HOUSTON--(BUSINESS WIRE)--Mesa Royalty Trust (the “Trust”) (NYSE: MTR) announced today that there will be no distribution paid for the month of November 2021 to holders of record as of the close of business on November 30, 2021, as costs, charges and expenses attributable to the Trust’s royalty properties, and applicable reserves, exceeded the revenue received from the sale of oil, natural gas and other hydrocarbons produced from such properties, as reported by the working interest owners.

The Trust was formed to own an overriding royalty interest of the net proceeds attributable to certain producing oil and gas properties located in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado. As described in the Trust's public filings, the amount of the monthly distributions is expected to fluctuate from month to month, depending on the proceeds, if any, received by the Trust as a result of production, oil and natural gas prices and the amount of the Trust’s administrative expenses, among other factors. In addition, as further described in the Trust’s most recent filing on Form 10-Q, unitholders may not receive any material distributions during the remainder of 2021 and beyond, because the Trust intends to increase cash reserves from $1.0 million to a total of $2.0 million to provide added liquidity.

Proceeds reported by the working interest owners for any month are not generally representative of net proceeds that will be received by the Trust in future periods. As further described in the Trust’s Form 10-K and Form 10-Q filings, production and development costs for the royalty interest have resulted in substantial accumulated excess production costs, which will decrease Trust distributions, and in some periods may result in no Trust distributions. The amount of proceeds, if any, received or expected to be received by the Trust (and its ability to pay distributions to unitholders) has been and will continue to be directly affected, among other things, by volatility in the industry and revenues and expenses reported to the Trust by working interest owners. Any additional expenses and adjustments, among other things, will reduce proceeds to the Trust, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders.

This press release contains forward-looking statements. No assurances can be given that the expectations contained in this press release will prove to be correct. The working interest owners alone control historical operating data, and handle receipt and payment of funds relating to the royalty properties and payments to the Trust for the related royalty. The Trustee cannot assure that errors or adjustments or expenses accrued by the working interest owners, whether historical or future, will not affect future royalty income and distributions by the Trust. Other important factors that could cause these statements to differ materially include delays in actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, declines in commodity pricing, prices received by working interest owners and other risks described in the Trust’s Form 10-K for the year ended December 31, 2020, Form 10-Q for the quarter ended March 31, 2021, Form 10-Q for the quarter ended June 30, 2021 and Form 10-Q for the quarter ended September 30, 2021. Statements made in this press release are qualified by the cautionary statements made in such risk factors. The Trust does not intend, and assumes no obligations, to update any of the statements included in this press release. Each unitholder should consult its own tax advisor with respect to its particular circumstances.

Mesa Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Elaina Rodgers
713-483-6020
http://mtr.q4web.com/home/default.aspx

DALLAS--(BUSINESS WIRE)--CBRE Acquisition Holdings, Inc. (NYSE: CBAH) (“CBAH”), a publicly traded special purpose acquisition company, reminds its stockholders to vote in favor of the previously announced business combination (the “Business Combination”) with Altus Power, Inc. (“Altus Power”), a market-leading clean electrification company.

Stockholders who owned common stock of CBAH as of the close of business on October 27, 2021 (the “Record Date”), may vote their shares. Stockholders as of the Record Date continue to have the right to vote their shares, regardless of whether such stockholders subsequently sold their shares and do not own such shares as of the date they cast their vote.

The special meeting of the CBAH stockholders to approve the pending Business Combination (the “Special Meeting”) is scheduled to be held on December 6, 2021 at 10:00 a.m. Eastern Time. The Special Meeting will be conducted completely virtually, and can be accessed via live webcast at https://www.cstproxy.com/cbreacquisitionholdings/2021.

Additional information on how stockholders of record may vote their shares can be found at https://cbreacquisitionholdings.com/.

Every stockholder’s vote is important, regardless of the number of shares held. Accordingly, all CBAH stockholders who held shares as of the Record Date who have not yet voted are encouraged to do so as soon as possible so that it is received no later than 10:00 a.m. Eastern Time on December 6, 2021. For the avoidance of doubt, CBAH stockholders who owned shares as of the Record Date and subsequently sold all or a portion of their shares are STILL entitled to vote, and are encouraged to do so. CBAH’s board of directors recommends you vote “FOR” the Business Combination with Altus Power and “FOR” all of the related proposals described in the proxy statement/prospectus included in the Registration Statement on Form S-4 filed by CBAH with the Securities and Exchange Commission (“SEC”), a definitive copy of which has been mailed to all CBAH stockholders who owned shares as of the Record Date.

These are the two easiest and fastest ways to vote – and they are both free:

• Vote Online (Highly Recommended): Follow the instructions provided on the proxy card that was mailed to you, if you are a record holder, or provided on a Voting Instruction Form by the broker, bank or other nominee through which you hold shares, if you hold your shares “in street name.” To vote online, you will need your voting control number, which you can find on your proxy card or the Voting Instruction Form provided by your broker, bank or nominee. Internet votes must be received by CBAH by 11:59 p.m. Eastern Time on December 5, 2021. However, if you hold your shares through a broker, bank or other nominee, they may have an earlier deadline to receive your vote.
• Vote at the Meeting: If you are a record holder and plan to attend the online Special Meeting, you will need your 12-digit voting control number to vote electronically at the Special Meeting. You can find your control number and the address for the Special Meeting on your proxy card. If your shares are held in “street name” please follow the procedures on the Voting Instruction Form provided by your broker, bank or nominee.

Additionally, you can also vote by mail:

• Vote by Mail: Follow the instructions provided on the proxy card that was mailed to you, if you are a record holder, or provided by your broker, bank or other nominee on a Voting Instruction Form mailed to you. To send in your vote via mail, please use the envelope provided with your proxy material. Mail votes must be received by CBAH prior to the Special Meeting on December 6, 2021. If Voting by Mail, to ensure your vote is handled properly, be sure to: (1) mark, sign and date your proxy card or Voting Instruction Form; (2) return your proxy card or Voting Instruction Form in the envelope provided or through any other means described in your Voting Instruction Form; and (3) mail as soon as possible so that your vote arrives before December 6, 2021.

YOUR CONTROL NUMBER IS FOUND ON YOUR PROXY CARD OR VOTING INSTRUCTION FORM.

If you hold your shares directly with CBAH (i.e., are a “holder of record”) and did not receive or misplaced your proxy card, contact Morrow Sodali, CBAH’s proxy solicitor, for a form replacement or to obtain your control number. If you hold your shares through a broker, bank or other nominee and did not receive or have misplaced your Voting Instruction Form, contact your broker, bank or nominee through which you hold your shares for a form replacement or to obtain your control number. You will need this in order to vote or attend the Special Meeting.

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

Important Information About the Business Combination and Where to Find It

CBAH has filed with the U.S. Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-4 (the “Registration Statement”), which includes a proxy statement/prospectus in connection with the proposed business combination between Altus Power and CBAH (the “business combination”) and the other transactions contemplated by the business combination agreement entered into by Altus Power and CBAH. The Registration Statement was declared effective by the SEC on November 5, 2021 and CBAH also filed the definitive proxy statement/prospectus with respect to the business combination on that date. CBAH’s stockholders and other interested persons are advised to read the Registration Statement and definitive proxy statement/prospectus in connection with CBAH’s solicitation of proxies for its stockholders’ Special Meeting to be held to approve the business combination because the proxy statement/prospectus contains important information about CBAH, Altus Power and the business combination. The definitive proxy statement/prospectus and other relevant documents have been mailed to stockholders of CBAH as of October 27, 2021, the record date for the Special Meeting. Stockholders will also be able to obtain copies of the Registration Statement and the proxy statement/prospectus, without charge at the SEC’s website at www.sec.gov or by directing a request to CBRE Acquisition Holdings, Inc., 2100 McKinney Avenue, Suite 1250, Dallas, TX 75201.

Participants in the Solicitation

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

Forward-Looking Statements

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

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

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

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

About CBRE Acquisition Holdings, Inc.

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

About Altus Power

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

CBRE Acquisition Holdings Contacts

Cash Smith
CBRE Acquisition Holdings, Inc.
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Steven Iaco
CBRE Corporate Communications
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Altus Power Contacts

For Media:
Cory Ziskind
ICR, Inc.
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For Investors:
Caldwell Bailey
ICR, Inc.
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NEWCASTLE, England & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE: FTI) (PARIS: FTI) and PETRONAS Technology Ventures Sdn Bhd (PTVSB), a subsidiary of PETRONAS, today entered into an agreement to commercialize a unique natural gas processing membrane which reduces greenhouse gas (GHG) emissions.

Through the technology commercialization agreement, TechnipFMC will utilize and integrate the membrane technology licensed from PETRONAS as part of its production portfolio in projects worldwide, outside China.

The technology, which removes carbon dioxide and hydrogen sulfide by using wetted membranes, is 30 percent more efficient than existing gas treatment processes and can reduce GHG emissions by significant amounts. The membrane has potential applications in both offshore and onshore hydrocarbon production environments.

Luana Duffé, Executive Vice President, New Energy Ventures at TechnipFMC, commented: “Our ability to industrialize processes is at the core of this partnership, which is another important step in TechnipFMC’s efforts to help our clients reduce their upstream carbon footprint.”

Bacho Pilong, Senior Vice President of Project Delivery and Technology at PETRONAS, commented: “We are excited to bring to fruition this innovation which will effectively reduce GHG emissions, together with TechnipFMC as our strategic commercialization partner. We believe this collaboration will inspire more innovative solutions towards cleaner, sustainable energy for a better tomorrow.”

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 “expect,” “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.

About Petroliam Nasional Berhad

We are a dynamic global energy group with presence in over 50 countries. We produce and deliver energy and solutions that power society’s progress in a responsible and sustainable manner.

We seek energy potential across the globe, optimising value through our integrated business model. Our portfolio includes cleaner conventional and renewable resources and a ready range of advanced products and adaptive solutions.

Sustainability is at the core of what we do as we harness the good in energy to elevate and enrich lives. People are our strength and partners for growth, driving our passion for innovation to progress towards the future of energy sustainability.

Investor relations

Matt Seinsheimer
Vice President, Investor Relations
Tel: +1 281 260 3665
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Media relations

Nicola Cameron
Vice President, Corporate Communications
Tel: +44 1383 742297
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Catie Tuley
Director, Public Relations
Tel: +1 713 876 7296
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Engagement Department
Group Strategic Communications

PETRONAS

For media enquiries, please contact:
Taufik Atman : +60 19 669 9579 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Successful Deployment of Industry-first Technology Sets New Standard for Installation of XL Foundations into Rock

ANTWERP, Belgium & ST-NAZAIRE, France--(BUSINESS WIRE)--DEME Offshore, member of DEME Group, the global civil and maritime engineering solutions provider, today announced that it has reached its halfway mark installation milestone with the foundation installation of the Saint-Nazaire offshore wind farm in France. Today’s announcement follows DEME’s August announcement regarding the on-time delivery of the St Nazaire offshore substation.

“Today’s achievement is a testament to the commitment of our entire team and solidifies our reputation as the number one wind farm contractor in the world. Not only are we the first to install a wind farm in rock with industry-first technology, the Saint-Nazaire project is also being carried out in harsh Atlantic conditions. Together with our client Parc éolien en mer de Saint-Nazaire and our partner Eiffage Métal, we will continue our excellent cooperation for the remaining foundations,” says Bart De Poorter, General Manager DEME Offshore.

Having started construction in spring 2021, 40 out of a total of 80 XL foundations are now installed in record times. The successful deployment of DEME’s industry-first technology is setting a new industry standard for efficient Offshore Wind installation projects in challenging marine conditions and solid rock.

For the installation of the Saint-Nazaire Offshore Wind Farm, DEME Offshore for the first time is deploying its 350-tonne Offshore Foundation Drill (OFD) and tailor-made ‘MODIGA’, another DEME innovation and industry-first technology which allows encapsulating the drilling and installation operations and shields them from the adverse Atlantic marine conditions.

Whereas the OFD was developed with Herrenknecht, a global leader in tunnel boring machines, the design and development of the MODIGA happened together with TMS, a leading offshore equipment manufacturer.

The complete technological solution is being deployed from DEME Offshore’s installation vessel ‘Innovation’.

About DEME Offshore
DEME Offshore, a subsidiary of the DEME Group, is the leading global solutions provider in the offshore energy industry. DEME Group is a world leader in the highly specialised fields of dredging, solutions for the offshore energy market, environmental and infra marine works. The company can build on more than 140 years of know-how and experience is a front runner in innovation and new technologies. DEME’s vision is to work towards a sustainable future by offering solutions for global challenges: a rising sea level, a growing population, reduction of CO2 emissions, polluted rivers, seas and soils and the scarcity of natural resources. DEME can rely on 5,200 highly skilled professionals across the globe. With a versatile and modern fleet of over 100 vessels, backed by a broad range of auxiliary equipment, the company can provide solutions for even the most complex projects. www.deme-group.com

Wouter Piepers
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Vicky Cosemans
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Zach Gorin
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NEWCASTLE, England & HOUSTON--(BUSINESS WIRE)--Regulatory News:

TechnipFMC (NYSE: FTI) (PARIS: FTI) and PETRONAS Technology Ventures Sdn Bhd (PTVSB), a subsidiary of PETRONAS, today entered into an agreement to commercialize a unique natural gas processing membrane which reduces greenhouse gas (GHG) emissions.

Through the technology commercialization agreement, TechnipFMC will utilize and integrate the membrane technology licensed from PETRONAS as part of its production portfolio in projects worldwide, outside China.

The technology, which removes carbon dioxide and hydrogen sulfide by using wetted membranes, is 30 percent more efficient than existing gas treatment processes and can reduce GHG emissions by significant amounts. The membrane has potential applications in both offshore and onshore hydrocarbon production environments.

Luana Duffé, Executive Vice President, New Energy Ventures at TechnipFMC, commented: “Our ability to industrialize processes is at the core of this partnership, which is another important step in TechnipFMC’s efforts to help our clients reduce their upstream carbon footprint.”

Bacho Pilong, Senior Vice President of Project Delivery and Technology at PETRONAS, commented: “We are excited to bring to fruition this innovation which will effectively reduce GHG emissions, together with TechnipFMC as our strategic commercialization partner. We believe this collaboration will inspire more innovative solutions towards cleaner, sustainable energy for a better tomorrow.”

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 “expect,” “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.

About Petroliam Nasional Berhad

We are a dynamic global energy group with presence in over 50 countries. We produce and deliver energy and solutions that power society’s progress in a responsible and sustainable manner.

We seek energy potential across the globe, optimising value through our integrated business model. Our portfolio includes cleaner conventional and renewable resources and a ready range of advanced products and adaptive solutions.

Sustainability is at the core of what we do as we harness the good in energy to elevate and enrich lives. People are our strength and partners for growth, driving our passion for innovation to progress towards the future of energy sustainability.

Category: UK regulatory

Investor relations

Matt Seinsheimer
Vice President, Investor Relations
Tel: +1 281 260 3665
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Media relations

Nicola Cameron
Vice President, Corporate Communications
Tel: +44 1383 742297
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Catie Tuley
Director, Public Relations
Tel: +1 713 876 7296
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Engagement Department
Group Strategic Communications

PETRONAS

For media enquiries, please contact:
Taufik Atman : +60 19 669 9579 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Viridos low-carbon intensity biofuels may substantially reduce greenhouse gas emissions while providing a sustainable and scalable option to help reduce GHG emissions in heavy-duty transportation

LA JOLLA, Calif.--(BUSINESS WIRE)--Viridos Inc., previously Synthetic Genomics, a privately held biotechnology company harnessing the power of photosynthesis to create transformative solutions to help mitigate climate change, has signed a joint development agreement with ExxonMobil Research and Engineering Company (“ExxonMobil”) with the intent to bring Viridos’ low-carbon intensity biofuels toward commercial levels.

“We’re excited to announce that ExxonMobil is continuing this collaboration with us to bring sustainable algae biofuels technology closer to commercial deployment,” said Viridos’ CEO, Dr. Oliver Fetzer. “The recent productivity advances in Viridos’ technology are an opportunity to turn CO₂ into renewable diesel and sustainable aviation fuels, providing an essential component for the decarbonization of the heavy-duty transportation industry. In this next phase of the program, we intend to broaden participation and invite others to build the ecosystem required for full-scale deployment.”

Founded in 2005 by leaders in synthetic biology, Viridos quickly established itself as a powerhouse for innovative research, transplanting the first genome, synthesizing the first bacterial genome and creating the first synthetic cell. In the past few years Viridos’ leadership in engineering microalgae has achieved greater than 5x bio-oil productivity increases by increasing both the oil content in the algae and the algae yield. The results from outdoor deployment of Viridos’ bio-engineered strains in 2020 and 2021 mark the inflection point toward deployment.

These advancements in bioengineering have positioned Viridos to be the leading enterprise in algal technology with the potential to facilitate significant reductions in greenhouse gas (GHG) emissions in the heavy transportation sector. Viridos’ continued partnership with ExxonMobil seeks to build out the technology and agronomy to enable the commercial launch of Viridos’ low-carbon intensity algae biofuels. In addition to their use in heavy transport, the algae biofuels could be used for aviation, commercial trucking, and maritime shipping. The terms of the renewed partnership with ExxonMobil should enable other interested parties to access and advance the technology to accelerate the deployment of Viridos’ patented technology in pursuit of lowering global GHG emissions.

“Our research with Viridos is one facet of our approach to help society identify and deploy the biofuels needed to reduce emissions from important sectors of the economy, including heavy duty transportation,” said Vijay Swarup, vice president of Research and Development at ExxonMobil. “ExxonMobil has supported Viridos in the development of advanced bioengineering tools, and we look forward to further advancements in the research that shows potential to help society mitigate the risks of climate change.”

About Viridos

Viridos (formerly Synthetic Genomics, Inc) is a privately held biotechnology company harnessing the power of photosynthesis to create transformative solutions to mitigate climate change. Our unparalleled understanding of algal genetics and ability to translate innovation from lab to field underpins our initial deployment: a scalable platform to produce low-carbon intensity biofuels for aviation, commercial trucking, and maritime shipping. Building on a legacy of genomic firsts, our team of scientists and engineers are shaping new pathways toward a sustainable bioeconomy.

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

ROCKVILLE, Md.--(BUSINESS WIRE)--Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) announces the promotion of Charles Collins from his current position as Co-President to Chief Executive Officer (“CEO”) of its wholly owned subsidiary, Gemma Power Systems (“GPS”).

“Charles has been with GPS for 21 years and served as Co-President at GPS for the last three years, along with Colin Trebilcock. They have successfully guided the organization during the last few years, despite the Covid pandemic and its effect on the markets,” said Rainer Bosselmann, Chairman and CEO of Argan. “We are excited to elevate Charles to the role of CEO and look forward to his continued leadership and vision for the GPS team going forward.”

“I have worked closely with Charles during his entire time at GPS as his excellent personal performance has propelled him upwards through the organization,” said William Griffin, Jr., Non-Executive Chairman of GPS. “Charles has all of our confidence to maintain GPS excellence in the industry and to meet the needs of each of our customers now and in the future.”

“The dedicated people at GPS are what makes this organization successful,” emphasized Charles. “I appreciate the confidence Argan and its Board of Directors have placed in me and I look forward to working with the talented GPS employees, customers and other stakeholders in my new role as we move forward together.”

Colin Trebilcock will continue to serve as President of GPS. Mr. Griffin will continue in his current role at GPS and advise, mentor, support and engage in various key activities of Argan, GPS and other subsidiaries as needed.

About Argan, Inc.

Argan’s primary business is providing a full range of services to the power industry including the renewable energy sector. Argan’s service offerings focus primarily on the engineering, procurement and construction of natural gas-fired power plants, along with related commissioning, operations management, maintenance, project development and consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns SMC Infrastructure Solutions, which provides telecommunications infrastructure services, and The Roberts Company, which is a fully integrated fabrication, construction and industrial plant services company.

Company Contact:
Rainer Bosselmann
301.315.0027

Investor Relations Contact:
David Watson
301.315.0027

NORWELL, Mass.--(BUSINESS WIRE)--Clean Harbors, Inc. (“Clean Harbors”) (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, today announced that Chief Financial Officer Michael L. Battles, Chief Accounting Officer Eric J. Dugas and SVP Investor Relations Jim Buckley will be presenting at the BofA Securities Leveraged Finance Conference 2021.

Clean Harbors’ presentation will take place at 3:00 p.m. ET, Tuesday, November 30, and will be webcast live. To access the live or archived webcast, visit the “Investor Relations” portion of Clean Harbors’ website at www.cleanharbors.com.

About Clean Harbors

Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, energy and manufacturing, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. For more information, visit www.cleanharbors.com.

Michael L. Battles
EVP and Chief Financial Officer
Clean Harbors, Inc.
781.792.5100
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Jim Buckley
SVP Investor Relations
Clean Harbors, Inc.
781.792.5100
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VALLEY FORGE, Pa.--(BUSINESS WIRE)--#Dividend--The Board of Directors of UGI Corporation (NYSE: UGI) has declared a quarterly dividend of $0.345 per share of the company’s common stock. The dividend is payable January 1, 2022 to shareholders of record as of December 15, 2021. UGI has paid common dividends for 137 consecutive years and raised its dividend in each of the last 34 years.

UGI’s Board of Directors also declared a quarterly dividend of 0.125% per annum, payable in cash, on the company’s convertible preferred stock, which was issued as part of Equity Units (NYSE: UGIC) on May 25, 2021. The dividend is payable December 1, 2021.

About UGI

UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, natural gas utilities in West Virginia, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas, in the Mid-Atlantic region of the United States and California, and internationally in France, Belgium, the Netherlands and the UK.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

INVESTOR RELATIONS
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498
Shelly Oates, ext. 3202

SANTA CLARITA, Calif.--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC) announced today that certain Company executives will be participating in the following virtual and in-person events in December 2021 and January 2022:

• Cowen’s Virtual 2021 Energy Summit on December 1-3, 2021
• Pickering Energy Partners’ Technology, Energy & Mobility Festival on December 14-15, 2021, Austin, TX
• Goldman Sachs’ Global Energy and Clean Technology Conference on January 5-6, 2022, Miami, FL

CRC’s presentation materials will be available the day of the events on the Events and Presentations page in the Investor Relations section on www.crc.com.

About California Resources Corporation (CRC)

California Resources Corporation (CRC) is an independent oil and natural gas company committed to energy transition in the sector. CRC has some of the lowest carbon intensity production in the US and we are focused on maximizing the value of our land, mineral and technical resources for decarbonization by developing carbon capture and storage (CCS) and other emissions reducing projects.

Joanna Park (Investor Relations)
818-661-3731
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Richard Venn (Media)
818-661-6014
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DALLAS--(BUSINESS WIRE)--Matador Resources Company (NYSE: MTDR) (“Matador Resources”, “Matador” or the “Company”) announced today the closing of a new amended and restated credit agreement (the “Credit Agreement”). The Credit Agreement, which is dated November 18, 2021 and is more formally described as the Fourth Amended and Restated Credit Agreement, amends and restates that certain Third Amended and Restated Credit Agreement dated as of September 28, 2012 among MRC Energy Company, a wholly-owned subsidiary of the Company (“MRC”), as borrower; various lenders as individual parties thereto; Royal Bank of Canada, as administrative agent to the agreement; and Matador Resources as a guarantor.

Under the Credit Agreement signed on November 18, 2021,

• the maturity date was extended by three years to October 31, 2026, from October 31, 2023 previously, unless accelerated earlier;
• the borrowing base was increased by 50% to $1.35 billion, as compared to $900 million previously;
• the elected borrowing commitment was reaffirmed at $700 million; and
• the maximum facility amount was reaffirmed at $1.5 billion.

Additional financial terms and covenants under the Credit Agreement are included in the Form 8-K that will be filed with the U.S. Securities and Exchange Commission.

Joining Royal Bank of Canada are Truist Bank, Bank of America, The Bank of Nova Scotia, PNC Bank, KeyBank, Comerica Bank, U.S. Bank, Iberiabank (First Horizon Bank), Amegy Bank and Cathay Bank as the lenders under the Credit Agreement

Joseph Wm. Foran, Matador’s Chairman and CEO, commented, “We are pleased today to announce the closing of our new Credit Agreement extending the maturity date to October 31, 2026. We are particularly pleased by the 50% increase in our borrowing base to $1.35 billion, as compared to $900 million previously, which we believe reflects the confidence of our lenders in the increasing value and quality of Matador’s oil and natural gas reserves and our growing financial strength. We greatly value the relationships with our lenders and are grateful for their continued support over many years, which has made a difference in our business. We are also excited today to welcome KeyBank, U.S. Bank and Amegy Bank to our bank group going forward.”

About Matador Resources Company

Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations, primarily through its midstream joint venture, San Mateo, in support of its exploration, development and production operations and provides natural gas processing, oil transportation services, natural gas, oil and produced water gathering services and produced water disposal services to third parties.

For more information, visit Matador Resources Company at www.matadorresources.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. “Forward-looking statements” are statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “could,” “believe,” “would,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “should,” “continue,” “plan,” “predict,” “potential,” “project,” “hypothetical,” “forecasted” and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements include, but are not limited to, statements about guidance, projected or forecasted financial and operating results, future liquidity, the payment of dividends, results in certain basins, objectives, project timing, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. These forward-looking statements involve certain risks and uncertainties, including, but not limited to, the following risks related to financial and operational performance: general economic conditions; the Company’s ability to execute its business plan, including whether its drilling program is successful; changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; its ability to replace reserves and efficiently develop current reserves; costs of operations; delays and other difficulties related to producing oil, natural gas and natural gas liquids; delays and other difficulties related to regulatory and governmental approvals and restrictions; its ability to make acquisitions on economically acceptable terms; its ability to integrate acquisitions; availability of sufficient capital to execute its business plan, including from future cash flows, increases in its borrowing base and otherwise; weather and environmental conditions; the impact of the worldwide spread of the novel coronavirus, or COVID-19, on oil and natural gas demand, oil and natural gas prices and its business; the operating results of the Company’s midstream joint venture’s Black River cryogenic natural gas processing plant; the timing and operating results of the buildout by the Company’s midstream joint venture of oil, natural gas and water gathering and transportation systems and the drilling of any additional produced water disposal wells; and other important factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. For further discussions of risks and uncertainties, you should refer to Matador’s filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of Matador’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Matador undertakes no obligation to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Mac Schmitz
Capital Markets Coordinator
(972) 371-5225
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HOUSTON--(BUSINESS WIRE)--PNC Bank, National Association, as the successor trustee (the “Trustee”) of the San Juan Basin Royalty Trust (the “Trust”) (NYSE: SJT), today declared a monthly cash distribution to the holders of its Units of beneficial interest (the “Unit Holders”) of $6,982,507.89 or $0.149811 per Unit, based primarily upon the reported production during the month of September 2021 and nonrecurring reimbursements to the Trust from prior month actualizations and adjustments, plus interest. The distribution is payable December 14, 2021, to Unit Holders of record as of November 30, 2021.

For the production month of September 2021, the operator of the Trust’s subject interests, Hilcorp San Juan L.P. (“Hilcorp”), reported to the Trust net profits of $9,520,577 ($7,140,432 net royalty amount to the Trust).

Hilcorp reported $7,603,853 of revenue for the production month of September 2021. This includes September revenues of $7,779,357 and revenue actualizations for the January, February, March, and April 2021 production months which decreased revenues by $668,950. The reporting month of September 2021 also includes other revenues of $493,446 which includes $203,196 in nonrecurring additional revenue related to granted audit exceptions and interest, an estimate of $100,000 for non-operated income, and $190,250 of interest due to the Trust from prior actualizations and adjustments.

Hilcorp reported a credit of $1,916,724 of production costs for the production month of September 2021. This includes September production costs of $3,140,651, which is made up of $2,057,967 of lease operating expense, $1,078,450 of severance taxes and $4,234 of capital costs. Production costs also include credits of $1,482,014 for the severance tax actualizations for the January, February, March, and April 2021 production months, as well as credits of $3,575,361 for nonrecurring corrections of January through July 2021 lease operating expenses. Hilcorp informed the Trust that it had discovered errors made in the setup of a few of its general ledger accounts during its SAP conversion process. Specifically, Hilcorp stated that these accounts had been mislabeled as billable, including three of the Trust’s general ledger accounts. Hilcorp believes that it has now corrected its accounting internal control systems.

Based upon information Hilcorp provided to the Trust, gas volumes for the subject interests for September 2021 totaled 167,812 Mcf (186,458 MMBtu), including a credit for actualized volumes of 1,952,591 Mcf (2,169,545 MMBtu) due to the actualization of January through April 2021 revenues. For the production month of September 2021, excluding actualizations, gas production for the subject interests totaled 2,120,403 Mcf (2,356,003 MMBtu), as compared to 2,171,709 Mcf (2,413,010 MMBtu) for August 2021. Dividing revenues by production volume, excluding actualizations, yielded an average gas price for September 2021 of $3.60 per Mcf ($3.24 per MMBtu), as compared to an average gas price for August 2021 of $3.37 per Mcf ($3.04 per MMBtu).

Hilcorp has informed the Trust that it has completed the implementation of its new accounting system. Hilcorp began reporting actual, instead of estimated, production for the June 2021 production month (August 2021 Trust reporting month) and it will report actual production going forward. The remaining months of non-operated revenue and non-operated severance tax actualizations for prior periods will be accounted for and reported in future distribution reports. At this time, the amount of these actualizations is unknown. The Trustee will coordinate with Hilcorp on the timing of any further actualizations and will communicate that timing to Unit Holders.

The Trustee continues to engage with Hilcorp regarding its ongoing accounting and reporting to the Trust, and the Trust’s third-party compliance auditors continue to audit all payments made by Hilcorp to the Trust, including adjustments, actualizations, and recoupments. The Trustee continues to consult with outside counsel to review the rights of the Trust with respect to these matters and to evaluate any available potential legal remedies.

James R. Wilharm, Senior Vice President and Director of Trust Real Estate Services
Kaye Wilke, Investor Relations, toll-free: (866) 809-4553

Issues Fiscal 2022 Guidance

VALLEY FORGE, Pa.--(BUSINESS WIRE)--#2022Guidance--UGI Corporation (NYSE: UGI) reported financial results for the fiscal year ended September 30, 2021 and provided guidance for fiscal year 2022.

HEADLINES

• Record GAAP net income of $1,467 million and adjusted net income of $629 million compared to GAAP net income of $532 million and adjusted net income of $561 million in the prior year.
• Record GAAP diluted earnings per share (“EPS”) of $6.92 and adjusted diluted EPS of $2.96 compared to GAAP diluted EPS of $2.54 and adjusted diluted EPS of $2.67 in the prior year.
• Reportable segments earnings before interest expense and income tax¹ ("EBIT") of $1,134 million compared to $1,029 million in the prior year.
• Fiscal year performance at the top end of our revised guidance range issued on May 5, 2021, prior to $0.03 non-cash adjustment on equity units issued in May 2021 now reflecting the required if-converted method².
• Completed the strategic acquisition of Mountaineer Gas Company, the largest gas local distribution company in West Virginia, adding approximately 6,200 miles of pipelines and nearly 214,000 customers.
• Committed investment of over $100 million to renewable natural gas ("RNG") projects in the U.S.
• Issued Fiscal 2022 adjusted diluted EPS guidance range of $3.05 - $3.25³ while reiterating our long-term 6% - 10% EPS growth rate target.

"Our solid Fiscal 2021 results reflect the strength of our diversified business and the commitment and resiliency of our employees," said Roger Perreault, President and Chief Executive Officer of UGI Corporation. "We are proud to have delivered record adjusted diluted EPS of $2.96 and strong value creation for the year, while also making progress on environmental, social and governance (“ESG”) initiatives. During Fiscal 2021, we completed the acquisition of Mountaineer Gas Company and deployed a record level of capital at UGI Utilities. Midstream & Marketing entered into several partnerships to produce RNG, with over $100 million committed during the year. We also made great progress to improve the weather resiliency of our business and enhance customer experience through our LPG business transformation initiatives.

"Further demonstrating our commitment to sustainability, we established a dedicated ESG team and committed to reducing Scope I greenhouse gas emissions by 55% by 2025 using 2020 as the base year. We made great strides in advancing Belonging, Inclusion, Diversity and Equity ("BIDE") and were pleased to increase our domestic spend and commitment with diverse suppliers by over 20%.

"As we turn to Fiscal 2022, we are well positioned to drive growth and create value for our investors, customers and employees. Our strategy of delivering reliable earnings growth, investing in renewable energy solutions and rebalancing our portfolio is delivering results. We will continue to execute our strategy to deliver on our long-term commitment of 6 to 10% EPS growth and 4% dividend growth. We look forward to discussing our long-term outlook at our Virtual Investor Day in December."

STRATEGIC ACCOMPLISHMENTS

• Reliable Earnings Growth
  • UGI Utilities invested a record level of capital ($394 million) and added over 12,000 residential and commercial heating customers in Pennsylvania
  • Completed the acquisition of Mountaineer Gas Company which increased rate base to approximately $3 billion
  • Midstream & Marketing expanded its interest in the Appalachian basin natural gas gathering systems with the Pine Run investment and continued to generate significant fee-based income
  • UGI International generated record financial results, increasing EBIT by 22% over the prior year, and realized €14 million in annual benefits from the business transformation initiatives
  • AmeriGas achieved over 9% growth in national account volumes and $78 million in incremental annual benefits from the business transformation initiatives
• Renewables:
  • Committed over $100 million to renewable natural gas projects in Idaho, New York, Ohio, Kentucky and South Dakota
  • Announced an intended joint venture to advance the production and use of Renewable Dimethyl Ether (“rDME”), a low-carbon sustainable liquid gas, in the LPG industry in the US and Europe. The aggregate investment of both joint venture participants is estimated to be up to $1 billion and is expected to involve third party investment
• Rebalance: Progressed on our objective to rebalance our portfolio through the aforementioned Mountaineer Gas acquisition and investments in replacement and betterment, Pine Run Midstream asset and renewables

2022 OUTLOOK
UGI provides an adjusted EPS guidance range of $3.05 - $3.25³ per diluted share for the fiscal year ending September 30, 2022. This guidance range assumes normal weather, the current tax regime and includes the negative impact of approximately $0.06 per diluted share related to the accounting for the equity units² issued in May 2021.

UGI will discuss its strategy and longer-term financial outlook at its Virtual Investor Day on Thursday, December 2, 2021.

EARNINGS CALL and WEBCAST
UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss fiscal 2021 earnings and other current activities at 9:00 AM ET on Friday, November 19, 2021. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://edge.media-server.com/mmc/p/9r7ezwun or by visiting the company website https://www.ugicorp.com and clicking on Investor Relations. A telephonic replay will be available from 12:00 PM ET on November 19 through 11:59 PM ET on November 26. The replay may be accessed at 855-859-2056 and internationally at +1 404-537-3406, conference ID 8651785.

ABOUT UGI
UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, natural gas utilities in West Virginia, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas in the Mid-Atlantic region of the United States and California and internationally in France, Belgium, the Netherlands and the UK.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

USE OF NON-GAAP MEASURES
Management uses “adjusted net income attributable to UGI Corporation” and "adjusted diluted earnings per share," both of which are non-GAAP financial measures, when evaluating UGI's overall performance. Management believes that these non-GAAP measures provide meaningful information to investors about UGI’s performance because they eliminate the impacts of (1) gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions and (2) other significant discrete items that can affect the comparison of period-over-period results. Volatility in net income at UGI can occur as a result of gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions but included in earnings in accordance with U.S. generally accepted accounting principles ("GAAP").

Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures.

Tables on the last page reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and diluted earnings per share, the most comparable GAAP measure, to adjusted diluted earnings per share, to reflect the adjustments referred to above.

¹ Reportable segments earnings before interest expense and income taxes represents an aggregate of our reportable operating segment level EBIT as determined in accordance with GAAP.
² The shares associated with the $220 million equity units issued in May 2021 were previously accounted for using the treasury stock method (in accordance with market practice at the time) and excluded from the calculation of weighted average shares outstanding. Fiscal 2021 results and fiscal 2022 guidance include the dilutive impact of adding underlying shares to our calculation using the if-converted method.
³ Because we are unable to predict certain potentially material items affecting diluted earnings per share on a GAAP basis, principally mark-to-market gains and losses on commodity and certain foreign currency derivative instruments we cannot reconcile the fiscal year 2022 adjusted diluted earnings per share guidance, a non-GAAP measure, to diluted earnings per share guidance, the most directly comparable GAAP measure, in reliance on the “unreasonable efforts” exception set forth in SEC rules.

USE OF FORWARD-LOOKING STATEMENTS

This press release contains statements, estimates and projections that are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended). Management believes that these are reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control. You should read UGI’s Annual Report on Form 10-K for a more extensive list of factors that could affect results. Among them are adverse weather conditions (including increasingly uncertain weather patterns due to climate change) and the seasonal nature of our business; cost volatility and availability of all energy products, including propane, natural gas, electricity and fuel oil as well as the availability of LPG cylinders; increased customer conservation measures; the impact of pending and future legal or regulatory proceedings, inquiries or investigations, liability for uninsured claims and for claims in excess of insurance coverage; domestic and international political, regulatory and economic conditions in the United States and in foreign countries, including the current conflicts in the Middle East and the withdrawal of the United Kingdom from the European Union, and foreign currency exchange rate fluctuations (particularly the euro); the timing of development of Marcellus and Utica Shale gas production; the availability, timing and success of our acquisitions, commercial initiatives and investments to grow our business; our ability to successfully integrate acquired businesses and achieve anticipated synergies; the interruption, disruption, failure, malfunction, or breach of our information technology systems, including due to cyber-attack; the inability to complete pending or future energy infrastructure projects; our ability to achieve the operational benefits and cost efficiencies expected from the completion of pending and future transformation initiatives including the impact of customer disruptions resulting in potential customer loss due to the transformation activities; uncertainties related to the global pandemics, including the duration and/or impact of the COVID-19 pandemic; and the extent to which we are able to utilize certain tax benefits currently available under the CARES Act and similar tax legislation and whether such benefits will remain available in the future.

• Retail gallons sold decreased 2% compared to Fiscal 2020 primarily due to the effects of COVID-19 on commercial volumes, structural conservation, and other residual volume loss.
• Total margin decreased $24 million primarily reflecting lower retail volumes sold and lower non-propane margin principally due to lower fees and services, partially offset by higher average propane margins including effective margin management efforts.
• Operating and administrative expenses decreased by $21 million in Fiscal 2021 primarily due to benefits achieved from the LPG transformation initiatives.
• Operating income and EBIT increased $12 million reflecting higher other income, lower operating and administrative expenses and lower depreciation expenses, partially offset by lower total margin.

Base-currency results are translated into U.S. dollars based upon exchange rates experienced during the reporting periods. The functional currency of a significant portion of our UGI International results is the euro and, to a much lesser extent, the British pound sterling. During Fiscal 2021 and Fiscal 2020, the average unweighted euro-to-dollar translation rates were $1.20 and $1.12, respectively, and the average unweighted British pound sterling-to-dollar translation rate were $1.37 and $1.28, respectively.

• Total LPG retail volume increased 5% largely due to weather that was 14.1% colder than the prior-year. The increased volume reflects higher bulk volumes including the recovery of certain volume decreases due to the COVID-19 pandemic.
• Total margin increased $145 million primarily due to higher retail LPG gallons sold, higher average LPG unit margins including the effects of margin management efforts, and the translation effects of the stronger euro.
• Operating and administrative expenses increased $77 million reflecting higher costs attributable to increased volumes and the translation effects of the stronger euro.
• Operating income increased $73 million due to higher total margin partially offset by the increase in operating and administrative expenses, and reflects the translation effects of the stronger euro ($38 million).
• EBIT increased $58 million due to the higher operating income, partially offset by lower realized gains on foreign currency exchange contracts ($14 million).

• Total margin increased $18 million in Fiscal 2021 reflecting increased margins from capacity management ($24 million) largely driven by the timing of mark to market contract settlements, gas gathering activities and renewable energy marketing activities ($7 million). These increases were partially offset by the absence of margins attributable to HVAC and Conemaugh that were divested in Fiscal 2020 ($29 million).
• Operating and administrative expenses decreased $11 million largely due to lower expenses attributable to the divested assets, partially offset by higher employee and benefit-related costs and expenses for new assets placed into service.
• Operating income increased $20 million compared to the prior year reflecting higher total margin and lower operating and administrative expenses, partially offset by an adjustment to the contingent consideration related to the GHI acquisition ($9 million).
• EBIT increased $22 million primarily due to an increase in operating income and incremental equity income from the investment in Pine Run.

• Natural gas core market throughput increased 3% reflecting continued customer growth, recovery of certain volume decreases attributable to COVID-19 and incremental volume from the Mountaineer acquisition.
• Total margin increased $39 million during Fiscal 2021 due to higher natural gas margin ($34 million) and Electric Utility. The increase in total natural gas margin reflects higher core market margin ($18 million) including the effects of the increase in base rates that became effective in 2021 as part of a phased approach, margin from the Mountaineer acquisition ($6 million) and large delivery service customers.
• Operating and administrative expenses increased $15 million reflecting the impact of the Mountaineer acquisition ($7 million) and higher contracted labor expenses and employee costs.
• Depreciation expense increased $14 million due to increased distribution system and IT capital expenditure activity and the incremental impact of Mountaineer.
• EBIT increased $13 million reflecting higher total margin ($39 million) partially offset by increased operating and administrative expenses ($15 million) and depreciation expense ($14 million).

(a) Total margin represents total revenue less total cost of sales. In the case of UGI Utilities, total margin is also reduced by certain revenue-related taxes. In the case of UGI International, total margin represents total revenues less total cost of sales and in Fiscal 2020, LPG cylinder filling costs of $28 million. For financial statement purposes, LPG cylinder filling costs in Fiscal 2020 are included in "Operating and administrative expenses" on the Consolidated Statements of Income (but excluded from operating and administrative expenses presented above). For financial statement purposes, LPG cylinder filling costs in Fiscal 2021 are included in "Cost of Sales".
(b) Includes Mountaineer Gas Company acquired on September 1, 2021.

(a) Corporate & Other includes specific items attributable to our reportable segments that are not included in profit measures used by our chief operating decision maker in assessing our reportable segments' performance or allocating resources. These specific items are shown in the section titled "Non-GAAP Financial Measures - Adjusted Net Income Attributable to UGI and Adjusted Diluted Earnings Per Share" below. Corporate & Other also includes the elimination of certain intercompany transactions.
(b) Income tax expense for the twelve months ended September 30, 2021 includes $23 million income tax benefit from adjustments due to a step-up in tax basis in Italy as a result of tax legislation.

Non-GAAP Financial Measures - Adjusted Net Income Attributable to UGI and Adjusted Diluted Earnings Per Share
(unaudited)

The following tables reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and reconcile diluted earnings per share, the most comparable GAAP measure, to adjusted diluted earnings per share, to reflect the adjustments referred to previously:

INVESTOR RELATIONS
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498
Shelly Oates, ext. 3202

Facility will provide added grain handling convenience and flexibility for Sustainable Oils and its camelina growers in Montana

GREAT FALLS, Mont.--(BUSINESS WIRE)--Sustainable Oils, Inc. a wholly owned subsidiary of Global Clean Energy Holdings, Inc. (OTCQX:GCEH), today announced the company has purchased 45 acres in Havre, Montana. The company is close to selecting its contractor to begin construction of the planned 600,000 bushel storage and rail loading facility for its proprietary camelina grain in the first-quarter 2022.

The Havre land acquisition and new facility further expands Sustainable Oils’ presence in Montana and creates significant logistical advantages at camelina harvest for both Sustainable Oils and its contract growers.

“Montana is the headquarters and epicenter for Sustainable Oils production in North America,” said Mike Karst, Sustainable Oils President . “A dedicated grain facility in Havre provides regional contract growers added convenience and flexibility for delivery and storage of harvested camelina. With our adjacent proximity to the CHS Big Sky-Havre rail siding, we will be able to directly load unit trains of our grain to streamline transportation logistics to GCEH’s biorefinery in Bakersfield, California or other extraction plants.”

Beginning in 2022, ExxonMobil has made a five-year commitment to purchase up to 220 million gallons of renewable diesel made from GCEH’s Bakersfield Renewable Fuels refinery in California. Sustainable Oils' long-term goal is to secure contracts to grow more than one million acres of Sustainable Oils’ camelina varieties across Montana and the High Plains.

About Sustainable Oils, Inc.

Sustainable Oils, Inc., GCEH’s wholly owned plant science subsidiary, owns an industry leading portfolio of intellectual property rights, including patents and production know-how, to produce its proprietary varieties of camelina as a nonfood based ultra-low carbon biofuels feedstock. Sustainable Oils, Inc. was formed in 2007 and its new headquarters is in Great Falls, Montana. More information can be found online at www.susoils.com.

About Global Clean Energy Holdings, Inc.

Global Clean Energy Holdings, Inc. (“GCEH”) is a uniquely positioned vertically integrated renewable fuels company. GCEH’s farm-to-fuel strategy has been in place since the inception of its business, to control the full integration of the entire biofuels supply chain from the development, production, processing, and transportation of feedstocks through to the refining and distribution of renewable fuels. 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 non-food-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. within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, the Company’s ability to have one million acres of camelina in production in Montana and completion of a grain facility, are forward-looking statements and are subject to a number of risks and uncertainties. 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, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.

Global Clean Energy Holdings, Inc.
Natalie Findlay
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(424) 318-3518

Sustainable Oils, Inc.
Fran Castle
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(919) 348-8013

• INNIO backed power plant to use hydrogen byproduct produced onsite at co-located chemical plant
• Pilot project expected to serve as a pivotal example of decarbonizing heavy industry in Asia Pacific (APAC)
• Power plant project marks the first time that a 100% hydrogen-fueled power plant is to be built in APAC

ULSAN, South Korea--(BUSINESS WIRE)--INNIO today announced that Hyosung Heavy Industries (Hyosung) has selected INNIO Jenbacher ‘Ready for Hydrogen’ engine technology for the first pilot power plant project in APAC that will be fueled by 100% hydrogen. The pilot hydrogen power plant will be built at the Hyosung Chemical Yongyeon Plant in Ulsan, South Korea, setting a benchmark by becoming the first 100% hydrogen power plant to be operated in the region. It will run on hydrogen produced as a byproduct at the chemical plant that is normally sold off to an industrial gas company. The project is expected to achieve commercial operation in 3Q 2022 and complete the demonstration by end of 2022.

“INNIO has based its strategy on hydrogen becoming a driver of the energy transition, as it is uniquely positioned to shape a low- through no-carbon energy sector. INNIO launched its ‘Ready for Hydrogen’ portfolio to meet customers’ demands for sustainable solutions, such as at Hyosung, to establish hydrogen-based power generation. We are pleased to be their hydrogen engine technology partner of choice and to establish the first 100% hydrogen power plant in APAC,” said Olaf Berlien, president and CEO of INNIO. “We will continue our relentless focus to deliver INNIO technologies and services that will help our customers to reduce their carbon footprint down to zero.”

“Hyosung is striving to improve its impact on climate change by embracing the global energy transition. We have joined forces with INNIO to support our efforts to reduce carbon emissions while exploring commercial and sustainable opportunities related with our hydrogen byproduct production,” commented Park Jeong-Ha, General Manager at Hyosung. “Our climate change response strategies have set the goal of reducing emissions and energy consumption while increasing energy efficiency. INNIO Jenbacher provides the efficient and proven technology that helps us meet this goal.”

As a shaper of a low-carbon economy, INNIO is preparing for a secure, affordable, and climate-neutral energy future for everyone. The pilot power plant using INNIO Jenbacher technology, will be the second power plant in the 1-MW range that can be fueled with 100% hydrogen. INNIO is a hydrogen pioneer for more than 20 years, when the first Jenbacher 150-kilowatt pilot engine ran on 100 percent hydrogen at a demonstration plant in northern Germany. Two decades later, in 2020, after a number of additional demonstration projects, INNIO and HanseWerk Natur demonstrated the world’s first hydrogen engine using variable hydrogen and natural gas mixtures up to 100% hydrogen on an INNIO Jenbacher engine. The collaboration with Hyosung now marks a further milestone for INNIO to help drive the energy transition.

About INNIO

INNIO is a leading provider of renewable gas and hydrogen-rich solutions and services for power generation and compression at or near the point of use. With our Jenbacher and Waukesha products, INNIO helps to provide communities, industry and the public access to sustainable, reliable and economical power ranging from 200 kW to 10 MW. We also provide life-cycle support and digital solutions to the more than 53,000 delivered gas engines globally, through our service network in more than 100 countries. We deliver innovative technology driven by sustainability, decentralization, and digitalization to help lead the way to a greener future. Headquartered in Jenbach, Austria, the business also has primary operations in Welland, Ontario, Canada, and Waukesha, Wisconsin, U.S. For more information, visit the company's website at www.innio.com. Follow INNIO on Twitter and LinkedIn.

Susanne Reichelt
INNIO
+43 664 80833 2382
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LOWELL, Ark.--(BUSINESS WIRE)--J.B. Hunt Transport Services Inc. (NASDAQ: JBHT), one of the largest supply chain solutions providers in North America, announced today the launch of a new transload service to assist shippers in the New York metro area experiencing nationwide congestion.

The new service will be managed through a recently expanded facility in Jersey City, New Jersey, that will provide port drayage, transloading and inland linehaul solutions. The facility is the first of its kind for the company and opens at a key time with the holiday season fast approaching.

“Our new transloading service will help customers accelerate freight movement and improve container fluidity,” said Shelley Simpson, chief commercial officer and executive vice president of people and human resources at J.B. Hunt. “It is the latest example of how J.B. Hunt is creating solutions for customers to improve the agility of their supply chain.”

The new transloading service provides a one-stop source for quickly transferring ocean freight into equipment for domestic transport. Shippers can leverage J.B. Hunt Intermodal and J.B. Hunt Highway Services to move freight outbound from the facility, providing line haul capacity to anywhere in the United States. J.B. Hunt operates one of the largest company-owned fleets in North America, with more than 100,000 intermodal containers, 18,500 tractors and 36,000 trailers. The company’s technology platform J.B. Hunt 360°® is an industry leader in digital freight matching and provides shippers with access to nearly one million trucks through qualified third-party carriers across the country.

J.B. Hunt expanded its use of the facility in October to utilize a 25,000 square-foot area to establish the new service offering. The facility consists of ample on-site parking, offers 24/7 service and is located near all major railroads and port terminals in the New York area.

About J.B. Hunt

J.B. Hunt Transport Services, Inc., an S&P 500 company, provides innovative supply chain solutions for a variety of customers throughout North America. Utilizing an integrated, multimodal approach, the company applies technology-driven methods to create the best solution for each customer, adding efficiency, flexibility, and value to their operations. J.B. Hunt services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, final mile, and more. J.B. Hunt Transport Services, Inc. stock trades on NASDAQ under the ticker symbol JBHT and is a component of the Dow Jones Transportation Average. J.B. Hunt Transport, Inc. is a wholly owned subsidiary of JBHT. For more information, visit www.jbhunt.com.

Brittnee Davie
Vice President - Marketing
479.419.3178
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News summary:

• New initiative extends ADVA’s holistic approach to minimizing environmental impact to its supply chain
• Suppliers who meet ADVA’s strict sustainability standards will be rewarded with financial incentives
• Program conducted with partner Traxpay is a key step towards ADVA’s mission of making all production processes carbon neutral

MUNICH, Germany--(BUSINESS WIRE)--#100G--ADVA (FSE: ADV) today announced the launch of its sustainable supplier program as part of its ongoing commitment to radically reduce greenhouse gas emissions. The initiative extends ADVA’s holistic sustainability strategy upstream in its supply chain and is a key step towards the company’s production processes becoming completely carbon neutral. Launched in cooperation with ADVA’s finance platform partner Traxpay, the program involves ADVA offering financial incentives to its suppliers who meet strict criteria for minimizing environmental impact. The scheme also strengthens ADVA’s supply chain at a time of unprecedented logistical challenges, including material shortages and the global semiconductor crisis.

“The sustainable supplier program is another milestone in expanding our environmental, social and governance (ESG) activities and ensuring environmentally friendly supply chain management. Everyone needs to play their part to fight climate change and so we’re rewarding our suppliers who share our dedication to taking urgent action now,” said Klaus Grobe, director, global sustainability, ADVA. “Our commitment to setting and meeting strict emissions targets has made ADVA one of the world’s leading systems vendors when it comes to sustainability. Now we’re also incentivizing our suppliers to prioritize the future and meet the highest standards in the industry for carbon reduction.”

ADVA’s sustainable supplier program is part of its commitments based on the most ambitious goals of the COP26 Glasgow Climate Pact: limiting global temperature increase to 1.5°C above pre-industrial levels. The company was one of the first telecommunication technology suppliers to have targets approved by the Science Based Targets Initiative (SBTi) and the criteria for its new supplier program are in line with ADVA’s own sustainability goals. These are in turn checked by customers, including regular assessments with the TIA Assessor tool and EcoVadis ratings. To evaluate suppliers’ sustainability activities ADVA will leverage IntegrityNext software. ADVA will also work with its partner NORD/LB, which will ensure financial security by providing additional liquidity for the program.

“With our new initiative, we’re empowering our suppliers to make a significant difference. Our sustainable supplier program motivates them to reduce the environmental impact of their business and helps them achieve sustainable success. It will also make a decisive contribution to maintaining robust supply chains, especially in the current era of global material shortages,” commented Steven Williams, director, treasury and investor relations, ADVA. “Since 2017, ADVA has held a Gold TIA rating and last year we achieved our first EcoVadis Platinum rating. Now, we’re widening the scope of our efforts. Alongside our partners Traxpay and NORD/LB, we’re rewarding sustainable suppliers for their ESG activities and encouraging other companies to help tackle this most urgent challenge.”

About ADVA

ADVA is a company founded on innovation and focused on helping our customers succeed. Our technology forms the building blocks of a shared digital future and empowers networks across the globe. We’re continually developing breakthrough hardware and software that leads the networking industry and creates new business opportunities. It’s these open connectivity solutions that enable our customers to deliver the cloud and mobile services that are vital to today’s society and for imagining new tomorrows. Together, we’re building a truly connected and sustainable future. For more information on how we can help you, please visit us at www.adva.com.

Published by:

ADVA Optical Networking SE, Munich, Germany
www.adva.com

For press:
Gareth Spence
t +44 1904 699 358
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For investors:
Stephan Rettenberger
t +49 89 890 665 854
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SWINDON, England--(BUSINESS WIRE)--Sensata Technologies (NYSE: ST) today announced that it has completed the previously announced acquisition of Spear Power Systems.

Spear Power Systems develops next generation scalable lithium-ion battery storage systems for demanding land, sea and air applications. Spear Power Systems’ energy storage systems are cell-agnostic and include proprietary battery management and monitoring for all lithium-ion chemistries from multiple battery suppliers offering high energy density, modular architecture, light weight, and extreme safety and reliability.

“The acquisition of Spear Power Systems enables us to deliver more comprehensive energy storage solutions to our OEM customers in specialty transportation markets. These capabilities will be strong additions to our product portfolio and will help drive our electrification growth vector and accelerate our clean energy strategy,” said Jeff Cote, Sensata Technologies CEO and President.

About Sensata Technologies

Sensata Technologies is a leading industrial technology company that develops sensors, sensor-based solutions, including controllers and software, and other mission-critical products to create valuable business insights for customers and end users. For more than 100 years, Sensata has provided a wide range of customized, sensor-rich solutions that address complex engineering requirements to help customers solve difficult challenges in the automotive, heavy vehicle & off-road, industrial and aerospace industries. With more than 19,000 employees and operations in 13 countries, Sensata’s solutions help to make products safer, cleaner and more efficient, more electrified, and more connected. Learn more at www.sensata.com and follow us on LinkedIn, Facebook and Twitter.

About Spear Power Systems

Founded in 2013 by experienced energy storage entrepreneurs Jeff Kostos, President & CEO, and Dr. Joon Kim, CTO, Spear designs and manufactures safe, high performance energy storage systems (ESS) for clients with some of the world's most demanding marine, industrial, and defense applications. Based in Kansas City, Missouri, Spear takes a chemistry agnostic approach towards integrating its in-house designed, scalable electronics, software, and mechanical systems with the most application-appropriate chemistry in order to maximize the value for its clients. For more information, visit www.spearpowersystems.com.

Investor Contact:
Jacob Sayer
+1 (508) 236-1666
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Media Contact:
Alexia Taxiarchos
+1 (617) 259-8172
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Special Warrants Will Automatically Convert into Common Shares and Warrants on November 20^th

Listing of New Warrants on the NEO Exchange Effective November 24^th

Significant Cash Resources to Deploy Ambitious Investment Strategy

TORONTO--(BUSINESS WIRE)--$NETZ #NETZ--Carbon Streaming Corporation (NEO: NETZ) (OTCPink: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) is pleased to announce the upcoming automatic conversion of the Company’s previously issued special warrants (the “Special Warrants”) effective as of November 20, 2021.

Highlights

• Special Warrants will convert into underlying common shares and warrants on November 20, 2021.
• The newly issued warrants will be listed on the Neo Exchange Inc. (the “NEO Exchange”) effective November 24, 2021 under the symbol NETZ.WT.B.
• No action is required by holders of Special Warrants to receive their underlying Common Shares and July Warrants (as defined below).

“The funds from this placement continue to provide Carbon Streaming with significant cash resources to deploy in execution of its investment strategy,” noted Justin Cochrane, Chief Executive Officer of Carbon Streaming. “We are excited to begin scaling up and diversifying our investment portfolio and building up our near-term cash flow profile,” Mr. Cochrane added.

About Special Warrants

The Special Warrants were originally issued effective on July 19, 2021 pursuant to a non-brokered private placement of 104,901,256 Special Warrants at a price of US$1.00 per Special Warrant for aggregate gross proceeds to the Company of approximately US$104.9 million. Under the terms of their governing indenture, each Special Warrant will be automatically exercised for no additional consideration into one Unit (as defined below) of the Company, subject to adjustment in certain events, on the date that is four months and one day following the closing date, being November 20, 2021. Each unit (a “Unit”) underlying a Special Warrant is comprised of one common share in the capital of the Company (each, a “Common Share”) and one Common Share purchase warrant of the Company (each, a “July Warrant”). Each July Warrant will expire on September 19, 2026, being sixty-two (62) months from the date of issuance.

Pursuant to the Company’s prior consolidation of all of its securities on a 1-for-5 basis which took effect on October 22, 2021 (the “Consolidation”), each Special Warrant became exercisable to acquire one post-Consolidation Common Share and July Warrant such that the total of Special Warrants was reduced to approximately 20,980,250. As a result of the Consolidation of the Special Warrants, the underlying July Warrants will now be exercisable to purchase one post-Consolidation Common Share at an exercise price of US$7.50 per share. Copies of the indentures and supplemental indentures governing the Special Warrants and the July Warrants are available on the Company’s profile on SEDAR at www.sedar.com.

In connection with the deemed exercise of the Special Warrants, the Company is also pleased to announce receipt of final approval for listing of the July Warrants on the NEO Exchange. The July Warrants are expected to commence trading on the NEO Exchange as of 9:30 a.m. EST on November 24, 2021 under the symbol “NETZ.WT.B”, which will allow warrant holders an opportunity to deposit their July Warrants with their brokers prior to trading commencing. The Company’s Common Shares and the Company’s existing listed Common Share purchase warrants will continue to trade on the NEO Exchange under the tickers “NETZ” and “NETZ.WT”, respectively.

Given the deemed exercise of the Special Warrants in accordance with their governing indenture, the Company will withdraw its previously filed prospectus to qualify the distribution of the underlying Common Shares and July Warrants, as it is no longer necessary.

Additional Information

Holders of Special Warrants are not required to pay any additional money or consideration, nor take any additional steps or action, in order to receive the Common Shares and July Warrants comprising the Units underlying the Special Warrants. Holders who received their Special Warrants through the DealMaker platform should be able to access their Common Shares and July Warrants statements on Monday November 22, 2021 through the same portal. For additional information, holders of Special Warrants with questions are encouraged to visit the Shareholder Information page of the Company’s website, where additional information as well as answers to “Frequently Asked Questions” is available regarding the automatic deemed exercise of the Special Warrants and the issuance of the underlying Common Shares and July Warrants.

About Carbon Streaming Corporation

Carbon Streaming is a unique ESG principled investment vehicle offering investors exposure to carbon credits, a key instrument used by both governments and corporations to achieve their carbon neutral and net-zero climate goals. Our business model is focused on acquiring, managing and growing a high-quality and diversified portfolio of investments in projects and/or companies that generate or are actively involved, directly or indirectly, with voluntary and/or compliance carbon credits.

The Company invests capital through carbon credit streaming arrangements with project developers and owners to accelerate the creation of carbon offset projects by bringing capital to projects that might not otherwise be developed. Many of these projects will have significant social and economic co-benefits in addition to their carbon reduction or removal potential.

To receive corporate updates via e-mail as soon as they are published, please subscribe here.

Cautionary Statement Regarding Forward-Looking Information

This news release contains certain forward-looking statements and forward-looking information (collectively, ‘forward-looking information’) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements with respect to the execution of its investment strategy and ability to realize on its investment pipeline, figures with respect to the timing of the deemed exercise and issuance of the Units (comprising the Common Shares and July Warrants) underlying the Special Warrants, the timing of the listing of the July Warrants on the NEO Exchange, and the prospects for near-term cash flow) are forward-looking information. This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: general economic, market and business conditions and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of September 27, 2021 filed on SEDAR at www.sedar.com.

Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

ON BEHALF OF THE COMPANY:
Justin Cochrane, Chief Executive Officer
Tel: 647.846.7765
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www.carbonstreaming.com

Customer-focused Power Sector Veteran Elevated within the Company to Continue Spearheading Energy Transition

LAKE MARY, Fla.--(BUSINESS WIRE)--#BESS--Mitsubishi Power has appointed William A. “Bill” Newsom, Jr. President and Chief Executive Officer of Mitsubishi Power Americas, Inc. effective December 1, 2021. A 28-year power sector veteran, Newsom has served in leadership roles at Mitsubishi Power for almost 18 years, most recently as Executive Vice President of New Generation Systems, which includes new turbomachinery and the company’s development of the hydrogen value chain. As President and CEO, Newsom will focus on the company’s continued market leadership in new sales and servicing of power generation and energy storage solutions.

Newsom has launched growth initiatives at Mitsubishi Power that now define the company’s strategy to deliver decarbonization solutions. In recent years, Newsom led the business to achieve #1 market share in the Americas for heavy duty gas turbines and to begin developing the world’s largest green hydrogen storage project, which is underway in Delta, Utah.

Ken Kawai, Executive Vice President, Head of Energy Transition & Power Headquarters of Mitsubishi Heavy Industries, Ltd., said, “We look forward to Bill Newsom’s leadership at the forefront of the energy transition in the Americas region including servicing our customers and supporting decarbonization of existing fleets. Bill has had a distinguished career as a customer-focused power generation executive with outstanding performance leading our gas turbine business. His well-established leadership and industry knowledge will help guide our company and support our customers through the process of decarbonization in the power sector.”

Prior to joining Mitsubishi Power, Newsom held leadership positions at Westinghouse Electric Corporation, Siemens Westinghouse Power Corporation, and Calpine Corporation. He holds a Bachelor of Science in Mechanical Engineering from the University of Florida and completed the Advanced Management Program at Harvard Business School.

Newsom stated, “I am honored to lead Mitsubishi Power Americas as we strive to enable customers with decarbonization solutions for the energy transition. I will fully support our mission to provide power generation and storage solutions to our customers, empowering them to affordably and reliably combat climate change and advance human prosperity. We have 25 years to decarbonize electric power, which makes us all part of ‘The Power Generation.’ Together with our customers, we are creating a Change in Power.”

About Mitsubishi Power Americas, Inc.

Mitsubishi Power Americas, Inc. (Mitsubishi Power) headquartered in Lake Mary, Florida, employs more than 2,300 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North, Central, and South America. Mitsubishi Power’s power generation solutions include gas, steam, and aero-derivative turbines; power trains and power islands; geothermal systems; PV solar project development; environmental controls; and services. Energy storage solutions include green hydrogen, battery energy storage systems, and services. Mitsubishi Power also offers intelligent solutions that use artificial intelligence to enable autonomous operation of power plants. Mitsubishi Power is a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI). Headquartered in Tokyo, Japan, MHI is one of the world’s leading heavy machinery manufacturers with engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace, and defense. For more information, visit the Mitsubishi Power Americas website and follow us on LinkedIn.

Christa Reichhardt
+1 407-484-5599
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