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EnLink Midstream Agrees to Acquire North Texas Gathering and Processing System

PR Newswire

Significant operational synergies and redeployment of assets anticipated to result in leverage neutral transaction with attractive economics


DALLAS
, May 25, 2022 /PRNewswire/ — EnLink Midstream, LLC (NYSE: ENLC) (EnLink) announced today that it has entered into a definitive agreement to acquire North Texas gathering and processing assets from Crestwood Equity Partners LP (NYSE: CEQP) for $275 million, subject to certain customary adjustments and regulatory approval. The adjacency of the assets to EnLink’s North Texas footprint provides significant synergies and the opportunity to redeploy assets to EnLink’s other areas of operation, resulting in significant capital avoidance and driving attractive transaction economics.

“We are very pleased to announce the agreement to acquire this gathering and processing system in North Texas, which is composed of assets that are highly complementary to EnLink’s, both in North Texas and in our other areas of operation,” EnLink Chairman and CEO Barry E. Davis said. “This transaction is consistent with our strategy to execute tuck-in acquisitions adjacent to our existing footprints through which we can generate significant synergies and integrate seamlessly without incremental resources. In addition, EnLink has a proven strategy of redeploying underutilized assets to areas of high growth, thus reducing capital expenditures and achieving significantly better economics than through new build projects, and, when completed, we expect this acquisition to bring a robust set of opportunities for our team to do just that. The resulting capital avoidance, coupled with the assets’ robust cash flow profile, is expected to result in a leverage neutral transaction, preserving our balanced capital allocation plan, including the return of capital to common unitholders, and our ability to execute EnLink’s other growth strategies, such as building our Carbon Solutions business.”

Attractive Economics Driven by Deployment of “The EnLink Way”
The assets to be acquired are expected to provide significant synergies, minimal integration capital, and significant capital avoidance for EnLink through planned redeployment of assets to EnLink’s other segments, including the Permian segment in the near-term and the Carbon Solutions business in the future. As a result, the transaction represents attractive economics of approximately 4.0x EBITDA and an unlevered return in the high teens. EnLink expects that the robust cash flow generation from the assets, in addition to the significant reduction to EnLink’s 2023 capital expenditures driven by redeployment of assets, would result in significant 2023 cash flow accretion and a leverage neutral transaction.

The acquisition is also expected to improve EnLink’s emission intensity profile in North Texas with a high mix of electric compression. Additionally, the assets provide the potential for incremental carbon capture, utilization, and sequestration (CCUS) opportunities aimed at meeting EnLink’s carbon intensity reduction objectives.

North Texas Gathering and Processing System
The assets to be acquired would expand EnLink’s position in the prolific Barnett Shale producing basin with proximity to existing and planned liquefied natural gas export facilities along the Gulf Coast. These assets include 500 miles of lean and rich gas gathering pipeline and three processing plants with 425 million cubic feet per day (MMcf/d) of capacity, which will be available for future relocation.

About EnLink Midstream
EnLink Midstream reliably operates a differentiated midstream platform that is built for long-term, sustainable value creation. EnLink’s best-in-class services span the midstream value chain, providing natural gas, crude oil, condensate, and NGL capabilities, and carbon capture, transportation, and sequestration services. Our purposely built, integrated asset platforms are in premier production basins and core demand centers, including the Permian Basin, Oklahoma, North Texas, and the Gulf Coast. EnLink’s strong financial foundation and commitment to execution excellence drive competitive returns and value for our employees, customers, and investors. Headquartered in Dallas, EnLink is publicly traded through EnLink Midstream, LLC (NYSE: ENLC). Visit www.EnLink.com to learn how EnLink connects energy to life.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Although these statements reflect the current views, assumptions, and expectations of EnLink’s management, the matters addressed herein involve certain assumptions, risks, and uncertainties that could cause actual activities, performance, outcomes, and results to differ materially from those indicated herein. Therefore, you should not rely on any of these forward-looking statements. All statements, other than statements of historical fact, included in this press release constitute forward-looking statements, including but not limited to statements identified by the words “forecast,” “may,” “believe,” “will,” “should,” “plan,” “predict,” “anticipate,” “intend,” “estimate,” and “expect” and similar expressions. Such forward-looking statements include, but are not limited to, statements regarding the anticipated consummation of the acquisition described above, the anticipated benefits, opportunities, and results with respect to the acquisition, including the expected synergies, capital avoidance, cash flow, reduced capital expenditures, CCUS opportunities and other anticipated impacts from the planned acquisition, as well as other aspects of the transaction, and other statements that are not historical facts. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control, including risks and uncertainties related to EnLink’s business, market conditions, required approvals by regulatory agencies, the possibility that the anticipated benefits from the transaction cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in EnLink’s reports filed with the Securities and Exchange Commission. An extensive list of factors that can affect EnLink’s business are discussed in EnLink’s filings with the Securities and Exchange Commission, including EnLink’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. EnLink does not assume any obligation to update any forward-looking statements.

Investor Relations: 
Brian Brungardt, Director of Investor Relations, 214-721-9353, [email protected]
Media Relations: Jill McMillan, Vice President of Strategic Relations & Public Affairs, 214-721-9271, [email protected]

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SOURCE EnLink Midstream, LLC

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Crestwood Announces Strategic Delaware Basin Acquisitions and Divestiture of its Non-Core Barnett Shale Assets

Crestwood Announces Strategic Delaware Basin Acquisitions and Divestiture of its Non-Core Barnett Shale Assets

In a series of transactions, Crestwood to acquire Sendero Midstream Partners, LP and First Reserve’s 50% equity interest in Crestwood Permian Joint Venture at approximately 7x NTM EBITDA

Crestwood more than doubles its natural gas processing capabilities in the Delaware Basin, the leading North American shale play by economics and drilling rig activity; Excess processing and compression capacity combined with complementary footprints drive significant commercial and capital synergies

The Delaware Basin becomes Crestwood’s second largest cash flow contributor with 2023E Adjusted EBITDA of $190 – $200 million, representing approximately 20% of total company cash flow

Divestiture of Barnett Shale assets for $275 million continues Crestwood’s asset optimization strategy by redeploying cash proceeds from non-core assets into higher growth and stacked pay, Delaware Basin assets

Transactions prudently financed with cash proceeds from the divestiture of Barnett Shale assets, common equity issued to First Reserve, and revolver borrowings to maintain Crestwood’s strong balance sheet metrics and financial flexibility

HOUSTON–(BUSINESS WIRE)–
Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) today announced it has entered into a series of agreements under which the company will i) acquire Sendero Midstream Partners, LP (“Sendero Midstream”) for $600 million in cash, ii) acquire First Reserve’s 50% equity interest in Crestwood Permian Basin Holdings LLC (“CPJV”) for $320 million in Crestwood common units, plus the assumption of asset level debt, and iii) divest its legacy, non-core Barnett Shale assets to EnLink Midstream, LLC (NYSE: ENLC) (“EnLink Midstream”) for $275 million in cash. The transactions are expected to close early in the third quarter 2022, subject to customary regulatory approvals.

“I am thrilled to announce this series of strategic transactions that greatly enhance the Crestwood franchise by creating immediate scale and additional runway in the Delaware Basin, high-grading our cash flow mix through the rationalization of non-core assets, and successfully maintaining our conservative balance sheet and financial flexibility,” commented, Robert G. Phillips, Founder, Chairman, and Chief Executive Officer of Crestwood. “The acquisition of Sendero Midstream is highly complementary to our existing Willow Lake assets, provides excess processing and compression capacity for current and future customer development activity, and solidifies Crestwood’s footprint in the leading North American shale play. Furthermore, the consolidation of First Reserve’s equity interest in CPJV simplifies our corporate structure and drives enhanced financial, commercial and operational flexibility. Both transactions are highly synergistic and will drive meaningful accretion to our distributable cash flow for many years to come.”

Mr. Phillips continued, “Today’s announcement also marks the culmination of our long-term investment and operating footprint in the Barnett Shale. The Barnett Shale is where Crestwood started dating back to October 2010 and I want to personally thank our field employees for their hard work, dedication, and loyalty over the past twelve years, as they have fully embodied Crestwood’s core principles with an unwavering commitment to operational safety and performance. We are excited to pass the torch to EnLink Midstream who shares Crestwood’s commitment to operational excellence and corporate stewardship. As we close this chapter in Crestwood’s history, we will continue to focus on building and optimizing our sizeable gathering and processing positions in the Williston Basin, Delaware Basin, and Powder River Basin. We believe the strategic actions we are taking today to divest a legacy asset to core up our position in one of the most prolific, economic, and active basins in North America, best positions Crestwood to deliver long-term value creation for our unitholders.”

Transaction Highlights and Rationale

  • Significantly increases exposure to highly prolific northern Delaware Basin: The Sendero Midstream assets are located entirely in Eddy County, New Mexico, one of the most active regions of the Delaware Basin as evidenced by approximately 25% of total basin rigs focused on the county. The region benefits from an ideal combination of low oil breakevens, highly prolific wells, and significant amounts of gas production, making it a premier area for gas midstream investment. The acquisition of Sendero Midstream adds more than 75,000 dedicated acres with over 1,200 tier 1 drilling locations, long-term fixed fee contracts with commodity price upside, and a diverse and active set of private and public producer customers.
  • Complementary asset footprint enables operational, capital, and commercial synergies: Sendero Midstream’s assets are highly complementary to the existing Willow Lake footprint, and can be integrated with minimal capital investment, enabling Crestwood to capture substantial cost and commercial synergies. The pro forma system will have total processing capacity of 550 MMcf/d with approximately 100 MMcf/d of unutilized space, which reduces the capital investment necessary to expand Crestwood’s existing Orla plant to meet existing producer customer needs. As the commodity price outlook remains favorable for an acceleration of activity across the basin, this expanded footprint positions Crestwood to aggressively pursue third party volumes to further optimize utilization of existing infrastructure.
  • Further upgrades asset portfolio and cash flow and simplifies structure at attractive valuations: The combined Sendero Midstream and First Reserve transactions represent an estimated 7x NTM (next-twelve-months) EBITDA valuation multiple. The Sendero Midstream transaction provides a natural catalyst to execute Crestwood’s stated objective to consolidate First Reserve’s 50% equity interest of CPJV, which enhances scale and removes the structural complexity of the joint venture in Crestwood’s asset portfolio. Based on current and forecasted producer activity, Crestwood expects the Delaware Basin to become its second largest asset generating 2023E Adjusted EBITDA of approximately $190 to $200 million, which represents approximately 20% of the pro forma company’s cash flow.In addition, the divestiture of the Barnett Shale assets represents an attractive opportunity to recycle cash proceeds from a non-core asset into a high growth, stacked pay, core basin.
  • Maintains strong balance sheet and enhances credit profile: The transactions will be prudently financed with a mixture of Barnett Shale divestiture proceeds, common equity, and revolver borrowings and are enhancing to the credit profile of the company due to increased cash flow scale, higher asset quality, reduced ownership complexity and expanded future free cash flow generation. Pro forma for the transactions, Q1 2022 leverage was approximately 3.8x, and Crestwood expects leverage to return to sub-3.5x in 2023 as the assets are fully integrated and synergies are achieved. Additionally, Crestwood continues to maintain flexibility under its $175 million common and preferred unit buyback program to further enhance returns and cost of capital opportunistically.
  • Extends Crestwood’s ESG practices to Sendero Midstream assets: Following the close of the transactions, Crestwood will implement its sustainability best practices as it assumes operatorship of the Sendero Midstream assets. This includes incorporating the acquired assets into its carbon management plan with a focus on emissions reductions and increased methane emissions monitoring. The company will also maintain its strong commitment to biodiversity and ecosystem protection, safety, and community engagement efforts in New Mexico.

Transaction Details

Sendero Midstream Acquisition

Under the terms of the purchase agreement, Crestwood will acquire Sendero Midstream for $600 million in cash, which will be financed with cash from the Barnett Shale divestiture and borrowings on Crestwood’s revolving credit facility. The Sendero Midstream assets, located in Eddy County, New Mexico, are comprised of 350 MMcf/d of processing capacity, approximately 140 miles of natural gas gathering lines and more than 53,000 horsepower of field gathering compression.

First Reserve’s 50% Equity Interest in CPJV

Under the terms of the First Reserve agreement, Crestwood will acquire the remaining 50% equity interest in CPJV for $320 million. As part of the valuation and a condition to closing the transaction, First Reserve will fund $75 million into CPJV to paydown asset level debt and support a portion of the cash consideration due to Sendero Midstream. In connection with these steps, Crestwood will issue to First Reserve approximately 11.3 million common units, which represents a total transaction value of $320 million. Pro forma for the transaction, First Reserve will own approximately 10% of Crestwood’s common units outstanding. In addition, Crestwood will assume approximately $75 million in remaining debt outstanding at the joint venture level.

Barnett Shale Asset Divestiture

Crestwood entered into a definitive agreement to divest its legacy, non-core Barnett Shale assets to EnLink Midstream for $275 million in cash. The divestiture of Crestwood’s assets includes the Alliance System, the Lake Arlington System and the Cowtown System, representing a full exit from the Barnett Shale. Crestwood will utilize the cash proceeds from the sale to fund the cash consideration for the Sendero Midstream acquisition.

These transactions have been unanimously approved by the Board of Directors of Crestwood’s general partner, Sendero Midstream and First Reserve. The transactions are expected to close early in the third quarter 2022, subject to customary regulatory approvals. Crestwood has posted a supplemental investor deck providing details on the transactions on its corporate website.

Advisors

RBC Capital Markets served as lead financial advisor, Citi served as financial advisor and Vinson & Elkins L.L.P. and Locke Lord L.L.P. served as legal advisors to Crestwood. Morgan Stanley & Co. LLC served as financial advisor and Latham & Watkins LLP served as legal advisor to Sendero Midstream. Simpson Thacher & Bartlett L.L.P. served as legal advisor to First Reserve. Baker Botts L.L.P. served as advisor to EnLink Midstream.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. The words “expects,” “believes,” “anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although Crestwood believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statements will materialize. Important factors that could cause actual results to differ materially from those expressed in or implied from these forward-looking statements include the risks and uncertainties described in Crestwood’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made, and Crestwood assumes no obligation to update these forward-looking statements.

About Crestwood Equity Partners LP

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

About First Reserve

First Reserve is a private equity firm exclusively focused on investing across diversified energy, infrastructure, and general industrial end-markets. Founded in 1983, First Reserve has 38 years of industry insight, and has cultivated a network of global relationships. First Reserve has raised more than $32 billion of aggregate capital since inception. Its investment and operational experience have been built from over 700 transactions, including platform investments and add-on acquisitions, on six continents. The firm’s portfolio companies have operated globally in over 60 countries and span the entire energy and industrial spectrum.

Crestwood Equity Partners LP

Investor Contact

Rhianna Disch, 713-380-3006

[email protected]

Director, Investor Relations

Sustainability and Media Contact

Joanne Howard, 832-519-2211

[email protected]

Senior Vice President, Sustainability and Corporate Communications

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Oil/Gas Alternative Energy Energy Other Energy Utilities

MEDIA:

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Ventas Declares Second Quarter 2022 Dividend of $0.45 per Common Share

Ventas Declares Second Quarter 2022 Dividend of $0.45 per Common Share

CHICAGO–(BUSINESS WIRE)–
Ventas, Inc. (NYSE: VTR) (“Ventas” or the “Company”) today announced that its Board of Directors has declared a quarterly dividend of $0.45 per common share. The dividend will be payable in cash on July 14, 2022 to stockholders of record as of the close of business on July 1, 2022.

About Ventas

Ventas Inc., an S&P 500 company, operates at the intersection of two large and dynamic industries – healthcare and real estate. Fueled by powerful demographic demand from growth in the aging population, Ventas owns a diversified portfolio of over 1,200 properties in the United States, Canada, and the United Kingdom. Ventas uses the power of its capital to unlock the value of senior living communities; life science, research & innovation properties; medical office & outpatient facilities, hospitals and other healthcare real estate. A globally-recognized real estate investment trust, Ventas follows a successful long-term strategy, proven over more than 20 years, built on diversification of property types, capital sources and industry leading partners, financial strength and flexibility, consistent and reliable growth and industry leading ESG achievements, managed by a collaborative and experienced team dedicated to its stakeholders.

BJ Grant

(877) 4-VENTAS

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Commercial Building & Real Estate Seniors Construction & Property Managed Care Health Hospitals REIT Consumer

MEDIA:

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Inotiv Investor Alert: Kaplan Fox Investigates Potential Securities Fraud at Inotiv Inc. Following DOJ Search and Seizure

NEW YORK, May 25, 2022 (GLOBE NEWSWIRE) — Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Inotiv Inc. (“Inotiv” or the “Company”) (NASDAQ: NOTV).

On May 20, 2022 after market, Inotiv disclosed that on May 18, 2022, the U.S. Department of Justice (“DOJ”), together with federal and state law enforcement agents, executed a search and seizure warrant on the Company’s Cumberland, Virginia facility and that subsequently on May 19, 2022, the DOJ filed a complaint alleging violations of the Animal Welfare Act at that facility.

On May 23, 2022, the first trading day following this news, Inotiv’s stock plummeted $5.19 per share, over 28%, to close at $13.14 per share

If you purchased or otherwise acquired Inotiv securities and would like to discuss our investigation, please contact us by emailing [email protected] or by calling (646) 315-9003.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:

Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: [email protected]

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: [email protected]



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First Savings Financial Group, Inc. Announces Quarterly Cash Dividend

JEFFERSONVILLE, Ind., May 25, 2022 (GLOBE NEWSWIRE) — First Savings Financial Group, Inc. (NASDAQ: FSFG) (the “Company”), the holding company for First Savings Bank (the “Bank”), today announced that its Board of Directors declared a quarterly cash dividend of $0.13 per common share. The dividend will be paid on or about June 30, 2022 to stockholders of record as of the close of business June 16, 2022.

The Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the river from Louisville, Kentucky, and operates fifteen depository branches within southern Indiana. The Bank also has three national lending programs, including single-tenant net lease commercial real estate, SBA lending and residential mortgage banking, with offices located throughout the United States. First Savings is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings strive daily to achieve the organization’s vision, We Expect To Be The BEST community BANK, which fuels our success. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “FSFG”.

Contact:

Tony A. Schoen
Chief Financial Officer
(812) 283-0724



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TriNet to Participate at the Baird 2022 Global Consumer, Technology & Services Conference

PR Newswire


DUBLIN, Calif.
, May 25, 2022 /PRNewswire/ — TriNet (NYSE: TNET), a leading provider of comprehensive human resources solutions for small and medium-size businesses (SMBs), today announced that Burton M. Goldfield, TriNet’s President and CEO, and Kelly Tuminelli, TriNet’s Chief Financial Officer, will be presenting at the Baird 2022 Global Consumer, Technology & Services Conference in New York, NY on Monday, June 6, 2022. A public presentation will be held at 11:00 am PT (2:00pm ET) but will not be webcast.

About TriNet
TriNet (NYSE: TNET) provides small and medium-size businesses (SMBs) with full-service HR solutions tailored by industry. To free SMBs from HR complexities, TriNet offers access to human capital expertise, benefits, risk mitigation and compliance, payroll, all enabled by industry leading technology capabilities. TriNet’s suite of products also includes services and software-based solutions to help streamline workflows by connecting HR, Benefits, Employee Engagement, Payroll and Time & Attendance. From Main Street to Wall Street, TriNet empowers SMBs to focus on what matters most—growing their business and enabling their people. TriNet, incredible starts here. For more information, visit TriNet.com or follow us on Twitter.


Contacts 


Investors:                               

Media:

Alex Bauer                       

Renee Brotherton

TriNet                                       

TriNet


[email protected]         


[email protected]

(510) 875-7201                 

(408) 646-5103

 

TriNet and the TriNet logo are registered trademarks of TriNet. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners.

 

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SOURCE TriNet Group, Inc.

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Singularity Future Technology Received Nasdaq Delinquency Notice on Late Filing of its Form 10-Q

PR Newswire


GREAT NECK, N.Y.
, May 25, 2022 /PRNewswire/ — Singularity Future Technology Ltd. (“Singularity” or the “Company”) (Nasdaq: SGLY) today announced it received a notice of non-compliance from Nasdaq Stock Market LLC (“Nasdaq”) on May 24, 2022 notifying the Company that, as a result of the Company’s failure to timely file its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022 (the “Form 10-Q”), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”), which requires listed companies to timely file all periodic financial reports with the U.S. Securities and Exchange Commission (the “SEC”).

Under Nasdaq’s listing rules, the Company has 60 calendar days to submit a plan to regain compliance. If the plan is accepted by Nasdaq, the Company can be granted up to 180 calendar days from the  Form 10-Q due date, or until November 21, 2022, to regain compliance.

The Company is working diligently to complete its Form 10-Q and intends to file the Form 10-Q as soon as practicable to regain compliance with the Rule. This notice has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq; however, if the Company fails to timely regain compliance with the Rule, the Company’s common stock will be subject to delisting from Nasdaq.

About Singularity Future Technology Ltd. (Nasdaq: SGLY)

On January 3, 2022, the Company changed its name from Sino-Global Shipping America, Ltd. to Singularity Future Technology Ltd. (Nasdaq: SGLY). Since 2020, it plans to develop a presence in the Blockchain supply management area by focusing on solutions for globally interconnected networks and establishing crypto mining pools. As the Blockchain landscape constantly shifts, the Company strives to provide involvement and an ecosystem for its clients in this ever-changing space. The Company is building on its existence as a global logistics and ship management services company, founded in 2001 in New York, with subsidiaries in New York, Houston, Montreal, Hong Kong, Shanghai, and Ningbo, China. The Company provided customers with all of their shipping logistics and agency needs as a full-service provider. Additional information about the Company can be found on the Company’s corporate website at www.singularity.us.

Forward-Looking Statements

Certain statements made herein are “forward-looking statements” within the meaning of the “safe harbor” provisions 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 include statements regarding the Company’s expectations regarding the Company’s ability to file the Form 10-Q with the SEC and regain compliance with the Nasdaq Listing Rule. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms. The Company’s actual results and the timing of events could materially differ from those anticipated in such forward-looking statements as a result of certain risks and uncertainties including those described in more detail in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended June 30, 2021 and other documents on file with the SEC, each of which can be found on the SEC’s website, www.sec.gov, or the investor relations portion of the Company’s website. Except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

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SOURCE Singularity Future Technology Ltd.

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CarGurus™ Instant Max Cash Offer Expands to Five New States

Consumers in Nevada, Utah, New Mexico, Colorado, and Washington now able to sell their cars 100% online

CAMBRIDGE, Mass., May 25, 2022 (GLOBE NEWSWIRE) — CarGurus (Nasdaq: CARG), a multinational, online automotive platform for buying and selling vehicles, today announced the rollout of CarGurus Instant Max Cash Offer to five additional states – Nevada, Utah, New Mexico, Colorado, and Washington. The offering, which allows consumers to seamlessly sell their cars online, is now available in 32 states in addition to Washington D.C., covering approximately 85% of the country’s population.

CarGurus Instant Max Cash Offer is the only platform of its kind to combine the power of CarGurus’ 31 million unique average monthly visitors in the U.S. with CarOffer’s automotive wholesale bid system. The solution allows consumers to present their vehicle for sale online and instantly receive the highest bid from a network of thousands of dealers across the country. Once the consumer accepts the offer and uploads the necessary documentation, they are able to schedule a pick-up for their car, allowing them to complete the sale process fully from home. For dealers, this provides a new inventory acquisition channel of vehicles from across the country during a time when they are facing challenges to get vehicles on their lots.

“With CarGurus Instant Max Cash Offer, both consumers and dealers have benefitted tremendously from its ease of use, and we’re building on this incredible momentum with this latest geographic expansion,” said Sam Zales, President and Chief Operating Officer at CarGurus. “By harnessing CarOffer’s Buying Matrix technology, we’ve been able to offer a hassle-free way for consumers to access top-dollar bids and for dealers to obtain new vehicles.”

“CarGurus and CarOffer have executed over and over at a high level to deliver these cars,” said Aaron Sanchez, General Manager at Principle Auto BMW of Corpus Christi. “If you’re looking for another avenue to acquire inventory, this is a great way to do it.”

For the latest information on and availability of CarGurus Instant Max Cash Offer, please visit CarGurus.com.

About CarGurus

CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus marketplace gives consumers the confidence to purchase or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S. (source: Comscore Media Metrix® Multi-Platform, Automotive – Information/Resources, Total Visits, Q1 2022, U.S., as of May 9, 2022).

CarGurus also operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.

To learn more about CarGurus, visit www.cargurus.com and for more information about CarOffer, visit www.caroffer.com.

CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks and registered trademarks are property of their respective owners.

© 2022 CarGurus, Inc., All Rights Reserved.

Cautionary Language Concerning Forward-Looking Statements

This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including, without limitation, statements regarding our expectations for CarGurus Instant Max Cash Offer, including expansion plans and the value proposition for both consumers and dealers, and our business and strategy, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “guide,” “intend,” “likely,” “may,” “will” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, risks related to our growth and ability to grow our revenue; our relationships with dealers; competition in the markets in which we operate; market growth; our ability to innovate; our ability to realize benefits from our acquisitions and successfully implement the integration strategies in connection therewith; natural disasters, epidemics or pandemics, like COVID-19 that has negatively impacted our business; global supply chain challenges, the semiconductor chip shortage and other macroeconomic issues; our ability to operate in compliance with applicable laws, as well as other risks and uncertainties as may be detailed from time to time in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other reports we file with the Securities and Exchange Commission. Moreover, we operate in very competitive and rapidly changing environments. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee that future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

Media Contact:

Rachel Deal
[email protected]
Investor Contact:
Kirndeep Singh, Vice President of Investor Relations
[email protected]  



Posted on

MEC To Participate in William Blair 42nd Annual Growth Stock Conference

MEC To Participate in William Blair 42nd Annual Growth Stock Conference

MAYVILLE, Wis.–(BUSINESS WIRE)–
Mayville Engineering Company, Inc. (NYSE: MEC) (“MEC”) announced today that Bob Kamphuis, Chairman, President & CEO, Todd Butz, CFO, and Ryan Raber, EVP of Strategy, Sales & Marketing will present at the upcoming William Blair 42nd Annual Growth Stock Conference on June 9, 2022, at 10:00 am Central Time.

The live presentation will be webcast and can be accessed on the Company’s website at mecinc.com.

For more information about scheduling a one-on-one meeting with management, institutional investors should reach out to their appropriate contact at William Blair.

About Mayville Engineering Company

Founded in 1945, MEC is a leading U.S.-based value-added manufacturing partner that provides a broad range of prototyping and tooling, production fabrication, coating, assembly and aftermarket components. Our customers operate in diverse end markets, including heavy- and medium-duty commercial vehicle, construction & access equipment, powersports, agriculture, military, and other end markets. Along with process engineering and development services, MEC maintains an extensive manufacturing infrastructure with 20 facilities, across seven states. For more information, please visit mecinc.com.

Nathan Elwell

(847) 530-0249

[email protected]

KEYWORDS: Wisconsin United States North America

INDUSTRY KEYWORDS: Engineering Other Manufacturing Manufacturing

MEDIA:

Posted on

Data Demonstrating DecisionDx®-Melanoma’s Ability to Risk-Stratify Patients According to Melanoma-Specific Survival to be Shared during the 2022 ASCO Annual Meeting

Data Demonstrating DecisionDx®-Melanoma’s Ability to Risk-Stratify Patients According to Melanoma-Specific Survival to be Shared during the 2022 ASCO Annual Meeting

FRIENDSWOOD, Texas–(BUSINESS WIRE)–
Castle Biosciences, Inc. (Nasdaq: CSTL), a company improving health through innovative tests that guide patient care, today announced that an abstract demonstrating the ability of the Company’s DecisionDx®-Melanoma test to risk-stratify patients with cutaneous melanoma according to their survival likelihood will be available online during the upcoming 2022 American Society of Clinical Oncology (ASCO) Annual Meeting, being held virtually and in Chicago, June 3-7, 2022.

Details are as follows:

  • Abstract Title: “Validation of the 31-gene expression profile test to stratify melanoma-specific survival in an unselected, prospectively tested cohort of patients with stage IIB-III cutaneous melanoma”
  • Abstract number: e21538

About DecisionDx®-Melanoma

DecisionDx-Melanoma is a gene expression profile test that uses an individual patient’s tumor biology to predict individual risk of cutaneous melanoma (CM) metastasis or recurrence, as well as the risk of sentinel lymph node positivity, independent of traditional staging factors, and has been studied in more than 6,300 patient samples. Using tissue from the primary melanoma, the test measures the expression of 31 genes. Additionally, Castle has an ongoing collaboration with the National Cancer Institute (NCI) to link DecisionDx-Melanoma testing data with data from the Surveillance, Epidemiology and End Results (SEER) Program’s registries on CM cases. This collaboration has resulted in Castle’s analysis of 5,226 samples (clinically tested through December 31, 2018) in a study to evaluate melanoma-specific survival and overall survival; in this study, patients tested with DecisionDx-Melanoma had better survival rates than untested patients, and the data suggested that DecisionDx-Melanoma can accurately risk-stratify for disease progression to aid in risk-aligned treatment plans for improved patient outcomes and survival. The test has been validated in four archival risk of recurrence studies of 901 patients and six prospective risk of recurrence studies including more than 1,600 patients. Additionally, impact on patient management plans for one of every two patients tested has been shown in five multi-center/single-center studies including more than 800 patients. The consistent performance and accuracy demonstrated in these studies provides confidence in disease management plans that incorporate DecisionDx-Melanoma test results. To predict risk of recurrence and likelihood of sentinel lymph node positivity, the Company utilizes its proprietary algorithms, i31-ROR and i31-SLNB, to produce an Integrated Test Result. Through March 31, 2022, DecisionDx-Melanoma has been ordered 97,288 times for patients with cutaneous melanoma.

More information about the test and disease can be found at www.CastleTestInfo.com.

About Castle Biosciences

Castle Biosciences (Nasdaq: CSTL) is a leading diagnostics company improving health through innovative tests that guide patient care. The Company aims to transform disease management by keeping people first: patients, clinicians, employees and investors.

Castle’s current portfolio consists of tests for skin cancers, uveal melanoma, Barrett’s esophagus and mental health conditions. Additionally, the Company has active research and development programs for tests in other diseases with high clinical need, including its test in development to predict systemic therapy response in patients with moderate-to-severe psoriasis, atopic dermatitis and related conditions. To learn more, please visit www.CastleBiosciences.com and connect with us on LinkedIn, Facebook, Twitter and Instagram.

DecisionDx-Melanoma, DecisionDx-CMSeq, DecisionDx-SCC, myPath Melanoma, DecisionDx DiffDx-Melanoma, DecisionDx-UM, DecisionDx-PRAME, DecisionDx-UMSeq, TissueCypher and IDgenetix are trademarks of Castle Biosciences, Inc.

Forward-Looking Statements

This press release contains 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, which are subject to the “safe harbor” created by those sections. These forward-looking statements include, but are not limited to, statements concerning the ability of our DecisionDx®-Melanoma test to risk-stratify patients with cutaneous melanoma according to their survival likelihood. The words “potential,” “may,” “can,” “anticipates,” “believes” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including, without limitation: subsequent study or trial results and findings may contradict earlier study or trial results and findings or may not support the results obtained in this study, including with respect to the discussion of DecisionDx®-Melanoma in this press release; actual application of our DecisionDx®-Melanoma test may not provide the aforementioned benefits to patients; and the risks set forth under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the three months ended March 31, 2022, and in our other filings with the SEC. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements, except as may be required by law.

Investor Contact:

Camilla Zuckero

[email protected]

Media Contact:

Allison Marshall

[email protected]

KEYWORDS: Illinois Texas United States North America

INDUSTRY KEYWORDS: Research Genetics Clinical Trials Biotechnology Other Health Health Other Science Science Oncology

MEDIA:

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