CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--CVD Equipment Corporation (NASDAQ: CVV), a leading provider of chemical vapor deposition systems and materials, today announced it closed on the sale of its facility located at 555 North Research Place, Central Islip, New York (“555 Building”) for the purchase price of $24,360,000. The Company previously announced it had entered into a contract of sale in March 2021.

Thomas McNeill, Executive Vice President & Chief Financial Officer, said “We are pleased to announce the closing of the sale of the 555 Building on July 26, 2021. Simultaneous with the sale, we satisfied our outstanding mortgage debt, including interest and fees, on the 555 Building in the amount of $9,352,719, as well as costs related to the closing of the transaction, which resulted in net proceeds to the Company of approximately $14.0 million. Further, we have entered into a new IDA agreement with the Town of Islip concerning our remaining facility at 355 South Technology Drive in Central Islip (“355 Building”), which includes, among other things, real estate and sales tax abatements incentives.”

Emmanuel Lakios, President and Chief Executive Officer said, “In January 2021 we determined that the 555 Building was not required for present and any foreseen business operations. The sale was a key step in our business strategy by converting brick and mortar to working capital. The working capital will be used for the Company’s sustainability, and future growth. The business operations previously located in the 555 Building have been consolidated into the 355 Building and for the Tantaline group into our Denmark facility during the first half of 2021.”

About CVD Equipment Corporation

CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, gas control, and other state-of-the-art equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. This equipment is used by its customers to research, design, and manufacture these materials or coatings for aerospace engine components, medical implants, semiconductors, solar cells, smart glass, carbon nanotubes, nanowires, LEDs, MEMS, and other applications. Through its application laboratory, the Company provides process development support and process startup assistance with the focus on enabling tomorrow’s technologies™. It’s wholly owned subsidiary CVD Materials Corporation provides advanced materials and metal surface treatments and coatings to serve demanding applications in the electronic, biomedical, petroleum, pharmaceutical, and many other industrial markets.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by CVD Equipment Corporation) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as “forward-looking statements, “as such term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, market and business conditions, the COVID-19 pandemic, the success of CVD Equipment Corporation’s growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of, or failure to receive orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements. Past performance in not a guaranty of future results.

Thomas McNeill
Phone: (631) 981-7081
Fax: (631) 981-7095
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 Pre-tax NPV of C$314M with 28.3% IRR at US$916/t Cg; after-tax NPV of 186M with 21.5% IRR

MONTREAL--(BUSINESS WIRE)--$ALB #BEV--Lomiko Metals Inc. (Lomiko) ((TSX-V: LMR, OTC: LMRMF, FSE: DH8C)) ("Lomiko Metals Inc or “Lomiko" or the "Corporation") is pleased to announce positive results from the Preliminary Economic Assessment (“PEA”) on its 100 percent-owned La Loutre Project in south-eastern Quebec. The PEA was completed by Ausenco Engineering Canada Inc. (“Ausenco”) in accordance with National Instrument 43-101 (“NI 43-101”). Lomiko now aims to initiate a Preliminary Feasibility Study (PFS) to advance its La Loutre Project towards production as part of a staged development strategy while continuing its aggressive drilling programs to maximize value creation.

Highlights of the PEA (all figures are stated in Canadian dollars unless otherwise stated):

• Long-term Weighted-Average¹ Graphite Price US$916/t Cg conc. (graphitic carbon concentrate)
• Exchange rate: C$1.00 = US$0.75
• Pre-tax NPV (8%) of C$313.6M
• After-tax NPV (8%) of C$185.6M
• Pre-tax IRR of 28.3%
• After-tax IRR of 21.5%
• Pre-tax payback period of 3.3 years
• After-tax payback period 4.2 years
• Initial capital of (“CAPEX”) of C$236.1M including mine pre-production, processing, infrastructure (roads, power line construction, co-disposal tailings facility, ancillary buildings, and water management)
• Life of mine processing period (“LOM”) of 14.7 years
• Average LOM strip ratio (Waste:Mineralization) of 4.04:1
• LOM plant production of 21,874 Kilotons (kt=1,000 metric tonnes) of mill feed yielding 1,436 kt of graphite concentrate grading 95.0% Cg.
• Average annual graphite concentrate production of 108 kt for the first eight years; LOM average annual production of 97.4 kt.
• Average graphite mill head grade of 7.44% Cg for the first eight years; LOM average graphite mill head grade of 6.67% Cg.
• Average LOM recovery of 93.5% Cg.
• Measured + Indicated resource at the base case cut-off grade of 1.5% Cg of 23,165 kt at a 4.51% Cg grade for 1.04 Mt of graphite.
• Inferred resource at the base case cut-off grade of 1.5% Cg of 46,821 kt at a 4.01% Cg grade for 1.9Mt of graphite.
• Cash Cost of US$386 per tonne of graphite concentrate
• All-in Sustaining Cost (“AISC”) of US$406 per tonne of graphite concentrate

The Lomiko team is pleased to present the results of a PEA on its La Loutre Project, clearly demonstrating its potential for the Corporation to become a major North American graphite producer, with a positive after-tax Internal Rate of Return (“IRR”) of 21.5% and after-tax Net Present Value (“NPV”) of C$186M. The PEA supports an open pit project with production spanning 14.7 years with robust economics at a US$916/tonne Cg sale price, with very attractive cash costs and AISC, low CAPEX and low capital intensity. The first eight years will target production averaging 108 kt/a payable graphite concentrate peaking at 112 kt/a in year 4.

“La Loutre has shown it has the potential to become a highly profitable graphite mine in one of the most prolific producing regions in Canada. The La Loutre PEA was produced by the Ausenco team, one of the most experienced and reputable engineering firms working on mining projects in Canada. With further drill programs, we will continue to add to and upgrade resources as we seek to move the project forward towards production,” said A Paul Gill, President, CEO and director, Lomiko.

The La Loutre Project PEA indicates the property has the geological potential to extend the mine life beyond the initial 14.7 years presented in the PEA as well as the opportunity to expand the scale of production by increasing the mineral resource through ongoing exploration and drilling. The Company’s goal is for La Loutre to be a cornerstone mine for its future growth in a mining friendly jurisdiction. With a strong treasury to support their next steps, the Company plans to commence a Preliminary Feasibility Study (PFS) and Environmental Impact Studies while continuing to explore the geological potential of its La Loutre property.

“The development of Canada-USA and Canada-EU critical minerals collaboration agreements gives access for graphite products in these markets. There is a focus on projects with environmental, social and governance (ESG) acceptability which Lomiko has also adopted. The strict criteria for the report should result in competitively-priced graphite for customers in the North America and European markets. These recent agreements between Canada and the USA and Canada and Europe have identified graphite as a critical element that will be part of a new supply chain. Lomiko is ready to maximize La Loutre’s value by advancing the studies to further refine and de-risk the project,” added Gill.

Lomiko looks forward to working with its partners in the MRC of Papineau region including the Lac-des-Plages and the Duhamel municipalities, as well as the surrounding First Nations communities. We will also continue to work closely with the Quebec and Federal governments to advance the La Loutre Project.

Overview

Ausenco was appointed as lead PEA consultant on February 22, 2021, in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). Ausenco is the lead consultant responsible for the overall development of the PEA, including the processing, major infrastructure, hydrogeology, hydrology, environmental, co-disposal of mine waste rock and mill tailings, mining and economic assessment. Ausenco’s specialist ESG group Hemmera Envirochem Inc., provided environmental support and Moose Mountain Technical Services was responsible for the resource estimate and mine design. Metpro Management Inc. (Metpro) was responsible for metallurgy.

The La Loutre Project is located in the Nominingue-Chénéville Deformation Zone in Quebec. The Property consists of one large contiguous block of 42 mineral claims totaling 2,508.97 hectares (25.09 km²) and is located approximately 117 km northwest of Montréal in southern Québec, 230 km southwest of the Nouveau Monde Matawinie Project and 100 km southeast of the Imerys Graphite & Carbon Lac-des-îles mine.

Financial Analysis

The economic analysis was performed assuming an 8% discount rate. This analysis shows a projected pre-tax NPV 8% of $313.6M, internal rate of return IRR is 28.3% and payback period of 3.3 years. On an after-tax basis, an NPV 8% of $186M, IRR of 21.5% and payback period of 4.2 years is expected. A summary of the project economics is listed in (Table 1).

The size distribution as noted in Table 1 was derived from the lock cycle testing (LCT) on the Master composite by SGS Canada Inc. Benchmark Mineral Intelligence (Benchmark) provided pricing information based on Mesh Size only. The prices were derived based on Benchmark forecasted graphite prices and is noted in Table 1.

Table 1: Graphite Price Forecast

Description of Economic Valuation

Table 2: Summary of Project Economics

* La Loutre property is subject to a 1.5% NSR of which the company is buying back at 0.5% NSR for $0.5M.

** Cash costs consist of mining costs, processing costs, mine-level G&A, transportation costs and royalties.

*** AISC includes cash costs plus sustaining capital, closure cost and salvage value.

Sensitivity

A sensitivity analysis was conducted on the base case pre-tax and after-tax NPV and IRR of the project, using the following variables: metal price, total capex (initial + sustaining), total operating costs and exchange rate. The tables below provide a summary of the sensitivity analysis.

Table 3: Post-Tax NPV (8%) Sensitivity

Table 4: Post-Tax IRR Sensitivity

Mineral Resource

The mineral resource is estimated from a drill hole database containing 117 drill holes consisting of 15,160 metres of drilling and 8,850 assay intervals.

The total Mineral Resource Estimate (MRE) is summarized in Table 5, with the base case cut-off of 1.5% Graphite highlighted. A Lerchs-Grossman resource pit has been constructed using the 150% pit case based on the prices, offsite costs, metallurgical recovery and graphite prices used for the economic analysis thus confining the resource to a “reasonable prospects of eventual economic extraction” pit shape. The cut-off grade is based on a processing cost of CDN$11.85/tonne, and General and Administrative Costs of CDN$2.37/tonne and a C$1.00 = US$0.75 as summarized in the notes below. A cut-off grade of 1.5% Cg has been used for the base case of the resource estimate, which more than covers the Process and G&A costs.

These mineral resource estimates include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Table 5: Mineral Resource Estimate (effective date May 14, 2021)

Notes to Table 5:

1. Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines.
2. Mineral Resources are reported inclusive of Mineral Reserves.
3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
4. The Mineral Resource has been confined by a “reasonable prospects of eventual economic extraction” pit using the following assumptions: Exchange Rate C$1.00 = US$0.75; Weighted average price of graphite of US$ 916/tonne; 100% payable; Offsite costs including transportation and insurance of CDN$37.42/tonne; a 1.5% NSR royalty; Metallurgical recoveries of 95%.
5. Pit slope angles are 45º below overburden, 20^o in overburden.
6. The specific gravity of the deposit is 2.86 in unmineralized and low-grade zones and 2.78 in high-grade zones (within solids above a 4% Graphite grade).
7. Numbers may not add due to rounding.

The following factors, among others, could affect the Mineral Resource estimate: commodity price and exchange rate assumptions; pit slope angles; assumptions used in generating the Lerchs–Grossmann (LG) pit shell, including metal recoveries, and mining and process cost assumptions. The QP is not aware of any environmental, permitting, legal, title, taxation, socioeconomic, marketing, political, or other relevant factors that could materially affect the Mineral Resource Estimate.

Mining

The mine plan includes 21.9 Mt of mill feed and 88.4 Mt of waste over the 14.7-year project life. Mine planning is based on conventional open pit methods suited for the project location and local site requirements. Owner-operated and managed open pit operations are anticipated to begin prior to mill start up, running for 14.7 years to pit exhaustion, with feed from the low-grade stockpile supplementing plant feed over the last two years.

The subset of Mineral Resources contained within the designed open pits, summarized in Table 6 with a 2.5% Cg cut-off, forms the basis of the mine plan and production schedule.

Table 6: PEA Mine Plan Production Summary

Notes:

1. The PEA Mine Plan and Mill Feed estimates are a subset of the May 14, 2021, Mineral Resource estimates and are based on open pit mine engineering and technical information developed at a Scoping level for the La Loutre deposits.
2. The Mineral Resources provided in this table were estimated using current Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Standards on Mineral Resources and Reserves, Definitions and Guidelines
3. Mineral resources that are not mineral reserves have not demonstrated economic viability. Additional trenching and/or drilling will be required to convert Inferred and Indicated Mineral Resources to Measured Mineral Resources. There is no certainty that any part of a mineral resource will ever be converted into reserves
4. Waste:mineralization contact edge dilution of 0.5m at contact block grades is applied to the in situ Mineral Resources. Partial blocks are diluted to whole blocks grades prior to applying cut-off grade. Mining Recovery of 100% of diluted tonnages is assumed.
5. Mineral Resources are stated at a cut-off grade of 2.5 % C(g). Estimates have been rounded and may result in summation differences.

The economic pit limits are determined using Minesight™ Pseudoflow algorithm. La Loutre deposit comprises the Battery (B) zone and the Electric Vehicle (EV) zone. The B zone is planned as two pits, and the EV zone is split into two pits EV North (EVN) and EV South (EVS) with the EVN pit split into two phases. Pit designs are based on 45 degree overall configured on 6 metre bench heights, with 7.8-metre-wide berms placed every two benches with 70 degree face angles. The pit delineated resource for mine scheduling are listed in Table 7 below:

Table 7: PEA Mine Plan Pit Sequencing

Mine development is within the EVN pit for the first four years with development of the BN and BS zones beginning in Year 5. The EVN pit is mined out in Year 8 with backfill from the EVS, BN and BS pits beginning in Year 9 and final reclamation of the waste and co-disposal site.

The mill will be fed with material from the pits at an average rate of 1.5 Mtpa (4.1ktpd). Cut-off grade optimization is employed during the first 8 years, in a low-grade stockpile adjacent to the EVS pit entrances and is planned for reclamation to the mill in the last two years of the mine life. Overburden will be placed in a stockpile directly north of the EVS pit. A single waste rock and co-disposal site is located adjacent to the EV pits and will be reclaimed during the LOM. The majority of the Battery pit waste will be backfilled into the EVN pit as a co-disposal site.

Mining operations will be based on 365 operating days per year with two 12-hour shifts per day.

The mining fleet is based on diesel-powered drills with 140mm bit size for production drilling and grade control drilling, 4.5 m³ bucket size diesel hydraulic excavators and 7 m³ bucket sized wheel loaders for production loading, and 60 t payload rigid-frame haul trucks production hauling, plus ancillary and service equipment to support the mining operations. In-pit dewatering systems will be established for each pit. All surface water and precipitation in the pits will be handled by submersible pumps.

Maintenance on mine equipment will be performed in the field with major repairs to mobile equipment in the shops located near the plant facilities.

Milling and Processing

The La Loutre Process Plant employs standard flotation technology to produce a graphite concentrate. The plant includes crushing, grinding, classification, flotation, tailings thickening and filtration, graphite concentrate filtration, drying and screening and separation into the product sizes. Graphite concentrate is loaded into 1 tonne bags for shipment and sale.

The plant is expected to treat 1.5 Mt of feed per year at an average throughput of 4,100 t/d. The mill design availability is 8,147 hours per year or 93%, with an operating throughput of 184 t/h.

The plant has been designed to realize an average recovery of 93.5% of the graphite at a concentrate grade of 95% Cg over the life of the project based on metallurgical test work completed by SGS Lakefield in 2021. Graphite product split is estimated to be 32% plus 80 mesh (177 microns) and 68% less than 80 mesh (177 microns).

Mill tailings storage capacity has been identified to safely accommodate the life of mine production as described in this PEA. Mill tailings produced will be comingled or co-disposed with 50% of the mine waste rock in the central and southern portion and the balance of the waste rock will be stored predominantly in the northern section until after Year 9 of the operation in a co-disposal facility constructed northwest of the process plant.

The Co-Disposal Storage Facility perimeter containment berms will be constructed with waste rock from open pit mine development and will utilize downstream construction method to ensure safe tailings storage over the long-term. Run-off water and seepage from the Co-Disposal Storage Facility will be collected in an adjacent Water Management Ponds. Tailings production after Year 9 will be placed in the mined out EVN pit.

Capital and Operating Costs

The total pre-production capital cost for the La Loutre Project is estimated to be $236.1M including allowances for indirect costs and contingency of $41.4M and $36.1M respectively. Sustaining capital costs are estimated at $37.7M as shown in Table 8. Operating costs are estimated at $30.43 per tonne milled as per Table 9.

Table 8: Total Capital Costs

Table 9: Total Operating Costs

Graphite Production

Projected graphite concentrate production averages 97.4 kt/a per year over the 14.7 year LOM, peaking at 112kt in year 4.

Next Steps

The results of the PEA indicate that the proposed Project has technical and financial merit using the base case assumptions. It has also identified additional field work, metallurgical test work, trade-off studies and analysis required to support more advanced mining studies. The QPs consider the PEA results sufficiently reliable and recommend that the La Loutre Project be advanced to the next stage of development through the initiation of a PFS and working towards completion of an Environmental Impact Study for the Project while continuing to explore the geological potential of the La Loutre property.

PEA Details

The independent PEA was prepared by Ausenco and MMTS. These firms provided mineral resource estimates, design parameter and cost estimates for mine operations, process facilities, major equipment selection, waste and tailings storage, reclamation, permitting, and operating and capital expenditures. Table 10 summarizes the contributors and their area of responsibility.

Table 10: Consulting Firm and Area of Responsibility

Qualified Person

All technical information, not pertaining to the PEA, in this news release has been reviewed and approved by Mike Petrina, P.Eng., who is a "qualified person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").

The PEA has been prepared by Ausenco. The contributors to the report are Qualified Persons (“QP”) under National Instrument 43-101 and are independent of Lomiko for the purposes of the NI 43-101. The technical content of the PEA and this press release has been reviewed and approved by:

Tommaso Roberto Raponi, P.Eng (PEO), Process and Infrastructure
Mohammed (Ali) A. Hooshiar Fard, P.Eng (EGBC), Tailings and Water Management
Greg Trout, P.Eng (APEGA), Mining
Sue Bird, P.Eng (EGBC), Resource Estimate
Scott Weston, P.Geo (EGBC), Environment
Oliver Peters, P.Eng (PEO), Metallurgical Testwork

Non-IFRS Financial Measures

The Company has included certain non-IFRS financial measures in this news release, such as Initial Capital Cost, Cash Operating Costs, Total Cash Cost, All-In Sustaining Cost, Expansion Capital and Capital Intensity, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS.

A. Paul Gill
604-729-5312
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KANSAS CITY, Mo.--(BUSINESS WIRE)--CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) ("CorEnergy" or the "Company") announced today that its Board of Directors declared a second quarter 2021 dividend of $0.05 per share for its common stock, consistent with the preceding quarter. The dividend is payable on August 31, 2021, to shareholders of record on August 17, 2021.

The Board of Directors also declared a cash dividend of $0.4609375 per depositary share for the Company’s 7.375% Series A Cumulative Redeemable Preferred Stock. The preferred stock dividend, which equates to an annual dividend payment of $1.84375 per depositary share, is payable on August 31, 2021, to shareholders of record on August 17, 2021.

Additionally, the Company's Board of Directors authorized the declaration of dividends on the Company's 4.00% Series B Redeemable Convertible Preferred Securities ("Series B Preferred") and shares of the Company's 9.00% Series C Exchangeable Preferred Securities ("Series C Preferred") as if they had been outstanding, in accordance with the terms of the Crimson Midstream Holdings, LLC Agreement.

About CorEnergy Infrastructure Trust, Inc.

CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) is a real estate investment trust that owns and operates or leases regulated natural gas transmission and distribution and crude oil gathering, storage and transmission pipelines and associated rights-of-way. For more information, please visit corenergy.reit.

Forward-Looking Statements

This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although CorEnergy believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in CorEnergy's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, CorEnergy does not assume a duty to update any forward-looking statement. In particular, any distribution paid in the future to our stockholders will depend on the actual performance of CorEnergy, its costs of leverage and other operating expenses and will be subject to the approval of CorEnergy's Board of Directors and compliance with leverage covenants.

Source: CorEnergy Infrastructure Trust, Inc.

CorEnergy Infrastructure Trust, Inc.
Investor Relations
Debbie Hagen or Matt Kreps
877-699-CORR (2677)
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• Sale of 16 million Technip Energies N.V. (“Technip Energies”) shares representing ca. 9% of Technip Energies’ issued and outstanding share capital through an accelerated bookbuild offering
• Upon completion of the Placement, TechnipFMC plc (“TechnipFMC”) would retain a stake of ca. 22% of the issued and outstanding share capital of Technip Energies

LONDON & HOUSTON--(BUSINESS WIRE)--TechnipFMC plc (NYSE: FTI) (PARIS: FTI):

This press release is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.

This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities and the offer of Technip Energies shares does not constitute a public offering other than to qualified investors in any jurisdiction, including in France.

TechnipFMC announces the sale of 16 million Technip Energies shares (the “Shares”), representing ca. 9% of Technip Energies’ issued and outstanding share capital, through a private placement by way of an accelerated bookbuild offering (the “Placement”). The sale price of the Shares in the Placement is set at €11.20 per Share, yielding total gross proceeds of €179.2 million.

Upon completion of the Placement, TechnipFMC retains a direct stake of ca. 22% of Technip Energies’ issued and outstanding share capital.

TechnipFMC has agreed to a 60-day lock-up for its remaining shares in Technip Energies, subject to waiver from the Joint Global Coordinators involved in the Placement and certain other customary exceptions, including transfer of shares to a subsidiary, granting and enforcement of security interests in connection with financing and derivative transactions and tender into any public tender offer for all or part of the shares.

The Placement was conducted without a public offering in any country and was open to eligible institutional investors.

Settlement for the Placement is expected to take place on or around August 3, 2021.

Important notices

This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities and the offer of shares of Technip Energies (the “Shares”) by TechnipFMC does not constitute a public offering other than to qualified investors in any jurisdiction, including in France.

In member states of the European Economic Area, this communication and any offer if made subsequently is directed exclusively at persons who are “qualified investors” within the meaning of Article 2(e) of the Prospectus Regulation.

In the United Kingdom, any offer of the Shares will be made pursuant to an exemption under Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “UK Prospectus Regulation”) from a requirement to publish a prospectus for offers of Shares. This communication is for distribution in the United Kingdom only to (i) investment professionals falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (ii) high net worth entities and other persons to whom it may lawfully be communicated, falling within article 49(2)(a) to (d) of the Order.

The Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, US persons, absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offer of the Shares in the United States or in any other jurisdiction. The Shares are being offered outside the United States in transactions that are not subject to the Securities Act pursuant to Regulation S under the Securities Act (“Regulation S”) to persons other than US persons (within the meaning of Regulation S) and in the United States to "qualified institutional buyers" (“QIBs”) pursuant to an exemption from, or in transactions not subject to, the registration requirements of the Securities Act.

In addition to the foregoing restrictions, the release, publication or distribution of this press release generally may be restricted by law in certain jurisdictions and persons into whose possession this document or other information referred to herein should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

The information contained in this announcement is for background purposes only and does not purport to be full or complete and no reliance may be placed by any person for any purpose on the information contained in this announcement or its accuracy, fairness or completeness. Any investment decision to buy Shares in the Placement must be made solely on the basis of publicly available information regarding Technip Energies. Such information is not the responsibility of TechnipFMC.

The Joint Global Coordinators are acting on behalf of TechnipFMC and no one else in connection with the Placement and will not be responsible to any other person for providing the protections afforded to any of its clients or for providing advice in relation to the Placement.

EACH PROSPECTIVE INVESTOR SHOULD PROCEED ON THE ASSUMPTION THAT IT MUST BEAR THE ECONOMIC RISK OF AN INVESTMENT IN THE SHARES. NEITHER TECHNIPFMC NOR THE JOINT GLOBAL COORDINATORS MAKES ANY REPRESENTATION AS TO (I) THE SUITABILITY OF THE SHARES FOR ANY PARTICULAR INVESTOR, (II) THE APPROPRIATE ACCOUNTING TREATMENT AND POTENTIAL TAX CONSEQUENCES OF INVESTING IN THE SHARES OR (III) THE FUTURE PERFORMANCE OF THE SHARES EITHER IN ABSOLUTE TERMS OR RELATIVE TO COMPETING INVESTMENTS.

The information contained in this press release is subject to change in its entirety without notice up to the settlement date. TechnipFMC, the Joint Global Coordinators and their respective affiliates expressly disclaim, to fullest extent permitted by applicable law, any obligation or undertaking to update, review or revise any statement contained in this press release whether as a result of new information, future developments or otherwise.

Important Information for Investors and Securityholders

Forward-Looking Statement

This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “believe”, “estimated” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.

About TechnipFMC

TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.

Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.

Category: UK regulatory

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Director, Public Relations
Tel: +1 281 591 5405
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, announced today that Tom Deitrich, Itron’s president and chief executive officer, and Joan Hooper, Itron’s senior vice president and chief financial officer, will present at Oppenheimer’s 24^th Annual Technology, Internet and Communications conference on Tuesday, Aug. 10, 2021 at 1:15 p.m. EDT. In addition, Deitrich and Hooper will present at Canaccord Genuity’s 41^st Annual Growth Conference on Wednesday, Aug. 11, 2021 at 1:30 p.m. EDT.

The investor presentation and live webcasts of both events will be accessible on Itron’s Investor Relations website. A replay of each webcast will be available for 30 days following the events.

About Itron

Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.

Itron^® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

Cautionary Note Regarding Forward Looking Statements

This release contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical factors nor assurances of future performance. These statements are based on our expectations about, among others, revenues, operations, financial performance, earnings, liquidity, earnings per share, cash flows and restructuring activities including headcount reductions and other cost savings initiatives. This document reflects our current strategy, plans and expectations and is based on information currently available as of the date of this release. When we use words such as "expect", "intend", "anticipate", "believe", "plan", "goal", "seek", "project", "estimate", "future", "strategy", "objective", "may", "likely", "should", "will", "will continue", and similar expressions, including related to future periods, they are intended to identify forward-looking statements. Forward-looking statements rely on a number of assumptions and estimates. Although we believe the estimates and assumptions upon which these forward-looking statements are based are reasonable, any of these estimates or assumptions could prove to be inaccurate and the forward-looking statements based on these estimates and assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors. Therefore, you should not rely on any of these forward-looking statements. Some of the factors that we believe could affect our results include our ability to execute on our restructuring plan, our ability to achieve estimated cost savings, the rate and timing of customer demand for our products, rescheduling of current customer orders, changes in estimated liabilities for product warranties, adverse impacts of litigation, changes in laws and regulations, our dependence on new product development and intellectual property, future acquisitions, changes in estimates for stock-based and bonus compensation, increasing volatility in foreign exchange rates, international business risks, uncertainties caused by adverse economic conditions, including, without limitation those resulting from extraordinary events or circumstances such as the COVID-19 pandemic and other factors that are more fully described in Part I, Item 1A: Risk Factors included in our 2020 Annual Report and other reports on file with the SEC. We undertake no obligation to update or revise any forward-looking statement, whether written or oral.

The impact caused by the ongoing COVID-19 pandemic includes uncertainty as to the duration, spread, severity, and any resurgence of the COVID-19 pandemic including other factors contributing to infection rates, such as reinfection or mutation of the virus, the effectiveness or widespread availability and application of vaccines, the duration and scope of related government orders and restrictions, impact on overall demand, impact on our customers’ businesses and workforce levels, disruptions of our business and operations, including the impact on our employees, limitations on, or closures of, our facilities, or the business and operations of our customers or suppliers. Our estimates and statements regarding the impact of COVID-19 are made in good faith to provide insight to our current and future operating and financial environment and any of these may materially change due to factors outside our control. For more information on risks associated with the COVID-19 pandemic, please see our risk in Part I, Item 1A: Risk Factors in our 2020 Annual Report.

Itron, Inc.
Kenneth P. Gianella
Vice President, Investor Relations
(669) 770-4643

David Means
Director, Investor Relations
(737) 242-8448

Rebecca Hussey
Manager, Investor Relations
(509) 891-3574

HOUSTON--(BUSINESS WIRE)--Ranger Energy Services, Inc. (NYSE: RNGR) (“Ranger” or the “Company”) announced today its results for its fiscal quarter ended June 30, 2021.

– Completed Patriot and PerfX (Q3) acquisitions; significantly expanding wireline scale and scope

– 31% sequential growth in revenue with increases across all segments

– High Spec Rig segment posted recent high levels of both revenue and margin

Consolidated Financial Highlights

Quarterly revenues of $50.0 million increased $11.7 million, or 31%, from $38.3 million in Q1. Revenue increases took place across all reporting segments.

Net loss of $9.1 million increased $0.8 million, from a net loss of $8.3 million in Q1. The increase in net loss was largely driven by decreased gross profits related to the Completions and Processing Solutions segments, coupled with increased general and administrative expenses driven by transaction related expenses and absence of Q1’s 401k match forfeiture.

Adjusted EBITDA⁽¹⁾ of $2.0 million increased $2.2 million from a loss of $0.2 million in Q1. The current quarter’s EBITDA of $2.0 million is inclusive of $1.0 million of make-ready expenses for rigs associated with deployments for our highest tier customers.

CEO Comments

Bill Austin, the Company’s interim CEO and chairman, stated “Strategically and operationally, the second quarter was pivotal for Ranger. Our High Spec Rig segment delivered strong sequential revenue growth along with margin performance which equaled historic peaks. Given the momentum build across Q2, we are expecting additional revenue and margin gains in the third and fourth quarters.

Our wireline business saw some modest revenue growth in Q2. However, margin performance continues to underperform in the face of industry-wide, low completion pricing levels. Strategically, we executed on two acquisitions, Patriot Well Solutions and more recently PerfX Wireline Services (Q3), expanding our wireline fleet with additional newer high-quality equipment broadening our geographic footprint and strengthening our service offerings. We are currently in the process of integrating these companies into our existing business and have already experienced cost synergies and early cross-selling successes.

Going forward, as our results begin to reflect the positive impacts of these first two acquisitions, we expect to gain further market acknowledgement that Ranger’s combination of efficient, low cost overhead structure, cash flow focused operations and a clean balance sheet is the right platform to pursue further industry consolidation.”

Business Segment Financial Results

High Specification Rigs

High Specification Rigs segment revenue increased by $7.3 million to $29.0 million in Q2 from $21.7 million Q1 2021. The rig hours increased to 50,100 hours in Q2 from 43,200 hours in Q1. The increase in rig hours was accompanied by an increase of $94, or 19%, in the hourly average rig rate to $587 in Q2 from $493 in Q1.

Operating income increased by $2.4 million to $0.3 million in Q2 from a loss of $2.1 million in Q1. Adjusted EBITDA increased 85%, or $2.3 million, to $5.0 million in Q2 from $2.7 million in Q1. The increase in operating income and Adjusted EBITDA was attributable to an increase in gross profit margins.

Completion and Other Services

Completion and Other Services segment revenue increased by $4.3 million to $19.8 million in Q2 from $15.5 million in Q1 2021. The increase was primarily attributable to the wireline business, which includes a partial quarter of Patriot revenue of $2.3 million.

Operating loss increased $0.6 million to a loss of $1.9 million in Q2 from a loss of $1.3 million in Q1. Adjusted EBITDA decreased 33%, or $0.3 million, to $0.6 million in Q2 from $0.9 million in Q1. The increase in operating loss and decrease in Adjusted EBITDA was driven by decreased profit margins primarily attributable to our wireline business, coupled with increased depreciation expense.

Processing Solutions

Processing Solutions segment revenue increased by $0.1 million to $1.2 million in Q2 and $1.1 million in Q1 2021. The increase in revenue was due to an increase in other rental services.

Operating loss increased $0.4 million to a loss of $0.4 million in Q2 from a breakeven point in Q1. Adjusted EBITDA decreased 50%, or $0.3 million, to $0.3 million in Q2 from $0.6 million in Q1. The increase in operating loss and decrease in Adjusted EBITDA was driven by decreased gross profit margins.

Liquidity

We ended the quarter with $16.2 million of liquidity, consisting of $12.8 million of capacity available on our revolving credit facility and $3.4 million of cash. The Q2 cash ending balance of $3.4 million compares to $1.5 million at the end of Q1 2021.

Debt

We ended Q2 with aggregate net debt of $39.9 million, an increase of $10.1 million, as compared to $29.8 million at the end of Q1. This increase is related to the sale and leaseback of operational support facilities.

We ended Q2 with aggregate adjusted net debt⁽¹⁾ of $27.0 million, a decrease of $2.8 million, as compared to $29.8 million at the end of Q1.

We had an outstanding balance on our revolving credit facility of $9.7 million at the end of Q2 compared to $8.6 million at the end of Q1. During the quarter, we borrowed $14.2 million under the credit facility, which was partially offset by aggregate payments of $13.1 million on the principal balance.

We had an outstanding balance on our term debt of $15.2 million at the end of Q1 and we made aggregate payments of $2.5 million during Q2, leaving a principal balance of $12.7 million at the end of Q2.

Conference Call

The Company will host a conference call to discuss its Q2 2021 results on July 30, 2021 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To join the conference call from within the United States, participants may dial 1-833-255-2829. To join the conference call from outside of the United States, participants may dial 1-412-902-6710. When instructed, please ask the operator to join the Ranger Energy Services, Inc. call. Participants are encouraged to login to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investor Relations section of the Company’s website, http://www.rangerenergy.com.

An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing 1-877-344-7529 within the United States or 1-412-317-0088 outside of the United States. The conference call replay access code is 10157952. The replay will also be available in the Investor Resources section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

About Ranger Energy Services, Inc.

Ranger is an independent provider of well service rigs and associated services in the United States, with a focus on unconventional horizontal well completion and production operations. Ranger also provides services necessary to bring and maintain a well on production. The Processing Solutions segment engages in the rental, installation, commissioning, start-up, operation and maintenance of MRUs, Natural Gas Liquid stabilizer and storage units and related equipment.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements represent Ranger’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ranger’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ranger does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ranger to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in our filings with the Securities and Exchange Commission. The risk factors and other factors noted in Ranger’s filings with the SEC could cause its actual results to differ materially from those contained in any forward-looking statement.

⁽¹⁾ Adjusted EBITDA” and “Adjusted Net Debt” are not presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). A Non-GAAP supporting schedule is included with the statements and schedules attached to this press release and can also be found on the Company's website at: www.rangerenergy.com.

RANGER ENERGY SERVICES, INC.
SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES
(UNAUDITED)

The Company utilizes certain non-GAAP financial measures that management believes to be insightful in understanding the Company’s financial results. These financial measures, which include Adjusted EBITDA and Adjusted Net Debt, should not be construed as being more important than, or as an alternative for, comparable U.S. GAAP financial measures. Detailed reconciliations of these Non-GAAP financial measures to comparable U.S. GAAP financial measures have been included below and are available in the Investor Relations sections of our website at www.rangerenergy.com. Our presentation of Adjusted EBITDA and Adjusted Net Debt should not be construed as an indication that our results will be unaffected by the items excluded from the reconciliations. Our computations of these Non-GAAP financial measures may not be identical to other similarly titled measures of other companies.

Adjusted EBITDA

We believe Adjusted EBITDA is a useful performance measure because it allows for an effective evaluation of our operating performance when compared to our peers, without regard to our financing methods or capital structure. We exclude the items listed above from net income or loss in arriving at Adjusted EBITDA because these amounts can vary substantially within our industry depending upon accounting methods, book values of assets, capital structures and the method by which the assets were acquired. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDA.

We define Adjusted EBITDA as net income or loss before net interest expense, income tax provision or benefit, depreciation and amortization, equity-based compensation, acquisition-related, severance and reorganization costs, gain or loss on disposal of assets, and certain other non-cash and certain items that we do not view as indicative of our ongoing performance.

The following tables are a reconciliation of net income or loss to Adjusted EBITDA for the three months ended June 30, 2021 and March 31, 2021, in millions:

Net Debt and Adjusted Net Debt

We believe Net Debt and Adjusted Net Debt are useful performance measures of liquidity, financial health and provides an indication of our leverage. We define Net Debt as current and long-term debt, finance leases, other financing obligations, offset by cash and cash equivalents. We define Adjusted Net Debt as Net Debt, less a facility financing lease, to  be analogous to the calculation of  certain financial covenants. All debt and other obligations present the principal balances outstanding as of the respective periods.

The following tables are a reconciliation of consolidated debt and cash and cash equivalents to Net Debt and Adjusted Net Debt as of June 30, 2021 and March 31, 2021:

J. Brandon Blossman
Chief Financial Officer
(713) 935-8900
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VERNAL, Utah--(BUSINESS WIRE)--Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or “Company”), a designer and manufacturer of drilling tool technologies, today announced that it will release its second quarter 2021 financial results before the opening of financial markets on Friday, August 13, 2021.

The Company will host a conference call and webcast that day to review the financial and operating results for the quarter and discuss its corporate strategy and outlook. A question-and-answer session will follow.

Second Quarter 2021 Conference Call

Friday, August 13, 2021
10:00 a.m. Mountain Time (12:00 p.m. Eastern Time)
Phone: (201) 689-8470
Internet Webcast and accompanying slide presentation: www.sdpi.com

A telephonic replay will be available from 1:00 p.m. MT (3:00 p.m. ET) the day of the teleconference until Friday, August 20, 2021. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13721241, or access the webcast replay via the Company’s website at www.sdpi.com, where a transcript will be posted once available.

About Superior Drilling Products, Inc.

Superior Drilling Products, Inc. is an innovative, cutting-edge drilling tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company designs, manufactures, repairs and sells drilling tools. SDP drilling solutions include the patented Drill-N-Ream® well bore conditioning tool and the patented Strider™ oscillation system technology. In addition, SDP is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for a leading oil field service company. SDP operates a state-of-the-art drill tool fabrication facility, where it manufactures its solutions for the drilling industry, as well as customers’ custom products. The Company’s strategy for growth is to leverage its expertise in drill tool technology and innovative, precision machining in order to broaden its product offerings and solutions for the oil and gas industry.

Additional information about the Company can be found at: www.sdpi.com.

For more information, contact investor relations:
Deborah K. Pawlowski
Kei Advisors LLC
(716) 843-3908
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Proprietary Camelina Renewable Diesel Feedstock Continues to Outperform Expectations Even Under Montana’s Recent Severe Drought Conditions

TORRANCE, Calif.--(BUSINESS WIRE)--Global Clean Energy Holdings, Inc. (OTCQX: GCEH), a fully integrated renewable fuels company, provides a mid-year corporate update of the first half of 2021. Additional financial information will be provided in the June 30, 2021 Quarterly Report on Form 10-Q.

First half-year achievements, financial status and corporate updates include the following:

Financial – As of June 30, 2021

We are finalizing our results for the three months ended June 30, 2021. We present below certain preliminary results representing our estimates for this period, which are based only on currently available information and do not present all necessary information for an understanding of our financial condition as of June 30, 2021 or our results of operations for the three months ended June 30, 2021. We have provided ranges, rather than specific amounts, for the preliminary estimates for the unaudited financial data described below primarily because our financial closing procedures for the three months ended June 30, 2021 are not yet complete and, as a result, our final results upon completion of our closing procedures may vary from these preliminary estimates. Management prepared these estimates in good faith based upon the most recent information available to us from our internal reporting systems as of the date of this release.

• As a pre-revenue company engaged in the construction of our biorefinery in Bakersfield, California and the development of its Camelina renewable diesel feedstock operations, net loss for the second quarter is in line with expectations between $12 and $15 million.
• GCEH had approximately $65 million of cash and deposits (advances), of which approximately $46 million, when spent, will be recorded as long-term assets. These amounts are expected to be spent this year on the construction of the Bakersfield biorefinery.
• GCEH has drawn approximately $245 million of the $385 million credit available under its Senior and Mezzanine Credit Facilities, of which approximately $205 million has been incurred as of June 30, 2021 for the purchase and retooling of the refinery, operational cost, general and administrative expenses, and interest payments.

Corporate

• Effective July 23, 2021, GCEH appointed Phyllis Currie and Susan Anhalt to its Board of Directors. Ms. Currie has over three decades of experience as an executive in energy, including as General Manager of the Pasadena, California Water and Power Department (PWP) and as Chief Financial Officer of the Los Angeles Department of Water and Power (LADWP). Ms. Anhalt has significant experience as a corporate and securities lawyer with SmallCap public growth companies.
• In April 2021, GCEH appointed Jerald Feitelson, Ph.D. as the company’s Vice President and Chief Scientific Officer.
• In April 2021, GCEH acquired Agribody Technologies, Inc., an emerging agricultural biotechnology company that owns 15 issued U.S. patents related to increasing yield and sustainability traits of Camelina and other crops. Agribody Technologies was purchased in an all stock transaction valued at $5 million (830,526 shares of GCEH common stock were issued at $6.02 per share in an exempt transaction).
• Also in April 2021, Agribody Technologies was issued a new key utility patent with broad claims for genome editing specific mutations in a critical gene present in all plants, including Camelina to confer higher yield, tolerance to stress and longer shelf life.
• During the second quarter, all of the issued and outstanding shares of Series B Convertible Preferred Stock were converted into 1,181,819 shares of GCEH common stock. As of June 30, 2021, GCEH had outstanding a total of 40,061,714 shares of common stock, and no shares of preferred stock.
• GCEH raised $3.1 million through the private sale of its common stock to three investors at a price of $6.25 per share.
• GCEH has extended, to September 15, 2021, the date by which it agreed to fund an additional $35 million construction contingency reserve for the Bakersfield biorefinery.

Camelina Feedstock Development

As of June 30, 2021, GCEH, through its wholly owned subsidiary Sustainable Oils, Inc., has produced sufficient planting seed of its proprietary Camelina varieties to plant over 275,000 acres of Camelina for the production of Camelina oil as a feedstock for renewable diesel.

GCEH also announced that earlier this year its SO-50 patented Camelina seed variety was planted in commercial quantities with more than 50 large farmers in six states including Montana, Oregon, Washington, Idaho, Kansas and Colorado. In Montana, which has been experiencing a severe drought, those acres are now yielding a viable Camelina crop where many other staple crops in Montana (such as wheat, lentils, peas) have failed to survive under the higher-than-normal temperatures and severe drought conditions. Mike Karst, Vice President of Sustainable Oils, stated, “Our growers in Montana have had to deal with an extreme weather situation thus far this year. However, we have not lost any Camelina fields to the drought, and while the Camelina yields may average somewhat below normal year expectations, we are demonstrating to our growers and the agricultural community the highly drought-tolerance, sturdiness and overall economic viability of our Camelina varieties.”

On a recent farmer field day sponsored by Sustainable Oils and ExxonMobil, local growers were introduced to our six newest (patent pending) varieties, which produce higher yields and/or have enhanced agronomic flexibility. Local farmer Shawn Preputin (who planted over 600 acres of Camelina) commented, “If this still produces a decent crop on a struggle year, that makes it a viable crop going forward, because you just never know when you’re going to have a drought year.” Similarly, Wade Bitz (a first time Camelina farmer) told Mr. Karst, “Camelina seems to have held up a lot better than our other crops. It utilizes the moisture more efficiently.” Finally, Lance Lindbloom, Agronomy Coach at 406 Agronomy, said, “Not only have we had the low moisture, but we’ve had extreme heat. Where some of our lentil crops and other crops have really shut down, this Camelina has kept growing.”

Richard Palmer, CEO and founder of GCEH, remarked, “From inception, the goal of the company has been to develop sustainable, nonfood-based oil crops that do not compete for scarce water resources and can contribute to food security by relieving pressure on food-grade oil feedstocks for biofuels. Camelina meets that goal as it is a short cycle dryland crop grown on fallow land. Unlike primary crops, it requires comparatively fewer inputs, which significantly lowers the carbon intensity of the grain, oil and ultimately the biofuel. GCEH continues to devote resources to building a strong intellectual property position and our recent acquisition of Agribody Technologies adds numerous patents and technical knowledge to our expanding portfolio. Our years of investment in improving the crop is now being witnessed first-hand by our growers in several states, and we believe this positions the company for significant expansion of Camelina acreage over the next several years. Additionally, we expect to begin developing our midstream grain aggregation centers later this year, which will allow us to handle the expected increased volumes of grain in 2022 and beyond.”

About Global Clean Energy Holdings

Global Clean Energy Holdings, Inc. (“GCEH”) is a uniquely positioned vertically integrated renewable fuels company. Our strategy has been consistent from the inception of our business: control the full integration of our entire supply chain from the development, production and processing of feedstocks through to the refining and distribution of renewable fuels. GCEH’s wholly owned plant science subsidiary, Sustainable Oils, Inc., owns an industry leading portfolio of intellectual property rights, including patents and production know-how, to produce its proprietary varieties of Camelina sativa as a nonfood based ultra-low carbon biofuels feedstock. GCEH is retooling and constructing its renewable diesel refinery in Bakersfield, California, which when completed in early 2022 will be the largest renewable fuels facility in the western United States and the largest in the country that produces renewable fuels from nonfood based feedstocks. More information can be found online at www.gceholdings.com.

Forward-Looking Statements

Certain matters discussed in this press release are “forward-looking statements” of Global Clean Energy Holdings, Inc. (hereinafter referred to as “we,” “us,” or “our”) within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). All such written or oral statements made in this press release, other than statements of historical fact, are forward-looking statements and are intended to be covered by the safe harbor for forward-looking statements provided by the PSLRA. Without limiting the foregoing, we may, in some cases, use terms such as “predicts,” “believes,” “potential,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “forecast,” “guidance,” “outlook,” “may,” “could,” “might,” “will,” “should” or other words that convey uncertainty of future events or outcomes and are intended to identify forward-looking statements. Forward-looking statements are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and we undertake no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, many of which are outside of our control, that may cause actual results, levels of activity, performance, achievements and developments to be materially different from those expressed in or implied by these forward-looking statements. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in the sections titled “Risk Factors” in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and include, but are not limited to, the following substantial known and unknown risks and uncertainties inherent in our business: the effects of the COVID-19 pandemic; risks related to the timing of and our ability to successfully complete the retooling and development of our Bakersfield, California biorefinery; the risk that unanticipated construction and development expenses may increase our estimated capital requirements; the risk that the future cost of producing, aggregating, delivering and processing Camelina feedstock may differ from our expectations; the risk that we may not be able to cultivate Camelina in anticipated amounts; the risk that we will not achieve the anticipated low carbon intensity scores of our products; risk related to our ability to operate our Bakersfield, California biorefinery; risks related to the availability of the capital we will need to expand our refinery and our related Camelina operations; our dependence on certain contractual relationships, including our off-take agreement with ExxonMobil Corporation; and other factors, including general economic conditions and regulatory developments, not within our control.

Communications Contact
Natalie Findlay
(424) 318-3518
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MIAMI--(BUSINESS WIRE)--World Fuel Services Corporation (NYSE: INT)

Second-Quarter 2021 Highlights

• Total gross profit of $183.9 million, down 14% year-over-year
• GAAP net income of $17.6 million, or $0.28 per diluted share
• Adjusted net income of $25.0 million, or $0.39 per diluted share
• Adjusted EBITDA of $59.8 million

“As travel and economic activity continue to recover, we have seen volumes improve across our businesses and are optimistic about increasing demand for the balance of the year,” stated Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation. “We have also been positioning ourselves to best serve the needs of our customers as they navigate the ongoing evolution of energy consumption.”

For the second quarter, our aviation segment generated gross profit of $87.4 million, a decrease of 5% year-over-year, principally driven by a reduction in our government-related activity in Afghanistan and lower average margins as a result of returning to a more normalized core business mix. Our marine segment generated gross profit of $22.7 million, a decrease of 39% year-over-year, principally attributable to lower profitability as compared to the second quarter of 2020, which benefited from volatility arising from the implementation of the IMO 2020 regulations, as well as competitive market conditions and limited price volatility. Our land segment generated gross profit of $73.8 million, a decrease of 13% year-over-year, principally related to the sale of the MultiService payment solutions business in September 2020, partially offset by increased demand in North America and World Kinect.

“Our disciplined focus on cost and working capital management has positioned us well for growth, which should enable us to drive increased returns to our shareholders,” said Ira M. Birns, executive vice president and chief financial officer. “The continued strength of our balance sheet and liquidity profile will enable us to capitalize on future organic and strategic investment opportunities.”

COVID-19 Update

Throughout 2020, the COVID-19 pandemic had a significant impact on the global economy as a whole, and the transportation industries in particular, which has continued into 2021. Many of our customers in these industries, especially commercial airlines, have experienced a substantial decline in business activity arising from the various measures enacted by governments around the world to contain the spread of the virus. While travel and economic activity has begun to improve in certain regions, activity in many parts of the world continues to be negatively impacted by travel restrictions and lockdowns. The ultimate global recovery from the pandemic will be dependent on, among other things, actions taken by governments and businesses to contain and combat the virus, including any variant strains, the speed and effectiveness of vaccine production and global distribution, as well as how quickly, and to what extent, normal economic and operating conditions can resume on a sustainable basis globally.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures (collectively, the “Non-GAAP Measures”), including adjusted net income, adjusted diluted earnings per share, and adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Non-GAAP Measures exclude acquisition and divestiture related expenses, restructuring costs, impairments, gains or losses on the extinguishment of debt and gains or losses on business dispositions primarily because we do not believe they are reflective of our core operating results.

We believe that the Non-GAAP Measures, when considered in conjunction with our financial information prepared in accordance with GAAP, are useful to investors to further aid in evaluating the ongoing financial performance of the Company and to provide greater transparency as supplemental information to our GAAP results.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In addition, our presentation of the Non-GAAP Measures may not be comparable to the presentation of such metrics by other companies. Non-GAAP diluted earnings per common share is computed by dividing non-GAAP net income attributable to World Fuel Services and available to common shareholders by the sum of the weighted average number of shares of common stock, stock units, restricted stock entitled to dividends not subject to forfeiture and vested restricted stock units outstanding during the period and the number of additional shares of common stock that would have been outstanding if our outstanding potentially dilutive securities had been issued. Investors are encouraged to review the reconciliation of these Non-GAAP Measures to their most directly comparable GAAP financial measures in this press release and on our website.

Information Relating to Forward-Looking Statements

This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our beliefs and expectations about increasing demand for the balance of the year, our competitive position and growth opportunities, our expectations about our ability to capitalize on future organic and strategic investment opportunities, our beliefs and expectations about our ability to increase returns to our shareholders, as well as the ultimate impact of the coronavirus pandemic on us. These forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission (“SEC”) filings, including the Company’s most recent Annual Report on Form 10-K filed with the SEC. Actual results may differ materially from any forward-looking statements due to risks and uncertainties, including, but not limited to: our ability to effectively manage the effects of the COVID-19 pandemic, the extent of the impact of the pandemic on ours and our customers' sales, profitability, operations and supply chains due to actions taken by governments and businesses to contain the virus, such as restrictions on travel, the speed and effectiveness of vaccine development and distribution, customer and counterparty creditworthiness and our ability to collect accounts receivable and settle derivative contracts, particularly for those customers most significantly impacted by the pandemic, sudden changes in the market price of fuel or extremely high or low fuel prices that continue for an extended period of time, the loss of, or reduced sales to a significant government customer, such as the North Atlantic Treaty Organization as a result of the ongoing troop withdrawal in Afghanistan, the availability of cash and sufficient liquidity to fund our working capital and strategic investment needs, adverse conditions in the markets or industries in which we or our customers and suppliers operate such as the current global economic environment as a result of the coronavirus pandemic, our failure to comply with restrictions and covenants in our senior revolving credit facility and our senior term loans, including our financial covenants, our ability to effectively utilize the proceeds from the sale of the Multi Service business and derive the expected benefits, our ability to manage the changes in supply and other market dynamics in the regions where we operate, our ability to successfully execute and achieve efficiencies, our ability to achieve the expected level of benefit from any restructuring activities and cost reduction initiatives, our ability to successfully implement our growth strategy and integrate acquired businesses and recognize the anticipated benefits, unanticipated tax liabilities or adverse results of tax audits, assessments, or disputes ,our ability to capitalize on new market opportunities, risks related to the complexity of U.S. Tax Cuts and Jobs Act and any subsequently issued regulations and our ability to accurately predict the impact on our effective tax rate and future earnings, our ability to effectively leverage technology and operating systems and realize the anticipated benefits, potential liabilities and the extent of any insurance coverage, actions that may be taken under the new administration in the U.S. that increase costs or otherwise negatively impact ours or our customers and suppliers businesses, the outcome of pending litigation and other proceedings, the impact of quarterly fluctuations in results, particularly as a result of seasonality, supply disruptions, border closures and other logistical difficulties that can arise when sourcing and delivering fuel in areas that are actively engaged in war or other military conflicts, our failure to effectively hedge certain financial risks associated with the use of derivatives, uninsured losses, the impact of climate change and natural disasters, adverse results in legal disputes, and other risks detailed from time to time in our SEC filings. In addition, other current or potential risks and uncertainties related to the coronavirus pandemic include, but are not limited to: disruptions resulting from office and facility closures, reductions in operating hours, and changes in operating procedures, including additional cleaning and disinfecting procedures, possible infections or quarantining of our employees which could impact our ability to service our customers or operate our business, notices from customers, suppliers and other third parties asserting force majeure or other bases for their non-performance, losses on hedging transactions with customers arising from the decline in fuel prices and their inability to benefit from the reduced cost of fuel due to substantial reductions in their operations, heightened risk of cybersecurity issues as digital technologies may become more vulnerable and experience a higher rate of cyber-attacks in a remote connectivity environment, reduction of our global workforce to adjust to market conditions, including increased costs associated with severance payments, retention issues, and an inability to hire employees when market conditions improve, the impact of asset impairments, including any impairment of the carrying value of our goodwill in our aviation and land segments, as well as other accounting charges if expected future demand for our products and services materially decreases, a structural shift in the global economy and its demand for fuel and related products and services as a result of changes in the way people work, travel and interact, or in connection with a global recession. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changes in expectations, future events, or otherwise, except as required by law.

About World Fuel Services Corporation

Headquartered in Miami, Florida, World Fuel Services is a global energy management company involved in providing energy procurement advisory services, supply fulfillment and transaction and payment management solutions to commercial and industrial customers, principally in the aviation, marine and land transportation industries. World Fuel Services sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide.

For more information, call 305-428-8000 or visit www.wfscorp.com.

-- Some amounts in this press release may not add due to rounding. All percentages have been calculated using unrounded amounts --