Miller’s strong leadership and financial management experience in the transportation, manufacturing and distribution industries will support XL Fleet’s strategy moving forward

BOSTON--(BUSINESS WIRE)--XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leading provider of fleet electrification solutions, announced today the appointment of John Miller to its Board of Directors. Mr. Miller will provide strategic counsel to support the future of the business as the Company helps its customers meet decarbonization and sustainability goals.

Mr. Miller has more than 40 years of executive management experience in the transportation, manufacturing and distribution industries, including operations and finance leadership positions at public companies. From 2017 to 2021, he served as CEO of Power Solutions International (OTC Pink: PSIX), a leader in the design, engineering, and manufacturing of a broad range of advanced, emission-certified engines and power systems. Prior to Power Solutions, Mr. Miller served in operational and financial management positions at Navistar, a global manufacturer of commercial and military trucks, school buses, and diesel engines.

“There is a growing global need for decarbonization, and I am excited to help guide XL Fleet and its leadership team as they help organizations meet their sustainability goals.” said Mr. Miller. “I look forward to leveraging my experience to support this strong leadership team, and working together with the Board and management to help transform the future of electrification.”

“We are pleased to welcome John to our Board of Directors at this transformational time in the Company’s journey,” said Debora M. Frodl, Chair of XL Fleet’s Board of Directors. “The Board and management team are confident that John adds a unique depth of relevant business, financial and operational counsel that will prove valuable in guiding the leadership team and helping the Company to create long-term value for stakeholders.”

About XL Fleet

XL Fleet is a leading provider of vehicle electrification solutions for commercial and municipal fleets in North America, with more than 180 million miles driven by customers such as The Coca-Cola Company, Verizon, Yale University and the City of Boston. XL Fleet’s hybrid and plug-in hybrid electric drive systems can significantly increase fuel economy and reduce carbon dioxide emissions, decreasing operating costs and meeting sustainability goals while enhancing fleet operations. For additional information, please visit www.xlfleet.com.

Forward Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. 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. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to; the effects of pending and future legislation; the highly competitive nature of the Company’s business and the commercial vehicle electrification market; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability to convert its sales opportunity pipeline into binding orders; risks related to the rollout of the Company’s business and the timing of expected business milestones, including the ongoing global microchip shortage and limited availability of chassis from vehicle OEMs and our reliance on our suppliers; the effects of competition on the Company’s future business; the availability of capital; changes in the preliminary financial results for the quarter ended September 30, 2021 upon completion of the Company’s financial closing procedures or upon review and completion of procedures by the Company’s independent registered public accounting firm, and the other risks discussed under the heading “Risk Factors” in the Company’s current report on Form 10-K filed on March 1, 2022, and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.

Investor:
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Media:
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Azagra succeeds Dennis V. Arriola who has decided to step down

ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, announced today the appointment of Pedro Azagra Blázquez as Chief Executive Officer of AVANGRID. Mr. Azagra will succeed Dennis Arriola who has decided to leave the business, effective May 28, 2022. AVANGRID will work towards a smooth transition.

Mr. Azagra has served as a member of the AVANGRID Board of Directors since 2019, and previously served as a member of the Board of Directors from 2014 to 2018. Mr. Azagra also serves as a member of the Executive Committee of the Board of Directors and the Special Committee of the Board of Directors, which is responsible for, among other things, assisting the Board of Directors with oversight of the New England Clean Energy Connect (NECEC) transmission line project.

Mr. Azagra currently serves as the Chief Development Officer for Iberdrola, S.A., where he has executed more than one hundred transactions and led the international expansion of Iberdrola. In addition, Mr. Azagra serves as a member of the board of directors of Neoenergia, S.A., a member of the Iberdrola group of companies listed on the São Paulo Stock Exchange. Mr. Azagra has a degree in Law and Business Administration from the Instituto Católico de Administración y Dirección de Empresas (ICADE) at the Universidad Pontificia de Comillas in Madrid, and an MBA from the University of Chicago.

“Pedro knows AVANGRID and the U.S. market well. I am very confident that under his leadership, we will continue on the path of performance based on ESG+F and a focus on being the leading sustainable energy company in the U.S.,” said Ignacio Galán, Chairman of AVANGRID. “Over the years, Pedro has built strong relationships in the U.S. with key stakeholders in our sector.”

Mr. Azagra has deep familiarity with the AVANGRID businesses and has advised AVANGRID in connection with the merger proceedings with PNM Resources and previously led the $4.7 billion acquisition and integration of Energy East Corporation in 2008 and the $17.9 billion merger and integration of AVANGRID (formerly known as Iberdrola USA) and UIL Holdings in 2015. In these and in other important AVANGRID matters, he has led regulatory strategy and regularly provided testimony on our governance commitments and customer benefits. Formerly, Mr. Azagra led the U.S. businesses of Iberdrola Group and served as Director of Strategy. Mr. Azagra previously served as member of the board of directors of Energy East, Rochester Gas and Electric, and New York State Electric & Gas.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.

MEDIA CONTACT:
Adam Gaber
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917-224-6176

New 12 megawatt hosting customer to have first mining hardware units online end of Q1, 2022

SYDNEY & NEW YORK--(BUSINESS WIRE)--Mawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson”), a digital infrastructure provider, is pleased to announce it has signed a new 12 megawatt (MW) hosting co-location agreement with Foundry Digital LLC (“Foundry”), bringing total hosting co-location under Mawson’s Luna Squares LLC (“Luna Squares”) business to 114 MW, up from 2 MW as at 31 December, 2021.

Mawson expects first mining hardware under this agreement to be deployed by the end of Q1, 2022.

Mawson intends to deploy the mining hardware inside its own proprietary Modular Data Centre (MDC) technology at its facilities in the United States.

James Manning, CEO and Founder of Mawson, said, "We are very happy to have signed another high-quality customer of significant scale to our Luna Squares hosting co-location business. Given the substantial demand for hosting services in the industry at present, we are able to utilize our surplus energy infrastructure to generate additional revenue streams for the group. In FY2021, we generated (unaudited) $850,000 in revenue from our 2 MW of hosting customers – the agreements we have signed this week take us to 114 MW in our hosting business in total. Our hosting business is expanding rapidly and total contracts signed to date makes us one of the largest Nasdaq listed Bitcoin mining ASIC hosting companies.”

About Mawson Infrastructure

Mawson Infrastructure Group (NASDAQ: MIGI) is a digital infrastructure provider, with multiple operations throughout the USA and Australia. Mawson’s vertically integrated model is based on a long-term strategy to promote the global transition to the new digital economy. Mawson matches sustainable energy infrastructure with next-generation mobile data centre (MDC) solutions, enabling low-cost Bitcoin production and on-demand deployment of infrastructure assets. With a strong focus on shareholder returns and an aligned board and management, Mawson Infrastructure Group is emerging as a global leader in ESG focused Bitcoin mining and digital infrastructure.

For more information, visit: www.mawsoninc.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Mawson cautions that statements in this press release that are not a description of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as “expect,” “intend,” “plan,” “anticipate,” “believe,” and “will,” among others. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Mawson’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the possibility that Mawson’s need and ability to raise additional capital, the development and acceptance of digital asset networks and digital assets and their protocols and software, the reduction in incentives to mine digital assets over time, the costs associated with digital asset mining, the volatility in the value and prices of cryptocurrencies and further or new regulation of digital assets. More detailed information about the risks and uncertainties affecting Mawson is contained under the heading “Risk Factors” included in Mawson’s Annual Report on Form 10-K filed with the SEC on March 1, 2021 and Mawson’s Quarterly Report on Form 10-Q filed with the SEC on November 15, 2021, and in other filings Mawson has made and may make with the SEC in the future. One should not place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Mawson undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law.

Investor Contact:
Brett Maas
646-536-7331
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www.haydenir.com

Merger Agreement with ProFrac approved by FTS International Stockholders

FORT WORTH, Texas--(BUSINESS WIRE)--FTS International, Inc. (NYSE American: FTSI) (“the Company” or “FTSI”) today announced the results of the special meeting of stockholders held earlier today.

At the special meeting, FTSI stockholders approved the transactions contemplated by that certain Merger Agreement dated October 21, 2021 by and among FTS International, Inc., ProFrac Holdings, LLC and ProFrac Acquisitions, Inc. Holders of 10,124,258 shares of FTSI Class A common stock (“Class A Shares”) and FTSI Class B common stock (“Class B Shares” and, together with the Class A Shares, the “Shares”) representing approximately 71.54% of the outstanding Shares, and holders of approximately 64.69% of the outstanding Shares other than Shares held by ProFrac Holdings, LLC or any of its affiliates voted to approve the merger. Under the Merger Agreement, unless waived by the Company, the affirmative vote of at least a majority of the outstanding Shares other than Shares held by ProFrac Holdings, LLC or any of its affiliates is a condition to the Company’s obligation to consummate the Merger.

A total of 10,514,532 Shares issued and outstanding at the record date were present via webcast or by proxy at the special meeting, representing 74.30% of the issued and outstanding Shares of FTSI at the record date of January 21, 2022.

The final voting results of the proposals submitted to a vote of the stockholders at the special meeting are as follows:

Proposal 1 – The Merger Proposal: To approve and adopt the Merger Agreement (the “Merger Proposal”).

Outstanding Shares

Outstanding Shares Other Than Shares Held By ProFrac Holdings, LLC or Any of Its Affiliates

Proposal 2 – The Merger Compensation Proposal: To approve, on a non-binding advisory basis, certain compensation that will or may be paid by FTSI to its named executive officers that is based on or otherwise relates to the Merger.

Proposal 3 – The Adjournment Proposal: To approve the adjournment of the Special Meeting, including if necessary, to solicit additional proxies in favor of Proposal 1, the Merger Proposal, if there are not sufficient votes at the time of such adjournment to approve the Merger Proposal. Although Proposal 3 was approved, the adjournment of the Special Meeting was not necessary because FTSI’s stockholders approved Proposal 1.

Forward-Looking Statements

This communication contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. Any statements contained in this communication that are not statements of historical fact, including statements about FTSI’s ability to consummate the proposed transaction, the expected benefits of the proposed transaction and the expected impact of the coronavirus pandemic (COVID-19) on FTSI's businesses may be deemed to be forward-looking statements. All such forward-looking statements are intended to provide management’s current expectations for the future of FTSI based on current expectations and assumptions relating to FTSI’s business, the economy and other future conditions. Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of similar meaning in connection with the discussion of future performance, plans, actions or events. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. Such risks and uncertainties include, among others: the timing to consummate the proposed transaction, the risk that a condition of closing of the proposed transaction may not be satisfied or that the closing of the proposed transaction might otherwise not occur, the risk that a regulatory approval that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated, the diversion of management time on transaction-related issues, risks related to disruption of management time from ongoing business operations due to the proposed transaction, the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of FTSI, the risk that the proposed transaction and its announcement could have an adverse effect on the ability of FTSI to retain customers and retain and hire key personnel and maintain relationships with its suppliers and customers, economic or political changes that affect the markets that FTSI’s businesses serve which could have an effect on demand for FTSI’s products and impact FTSI’s profitability, disruptions in the credit and financial markets, including diminished liquidity and credit availability, disruptions in FTSI's businesses from the coronavirus pandemic (COVID-19), cyber-security vulnerabilities, supply issues, retention of key employees, and outcomes of legal proceedings, claims and investigations, future changes, results of operations, domestic spending by the onshore oil and natural gas industry, continued volatility or future volatility in oil and natural gas prices, deterioration in general economic conditions or a continued weakening or future weakening of the broader energy industry, federal, state and local regulation of hydraulic fracturing and other oilfield service activities, as well as exploration and production activities, including public pressure on governmental bodies and regulatory agencies to regulate our industry, and the price and availability of alternative fuels, equipment and energy sources. Accordingly, actual results may differ materially from those contemplated by these forward-looking statements. Investors, therefore, are cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in FTSI’s filings with the Securities and Exchange Commission, including the risks and uncertainties identified in Part I, Item 1A - Risk Factors of FTSI’s Annual Report on Form 10-K for the year ended December 31, 2020.

These forward-looking statements speak only as of the date of this communication, and FTSI does not assume any obligation to update or revise any forward-looking statement made in this communication or that may from time to time be made by or on behalf of FTSI.

FTSI
Lance Turner
Chief Financial Officer, FTSI
817-862-2000
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DUBLIN--(BUSINESS WIRE)--The "Global FPSO Market Analysis and Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

Globally, a total of 56 FPSOs are expected to start operations during the outlook period 2022-2027. Among regions, South America remains on the top with 27 planned and announced FPSO additions during the outlook period 2022-2027.

Among countries, Brazil leads globally among countries on planned and announced FPSO additions with 22 FPSOs during the outlook period, followed by the Guyana and UK with four FPSOs each.

Among operators, Petroleo Brasileiro SA (Petrobras) leads globally with eight planned and announced FPSOs. SBM Offshore NV and Modec Inc, follow with six and three FPSOs respectively.

Scope

• Count of FPSOs that were brought online from 2022 to 2027 by key regions globally
• Outlook of FPSOs that would be brought online by 2027 by key countries and operators in a region
• Details of major planned and announced FPSOs globally up to 2027
• Recent developments and contracts of FPSOs by key regions, wherever available

Reasons to Buy

• Obtain the most up to date information available on the planned and announced FPSO projects globally
• Facilitate decision making on the basis of strong FPSO data
• Develop business strategies with the help of specific insights about planned and announced FPSOs globally
• Assess your competitor's planned and announced FPSOs and crude and natural gas production capacities
• Be informed about recent developments and contracts in the global FPSO industry

Key Topics Covered:

1. Global FPSO Outlook to 2027

1.1 Key Highlights

2. Key Projects Announcements and Cancellations

2.1 Key Project Announcements

2.2 Stalled Projects

2.3 Postponed Projects

3. Global Planned and Announced FPSOs Outlook

3.1 Global Count of FPSOs Brought Online by Region

3.2 Global Planned and Announced FPSO Additions by Key Countries

3.3 Global Planned and Announced FPSO Additions by Key Operators

4. Regional FPSO Outlook by Country and Operator

4.1 Africa FPSO Industry Outlook

4.2 Asia FPSO Industry Outlook

4.3 Europe FPSO Industry Outlook

4.4 Middle East FPSO Industry Outlook

4.5 North America FPSO Industry Outlook

4.6 Oceania FPSO Industry Outlook

4.7 South America FPSO Industry Outlook

5. Global Planned and Announced FPSOs

6. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/mj16rn

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--$ARR #renewableenergy--Altius Renewable Royalties Corp. (TSX: ARR) (OTCQX: ATRWF) (“ARR” or the “Company”), will file on SEDAR financial results for the quarter and year ended December 31, 2021 today after the close of trading with a conference call to follow March 4, 2022 at 9 am ET.

Brian Dalton, CEO of ARR, acknowledged, “The past year was a truly transformative one for ARR and its 50% owned GBR joint venture. During 2021 GBR invested over US$123 million into high quality renewable energy projects and today holds or is entitled to royalties on 16 US based hydro, wind, and solar projects representing approximately 3,510 MW.” Mr. Dalton went on to further comment, “Looking ahead to 2022, ARR is encouraged by the current growth of its pipeline of investment opportunities and its sense of increasing acceptance of the benefits of its partner-like, non-dilutive financing structures within the full spectrum of the renewable energy sector.”

2021 Highlights

• Following a successful Initial Public Offering of 9,100,000 shares at C$11.00 per share, and subsequent exercise of an underwriters’ over-allotment option of 694,000 shares, ARR ended 2021 with 26,513,889 shares issued and outstanding of which Altius Minerals Corporation owns approximately 59%.
• During the year, development partner Tri-Global Energy (“TGE”) sold five projects which provide gross revenue royalties in favor of Great Bay Renewables (“GBR”) bringing the total royalties thus far under the TGE agreement to eight. The royalties created during the year include the 400 MW Honey Creek Solar project, the 175 MW Appaloosa Wind project, the 180 MW Hoosier Line Wind project, the 200 MW Blackford Wind project, and the 150 MW Blackford Solar project. The project acquirors include NextEra Energy and Leeward Renewable Energy.
• In August GBR closed a US$35.0 million royalty investment with Longroad Energy (“Longroad”) related to Longroad’s 331 MWdc (250 MWac) Prospero 2 solar project located in Andrews County, Texas. Over two-thirds of the expected Prospero 2 power output is contracted to Davita and Zimmer Biomet under fifteen-year, unit contingent power purchase agreements, with the remainder of the project’s energy output expected to be sold into the ERCOT spot market. The project achieved commercial operation on August 2, 2021 and is operated by Longroad. First royalty cash flow from this agreement commenced in January 2022.
• In September GBR closed a US$52.5 million royalty investment with Northleaf Capital Partners (“Northleaf”) related to three operating-stage wind and solar renewable energy projects located in Texas. The acquired royalties included the 150 MW Old Settler wind project, the 50 MW Cotton Plains wind project, and the 15 MW Phantom Solar project. The output from Cotton Plains and Phantom Solar is sold at a fixed price under long-term contracts with the US Department of Defense through January 2045, while the output from Old Settler will be sold into the ERCOT market. Royalty revenue from this acquisition commenced in Q4 2021.
• On December 31, 2021 development partner Apex Clean Energy (“Apex”) exercised a change of control-based option to redeem the remaining residual royalty financing provided by GBR following its sale of a majority interest to Ares Capital. GBR retains three royalties earned under the Apex investment agreement; the 195 MW Jayhawk wind project, the 300 MW El Sauz wind project, and an additional 500 MW wind project. The provisional redemption consideration, including a buyout premium, was approximately US$70 million, US$41.7 million of which was a cash payment with the remainder representing an estimated value ascribed to the retained royalties in accordance with the agreement. Investments in Apex prior to the redemption consisted of US$35 million in March 2020 and an additional US$20 million in July 2021.
• ARR, through its GBR joint venture, currently holds or is entitled to royalties on 16 renewable energy projects representing approximately 3,510 MW of US based hydro, wind and solar power generation projects, including six operating stage royalties totalling 665 MW of nominal generation capacity. All the royalties are well diversified by counterparty, contracted and market based sales strategies and regional power pools.

Additional information on the renewable royalty portfolio, financial performance and operational highlights are described in greater detail in the Corporation’s public documents, including the Management Discussion and Analysis of Financial Results (MD&A).

Q4 2021 Financial Results

As at December 31, 2021 the Corporation held cash of US$49.3 million and an additional US$42.7 million was held by the 50% owned joint venture GBR as a result of the Apex redemption noted above. During Q4 the Corporation funded a further US$5.2 million into GBR to primarily fund its share of TGE milestone based payments and general overhead expenses.

For the quarter ended December 31, 2021, ARR reported Attributable Revenue⁽¹⁾⁽²⁾ of US$264,000 and a net loss of US$1.2 million. This compares to a net loss of US$1.4 million in Q3 2021, and net earnings of US$904,100 in Q4 2020 which included one-time gains associated with the Apollo transaction. During 2022 revenue of US$4.5 million to US$5.5 million to GBR is expected from six project royalties while several others are expected to advance towards operations and provide additional revenue in future periods.

Non-GAAP Financial Measures

1. Management uses the following non-GAAP financial measures: attributable revenue, attributable royalty revenue, and adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA).
2. Management uses these measures to monitor the financial performance of the Corporation and its operating segments and believes these measures enable investors and analysts to compare the Corporation’s financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. Further information on the composition and usefulness of each non-GAAP financial measure, including reconciliation to their most directly comparable IFRS measures, is included in the non-GAAP financial measures section of our MD&A.

Conference Call Details

A conference call and webcast will be held March 4, 2022 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.

Forward-looking information

This news release contains forward-looking information. The statements are based on reasonable assumptions and expectations of management and ARR provides no assurance that actual events will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although ARR believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Readers should not place undue reliance on forward-looking information. ARR does not undertake to update any forward-looking information contained herein except in accordance with securities regulation.

Flora Wood
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1.877.576.2209
Direct: 1.416.346.9020

Ben Lewis
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1.877.576.2209

BROOKFIELD, Wis.--(BUSINESS WIRE)--REV Group, Inc. (NYSE: REVG) which includes companies that manufacture Horton^®, AEV^®, Road Rescue^®, Wheeled Coach^® and Leader^® brand ambulances, announces the delivery of an all-electric, zero-emission ambulance to DocGo, a leading provider of last-mile mobile health services and integrated medical mobility.

Manufactured at Leader Emergency Vehicles in South El Monte, CA, this all-electric ambulance eliminates the pollution of a standard gasoline ambulance. In addition to being less harmful to the planet, the electric ambulance has the potential to lower patient transportation costs due to lower fuel costs and maintenance needs.

“We are committed to lead the industry in electric ambulances to meet the sustainability missions of our customers, such as DocGo’s goal to have an all-electric fleet by 2032,” said Anoop Prakash, president, REV Ambulance Group. “We’re delighted to help DocGo reach their target, with the support of our partner Lightning eMotors.”

Lightning eMotors, a leading provider of zero emissions medium duty commercial vehicles and electric vehicle technology for fleets, worked with Leader and DocGo to create the new vehicle. The Ford Transit T350 Type II ambulance chassis was electrified at Lightning eMotors and built at Leader’s facility. Leader’s High Roof Transit van offers up to 86 kWh of battery capacity that can be charged via Level 2 AC charging or DC fast charging. This model is equipped with dual rear wheels, increased interior headroom to aid crews in loading and unloading their patient, as well as an extended body length to provide more workspace for patient care.

"We are honored to have had the opportunity to work alongside Leader on this exciting initiative for DocGo," said Nick Bettis, director of marketing and sales operations at Lightning eMotors. “In addition to being environmentally-friendly, the drastic reduction in pollutants is better for the overall health of the patients being transported.”

The DocGo delivery, along with recent orders from American Medical Response (AMR) and Hamad Medical Corporation (Qatar), further demonstrates REV’s leadership in bringing innovative technology to the EMS community.

About REV Group, Inc.

REV Group^® companies are leading designers and manufacturers of specialty vehicles and related aftermarket parts and services, which serve a diversified customer base, primarily in the United States, through three segments: Fire & Emergency, Commercial, and Recreation. They provide customized vehicle solutions for applications, including essential needs for public services (ambulances, fire apparatus, school buses, and transit buses), commercial infrastructure (terminal trucks and industrial sweepers), and consumer leisure (recreational vehicles). REV Group's diverse portfolio is made up of well-established principal vehicle brands, including many of the most recognizable names within their industry. Several of REV Group's brands pioneered their specialty vehicle product categories and date back more than 50 years. REV Group trades on the NYSE under the symbol REVG. Investors-REVG

About Leader Emergency Vehicles

Leader^®, a manufacturer of premium fit and finish Type I, Type II and Type III ambulances, has served the cities and communities in Southern California for over 45 years with 95% of sales come from California public and private departments. Located in South El Monte, California, Leader’s facility is 100,000 sq. ft. over two acres.

About Lightning eMotors

Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2018 – including Class 3 cargo and passenger vans, ambulances, Class 4 and 5 cargo vans and shuttle buses, Class 4 Type A school buses, Class 6 work trucks, Class 7 city buses, and Class A motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at https://lightningemotors.com.

Julie Nuernberg
Director of PR & Social Media
+1.262.389.8620 (mobile)
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SAN JOSE, Calif.--(BUSINESS WIRE)--EGTRONICS, an electric power converter manufacturer, successfully launched its IPO on KOSDAQ on February 4^th. EGTRONICS offered 1.98 million shares worth a total of $36 million, with a market cap of about $142 million.

The funds raised from the public offering will go towards building reliability center and automation facilities which will enable automation of small-scale sample production of power conversion devices and other products.

Founded in 2008, EGTRONICS’ power converters, such as its proprietary DC-DC converters, have been used as core components in various industries like automotive, shipbuilding, telecommunication, and healthcare.

It is worth noting that EGTRONICS is the only company in the world to produce converters specialized in 10kW capacity batteries, and its converters have electrical energy conversion efficiency of 97%.

EGTRONICS is currently seeking to establish an overseas joint venture in order to respond to the growing demands of its global customers, and the company will be securing production bases before entering Southeast Asia and Europe.

About EGTRONICS | www.egtronics.com

EGTRONICS is a leading developer of eco-friendly technology with its specialty in electric power conversion in a wide variety of areas, such as electric vehicle power transfer, rectifier and PSU, renewable energy, and more.

Charles Chung - America Branch President
EGTRONICS
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Along With US$100 Million Global Sustainability Fund to Nurture Over 10,000 Entrepreneurs in ESG Solutions

DUBAI, United Arab Emirates--(BUSINESS WIRE)--#BetheFutureofMobility--In keeping with the relentless pursuit towards its vision – Be the Future of Mobility – Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, unveiled Vida, Powered by Hero, a brand-new identity for its emerging mobility solutions, including upcoming Electric Vehicles (EV).

Introducing Vida, Powered by Hero at a one-of-its-kind Carbon Neutral event at the exclusive Clarence Island in Dubai on Thursday evening (March 3), Dr. Pawan Munjal, Chairman & CEO, Hero MotoCorp, also announced a US$100 Million Global Sustainability Fund. The fund will aim to establish global partnerships, spearheaded by the BML Munjal University (BMU) and Hero MotoCorp, with the objective of nurturing more than 10,000 entrepreneurs on ESG solutions that have a positive impact on the planet.

With a focus on sustainability, and the vision of a flourishing, meaningful world for future generations, Dr. Munjal highlighted focused action-points for bringing his vision to life at the event.

Unveiling the new brand logo and the ‘sunrise’ visual identity of Vida, Powered by Hero Dr. Pawan Munjal said, “Vida means life, and the brand’s sole purpose is to create a positive impact on the world and move us all forward in meaningful ways. We believe the name is perfect for what we are building for our children and the next generation. This is truly the dawn of something special. In only 17 weeks from today we will unveil our Vida platform, products and services to make the world a better place.”

“When I see our future generations, especially my grandchildren, all I want to do is build a future of optimism, a future of positive energy, a future which is clean, where everyone has something to look forward to and participate in something bigger and better. With the creation of ‘Vida’ we will offer everyone the opportunity to thrive, grow and live better while continuing to move the way they want. I will lead this initiative from the front,” Dr Munjal added.

As a central pillar of the future-ready strategy, Dr. Munjal unveiled the new brand to lead the mobility transformation across the world. Vida, Powered by Hero will be the brand under which Hero MotoCorp’s initiatives for emerging mobility solutions will be introduced, the first of which will be an electric vehicle that will be officially unveiled on July 1, 2022, to coincide with the birth anniversary of Dr. Brijmohan Lall, legendary Chairman Emeritus of Hero MotoCorp.

The production of the new Vida model will be done at Hero MotoCorp’s ‘Green’ manufacturing facility in Chittoor, India. Dispatches to customers will begin later in 2022.

The one-of-a-kind event was attended by global thought leaders, senior government representatives and the diplomatic corps in the UAE, policy makers and various stake holders of Hero MotoCorp, including the Board of Directors, senior employees from around the world, dealers, global distributors, supply chain partners and other associates.

Press Contacts:
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AvianWE
Dhirendra Negi
098186 28096

Nishank Anand
9913398442

DALLAS--(BUSINESS WIRE)--On February 23, 2022, Holly Energy Partners, L.P. (NYSE: HEP) (the "Partnership") filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The filing can be viewed through a link on the Partnership's internet website at www.hollyenergy.com by selecting the heading "Investors" and then the subheading "Financial Information."

Upon written request, limited partners and bondholders may receive free of charge a hard copy of the Partnership's Annual Report on Form 10-K (including complete audited financial statements). Requests should be communicated in writing to the Partnership's Vice President, Investor Relations, at 2828 N. Harwood, Suite 1300, Dallas, Texas 75201. Requests can also be made online by selecting “Printed Materials” on the “Investors” page of our website.

About Holly Energy Partners, L.P.:

Holly Energy Partners, L.P. (“HEP” or the “Partnership”), headquartered in Dallas, Texas, provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including subsidiaries of HollyFrontier Corporation. The Partnership, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude pipelines, tankage and terminals in Texas, New Mexico, Washington, Idaho, Oklahoma, Utah, Nevada, Wyoming and Kansas, as well as refinery processing units in Utah and Kansas.

Holly Energy Partners, L.P.
Craig Biery, 214-954-6511
Vice President, Investor Relations
or
Trey Schonter, 214-954-6511
Investor Relations

ComEd employees on pace to raise $100,000 to support athletes with physical and intellectual disabilities

CHICAGO--(BUSINESS WIRE)--Hundreds of ComEd employees, friends and family members will once again join the annual Chicago Polar Plunge presented by Special Olympics Chicago/Special Children’s Charities (SOC/SCC) on March 6. ComEd has supported the event for the past 11 years by encouraging employees to raise funds and plunge into the freezing waters of Lake Michigan to support programs serving thousands of athletes with physical and intellectual disabilities in Chicago.

ComEd employees have gone above and beyond once again to raise money in support of a worthy cause under the “ComEd Coolers” team name. Through the collective effort of employees, family and friends – ComEd Cooler teams are on pace to raise $100,000 for SOC/SCC in support of the 2022 event – building on the nearly $2 million raised since ComEd teams began plunging more than a decade ago. Leading the 2022 ComEd Coolers, who are consistently one of the event's top fundraising teams, is ComEd CEO Gil Quiniones.

“Our work isn’t just about powering homes and businesses – it’s about powering lives and enhancing the communities where we live and work,” said ComEd CEO Gil Quiniones. “I am excited to join the ComEd Coolers in support of programming that gives these talented athletes an opportunity to compete, build confidence and discover their potential. I want to thank Special Olympics Chicago for their work to better our community and our employees for always going above and beyond for the families we are privileged to serve.”

All funds raised by the Chicago Polar Plunge support year-round sports competitions and recreational activities for children and adults with developmental and intellectual disabilities. Athletes compete in 17 sports at 23 Chicago Park District locations and over 150 Chicago Public Schools. This programming is essential to the families it serves, with the majority of participants, 70 percent, at or below the poverty line.

"ComEd has been a valued partner of our organization for more than a decade,” said Carolyn Daley, President of the Board of Directors, SOC/SCC. “It is through their tremendous dedication and tireless fundraising that the ComEd Coolers have consistently been not only one of our top fundraising teams, but also the largest in terms of individuals participating. Thanks to ComEd's unwavering support of the Chicago Polar Plunge, Special Olympics Chicago/Special Children's Charities is able to provide year-round programming and special events for our thousands of athletes in the city of Chicago.”

ComEd’s collective impact comes from contributions big and small from employees throughout the organization. Nearly 4,800 employees have supported the Polar Plunge since ComEd began participating in the fundraising event, with many returning year after year to lead teams.

ComEd Substation Supervisor Arturo “Art” Chavez is a pioneer of the plunge who initially sparked ComEd’s interest and 11-year participation in the annual event. Chavez was inspired to take the plunge by people in his life with disabilities; his leadership and charitable spirit reflect ComEd’s commitment to its diverse communities.

“I’m proud to represent ComEd in taking the annual Chicago Polar Plunge to demonstrate our commitment to the communities we serve,” said Chavez. “Each time I do the plunge I’m reminded of the lasting impact this one day has on the talented children and adults with disabilities who work hard to compete in year-round training and sports competitions. This is what has kept me coming back to this event for over a decade, and I look forward to joining hundreds of my colleagues in taking the plunge yet again.”

The Chicago Polar Plunge is just one example of ComEd’s longstanding commitment to give back. Last year alone, ComEd employees raised over $2 million and also devoted 12,000 volunteer hours in support of communities and causes close to their hearts.

Due to COVID-19 safety precautions, ComEd teams are encouraged to participate in the event virtually this year and submit videos and photos of the plunge to honor Special Olympics Chicago athletes and programs. To donate to the 2022 Chicago Polar Plunge, please visit chicagopolarplunge.org.

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook , Twitter , Instagram and YouTube.

ComEd Media Relations
312-394-3500

The 42-acre food and entertainment destination at the Port of Los Angeles announces a Market Hall with seven new leases and LOIs

New eateries at West Harbor’s Market Hall join standalone restaurants including big names like Yamashiro, Sugar Factory, Poppy + Rose, and more

LOS ANGELES--(BUSINESS WIRE)--West Harbor, the first-of-its-kind 42-acre dining and entertainment center on the Los Angeles Waterfront, continues to add top-tier restaurants and shops to a much-anticipated destination in the Harbor area, announcing today more than 6,000 square feet in new leases: including locations for Pitfire Pizza, The Win-Dow and Olala Crepes inside a festive, 9,000-square-foot Market Hall that provides a fun and flexible space for friends and families to have multiple dining options under one roof, as well as a new home for charter cruise company Harbor Breeze.

In addition, there are three signed letters of intent for the Market Hall totaling more than 2,500 square feet, including to-be-named coffee, ice cream and barbecue restaurants, as West Harbor continues to fill out its indoor and outdoor dining options.

King & Queen Cantina will be the then-unnamed seventh standalone restaurant concept at West Harbor announced in August, when the project revealed it would become the home of the first-ever satellite location of iconic Hollywood Japanese restaurant Yamashiro. King & Queen Cantina, started by international restaurateur and entrepreneur Jorge Cueva, currently has three locations—two in Southern California and one in Baja California, Mexico.

“We are thrilled to welcome King & Queen, Pitfire Pizza, The Win-Dow, Olala Crepes and Harbor Breeze to West Harbor and our new Market Hall," said Valerie James, West Harbor. "The diversity and quality of dining and entertainment establishments that are choosing West Harbor is a testament to how this will become a true destination on the LA Waterfront. A quick look at the renderings of our new Market Hall shows how this will be a real social dining hub on the waterfront. I hope visitors are ready to bring their appetites!"

The newly-announced leases, totaling 6,160 square feet, include:

• Pitfire Pizza: An artisan pizza chain started in North Hollywood that currently has six locations around Los Angeles. The pet-friendly Pitfire Pizza specializes in wood-fired pizzas and pastas, and offers comprehensive gluten-free options.
• The Win-Dow: A takeout window concept serving classic smash-burgers, fried chicken sandwiches and grain bowls. This is the fourth Win-Dow location, joining two in Venice and one in Silverlake. The restaurant is available for pick-up and delivery but best enjoyed by pulling up a stool outside and hanging out with the neighbors.
• Olala Crepes: An innovative French creperie concept that has developed an array of freshly prepared, high quality, sweet and savory French crepes, macarons and French pastries. Its crepes are made from organic buckwheat flour imported from Brittany, France, and with many other gluten-free options across the menu. This is the first Los Angeles location for Olala Crepes.
• Harbor Breeze: Southern California’s premier company providing waterfront excursions and experiences, including public whale watching, harbor tours, world port and charter cruises for over 18 years along the Los Angeles and Orange County coastlines. Its experienced Captains provide a comprehensive narration about the characteristics of each experience. In addition to traditional offerings, Harbor Breeze is exploring unique waterside activations at West Harbor that will liven the waterfront.

These new offerings join Yamashiro, Mike Hess Brewing, Hopscotch, Poppy + Rose, Sugar Factory and Jay Bird's Chicken at West Harbor, creating a true, full-service dining and entertainment destination that has been lacking in the area for years. With outdoor dining becoming permanently more attractive as consumer habits have shifted due to the pandemic, West Harbor’s design, indoor-outdoor space and ocean breeze have added up to become a significant value-add amenity for restaurants, stores and other attractions.

About West Harbor

West Harbor is a modern and vibrant harbor-side entertainment district featuring a broad array of retail, dining, and public attractions unlike any other in Southern California and beyond. It is an epic collaboration between two Southern California-based, family-owned businesses (The Ratkovich Company and Jerico Development) in partnership with the Port of Los Angeles, who together are redefining what the LA Waterfront can be. Groundbreaking for the project is anticipated in the second quarter of 2022, with a public debut in 2023.

Like no space before it, it will juxtapose the bustling energy of a working port with the public at play, introducing an entirely new destination that expands public access to the entire waterfront. With multiple, compelling means of arriving at the destination: from courtesy slips and water taxis to bike paths and Metro's Express Lanes, visitors can essentially drive, bike, walk, and even sail to the destination. West Harbor will further link to the California Coastal Trail, seamlessly connecting the greater Los Angeles region to the destination.

Complementing this new entertainment district are nearby businesses both historic and modern, including farmers' and pop-up markets, AltaSea (a cutting-edge marine research center and blue tech incubator), and the vibrant Downtown San Pedro Arts District. To learn more about West Harbor and for updates on the project, visit WestHarborLA.com, follow @westharborlosangeles and West Harbor on Facebook.

EDITOR’S NOTE: Find high-resolution renders here.

Matt Pressberg
(561) 666-7732
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HOUSTON--(BUSINESS WIRE)--BHE Compression Services, LLC, announced the U.S. Patent and Trademark Office has issued U.S. Patent No. 11,248,746 relating to its methane and emissions reduction system.

BHE Compression Services’ methane and emissions reduction system is used on its gas compressor package, meeting or exceeding all current EPA methane emissions rules and regulations while providing the same compression capabilities as its industry counterparts. The system reduces combustion emissions and eliminates raw and fugitive methane emissions associated with existing and future gas compressor packages.

BHE Compression Services markets its patented compressor packages under the CleanMachine^® brand. The early CleanMachine units, which have been in field operation since late 2020, have achieved reductions of more than 17% in carbon dioxide equivalent, while methane intensity was reduced by 46%. The CleanMachine compressor is the first-ever midstream equipment certified by TrustWell^TM for responsibly sourced gas.

BHE Compression Services has filed for international protection of its system and continuation applications in the U.S. Patent and Trademark Office to seek rights on additional aspects of its patented CleanMachine system.

About BHE Compression Services

BHE Compression Services is the first large-horsepower fleet with the patented CleanMachine^® technology. BHE Compression Services’ sustainable compression strategy has set them on a course to be the world leader in responsibly sourced gas compression services. BHE Compression Services employs a homogeneous fleet of large-horsepower drivers and Ariel compressor packages with the latest controls and technology to improve integrity, reliability and safety and reduce the impact of operations on the environment.

Media Hotline: 515-242-3022
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BARCELONA, Spain--(BUSINESS WIRE)--Wallbox (NYSE:WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced the appointment of Matthew Tractenberg as vice president, investor relations (IR). Mr. Tractenberg will be responsible for developing and growing relationships across the investment and analyst communities and will be based in the US.

“Having a knowledgeable and experienced investor relations officer is critical as we grow awareness within the investment community,” said Enric Asuncion, CEO of Wallbox. “We are very excited to have Matt join the Wallbox team and expect to benefit from his expertise to help guide and advance our corporate narrative of creating the best smart charging systems in the market to support the global, widespread adoption of EVs.”

“I’m thrilled to be joining Wallbox at such an exciting time in their journey. The company is extremely well positioned to benefit from the rapid changes shaping the EV charging market. I look forward to working with such a capable and passionate team to help share their message and advance their mission,” said Matthew Tractenberg.

Mr. Tractenberg brings to Wallbox more than 20 years of experience as a senior executive in finance and IR roles across public companies and industries including hardware, software, and industrial tech. He is a regular public speaker on corporate strategy, financial market structure, and corporate positioning. He is an IRC charterholder, holds a B.S. in Accountancy, and an MBA specializing in Financial Management & Markets.

About Wallbox Chargers
Wallbox is a global company, dedicated to changing the way the world uses energy in the electric vehicle industry. Wallbox creates smart charging systems that combine innovative technology with outstanding design and manage the communication between vehicle, grid, building and charger. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 80 countries. Founded in 2015, with headquarters in Barcelona, Wallbox’s mission is to facilitate the adoption of electric vehicles today to make more sustainable use of energy tomorrow. The company employs over 700 people in Europe, Asia, and the Americas.

For additional information, please visit www.wallbox.com.

###

Wallbox Public Relations Contact:
Elyce Behrsin
Public Relations
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+34 622 513 358

Wallbox Investor Contact:
Matt Tractenberg
VP, Investor Relations
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+1 404-574-1504

ARLINGTON, Va.--(BUSINESS WIRE)--$AVAV--AeroVironment, Inc. (NASDAQ: AVAV), a global leader in intelligent, multi-domain robotic systems, today reported financial results for its fiscal third quarter ended January 29, 2022.

“The Company continued to face several challenges during the third quarter, particularly in terms of supply chain constraints, the ongoing effects from the federal government’s Continuing Resolution, and a tight labor market,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “However, these issues were anticipated, and we made measurable progress in addressing and mitigating such headwinds going forward. The Company’s results were largely in line with our forecast, although certain work was pushed into the fourth quarter, and we are maintaining our guidance for fiscal year 2022.

“We’re actively taking steps to reduce costs, manage working capital, and increase operational efficiency during this challenging operating environment. This includes partnering with suppliers to improve delivery times, consolidating our facilities footprint, and streamlining our workforce. While such actions, in the near term, negatively impact both margins and working capital, they improve product throughput and overall customer satisfaction while positioning us for future success.

“We’re pleased with our solid backlog as well as the many opportunities which lie ahead for AeroVironment. Our focus on winning the US Army’s Future Tactical UAS – FTUAS – Increment 1 serves as the proving ground for our Medium UAS systems which, if all goes well, could lead to significant contracts in the quarters to come. Given this opportunity, and expanding demand from overseas customers, I believe the Company is on the right path for better results in fiscal 2023 – including increased margins, stronger organic growth, and higher cash flow. We’re investing in leading-edge technologies that will provide for years of solid performance and the returns our investors have come to expect.”

FISCAL 2022 THIRD QUARTER RESULTS

Revenue for the third quarter of fiscal 2022 was $90.1 million, an increase of 14% from the third quarter of fiscal 2021 revenue of $78.8 million. The increase in revenue reflects higher service revenue of $27.1 million, partially offset by a decrease in product sales of $15.7 million. The increase in revenue was primarily due to revenue from the Medium Unmanned Aircraft Systems (“MUAS”) segment of $21.2 million and the Unmanned Ground Vehicles product line of $9.6 million, as a result of our acquisitions of Arcturus UAV (“Arcturus”) and Telerob GmbH (“Telerob”) in February and May 2021, respectively, and an increase in customer-funded research and development revenue of $7.7 million. These increases were partially offset by a decrease in revenue in the Small Unmanned Aircraft Systems (“Small UAS”) segment of $26.2 million.

Gross margin for the third quarter of fiscal 2022 was $21.4 million, a decrease of 25% from the third quarter of fiscal 2021 gross margin of $28.6 million. The decrease in gross margin reflects lower product margin of $9.3 million, partially offset by higher service margin of $2.1 million. As a percentage of revenue, gross margin decreased to 24% from 36%. Gross margin was negatively impacted by $5.1 million of intangible amortization expense and other related non-cash purchase accounting expenses in the third quarter of fiscal 2022 as compared to $0.6 million in the third quarter of fiscal 2021. With the acquisitions of Arcturus and the Intelligent Systems Group of Progeny Systems Corp. (“ISG”), we experienced a higher proportion of service revenue, which generally has lower gross margins than product sales.

Loss from operations for the third quarter of fiscal 2022 was $14.1 million, an increase of $13.5 million from the third quarter of fiscal 2021 loss from operations of $0.6 million. The increase in loss from operations was primarily the result of a decrease in gross margin of $7.2 million and an increase in selling, general and administrative (“SG&A”) expense of $6.9 million, partially offset by a decrease in research and development (“R&D”) expense of $0.6 million. SG&A expense included acquisition-related expenses and intangible amortization expense of $4.8 million in the third quarter of fiscal 2022 as compared to $3.5 million in the third quarter of fiscal 2021. SG&A expense in the current quarter also included additional headcount and support costs associated with the acquisitions of Arcturus, ISG and Telerob.

Other expense, net, for the third quarter of fiscal 2022 was $1.5 million, as compared to other income, net of $0.1 million for the third quarter of fiscal 2021. The increase in other expense, net was primarily due to higher interest expense of $1.5 million resulting from the term debt issued concurrent with the acquisition of Arcturus.

Benefit from income taxes for the third quarter of fiscal 2022 was $15.4 million, as compared to $0.9 million for the third quarter of fiscal 2021. The increase in benefit from income taxes was primarily due to the decrease in income before income taxes and an increase in certain federal income tax credits.

Equity method investment income, net of tax, for the third quarter of fiscal 2022 was $0.2 million, as compared to equity method investment loss, net of tax of $0.1 million for the third quarter of fiscal 2021.

Net income attributable to AeroVironment for the third quarter of fiscal 2022 was $10 thousand, or $0 per diluted share, as compared to $0.2 million, or $0.01 per diluted share, for the third quarter of fiscal 2021.

Non-GAAP earnings per diluted share was $0.32 for the third quarter of fiscal 2022, as compared to $0.14 for the third quarter of fiscal 2021.

BACKLOG

As of January 29, 2022, funded backlog (remaining performance obligations under firm orders for which funding is currently appropriated to us under a customer contract) was $226.3 million, as compared to $211.8 million as of April 30, 2021.

FISCAL 2022 — REVISED OUTLOOK FOR THE FULL YEAR (UNCHANGED)

For the fiscal year 2022, the Company continues to expect revenue of between $440 million and $460 million, net loss of between $12 million and $8 million, Non-GAAP adjusted EBITDA of between $59 million and $65 million, loss per diluted share of between $(0.47) and $(0.33) and non-GAAP earnings per diluted share, which excludes litigation settlement expenses, acquisition-related expenses and amortization of intangible assets, of between $1.23 and $1.37.

The foregoing estimates are forward-looking and reflect management’s view of current and future market conditions, subject to certain risks and uncertainties, and including certain assumptions with respect to our ability to efficiently and on a timely basis integrate our acquisitions, obtain and retain government contracts, changes in the timing and/or amount of government spending, changes in the demand for our products and services, activities of competitors, changes in the regulatory environment, and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates.

CONFERENCE CALL AND PRESENTATION

In conjunction with this release, AeroVironment, Inc. will host a conference call today, Thursday, March 3, 2022, at 4:30 pm Eastern Time that will be webcast live. Wahid Nawabi, chairman, president and chief executive officer, Kevin P. McDonnell, chief financial officer and Jonah Teeter-Balin, senior director corporate development and investor relations, will host the call.

Investors may dial into the call by using the following telephone numbers, (877) 561-2749 (U.S.) or (678) 809-1029 (international) and providing the conference ID 9080614 five to ten minutes prior to the start time to allow for registration.

Investors with Internet access may listen to the live audio webcast via the Investor Relations page of the AeroVironment, Inc. website, http://investor.avinc.com. Please allow 15 minutes prior to the call to download and install any necessary audio software.

A supplementary investor presentation for the second quarter fiscal 2022 can be accessed at https://investor.avinc.com/events-and-presentations.

Audio Replay

An audio replay of the event will be archived on the Investor Relations section of the Company's website at http://investor.avinc.com.

ABOUT AEROVIRONMENT, INC.

AeroVironment (NASDAQ: AVAV) provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can Proceed with Certainty. Headquartered in Virginia, AeroVironment is a global leader in intelligent, multi-domain robotic systems, and serves defense, government and commercial customers. For more information, visit www.avinc.com.

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,” “plan,” or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements.

Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the impact of our recent acquisitions of Arcturus UAV, Telerob and ISG and our ability to successfully integrate them into our operations; the risk that disruptions will occur from the transactions that will harm our business; any disruptions or threatened disruptions to our relationships with our distributors, suppliers, customers and employees, including shortages in components for our products; the ability to timely and sufficiently integrate international operations into our ongoing business and compliance programs; reliance on sales to the U.S. government and related to our development of HAPS UAS; availability of U.S. government funding for defense procurement and R&D programs; changes in the timing and/or amount of government spending; our ability to perform under existing contracts and obtain new contracts; risks related to our international business, including compliance with export control laws; potential need for changes in our long-term strategy in response to future developments; the extensive regulatory requirements governing our contracts with the U.S. government and international customers; the consequences to our financial position, business and reputation that could result from failing to comply with such regulatory requirements; unexpected technical and marketing difficulties inherent in major research and product development efforts; the impact of potential security and cyber threats; changes in the supply and/or demand and/or prices for our products and services; the activities of competitors and increased competition; failure of the markets in which we operate to grow; uncertainty in the customer adoption rate of commercial use unmanned aircraft systems; failure to remain a market innovator, to create new market opportunities or to expand into new markets; changes in significant operating expenses, including components and raw materials; failure to develop new products or integrate new technology into current products; risk of litigation; product liability, infringement and other claims; changes in the regulatory environment; the impact of the outbreak related to the strain of coronavirus known as COVID-19 on our business; our ability to comply with the covenants in our loan documents; our ability to attract and retain skilled employees; the impact of inflation; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

NON-GAAP MEASURES

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. See in the financial tables below the calculation of these measures, the reasons why we believe these measures provide useful information to investors, and a reconciliation of these measures to the most directly comparable GAAP measures.

Jonah Teeter-Balin
+1 (805) 520-8350 x4278
https://investor.avinc.com/contact-us

TORONTO--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (“Li-Cycle” or the “Company”) (NYSE: LICY), today announced that it plans to release its first quarter 2022 financial results (for the period ended January 31, 2022) prior to market open on Thursday, March 17, 2022. Management will review the results during a conference call and audio-only webcast at 8:30 a.m. (Eastern Time) on the same day.

Investors may listen to the conference call live via audio-only webcast or through the following dial-in numbers:

A replay of the conference call/webcast will also be made available on the Investor Relations section of the Company’s website at https://investors.li-cycle.com.

About Li-Cycle Holdings Corp.

Li-Cycle (NYSE: LICY) is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.

Investor Relations
Nahla A. Azmy
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Press
Sarah Miller
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Company’s first CRO brings proven cybersecurity and growth experience following year of record momentum for Dragos and the Industrial Cybersecurity market

HANOVER, Md.--(BUSINESS WIRE)--Dragos Inc., the global leader in cybersecurity for industrial controls systems (ICS)/operational technology (OT) environments, today announced it has named Christophe Culine as the company’s first Chief Revenue Officer (CRO).

Culine is a proven strategic and operational leader known for building high-performance sales, marketing, professional services, and technical support teams that drive accelerated and consistent growth across geographies. He brings more than two decades of experience leading early to mid-stage companies from ARR and revenue of $10 to $20 million to more than $300 million. As CRO, Culine will be responsible for developing and managing strategies that further accelerate Dragos’s market leadership position and grow and scale global revenue.

“Christophe brings an incredible amount of expertise to Dragos as a successful sales leader and CRO for numerous high-growth organizations, ranging from startups to public companies,” said Robert M. Lee, Chief Executive Officer and Co-Founder, Dragos, Inc. “His experience building world-class sales and support teams and his relentless focus on customers will help us accelerate our North American efforts while increasing our focus on international expansion and growing our channel partnerships. Christophe is a proven executive leader and a data-driven CRO who will help us deliver on our commitments to our customers and community.”

Prior to joining Dragos, Culine served as President and CRO of RiskIQ, where he led the sales, support and professional services teams and guided the company through the signature of a definitive agreement to merge with Microsoft. He also served in head of sales and CRO roles at Qualys, Fortinet, and Venafi, a company that was acquired by Thomas Bravo for $1.15 billion.

“Dragos is the definitive leader in the exploding industrial cybersecurity market and I am eager for the opportunity to continue to build and scale a company with global presence, and be part of the mission to safeguard infrastructure and civilization around the world,” said Culine. “Dragos’s incredibly impressive leadership team, its mission-driven culture, and passionate customer base and community are the hallmarks of companies that build lasting markets that make global impacts.”

This executive hire follows a remarkable year for Dragos, coming off a record-breaking $200 million Series D round of funding at a valuation of $1.7 billion that established Dragos as the highest valued industrial cybersecurity company in the world and reinforced its position as industry leader in the rapidly-growing ICS/OT cybersecurity category.

Dragos expanded its worldwide business operations within the United Kingdom, Australia, New Zealand, and within the Gulf Cooperation Council including The Kingdom of Saudi Arabia and the United Arab Emirates with plans to open an office in Dubai in March of 2022. This expansion has brought industrial cybersecurity technology and services to customers in these growth markets, as well as ICS/OT training and skills development to these regions.

Dragos also entered into a number of key technology alliances and partnerships throughout the year aimed to provide customers with best-in-class integrated IT/OT solutions:

• Dragos announced NSA and CISA joined Neighborhood Keeper as Trusted Advisors to bring ICS/OT collective defense and visibility to U.S. critical infrastructure. Previously announced Neighborhood Keeper collaborations included a joint initiative with the North American Electric Reliability Corporation‘s (NERC) Electricity Information Sharing and Analysis Center (E-ISAC), the Oil and Natural Gas Information Sharing and Analysis Center (ONG-ISAC), and the Downstream Natural Gas Information Sharing and Analysis Center (DNG-ISAC).
• Dragos announced a technology partnership and integration with ServiceNow, enabling joint customers to expand the visibility of ICS/OT assets in support of manufacturing companies undertaking digital transformation initiatives.
• Dragos and IronNet launched a joint initiative designed to help ensure the security of the nation’s critical infrastructure through a “collective defense” approach to industrial cybersecurity by integrating IronNet’s IronDome with Dragos’s Neighborhood Keeper.
• Dragos joined the IBM Security App Exchange community with the launch of the Dragos QRadar Device Support Module, a new technology integration that provides organizations with a unified view of threats and events across converged IT and OT environments.

Additional company achievements and recognitions in 2021 include:

• Founding sponsor of The Smart Factory @ Wichita, a new Industry 4.0 immersive experience center by Deloitte.
• Ranked 45 on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America.
• Launched Dragos Academy, a new comprehensive educational and training program available to Dragos customers and partners aimed to strengthen practitioners’ overall ICS/OT cybersecurity skills and help them fully operationalize and accelerate the time-to-value of the Dragos Platform.

About Dragos, Inc

Dragos has a global mission: to safeguard civilization from those trying to disrupt the industrial infrastructure we depend on every day. The practitioners who founded Dragos were drawn to this mission through decades of government and private sector experience.

Dragos codifies the knowledge of our cybersecurity experts into an integrated software platform that provides customers critical visibility into ICS and OT networks so that threats are identified and can be addressed before they become significant events. Our solutions protect organizations across a range of industries, including power and water utilities, energy, and manufacturing, and are optimized for emerging applications like the Industrial Internet of Things (IIOT).

Dragos is privately held and headquartered in the Baltimore-Washington, DC area with regional presence around the world, including Canada, Australia, New Zealand, Europe, and the Middle East.

Kesselring Communications for Dragos
Leslie Kesselring, 503-358-1012
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DUBLIN--(BUSINESS WIRE)--The "Gas Engines Market by Fuel Type (Natural Gas, Special Gas), Application (Power Generation, Cogeneration, Mechanical Drive), Power Output (0.5-1 MW, 1-2 MW, 2-5 MW, 5-15 MW, & Above 15 MW), End-User Industry, and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The gas engines market is projected to reach USD 5.8 billion by 2027 from an estimated USD 4.8 billion in 2022, at a CAGR of 4.1% during the forecast period.

The global gas engines market is driven by the rising demand for clean and efficient power generation technology, increase in the use of distributed power generation systems, and stricter emission regulations. The increasing inclination towards gas-fired power plants, and adoption of natural gas as a transition fuel are expected to offer lucrative opportunities for the gas engines market during the forecast period.

The natural gas segment, by fuel type, is expected to be the largest market from 2022 to 2027

The fuel type segment is categorized into natural gas, special gas, and others. The natural gas segment held the largest share of the gas engines market. Natural gas is most used in gas engines for electricity generation as it burns cleaner and has low carbon emission compared to other types of fuels. It also emits low nitrogen oxide, sulfur dioxide, and particulate matter. The US, Russia, the UK, France, Germany, China and Canada are strengthening their natural gas distribution networks, which is expected to create a demand for gas engines. Utilities are the largest end users of natural gas-fueled engines, which use them for power generation. The other major applications of natural gas engines include industrial and commercial cogeneration and mechanical drive. The expected in price of natural gas price and improving gas distribution network may drive the growth of the natural gas segment of the gas engines market.

The above 15 MW segment, by power output, is expected to be the largest market from 2022 to 2027

The above 15 MW segment held the largest market share of the gas engines market in 2021. The above 15 MW gas engines are mainly used for baseload power generation applications. These engines are used by utilities as a power plant to feed the grid and are primarily implemented in island-type configurations to supplement major power plants. The slumping and fluctuating natural gas prices, availability of renewable fuel sources, and improved gas distribution network are expected to drive the growth of the above 15 MW segment during the forecast period.

Asia Pacific: The largest region in the gas engines market

Asia Pacific is expected to dominate the global gas engines market between 2022-2027. The growth of the regional market is driven by the increasing demand for efficient and clean power generation technologies, and the replacement of aging power generation infrastructure and conversion of coal-based power plants to gas based ones. Asia Pacific is experiencing rapid economic growth, and to meet its energy demand while adhering to decarbonization plans, it is witnessing a spike in investments in hydrogen as well as other cleaner fuels for power generation.

Market Dynamics

Drivers

• Rising Demand for Clean and Efficient Power Generation Technology
• Increase in the Use of Distributed Power Generation Systems
• Stricter Emission Regulations

Restraints

• Geopolitical Instability Affecting the Supply and Pricing of Natural Gas
• Price Variations Across Regional Markets

Opportunities

• Inclination Towards Gas-Fired Power Plants
• Adoption of Natural Gas as a Transition Fuel

Challenges

• Infrastructural Shortcomings
• Limited Natural Gas Reserves

Companies Mentioned

• Baudouin
• Caterpillar
• Cnpc Jichai Power Complex
• Cummins
• Fairbanks Morse
• Googol Engine Tech
• Hyundai Heavy Industries Co. Ltd.
• IHI Power Systems
• Innio
• JFE Engineering Corporation
• Jinan Lvneng Power Machinery Equipment Co. Ltd
• Kawasaki Heavy Industries, Ltd.
• Liebherr
• Mitsubishi Heavy Industries, Ltd.
• Ningbo C.S.I Power & Machinery Group Co. Ltd.
• R Schmitt Enertec
• Rolls-Royce Holdings
• Siemens Energy
• Volkswagen (Man Energy Solutions)
• Wartsila

For more information about this report visit https://www.researchandmarkets.com/r/ez501u

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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WHITE PLAINS, N.Y.--(BUSINESS WIRE)--March 3, 2022-- ITT Inc. (NYSE: ITT) today announced that Chief Executive Officer and President Luca Savi and Chief Financial Officer Emmanuel Caprais will present at the Bank of America Global Industrials Conference 2022 in London on Wednesday, March 16, 2022, from 7:25 a.m. – 8:05 a.m. ET (11:25 a.m. – 12:05 p.m. local time).

A real-time audio webcast of the presentation can be accessed at http://www.itt.com/investors, where related materials will be posted prior to the presentation. A replay of the presentation will be available for 30 days.

About ITT

ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. ITT is headquartered in White Plains, N.Y., with employees in more than 35 countries and sales in approximately 125 countries. For more information, visit www.itt.com.

Media:
Kellie Harris
+1 914-641-2103
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Investors:
Mark Macaluso
+1 914-641-2064
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BOCA RATON, Fla.--(BUSINESS WIRE)--Bluegreen Vacations Holding Corporation (NYSE: BVH) (OTCQX: BVHBB) (the “Company" or “Bluegreen”) reported today its financial results for the quarter and full year ended December 31, 2021. The Company is a leading vacation ownership company that markets and sells vacation ownership interests (“VOIs”) and manages resorts in popular leisure and urban destinations.

Key Highlights for the Quarter Ended December 31, 2021:

• Net income attributable to shareholders of $13.1 million.
• Earnings Per Share (“EPS”) from continuing operations of $0.59.
• Total revenues of $203.0 million compared to $151.2 million in the fourth quarter of 2020 and $183.9 million in the fourth quarter of 2019.
• System-wide sales of VOIs of $166.6 million compared to $112.2 million in the fourth quarter of 2020 and $155.5 million in the fourth quarter of 2019.
• Vacation packages sold of 53,721 compared to 43,631 in the fourth quarter of 2020 and 54,886 in the fourth quarter of 2019.
• Vacation packages outstanding of 187,244 compared to 121,915 as of December 31, 2020 and 169,294 as of December 31, 2019.
• Adjusted EBITDA of $31.0 million. ⁽¹⁾
• The Company repurchased approximately 194,000 shares of its Common Stock for approximately $6.4 million.

Key Highlights for the Year Ended December 31, 2021:

• Net income attributable to shareholders of $58.7 million.
• EPS from continuing operations of $2.79.
• Total revenues of $757.1 million compared to $519.5 million in the year ended December 31, 2020 and $737.8 million in the year ended December 31, 2019.
• System-wide sales of VOIs of $617.6 million compared to $367.0 million in the year ended December 31, 2020 and $619.1 million in the year ended December 31, 2019.
• Vacation packages sold of 211,364 compared to 131,963 in the year ended December 31, 2020 and 205,108 in the year ended December 31, 2019.
• Adjusted EBITDA of $122.0 million.⁽¹⁾
• Free cash flow of $63.4 million. ⁽²⁾
• The Company repurchased approximately 1.2 million shares of its Common Stock for an aggregate purchase price of approximately $27.3 million.

Alan B. Levan, Chairman and Chief Executive Officer of the Company, commented, “We are very pleased with Bluegreen’s results for the fourth quarter of 2021, which we believe reflect the continued success of our Bluegreen Renewal Program. The Program is part of our Company wide effort to revitalize sales, revenue growth and efficiency which resulted in an all-time record of system-wide sales of VOIs during the fourth quarter. System-wide sales grew 7% during the fourth quarter of 2021 compared to the fourth quarter of 2019 and 48% compared to the fourth quarter of 2020 when Bluegreen’s results were significantly adversely impacted by the COVID-19 pandemic. The record performance during the fourth quarter of 2021 was driven by increased guest tours and a higher sales volume per guest. We are also pleased to note that Bluegreen’s sales to new customers during the fourth quarter of 2021 represented 48% of system-wide sales of VOIs, an improvement in sales mix which we believe will support net owner growth in the future.”

“Bluegreen’s marketing to new customers generally begins with the sale of a vacation package to a prospect. We sold 53,721 vacation packages in the fourth quarter of 2021, compared to 43,631 in the fourth quarter of 2020 and 54,886 in the fourth quarter of 2019. We believe the slight decrease in vacation packages sold as compared to the fourth quarter of 2019 reflects the termination during 2020 of certain unprofitable programs as well as a challenging labor market, which impacted staffing levels at our kiosks.”

“We are very happy to see our owners’ continued enthusiasm for using the Bluegreen Vacation Club, as we experienced an overall occupancy rate during the fourth quarter of 2021 of approximately 81% at resorts with sales centers, an increase from the 70% occupancy we experienced in the fourth quarter of 2020 during the pandemic. The demand for resort stays by Bluegreen Vacation Club owners has been strong and we believe our core strategy of primarily offering a ‘drive-to’ network of resorts will continue to serve as a growth driver.”

“Our Resort Operations and Club Management segment continues to perform well, generating $20.0 million of Segment Adjusted EBITDA in the fourth quarter of 2021 as compared to $16.0 million in the fourth quarter of 2020 and $14.9 million in the fourth quarter of 2019. This 34% increase as compared to the fourth quarter of 2019 was driven by both a 12% increase in segment revenue and a 3% decrease in segment expense (included in Segment Adjusted EBITDA). We expect that this segment will continue to produce recurring EBITDA and free cash flow for us.”

“We generated net income from continuing operations attributable to shareholders of $13.1 million and $31.0 million of Adjusted EBITDA attributable to shareholders during the fourth quarter of 2021. While we are excited by our fourth quarter results and believe we are well positioned for continued progress towards our goals in 2022, we continue to monitor the status of COVID-19, including cases in the markets where we operate. In addition, labor availability has been a challenge in certain of our markets and we cannot predict the duration or severity of the impact of the pandemic and labor conditions on our operations in the future. However, our team remains focused on these challenges while we continue to strive to improve our operations,” Mr. Levan concluded.

Due to the volatility of results reflecting the varying impact of the COVID-19 pandemic during the periods, the Company has provided information for the fourth quarters of, and years ended, December 31, 2021, 2020 and 2019.

Financial Results

Adjusted EBITDA was $30.1 million for the quarter ended December 31, 2021, including $31.6 million generated by the Sales of VOIs and Financing Segment and $20.0 million produced by the Resort Operations and Club Management segment, partially offset by $20.6 million of corporate overhead and other expenses and $3.0 million of Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations LLC, Bluegreen’s 51%-owned subsidiary. Please see the discussion of Segment Results below for further information.

Adjusted EBITDA was $122.0 million for the year ended December 31, 2021, including $138.1 million generated by the Sales of VOIs and Financing Segment and $78.9 million produced by the Resort Operations and Club Management segment, partially offset by $79.7 million of corporate overhead and other expenses and $13.4 million of Adjusted EBITDA attributable to the non-controlling interest in Bluegreen/Big Cedar Vacations LLC. Please see discussion of Segment Results below for further information.

Segment Results

(dollars in millions, except per guest and per transaction amounts)

System-wide sales of VOIs were $166.6 million and $112.2 million during the three months ended December 31, 2021 and 2020, respectively, and $617.6 million and $367.0 million during the years ended December 31, 2021 and 2020, respectively. Further, system-wide sales of VOIs for the fourth quarter of 2021 were 7% higher than system-wide sales of VOIs for the fourth quarter of 2019, the most recent fourth quarter prior to the COVID-19 pandemic. System-wide sales of VOIs are driven by the number of guests attending a timeshare sale presentation (a “guest tour”) and our ability to convert such guest tours into purchases of VOIs. The number of guest tours is driven by a combination of the number of existing owner guests Bluegreen has staying at a resort with a sales center and the number of new guests who agree to attend a sale presentation. System-wide sales of VOIs during the quarter and year ended December 31, 2020 were negatively impacted by Bluegreen’s temporary closure of its VOI sales centers and marketing operations from the last week of March 2020 through May 2020 in response to the COVID-19 pandemic. The number of guest tours was 2% higher and sales volume per guest or VPG, was 8% higher in the fourth quarter of 2021 as compared to the fourth quarter of 2019, which we believe reflects the success of the Bluegreen Renewal initiative.

Fee-based Sales Commission Revenue

Fee-based sales commission revenue was $31.4 million during the fourth quarter of 2021, which represented approximately 67% of fee-based VOI sales during the quarter. Fee-based VOI sales represented 28% of system-wide sales of VOIs during the quarter.

Fee-based sales commission revenue was $128.3 million during the year ended December 31, 2021, which represented approximately 67% of fee-based VOI sales for the year. Fee-based VOI sales represented 31% of system-wide sales of VOIs during the year ended December 31, 2021. Fee-based VOI sales are expected to be between 25%-27% of system-wide sales of VOIs for 2022.

Cost of VOIs Sold

In the fourth quarter of 2021, Cost of VOIs sold represented 10% of sales of VOIs compared to 8% in the fourth quarter of 2020. Cost of VOIs sold as a percentage of sales of VOIs varies between periods based on the relative costs of the specific VOIs sold in each period and the size of the point packages of the VOIs sold. The Cost of VOIs sold as a percentage of sales of VOIs increased during the quarter ended December 31, 2021, as compared to the fourth quarter of 2020, primarily due to the sale of relatively higher cost VOIs partially offset by increased secondary market inventory purchases.

Cost of VOIs sold represented 8% during both of the years ended December 31, 2021 and 2020. Cost of VOIs sold is expected to be between 10%-12% for 2022.