside of, but concurrent with the NCIB to maintain its proportionate share ownership.

As of the end of October 2021, Imperial had repurchased 11,956,028 shares under the NCIB and from ExxonMobil. By accelerating its purchases, Imperial now plans to repurchase the remainder of the maximum number of shares allowed by the end of January, 2022. Based on the weighted average price paid for purchases in October under the NCIB program of $42.70, the acceleration would represent an aggregate return of over $1 billion to participating shareholders from November, 2021 to the end of January, 2022. Actual cost of purchases will be based on prices at the time of purchase in accordance with the NCIB rules. Purchase plans may be modified at any time without prior notice.

Consistent with the company’s balance sheet strength, low capital requirements and strong cash generation, this announcement reflects the company’s priority and capacity to return cash to shareholders. “Imperial continues to be strongly committed to shareholder returns,” said Brad Corson, Imperial chairman, president and chief executive officer. “It starts with a reliable and growing dividend. When we have surplus cash beyond our base dividend, efficient share repurchases through an NCIB has been our first step. After fully utilizing our NCIB, our next step to return surplus cash to shareholders would be a substantial issuer bid or a special dividend and we are actively evaluating these options.”

Source: Imperial

After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada’s energy resources. As Canada’s largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.

Cautionary statement: Statements of future events or conditions in this release, including projections, expectations and estimates are forward-looking statements. Forward-looking statements can be identified by words such as propose, plan, expect, evaluate, strategy, future, continue, may, should, will and similar references to future periods. Forward-looking statements in this release include, but are not limited to, references to the company’s plan to accelerate purchases under the NCIB and repurchase the remainder of the maximum number of shares allowed by the end of January, 2022; the cost of purchases and modification to purchase plans; the company’s priority, capacity and commitment to return cash to shareholders, including through dividends and NCIB, and the potential for a substantial issuer bid or special dividend.

Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions concerning demand growth and energy source, supply and mix; commodity prices, foreign exchange rates and general market conditions; production rates, growth and mix; project plans, timing, costs, technical evaluations and capacities and the company’s ability to effectively execute on these plans and operate its assets; cash generation, financing sources and capital structure; progression of COVID-19 and its impacts on Imperial’s ability to operate its assets; applicable laws and government policies, including restrictions in response to COVID-19; and capital and environmental expenditures could differ materially depending on a number of factors. These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and petrochemical products and resulting price, differential and margin impacts, including foreign government action with respect to supply levels and prices and the impact of COVID-19 on demand; availability and allocation of capital; unanticipated technical or operational difficulties; operational hazards and risks; currency exchange rates; availability and performance of third-party service providers; management effectiveness and disaster response preparedness, including business continuity plans in response to COVID-19; political or regulatory events, including changes in law or government policy such as response to COVID-19; general economic conditions; and other factors discussed in Item 1A risk factors and Item 7 management’s discussion and analysis of financial condition and results of operations of Imperial Oil Limited’s most recent annual report on Form 10-K and subsequent interim reports on Form 10-Q.

Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial Oil Limited. Imperial’s actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.

For further information:
Investor relations
(587) 476-4743

Media relations
(587) 476-7010

SunTegra begins manufacture of their cutting-edge solar roof shingles locally

BINGHAMTON, N.Y.--(BUSINESS WIRE)--SunTegra, a leading provider of solar roof systems, today announced that they have started production of their solar shingle products at 27 Link Drive in Binghamton, NY. The shingles offer an aesthetically pleasing alternative to traditional roof-mounted solar panels and can already be found on homes across the country. SunTegra will use its new facility as a main office supporting administration, sales, and R&D.

“We are delighted to be moving our business to the Binghamton area,” says CEO Oliver Koehler. “Binghamton offers access to great technical expertise, has talented labor and features a robust network of regional suppliers. We see Binghamton as a great platform from which to grow our business nationally.”

Originally based in Highland, NY, SunTegra was a winner of the 2017 76West Competition. In that year, they joined the Koffman Southern Tier Incubator, gaining mentorship and guidance from subject matter experts.

"Bringing innovative companies to the Binghamton area is what the Koffman Southern Tier incubator is all about,” says Mike Jagielski, Clean Energy Program Director. “SunTegra’s patented solar roofing products offer consumers an alternative to bulky solar panels, compete head to head with Tesla’s solar roof products and are the type of technology that will help clean energy go mainstream.”

SunTegra has hired initial assembly and operations staff to restart the production of its products and plans to expand hiring in the new year. CEO Oliver Koehler is available for interview, or a facility showcase, and can be reached at the details below.

More About SunTegra

SunTegra is a solar products company that designs and manufactures innovative building-integrated solar solutions which are preferred by consumers. The SunTegra Shingle® and SunTegra Tile® solutions allow for a direct-to-roof installation, providing customers a low-profile, aesthetically pleasing alternative to standard rack-mounted solar panels. SunTegra has been shipping its solar roofing products since 2014 and plans to add additional building integrated solar solutions in the near future. SunTegra is a member of the Koffman Southern Tier Incubator in downtown Binghamton and has received support from the 76 West Competition that was introduced in 2016 as a four-year competition for clean energy startups in the Southern Tier. For more information, see www.suntegrasolar.com.

Oliver Koehler
Phone: 914-249-9364 x701 (office), 408-464-3008 (mobile)
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Splitvolt’s high-profile demonstration and mainstage podcast interview to be featured at the new Electrify Expo in Austin, Texas

AUSTIN, Texas--(BUSINESS WIRE)--#EV--Splitvolt, the innovator and leader of the emerging EV charging-related product category called Splitter Switches, is showcasing at Electrify Expo a live demonstration of its family of Splitter Switches and Portable EV chargers, now available on www.splitvolt.com and on Amazon.

As a high-profile exhibitor, the Splitvolt booth is located just inside the main entrance in the first Electrify Expo in Austin, held at the Circuit of the Americas, November 12-14, 2021. Building on the momentum Splitvolt had at Electrify Expo in Orange County, Splitvolt doubles its physical presence with its innovative demonstrations at the main entrance of the show. The event boasts more than 19,000 electric vehicle curious (e-curious) consumers over the three days and highlights press, vendors and new product exhibits from numerous major automakers including Jeep, Polestar, Kia, Volvo, Volkswagen, Porsche, Mercedes, MINI and BMW--most of whom are allowing attendees to test drive their new electric vehicles.

At the Splitvolt booth #100, the team is showcasing the company’s innovative products and informative demonstrations that taught attendees more about safe and inexpensive fast home charging access. Splitvolt CEO Dan Liddle was selected to present on the mainstage an overview of how Splitvolt has created its groundbreaking category of EV fast home charging-related solutions.

Also at Electrify Expo, Splitvolt’s CEO interview will be broadcast throughout the show, and be featured in the Electrify Expo’s podcast as a market leader for EV charging solutions.

Splitvolt conducted live hands-on demonstrations of their unique Splitter Switches and portable EV chargers as well as adaptors and 240 volt extension cables. Splitvolt products are designed to make fast home charging power access simple, affordable and safe.

Splitvolt has previously rolled out many products across Amazon and its own website: www.splitvolt.com. The product selection focuses on new and unique ways for EV owners to get fast home charging access.

Click here to see the highly innovative products for EV owners, only available for sale at Splitvolt right now.

About Splitvolt
Splitvolt’s mission is to inspire use of sustainable energy and Empowering Electric Vehicle Adoption™ by creating compelling products and solutions that make it simple for everyday car owners to benefit from electric vehicle use in daily life. Working at Splitvolt means having a shared vision to empower the future in innovative ways and play a key role in the once-in-a-lifetime transformation of the automotive industry. To find out more, visit www.splitvolt.com or the Splitvolt Amazon Store.

Media Contacts:
Daniel Liddle
Splitvolt, Inc.
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MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) today announced that its Board of Directors has declared a cash dividend on the Company’s common stock in the amount of $0.08 per share, representing a 78% increase from the prior quarterly dividend. The dividend is payable on January 31, 2022, to stockholders of record as of the close of business on December 30, 2021.

MANAGEMENT COMMENT

“Based on our confidence in the business outlook, the Board declared a dividend above our prior plan of $0.06 per share,” commented Chad Allen, Northern’s Chief Financial Officer. “This is a function of the continued improvement in the Company’s free cash flow profile and the strength of our balance sheet.”

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about Northern Oil and Gas, Inc. can be found at www.northernoil.com.

Mike Kelly, CFA
Chief Strategy Officer
952-476-9800
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Investor Conference Call on Friday at 4:30 PM ET

VISTA, Calif.--(BUSINESS WIRE)--$FLUX #EVcharging--Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion battery packs for commercial and industrial equipment, today reported financial results for its first quarter of fiscal year 2022 (Q1’22).

Financial Highlights:

• Q1’22 revenue grew 39% to $6.3M compared to Q1’21 revenue of $4.5M.
• Q1’22 gross profit margin increased to 21.3% compared to 19.4% in Q1’21.

Strategic Highlights:

• Achieved 13^th consecutive quarter of year-over-year revenue growth.
• Increased customer order backlog to a record $28M as of November 10, 2021.
• Closed a registered direct offering priced at-the-market for net proceeds of approximately $14.1M to support growth.

Q1’22 Financial Results

Revenue: Q1’22 revenue increased by 39% to $6.3M compared to $4.5M in Q1’21, driven by sales of packs with higher selling prices and a higher unit volume of packs sold.

Gross Profit: Q1’22 gross profit improved by 53% to $1.3M compared to a gross profit of $873K in Q1’21, primarily attributable to higher unit volume of sales to both new and existing customers, and to improved overall cost of sales efficiencies. However, gross profit was impacted by higher costs for steel, electronic parts, and common off the shelf parts in Q1’22.

Selling & Administrative: Expenses increased to $3.5M in Q1’22 from $2.9M in Q1’21, reflecting increases in outbound shipping costs, personnel related expenses, insurance premiums, and sales & marketing expenses.

Research & Development: Expenses increased to $2.0M in Q1’22, compared to $1.5M in Q1’21, primarily due to new product development activities.

Net Loss: Q1’22 net loss increased slightly to $4.1M from a net loss of $4.0M in Q1’21, principally reflecting increased operating expenses, partially offset by a decrease in interest expense and an increase in gross profit.

Balance Sheet: The balance sheet was strengthened during Q1’22 with a registered direct capital raise of $14.1M in net proceeds, which provided capital to support continued revenue growth and provide an important element to reaching cash flow breakeven. Additionally, in October 2021, the line of credit with Silicon Valley Bank was increased from $4.0M to $6.0M to provide additional resources to manage working capital needs.

Fiscal Year 2022 Outlook

The supply chain disruptions continue, with delivery delays at the ports of Los Angeles and Long Beach. Prices for steel and electrical components have seen dramatic increases, along with shipping costs over the past twelve months. No immediate abatement to these challenges is anticipated within the next several months. A price increase was implemented in October to offset these increases, although there will be limited benefit near term, given pricing in much of the current backlog of orders.

The current backlog of $28M reflects continued strong demand from both new and existing customers. Less than $2M of the current backlog is directly related to supply chain delays.

As the airline industry recovers from the COVID-19 pandemic, there is increasing demand for zero-emission GSE battery packs, which support the many environmental initiatives underway at airlines and airports.

Product development work continues on a new design platform for battery packs to achieve improvements with regard to manufacturing complexity, product cost, and working capital.

“We are not immune to the supply chain disruptions, but we believe we have executed plans to minimize the impact on production,” CEO Ron Dutt stated. “We have a record backlog of orders from new and existing customers which reflects the growing demand for our lithium-ion battery packs.”

Conference Call

Management will host a conference call today, Friday, at 4:30 PM ET. Investors and analysts interested in joining the call are invited to dial (833) 428-8374 or (270) 240-0543. The conference ID is 2915539. A recording of the conference call will be uploaded to the Flux Power website once it is available.

About Flux Power Holdings, Inc. (www.fluxpower.com)

Flux Power designs, develops, manufactures, and sells advanced lithium-ion energy storage solutions for lift trucks, and other industrial equipment including airport ground support equipment (GSE), solar energy storage, and other commercial applications. Our lithium-ion battery packs, including our proprietary battery management system (BMS) and telemetry, provide our customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions.

Cautionary Statement Regarding Forward-Looking Statements

This release contains projections and other "forward-looking statements" relating to Flux Power’s business, that are often identified using "believes," "expects" or similar expressions. Forward-looking statements involve several estimates, assumptions, risks, and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Such forward-looking statements include impact of COVID-19 on Flux Power’s business, results and financial condition; Flux Power’s ability to obtain raw materials and other supplies for its products at competitive prices and on a timely basis, particularly in light of the potential impact of the COVID-19 pandemic on its suppliers and supply chain; the development and success of new products, projected sales, deferral of shipments, Flux Power’s ability to fulfill backlog orders or realize profit from the contracts reflected in backlog sale; Flux Power’s ability to fulfill backlog orders due to changes in orders reflected in backlog sales, Flux Power’s ability to timely obtain UL Listing for its products, Flux Power’s ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance and purchase of current and new products. Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such statements will prove to be correct, and that the Flux Power’s actual results of ‎operations, financial condition and performance will not differ materially from the ‎results of operations, financial condition and performance reflected or implied by these forward-‎looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar. These forward-looking statements are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual results could differ from those projected.

Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.

Follow us at:
Blog: Flux Power Blog
News Flux Power News
Twitter: @FLUXpwr
LinkedIn: Flux Power

Media & Investor Relations:
Justin Forbes
877-505-3589
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PALO ALTO, Calif.--(BUSINESS WIRE)--Archer Aviation Inc. (NYSE: ACHR) has announced its financial results for the third quarter of 2021 in its shareholder letter, which is available here or on its investor relations website (http://investors.archer.com).

Archer will host a live audio webcast of its conference call to discuss the results at 4:30 p.m. ET today. The live webcast will be accessible from Archer’s investor relations website (http://investors.archer.com). An archive of the webcast will be available on that same website shortly after the call.

About Archer

Archer’s mission is to advance the benefits of sustainable air mobility. Archer’s goal is to move people throughout the world's cities in a quick, safe, sustainable, and cost-effective manner. To accomplish this goal, Archer is designing and developing an electric vertical takeoff and landing (eVTOL) aircraft for use in future urban air mobility networks. Archer's team is based in Palo Alto, CA.

To learn more, visit www.archer.com.

Source: Archer
Text: ArcherIR

For Investors
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For Media

Louise Bristow
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NEW YORK--(BUSINESS WIRE)--Goldman Sachs MLP and Energy Renaissance Fund (the “Fund”) (NYSE: GER) is announcing its quarterly distribution of $0.165 per common share. The distribution is payable on the date noted below.

The distribution schedule is as follows:

Ex-Date: November 22, 2021
Record Date: November 23, 2021
Payable Date: November 30, 2021
Amount: $0.165 per share

It is currently anticipated that a portion of this distribution will be treated for tax purposes as a return of capital, however, the final characterization of such distribution will be made in early 2022 when the Fund can determine its earnings and profits for the full year. The final tax status of the distribution may differ substantially from this preliminary information.

In addition, portfolio holdings as of September 30, 2021, as well as additional information regarding the Fund, can be accessed through the Goldman Sachs Asset Management Closed-End Fund landing page at www.GSAMFUNDS.com/cef.

Goldman Sachs MLP and Energy Renaissance Fund

Goldman Sachs MLP and Energy Renaissance Fund is a non-diversified, closed-end management investment company managed by Goldman Sachs Asset Management’s Energy & Infrastructure Team, which is among the industry’s largest MLP investment groups.

The Fund began trading on the NYSE on September 26, 2014. The reorganization of the Goldman Sachs MLP Income Opportunities Fund with and into the Fund was completed on September 28, 2020. The investment objective, strategies and restrictions of the Fund remain unchanged. The Fund seeks a high level of total return with an emphasis on current distributions to shareholders. The Fund invests primarily in master limited partnerships (“MLPs”) and other energy investments. The Fund currently expects to concentrate its investments in the energy sector, with an emphasis on midstream MLP investments. The Fund invests across the energy value chain, including upstream, midstream and downstream investments.

About Goldman Sachs Asset Management, L.P.

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market – overseeing more than $2 trillion in assets under supervision worldwide as of September 30, 2021¹. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Follow us on LinkedIn.

Disclosures

Shares of closed-end investment companies frequently trade at a discount from their net asset value (“NAV”), which may increase investors’ risk of loss. At the time of sale, an investor’s shares may have a market price that is above or below NAV, and may be worth more or less than the original investment. There is no assurance that the Fund will meet its investment objective. Past performance does not guarantee future results. Investments in securities of MLPs involve risks that differ from investments in common stock, including among others risks related to limited control and limited rights to vote on matters affecting MLPs, potential conflicts of interest risk, cash flow risks, dilution risks and trading risks.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security. The Fund has completed its initial public offering. Investors should consider their investment goals, time horizons and risk tolerance before investing in the Fund. An investment in the Fund is not appropriate for all investors, and the Fund is not intended to be a complete investment program. Investors should carefully review and consider the Fund’s investment objective, risks, charges and expenses before investing.

¹Assets Under Supervision (AUS) includes assets under management and other client assets for which Goldman Sachs does not have full discretion. AUS figure as of September 30, 2021.

Compliance Code: 259046-OTU

Date of First Use: November 12, 2021

Media:
Avery Reed Tel: 212-357-0125
Investors:
Charles Sturges Tel: 212-902-7996

HOUSTON--(BUSINESS WIRE)--Members of the Phillips 66 (NYSE: PSX) Executive Leadership Team will participate in a fireside chat at the BofA Securities Global Energy Conference on Thursday, Nov. 18, 2021, at 3 p.m. EST.

Phillips 66 leaders will discuss the company’s strategic initiatives to further strengthen its diversified portfolio, its focus on lower-carbon initiatives and its commitment to deliver attractive shareholder returns.

To access the webcast, go to the Events and Presentations section of the Phillips 66 Investors site, https://www.phillips66.com/investors. A replay of the webcast will be archived on the Events and Presentations page approximately two hours after the event, and a transcript will be available at a later date.

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Headquartered in Houston, the company has 14,100 employees committed to safety and operating excellence. Phillips 66 had $56 billion of assets as of Sept. 30, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

Jeff Dietert (investors)
832-765-2297
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Shannon Holy (investors)
832-765-2297
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Thaddeus Herrick (media)
855-841-2368
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Modest Sequential Improvement in Third Quarter; Company Prepares to Launch nUVo™ Air Disinfectors, First Major Consumer Offerings

Conference Call to be Held Today at 11 a.m. ET

SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable and human-centric lighting (“HCL”) technologies, and developer of a range of UV-C disinfection (“UVCD”) products, today announced financial results for its third quarter ended September 30, 2021.

Third Quarter 2021 Financial Highlights:

• Net sales of $2.7 million, a decrease of 53.9% compared to the third quarter of 2020 and an increase of 32.5% sequentially from the second quarter of 2021, reflecting continued fluctuations in timing of military orders and funding availability, and ongoing COVID-19-related business challenges for its customers and logistics delays.
• Loss from operations of $1.8 million, compared to a loss from operations of $1.0 million in the third quarter of 2020 and sequentially to a loss from operations of $2.2 million in the second quarter of 2021.
• Net loss of $1.1 million, or $(0.22) per basic and diluted share of common stock, compared to a net loss of $1.2 million, or $(0.35) per basic and diluted share of common stock, in the third quarter of 2020. Sequentially, the net loss decreased by $1.3 million compared to net loss of $2.5 million, or $(0.59) per basic and diluted share of common stock in the second quarter of 2021.
• Cash of $0.4 million, included in total availability (as defined under “Non-GAAP Measures” below) of $2.1 million, each as of September 30, 2021, as compared to cash of $1.8 million and total availability of $3.5 million as of December 31, 2020.

“Although revenue for the third quarter came in higher than that of the first and the second quarter, we continued to experience a challenging business environment, including delayed military funding and commercial retrofit projects, as well as ongoing logistics and supply chain dislocations for both our military and commercial LED lighting markets,” commented James Tu, Chairman and CEO of Energy Focus, Inc. “Meanwhile, we continued our aggressive transformation to develop breakthrough human-centric lighting technologies and products to differentiate our commercial products and to expand into the consumer market.”

“We recently obtained independent safety certification for our nUVo^TM Traveler air disinfection device, an important milestone for these powerful UVC disinfection devices, and inventory samples are under evaluation for final release. We anticipate safety certification for nUVo^TM Tower shortly as well,” continued Mr. Tu. “We also recently received third-party validation of our disinfection performances, achieving 94.1%-99.9% pathogen reduction over a half hour in 1,000 cubic feet and 100 cubic feet spaces, respectively. We believe nUVo^TM, which is filter-free, chemical-free and portable, is an ideal solution for effective and constant air disinfection in personal and office spaces in a post-COVID world. We expect these products, including the nUVo^TM Tower for larger spaces, and the nUVo^TM Traveler for in-vehicle and other personal spaces, to be available starting in the fourth quarter 2021.”

“Further, we also expect to launch Suncycle™, our patented circadian lighting control system powered by EnFocus^TM, early in 2022, advancing our mission to make homes and offices more comfortable and productive,” added Mr. Tu. “Suncycle™ recently received “Top Product of the Year” award from Environment + Energy (“E+E”) and “Top Ten Must See Product for LightFair 2021” by Edison Report. We believe Suncycle™ has the potential to vastly enhance the indoor lighting experience and improve the quality of sleep, study and work - at home and in commercial spaces, for both retrofit and new construction - by providing high-quality, dimmable, color tunable and autonomous circadian lighting in an affordable, user-friendly and cyber-secure manner with only simple swaps of wall switches and lamps.”

“While our existing military and commercial lighting retrofit customers continue to be affected by military funding fluctuations and COVID related project delays and logistical challenges, we are not waiting for markets to rebound,” concluded Mr. Tu. “Our organization has adapted and innovated to develop unique technologies and intellectual property to address emerging consumer and commercial lighting market opportunities surrounding human wellness, be it UVC disinfection or circadian lighting, in the new post-COVID landscape. We expect these new, broadly impactful products to contribute to our growth in 2022 and beyond.”

Third Quarter 2021 Financial Results:

Net sales were $2.7 million for the third quarter of 2021, compared to $6.0 million in the third quarter of 2020, a decrease of 53.9%. Net sales from commercial products were $1.5 million, or 55.4% of total net sales, for the third quarter of 2021, flat as compared to $1.5 million, or 24.4% of total net sales, in the third quarter of 2020, reflecting the ongoing impact of the COVID-19 pandemic and continued customer interruptions and project delays. Net sales from military maritime products were $1.2 million, or 44.6% of total net sales, for the third quarter of 2021, compared to $4.5 million, or 75.6% of total net sales, in the third quarter of 2020, primarily due to the availability of government funding and the delayed timing of orders, as well as a large military contract fulfilled during the third quarter of 2020. Sequentially, net sales were up 32.5% compared to $2.1 million in the second quarter of 2021, reflecting primarily the timing of delayed orders from the second quarter of 2021 that were pushed into the third quarter of 2021.

Gross profit was $0.6 million, or 20.5% of net sales, for the third quarter of 2021. This compares with gross profit of $1.4 million, or 23.1% of net sales, in the third quarter of 2020. Sequentially, this compares with gross profit of $0.4 million, or 18.9% of net sales, in the second quarter of 2021. Gross margin for the third quarter of 2021 was positively impacted by favorable price and usage variances for material and labor of $0.1 million and inventory reserves recorded of $0.1 million, partially offset by low sales, which impacted our gross profit rate due the impact of fixed costs.

Adjusted gross margin, as defined under “Non-GAAP Measures” below, was 17.9% for the third quarter of 2021, compared to 24.6% in the third quarter of 2020, primarily driven by low sales in the third quarter of 2021 and product mix in the military maritime product sales during the third quarter of 2021 as compared to the third quarter of 2020. Sequentially, this compares to adjusted gross margin of 17.6% in the second quarter of 2021. The increase was primarily driven by higher sales in the third quarter of 2021 over the second quarter of 2021.

Operating loss was $1.8 million for the third quarter of 2021, compared to an operating loss of $1.0 million in the third quarter of 2020. Sequentially, this compares to an operating loss of $2.2 million in the second quarter of 2021. Net loss was $1.1 million, or $(0.22) per basic and diluted share of common stock, for the third quarter of 2021, compared with a net loss of $1.2 million, or $(0.35) per basic and diluted share of common stock, in the third quarter of 2020. Sequentially, this compares with a net loss of $2.5 million, or $(0.59) per basic and diluted share of common stock, in the second quarter of 2021.

Adjusted EBITDA, as defined under “Non-GAAP Measures” below, was a loss of $1.7 million for the third quarter of 2021, compared with a loss of $0.9 million in the third quarter of 2020 and a loss of $2.0 million in the second quarter of 2021. The increased adjusted EBITDA loss in the third quarter of 2021, as compared to the third quarter of 2020, was primarily due to a combination of gross margin reductions from lower sales.

Cash was $0.4 million as of September 30, 2021. This compares with cash of $1.8 million as of December 31, 2020. As of September 30, 2021, the Company had total availability, as defined under “Non-GAAP Measures” below, of $2.1 million, which consisted of $0.4 million of cash and $1.7 million of additional borrowing availability under its credit facilities. This compares to total availability of $4.9 million as of September 30, 2020 and total availability of $4.1 million as of June 30, 2021. Our net inventory balance of $7.8 million as of September 30, 2021, increased $2.1 million over our net inventory balance as of December 31, 2020. This increase primarily relates to global supply chain challenges, which are impacting our inventory purchasing strategy, leading to a buildup of inventory and inventory components in an effort to manage both shortages of available components and longer lead times in obtaining components, as well as reduced sales leading to longer hold times for inventory.

Earnings Conference Call:

The Company will host a conference call and webcast today, November 12, 2021, at 11 a.m. ET to discuss the third quarter 2021 results, followed by a Q & A session.

You can access the live conference call by dialing the following phone numbers:

• Toll free 1-877-451-6152 or
• International 1-201-389-0879
• Conference ID# 13724408

The conference call will be simultaneously webcast. To listen to the webcast, log onto it at: https://viavid.webcasts.com/starthere.jsp?ei=1506371&tp_key=5124b9c4bb. The webcast will be available at this link through November 26, 2021. Financial information presented on the call, including this earnings press release, will be available on the investors section of Energy Focus’ website, investors.energyfocus.com.

About Energy Focus

Energy Focus is an industry-leading innovator of sustainable light-emitting diode (“LED”) lighting and lighting control technologies and solutions, as well as UV-C Disinfection technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products and controls that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocus^TM lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. In addition, our patent-pending UVCD technologies and products, announced in late 2020, aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’ customers include U.S. and U.S. ally navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes and berth lights, saving more than five million gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com.

Forward-Looking Statements:

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “feels,” “seeks,” “forecasts,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could” or “would” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, capital expenditures, and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made in light of the information currently available to us, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: (i) instability in the U.S. and global economies and business interruptions experienced by us, our customers and our suppliers as a result of the COVID-19 pandemic and related impacts on travel, trade and business operations; (ii) our ability to realize the expected novelty, disinfection effectiveness, affordability and estimated delivery timing of our UVCD products and their appeal compared to other products; (iii) our ability to extend our product portfolio into commercial services and consumer products; (iv) market acceptance of our LED lighting, control and UVCD technologies, services and products; (v) our need for additional financing in the near term to continue our operations; (vi) our ability to refinance or extend maturing debt on acceptable terms or at all; (vii) our ability to continue as a going concern for a reasonable period of time; (viii) our ability to implement plans to increase sales and control expenses; (ix) our reliance on a limited number of customers for a significant portion of our revenue, and our ability to maintain or grow such sales levels; (x) our ability to add new customers to reduce customer concentration; (xi) our reliance on a limited number of third-party suppliers and research and development partners, our ability to manage third-party product development and obtain critical components and finished products from such suppliers on acceptable terms and of acceptable quality despite ongoing global supply chain challenges, and the impact of our fluctuating demand on the stability of such suppliers; (xii) our ability to timely, efficiently and cost-effectively transport products from our third-party suppliers to our facility by ocean marine and other logistics channels despite global supply chain and logistics disruptions; (xiii) our ability to increase demand in our targeted markets and to manage sales cycles that are difficult to predict and may span several quarters; (xiv) the timing of large customer orders, significant expenses and fluctuations between demand and capacity as we invest in growth opportunities; (xv) our ability to compete effectively against companies with lower prices or cost structures, greater resources, or more rapid development capabilities, and new competitors in our target markets; (xvi) our ability to successfully scale our network of sales representatives, agents, distributors and other channel partners to match the sales reach of larger, established competitors; (xvii) our ability to attract, develop and retain qualified personnel, and to do so in a timely manner; (xviii) the impact of any type of legal inquiry, claim or dispute; (xix) the inflationary or deflationary general economic conditions in the United States and in other markets in which we operate or secure products, which could affect our ability to obtain raw materials, component parts, freight, energy, labor, and sourced finished goods in a timely and cost-effective manner; (xx) our dependence on military maritime customers and on the levels and timing of government funding available to such customers, as well as the funding resources of our other customers in the public sector and commercial markets; (xxi) business interruptions resulting from geopolitical actions, including war and terrorism, natural disasters, including earthquakes, typhoons, floods and fires, or from health epidemics, or pandemics or other contagious outbreaks; (xxii) our ability to respond to new lighting technologies and market trends; (xxiii) our ability to fulfill our warranty obligations with safe and reliable products; (xxiv) any delays we may encounter in making new products available or fulfilling customer specifications; (xxv) any flaws or defects in our products or in the manner in which they are used or installed; (xxvi) our ability to protect our intellectual property rights and other confidential information, and manage infringement claims made by others; (xxvii) our compliance with government contracting laws and regulations, through both direct and indirect sale channels, as well as other laws, such as those relating to the environment and health and safety; (xxviii) risks inherent in international markets, such as economic and political uncertainty, changing regulatory and tax requirements and currency fluctuations, including tariffs and other potential barriers to international trade; (xxix) our ability to maintain effective internal controls and otherwise comply with our obligations as a public company; and (xxx) our ability to maintain compliance with the continued listing standards of The Nasdaq Stock Market. For additional factors that could cause our actual results to differ materially from the forward-looking statements, please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.

Investor Contact:
Brett Maas
(646) 536-7331

Thursday, November 18, 2021

HOUSTON--(BUSINESS WIRE)--The Port Commission of the Port of Houston Authority will hold its Budget Workshop on Thursday, Nov. 18, 2021. The workshop will begin at 9:00 a.m. and be conducted as a hybrid meeting. The Commissioners, executive leadership, and legal counsel will be present in the boardroom of the Port Authority Executive Office Building, located at 111 East Loop North, Houston, TX 77029.

The meeting is open to the public to attend. However, the meeting can also be accessed virtually via WebEx webinar.

The agenda and the instructions to access Port Houston public meetings are available at https://porthouston.com/leadership/public-meetings/.

Please note the following upcoming planned Port Houston public meetings: (subject to change)

December 7: Port Commission Regular meeting – 9:00 a.m.

Sign up for public comment is available up to an hour before these Port Commission meetings by contacting Erik Eriksson at This email address is being protected from spambots. You need JavaScript enabled to view it.or Liana Christian at This email address is being protected from spambots. You need JavaScript enabled to view it.

About Port Houston

For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel – the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas, and the U.S. nation. The more than 200 private and eight public terminals along the federal waterway support the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, economic activity totaling $339 billion in Texas, and a total of $801.9 billion in economic impact across the nation. For more information, visit the website: https://porthouston.com/

Lisa Ashley, Director, Media Relations, Port Houston
Office: 713-670-2644; Mobile: 832-247-8179; E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

• The free, one-hour, online event will address key topics about augmented reality capabilities for critical power equipment.
• Participants will learn how augmented reality operations and services improve facility operations.
• Attendees can earn 1.0 PDH Credit.

FLORHAM PARK, N.J.--(BUSINESS WIRE)--As part of its Learning Series Webinar, ASCO Power Technologies will host a webinar on November 30 exploring augmented reality applications for critical power systems. Sixty minutes in length, Benefits of Augmented Reality for Critical Power is a live webinar that will be FREE to power industry professionals, engineers, facility managers, and technicians. During this session, ASCO’s Director of Product Management will explore exciting developments for presenting operational power data using the newest interactive digital technologies.

Reasons to Attend

By participating in the event, attendees will:

• Understand the essential digital interactive technologies that bring operating data to life.
• Identify advantages that augmented reality data brings to facility operations and staff.
• Learn how Augmented Reality enables digital and predictive maintenance services that enhance reliability and performance while streamlining costs.

About the Speaker

Mario Ibrahim – Director of Product Management, ASCO Power Technologies. Mario has nearly two decades of experience with cutting-edge technologies with ASCO Power Technologies, IBM, Bell Labs, and more. His passion for innovation is driven by solving real-world customer problems and pain points, and his experience includes bringing many of ASCO’s newest technology solutions to customers facing critical power challenges. He fills key roles in business development, engineering, product management, and infrastructure security.

Registration Information

The event will be held at 11:00 AM Eastern Daylight Time on November 30, 2021. All interested professionals are encouraged to register now for this free event by visiting www.ascopower.com.

About ASCO Power Technologies

ASCO Power Technologies has provided power reliability solutions for more than 125 years. The firm designs, manufactures, services, and supports automatic transfer switches, power control equipment, load banks, and critical power management appliances. ASCO products serve mission-critical functions in data centers, healthcare facilities, telecommunication networks, commercial buildings, and industrial operations. To learn more about any of ASCO’s premium products and services, call (800) 800 ASCO (2726), email This email address is being protected from spambots. You need JavaScript enabled to view it., or visit www.ascopower.com.

Bhavesh Patel
+ 1 973 966 2746
This email address is being protected from spambots. You need JavaScript enabled to view it.

TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) announced today its financial and operating results for the third quarter ended September 30, 2021. Unless otherwise expressed, all financial figures are expressed in Canadian dollars.

“During the third quarter, we were successful in our continued progress towards our Superior Way Forward acquisition and operational improvement initiatives,” said Luc Desjardins, President and Chief Executive Officer. “In the past twelve months, we have announced or closed eight acquisitions for an investment of approximately $625 million, and we continue to see a robust pipeline of acquisition opportunities in the U.S. and Canada.”

“Although our third quarter is our seasonally lowest, our results were modestly higher than the prior year quarter, and we are confirming our 2021 Adjusted EBITDA guidance,” added Desjardins. “Our sales volumes were higher due to acquisitions completed in the past twelve months and modest improvement in commercial and wholesale demand as COVID-19 restrictions are eased.”

Financial Highlights:

• Superior achieved third quarter Adjusted EBITDA of $13.0 million, a $2.2 million or 20% increase over the prior year quarter primarily due to lower corporate costs, and to a lesser extent, a higher realized gain on foreign currency hedging contracts partially offset by lower EBITDA from operations.
• Net loss from continuing operations of $35.9 million in the third quarter increased $9.8 million compared to the third quarter of 2020 primarily due to higher selling, distribution and administrative costs (“SD&A costs”), and lower gains on derivatives and foreign currency translation of borrowings, partially offset by higher gross profit and lower finance expense. Gross profit and SD&A costs increased primarily due to the impact of acquisitions completed in the past twelve months. Gains on derivatives and foreign currency translation of borrowings decreased due to the impact from the stronger Canadian dollar on the translation of U.S. denominated borrowings and foreign currency forward sales contracts. Finance expense decreased primarily due to lower average debt levels and lower average interest rates related to the senior unsecured notes.
• U.S. Propane EBITDA from operations was ($7.8) million, a decrease of $3.8 million compared to the prior year quarter primarily due to the higher operating costs, partially offset by higher adjusted gross profit. Operating costs and adjusted gross profit increased primarily due to the impact of acquisitions completed in the past twelve months. Due to the seasonality of the U.S. Propane business, the increase in operating costs more than offset the increase in gross profit. Adjusted gross profit increased $8.9 million primarily due to higher sales associated with acquisitions completed in the last twelve months, and, to a lesser extent, higher average unit margins and higher other services gross profit. Sales volumes increased due to the contribution from acquisitions completed in the last twelve months Average unit margins increased due to sales and marketing initiatives, including focused sales growth in higher margin propane customers, partially offset by the impact of the stronger Canadian dollar on U.S. denominated gross profit. Operating costs increased by $12.7 million primarily due to the impact of acquisitions completed in the past twelve months, partially offset by cost-saving initiatives, realized synergies and the impact of the stronger Canadian dollar on the translation of U.S. denominated operating costs.
• Canadian Propane EBITDA from operations of $21.2 million, decreased $0.4 million or 2% from the prior year quarter primarily due to higher operating costs, partially offset by higher adjusted gross profit. Operating costs increased $7.6 million primarily due to the impact from the lower Canadian Emergency Wage Subsidy (“CEWS”) benefit recorded during the quarter compared to the prior year quarter and higher volume-related costs, partially offset by lower incentive plan costs and cost-saving initiatives. Adjusted gross profit increased $7.2 million primarily due to higher average unit margins and higher sales volumes. Average unit margins increased primarily due to the timing of sales of carbon offset credits and stronger wholesale propane market fundamentals in the California market compared to the prior year quarter and customer mix. Sales volumes have increased primarily due to higher wholesale sales volumes in California related to increased demand as COVID restrictions were lifted.
• Corporate costs for the third quarter of 2021 were $1.0 million, a $6.1 million decrease compared to the prior year quarter due to long-term incentive plan recovery of $3.3 million in the current quarter compared to a long-term incentive plan cost of $2.6 million in the prior year quarter. The long-term incentive plan recovery in the current quarter was due to the decrease in the liability related to the lower share price at September 30, 2021 compared to June 30, 2021.
• AOCF before transaction and other costs during the third quarter was ($4.8) million, a $7.9 million increase compared to the prior year quarter primarily due to lower interest costs, and, to a lesser extent, higher Adjusted EBITDA and lower cash taxes. AOCF before transaction and other costs per share was ($0.02), $0.04 higher than the prior year due to an increase in AOCF before transaction and other costs, partially offset by an increase in weighted average shares outstanding. Weighted average shares outstanding, which assumes the exchange of the preferred shares into common shares, were higher than the prior comparable period due to the issuance of preferred shares to Brookfield Asset Management (the “Preferred Shares”) that are reflected on an as converted basis.
• Superior’s Total Net Debt to Adjusted EBITDA leverage ratio for the trailing twelve months ended September 30, 2021, was 3.5x, which is within Superior’s long-term target range of 3.0x to 3.5x. Total Net Debt to Adjusted EBITDA increased from 3.3x at June 30, 2021 primarily due to higher total debt. Total debt increased due to the acquisition of Williams Energy Group, lower cash flow from operations in the third quarter related to seasonality and higher net working capital.
• Superior is confirming its previously disclosed Adjusted EBITDA range of $390 million to $420 million.

Strategic Developments and Highlights:

• On July 7, 2021, Superior acquired the assets of a retail propane distribution company based in North Carolina, operating under the tradename, Williams Energy Group (“Williams Energy”). Founded in 1998, Williams Energy is an established independent retail propane distributor delivering approximately 7 million gallons of propane annually to 12,000 retail and commercial customers in North Carolina.
• On July 14, 2021, Superior announced that one of its wholly-owned subsidiaries entered into an agreement to acquire the equity interests of Kamps Propane, Inc., High Country Propane, Inc., Pick Up Propane, Inc., Kiva Energy, Inc., Competitive Capital, Inc. and Propane Construction and Meter Services (collectively, “Kamps”) for an aggregate purchase price of approximately US $240 million (CDN $299 million) before adjustments for working capital. Founded in 1969 by John Kamps, Kamps is an established independent family owned and operated retail and wholesale propane distributor based in California servicing approximately 45,000 residential, commercial and wholesale customers. Kamps has 14 retail branch offices, 5 company-operated rail terminals, over 375 vehicles and approximately 280 employees.
• On September 23, 2021, Superior announced it had received a request for additional information (“second request”) from the United States Federal Trade Commission (“FTC”) in connection with the pending acquisition of Kamps. Kamps has also received a similar second request from the FTC. The second requests were issued under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Act”). Superior and Kamps are in the process of supplying the FTC with information related to the second request. Superior expects the second request may delay the closing of Kamps until the first quarter of 2022.

MD&A and Financial Statements

Superior’s MD&A, the unaudited Interim Condensed Consolidated Financial Statements and the Notes to the Interim Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2021 provide a detailed explanation of Superior’s operating results. These documents are available online at Superior’s website at www.superiorplus.com under the Investor Relations section and on SEDAR under Superior’s profile at www.sedar.com.

2021 Third Quarter Conference Call

Superior will be conducting a conference call and webcast for investors, analysts, brokers and media representatives to discuss the Third Quarter Results at 10:30 a.m. EST on Friday, November 12, 2021. To participate in the call, dial: 1-844-389-8661. Internet users can listen to the call live, or as an archived call on Superior’s website at www.superiorplus.com under the Events section.

Non-IFRS Financial Measures

Throughout the first quarter earnings release, Superior has used the following terms that are not defined by International Financial Reporting Standards (“Non-IFRS Financial Measures”), but are used by management to evaluate the performance of Superior and its business: AOCF before and after transaction and other costs, earnings before interest, taxes, depreciation and amortization (“EBITDA”) from operations, Adjusted Gross Profit, Adjusted EBITDA, Total Debt to Adjusted EBITDA leverage ratio, Senior Debt, Credit Facility EBITDA and Senior Debt to Credit Facility EBITDA leverage ratio. These measures may also be used by investors, financial institutions and credit rating agencies to assess Superior’s performance and ability to service debt. Non-IFRS financial measures do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Securities regulations require that Non-IFRS financial measures are clearly defined, qualified and reconciled to their most comparable IFRS financial measures. Except as otherwise indicated, these Non-IFRS financial measures are calculated and disclosed on a consistent basis from period to period. Specific items may only be relevant in certain periods. See “Non-IFRS Financial Measures” in the MD&A for a discussion of Non-IFRS financial measures and certain reconciliations to IFRS financial measures.

The intent of Non-IFRS financial measures is to provide additional useful information to investors and analysts, and the measures do not have any standardized meaning under IFRS. The measures should not, therefore, be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Other issuers may calculate Non-IFRS financial measures differently. Investors should be cautioned that AOCF, EBITDA from operations, Adjusted EBITDA and Credit Facility EBITDA should not be construed as alternatives to net earnings, cash flow from operating activities or other measures of financial results determined in accordance with IFRS as an indicator of Superior’s performance.

Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share

AOCF is equal to cash flow from operating activities as defined by IFRS, adjusted for changes in non-cash working capital, other expenses, non-cash interest expense, current income taxes and finance costs. Superior may deduct or include additional items in its calculation of AOCF; these items would generally, but not necessarily, be infrequent in nature and could distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring. AOCF and AOCF per share are presented before and after transaction and other costs.

AOCF per share before transaction and other costs is calculated by dividing AOCF before transaction and other costs by the weighted average number of shares outstanding. AOCF per share is calculated by dividing AOCF by the weighted average number of shares outstanding.

AOCF is a performance measure used by management and investors to evaluate Superior’s ongoing performance of its businesses and ability to generate cash flow. AOCF represents cash flow generated by Superior that is available for, but not necessarily limited to, changes in working capital requirements, investing activities and financing activities of Superior.

The seasonality of Superior’s individual quarterly results must be assessed in the context of annualized AOCF. Adjustments recorded by Superior as part of its calculation of AOCF include, but are not limited to, the impact of the seasonality of Superior’s businesses, principally the Energy Distribution segment, by adjusting for non-cash working capital items, thereby eliminating the impact of the timing between the recognition and collection/payment of Superior’s revenues and expenses, which can differ significantly from quarter to quarter. AOCF is reconciled to cash flow from operating activities. Please refer to the Financial Overview section of the MD&A for the reconciliation.

EBITDA from operations

EBITDA from operations is defined as Adjusted EBITDA excluding costs that are not considered representative of Superior’s underlying core operating performance, including gains and losses on foreign currency hedging contracts, corporate costs and transaction and other costs. Management uses EBITDA from operations to set targets for Superior (including annual guidance and variable compensation targets). EBITDA from operations is reconciled to net earnings before income taxes. Please refer to the Results of Operating Segments in the MD&A for the reconciliations.

Adjusted EBITDA

Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, losses (gains) on disposal of assets, finance expense, restructuring costs, transaction and other costs, and unrealized gains (losses) on derivative financial instruments. Adjusted EBITDA is used by Superior and investors to assess its consolidated results and ability to service debt. Adjusted EBITDA is reconciled to net earnings before income taxes.

Adjusted EBITDA is a significant performance measure used by management and investors to evaluate Superior’s ongoing performance of its businesses. Adjusted EBITDA is also used as one component in determining short-term incentive compensation for certain management employees.

The seasonality of Superior’s individual quarterly results must be assessed in the context of annualized Adjusted EBITDA.

Total Net Debt to Adjusted EBITDA Leverage Ratio and Pro Forma Adjusted EBITDA

Adjusted EBITDA for the Total Net Debt to Adjusted EBITDA Leverage Ratio is defined as Adjusted EBITDA calculated on a 12-month trailing basis giving pro forma effect to acquisitions and dispositions adjusted to the first day of the calculation period (“Pro Forma Adjusted EBITDA”). Pro Forma Adjusted EBITDA is used by Superior to calculate its Total Net Debt to Adjusted EBITDA Leverage Ratio.

Total Net Debt is determined by taking the sum of borrowings before deferred financing fees and lease liabilities and reducing this by the cash and cash equivalents balance.

To calculate the Total Net Debt to Adjusted EBITDA Leverage Ratio divide Total Net Debt by Pro Forma Adjusted EBITDA. Total Net Debt to Adjusted EBITDA Leverage Ratio is used by Superior and investors to assess its ability to service debt.

Forward Looking Information

Certain information included herein is forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information may include statements regarding the objectives, business strategies to achieve those objectives, expected financial results (including those in the area of risk management), economic or market conditions, and the outlook of or involving Superior, Superior LP and its businesses. Such information is typically identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “plan”, “forecast”, “future”, “outlook, “guidance”, “may”, “project”, “should”, “strategy”, “target”, “will” or similar expressions suggesting future outcomes.

Forward-looking information in this document includes: future financial position, expected Adjusted EBITDA and the anticipated closing of the Kamps acquisition and the associated timing.

Forward-looking information is provided for the purpose of providing information about management’s expectations and plans about the future and may not be appropriate for other purposes. Forward-looking information herein is based on various assumptions and expectations that Superior believes are reasonable in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Those assumptions and expectations are based on information currently available to Superior, including information obtained from third party industry analysts and other third party sources, and the historic performance of Superior’s businesses. Such assumptions include the time required to complete the regulatory process for the Kamps acquisition, anticipated financial performance, current business and economic trends, the amount of future dividends paid by Superior, business prospects, utilization of tax basis, regulatory developments, currency, exchange and interest rates, future commodity prices relating to the oil and gas industry, future oil rig activity levels, trading data, cost estimates, our ability to obtain financing on acceptable terms, expected life of facilities and statements regarding net working capital and capital expenditure requirements of Superior or Superior LP, the assumptions set forth under the “Financial Outlook” sections of our MD&A. The forward looking information is also subject to the risks and uncertainties set forth below.

By its very nature, forward-looking information involves numerous assumptions, risks and uncertainties, both general and specific. Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect, as many important factors are beyond our control, Superior’s or Superior LP’s actual performance and financial results may vary materially from those estimates and intentions contemplated, expressed or implied in the forward-looking information. These risks and uncertainties include incorrect assessments of value when making acquisitions, increases in debt service charges, the loss of key personnel, the anticipated impact of the COVID-19 pandemic and the expected economic recession, fluctuations in foreign currency and exchange rates, inadequate insurance coverage, liability for cash taxes, counterparty risk, compliance with environmental laws and regulations, reduced customer demand, operational risks involving our facilities, force majeure, labour relations matters, our ability to access external sources of debt and equity capital, and the risks identified in (i) our MD&A under the heading “Risk Factors” and (ii) Superior’s most recent Annual Information Form. The preceding list of assumptions, risks and uncertainties is not exhaustive.

When relying on our forward-looking information to make decisions with respect to Superior, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Any forward-looking information is provided as of the date of this document and, except as required by law, neither Superior nor Superior LP undertakes to update or revise such information to reflect new information, subsequent or otherwise. For the reasons set forth above, investors should not place undue reliance on forward-looking information.

For more information about Superior, visit our website at www.superiorplus.com.

Beth Summers Executive Vice President and Chief Financial Officer
Phone: (416) 340-6015

Rob Dorran Vice President, Investor Relations and Treasurer
Phone: (416) 340-6003
Toll Free: 1-866-490-PLUS (7587)

The Company plans to use the forgivable loan from the city of Durant to rehab the property.

NEW YORK--(BUSINESS WIRE)--SG Blocks, Inc. (NASDAQ: SGBX) (“SG Blocks” or the “Company”), a leading designer, innovator and fabricator of modular structures, announced today that SG ECHO has received a forgivable loan of $750,000 granted by the Durant Industrial Authority, a public trust authority of the City of Durant, to make renovations to the recently announced Waldron facility.

“The Durant Industrial Authority is committed to the economic growth of Durant and the surrounding region,” Lisa Taylor, Executive Director of the Durant Industrial Authority noted. “This loan will provide a portion of the funding needed to allow the rehabilitation and utilization of a recently vacated manufacturing facility in Durant. We look forward to the continued success of SG ECHO, and we wish them much success.”

The property will serve as the second manufacturing site that SG Blocks will operate in Oklahoma under its subsidiary SG ECHO. Working together with the Durant Industrial Authority, as part of the forgivable loan program, SG ECHO plans to hire for 75 newly created jobs.

“We’re excited to help in stimulating economic growth within the city of Durant. It’s a hidden gem with proximity to Dallas, Fort Worth, Oklahoma City and Tulsa, to name a few major hubs,” Paul Galvin, Chairman & CEO of SG Blocks explained. “The city of Durant has been a pleasure to work with and we look forward to adding quality jobs for the local workforce.”

“This new factory allows us to operate three separate manufacturing lines, it’s great news that we can take this forgivable loan from the Durant Industrial Authority and transform this space to a state-of-the-art facility that is efficient, safe, and innovative,” Bill Rogers, COO of SG Blocks noted. “It’s been very rewarding working with the local Durant government.”

The Company anticpate renovations to the property commencing in December 2021. SG Blocks will provide further updates and images as available.

About SG Blocks, Inc.

SG Blocks, Inc. is a premier innovator in advancing and promoting the use of code-engineered cargo shipping containers for safe and sustainable construction. The firm offers a product that exceeds many standard building code requirements, and also supports developers, architects, builders and owners in achieving greener construction, faster execution, and stronger buildings of higher value. Each project starts with GreenSteel™, the structural core and shell of an SG Blocks building, and then customized to client specifications. For more information, visit www.sgblocks.com.

Safe Harbor Statement

Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding renovations to the property commencing in December 2021, plans to hire for 75 newly created jobs and providing further updates and images as available These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to complete renovations to the property as planned, the Company’s ability to provide further updates as planned, the Company’s ability to expand within various verticals as planned, the Company’s ability to position itself for future profitability, the Company’s ability to maintain compliance with the NASDAQ listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

Investors:
Stephen Swett
(203) 682-8377
This email address is being protected from spambots. You need JavaScript enabled to view it.
Source: SG Blocks, Inc.

HANGZHOU, China--(BUSINESS WIRE)--#carbon--Ant Group announced today that according to calculations by China Environmental United Certification, it was able to cut its data centers’ electricity consumption by 640 megawatt-hours during this year’s 11.11 Global Shopping Festival from November 1 to November 11, thanks to a range of new green computing technologies.

The use of these technologies contributed to reducing carbon emissions by 394 tons over the 11-day period, equivalent to the daily emissions of about 30,000 gas and diesel cars.

The green computing technologies, including online-offline hybrid deployment, cloud-native time-shared scheduling and AI-based auto scaling, allow data centers to provide computing resources as efficiently as possible and ensure applications have access to the computing power they need, while avoiding servers running idle. Using these technologies, data centers can support more business demands with fewer servers, maximize their utilization of computing resources, minimize wasted electricity, and reduce energy intensity.

Ni Xingjun, Chief Technology Officer of Ant Group, said: “As a leading payment platform providing comprehensive services to hundreds of millions of users every day, Alipay needs to support massive computing tasks around the clock while ensuring reliability and security. We not only pay attention to the capacity of our computing system, but also its energy efficiency, and are always committed to developing and deploying more and more innovative green computing technologies."

Fueling today’s digital economy, data centers consume a large amount of electricity, which also comes with carbon emissions. Ant Group began exploring application of innovative technologies to improve its data centers' operational efficiency in 2019. Since then, it has more than doubled its data centers’ server utilization rate.

In March 2021, Ant Group pledged to become carbon neutral by 2030. In addition to reducing carbon emissions with green technologies, Ant Group also launched several campaigns during the 11.11 Global Shopping Festival to encourage green activities. MYbank, an online private commercial bank and associate of Ant Group, announced an initiative enabling merchants to shorten their accounts receivable turnover period for certified green products. Moreover, Alipay Ant Forest, a tree-planting mini-program within the Alipay app, also worked with brands and offered incentives to consumers for choosing energy-efficient home appliances.

About Ant Group

Ant Group aims to create the infrastructure and platform to support the digital transformation of the service industry. It strives to enable all consumers and small and micro businesses to have equal access to financial and other services that are inclusive, green and sustainable.

Ant Group is the owner and operator of Alipay, the leading digital payment platform in China serving hundreds of millions of users, and connecting them with merchants and partner financial institutions that offer inclusive financial services and digital daily life services such as food delivery, transport, entertainment, and healthcare.

Ant Group has further introduced Alipay+, which provides global cross-border mobile payments and marketing solutions that enable global e-wallets and merchant partners, especially small and medium-sized businesses, to better serve their users and customers from all over the world.

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Ant Group
Vick Li Wei
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DUBLIN--(BUSINESS WIRE)--The "India Electric Car Market, By Vehicle (SUV & MPV, Sedan, Hatchback), By Drivetrain (FWD, RWD, AWD), By Battery Capacity (Below 25 KWH, 25KWH-40KWH, Above 40KWH), By Company, By Region, Forecast & Opportunities, FY2028" report has been added to ResearchAndMarkets.com's offering.

India electric car market was valued at USD10,107.18 million in FY2021 and it is projected to grow at a CAGR of 41.02% during the forecast period, to be valued at USD78,190.10 million by FY2027.

Continuous advancements in technology to upgrade the existing infrastructure and new inventions in automotive industry are fueling the demand for electric car market.

Government initiatives to push the improvement of electric charging infrastructure coupled with government's approval for production linked incentive (PLI) scheme for manufacturing advanced chemistry cell (ACC) battery for an estimated budget of Rs.18,100 crore is expected to accelerate the growth of the market.

To promote the Make in India initiative, the National Programme on Advanced Chemistry Cell is expected to attract high foreign and domestic investments. Increase in number of manufacturing hubs for electric cars and rising environmental concerns are aiding the growth in demand for electric cars. Burden of oil imports and rising prices of conventional sources of energy are aiding in changing the preference of consumers to adopt green energy fuels.

High demand for automobiles due to rising population and depleting energy sources are creating lucrative opportunities for electric cars market growth. Owing to the production of battery by domestic manufacturers as well as import of batteries from global manufacturers, the demand for electric car market is expected to witness positive growth.

India electric car market is segmented into vehicle type, drivetrain, battery capacity, regional distribution, and company. Based on vehicle type, the market is further segmented into hatchback, sedan and SUV & MPV. Among all, the hatchback segment is expected to witness the fastest growth due to growing affordability of consumers. Also, the presence of battery manufacturing companies is reducing the cost of batteries used in electric cars thereby lowering the cost to buy automobiles.

Backed by huge population, better employment opportunities and high standard of living, demand for electric cars is extremely high in the south region of the country and is the major contributor to the overall demand for electric cars in the country. Moreover, with the rising infrastructural developments and employment opportunities in the region, the demand for electric cars is further anticipated to grow.

Furthermore, the region's market is anticipated to grow over the forecast period as well, owing to the expanding developments in electric cars which would support the electric car market. South region accounted for over 36% volume share in FY2017, followed by North region.

Major companies are developing advanced technologies and launching new services to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.

Objective of the Study:

• To analyze the historical growth in the market size of India electric car market from FY2017 to FY2020.
• To estimate and forecast the market size of India electric car market from FY2021 to FY2027 and growth rate until FY2027.
• To classify and forecast India electric car market based on vehicle type, drivetrain, battery capacity, regional distribution, and company.
• To identify the dominant region or segment in the India electric car market.
• To identify drivers and challenges for India electric car market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India electric car market.
• To identify and analyze the profile of leading players operating in India electric car market.
• To identify key sustainable strategies adopted by market players in India electric car market.

Key Target Audience:

• Electric car manufacturing companies
• Market research and consulting firms
• Government bodies such as regulating authorities and policy makers
• Organizations, forums and alliances related to electric car market

The major players operating in the India electric car market are

• Mahindra Electric Mobility Limited
• Tata Motors Limited
• Toyota Kirloskar Motor (Toyota)
• Honda Cars India Limited (Honda Cars)
• Renault India Private Limited
• MG Motors India
• Hyundai Motor Company
• Tesla Inc.
• Maruti Suzuki India Limited
• ANI Technologies Pvt. Ltd.

Report Scope:

Years considered for this report:

• Historical Years: FY2017-FY2020
• Base Year: FY2021
• Estimated Year: FY2022
• Forecast Period: FY2023-FY2027

India Electric Car Market, By Vehicle Type:

• SUV & MPV
• Sedan
• Hatchback

India Electric Car Market, By Drivetrain:

• Front Wheel Drive (FWD)
• Rear Wheel Drive (RWD)
• All-Wheel Drive (AWD)

India Electric Car Market, By Battery Capacity:

• Below 25 KWH
• 25KWH-40KWH
• Above 40KWH

India Electric Car Market, By Region:

• North
• South
• East
• West

For more information about this report visit https://www.researchandmarkets.com/r/wfx6jv

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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As a part of COP26, members of the US Senate and House of Representatives visited Quinbrook’s innovative UK aggregator and flexible energy specialist

LONDON & HOUSTON--(BUSINESS WIRE)--Quinbrook Infrastructure Partners ("Quinbrook"), a specialist global investment manager focused exclusively on renewables, storage and grid support infrastructure, was pleased to welcome two groups of US members of Congress this week to its portfolio company, Flexitricity, as a part of their trip to the COP26 conference in Glasgow.

Headquartered in Edinburgh, Flexitricity was the first demand response aggregator to market in Great Britain,¹ and now manages a virtual power plant with a contracted portfolio of 595 MW of distributed flexible energy from a wide range of assets owned by customers across the region. The company looks for flexibility in electricity consumption and generation to enhance grid support during periods of system stress and higher power prices; this, in turn, reduces carbon emissions and generates cost savings for energy consumers. The addition of Flexitricity takes Quinbrook’s total flexible energy portfolio towards c. 1 GW.²

The Senate delegation was led by Senator Chris Coons who was joined by fellow members of Congress who attended the event during the COP26 summit in Glasgow (full list below).

Senator Coons, co-chair of the Senate Climate Solutions Caucus said, “While leading a bipartisan Congressional delegation to COP26, I appreciated the opportunity to tour the Flexitricity Control Center in Edinburgh and hear from leaders of Quinbrook and the H100 Fife hydrogen project. As we work to develop robust, secure infrastructure for renewables in the United States – one of the core strategies we have to reduce emissions and combat climate change — we can learn from our Scottish partners about their transition to renewable energy.”

Flexible energy solutions are an essential element of the UK’s changing energy mix and is a key component of Quinbrook’s efforts to support the UK government’s 2035 Net Zero electricity target³ through investments in smarter, more resilient and flexible power management systems that enables increased reliability on variable renewable energy.

The Republican delegation was led by Representative Garrett Graves, ranking member of the House Select Committee on the Climate Crisis, who was joined by other representatives (listed below) whose visit to COP26 was the first time a conservative-only delegation had attended the annual gathering of leaders and activists.

Congressman Graves said, “Thank you to Flexitricity for hosting our delegation for an informative site visit. It was great to hear from those advancing creative ways to use technology to optimize energy sources for emissions reduction.”

Rory Quinlan, Co-Founder and Managing Partner of Quinbrook said, “We were delighted to welcome the US Congressional delegations to tour our Flexitricity headquarters and see first-hand the innovation underway in the UK to help combat the global climate crisis. As the UK’s energy system undergoes a transformational shift to scale up its reliance on renewable energy to meet its net zero goals, it’s critical that this rapid energy transition is delivered without disruption to energy security and reliability. What Flexitricity does is a key part of ensuring there continues to be reliable yet affordable, emissions-free energy to meet growing demand.”

These visits by US elected officials come on the heels of Quinbrook’s recent announcement of Project Fortress, the largest consented single-site solar PV and battery storage installation in the UK,⁴ which is expected to generate 350 MW of solar PV power and includes 150 MW battery storage to support the UK grid.⁵ Last year, Quinbrook announced the approval of Project Gemini, a solar PV + battery storage project comprising of 690 MW of solar PV and 380 MW of battery storage⁶ to provide renewable power to the City of Las Vegas, once operational. At the time of its federal approval, Gemini was the largest solar project in US history and one of the largest in the world.⁷

Quinbrook and its portfolio companies operate a variety of additional solar, wind and biomass energy sources, energy storage systems, renewables for green data centres and other mission-critical infrastructure investments across the US, UK and Australia that encompass over 18 GW of renewable energy and transition projects,⁸ generating more than 3.3 TWh of renewable energy in 2020 and delivering an estimated 2.4 million tons of avoided carbon emissions. The company’s commitment to ESG means that each project not only reduces emissions but also aims to create and preserve jobs, promote sustainability, foster community engagement, improve transparency and enhance the local economy.⁹

“These are just some examples of Quinbrook’s commitment to investing in impactful new infrastructure and advanced technology solutions to affordably and sustainably support a global shift to alternative energy adoption and sustainable consumption. With all eyes on Glasgow this fortnight, we are pleased to showcase how Quinbrook and its investors are supporting the global race to net zero while maintaining the highest standard of ESG principles when creating new infrastructure projects that create and preserve jobs, stimulate local economies and deliver positive environmental outcomes,” added Mr. Quinlan.

The members of the Congressional delegations that visited Flexitricity included:

• Senator Chris Coons (D-DE)
• Senator Tom Carper (D-DE), Chairman, Environment and Public Works Committee
• Senator Jeff Merkley (D-OR), Environment and Public Works Committee
• Senator John Hickenlooper (D-CO), Energy and Natural Resources Committee
• Senator Kirsten Gillibrand (D-NY)
• Senator Michael Bennet (D-CO)
• Senator Tammy Baldwin (D-WI)
• Representative Scott Peters (D-CA-52), Energy and Commerce Committee
• Representative Tom Malinowski (D-NJ-7)
• Representative Garret Graves (R-LA-6), Natural Resources Committee
• Representative John Curtis (R-UT-3), Energy and Commerce Committee
• Representative Dan Crenshaw (R-TX-2), Energy and Commerce Committee
• Representative Mariannette Miller-Meeks (R-IA-2)

About Flexitricity

Flexitricity was the first demand response aggregator to market in Great Britain,¹⁰ and now manages a virtual power plant with a contracted portfolio of 595 MW of distributed flexible energy. Headquartered in Edinburgh, Flexitricity partners with businesses throughout Great Britain to provide reserve electricity to National Grid. The word “Flexitricity” means “Flexible Electricity”. The company looks for flexibility in electricity consumption and generation, creating revenue for energy users and generators as well as reducing national CO₂ emissions and helping to secure energy supplies. The Flexitricity team is fully engaged at all industry and regulatory levels and has a track record that demonstrates innovation and delivery success. Flexitricity is a portfolio company of Quinbrook Infrastructure Partners.

About Quinbrook

Quinbrook Infrastructure Partners (http://www.quinbrook.com) is a specialist investment manager focused exclusively on renewables, storage and grid support infrastructure and operational asset management in the US, UK and Australia. Quinbrook is led and managed by a senior team of power industry professionals who have collectively invested c. USD 8.2 billion equity in energy infrastructure assets since the early 1990s, representing a total enterprise value of c. USD 28.7 billion or 19.5 GW of power supply capacity. Quinbrook's investment and asset management team has offices in Houston, London, Jersey, and the Gold Coast of Australia. Quinbrook has completed and actively manages a diverse range of direct investments in both utility and distributed scale wind and solar power, grid support, biomass, battery storage and “smart grid” projects in the US, UK and Australia.

________________________

¹ Scottish Financial News, “Quinbrook acquires Edinburgh-based Flexitricity” (15 September 2020)

² As at 30 September 2021, based on Flexitricity’s contracted portfolio of 595.5 MW and an additional 300 MW from Velox Power

³ HM Government, “Net Zero Strategy: Build Back Greener” (October 2021)

⁴ As at September 2021 based on Bloomberg NEF data

⁵ As at September 2021

⁶ As at June 2021

⁷ Green Tech Media, “Trump Administration Approves $1B Gemini Solar Project in Nevada Desert” (11 May 2020)

⁸ As at 30 June 2021

⁹ As demonstrated under the Quinbrook Low Carbon Power Fund as at 30 June 2021

¹⁰ Scottish Financial News, “Quinbrook acquires Edinburgh-based Flexitricity” (15 September 2020)

Media:
Jennifer Pflieger
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+1 (212) 446-1866

BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the defense/space, energy/new energy and chemical/petrochemical industries, today announced that Daniel J. Thoren, President and Chief Executive Officer, and Jeffrey F. Glajch, Vice President and Chief Financial Officer, will be presenting at the 2021 Southwest IDEAS Investor Conference on Wednesday, November 17, 2021.

2021 Southwest IDEAS Investor Conference

Wednesday, November 17, 2021
4:00 p.m. Eastern Time
Live webcast link and accompanying slide presentation: www.graham-mfg.com.

ABOUT GRAHAM CORPORATION

Graham is a global business that designs, manufactures and sells critical equipment for the defense/space, energy/new energy and chemical/petrochemical industries. The Graham and Barber-Nichols’ brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenics, and turbomachinery technologies, as well as the Company’s responsive and flexible service and unsurpassed quality.

Graham routinely posts news and other important information on its website, www.graham-mfg.com, where additional comprehensive information on the Company and its subsidiaries can be found.

Jeffrey F. Glajch
Vice President - Finance and CFO
Phone: (585) 343-2216
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Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908
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DUBLIN--(BUSINESS WIRE)--The "Air-to-Air Refueling Market by System (Probe & Drogue, Boom Refueling, Autonomous), Component (Pumps, Valves, Hoses, Boom, Probes, Fuel Tanks, Pods), Aircraft Type (Fixed, Rotary), Type (Manned, Unmanned), End User, Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The air-to-air refueling market size is projected to grow from an estimated USD 501 million in 2020 to USD 851 million by 2025, at a CAGR of 11.2% during the forecast period.

The outbreak of COVID-19 and its resultant lockdowns and supply chain disruptions have adversely affected the aerospace and defense industry, with the suspension and delay of new defense procurement and maintenance projects. OEMs have been significantly affected due to restrictions and the temporary halts in production, while the impact on the aftermarket has been comparatively lower due to the basic maintenance and monitoring requirements of combat aircraft. For instance, in October 2020, the Boeing KC-46A Pegasus in-flight refueling tanker program reported a USD 67 million loss due to coronavirus disruptions resulting in production inefficiencies.

Based on end user, the aftermarket segment accounts for the largest market size during the forecast period

Based on end user, the air-to-air refueling market has been segmented into OEM and Aftermarket. The aftermarket segment is estimated to lead the air-to-air refueling market during the forecast period. The aftermarket companies offer complete maintenance, repair, and overhaul services. For example, damaged components of air-to-air refueling systems, such as hydraulic systems, fuel management systems, and safety systems, are considered for maintenance, repair, and overhaul. The aftermarket also offers repairing services for over-the-counter products in case hydraulic components such as pumps, couplings, and nozzles are damaged beyond repair.

Based on the aircraft type, the fixed-wing segment is projected to grow at the highest CAGR during the forecast period

Based on aircraft type, the fixed-wing segment is estimated to lead the air-to-air refueling market during the forecast period. A fixed wing aircraft attains flight using wings fixed to the fuselage to generate the necessary lift using the forward motion of the aircraft. The fixed wing aircraft segment is experiencing growth as it can be used for longer travel distances and has better aerodynamic structures than rotary wing aircraft. Fixed wing aircraft can also take flight in challenging conditions and environments.

North America is projected to grow at the highest CAGR during the forecast period.

North America is one of the leading markets for air-to-air refueling systems in terms of research and development activities, deployment, and the presence of key market players. The major countries under this region are the US and Canada. The US leads the air-to-air refueling market in North America. The military aviation sector in North America is growing steadily, and consequently created a significant demand for air-to-air refueling systems. The presence of major players, OEMs, and component manufacturers are one of the key factors expected to boost the air-to-air refueling market in North America. The US is expected to drive the growth of the North American air-to-air refueling market. An increasing number of military aircraft upgrade programs, ongoing research and development of advanced military aircraft platforms, and the presence of major systems and components manufacturers are expected to lead to a surge in demand for air-to-air refueling systems in North America during the forecast period.

Market Dynamics

Drivers

• Increasing Demand for Air-to-Air Refueling Systems to Support Overseas Deployments
• Increased Defense Expenditure of Countries
• Development of Advanced Aerial Tankers
• Increase in Combat Aircraft Procurement

Opportunities

• Autonomous Refueling

Challenges

• High Installation and Maintenance Cost

Companies Mentioned

• Airbus
• BAE Systems
• Boeing
• Cobham plc
• Draken International
• Eaton Corporation
• Elbit Systems Ltd.
• Esco Technologies
• GE Aviation
• Israel Aerospace Industries
• Lockheed Martin Corporation
• Marshall Aerospace and Defence Group
• Moog
• Northstar
• Parker Hannifin Corporation
• Protankgrup
• Rafaut Group
• Raytheon Technologies Corporation
• Safran
• Wittenstein Se

For more information about this report visit https://www.researchandmarkets.com/r/57pxt9

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today that Angela A. Minas and Clay C. Williams have been appointed to serve on the Board of Directors of its general partner effective January 1, 2022.

“I am pleased to welcome Angela and Clay to the Crestwood Board of Directors. Both of these highly regarded individuals bring a wealth of U.S. and global industry experience and perspective to our boardroom that will greatly benefit Crestwood as we navigate the dynamic energy industry and take advantage of opportunities to continue building a leading midstream infrastructure company,” said Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwood’s general partner. “As we continue to scale our business and advance our sustainability strategies, we remain resolute on enhancing our approach to strong corporate governance. As a result of the First Reserve buy-out in March 2021, and through these appointments, Crestwood further improves its board independence, adding broad industry expertise and diversity, as we move towards our first unitholder vote in the spring of 2022.”

Ms. Minas brings an extensive MLP background and broad experience across the energy value chain to the Crestwood board where she will serve on the audit and compensation committees. She currently serves on the Board of Directors of the general partner of Westlake Chemical Partners (NYSE: WLKP) where she sits on the audit and conflicts committees, and serves as a director of Vallourec S.A., (Euronext: VK) a world leader in premium tubular solutions, where she serves as the chair of the audit committee. Ms. Minas has previously served on the boards of CNX Midstream Partners, Weatherford International (NASDAQ: WFRD), and Ciner Resources LP (NYSE: CINR). During her career, she was Vice President and Chief Financial Officer of DCP Midstream and Chief Financial Officer, Chief Accounting Officer and Treasurer for Constellation Energy Partners. Ms. Minas holds a Bachelor of Arts and a Master of Business Administration from Rice University where she currently serves as a member of the Council of Overseers of the Rice University Graduate Business School.

Mr. Williams brings deep financial, technical, and operational expertise to the Crestwood board where he will be a member of the compensation committee. He currently serves as Chairman, President and Chief Executive Officer of NOV Inc. (NYSE: NOV) (“NOV”), a multinational oilfield services company with more than 25,000 employees across 61 countries that is a provider of expert solutions, equipment and operational support for the drilling and production industries. Mr. Williams brings a unique perspective with more than 35 years of global energy industry experience to the Crestwood board, having served as NOV’s Chief Operating Officer and Chief Financial Officer and in numerous financial roles with Varco before its merger with National Oilwell in 2005. From 2009 – 2019, Mr. Williams served on the board of Benchmark Electronics (NYSE: BHE). Mr. Williams holds a Bachelor of Science degree in Civil & Geological Engineering from Princeton University and a Master of Business Administration from the University of Texas.

Corporate Governance Update

With the addition of Ms. Minas and Mr. Williams, the Crestwood Board of Directors will consist of nine members of which 89% are independent, 33% are female representatives, and 44% have three or less years of tenure. Ms. Minas and Mr. Williams will replace the two First Reserve board members that resigned in March 2021. Additionally, Crestwood has expanded its board committees to include nominating and governance which complements the existing board oversight of audit, compensation, finance, and sustainability committees. Among other things, the new nominating and governance committee will conduct an annual review of board assignments, with potential for rotations as appropriate, to ensure the Board remains innovative and forward thinking. As announced earlier this year, Crestwood will transition to an elected board with proxy access beginning in the spring of 2022. At that time, three current board members will be voted on by unitholders, with one third of the board eligible for re-election each year. Additionally, as recently announced, Oasis Petroleum Inc. (NASDAQ: OAS) will have the right to appoint up to two additional directors to the Crestwood board, subject to ongoing minimum ownership levels, after the completion of the merger with Oasis Midstream Partners LP (NASDAQ: OMP) which is expected in the first quarter of 2022.

About Crestwood Equity Partners LP

Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. Visit Crestwood Equity Partners LP at www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.

Forward Looking Statements

This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal securities law. Such forward-looking statements include, among others, statements regarding the anticipated completion of the proposed transaction with Oasis Midstream Partners LP (“Oasis Midstream”) and the timing thereof, and are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. These risks and assumptions are described in Crestwood’s annual reports on Form 10-K and other reports that are available from the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made. We undertake no obligation to update any forward-looking statement, except as otherwise required by law.

No Offer or Solicitation

This communication relates to the proposed transaction between Oasis Midstream Partners LP and Crestwood. This communication is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this document in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information and Where You Can Find It

In connection with the proposed transaction, Crestwood will file a registration statement on Form S-4, including a preliminary consent statement/prospectus for the unitholders of Oasis Midstream with the U.S. Securities and Exchange Commission (“SEC”). INVESTORS AND UNITHOLDERS OF CRESTWOOD AND OASIS MIDSTREAM ARE ADVISED TO CAREFULLY READ THE REGISTRATION STATEMENT AND THE PRELIMINARY CONSENT STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION, THE PARTIES TO THE TRANSACTION AND THE RISKS ASSOCIATED WITH THE TRANSACTION. The definitive consent statement/prospectus, when available, will be sent to unitholders of Oasis Midstream in connection with the solicitation of consents of Oasis Midstream unitholders relating to the proposed transactions. Investors and unitholders may obtain a free copy of the preliminary or definitive consent statement/prospectus (each when available) filed by Crestwood or Oasis Midstream with the SEC from the SEC’s website at www.sec.gov. Unitholders and other interested parties will also be able to obtain, without charge, a copy of the preliminary or definitive consent statement/prospectus and other relevant documents (when available) from Crestwood’s website at https://www.crestwoodlp.com/investors/ or from Oasis Midstream’s website at http://oasismidstream.investorroom.com.

Participants in the Solicitation

Crestwood, Oasis Midstream and their respective directors, executive officers and general partners, and Oasis Petroleum Inc. and its directors and executive officers, may be deemed to be participants in the solicitation of consents from the unitholders of Oasis Midstream in respect of the transactions. Information about these persons is set forth in the Crestwood’s Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the SEC on February 26, 2021, Oasis Midstream’s Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the SEC on March 8, 2021, and subsequent statements of changes in beneficial ownership on file for each of Crestwood and Oasis Midstream with the SEC. Unitholders and investors may obtain additional information regarding the interests of such persons, which may be different than those of the respective companies’ unitholders generally, by reading the preliminary or definitive consent statement/prospectus, or other relevant documents regarding the transaction (if and when available), which may be filed with the SEC.

Crestwood Equity Partners LP
Investor Contacts

Josh Wannarka, 713-380-3081
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Senior Vice President, Investor Relations, ESG & Corporate Communications

Rhianna Disch, 713-380-3006
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Director, Investor Relations

Sustainability and Media Contact
Joanne Howard, 832-519-2211
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Vice President, Sustainability and Corporate Communications

HONG KONG--(BUSINESS WIRE)--#FnLWeek2022--F+L Week 2022 will be held in Bangkok, Thailand on April 27-29, 2022. A change to the event location was confirmed today by Vicky Villena-Denton, CEO of F&L Asia Ltd, the major industry publisher that puts on the popular yearly conference. F+L Week attracts a global audience, and the shift back to Bangkok follows a recent move by the Thailand government to open its borders to fully vaccinated travellers from 63 countries, including most of Asia-Pacific.

F+L Week 2022 will be F&L Asia's first in-person event since the advent of Covid-19 and will build on a successful F+L Week Virtual conference held early this year. “After a disruptive 18 months, we can’t wait to host all of our speakers, delegates, and sponsors in Thailand and I am sure it will be an event to remember,” says Villena-Denton. “The conference theme, Disruption & Transformation in the Fuels and Lubes Industry, provides a unique opportunity to explore the long-term impact of Covid-19, including the acceleration of electrification and digitalization, and to deliver insight on how to prepare your business moving forward,” she says.

Alongside the change to the event location, F+L Week has extended the timings for submission of abstract proposals and F&L Asia Awards nominations to December 15.

F+L Week’s exclusive networking event, F+L Connect, will be held on April 27, providing opportunities to connect with industry colleagues and develop mutually beneficial relationships. The event will offer a comprehensive series of training courses on April 27 to expand your or your employee’s knowledge on metalworking fluids (MWFs) or the special fluid requirements of electric vehicles (EVs). A tightly packed two-day technical session will be held on April 28-29. The popular F&L Asia Awards Dinner, where we recognise exceptional contributions to the fuels and lubricants industry as well as those that show outstanding potential, will be held on the evening of April 28.

F+L Week 2022 will again be co-located with the Annual Meeting of the Asian Lubricants Industry Association (ALIA) due to synergies between the two events. The ALIA Annual Meeting will be held from April 25-27, 2022 and will explore how to build resilience and incorporate sustainability in your supply chain.

For more information on F+L Week 2022 visit https://flweek.fuelsandlubes.com/

ABOUT F+L WEEK

F+L Week is the premier fuels, lubricants, additives and base oils conference in Asia-Pacific and the convergence of the Annual Fuels & Lubes Asia Conference and the Asia-Pacific Base Oil Conference. F+L Week is a unique platform for our industry to discuss the latest technical and marketing trends and for you to gain insights that you’ll never get anywhere else. It is not your typical conference. The event focuses on a specific theme based on a key industry issue, which is then addressed by carefully selected speakers, who are world experts and prominent industry personalities.

ABOUT F&L ASIA

F&L Asia Ltd. has been providing world-class fuel and lubricant industry news and events since 1995. The publication company provides media services to some of the biggest names in the industry and each year produces F+L Week, the industry conference and exhibition premier event.

Unparalleled thought leadership, stringent content quality standards and uncompromising journalism (gathering facts directly from the frontline, at the heart of the strategic Asian region) are some of F&L Asia’s core strengths and the reason why it retains an unchallenged “first with the latest” position. Directed by industry veteran journalist, Vicky Villena-Denton, F&L Asia has a diverse portfolio of unique and powerful lead-generation tools which allow advertisers and sponsors to increase their regional, as well as global, brand awareness, and establish, promote, and nurture their fluid industry connections within this tight-knit community.

For more information, please, visit our website: https://www.fuelsandlubes.com/

Vicky Villena-Denton
F&L Asia Ltd.
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22/F., 3 Lockhart Road
Wanchai, Hong Kong
Phone (Hong Kong): +852 3183 4143