HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) announced today it plans to convert its Alliance Refinery in Belle Chasse, La., to a terminal facility. The conversion is expected to take place in 2022.

“We made this decision after exploring several options and considering the investment needed to repair the refinery following Hurricane Ida,” said Greg Garland, Chairman and CEO of Phillips 66. “Alliance’s existing infrastructure and Gulf Coast location make it an attractive midstream asset. Phillips 66 will continue to be a major refiner with 12 facilities in the U.S. and Europe.”

The Alliance Refinery employs approximately 500 employees and 400 contractors.

“Our decision was a difficult one, and we understand it has a profound impact on our employees, contractors and the broader Belle Chasse community,” Garland said. “We will work to help them through this transition and support them as Alliance takes on a new role in our portfolio.”

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
This email address is being protected from spambots. You need JavaScript enabled to view it.

Shannon Holy (investors)
832-765-2297
This email address is being protected from spambots. You need JavaScript enabled to view it.

Thaddeus Herrick (media)
855-841-2368
This email address is being protected from spambots. You need JavaScript enabled to view it.

TORONTO--(BUSINESS WIRE)--Further to its press release dated October 5, 2021, Buzz Capital 2 Inc. (TSX-V:BUZH.P) (the “Corporation” or “Buzz2”) is pleased to provide further details of its proposed qualifying transaction (the “Proposed Transaction”) with Heliene Inc. (“Heliene”).

Heliene, an Ontario private company incorporated under the Business Corporations Act (Ontario) and based in Sault Ste. Marie, is one of North America’s fastest-growing domestic module manufacturers serving the utility-scale, commercial, and residential markets. With an in-house logistics team and remarkably responsive support staff, Heliene delivers competitively priced, high performance solar modules precisely when and where customers need them to accelerate North America's clean energy transition. Founded in 2010, Heliene consistently ranks as a Bloomberg New Energy Finance Tier 1 module manufacturer and has production facilities located in Canada, Minnesota and Florida. Further information on Heliene may be found on its website at: https://heliene.com.

THE PROPOSED TRANSACTION

On October 1, 2021, the Corporation entered into a non-binding letter of intent with Heliene setting forth the principal terms upon which the Corporation shall acquire all of the issued and outstanding shares in the capital of Heliene (the “Heliene Shares”) by way of amalgamation, carried out pursuant to a business combination agreement to be entered into among the parties (the “Definitive Agreement”). It is intended that the Proposed Transaction will constitute a reverse take-over of the Corporation by Heliene inasmuch as the former shareholders of Heliene will own, assuming completion of the Concurrent Financing (as defined below) for minimum gross proceeds of $35,000,000, 69.17% of the then outstanding non-diluted common shares in the capital of the Corporation (the “Buzz2 Shares”) and 98.81% together with the subscribers in the Concurrent Financing. The Corporation following the completion of the Proposed Transaction is herein referred to as the “Resulting Issuer”.

The Proposed Transaction will constitute the “Qualifying Transaction” of the Corporation as such term is defined in Policy 2.4 – Capital Pool Companies (the “CPC Policy”) of the TSX Venture Exchange (the “Exchange”) and it is anticipated that the Buzz2 Shares will trade under the stock symbol “HELN”, subject to Exchange approval.

To the knowledge of the directors and executive officers of the Corporation, the only persons who currently beneficially own, directly or indirectly, or exercise control or direction over more than 10% of the Heliene Shares are as follows: (i) Mr. Denis Turcotte, an individual resident in Toronto, Ontario who currently owns approximately 44.57% of the outstanding Heliene Shares individually and through Northern Lights Trust, an entity beneficially owned and controlled by Mr. Turcotte; (ii) Mr. Martin Pochtaruk, an individual resident in Sault Ste. Marie, Ontario who currently has voting control over approximately 55.43% of the outstanding Heliene Shares individually and through 2208843 Ontario Limited, a corporation beneficially owned and controlled by Mr. Pochtaruk.

On or immediately prior to the closing of the Proposed Transaction, the Corporation will consolidate its outstanding share capital (the “Consolidation”) on the basis of 1 new Buzz2 Share for each 5.8714 existing Buzz2 Shares. There are currently 8,220,000 Buzz2 Shares outstanding which will result in 1,400,000 post-Consolidation Buzz2 Shares issued and outstanding. The Consolidation will also affect the holders of the Corporation’s outstanding warrants and options, as described below, on the same basis.

Prior to the closing of the Proposed Transaction, Heliene will split its outstanding share capital (the “Split”) on the basis of 2,189.828 Heliene Shares for each of 1 existing Heliene Share and there will be 79,381,265 Heliene Shares outstanding at such time (prior to the issuance of 2,296,080 Lender Shares (as defined below)).

In connection with the Proposed Transaction, the Corporation will continue into Ontario as a corporation existing under the Business Corporations Act (Ontario) (the “OBCA”) and will incorporate a wholly-owned subsidiary under the OBCA which will amalgamate with Heliene to form a new amalgamated corporation which will subsequently amalgamate with the Corporation to form the Resulting Issuer. In connection with the amalgamations, holders of Heliene Shares (including prior holders of subscription receipts purchased in the Concurrent Financing) will ultimately receive one Resulting Issuer Share in exchange for each Heliene Share held.

Following the completion of the Proposed Transaction, the Consolidation, the Split and the Concurrent Financing (collectively, the “Transactions”), there will be approximately 118,077,345 common shares of the Resulting Issuer (“Resulting Issuer Shares”) outstanding assuming completion of the Concurrent Financing for gross proceeds of $35,000,000 (or 128,077,345 Resulting Issuer Shares outstanding assuming completion of the Concurrent Financing for gross proceeds of $45,000,000).

The Proposed Transaction will not constitute a “Non-Arm’s Length Qualifying Transaction” (as such term is defined by the Exchange). In addition, the Proposed Transaction is not a “related party transaction” as such term is defined by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions and is not subject to Policy 5.9 of the Exchange. As a result, approval of the Proposed Transactions is not required pursuant to Policy 2.4 of the Exchange or applicable securities laws. However, the Consolidation, the approval of new stock option plan for the Resulting Issuer and the appointment of the new directors of the Resulting Issuer, will require the approval of Buzz shareholders at a special meeting of meeting of Buzz shareholders to be held prior to the completion of the Proposed Transaction.

There are no finder’s fees payable to any person in connection with the Proposed Transaction.

CONCURRENT FINANCING

In conjunction with the Proposed Transaction, Heliene anticipates completing a concurrent financing of subscription receipts of Heliene (“Subscription Receipts”) at a price of $1.00 per Subscription Receipt for aggregate gross proceeds of a minimum of $35,000,000 and a maximum of $45,000,000 (the “Concurrent Financing”). Heliene will also grant the agents an option to sell such number of additional Subscription Receipts as is equal to 15% of the number of Subscription Receipts sold under the Concurrent Financing. If the agents exercise such option, the aggregate gross proceeds of the Concurrent Financing will be $51,750,000, assuming the maximum Concurrent Financing size. Each Subscription Receipt will automatically be exchanged into one unit of Heliene (each, a “Unit”) upon the satisfaction of certain escrow release conditions in accordance with the terms of a subscription receipt agreement (the “Release Conditions”), without the payment of additional consideration or the taking of further action on the part of the subscriber. Each Unit will consist of one common share of Heliene (a “Unit Share”) and one common share purchase warrant (a “Unit Warrant”). Each Unit Warrant will be exercisable to acquire one common share of Heliene at an exercise price of $1.25 for a period of 24 months from the date of the satisfaction of the Release Conditions.

Upon completion of the Proposed Transaction, each Unit Share will automatically be exchanged for one Resulting Issuer Share and each Unit Warrant will automatically be exchanged for one common share purchase warrant exercisable to acquire one Resulting Issuer Share at an exercise price of $1.25 for a period of 24 months from the date of issuance of the Unit Warrants.

In connection with the Concurrent Financing, the agents will be entitled to a cash commission (the “Commission”) equal to 7.0% of the aggregate gross proceeds raised in the Concurrent Financing, which shall be reduced to 3.5% in respect of sales of Subscription Receipts to purchasers on a president’s list and will be issued non-transferrable agent options (each, an “Agent Option”) exercisable for that number of Units equal to 7.0% of the number of Subscription Receipts issued pursuant to the Concurrent Financing, which shall be reduced to 3.5% in respect of the number of Subscription Receipts issued to purchasers on a president’s list, at a price of $1.00 per Unit for a period of 24 months from the date of satisfaction of the Release Conditions. In connection with the closing of the Proposed Transaction, the Agent Options will be exchanged for options of the Resulting Issuer on equivalent terms.

In connection with the Concurrent Financing, Heliene has entered into an engagement letter dated September 29, 2021 with Stifel GMP, Roth Canada ULC and Echelon Wealth Partners Inc. as lead agents and bookrunners.

The following table summarizes the proposed pro forma capitalization of the Resulting Issuer following completion of the Proposed Transaction, the Consolidation, the Split and the Concurrent Financing:

SELECTED FINANCIAL STATEMENT INFORMATION

The following tables present selected financial statement information on the financial condition and results of operations for the Corporation and Heliene. Such information is derived from the unaudited financial statements of Heliene for the period ended December 31, 2020 and the audited financial statements of the Corporation for the year ended December 31, 2020. The information provided herein should be read in conjunction with the financial statements of Heliene for the period ended December 31, 2020, which will subsequently be audited and which have been prepared in accordance with IFRS, and which will be filed on SEDAR when the Corporation files its Filing Statement with respect to the Proposed Transaction. The Corporation’s financial statements have been filed on SEDAR.

PROPOSED MANAGEMENT AND DIRECTORS OF THE RESULTING ISSUER

It is the intention of the Corporation and Heliene to establish and maintain a board of directors of the Resulting Issuer with a combination of appropriate skill sets that is compliant with all regulatory and corporate governance requirements, including any applicable independence requirements. Upon completion of the Proposed Transaction, the board of the Resulting Issuer is expected to be comprised of six (6) individuals. The following are brief descriptions of the proposed management and directors of the Resulting Issuer:

Martin Pochtaruk: President, Chief Executive Officer and Director. Mr. Pochtaruk has over 30 years of experience managing manufacturing and innovation businesses across Europe and America. Since founding the Company in 2010, Mr. Pochtaruk works for Heliene on a full-time basis. Prior to founding Heliene, he was the Vice President of business development at Algoma Steel Inc., a Canadian public company, where he was responsible for driving the company’s value-chain integration strategy, creating and increasing value to shareholders. Mr. Pochtaruk holds a graduate degree (Licenciatura) in Physics from the University of Buenos Aires.

Brad Simard: Chief Financial Officer and Corporate Secretary. Mr. Simard’s experience lies in the areas of finance, accounting, supply chain and management consulting. Mr. Simard also works a full-time position as the owner and operator of the TEN SPOT beauty bar and Simard Solutions. He holds a Bachelors of Mathematics (Honours) from the University of Waterloo and is also a Certified Management Accountant and Chartered Practitioner Accountant.

Gustavo Loureiro: Chief Operating Officer. Mr. Loureiro is an engineer and brings with him over 30 years of managerial and technical experience with a focus in manufacturing operations. Mr. Loureiro has worked in various capacities ranging from maintenance, production, quality and continuous improvement roles to project management in Canada, the USA, Argentina and Indonesia.

Nadeem Haque: Chief Technology Officer. Mr. Haque is an engineering & technology professional with 25+ years of experience in renewables and semiconductors. Prior to joining Heliene, Mr. Haque led the engineering of high efficiency solar, BIPV, and LCPV products and systems at Solaria Corporation. He previously led cutting edge work in the semi conductor industry, leading the design and delivery of state-of-the-art microelectronic products at LSI Logic Corporation (now BroadcomInc.).

Denis Turcotte: Chairman of the Board of Directors. Mr. Turcotte has been involved in the energy industry in various capacities for over the past 15 years. He previously acted as a director of Heliene for a collective term of 4 years and has recently been re-elected as Chairman of the Board of Directors in January 2021. Mr. Turcotte is currently the Managing Partner and Chief Operating Officer of Brookfield Asset Management, where he has worked for almost 5 years. He is also a Board Chairman for Westinghouse Electric, Gaftech International and a Lead Director of Teekay Offshore. After resigning as President and CEO of Algoma Steel Inc., he became the Principal and Chief Executive Officer of North Channel Management/Capital Partners where he worked to support organizations focusing on improving governance, elevating strategy, business planning and implementing organizational redesign and change initiatives to achieve critical objectives. Mr. Turcotte holds a Bachelor of Engineering (Mechanical) from Lakehead University and a Master of Business Administration from the Western University.

Michel Dumas: Independent Director. Mr. Dumas has over 30 years of financial experience including time with companies in the manufacture of forest products. Prior to becoming a director of Heliene, he worked as Executive Vice-President and Chief Financial Officer of Tembec Holdings Inc., a large publicly listed company with its principal place of business in Montreal and was later named to its Board of Directors.

Benjamin Duster: Independent Director. Mr. Duster has over 30 years of experience working as a director, professional advisor and partner of businesses throughout the United States. He is the founder of Cormorant IV Corporation, LLC which serves as a strategic advisory and interim executive management firm for companies undergoing or contemplating transformative change. Mr. Duster currently serves as Chairman of the Compensation Committee of Weatherford International and Chairman of the Audit Committee of Chesapeake Energy. Most recently, he served as Chief Executive Officer of the CenterLight Health System where he was responsible for the operation of the largest not-for-profit Program of All-Inclusive Care for the Elderly in the United States. Mr. Duster holds a Bachelor of Arts in Economics from Yale University, a Masters in Business Administration from Harvard University and a Juris Doctorate from Harvard University.

Daniel Shea: Independent Director. Mr. Shea has nearly 10 years of experience working as a director in the nano-technology space based on solar cells, energy and solar control. He currently serves as the Chief Executive Officer of QD Solar Inc., Chairman of the Board of 3E Nano Inc. and Principal of Uniworld Communications, which are all Ontario-based companies. Prior to his current roles, he served as Chief Operating Officer of Infobright, where he was nominated by the Chief Executive Officer of the database analytics company to address and rectify significant challenges. Mr. Shea holds a Bachelor of Applied Sciences from the University of Toronto.

Jonathan Weisz: Independent Director. Mr. Weisz has 30 years of legal experience where he worked to become partner at Torys LLP. He has vast experience representing many of North America’s most prominent energy companies and project finance lenders on a variety of transactions. Mr. Weisz currently manages the family office of Jonathan Weisz Corporation, an investment and philanthropy company in Toronto, Ontario. Mr. Weisz holds a Juris Doctorate from Osgoode Hall Law School.

Dennis Greene: Vice President, Sales and Business Development. Mr Greene has over 20 years of experience leading commercial teams on sales and business development of solar PV modules and software development and applications in the United States and internationally Mr. Greene has established a reputation for developing cohesive, customer focused, high performing sales teams while focusing on customer needs and long-term satisfaction. Mr. Greene holds a Bachelor of Science in Business and Marketing from Murray State University.

SIGNIFICANT CONDITIONS TO CLOSING

The completion of the Proposed Transaction is subject to a number of conditions, including but not limited to the entering into of the Definitive Agreement, completion of the Concurrent Financing, satisfactory due diligence reviews, approval by both boards of directors, approval of Heliene’s shareholders, obtaining necessary governmental and third-party approvals and Exchange acceptance. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

SPONSORSHIP

The Corporation has applied for a waiver from the sponsorship requirement. There is no guarantee that such waiver can be obtained.

ARM’S LENGTH QUALIFYING TRANSACTION

The control persons of Heliene are not (and their associates and affiliates are not) control persons in the Corporation. Accordingly, the acquisition by the Corporation of all the issued and outstanding shares of Heliene is not a Non-Arm’s Length Qualifying Transaction for the purposes of Exchange policies. As a result, the Proposed Transaction will not be subject to approval of the shareholders of the Corporation and therefore no meeting of the shareholders of the Corporation is required as a condition to the completion of the Proposed Transaction.

INSIDERS OF THE RESULTING ISSUER

Other than has been previously referred to in this press release, and to the knowledge of the directors and senior officers of the Corporation or Heliene, no person will become an insider of the Resulting Issuer as a result or upon completion of the Proposed Transaction.

ABOUT BUZZ CAPITAL 2 INC.

Buzz2 is a capital pool company governed by the policies of the Exchange. The principal business of Buzz2 is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements, including statements about the Corporation’s future plans and intentions and completion of the Proposed Transaction. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Corporation cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon.

Buzz Capital 2 Inc.
Patrick Lalonde, President and CEO
Tel.: 613-366-4242

Heliene Inc.
Annika Harper
PR Director, Antenna Group
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

ATHENS, Greece--(BUSINESS WIRE)--Danaos Corporation (“Danaos”) (NYSE: DAC), one of the world’s largest independent owners of containerships, today reported unaudited results for the period ended September 30, 2021.

Highlights for the Third Quarter and Nine Months Ended September 30, 2021:

• Adjusted net income¹ of $109.5 million, or $5.32 per share, for the three months ended September 30, 2021 compared to $47.3 million, or $1.91 per share, for the three months ended September 30, 2020, an increase of 131.5%. Adjusted net income¹ of $236.4 million, or $11.49 per share, for the nine months ended September 30, 2021 compared to $123.1 million, or $4.97 per share, for the nine months ended September 30, 2020, an increase of 92.0%.
• Operating revenues of $195.9 million for the three months ended September 30, 2021 compared to $118.9 million for the three months ended September 30, 2020, an increase of 64.8%. Operating revenues of $474.5 million for the nine months ended September 30, 2021 compared to $342.0 million for the nine months ended September 30, 2020, an increase of 38.7%.
• Adjusted EBITDA¹ of $149.6 million for the three months ended September 30, 2021 compared to $83.3 million for the three months ended September 30, 2020, an increase of 79.6%. Adjusted EBITDA¹ of $349.6 million for the nine months ended September 30, 2021 compared to $235.3 million for the nine months ended September 30, 2020, an increase of 48.6%.
• Total contracted operating revenues were $2.1 billion as of September 30, 2021 with charters extending through 2028 and remaining average contracted charter duration of 3.3 years, weighted by aggregate contracted charter hire.
• Charter coverage of 100% for the remainder of 2021 and 90% for 2022 in terms of contracted operating days.
• Danaos has declared a dividend of $0.50 per share of common stock for the third quarter of 2021, which is payable on December 2, 2021 to stockholders of record as of November 19, 2021.

Danaos’ CEO Dr. John Coustas commented:

"We are certain that everyone is aware of the well-documented disruptions to the global supply chain that continue unabated. This situation, despite its negative effect in world growth, had extremely positive effects in our market which continues from strength to strength. Despite efforts by all participants to alleviate the disruptions to the global supply chain, there are no signs that conditions are improving. The main contributing factors are an increase in demand, lack of available vessels to satisfy such demand and low levels of productivity in the ports and other land-based infrastructure.

Additionally, as new vessel deliveries in 2022 are actually expected to be lower than in 2021, we do not expect any respite at least from the vessel supply front in the near term. In 2023, increased deliveries are forecasted, although there will be an offsetting effect from new environmental regulations that will likely tighten the effective supply of vessels due to the anticipated reductions in speed. Overall, we do not expect a dramatic difference, provided demand remains healthy.

During the third quarter, we consummated the acquisition of Gemini and acquired six modern 5,500 TEU vessels, all with existing cash resources. On the back of these moves we have achieved record EBITDA and Net Income. We have also expanded our charter coverage and now have in excess of $2 billion of charter backlog. Our share ownership in ZIM - although adjusted as per our usual practice - will also contribute around half a billion dollars to our earnings for 2021 which is outstanding. Our liquidity in terms of cash and marketable securities is still close to half a billion and we are closely monitoring our options and strategy for next year to deliver even better results for the Company and our shareholders.

In the meantime, liner companies are announcing record results which is extremely positive for Danaos as the strong credit quality of our customers continues to improve. The continued strong performance of Danaos is ensured by existing charters with an average charter duration of 3.3 years and new charters that lock in current rates for several years. We expect strong market conditions to persist in the near term, which will support a strong re-chartering environment into next year and should ensure our stellar performance for the next 3 years."

Three months ended September 30, 2021 compared to the three months ended September 30, 2020

During the three months ended September 30, 2021, Danaos had an average of 65.7 containerships compared to 58.0 containerships during the three months ended September 30, 2020. Our fleet utilization for the three months ended September 30, 2021 was 97.7% compared to 98.7% for the three months ended September 30, 2020.

Our adjusted net income amounted to $109.5 million, or $5.32 per share, for the three months ended September 30, 2021 compared to $47.3 million, or $1.91 per share, for the three months ended September 30, 2020. We have adjusted our net income in the three months ended September 30, 2021 for a $64.1 million gain on our acquisition of the remaining interest in Gemini Shipholdings Corporation (“Gemini”), the change in fair value of our investment in ZIM Integrated Shipping Services Ltd. (“ZIM”) of $47.2 million and a non-cash fees amortization and accrued finance fees charge of $3.6 million. Please refer to the Adjusted Net Income reconciliation table, which appears later in this earnings release.

The increase of $62.2 million in adjusted net income for the three months ended September 30, 2021 compared to the three months ended September 30, 2020 is attributable mainly to a $77.0 million increase in operating revenues and collection of a $12.3 million dividend from ZIM, which were partially offset by a $17.3 million increase in total operating expenses, a $8.3 million increase in net finance expenses, and a $1.5 million decrease in our equity investment in Gemini following our acquisition and full consolidation by us since July 1, 2021.

On a non-adjusted basis, our net income amounted to $217.2 million, or $10.55 earnings per diluted share, for the three months ended September 30, 2021 compared to net income of $42.8 million, or $1.73 earnings per diluted share, for the three months ended September 30, 2020. Our net income for the three months ended September 30, 2021 includes a $64.1 million non-cash gain on our acquisition of Gemini and a total gain on our investment in ZIM of $59.5 million.

Operating Revenues
Operating revenues increased by 64.8%, or $77.0 million, to $195.9 million in the three months ended September 30, 2021 from $118.9 million in the three months ended September 30, 2020.

Operating revenues for the three months ended September 30, 2021 reflect:

• a $30.6 million increase in revenues in the three months ended September 30, 2021 compared to the three months ended September 30, 2020 mainly as a result of higher charter rates;
• a $15.6 million increase in revenues in the three months ended September 30, 2021 compared to the three months ended September 30, 2020 due to the incremental revenue generated by newly acquired vessels;
• a $21.5 million increase in revenue in the three months ended September 30, 2021 compared to the three months ended September 30, 2020 due to higher non-cash revenue recognition in accordance with US GAAP; and
• a $9.3 million increase in revenues in the three months ended September 30, 2021 compared to the three months ended September 30, 2020 due to amortization of assumed time charters.

Vessel Operating Expenses
Vessel operating expenses increased by $7.0 million to $34.7 million in the three months ended September 30, 2021 from $27.7 million in the three months ended September 30, 2020, primarily as a result of the increase in the average number of vessels in our fleet and an increase in the average daily operating cost for vessels on time charter to $5,918 per vessel per day for the three months ended September 30, 2021 compared to $5,467 per vessel per day for the three months ended September 30, 2020. Management believes that our daily operating cost remains among the most competitive in the industry.

Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.

Depreciation
Depreciation expense increased by 20.2%, or $5.2 million, to $31.0 million in the three months ended September 30, 2021 from $25.8 million in the three months ended September 30, 2020 mainly due to our recent acquisition of fifteen vessels and installation of scrubbers on nine of our vessels in the year ended December 31, 2020.

Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs decreased by $0.6 million to $2.6 million in the three months ended September 30, 2021 from $3.2 million in the three months ended September 30, 2020.

General and Administrative Expenses
General and administrative expenses increased by $1.3 million to $7.3 million in the three months ended September 30, 2021, from $6.0 million in the three months ended September 30, 2020. The increase was mainly attributable to increased management fees due to the increased size of our fleet and other corporate administrative expenses.

Other Operating Expenses
Other Operating Expenses include Voyage Expenses.

Voyage Expenses
Voyage expenses increased by $4.5 million to $8.1 million in the three months ended September 30, 2021 from $3.6 million in the three months ended September 30, 2020 primarily as a result of the increase in commissions due to the increase in revenue per vessel and the increase in the average number of vessels in our fleet.

Interest Expense and Interest Income
Interest expense increased by 52.1%, or $6.2 million, to $18.1 million in the three months ended September 30, 2021 from $11.9 million in the three months ended September 30, 2020. The increase in interest expense is a combined result of:

• a $6.3 million reduction in the recognition through our income statement of accumulated accrued interest that had been accrued in 2018 in relation to two of our credit facilities that were refinanced on April 12, 2021. As a result of the refinancing, the recognition of such accumulated interest has decreased;
• a $0.7 million increase in interest expense due to an increase in our debt service cost by approximately 0.4%, which was partially offset by a decrease in our average indebtedness by $80.5 million between the two periods (average indebtedness of $1,438.0 million in the three months ended September 30, 2021, compared to average indebtedness of $1,518.5 million in the three months ended September 30, 2020); and
• a $0.8 million decrease in the amortization of deferred finance costs and debt discount related to our debt.

Net proceeds from the issuance of our $300 million Senior Notes in February 2021 together with the net proceeds from a new $815 million senior secured credit facility and a new $135 million leaseback arrangement, each of which was drawn down on April 12, 2021, were used to refinance a substantial majority of our then outstanding indebtedness.

As of September 30, 2021, our outstanding debt, gross of deferred finance costs, was $1,165.5 million, which includes $300 million aggregate principal amount of our Senior Notes, and our leaseback obligation was $242.9 million. These balances compare to debt of $1,376.2 million and a leaseback obligation of $129.4 million as of September 30, 2020.

Interest income decreased by $1.5 million to $0.2 million in the three months ended September 30, 2021 compared to $1.7 million in the three months ended September 30, 2020 mainly as a result of collection of accrued interest on ZIM and HMM bonds, which were redeemed by the issuers thereof in the first half of 2021.

Gain on investments
The gain on investments of $59.5 million in the three months ended September 30, 2021 consists of the change in fair value of our shareholding interest in ZIM of $47.2 million and net dividends received on ZIM ordinary shares of $12.3 million. ZIM completed its initial public offering and listing on the New York Stock Exchange of its ordinary shares on January 27, 2021. In June 2021, we sold 2,000,000 ordinary shares of ZIM resulting in net proceeds of $76.4 million. Our remaining shareholding interest of 8,186,950 ordinary shares has been fair valued at $415.1 million as of September 30, 2021, based on the closing price of ZIM’s ordinary shares on the NYSE on that date. Subsequently, in October 2021, we sold 1,000,000 of these ZIM ordinary shares, resulting in net proceeds to us of $44.3 million.

Equity income on investments
Equity income on investments increased by $62.6 million to $64.1 million in the three months ended September 30, 2021 compared to $1.5 million in the three months ended September 30, 2020 mainly due to the non-cash gain of $64.1 million recognized upon our acquisition of the remaining 51% equity interest in Gemini on July 1, 2021.

Other finance expenses
Other finance expenses, net decreased by $0.2 million to $0.1 million in the three months ended September 30, 2021 compared to $0.3 million in the three months ended September 30, 2020 due to the decreased finance costs on the refinanced debt.

Loss on derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at $0.9 million in each of the three months ended September 30, 2021 and September 30, 2020.

Other income, net
Other income, net was $0.3 million in the three months ended September 30, 2021 compared to $0.1 million in the three months ended September 30, 2020.

Adjusted EBITDA
Adjusted EBITDA increased by 79.6%, or $66.3 million, to $149.6 million in the three months ended September 30, 2021 from $83.3 million in the three months ended September 30, 2020. As outlined above, the increase is mainly attributable to a $67.7 million increase in operating revenues (net of $9.3 million amortization of assumed time charters) and a collection of $12.3 million dividend from ZIM, which were partially offset by a $12.2 million increase in total operating expenses and a $1.5 million decrease in equity investment in Gemini following our acquisition and full consolidation since July 1, 2021. Adjusted EBITDA for the three months ended September 30, 2021 is adjusted for the gain on Gemini’s acquisition of $64.1 million, the change in fair value of our investment in ZIM of $47.2 million and stock based compensation of $0.6 million. Tables reconciling Adjusted EBITDA to Net Income can be found at the end of this earnings release.

Nine months ended September 30, 2021 compared to the nine months ended September 30, 2020

During the nine months ended September 30, 2021, Danaos had an average of 61.9 containerships compared to 56.9 containerships during the nine months ended September 30, 2020. Our fleet utilization for the nine months ended September 30, 2021 was 98.5% compared to 95.8% for the nine months ended September 30, 2020. Adjusted fleet utilization, excluding the effect of 188 days of incremental off-hire due to shipyard delays related to the COVID-19 pandemic, was 97.0% in the nine months ended September 30, 2020.

Our adjusted net income amounted to $236.4 million, or $11.49 per share, for the nine months ended September 30, 2021 compared to $123.1 million, or $4.97 per share, for the nine months ended September 30, 2020. We have adjusted our net income in the nine months ended September 30, 2021 for the gain on our investment in ZIM of $491.4 million, gain on debt extinguishment of $111.6 million, a $64.1 million gain on our acquisition of Gemini, a non-cash fees amortization and accrued finance fees charge of $12.6 million and stock-based compensation of $4.1 million. Please refer to the Adjusted Net Income reconciliation table, which appears later in this earnings release.

The increase of $113.3 million in adjusted net income for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 is attributable mainly to a $132.5 million increase in operating revenues, collection of a $12.3 million dividend from ZIM, and partial collection of a common benefit claim of $3.9 million from Hanjin Shipping, which were partially offset by a $32.5 million increase in total operating expenses, a $2.1 million increase in net finance expenses and a $0.8 million decrease in the operating performance of our equity investment in Gemini following our acquisition and full consolidation by us since July 1, 2021.

On a non-adjusted basis, our net income amounted to $886.8 million, or $43.11 earnings per diluted share, for the nine months ended September 30, 2021 compared to net income of $110.4 million, or $4.45 earnings per diluted share, for the nine months ended September 30, 2020. Our net income for the nine months ended September 30, 2021 includes a total gain on our investment in ZIM of $503.7 million, a $64.1 million non-cash gain on the acquisition of Gemini and a $111.6 million gain on debt extinguishment.

Operating Revenues
Operating revenues increased by 38.7%, or $132.5 million, to $474.5 million in the nine months ended September 30, 2021 from $342.0 million in the nine months ended September 30, 2020.

Operating revenues for the nine months ended September 30, 2021 reflect:

• a $69.6 million increase in revenues in the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 mainly as a result of higher charter rates and improved fleet utilization;
• a $32.1 million increase in revenues in the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 due to the incremental revenue generated by newly acquired vessels;
• a $21.5 million increase in revenue in the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 due to higher non-cash revenue recognition in accordance with US GAAP; and
• a $9.3 million increase in revenues in the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 due to amortization of assumed time charters.

Vessel Operating Expenses
Vessel operating expenses increased by $16.5 million to $98.7 million in the nine months ended September 30, 2021 from $82.2 million in the nine months ended September 30, 2020, primarily as a result of the increase in the average number of vessels in our fleet and an increase in the average daily operating cost for vessels on time charter to $6,034 per vessel per day for the nine months ended September 30, 2021 compared to $5,592 per vessel per day for the nine months ended September 30, 2020. The average daily operating cost increased mainly due to the COVID-19 related increase in crew remuneration in the nine months ended September 30, 2021. Management believes that our daily operating cost remains among the most competitive in the industry.

Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.

Depreciation
Depreciation expense increased by 9.7%, or $7.3 million, to $82.9 million in the nine months ended September 30, 2021 from $75.6 million in the nine months ended September 30, 2020 mainly due to our recent acquisition of fifteen vessels and installation of scrubbers on nine of our vessels in the year ended December 31, 2020.

Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs decreased by $0.8 million to $7.6 million in the nine months ended September 30, 2021 from $8.4 million in the nine months ended September 30, 2020.

General and Administrative Expenses
General and administrative expenses increased by $7.5 million to $25.4 million in the nine months ended September 30, 2021, from $17.9 million in the nine months ended September 30, 2020. The increase was mainly attributable to increased management fees due to the increased size of our fleet and increased stock-based compensation.

Other Operating Expenses
Other Operating Expenses include Voyage Expenses.

Voyage Expenses
Voyage expenses increased by $6.3 million to $17.2 million in the nine months ended September 30, 2021 from $10.9 million in the nine months ended September 30, 2020 primarily as a result of the increase in commissions due to the increase in revenue per vessel and the increase in the average number of vessels in our fleet.

Interest Expense and Interest Income
Interest expense increased by 22.7%, or $9.5 million, to $51.4 million in the nine months ended September 30, 2021 from $41.9 million in the nine months ended September 30, 2020. The increase in interest expense is a combined result of:

• a $6.9 million decrease in interest expense due to a decrease in our debt service cost by approximately 0.5%, while our average indebtedness also decreased by $27.2 million between the two periods (average indebtedness of $1,505.3 million in the nine months ended September 30, 2021, compared to average indebtedness of $1,532.5 million in the nine months ended September 30, 2020);
• a $16.3 million reduction in the recognition through our income statement of accumulated accrued interest that had been accrued in 2018 in relation to two of our credit facilities that were refinanced on April 12, 2021. As a result of the refinancing, the recognition of such accumulated interest has been decreased; and
• a $0.1 million increase in the amortization of deferred finance costs and debt discount related to our debt.

Net proceeds from the issuance of our $300 million Senior Notes in February 2021 together with the net proceeds from a new $815 million senior secured credit facility and a new $135 million leaseback arrangement, each of which was drawn down on April 12, 2021, were used to refinance a substantial majority of our then outstanding indebtedness.

As of September 30, 2021, our outstanding debt, gross of deferred finance costs, was $1,165.5 million, which includes $300 million aggregate principal amount of our Senior Notes, and our leaseback obligation was $242.9 million. These balances compare to debt of $1,376.2 million and a leaseback obligation of $129.4 million as of September 30, 2020.

Interest income increased by $6.7 million to $11.7 million in the nine months ended September 30, 2021 compared to $5.0 million in the nine months ended September 30, 2020, mainly as a result of collection of accrued interest on ZIM and HMM bonds, which were redeemed by the issuers thereof during the 2021 period.

Gain on investments
The gain on investments of $503.7 million in the nine months ended September 30, 2021 consists of the change in fair value of our shareholding interest in ZIM of $491.4 million and net dividends received on ZIM ordinary shares of $12.3 million.

Company Contact:

Evangelos Chatzis
Chief Financial Officer
Danaos Corporation
Athens, Greece
Tel.: +30 210 419 6480
E-Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Iraklis Prokopakis
Senior Vice President and Chief Operating Officer
Danaos Corporation
Athens, Greece
Tel.: +30 210 419 6400
E-Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations and Financial Media
Rose & Company
New York
Tel. 212-359-2228
E-Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Shipborne Radars Market - Market Size & Forecasting (2017-2028)" report has been added to ResearchAndMarkets.com's offering.

The market for ship borne radars was valued at USD 6,577.28 million in 2020, and is expected to grow at a CAGR of 5.3 percent over the forecast period.

Increasing cross-border marine emergencies, pirate attacks, and territorial conflicts, among other things, are making the world's oceans increasingly perilous. As a result, every boat should have a radar.

The newly analyzed market analysis on the shipborne radars market gathers a comprehensive in-depth assessment and market research to unveil key market components to facilitate prudent market deductions assist with continued growth production decisions, and lucrative revenue streams.

A detailed overview of the key elements that result in enhanced consumer assessment across timelines is included in the market review for the shipborne radars market. It also reflects on historical events, analyzing current events to conform to positive results, organizing future-ready business discretion effectively, and sustainable revenue chains.

The Asia Pacific shipborne radars market is predicted to grow at a CAGR of 5.9% over the COVID-19 period.

The Asia Pacific region will account for the largest share of the worldwide shipborne radars market. Rising usage of radar technology and increased maritime trade are two reasons driving the growth of this geographical industry. Some of the major markets in North America and Europe are also typical suppliers of chemicals such as specialty chemicals, bulk chemicals, and so on. The major companies in this market have their headquarters in North and Europe.

The development of radar systems in the region is projected to be aided by these reasons. Furthermore, the region's rising territorial disputes are necessitating the development of enhanced shipborne radar systems that can operate across sea borders

Report Insights

At present, the seas across the globe are becoming increasingly dangerous due to rising cross-border maritime contingencies, pirate attacks, and territorial disputes, among others. Radars are, therefore, a must on every boat. The shipborne radars are installed on military, defense, and cargo ships, as well as on container ships, to detect enemy warheads, aircraft, and ships, and to assess weather conditions.

The major factor that is driving the demand for shipborne radars is the encounter of maritime activities. Currently, pirate attacks or cross-border attacks via sea have escalated across the globe. Recently, eight pirates armed with machine guns boarded a product tanker about 196 nautical miles southwest of Bayelsa, Nigeria. Such incidents are anticipated to fuel the growth of the shipborne radar market.

Cruise and cargo ship manufacturers are now integrating their ships with radar systems to protect them from all threats and also to track objects in the sea. Moreover, the shipborne radar system is increasing the interest of ship manufacturers in integrating modern enhanced technology into the current system as well as into the new vessels.

Key Topics Covered:

1 Market Abstract

2 Market Introduction

3. Research Practice

4 Key Related Data

4.1 Competitive Benchmarking

4.1.1 Product Positioning

4.1.2 Regional Reach Positioning

4.2 Major Investments in Last Five Years by Global Players

4.3 Key Industry Trends in Major Countries

4.3.1 U.S.

4.3.2 China

4.3.3 India

4.3.4 Japan

4.4 Technological Advancements

4.4.1 Broadband Radar and Multifunctional Rf-Systems

4.4.2 Digital Front Ends

4.4.3 Distributed Aperture Radar Systems

4.4.4 Passive Coherent Location Radar

4.4.5 Multiple-In Multiple-Out (Mimo) Radar Systems

4.5 Guidelines & Regulations

4.6 Covid- 19 Impact on Shipborne Radars Market

5 Impact Factor Analysis

5.1 Drivers/Restraints/Opportunities/Challenges

5.1.1 Drivers

5.1.1.1 Increasing Pirate Attacks Via Seas

5.1.1.2 Implementation of Advanced Technologies

5.1.2 Restraints

5.1.2.1 High Cost of the Shipborne Radar Systems

5.1.2.2 Range Limitation of the Radar

5.1.3 Opportunities

5.1.3.1 Increasing Investments in Naval Forces

5.1.4 Challenges

5.1.4.1 Extreme Weather Conditions Hampering the Accuracy of Radars

6 Market Development Analysis

6.1 Overview

6.2 New Product Launch (2015-2021)

6.3 Mergers and Acquisitions (2015-2021)

6.4 Partnerships/Agreements/Collaborations (2015-2021)

7 Shipborne Radars Market, by Type

7.1 Introduction

7.2 Microwave Radars

7.3 High Frequency Radars

7.4 Infrared Radars

8 Shipborne Radars Market, by Application

8.1 Introduction

8.2 Defense Ships

8.3 Cargo Ships

8.4 Cruise Ships

9 Shipborne Radars Market, Regional Analysis

9.1 Introduction

10 Company Profile

10.1 Company Overview

10.2 Financial Overview

10.3 SWOT Analysis

10.4 Product Overview

10.5 Key Developments

• Northrop Grumman Corporation
• Raytheon Technologies Corporation
• Hensoldt UK
• L3Harris Technologies Inc.
• Reutech Radar Systems
• Saab Ab
• Thales Group
• Bae Systems plc
• Lockheed Martin Corporation
• Israel Aerospace Industries Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/f7n3cq

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

MIDLAND, Texas--(BUSINESS WIRE)--Colgate Energy Partners III, LLC (the “Company” or “Colgate”) announced today the pricing of its private offering to eligible purchasers of $200 million in aggregate principal amount of 5.875% Senior Notes due 2029 (the “Notes”). The Notes mature on July 1, 2029, pay interest at the rate of 5.875% per year and were priced at 101.75%, which implies an effective yield to worst of 5.441%. The offering is expected to close on November 12, 2021, subject to customary closing conditions. The Notes are being offered as additional notes under an indenture (the “Indenture”) pursuant to which Colgate issued, on June 30, 2021, $500 million aggregate principal amount of Notes. The offered Notes will have identical terms as the existing Notes. Colgate intends to use the net proceeds from this offering to fully repay amounts outstanding under its revolving credit facility and the remaining net proceeds to fund a portion of the purchase price for the acquisition of certain assets in Eddy and Lea Counties, New Mexico (the “Parkway Acquisition”). The Parkway Acquisition is not conditioned on the consummation of this offering and this offering is not conditioned on the consummation of the Parkway Acquisition. If the Parkway Acquisition is not consummated on the terms currently contemplated or at all, Colgate intends to use the net proceeds from this offering for general company purposes.

The Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and, unless so registered, the Notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Colgate plans to offer and sell the Notes only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States pursuant to Regulation S under the Securities Act.

This communication shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Colgate
Colgate is a privately held, independent oil and natural gas company headquartered in Midland, Texas that is engaged in the acquisition, exploration and development of oil and natural gas assets in the Delaware Basin, with operations principally focused in Reeves County, Ward County, and Eddy County.

Forward-Looking Statements
This communication includes statements regarding this private placement that may contain forward-looking statements within the meaning of federal securities laws. Colgate believes that its expectations and forecasts are based on reasonable assumptions; however, no assurance can be given that such expectations and forecasts will prove to be correct. A number of factors could cause actual results to differ materially from the expectations and forecasts, anticipated results or other forward-looking information expressed in this communication, including risks and uncertainties regarding future results, Colgate’s ability to complete the Parkway Acquisition, the sources of funding for any remaining portion of the purchase price of the Parkway Acquisition, capital expenditures, liquidity and financial market conditions, sufficiency of cash from operations, adverse market conditions, governmental regulations, the future actions of foreign oil producers such as Saudi Arabia and Russia and the effects of such actions on the supply of oil, and the impact of world health events, such as the COVID-19 pandemic.

Michael Poynter
Vice President of Finance & Investor Relations
432-695-4222
This email address is being protected from spambots. You need JavaScript enabled to view it.

Energy Storage Veteran Tapped to Lead Deployment of Mobile Power Solutions

WATERBURY, Vt.--(BUSINESS WIRE)--In preparation for the rollout of its innovative mobile power fleet, Nomad Transportable Power Systems (Nomad) has added Chris McKay, former Director of Battery Energy Storage Systems with WEG Electric Corp, to its team.

Nomad, founded by Northern Reliability and KORE Power in 2019, allows a semi-trailer bed to deliver up to 2 MWh of battery storage capacity with plug-and-play connectivity. Nomad has developed three classes of transportable power systems - 2.0 MWh, 1.3 MWh, and 660 kWh - each containing the proprietary Nomad Power Dock system for seamless interconnection for both grid and commercial applications. Nomad systems deliver energy solutions for every market.

“Chris McKay has built a career delivering clean energy solutions. He has experience with community wind projects for Northern Power Systems, and more recently, he worked delivering battery systems with WEG,” said Jay Bellows, Nomad’s President and CEO. “As we look towards deployment of the Nomad system, Chris’ experience will be indispensable.”

McKay said the flexibility offered by Nomad would expand opportunities for customers to take advantage of renewable energy and increase resilience while reducing the cost of entry.

“Flexibility is the key,” he said, “industrial clients want to take advantage of off-peak power prices, critical service providers need redundancies to keep power flowing, and emergency response needs reliable power for day-to-day operations. Nomad delivers energy storage solutions that meet today’s critical needs.”

About Nomad Transportable Power Systems

Nomad Transportable Power Systems was founded by two companies known for their disruptive innovation and desire to impact clean energy, Northern Reliability, and KORE Power. The idea was formed early in 2015 when a necessity was recognized to deliver energy based on the customers’ needs with a lower cost of entry. Starting in early 2019, NRI and KORE established a working partnership for standard ESS systems that are 100% U.S. manufactured, designed, and operated.

David Jakubiak
This email address is being protected from spambots. You need JavaScript enabled to view it.
312-285-9622

Aleysha Newton
This email address is being protected from spambots. You need JavaScript enabled to view it.
208-758-9392

DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ GS: PRIM) (“Primoris” or “Company”) today announced financial results for its third quarter ended September 30, 2021 and updated the Company’s outlook.

For the third quarter 2021, Primoris reported the following highlights ⁽¹⁾:

• Revenue of $913.2 million
  • Energy/Renewables Segment revenue up 11 percent
  • Utility Segment revenue up 10 percent
• Net income attributable to Primoris of $44.1 million
• Fully diluted earnings per share (“EPS”) of $0.81
• Adjusted net income attributable to Primoris (“Adjusted Net Income”) of $48.5 million
• Adjusted diluted earnings per share (“Adjusted EPS”) of $0.89
• Adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) of $94.7 million
• Authorized $25 million share repurchase program
• Maintained quarterly dividend of $0.06
• Backlog of $2.7 billion as of quarter-end
• Master Service Agreements (“MSA”) Backlog of $1.5 billion as of quarter-end, 53 percent of total backlog

2021 Year-to-date highlights ⁽¹⁾:

• Revenue of $2.6 billion
  • Utility Segment revenue up 21 percent
  • Energy/Renewables Segment revenue up 16 percent
• Net income attributable to Primoris of $86.2 million, up 18 percent
• EPS of $1.63, up 9 percent
• Adjusted Net Income of $108.0 million, up 31 percent
• Adjusted EPS of $2.04, up 21 percent
• Adjusted EBITDA of $230.8 million, up 25 percent

“Our results show the strength of our overall business model and the strategic value of the acquisitions we have made in recent years to position ourselves in key markets as our economy moves toward a lower-carbon future,” said Tom McCormick, President and Chief Executive Officer of Primoris. “We’ve said all along that we have tremendous opportunities. The $130 million solar project we announced last week is a good sign of things to come in this market and the fourth quarter is shaping up to be even stronger. With the passage of the Infrastructure Investment and Jobs Act, we expect additional growth in our Utilities and Energy/Renewable segments over the next several years.”

Summarizing the segment results for the quarter, McCormick noted: “Our project execution continued to provide solid returns throughout the third quarter. Our Energy/Renewable Segment led the revenue growth with an 11 percent increase compared to the same period in 2020, driven by utility-scale solar projects. This segment also increased gross profit by 31 percent compared to the same period of 2020. Our Utilities Segment revenue increased by 10 percent for the quarter powered by the addition of Future Infrastructure. As expected, our Pipeline Services Segment revenue declined, although our gross profit, as a percentage of revenue, increased to 26 percent, compared to 13 percent in the same period in 2020, primarily due to the favorable impact from the closeout of multiple pipeline projects.”

2021 Third Quarter Results

Revenue was $913.2 million for the three months ended September 30, 2021, a decrease of $29.5 million, or 3 percent, compared to the same period in 2020. The decrease was primarily due to lower revenue in the Pipeline segment, partially offset by growth in the Energy/Renewables and Utilities segments, including $65.1 million from the acquisition of Future Infrastructure Holdings, LLC (“FIH”). Gross profit was $127.4 million for the three months ended September 30, 2021, an increase of $3.8 million, or 3 percent, compared to the same period in 2020. The increase was primarily due to the acquisition of FIH ($11.4 million) and an increase in margins from legacy operations, partially offset by a net decrease in revenue from the Company’s legacy operations. Gross profit as a percentage of revenue increased to 14 percent for the three months ended September 30, 2021, compared to 13 percent for the same period in 2020.

Beginning with the third quarter of 2021, the Company initiated the inclusion of Non-GAAP financial measures. The Company believes these measures enable investors, analysts and management to evaluate Primoris’ performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition, management believes these measures are useful in comparing the Company’s operating results with those of its competitors. Please refer to “Non-GAAP Measures” and Schedule 1, 2 and 3 for the definitions and reconciliations of our Non-GAAP financial measures, including “Adjusted Net Income,” “Adjusted EPS” and “Adjusted EBITDA.

During the third quarter of 2021, net income attributable to Primoris was $44.1 million compared to $43.9 million in the previous year. Adjusted Net Income was $48.5 million for the third quarter compared to $45.3 million for the same period in 2020. EPS was $0.81 compared to $0.90 in the previous year. Adjusted EPS was $0.89 for the third quarter of 2021 compared to $0.93 for the third quarter of 2020. Both EPS and Adjusted EPS were affected by the 4.5 million shares from the secondary offering in the first quarter of 2021. Adjusted EBITDA was $94.7 million for the third quarter of 2021, an increase of 8 percent, compared to $87.9 million for the same period in 2020.

Beginning with the first quarter of 2021, the Company consolidated and reorganized its operating segments. The three segments are: Utilities, Energy/Renewables and Pipeline Services. Revenue and gross profit for the segments for the three and nine months ended September 30, 2021 and 2020 were as follows:

Utilities Segment (“Utilities”): Revenue increased by $41.4 million, or 10 percent, for the three months ended September 30, 2021, compared to the same period in 2020, primarily due to the FIH acquisition ($65.1 million), partially offset by decreased activity from the impact of customer project and material delays. Gross profit for the three months ended September 30, 2021 decreased by $4.4 million, or 7 percent, compared to the same period in 2020, primarily due to lower margins from the Company’s legacy operations, partially offset by the incremental impact of the FIH acquisition ($11.4 million). Gross profit as a percentage of revenue decreased to 14 percent during the three months ended September 30, 2021, compared to 17 percent in the same period in 2020, primarily due to customer project and material delays and a decrease in higher margin storm work in 2021, as well as strong performance and favorable margins realized on projects in the Southeast in 2020.

Energy and Renewables Segment (“Energy/Renewables”): Revenue increased by $35.9 million, or 11 percent, for the three months ended September 30, 2021, compared to the same period in 2020, primarily due to increased renewable energy activity ($67.9 million), partially offset by the substantial completion of an industrial project in California early in the third quarter of 2021. Gross profit for the three months ended September 30, 2021, increased by $8.4 million, or 31 percent, compared to the same period in 2020, primarily due to higher revenue and margins. Gross profit as a percentage of revenue increased to 10 percent during the three months ended September 30, 2021, compared to 9 percent in the same period in 2020, primarily due to higher costs associated with a liquified natural gas plant project in the Northeast in 2020.

Pipeline Services (“Pipeline”): Revenue decreased by $106.8 million, or 50 percent, for the three months ended September 30, 2021, compared to the same period in 2020. The decrease is primarily due to the substantial completion of pipeline projects in 2020 ($127.0 million), partially offset by progress on a pipeline project in Texas that began in the second half of 2020. Gross profit for the three months ended September 30, 2021 decreased by $0.3 million, or 1 percent, compared to the same period in 2020, primarily due to higher margins, partially offset by lower revenue. Gross profit as a percentage of revenue increased to 26 percent during the three months ended September 30, 2021, compared to 13 percent in the same period in 2020, primarily due to the favorable impact from the closeout of multiple pipeline projects in 2021 and higher costs on a Texas pipeline project in 2020, partially offset by strong performance and favorable margins realized on a Texas pipeline project in 2020.

Other Income Statement Information

Selling, general and administrative (“SG&A”) expenses were $61.7 million during the three months ended September 30, 2021, an increase of $4.7 million, or 8.3 percent compared to 2020, primarily due to $6.5 million of incremental expense from the FIH acquisition during the period. SG&A expense as a percentage of revenue increased to 6.8 percent compared to 6.0 percent for the corresponding period in 2020, primarily due to increased expense as the Company integrates FIH into its operations, as well as lower revenue from the Company’s legacy operations.

Transaction and related costs were $0.4 million for the three months ended September 30, 2021, an increase of $0.3 million compared to 2020, primarily due to professional fees paid to advisors associated with the FIH integration in 2021.

Interest expense, net for the three months ended September 30, 2021, was comparable to the same period in 2020 primarily due to higher average debt balances from the borrowings incurred related to the FIH acquisition, offset by a lower weighted average interest rate.

The Company recorded income tax expense for the three months ended September 30, 2021 of $16.7 million compared to expense of $17.9 million for the three months ended September 30, 2020. The effective tax rate on income attributable to Primoris (excluding noncontrolling interests) was 27.5 percent for the three months ended September 30, 2021. The effective tax rate on income attributable to Primoris (excluding noncontrolling interest) is expected to be 27.5 percent for 2021. The 2021 rate differs from the U.S. federal statutory rate of 21.0 percent primarily due to state income taxes and nondeductible components of per diem expenses.

Outlook

The Company is updating its estimates for the year ending December 31, 2021 as a result of the headwinds from both project and material delays related to the COVID-19 pandemic and customer supply chain issues. Net income attributable to Primoris is expected to be between $2.10 and $2.20 per fully diluted share. Adjusted EPS is estimated in the range of $2.61 to $2.71 for 2021. The per share range takes into account the dilution from the 4.5 million additional shares issued under the Company’s secondary offering during the first quarter of 2021.

The Company is targeting SG&A expense as a percentage of revenue in the mid-six percent range for full year 2021. Primoris expects its SG&A percent will decrease in 2022 upon completion of its integration of FIH. The Company estimates capital expenditures for the remainder of 2021 in the range of $10 to $20 million. The Company’s targeted gross margins by segment are as follows: Utilities in the range of 12 to 14 percent; Energy/Renewables in the range of 9 to 12 percent; and Pipeline Services in the range of 9 to 13 percent.

The guidance provided above constitutes forward-looking statements, which are based on current economic conditions and estimates, and the Company does not include other potential impacts, such as changes in accounting, acquisitions or dispositions or unusual items. Supplemental information relating to the Company’s financial outlook is posted in the Investor Relations section of the Company’s website at www.primoriscorp.com.

At September 30, 2021, Fixed Backlog was $1.3 billion and MSA Backlog was $1.5 billion. Total Backlog at the end of the third quarter 2021 was $2.7 billion. MSA Backlog represents estimated MSA revenue for the next four quarters. The Company expects that during the next four quarters, the Company will recognize as revenue approximately 88 percent of the total backlog at September 30, 2021, comprised of backlog of approximately: 100 percent of Utilities; 73 percent of Energy/Renewables; and 100 percent of Pipeline.

Backlog, including estimated MSA revenue, should not be considered a comprehensive indicator of future revenue. Revenues from certain projects, such as cost reimbursable and time-and-materials projects, do not flow through backlog. At any time, any project may be cancelled at the convenience of customers.

Liquidity and Capital Resources

At September 30, 2021, the Company had $199.0 million of unrestricted cash and cash equivalents. The Company had no outstanding borrowings under the revolving credit facility, commercial letters of credit outstanding were $44.5 million and the available borrowing capacity was $155.5 million.

Dividend

The Company also announced that on November 3, 2021, its Board of Directors declared a $0.06 per share cash dividend to stockholders of record on December 31, 2021, payable on January 14, 2022.

Share Repurchase Program

On November 3, 2021, the Company’s Board of Directors authorized a share repurchase program for the repurchase of up to $25 million of the Company’s outstanding common stock. Under the share repurchase program, the Company can, depending on market conditions, share price and other factors, acquire shares of its common stock on the open market or in privately negotiated transactions. The program will expire December 31, 2022.

Response to the COVID-19 Pandemic

The Company continues to take steps to protect its employees’ health and safety during the COVID-19 pandemic. Primoris has a written corporate COVID-19 Plan in place, as well as Business Continuity Plans (by business unit and segment), based on guidelines from the U.S. Centers for Disease Control and Prevention, the Occupational Safety and Health Administration, and their Canadian counterparts.

Conference Call and Webcast

As previously announced, management will host a teleconference call on Tuesday, November 9, 2021, at 9 a.m. U.S. Central Time (10 a.m. U.S. Eastern Time). Tom McCormick, President and Chief Executive Officer, and Ken Dodgen, Executive Vice President and Chief Financial Officer, will discuss the Company’s results and financial outlook.

Investors and analysts are invited to participate in the call by phone at 1-833-476-0954, or internationally at 1-236-714-2611 (access code: 4449678) or via the Internet at www.primoriscorp.com. A replay of the call will be available on the Company’s website or by phone at 1-800-585-8367, or internationally at 1-416-621-4642 (access code: 4449678), for a seven-day period following the call.

Presentation slides to accompany the conference call are available for download in the Investor Relations section of Primoris’ website at www.primoriscorp.com. Once at the Investor Relations section, please click on “Events & Presentations.”

Non-GAAP Measures

This press release contains certain financial measures that are not recognized under generally accepted accounting principles in the United States (“GAAP”). Primoris uses earnings before interest, income taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS as important supplemental measures of the Company’s operating performance. The Company believes these measures enable investors, analysts, and management to evaluate Primoris’ performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition, management believes these measures are useful in comparing the Company’s operating results with those of its competitors. The non-GAAP measures presented in this press release are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, Primoris’ method of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similarly titled measures as calculated by other companies that do not use the same methodology as Primoris. Please see the accompanying tables to this press release for reconciliations of the following non‐GAAP financial measures for Primoris’ current and historical results: EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS.

About Primoris

Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, electrical transmission and distribution systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.primoriscorp.com.

Forward Looking Statements

This press release contains certain forward-looking statements, including our outlook, that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including with regard to the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning the possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, customer timing, project duration, weather, and general economic conditions; changes in the mix of customers, projects, contracts and business; regional or national and/or general economic conditions and demand for the Company’s services macroeconomic impacts arising from the long duration of the COVID-19 pandemic, including labor shortages and supply chain disruptions; price, volatility, and expectations of future prices of oil, natural gas, and natural gas liquids; variations and changes in the margins of projects performed during any particular quarter; increases in the costs to perform services caused by changing conditions; the termination, or expiration of existing agreements or contracts; the budgetary spending patterns of customers; increases in construction costs that the Company may be unable to pass through to customers; cost or schedule overruns on fixed-price contracts; availability of qualified labor for specific projects; changes in bonding requirements and bonding availability for existing and new agreements; the need and availability of letters of credit; costs incurred to support growth, whether organic or through acquisitions; the timing and volume of work under contract; losses experienced in the Company’s operations; the results of the review of prior period accounting on certain projects; developments in governmental investigations and/or inquiries; intense competition in the industries in which the Company operates; failure to obtain favorable results in existing or future litigation or regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure of partners, suppliers or subcontractors to perform their obligations; cyber-security breaches; failure to maintain safe worksites; risks or uncertainties associated with events outside of the Company’s control, including severe weather conditions, public health crises and pandemics (such as COVID-19), political crises or other catastrophic events; client delays or defaults in making payments; the availability of credit and restrictions imposed by credit facilities; failure to implement strategic and operational initiatives; risks or uncertainties associated with acquisitions, dispositions and investments; possible information technology interruptions or inability to protect intellectual property; the Company’s failure, or the failure of the Company’s agents or partners, to comply with laws; the Company's ability to secure appropriate insurance; new or changing legal requirements, including those relating to environmental, health and safety matters; the loss of one or a few clients that account for a significant portion of the Company's revenues; asset impairments; and risks arising from the inability to successfully integrate acquired businesses. In addition to information included in this press release, additional information about these and other risks can be found in Part I, Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and the Company’s other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.

Ken Dodgen
Executive Vice President, Chief Financial Officer
(214) 740-5608
This email address is being protected from spambots. You need JavaScript enabled to view it.

Brook Wootton
Vice President, Investor Relations
(214) 545-6773
This email address is being protected from spambots. You need JavaScript enabled to view it.

Captured biogas will create carbon neutral electricity for electric vehicles

SAN JOSE, Calif.--(BUSINESS WIRE)--Bloom Energy (NYSE:BE) today announced a one megawatt (MW) fuel cell deployment at Bar 20 Dairy Farms in Kerman, California to efficiently produce on-site, renewable electricity from dairy cow manure. The installation marks Bloom’s first dairy farm biogas project.

To turn cow waste into renewable electricity, Bar 20 Dairy Farms combined a methane digester, gas clean-up skid, and Bloom Energy fuel cells for an end-to-end, waste-to-electricity solution. The California Bioenergy (CalBio) digesters capture biogas, primarily consisting of methane, released from the anaerobic decomposition of dairy manure. After being cleaned in a separation skid, the biogas is then converted to renewable electricity through an electrochemical process, without combustion through Bloom Energy’s fuel flexible, solid oxide fuel cells.

Dairy biogas contains up to 65 percent methane. The waste-to-electricity solution captures methane that would otherwise be released into the atmosphere, while reducing carbon emissions in electricity generation and vehicle fuel.

Bloom’s Energy Servers generate enough electricity to operate the gas clean-up skid and to meet the energy needs of the dairy farm. Excess power is deployed to electric vehicle (EV) charging stations across California. Dairy farms, like Bar 20 Dairy Farms, which provide renewable electricity to charge EVs in California, are able to participate in the California Air Resources Board’s Low Carbon Fuel Standard (LCFS) program, providing a new income opportunity for farmers.

“Finite resources don’t mean finite energy, rather, it means doing smarter things with the resources we have,” said Sharelynn Moore, executive vice president and chief marketing officer, Bloom Energy. “Bar 20 Dairy Farms has long understood that the actions they take today will have benefits for years to come for both their industry and for their communities. Methane is a potent greenhouse gas with a short lifespan in our atmosphere. This means that capturing and utilizing waste methane as a renewable fuel is a powerful way to positively and quickly impact climate change. Bloom Energy is proud to play a part in their journey and demonstrate that fuel cells are a strong part of the low-carbon solution.”

“At Bar 20, we see ourselves as environmental stewards playing a substantive role in California’s sustainability,” said Steve Shehadey, partner, Bar 20 Dairy Farms. “Through this deployment we can further our efforts to use cost-effective and clean solutions that benefit our farms and our communities, supporting cleaner local air and mitigating the farm’s overall greenhouse gas emissions. We are demonstrating that realistic climate solutions are available and can be deployed today.”

In California, there are hundreds of megawatts of economically viable dairy biogas. With significant deployments of dairy digesters throughout the California dairy industry, there is a need for on-site power generation solutions that use the captured biogas to generate renewable electricity without combustion. Bar 20 Dairy Farms’ leadership in prioritizing climate-conscious energy solutions can serve as a catalyst for more California dairies to adopt technologies that support local environmental and global climate initiatives.

California’s Central Valley, especially the San Joaquin Valley where many dairies are located, has some of the worst air quality in the United States, as well as the highest rates of childhood asthma in California. Using fuel cells to generate electricity from dairy biogas, instead of combustion engines, eliminates smog-forming emissions and provides improvements for local air quality and public health.

The Bloom Energy Server eliminates the majority of air pollution that is harmful to local communities and has far fewer carbon emissions than legacy technologies. The Energy Servers are designed to generate power 24 x 7 x 365 and with a modular design can be configured to eliminate the need for traditional backup power equipment and scaled up as power demand grows.

About Bloom Energy

Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom Energy’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom Energy’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as “anticipates,” “could,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “can,” “may,” “will,” “would” and similar expressions identify such forward-looking statements. These statements include, but are not limited to, statements regarding the ability to efficiently produce on-site, renewable electricity from dairy cow manure; and expectations to reduce carbon emissions. These statements should not be taken as guarantees of results and should not be considered an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including those included in the risk factors section of Bloom Energy’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 and other risks detailed in Bloom Energy’s SEC filings from time to time. Bloom Energy undertakes no obligation to revise or publicly update any forward-looking statements unless if and as required by law.

Media Contact
Erica Osian
Bloom Energy
401.714.6883
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Contact
Edward Vallejo
Bloom Energy
267.370.9717
This email address is being protected from spambots. You need JavaScript enabled to view it.

ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--$ARR #Q3results--Altius Renewable Royalties Corp. (TSX: ARR) (OTCQX: ATRWF) (“ARR” or the “Company”), will file on SEDAR financial results for the quarter ended September 30, 2021 today after the close of trading with a conference call to follow November 9, 2021 at 9 am ET.

Brian Dalton, CEO of ARR, commented as follows: “This was a very notable quarter in the business development history of ARR as adoption of our innovative royalty financing structures within the US renewable energy sector continued to expand. By closing our first two investments in operating stage assets, the potential addressable market for our royalty funding has widened dramatically, while demand for projects stemming from our developer funding initiatives also continued to be strong. As a result, the expected timeline to achieve the milestone of positive cash flow has been accelerated to 2022 - and increased our belief in the positive role we can play in supporting the clean energy transition.”

Q3 2021 Business Highlights

• A total of US$87.5 million in royalty-based financing was deployed during the quarter on operating stage projects by Great Bay Renewables (“GBR”), a joint venture company of ARR and funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (“Apollo Funds”). As a result of these investments Apollo Funds completed its funding obligations to earn a 50% interest in the GBR joint venture and the partners have therefore begun to fund opportunities on an equal basis.
  • On August 3, 2021 ARR announced the closing of a US$35 million royalty investment with Longroad Energy (“Longroad”) relating to its 250 MW Prospero 2 solar project in Texas. This represented the first operating royalty investment made by GBR, with annual revenue contributions expected to commence in January 2022 using royalty rates that vary over time. Longroad is a top-tier developer, owner and operator of renewable energy projects, having developed over 60 renewable energy projects totaling over 6 GWs across North America.
  • On September 30, 2021 ARR announced the closing of a US$52.5 million royalty investment with Northleaf Capital Partners (“Northleaf”) related to the 150 MW Old Settler wind project, the 50 MW Cotton Plains wind project and the 15 MW Phantom Solar project. These three Texas based projects are all currently operational and began generating royalty revenue upon closing of the transaction. The royalty investment has been structured using royalty rates that vary over time and provide GBR with US$4-7 million per year over the first 10 years of the investment. Northleaf is a global private markets investment firm with US$17 billion in private equity, private credit, and infrastructure commitments under management.
• Construction activities continued to progress at the 195 MW Jayhawk wind project in Kansas with completion anticipated late in Q4 2021. A 2.5% royalty relating to this project was created and assigned to GBR upon its sale to WEC Energy and Invenergy earlier this year.
• During the quarter, a new developer financing-based royalty (2.5% of gross revenue) in favour of GBR was created on a 500 MW renewable energy project in Texas that is currently expected to issue notice-to-proceed in early 2022.
• Subsequent to quarter end, a new developer financing-based royalty (2.5% of gross revenue) in favour of GBR was created on a 300 MW renewable energy project in Texas.
• ARR, through its GBR joint venture, is now entitled to royalties on 16 renewable energy projects representing approximately 3,510 MW of US based wind and solar power generation projects that are well diversified by counterparty, contracted and market based sales strategies and regional power pools. Please refer to the Management’s Discussion and Analysis (“MD&A”) for additional royalty and project details.

Q3 2021 Financial Results

The cash position of ARR at September 30, 2021 was US$54.9 million, after pro-rata funding approximately US$22.7 million of new GBR investments during the quarter. The cash on hand is available to fund ongoing operations and deployment into renewable royalty opportunities with existing and new partners.

For the quarter ended September 30, 2021, ARR reported a net loss of US$1,410,500 and a net loss per share of US$0.05. This compares to a net loss of US$682,500 in Q2 2021, and a net loss of US$349,700 in Q3 2020, when the Company was wholly owned by Altius Minerals Corporation. The majority of royalties created to date are on projects that are at various stages of development and are therefore not currently providing royalty revenue. However, the Northleaf and Longroad transactions (referenced above) are on operating assets with first revenue expected to be recorded in Q4 this year and Q1 next year, respectively. First revenue from a project royalty created through developer financing structures is also expected in 2022 upon commissioning of the Jayhawk wind project.

Conference Call Details

A conference call and webcast will be held November 9, 2021 at 9:00 am ET to provide an update and to offer an open Q&A session for analysts and investors. Access details are as follows:

About ARR

ARR is a recently formed renewable energy company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators. The Company combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable energy sector as it fulfills its critical role in enabling the global energy transition.

Flora Wood
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: 1.877.576.2209
Direct: 1.416.346.9020

Ben Lewis
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: 1.877.576.2209

Expansion to three new facilities to scale advanced manufacturing capabilities

SAN JOSE, Calif.--(BUSINESS WIRE)--QuantumScape Corporation (NYSE: QS) today announced QS Campus – the future hub of its upcoming manufacturing activities – after securing a new set of buildings in San Jose. The new campus comprises the current site of QS-0, QuantumScape’s pre-pilot production line, and the adjacent three new buildings. QS Campus is a key building block of QuantumScape’s multi-year strategic growth plan as it advances closer to commercializing its solid-state lithium-metal battery technology.

Much of the new space will be dedicated to manufacturing, ultimately expanding the footprint and overall capacities of its existing QS-0 and development buildings, and affords QuantumScape the necessary space to scale up manufacturing and execute on its development timeline. The company has confirmed 10-year lease agreements for the three new buildings of QS Campus.

“As we shift into the next phase of our growth trajectory, developing advanced manufacturing capabilities becomes more critical. To achieve our goals, we believe we must make progress on both development and manufacturing simultaneously,” said Jagdeep Singh, co-founder and CEO of QuantumScape. “This new campus provides us with an opportunity to continue our ground-breaking innovation while laying the foundation for scaling up those innovations into production.”

QuantumScape’s new facilities will also house additional research and development and office space to accommodate hundreds of new employees. The company plans to continue aggressive hiring of world-class talent through 2022 and beyond. The campus is designed to encourage more natural opportunities for employees to collaborate across departments and functions. This prime location in San Jose – in the heart of Silicon Valley, near world-renowned universities and research institutions – offers access to a rich pool of talent for the company to build out its team.

“As the capital of Silicon Valley, San Jose continues to welcome the growth of innovative tech leaders like QuantumScape," said San Jose Mayor Sam Liccardo. "We are thrilled to see QuantumScape’s investment in our community and their commitment to bringing advanced battery development and local manufacturing jobs to North San Jose.”

The company will take possession of the new buildings and begin outfitting the facilities for specific purposes starting in January 2022. QuantumScape has been based in San Jose since its founding in 2010. The new site in North San Jose is minutes from its current location, which will retain its central role in the company’s research and development activities.

About QuantumScape Corporation

QuantumScape is a leader in developing next-generation solid-state lithium-metal batteries for electric vehicles. The company is on a mission to revolutionize energy storage to enable a sustainable future. For more information, please visit www.quantumscape.com.

Forward-Looking Statements

The information in this press release includes a “forward-looking statement” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, including, without limitation, regarding the development, timeline and performance of QuantumScape’s products and technology are forward-looking statements.

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside QuantumScape’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to the following: (i) QuantumScape faces significant barriers in its attempts to scale and complete development of its solid-state battery cell and related manufacturing processes, and development may not be successful, (ii) QuantumScape may encounter substantial delays in the development, manufacture, regulatory approval, and launch of QuantumScape solid-state battery cells and building out of QS-0 and the QS Campus, which could prevent QuantumScape from commercializing products on a timely basis, if at all, and (iii) QuantumScape may be unable to adequately control the costs of manufacturing its solid-state separator and battery cells. QuantumScape cautions that the foregoing list of factors is not exclusive. Additional information about factors that could materially affect QuantumScape is set forth under the “Risk Factors” section in the QuantumScape’s Annual Report on Form 10-Q filed with the Securities and Exchange Commission on October 28, 2021, and available on the SEC’s website at www.sec.gov.

Except as otherwise required by applicable law, QuantumScape disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Should underlying assumptions prove incorrect, actual results and projections could different materially from those expressed in any forward-looking statements.

For Media
This email address is being protected from spambots. You need JavaScript enabled to view it.

DALLAS & STAMFORD, Conn.--(BUSINESS WIRE)--CBRE Acquisition Holdings, Inc. (NYSE: CBAH) (“CBAH”), a publicly-traded special purpose acquisition company, announced today that CBAH’s definitive proxy statement/prospectus (“Proxy Statement/Prospectus”) relating to the previously announced business combination with Altus Power, Inc. (“Altus Power”), a market-leading clean electrification company, was filed with the U.S. Securities and Exchange Commission on November 5, 2021.

CBAH has commenced mailing of the Proxy Statement/Prospectus - which contains a proxy card relating to the special meeting of the CBAH stockholders (the “Special Meeting”) - to CBAH stockholders of record as of the close of business on October 27, 2021.

The Special Meeting to approve the pending business combination is scheduled to be held on December 6, 2021 at 10:00 a.m. Eastern Time. The Special Meeting will be conducted completely virtually, and can be accessed via live webcast at https://www.cstproxy.com/cbreacquisitionholdings/2021. If the proposals at the Special Meeting are approved, the parties anticipate that the business combination will close shortly thereafter, subject to the satisfaction or waiver, as applicable, of all other closing conditions.

Every stockholder's vote is important, regardless of the number of shares held. Accordingly, CBAH requests that each stockholder complete, sign, date and return a proxy card (online or by mail) as soon as possible so that it is received no later than 10:00 a.m. Eastern Time on December 6, 2021, to ensure that the stockholder’s shares will be represented at the Special Meeting. Stockholders which hold shares in “street name” (i.e., those stockholders whose shares are held of record by a broker, bank or other nominee) should contact their broker, bank or other nominee to ensure that their shares are voted.

If any individual CBAH stockholder who held shares as of the October 27, 2021 record date for voting does not receive the Proxy Statement/Prospectus within the next few days, such stockholder should (i) confirm his or her Proxy Statement/Prospectus’s status with his or her broker, bank or other nominee, (ii) contact Morrow Sodali LLC, CBAH's proxy solicitor, for assistance via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it. or toll-free call at (800) 662-5200 and brokers, bank and other nominees can place a collect call to Morrow Sodali at (203) 658-9400, or (iii) contact CBAH by mail at CBRE Acquisition Holdings, Inc., 2100 McKinney Avenue, Suite 1250, Dallas, TX 75201.

CBAH expects to provide stockholders with additional information on how stockholders may vote their shares held in “street name” on its website in the coming days, and CBAH expects to publish a subsequent press release once the website is live.

Important Information About the Business Combination and Where to Find It

CBAH has filed with the U.S. Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-4 (the “Registration Statement”), which includes a proxy statement/prospectus in connection with the proposed business combination between Altus Power and CBAH (the “business combination”) and the other transactions contemplated by the business combination agreement entered into by Altus Power and CBAH. CBAH will mail a definitive proxy statement/prospectus and other relevant documents to its stockholders. CBAH’s stockholders and other interested persons are advised to read the definitive proxy statement/prospectus in connection with CBAH’s solicitation of proxies for its stockholders’ Special Meeting to be held to approve the business combination because the proxy statement/prospectus contains important information about CBAH, Altus Power and the business combination. The definitive proxy statement/prospectus will be mailed to stockholders of CBAH as of October 27, 2021, the record date for the Special Meeting. Stockholders will also be able to obtain copies of the Registration Statement and the proxy statement/prospectus, without charge at the SEC’s website at www.sec.gov or by directing a request to CBRE Acquisition Holdings, Inc., 2100 McKinney Avenue, Suite 1250, Dallas, TX 75201.

Participants in the Solicitation

CBAH, Altus Power and certain of their respective directors and officers may be deemed participants in the solicitation of proxies of CBAH’s stockholders with respect to the approval of the business combination. CBAH and Altus Power urge investors, stockholders and other interested persons to read the Registration Statement, including the preliminary proxy statement/prospectus and amendments thereto and the definitive proxy statement/prospectus and exhibits thereto, as well as other documents filed with the SEC in connection with the business combination, as these materials will contain important information about Altus Power, CBAH and the business combination. Information regarding CBAH’s directors and officers and a description of their interests in CBAH is contained in the Registration Statement.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “could”, “continue”, “expect”, “estimate”, “may”, “plan”, “outlook”, “future” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to CBAH’s and Altus Power’s future prospects, developments and business strategies. In particular, such forward-looking statements include statements concerning the timing of the business combination, the business plans, objectives, expectations and intentions of CBAH once the business combination and the other transactions contemplated thereby (the “Transactions”) and change of name are complete (“New Altus”), and New Altus’s estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These statements are based on CBAH’s or Altus Power’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside CBAH’s or Altus Power’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the business combination agreement; (2) the inability to complete the Transactions due to the failure to obtain approval of the stockholders of CBAH or Altus Power or other conditions to closing in the business combination agreement; (3) the ability of New Altus to meet NYSE’s listing standards (or the standards of any other securities exchange on which securities of the public entity are listed) following the business combination; (4) the inability to complete the private placement of common stock of CBAH to certain institutional accredited investors; (5) the risk that the announcement and consummation of the Transactions disrupts Altus Power’s current plans and operations; (6) the ability to recognize the anticipated benefits of the Transactions, which may be affected by, among other things, competition, the ability of New Altus to grow and manage growth profitably, maintain relationships with customers, business partners, suppliers and agents and retain its management and key employees; (7) costs related to the Transactions; (8) changes in applicable laws or regulations and delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals required to complete the Transactions; (9) the possibility that Altus Power and New Altus may be adversely affected by other economic, business, regulatory and/or competitive factors; (10) the impact of COVID-19 on Altus Power’s and New Altus’s business and/or the ability of the parties to complete the Transactions; (11) the outcome of any legal proceedings that may be instituted against CBAH, Altus Power, New Altus or any of their respective directors or officers, following the announcement of the Transactions; and (12) the failure to realize anticipated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions and purchase price and other adjustments.

Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in CBAH’s most recent annual report on Form 10-K, subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K, which are available, free of charge, at the SEC’s website at www.sec.gov, and are provided in the Registration Statement and CBAH’s proxy statement/prospectus. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and CBAH and Altus Power undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.

This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in CBAH and is not intended to form the basis of an investment decision in CBAH. All subsequent written and oral forward-looking statements concerning CBAH and Altus Power, the Transactions or other matters and attributable to CBAH and Altus Power or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

No Offer or Solicitation

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

About CBRE Acquisition Holdings, Inc.

CBRE Acquisition Holdings, Inc. (“CBAH”) is a blank-check company formed solely for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. CBAH is sponsored by CBRE Acquisition Sponsor, LLC, which is a subsidiary of CBRE Group, Inc.

About Altus Power

Altus Power, based in Stamford, Connecticut, is creating a clean electrification ecosystem, serving its commercial, public sector and community solar customers with locally-sited solar generation, energy storage, and EV-charging stations across the U.S. Since its founding in 2009, Altus Power has developed or acquired over 350 megawatts from Vermont to Hawaii. Visit altuspower.com to learn more.

CBRE Acquisition Holdings Contacts
Cash Smith
CBRE Acquisition Holdings, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.

Steven Iaco
CBRE Corporate Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.

Altus Power Contacts
For Media:
Cory Ziskind
ICR, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.

For Investors:
Caldwell Bailey
ICR, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.

Fans to Compete for $50,000* at Celebration at the HyperX Esports Arena Las Vegas

EL SEGUNDO, Calif.--(BUSINESS WIRE)--Mattel, Inc. (NASDAQ: MAT) announced today that select fans will compete at the first-ever official UNO Championship Series Vegas Invitational Tournament powered by Mobil 1 in Las Vegas, NV on November 11. Viewers from around the world can watch live on the UNO TikTok channel starting at 6:00 pm PST as the finalists compete for a grand prize of $50,000* and the honor of being crowned the first official UNO World Champion.

Earlier this summer, nearly 2 million fans participated in the UNO Mobile Tournament and battled it out in over 28MM matches to win in-app and other prizes. Select participants of the UNO Mobile Tournament, 10 players from the UNO 50^th Anniversary Instant Win Sweepstakes, and a few special UNO fans have been invited to play in the UNO Championship Series Vegas Invitational Tournament. It all comes to a head on November 11, as players compete in high-stakes UNO elimination games for the chance to win a coveted seat at the table for the Finale game.

“The 50th anniversary of UNO has been nothing short of wild. We’ve introduced new products, cultivated new partnerships, and created new experiences to bring together fans from all over the world, and crowning the first official UNO World Champion on 11/11 is a perfect culmination,” said Ray Adler, Global Head of Mattel Games. “Seeing thousands of our passionate fans come together from across the globe over their love of UNO is a testament to the power of this simple and universal game that transcends languages and cultures.”

Finalists will draw their first cards at the HyperX Esports Arena Las Vegas, located inside The Luxor Hotel & Casino in Las Vegas, NV starting 6:00 pm PST and running through 8:00 pm PST on November 11, 2021. Hosted by UNO fanatic and professional gamer and streamer Tyler “Ninja” Blevins, the tournament will be stacked with sure-to-be-wild fun including:

• On-stream appearances from some of the biggest UNO fans, including Grand-Slam champion Olympic Gold medalist and entrepreneur Venus Williams and more.
• A star-studded, head-to-head exhibition UNO game featuring Ninja, former professional NASCAR driver and commentator Clint Bowyer, singer Ashlee Simpson Ross and more.
• The UNO Heritage Hall, featuring immersive displays of the rarest and most iconic UNO decks and products from the last 50 years.
• A winner-take-all grand finale game where eight players will compete over a final game of UNO to win the title of first-ever UNO World Champion and receive $50,000 - with the top three receiving trophies.

“The Mobil 1 team is thrilled to partner with Mattel for this unique consumer experience celebrating a half century of the iconic family card game, UNO,” said Bryce Huschka, North America consumer marketing manager for ExxonMobil. “Mobil 1, the world’s leading synthetic motor oil brand, strives to partner with other industry leaders to give fans one-of-a-kind experiences that can be valued and cherished for years to come.”

Produced by AE Studios, the content development, storytelling and production services division of esports entertainment company Allied Esports, the tournament and event broadcast will be livestreamed on the new UNO TikTok channel and featured on the app’s “Discover Page” starting at 7:00 pm PST. Fans all over the world can tune in as players drop their final cards and yell “UNO!” to win the coveted title of UNO World Champion.

This commemorative year has celebrated the last five decades of UNO with a long list of collaborations spanning the art and fashion world – making it easy for UNO fans everywhere to celebrate their love of the game in style.

For more information about the UNO Championship Series Vegas Invitational Tournament and to learn more about the UNO 50th anniversary celebrations, visit the UNO website and follow @UNO on Tik Tok, Instagram and Facebook, and @realUNOgame on Twitter for more updates.

*NO PURCHASE NECESSARY. Sponsor reserves the right to change tournament to a virtual event. Tournament is an invite-only event and only individuals who receive an invitation from sponsor will be permitted to participate. Additional details about the tournament will be provided at the time when invitations are distributed. Individuals invited to participate will be required to agree to a participation agreement and tournament official rules during registration or will be disqualified. Void where prohibited.

About Mattel

Mattel is a leading global toy company and owner of one of the strongest catalogs of children’s and family entertainment franchises in the world. We create innovative products and experiences that inspire, entertain and develop children through play. We engage consumers through our portfolio of iconic brands, including Barbie®, Hot Wheels®, Fisher-Price®, American Girl®, Thomas & Friends®, UNO® and MEGA®, as well as other popular intellectual properties that we own or license in partnership with global entertainment companies. Our offerings include film and television content, gaming, music and live events. We operate in 35 locations and our products are available in more than 150 countries in collaboration with the world’s leading retail and ecommerce companies. Since its founding in 1945, Mattel is proud to be a trusted partner in empowering children to explore the wonder of childhood and reach their full potential.

MAT-GAME

News Media
Michelle Neumayr
This email address is being protected from spambots. You need JavaScript enabled to view it.

Austen Hohendorf
This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Barite Market Size, Share & Trends Analysis Report By Application (Oil & Gas, Chemicals, Fillers), By Region (North America, Europe, Asia Pacific, Central & South America, MEA), And Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

The global barite market size is expected to reach 1.59 billion by 2028 and is expected to expand at a CAGR of 3.7% from 2021 to 2028.

Rising investments in increasing offshore explorations in the oil and gas industry are anticipated to augment the market growth over the forecast period.

Barite is a naturally occurring barium-based mineral. It is found in hydrothermal ore veins, sedimentary rocks like limestone, clay deposits, marine deposits, and cavities in igneous rock. According to the USGS, its global mine production was 7,500 kilotons in 2020 down from 8,870 kilotons in 2019 owing to the COVID-19 pandemic. China and India are the leading producers of barite.

The oil and gas application segment accounted for the largest revenue share in 2020 as barite is mainly used as a weighting agent in formulating drilling mud. Investments in new offshore exploration projects are anticipated to benefit the market growth. For instance, in January 2021, Egypt announced to invest USD 1.4 billion in exploring oil and gas at nine new sites. The country's Ministry of Petroleum and Mineral Resources expects to drill 23 new wells across the Mediterranean and Red Sea.

The Middle East and Africa held the second-largest revenue share in 2020. Investments in oil and gas projects of the region are expected to boost the product demand.

For instance, in June 2021, the Nigerian Content Development and Monitoring Board (NCDMB) approved four firms: Nishan Industries Limited, Delta Prospectors Limited, Ana Industries Limited, and Bakers Hughes Company Limited for supplying barite required for any drilling project in the Nigerian oil and gas industry.

The market is competitive with the growing interest of players in barite projects. For instance, in July 2021, Apollo Gold & Silver Corp. acquired 100% interest in the Waterloo Silver-Barite project from Pan American Minerals, Inc. The project is located in San Bernadino County California, U.S.

Barite Market Report Highlights

• By application, the chemicals segment is anticipated to expand at the fastest CAGR of 4.6%, in terms of revenue, over the forecast period. Barite is extensively used in producing barium compounds, which are further employed in different end-use industries, such as paper, rubber, leather, ceramics, and glass
• Barite is an excellent substitute for expensive materials used in paints and coatings. It is an excellent replacement for filler materials, such as crypton, titanium dioxide, and basofor
• Asia Pacific is expected to register the fastest revenue-based CAGR over the forecast period. Growing investments in the exploration of oil and gas in different countries of the region are expected to augment the product demand over the forecast period
• In 2020, the emergence of the COVID-19 pandemic had a significant impact on barite demand since oil companies were devastated by excess supply and decreased demand

Key Topics Covered:

Chapter 1. Methodology and Scope

Chapter 2. Executive Summary

Chapter 3. Barite Market Variables, Trends & Scope

Chapter 4. Barite Market: Application Outlook Estimates & Forecasts

Chapter 5. Barite Market Regional Outlook Estimates & Forecasts

Chapter 6. Competitive Analysis

Chapter 7. Company Profiles

• Anglo Pacific Minerals Ltd.
• Ashapura Group
• CIMBAR Performance Minerals
• Demeter O&G Supplies Sdn Bhd
• Excalibur Minerals LLC
• International Earth Products LLC
• P & S Barite Mining Co., Ltd.
• PVS Chemicals
• Schlumberger Limited
• The Andhra Pradesh Mineral Development Corporation Ltd.
• Zhashui Barite Mining Co., Ltd.

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

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

ATLANTA--(BUSINESS WIRE)--Williams Industrial Services Group Inc. (NYSE American: WLMS) (“Williams” or the “Company”), an energy and industrial infrastructure services company, today announced it has, effective immediately, made the following changes to its management structure:

• Randy Lay, previously Senior Vice President, Chief Financial Officer, has been appointed to the new position of Executive Vice President, Chief Operating Officer. Mr. Lay, prior to joining Williams in September, 2019, served as the President and Chief Executive Officer of Universal Access Global Holdings and was also previously CEO of Lazy Days RV Inc.
• Raymond A. Hruby has been appointed Executive Vice President, Business Development, for Williams Industrial Services Group Inc. Mr. Hruby was previously the Senior Vice President of Key Accounts, a position he held since joining Williams in May of this year. In his new role, Mr. Hruby will lead all business development functions.
• Damien Vassall has been appointed Vice President, Chief Financial Officer. Mr. Vassall has served as the Corporate Controller for Williams over the past 11 years and is a CPA with over 21 years of progressive accounting and finance experience. He holds a B.S. in Accounting from Suffolk University.
• Dawn Jenkins, Vice President, Human Resources, has been elected a corporate officer of Williams. Ms. Jenkins, prior to her current role, was Vice President, Treasurer and has had a series of roles of progressive responsibility during her time with Williams, formerly Global Power, over the past 15 years.
• Daved Karl has been appointed Chief Information Officer. Mr. Karl was previously the Senior Director of Global Information Technology with a subsidiary of the Hitachi Group and has implemented several global ERP projects. He holds a B.S. in Computer Information Systems and separate Masters degrees in: Technology Management, Cyber Security, and Information Technology Leadership.

In addition, the Company announced that Linda Goodspeed has rejoined Williams’ Board of Directors. Ms. Goodspeed is the retired Chief Operating Officer and Managing Partner at WealthStrategies Financial Advisors and former Chief Information Officer and Senior Vice President of The ServiceMaster Company. She previously served on the Company’s Board from May, 2016 through April, 2018, when she voluntarily stepped down as part of the downsizing of the Board at that time. She was re-appointed November 4, 2021, bringing the size of the Board to seven directors.

“I’m very pleased to announce these management changes, which we believe will strengthen the operational effectiveness of Williams and accelerate growth going forward,” said Tracy Pagliara, President and CEO of Williams. “Our new organization structure will appropriately align operating responsibilities and drive business development initiatives. These strategic enhancements – and the addition of Linda to our Board – are designed to provide for more robust growth across the Company and improve underlying financial results.”

Linda Goodspeed

Ms. Goodspeed is the retired Chief Operating Officer and Managing Partner at WealthStrategies Financial Advisors and is an Independent Director at American Electric Power Corporation, Darling Ingredients, and AutoZone. Ms. Goodspeed previously served as Chief Information Officer (CIO) & Senior Vice President of The ServiceMaster Company, prior to which she was the CIO & Vice President of Information Systems at Nissan North America and also the Executive Vice President and Chief Technology and Supply Chain Logistics Officer at Lennox International. Ms. Goodspeed earned her B.S. in Mechanical Engineering from Michigan State University and has an MBA in International Finance from the University of Michigan.

About Williams

Williams Industrial Services Group has been safely helping plant owners and operators enhance asset value for more than 50 years. The Company is a leading provider of infrastructure related services to blue-chip customers in energy and industrial end markets, including a broad range of construction maintenance, modification, and support services. Williams’ mission is to be the preferred provider of construction, maintenance, and specialty services through commitment to superior safety performance, focus on innovation, and dedication to delivering unsurpassed value to its customers.

Additional information about Williams can be found on its website: www.wisgrp.com.

Forward-looking Statement Disclaimer

This press release contains “forward-looking statements” within the meaning of the term set forth in the Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements or expectations regarding the Company’s ability to perform in accordance with guidance, build and diversify its backlog and convert backlog to revenue, realize opportunities, including receiving contract awards on outstanding bids and successfully pursuing future opportunities, benefit from potential growth in the Company’s end markets, including the possibility of increased infrastructure spending by the U.S. federal government, and successfully achieve its growth and strategic initiatives, including decreasing the Company’s outstanding indebtedness, future demand for the Company’s services, and expectations regarding future revenues, cash flow, and other related matters. These statements reflect the Company’s current views of future events and financial performance and are subject to a number of risks and uncertainties, some of which have been, and may further be, exacerbated by the COVID-19 pandemic, including the Company’s level of indebtedness and ability to make payments on, and satisfy the financial and other covenants contained in, its debt facilities, as well as its ability to engage in certain transactions and activities due to limitations and covenants contained in such facilities; its ability to generate sufficient cash resources to continue funding operations and the possibility that it may be unable to obtain any additional funding as needed or incur losses from operations in the future; exposure to market risks from changes in interest rates; failure to maintain effective internal control over financial reporting and disclosure controls and procedures; the Company’s ability to attract and retain qualified personnel, skilled workers, and key officers; failure to successfully implement or realize its business strategies, plans and objectives of management, and liquidity, operating and growth initiatives and opportunities, including its expansion into international markets and its ability to identify potential candidates for, and consummate, acquisition, disposition, or investment transactions; the loss of one or more of its significant customers; its competitive position; market outlook and trends in the Company’s industry, including the possibility of reduced investment in, or increased regulation of, nuclear power plants, declines in public infrastructure construction, and reductions in government funding; the failure of the U.S. Congress to pass infrastructure-related legislation benefiting the Company’s end markets; costs exceeding estimates the Company uses to set fixed-price contracts; harm to the Company’s reputation or profitability due to, among other things, internal operational issues, poor subcontractor performances or subcontractor insolvency; potential insolvency or financial distress of third parties, including customers and suppliers; the Company’s contract backlog and related amounts to be recognized as revenue; its ability to maintain its safety record, the risks of potential liability and adequacy of insurance; adverse changes in the Company’s relationships with suppliers, vendors, and subcontractors; compliance with environmental, health, safety and other related laws and regulations; limitations or modifications to indemnification regulations of the U.S. or Canada; the Company’s expected financial condition, future cash flows, results of operations and future capital and other expenditures; the impact of general economic conditions including the current economic disruption and any recession resulting from the COVID-19 pandemic; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, and cash flows, including the potential for additional COVID-19 cases to occur at the Company’s active or future job sites, which potentially could impact cost and labor availability; information technology vulnerabilities and cyberattacks on the Company’s networks; the Company’s failure to comply with applicable laws and regulations, including, but not limited to, those relating to privacy and anti-bribery; the Company’s participation in multiemployer pension plans; the impact of any disruptions resulting from the expiration of collective bargaining agreements; the impact of natural disasters and other severe catastrophic events (such as the ongoing COVID-19 pandemic); the impact of changes in tax regulations and laws, including future income tax payments and utilization of net operating loss and foreign tax credit carryforwards; volatility of the market price for the Company’s common stock; the Company’s ability to maintain its stock exchange listing; the effects of anti-takeover provisions in the Company’s organizational documents and Delaware law; the impact of future offerings or sales of the Company’s common stock on the market price of such stock; expected outcomes of legal or regulatory proceedings and their anticipated effects on the Company’s results of operations; and any other statements regarding future growth, future cash needs, future operations, business plans and future financial results.

Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including the section of the Annual Report on Form 10-K for its 2020 fiscal year titled “Risk Factors.” Any forward-looking statement speaks only as of the date of this press release. Except as may be required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and you are cautioned not to rely upon them unduly.

Investor Contact:
Chris Witty
Darrow Associates
646-345-0998
This email address is being protected from spambots. You need JavaScript enabled to view it.

• The Metals Company has successfully concluded Environmental Expedition 5C, the latest campaign in its $75 million multi-year deep-sea research program to establish a rigorous environmental baseline and characterize the potential impacts of the Company’s proposed nodule collection operations

• In collaboration with Maersk Supply Services and researchers from the University of Hawaii, Texas A&M University and the Japan Agency for Marine-Earth Science and Technology (JAMSTEC), the Company achieved a world first by successfully sampling pelagic biota at depths of 4,000 meters, marking the first deep MOCNESS net tow in the Eastern Tropical Pacific Ocean

• Facing six-meter swells at times, the team endured significant challenges to successfully complete 100% of the work program on schedule and with an untarnished safety record

NEW YORK--(BUSINESS WIRE)--The Metals Company, (NASDAQ: TMC) (the “Company” or “TMC”), an explorer of lower-impact battery metals from seafloor polymetallic nodules, today announced the conclusion of its Environmental Expedition 5C, which focused on the biological communities, organic flux and food web structure from the ocean surface to the benthic boundary layer just above the abyssal seafloor. Researchers on board achieved a world-first by conducting the deepest pelagic biota sampling at depths down to 4,000 meters in the Eastern Tropical Pacific. The Company’s fourth environmental research campaign this year, Expedition 5C forms part of its $75 million multi-year deep-sea research program to establish a rigorous environmental baseline and characterize the potential impacts of TMC’s proposed nodule collection operations. These latest insights build upon the baseline dataset collected on the Company’s NORI-D block, sponsored by the Republic of Nauru.

Researchers from the University of Hawaii employed a range of technologies including a 10m² MOCNESS system (Multiple Opening/Closing Net and Environmental Sensing), comprising a series of nets with varying mesh sizes that open and close at controlled depths in the water column to capture a profile of biological communities at each depth layer. In collaboration with Maersk Supply Services, the team was able to trigger these nets to retrieve biological samples at a depth of 4,000 meters providing a glimpse into the deep-sea communities that may inhabit the dark, high-pressure regions of the Clarion Clipperton Zone (CCZ) where the Company’s nodule collector system test will take place.

“We hear the call for further research into the impact of collecting deep-sea nodules and since 2011 we have been doing just that,” said Gerard Barron, Chairman and CEO of The Metals Company. “I am immensely proud of the contribution we are making to society’s knowledge of the deep-sea and that, since COVID first impacted us all in early 2020, we have been able to complete nine environmental research campaigns in collaboration with the world’s leading ocean research institutions.”

Alongside the MOCNESS system, researchers leveraged hydrographic rosettes to determine the physical properties of the water column, generating insights into local salinity, temperature, oxygen, turbidity, nutrient profiles and trace metal content, which will help characterise the inter-relationships between the physical environment from the surface to the abyssal depths, and the animals that live there.

Facing rough seas with swells as high as six meters, both the logistics and research teams overcame significant challenges to complete the scope of the work program on time and without any accidents or incidents. Mobilization of Environmental Expedition 5E, the company’s fifth and final research campaign of 2021, has now commenced and is expected to be completed before the new year. Expedition 5E will mark the completion of the offshore campaigns that will form the basis of the Company’s environmental baseline work.

Planet’s Largest Known Source of Battery Metals

As countries invest in large-scale clean energy transition programs and begin to phase out internal combustion engines, hundreds of millions of tons of critical battery metals including nickel, cobalt, copper and manganese will be needed to decarbonize the world’s energy and transport systems. In the U.S., the Biden Administration recently elevated nickel to ‘critical’ status — singling it out as one of three battery metals deemed ‘most critical’ to US interests.

TMC’s NORI-D nodule project – recently ranked as the #1 nickel project in the world by Mining.com — is the first in the Company’s project development pipeline. In January, The Metals Company published an upward revision to the nodule resource converted from inferred to indicated category within the NORI-D area held by its subsidiary, Nauru Ocean Resources Inc., (NORI), improving resource confidence from inferred to indicated status. Resource tonnage was increased by 7% over the reported area from 320Mt inferred to 341Mt indicated. The estimated in situ resource on the seafloor in the exploration contract areas held by TMC’s subsidiaries is sufficient for 280 million electric vehicles – roughly the entire U.S. passenger vehicle fleet. The development of this resource offers an abundant, low-cost supply of critical raw materials for EV batteries and wiring with an expected lower lifecycle ESG impact than conventional land-based mining.

About The Metals Company

TMC the metals company Inc. (The Metals Company) is an explorer of lower-impact battery metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for the clean energy transition with the least possible negative environmental and social impact and (2) accelerate the transition to a circular metal economy. The company through its subsidiaries holds exploration rights to three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean regulated by the International Seabed Authority and sponsored by the governments of Nauru, Kiribati and the Kingdom of Tonga. More information is available at www.metals.co.

Forward Looking Statements

Certain statements made in this press release are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The forward-looking statements contained in this press release include, without limitation, TMC’s expectations with respect to the success of its research campaign Environmental Expedition 5C, the results or outcomes of the campaigns and expeditions and the data generated during Environmental Expedition 5C respectively. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside TMC’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: regulatory uncertainties and the impact of government regulation and political instability on TMC’s resource activities; changes to any of the laws, rules, regulations or policies to which TMC is subject; the impact of extensive and costly environmental requirements on TMC’s operations; environmental liabilities; the impact of polymetallic nodule collection on biodiversity in the CCZ and recovery rates of impacted ecosystems; TMC’s ability to develop minerals in sufficient grade or quantities to justify commercial operations; the lack of development of seafloor polymetallic nodule deposit; uncertainty in the estimates for mineral resource calculations from certain contract areas and for the grade and quality of polymetallic nodule deposits; risks associated with natural hazards; uncertainty with respect to the specialized treatment and processing of polymetallic nodules that TMC may recover; risks associated with collective, development and processing operations; fluctuations in transportation costs; testing and manufacturing of equipment; risks associated with TMC’s limited operating history; the impact of the COVID-19 pandemic; risks associated with TMC’s intellectual property; and other risks and uncertainties indicated from time to time in the final prospectus and definitive proxy statement, dated and filed with the SEC on August 12, 2021 relating to the recently completed business combination, including those under “Risk Factors” therein, and in TMC’s other future filings with the SEC. TMC cautions that the foregoing list of factors is not exclusive. TMC cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. TMC does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based except as required by law.

Media | This email address is being protected from spambots. You need JavaScript enabled to view it.
Investors | This email address is being protected from spambots. You need JavaScript enabled to view it.
Dan Gagnier | Gagnier Communications | This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--United Salt Carlsbad, a Houston-headquartered company with operations in Carlsbad, NM, will be featured in an upcoming episode of “How America Works,” narrated by acclaimed reality television star, Mike Rowe. The episode will air on November 15, at 7:00pm CST on the Fox Business channel.

“How America Works” is a new television series showcasing the people who keep America’s important infrastructure functioning every day. Narrated by Mike Rowe of “Dirty Jobs” fame, each 1-hour episode follows a company and its crew as they work to keep our great country running. Lumber, energy, and many more industries are featured in the 13-episode season. The final episode spotlights salt production and was filmed at the United Salt Carlsbad facility in New Mexico.

“Earlier in the year, we introduced a new brand platform. Our brand is built around a simple idea-- our love of salt. Salt has many uses, but a truly vital one is its role in helping to keep our roads and highways safe and clear for our nation’s transportation network. ‘How America Works’ has been the perfect opportunity to showcase hardworking people doing what they love while contributing to the greater good.” Marcie Peters – President and CEO – United Salt Corporation

“We produce a lot of deicing salt here in Carlsbad. We ship it to many parts of the country, to places where inclement weather can really slow things down. We’re all really proud knowing that the hard work you see in the show actually plays an important role to help keep people safe.” –Tom Vandekraats – Plant Manager – United Salt Carlsbad, LLC

United Salt Corporation was formed almost 100 years ago in Houston, Texas, and has since grown into a major supplier of high-quality salts. United Salt Corporation is privately owned and sells a variety of salt products used in the production of food, chemical processing, oilfield drilling and production fluids, deicing, agricultural feed, and industrial and residential water softening.

United Salt Corporation
Laure Felix, PR
713-828-0008
This email address is being protected from spambots. You need JavaScript enabled to view it.

BOSTON--(BUSINESS WIRE)--SES Holdings Pte. Ltd. (“SES”), a global leader in the development and initial production of high-performance hybrid lithium-metal (Li-Metal) rechargeable batteries for electric vehicles (EVs) and other applications, today announced that it will present at the Baird 2021 Global Industrial Conference. Members of management will present on Thursday, November 11, at 8:30 am ET. A webcast of the event will be available at the link HERE.

In July 2021, SES announced plans to list on the New York Stock Exchange (NYSE) through a merger with Ivanhoe Capital Acquisition Corp. (NYSE: IVAN) (“Ivanhoe”). Upon the closing of the transaction, the combined company will be listed on the NYSE under the new ticker symbol “SES.”

About SES

SES is a global leader in development and initial production of high-performance Li-Metal rechargeable batteries for electric vehicles (EVs) and other applications. Founded in 2012, SES is an integrated Li-Metal battery manufacturer with strong capabilities in material, cell, module, AI-powered safety algorithms and recycling. Formerly known as SolidEnergy Systems, SES is headquartered in Singapore and has operations in Boston, Shanghai and Seoul.

About Ivanhoe Capital Acquisition Corp.

Ivanhoe Capital Acquisition Corp. (NYSE: IVAN) is a special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Ivanhoe was formed to seek a target in industries related to the paradigm shift away from fossil fuels towards the electrification of industry and society.

Forward-Looking Statements

All statements other than statements of historical facts contained in this communication are “forward-looking statements.” Forward-looking statements can generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” and other similar expressions that predict or indicate future events or events or trends that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics, projections of market opportunity and market share. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of SES's and Ivanhoe's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of SES and Ivanhoe. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the business combination or that the approval of the shareholders of SES or Ivanhoe is not obtained; the failure to realize the anticipated benefits of the business combination; risks relating to the uncertainty of the projected financial information with respect to SES; risks related to the development and commercialization of SES's battery technology and the timing and achievement of expected business milestones; the effects of competition on SES's business; the risk that the business combination disrupts current plans and operations of Ivanhoe and SES as a result of the announcement and consummation of the business combination; the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and retain its management and key employees; risks relating SES’s history of no revenues and net losses; the risk that SES’s joint development agreements and other strategic alliances could be unsuccessful; risks relating to delays in the design, manufacture, regulatory approval and launch of SES’s battery cells; the risk that SES may not establish supply relationships for necessary components or pay components that are more expensive than anticipated; risks relating to competition and rapid change in the electric vehicle battery market; safety risks posed by certain components of SES’s batteries; risks relating to machinery used in the production of SES’s batteries; risks relating to the willingness of commercial vehicle and specialty vehicle operators and consumers to adopt electric vehicles; risks relating to SES’s intellectual property portfolio; the amount of redemption requests made by Ivanhoe's public shareholders; the ability of Ivanhoe or the combined company to issue equity or equity-linked securities or obtain debt financing in connection with the business combination or in the future and those factors discussed in Ivanhoe's Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 31, 2021, under the heading "Risk Factors," and other documents of Ivanhoe filed, or to be filed, with the SEC relating to the business combination. If any of these risks materialize or Ivanhoe's or SES's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Ivanhoe nor SES presently know or that Ivanhoe and SES currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Ivanhoe's and SES's expectations, plans or forecasts of future events and views only as of the date of this communication. Ivanhoe and SES anticipate that subsequent events and developments will cause Ivanhoe's and SES's assessments to change. However, while Ivanhoe and SES may elect to update these forward-looking statements at some point in the future, Ivanhoe and SES specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Ivanhoe's and SES's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Additional Information

This communication relates to the proposed business combination between Ivanhoe and SES. This communication does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Ivanhoe has filed a Registration Statement on Form S-4 with the SEC, which includes a document that serves as a joint prospectus and proxy statement, referred to as a proxy statement/prospectus, and which has not yet become effective. A proxy statement/prospectus will be sent to all Ivanhoe shareholders. No offering 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, or an exemption therefrom. Ivanhoe will also file other documents regarding the proposed business combination with the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF IVANHOE ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED BUSINESS COMBINATION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION. Investors and security holders will be able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Ivanhoe through the website maintained by the SEC at www.sec.gov. The documents filed by Ivanhoe with the SEC also may be obtained free of charge upon written request to Ivanhoe Capital Acquisition Corp., 1177 Avenue of the Americas, 5th Floor, New York, New York 10036.

Participants in the Solicitation

Ivanhoe, SES and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Ivanhoe’s shareholders in connection with the proposed business combination. You can find information about Ivanhoe’s directors and executive officers and their interest in Ivanhoe can be found in Ivanhoe’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on March 31, 2021. A list of the names of the directors, executive officers, other members of management and employees of Ivanhoe and SES, as well as information regarding their interests in the business combination, are contained in the Registration Statement on Form S-4 filed with the SEC by Ivanhoe. Additional information regarding the interests of such potential participants in the solicitation process may also be included in other relevant documents when they are filed with the SEC. You may obtain free copies of these documents from the sources indicated above.

Information
For investor inquiries, please contact: This email address is being protected from spambots. You need JavaScript enabled to view it.
For media inquiries, please contact: This email address is being protected from spambots. You need JavaScript enabled to view it.

MIDLAND, Texas--(BUSINESS WIRE)--Colgate Energy Partners III, LLC (the “Company” or “Colgate”) announced today that, subject to market conditions, it intends to offer for sale in a private placement under Rule 144A and Regulation S of the Securities Act of 1933, as amended (the “Securities Act”), to eligible purchasers $200 million in aggregate principal amount of its 5.875% Senior Notes due 2029 (the “Notes”). The Notes are being offered as additional notes under an indenture pursuant to which Colgate issued, on June 30, 2021, $500 million in aggregate principal amount of Notes. The offered Notes will have identical terms as the existing Notes. Colgate intends to use the net proceeds from this offering to fully repay amounts outstanding under its revolving credit facility and the remaining net proceeds to fund a portion of the purchase price for the acquisition of certain assets in Eddy and Lea Counties, New Mexico (the “Parkway Acquisition”). The Parkway Acquisition is not conditioned on the consummation of this offering and this offering is not conditioned on the consummation of the Parkway Acquisition. If the Parkway Acquisition is not consummated on the terms currently contemplated or at all, Colgate intends to use the net proceeds from this offering for general company purposes.

The Notes have not been registered under the Securities Act, or any state securities laws, and, unless so registered, the Notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Colgate plans to offer and sell the Notes only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States pursuant to Regulation S under the Securities Act.

This communication shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Colgate

Colgate is a privately held, independent oil and natural gas company headquartered in Midland, Texas that is engaged in the acquisition, exploration and development of oil and natural gas assets in the Delaware Basin, with operations principally focused in Reeves County, Ward County, and Eddy County.

Forward-Looking Statements

This communication includes statements regarding this private placement that may contain forward-looking statements within the meaning of federal securities laws. Colgate believes that its expectations and forecasts are based on reasonable assumptions; however, no assurance can be given that such expectations and forecasts will prove to be correct. A number of factors could cause actual results to differ materially from the expectations and forecasts, anticipated results or other forward-looking information expressed in this communication, including risks and uncertainties regarding future results, Colgate’s ability to complete the Parkway Acquisition, the sources of funding for any remaining portion of the purchase price for the Parkway Acquisition, capital expenditures, liquidity and financial market conditions, sufficiency of cash from operations, adverse market conditions, governmental regulations, the future actions of foreign oil producers such as Saudi Arabia and Russia and the effects of such actions on the supply of oil, and the impact of world health events such as the COVID-19 pandemic.

Michael Poynter
Vice President of Finance & Investor Relations
432-695-4222
This email address is being protected from spambots. You need JavaScript enabled to view it.

Company to Report Q3 2021 Results on November 15, 2021

BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, today announced that it will release its financial results for the third quarter ended September 30, 2021 on Monday, November 15, 2021 and will host a conference call the same day at 9:00 AM ET to discuss its results.

To access the call please dial (833) 952-1516 from the United States, or (236) 714-2129 from outside the U.S. The conference call I.D. number is 6371418. Participants should dial in 5 to 10 minutes before the scheduled time.

A replay of the call can also be accessed via phone through November 29, 2021, by dialing (800) 585-8367 from the U.S., or (416) 621-4642 from outside the U.S. The conference I.D. number is 6371418.

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems, and the critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 100 patents issued for its fuel cell technology, Advent holds the IP for next-generation HT-PEM that enable various fuels to function at high temperatures under extreme conditions – offering a flexible “Any Fuel. Anywhere.” option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to realize the benefits from the business combination; the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance our corporate reputation and brand; expectations concerning our relationships and actions with our technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in our Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on May 20, 2021, as well as the other information we file with the SEC. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of these statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

Advent Technologies Holdings, Inc.
Elisabeth Maragoula
This email address is being protected from spambots. You need JavaScript enabled to view it.

Sloane & Company
James Goldfarb / Emily Mohr
This email address is being protected from spambots. You need JavaScript enabled to view it. / This email address is being protected from spambots. You need JavaScript enabled to view it.

MONTREAL--(BUSINESS WIRE)--Lomiko Metals Inc. (TSX-V: LMR, OTC: LMRMF, FSE: DH8C) ("Lomiko Metals” or the “Company”) is pleased to announce that its Annual General Special Meeting (the “Meeting”) will be held on Monday December 6, 2021 at 11:00 a.m. (Eastern Time). Due to the public health impact of the coronavirus pandemic, also known as COVID-19, the meeting will be held remotely to mitigate risks to the health and safety of our community, shareholders, employees and other stakeholders; the Company is conducting a virtual meeting of the shareholders of the Company.

Shareholders will not be able to attend the Meeting in person. Instead, Registered Shareholders (as defined in the management information circular dated November 4, 2021 filed on SEDAR (the “Circular”) under the headings "Appointment of Proxy” and “Revocation of Proxies") and duly appointed proxyholders can virtually attend, participate, vote or submit questions at the virtual Meeting online by registering before December 3, 2021 at the following link:

https://bit.ly/3nRCExD

After registering by completing the online survey, you will receive a confirmation email with access instructions. To ensure a smooth process, the Company is asking registered participants to log in by 10:45 a.m. (Eastern time) on December 6, 2021.

In its Circular and for shareholders as of the record date of October 22, 2021, the Company has announced the nomination of four new independent directors to the board to support Lomiko Metals’ vision in becoming a high-growth critical minerals company. To this effect, the new directors being nominated to the board are highly visionary and experienced in mining, critical minerals development and business scaling. The board of directors will be majority independent, majority female and with a female Lead Independent Director, namely Ms. Anu Dhir. The new directors being nominated are highly diverse in background, with Indigenous female representation and representation in Quebec with three of four directors fluent in French. We are pleased that A. Paul Gill is nominated for re-election as Executive Chair. It is also of note that our recently announced management team reflects our vision of diversity in both gender and cultural background.

For more information relating to the matters to be acted upon at the Meeting, shareholders should refer to the Circular and the notice of meeting filed on SEDAR under Lomiko Metals’ profile at www.sedar.com.

“Together we represent a company with purpose: a people-first company where we can manifest a world of abundant renewable energy with Canadian critical minerals in North America,” said Belinda Labatte, CEO and Director. “Our goal is to create a new energy future in Canada where we will grow the critical minerals workforce, become a valued partner and neighbour with the communities in which we operate and provide a secure and responsibly sourced supply of critical minerals.”

New director nominations

Anu Dhir: Ms. Dhir is co-founder of a technology company called Wshingwell. She is based in Toronto, Canada. Wshingwell is a for profit community relationship platform that allows individuals, communities and organizations to micro-fundraise around experiences and events. Prior to starting Wshingwell, Ms. Dhir spent the last 20 years in the resources sector. Most recently she was a co-founder and executive of ZinQ Mining, a private base metals and precious metals company that focuses on the LatAm Region. She also spent many years associated with Katanga Mining Limited, where she served as Vice President, Corporate Development and Company Secretary. Ms. Dhir is a non-executive director of Golden Star Resources Ltd. and Taseko Mines Limited. Ms. Dhir is a graduate of the General Management Program (GMP) at Harvard Business School, she has a law degree (Juris Doctor) from Quinnipiac University and a Bachelor of Arts (BA) from the University of Toronto.

Sagiv Shiv: Mr. Shiv is a Managing Director at B. Riley Securities based in New York City. Prior to B. Riley’s acquisition of National Securities, Mr. Shiv was the Senior Managing Director and the head of the Advisory Services Practice at National Securities Corp. Prior to National, Mr. Shiv led the global M&A and Advisory Practice at INTL FCStone Inc. and at Merriman Capital. Prior to entering investment banking, Mr. Shiv served as Chief Financial Officer of three multi-national diversified holding companies. At his last corporate position, Mr. Shiv served as CFO of The Plastiflex Group, an international manufacturing company, with 6,000 employees in 10 locations in eight countries. As CFO, Mr. Shiv led the acquisition, integration, and divestiture of several businesses. He has also served on the boards of several publicly-traded companies, as well as on the boards of private entities and charities.

Dominique Dionne: Ms. Dionne is an award winning communicator who has held high level positions in the areas of public relations, government relations, and brand management with major international companies. She is based in Lac Supérieur, Quebec and is Francophone. She currently serves as a Corporate Director on the boards of publicly listed companies and not-for-profit organizations. Ms. Dionne chairs the board of directors of Public Relations Without Borders, an international cooperation organization. Until recently, she held the position of Vice President, Public Affairs and Strategic Communications at PSP Investments, one of Canada’s largest pension investment managers. Previously, she served as Vice President, Institutional and International Relations at the Caisse de dépôt et placement du Québec, where she was responsible for developing and implementing strategies to position and ensure the Caisse’s outreach, both throughout Québec and at the national and international levels. Prior to serving at the Caisse, she was Vice President, Public Affairs, at Xstrata Nickel (now Glencore) and Vice President, Communications, at Bombardier.

Lee Arden Lewis: Ms. Lewis is a status member of the Mohawks of the Bay of Quinte Tyendinaga Mohawk Territory and based in Prince Edward County. Ms. Lewis is a strategist who develops collaborative business models. A community builder, Ms. Lewis is committed to the broadening of equitable and productive work environments. Lee helped create Telesat’s first Broadbent portal for Indigenous people in North America. As the Canadian Liaison for the Federal Communications Commission (FCC), she oversaw digital policy innovations for Canadian and U.S. governments including the launch of the first Aboriginal Canada web portal and information technology training for Indigenous people (ITTI). As consultant for Crown-Indigenous Relations and Northern Affairs Canada (CIRNAC) Ms. Lewis produced projection reports on the affects of the digital age on Indigenous cultures and identified potential paths forward. Working with the Assembly of First Nations (AFN) and the Aboriginal Traditional Knowledge Group, Ms. Lewis served as a consultant for Canada Ontario Resource Development Agreement Committee (CORDA), Environment Canada and Canadian Wildlife Services addressing Species at Risk Act (SARA). Ms. Lewis’ work with the Navajo Heritage Program and the Aboriginal Working Group brought together Indigenous Chiefs from Canada to the Navajo Nation to share governance information. For over a decade Ms. Lewis was the sole proprietor of Jackson’s Falls Country Inn and Indigenous restaurant in Prince Edward County, Ontario.

Corporate Update

The Company has updated its investor presentation and it is now available on its website at www.lomiko.com. It also acknowledges and confirms that its previous consulting agreement with Veritas Consulting Services initiated on March 12, 2021 was terminated on July 15, 2021. Lomiko Metals also announces that it is presenting at the upcoming Critical and Precious Metals Investor Conference on November 10^th at 3pm (Eastern Time).

About Lomiko Metals Inc.

Lomiko Metals holds a 100% interest in its La Loutre graphite development in southern Quebec. Located 180 kilometres northwest of Montreal, the property consists of 1 large, continuous block with 42 minerals claims totaling 2,509 hectares (25.1km²). Lomiko Metals published a Preliminary Economic Assessment (“PEA”) on September 10, 2021 which indicated the project had a 15 year mine life, US$406/tonne cost, average graphite mill head grade of 7.44% Cg for the first eight years; Life of Mine (LOM) average graphite mill head grade of 6.67% Cg, average LOM recovery of 93.5% Cg, measured and indicated resource at the base case cut-off grade of 1.5% Cg of 23,165 kt at a 4.51% Cg grade for 1.04 Mt of graphite, inferred resource at the base case cut-off grade of 1.5% Cg of 46,821 kt at a 4.01% Cg grade for 1.89Mt of graphite. This report was prepared as National Instrument 43-101 Technical Report for Lomiko Metals Inc. by Ausenco Engineering Canada Inc., Hemmera Envirochem Inc., Moose Mountain Technical Services, and Metpro Management Inc., collectively the Report Authors.

The company also has an interest in the Bourier project which consists of 203 claims, for a total ground position of 10,252.20 hectares (102.52 km²), in Canada’s lithium triangle near the James Bay region of Quebec that has historically housed lithium deposits and mineralization trends.

Mr. Mike Petrina, Project Manager, a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the technical disclosure in this news release. For more information on Lomiko Metals, review the website at www.lomiko.com, contact Belinda Labatte at 647-402-8379 or email: This email address is being protected from spambots. You need JavaScript enabled to view it..

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the Company; and any other information herein that is not a historical fact may be "forward-looking information" (“FLI”). All statements, other than statements of historical fact, are FLI and can be identified by the use of statements that include words such as "anticipates", "plans", "continues", "estimates", "expects", "may", "will", "projects", "predicts", “proposes”, "potential", "target", "implement", “scheduled”, "intends", "could", "might", "should", "believe" and similar words or expressions. FLI in this new release includes, but is not limited to: the Company’s objective to become a responsible supplier of critical minerals, exploration of the Company’s projects, including expected costs of exploration and timing to achieve certain milestones, including timing for completion of exploration programs; the Company’s ability to successfully fund, or remain fully funded for the implementation of its business strategy and for exploration of any of its projects (including from the capital markets); any anticipated impacts of COVID-19 on the Company’s business objectives or projects, the Company's financial position or operations, and the expected timing of announcements in this regard. FLI involves known and unknown risks, assumptions and other factors that may cause actual results or performance to differ materially. This FLI reflects the Company’s current views about future events, and while considered reasonable by the Company at this time, are inherently subject to significant uncertainties and contingencies. Accordingly, there can be no certainty that they will accurately reflect actual results. Assumptions upon which such FLI is based include, without limitation: current market for critical minerals; current technological trends; the business relationship between the Company and its business partners; ability to implement its business strategy and to fund, explore, advance and develop each of its projects, including results therefrom and timing thereof; the ability to operate in a safe and effective manner; uncertainties related to receiving and maintaining exploration, environmental and other permits or approvals in Quebec; any unforeseen impacts of COVID-19; impact of increasing competition in the mineral exploration business, including the Company’s competitive position in the industry; and general economic conditions, including in relation to currency controls and interest rate fluctuations.

The FLI contained in this news release are expressly qualified in their entirety by this cautionary statement, the “Forward-Looking Statements” section contained in the Company’s most recent management’s discussion and analysis (MD&A), which is available on SEDAR at www.sedar.com, and on the investor presentation on its website. All FLI in this news release are made as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by applicable secruties laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

On Behalf of the Board,

“Belinda Labatte”

Chief Executive Officer and Director

Belinda Labatte
647-402-8379
This email address is being protected from spambots. You need JavaScript enabled to view it.