Market Newsdesk

EINDHOVEN, The Netherlands, May 11, 2021 (GLOBE NEWSWIRE) — NXP Semiconductors N.V. (NASDAQ:NXPI) (together with its subsidiaries, “NXP”) announced today that it has closed the previously announced offering by its subsidiaries NXP B.V., NXP Funding LLC and NXP USA, Inc. (together, the “Issuers”) of $1,000 million aggregate principal amount of 2.500% senior unsecured notes due May 11, 2031 (the “2031 Notes”) and $1,000 million aggregate principal amount of 3.250% senior unsecured notes due May 11, 2041 (the “2041 Notes” and, together with the 2031 Notes, the “Notes”) pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Notes are fully and unconditionally guaranteed on a senior basis by NXP Semiconductors N.V.

NXP intends to use the net proceeds of the offering of the 2031 Notes to finance, in whole or in part, one or more eligible green projects, which are defined as investments in (A) research and development for NXP’s (i) “green chip” resonant solutions, (ii) battery control and energy management for electric and hybrid cars, (iii) Advanced Driver Assistance Systems, (iv) mobile device “beam steering”, (v) edge processing portfolio and (vi) smart building technologies, and (B) energy efficiency measures at NXP’s manufacturing and non-manufacturing facilities. Pending the allocation of an amount equal to the net proceeds of the 2031 Notes to finance eligible green projects, the net proceeds of the 2031 Notes, together with the net proceeds of the 2041 Notes, will be temporarily held as cash and other short term securities or used for general corporate purposes, which may include capital expenditures, short-term debt repayment or equity buyback transactions.

The Notes were offered in the United States to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-United States persons in compliance with Regulation S under the Securities Act. The Notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements.

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

About NXP Semiconductors

NXP Semiconductors N.V. (NASDAQ:NXPI) enables secure connections for a smarter world, advancing solutions that make lives easier, better and safer. As the world leader in secure connectivity solutions for embedded applications, NXP is driving innovation in the automotive, industrial & IoT, mobile, and communication infrastructure markets. Built on more than 60 years of combined experience and expertise, the company has approximately 29,000 employees in more than 30 countries and posted revenue of $8.61 billion in 2020. Find out more at www.nxp.com.

Forward-looking Statements

This document includes forward-looking statements which include statements regarding the offering of the Notes. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. The following risks, among others, could affect our business and financial performance: market demand and semiconductor industry conditions; the ability to successfully introduce new technologies and products; the demand for the goods into which NXP’s products are incorporated; potential impacts of the COVID-19 pandemic; trade disputes between the U.S. and China, potential increase of barriers to international trade and resulting disruptions to our established supply chains; the ability to generate sufficient cash, raise sufficient capital or refinance debt at or before maturity to meet both our debt service and research and development and capital investment requirements; the ability to accurately estimate demand and match our production capacity accordingly or obtain supplies from third-party producers; the access to production capacity from third-party outsourcing partners and any events that might affect their business or NXP’s relationship with them; the ability to secure adequate and timely supply of equipment and materials from suppliers; the ability to avoid operational problems and product defects and, if such issues were to arise, to rectify them quickly; the ability to form strategic partnerships and joint ventures and successfully cooperate with alliance partners; the ability to win competitive bid selection processes; the ability to develop products for use in customers’ equipment and products; the ability to successfully hire and retain key management and senior product engineers; and, the ability to maintain good relationships with our suppliers. Readers are cautioned not to place undue reliance on forward-looking statements, which speak to results only as of the date the statements were made. Except for any ongoing obligation to disclose material information as required by the United States federal securities laws, NXP does not have any intention or obligation to publicly update or revise any forward-looking statements in the future. For a discussion of potential risks and uncertainties, please refer to the risk factors listed in NXP’s filings with the Securities and Exchange Commission. Copies of NXP’s filings with the Securities and Exchange Commission are available on NXP’s Investor Relations website, www.nxp.com/investor or from the SEC website, www.sec.gov. The information included on NXP’s website is not incorporated into this press release.

For further information, please contact:

Investors	Media
Jeff Palmer	Jacey Zuniga
[email protected]	[email protected]
+1 408 518 5411	+1 512 895 7398

NXP-CORP

CALGARY, Alberta, May 11, 2021 (GLOBE NEWSWIRE) — Freehold Royalties Ltd. (Freehold or the Company) (TSX:FRU) announces first quarter results for the period ended March 31, 2021.

OPERATING AND FINANCIAL HIGHLIGHTS

	Three Months Ended March 31
FINANCIAL ($000s, except as noted)	2021	2020		Change
Royalty and other revenue	36,745	26,284		40	%
Net income (loss)	5,635	(9,022	)	nm
Per share, basic ($) (1)	0.04	(0.08	)	nm
Cash flows from operations	24,990	30,883		-19	%
Funds from operations	32,421	20,248		60	%
Per share, basic ($) (1)	0.25	0.17		47	%
Acquisitions and related expenditures	79,782	5,370		nm
Dividends Paid	7,633	18,683		-59	%
Per share ($) (2)	0.06	0.1575		-63	%
Dividends declared	9,201	18,685		-51	%
Per share ($) (2)	0.07	0.1575		-56	%
Payout ratio (%) (3)	24	92		-68	%
Long term debt	96,000	103,000		-7	%
Net debt	64,797	101,833		-36	%
Shares outstanding, period end (000s)	131,463	118,664		11	%
Average shares outstanding (000s) (1)	130,874	118,623		10	%
OPERATING
Light and medium oil (bbl/d)	3,811	3,936		-3	%
Heavy oil (bbl/d)	1,045	1,300		-20	%
NGL (bbl/d)	1,065	896		19	%
Total liquids (bbl/d)	5,921	6,132		-3	%
Natural gas (Mcf/d)	30,132	29,361		3	%
Total production (boe/d) (4)	10,944	11,026		-1	%
Oil and NGL (%)	54	56		-2	%
Average price realizations ($/boe) (4)	37.31	26.20		42	%
Cash Costs ($/boe) (3) (4)	4.37	5.74		-24	%
Netback ($/boe) (3) (4)	32.94	20.46		61	%

<sup>(1) Weighted average number of shares outstanding during the period, basic

(2) Based on the number of shares issued and outstanding at each record date

(3) See Non-GAAP Financial Measures

(4) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)</sup>

President’s Message

The first quarter of 2021 marked a period of rebound as Freehold restored production levels, generated significant improvements in funds from operations, increased its dividend and completed a transformational U.S. royalty transaction, all while reducing leverage.

We closed Freehold’s first material U.S. royalty transaction during the quarter. Our team worked hard to incorporate these assets into our portfolio, with early indications suggesting performance exceeding expectations. We see the growth of Freehold’s U.S. portfolio as further diversifying our royalty lands, enabling participation in some of the most attractive plays in North America. Moving forward, we believe our U.S. royalty lands will provide a key growth wedge to our production profile, increasing option value to provide returns to our shareholders.

Production from our royalty lands continues to display growth, with volumes increasing 13% quarter-over-quarter (3% on a production per share measure). At current commodity price levels, we see third-party activity offsetting natural declines. Drilling activity on our lands over the quarter was in-line with expectations, with our core royalty positions in the Viking, Cardium and Sparky, continuing to attract capital. We also saw a ramp-up in activity associated with the Clearwater in central Alberta where we have approximately 200 sections of land at an average 4.0% royalty interest. In the U.S. there has been strong activity on our royalty lands in both the Permian and Eagle Ford basins. We currently have approximately 10 rigs on our royalty lands, in the U.S. and Canada.

With an improved outlook for commodity prices and strengthened business model, we are increasing our monthly dividend from $0.03 to $0.04 per share, or $0.48 per share annualized. The revision reflects a measured increase in our payout strategy, with the goal of aligning dividend levels to a stronger and stabilizing business outlook.

Looking forward, the groundwork is in place for an exciting 2021 and beyond. The improved economic conditions are very positive for our industry and highlight the strength of the royalty model. Through execution of our strategy in the coming quarters, we expect to be able to showcase the strong return proposition an investment in Freehold provides, with the ultimate commitment to maximize value to our shareholders.

David M. Spyker

President and CEO

Dividend Announcement

The Board of Directors has declared a dividend of  $0.04 per share to be paid on June 15, 2021 to shareholders of record on May 31, 2021. The dividend is designated as an eligible dividend for Canadian income tax purposes.

Projected 2021 payouts are below our stated dividend policy levels, which outlines a 60%-80% payout ratio over the long-term based on forward looking funds from operations. The dividend increase announced today is at a measured pace as, although the commodity price outlook has improved, there is still risk, as the supply – demand balance for oil continues to be tenuous. We also see meaningful, high quality, acquisition opportunities across North America and feel it would be prudent to retain financial flexibility to pursue these as we work to continually enhance our portfolio.

First Quarter Highlights

• Freehold’s production averaged 10,944 boe/d during Q1-2021. This represents a 13% improvement over Q4-2020 and brings volumes back in-line with the 11,026 boe/d averaged in Q1-2020.
• Funds from operations totaled $32.4 million, or $0.25 per share. This represented a 60% increase from the $20.2 million ($0.17 per share) generated in Q1-2020 and a 47% increase from the $22.1 million ($0.19 per share) in Q4-2020. The strong recovery in funds from operations were due to continued upward momentum in crude oil prices, growth in production volumes, and stronger realized pricing on our U.S. assets.
• Gross wells drilled on our royalty lands totaled 111 in the quarter, which was in-line with production guidance. Drilling was lower compared to 175 gross wells drilled in Q1-2020 as operators have taken a more measured approach to a return to activity. Q1-2021 drilling activity was unchanged from Q4-2020.
• Dividends declared for Q1-2021 totaled $0.07 per share, down from $0.1575 per share in Q1-2020, but up from and Q4-2020 levels of $0.05 per share. Freehold’s payout ratio ⁽¹⁾ totaled 24% for the quarter, versus 92% during the same period last year but unchanged from Q4-2020.
• Q1-2021 net income totaled $5.6 million compared with a $9.0 million net loss recorded in Q1-2020.  The higher net income reflected increased revenues due to improving oil prices.
• Closing net debt as at March 31, 2021 was $64.8 million, a decrease of $1.0 million versus the previous quarter while reducing net debt by $37.0 million versus the same period last year. Despite partially funding four acquisitions through its existing bank facility, Freehold was able to maintain net debt levels quarter-over-quarter.
• Freehold exchanged 12.6 million subscription receipts for an equivalent number of Freehold’s common shares for gross proceeds of $60.7 million upon closing of a U.S. royalty acquisition.
• Freehold amended its credit facility agreement with an unchanged committed revolving and operating facilities at $165 million and $15 million respectively, with three-year terms maturing in March 31, 2024.
• Cash costs ⁽¹⁾ for the quarter totaled $4.37/boe, down from $5.74/boe in Q1-2020. The decrease year-over-year reflects reduced general and administrative (G&A) and operating cost charges.

^{(1)   See Non-GAAP Financial Measures.}

US Royalty Assets Update

• Freehold closed four U.S. royalty property acquisitions in Q1-2021 for total consideration of $79.7 million. The first transaction closed on January 5, 2021, for $74.3 million. This acquisition included exposure to approximately 400,000 gross drilling unit acres of mineral title and overriding royalty interests across 12 basins and eight states. Freehold closed three additional transactions, complementing Freehold’s position in the Bakken and Permian basins. Total consideration associated with these transactions was approximately $4.9 million with the assets estimated to add 85 boe/d to 2021 average production. In total, the newly acquired U.S. royalty assets are estimated to add 1,335 boe/d to 2021 average production.
• Production from Freehold’s U.S. royalty assets averaged 1,285 boe/d in Q1-2021, a 400% increase from 257 boe/d in Q4-2020 and a 414% increase versus the same period last year. Volume increases reflect the closing of the four U.S. royalty acquisitions in Q1-2021.
• In the U.S., activity levels have exceeded expectations with the majority of the focus on light oil prospects targeting the Permian and Eagle Ford basins. Overall, 18 gross wells were drilled on our U.S. royalty lands over the quarter with between 4-5 rigs continuing to drill on our lands.

Q1 Activity Levels in-line with Forecasts

In total, 111 (3.9 net) wells were drilled on our royalty lands in Q1-2021, a 37% decline on a gross measure versus the same period in 2020 but flat when compared to Q4-2020. Reduced activity year-over-year was driven by a broad reduction in overall industry spending across both Canada and the U.S. With the upward move in crude oil prices, we have seen activity increase on Freehold’s royalty lands with approximately 10 rigs (six in Canada, four in the U.S.) running on our royalty lands currently.

In Q1-2021, approximately 75% of all locations drilled on Freehold’s Canadian assets targeted gross overriding royalty prospects with 25% focused on prospects on Freehold’s mineral title lands. 50% of all locations drilled targeted prospects in Saskatchewan, with the remainder focused in Alberta. The vast majority of wells drilled (>90%) focused on oil or liquids prospects.

The Clearwater oil play in central Alberta, where Freehold holds an interest in approximately 200 sections of land at an average 4.0% royalty interest, represented Freehold’s most active area over the quarter. The increase in activity reflected a change in operator late last year and subsequent ramp-up in that operator’s spending on the lands. We expect this area to represent a key growth area for Freehold in the near to medium term with the play offering strong economics at current commodity price levels.

In addition, we saw consistent drilling activity in the Viking in southwest Saskatchewan, the Cardium in northwest Alberta and the Sparky in central Alberta over the quarter. These areas remain core in terms of growth and execution of strategy for the producers developing them and we expect activity levels to remain strong.

In the U.S., activity levels on Freehold’s mineral title lands have met expectations with the majority of the focus on light oil prospects targeting the Permian and Eagle Ford basins. Overall, 18 gross wells were drilled on our U.S. royalty lands over the quarter with between 4-5 rigs continuing to drill on our lands. The acquisition of additional U.S royalty production and royalty lands in Q1-2021 has further diversified and enhanced Freehold’s asset base, bringing added sustainability to its portfolio and dividend.

ROYALTY INTEREST DRILLING

	Three Months Ended March 31
	2021		2020
	Gross	Net (1)	Gross	Net (1)
Canada	93	3.8	175	6.2
United States	18	0.1	–	–
Total	111	3.9	175	6.2

^{(1) Equivalent net wells are the aggregate of the numbers obtained by multiplying each gross well by our royalty interest percentage.}

2021 Guidance

The following table summarizes our key operating assumptions for 2021.

• We are maintaining our 2021 average production range of 10,500 boe/d to 11,000 boe/d. Volumes are expected to be weighted approximately 55% oil and NGL’s and 45% natural gas.
• We are increasing our WTI price forecast from US$50.00/bbl to US$55.00/bbl.
• We are increasing our Edmonton Light Sweet oil price assumptions from $58.00/bbl to $63.00/bbl.
• We are maintaining our AECO monthly price assumption at $2.75/mcf.

		Guidance Date	Guidance Date
2021 Annual Average		May 11, 2021	March 4, 2021
Average Production	boe/d	10,500-11,000	10,500-11,000
West Texas Intermediate crude oil	US$/bbl	55.00	50.00
Edmonton Light Sweet crude oil	Cdn$/bbl	63.00	58.00
AECO natural gas	Cdn$/Mcf	2.75	2.75
NYMEX natural gas	US$/mmbtu	3.10	3.10
Exchange rate	US$/Cdn$	0.79	0.79

^{(1) See Non-GAAP Financial Measures.}

Virtual Annual and Special Meeting

Freehold’s annual and special meeting of Shareholders will be conducted via live audio webcast at

https://web.lumiagm.com/478980034

commencing at 4:00 PM (MDT) on Tuesday, May 11, 2021. Further details are available on our website at

www.freeholdroyalties.com/investors/events-presentations

.

Conference Call Details

A conference call to discuss financial and operational results for the three months ended March 31, 2021 will be held for the investment community on Wednesday May 12, 2021 beginning at 7:00 AM MDT (9:00AM EDT). To participate in the conference call, approximately 10 minutes prior to the conference call, please dial 1-800-898-3989 (toll free in North America) participant passcode is 6233148#

Forward-Looking Statements

This news release offers our assessment of Freehold’s future plans and operations as at May 11, 2021 and contains forward-looking statements that we believe allow readers to better understand our business and prospects. These forward-looking statements include our expectations for the following:

• our expectation that performance on the newly acquired U.S. royalty assets may exceed expectations;
• our expectation that the newly acquired U.S. royalty assets will provide a key growth wedge to our production profile, increasing option value to provide returns to our shareholders;
• our expectation that third-party activity on our royalty lands may offset natural declines;
• our expectation that the execution of our strategy in the coming quarters will provide strong returns;
• our commitment to maximize value to our shareholders;
• our expectation that our 2021 payouts will be below our stated dividend policy levels;
• our expectation that there will be meaningful, high quality, acquisition opportunities across North America;
• our intent to retain financial flexibility to pursue acquisition opportunities and enhance our portfolio;
• 2021 forecast production associated with various U.S. royalty asset acquisitions;
• our expectation that the Clearwater play in Alberta will represent a key growth area for Freehold in the near to medium term;
• our expectations as to activity levels to remaining strong in certain other areas where Freehold has interests;
• our outlook for commodity prices including supply and demand factors relating to crude oil, heavy oil and natural gas;
• our expectation that the acquisition of U.S royalty production and royalty lands will further diversify our royalty lands, bringing added sustainability to our portfolio and dividend;
• 2021 guidance including average royalty production (including commodity weighting) and commodity prices; and
• our dividend policy and expectations for future dividends.

By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond our control, including the impact of the COVID-19 pandemic on economic activity and demand for oil and natural gas, general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, royalties, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, and our ability to access sufficient capital from internal and external sources. Risks are described in more detail in our Annual Information Form for the year ended December 31, 2020 available at www.sedar.com.

With respect to forward-looking statements contained in this news release, we have made assumptions regarding, among other things, future commodity prices, future capital expenditure levels, future production levels, future exchange rates, future tax rates, future legislation, the cost of developing and producing our assets, our ability and the ability of our lessees to obtain equipment in a timely manner to carry out development activities, our ability to market our oil and gas successfully to current and new customers, our expectation for the consumption of crude oil and natural gas, our expectation for industry drilling levels, our ability to obtain financing on acceptable terms, shut-in production, production additions from our audit function and our ability to add production and reserves through development and acquisition activities. Additional operating assumptions with respect to the forward-looking statements referred to above are detailed in the body of this news release.

You are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Our actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information contained in this document is expressly qualified by this cautionary statement. To the extent any guidance or forward-looking statements herein constitute a financial outlook, they are included herein to provide readers with an understanding of management’s plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. Our policy for updating forward-looking statements is to update our key operating assumptions quarterly and, except as required by law, we do not undertake to update any other forward-looking statements.

You are further cautioned that the preparation of financial statements in accordance with International Financial Reporting Standards (IFRS), which are the Canadian generally accepted accounting principles (GAAP) for publicly accountable enterprises, requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.

Conversion of Natural Gas to Barrels of Oil Equivalent (BOE)

To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (boe). We use the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 boe ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the boe ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

Non-GAAP Financial Measures

Within this news release, references are made to terms commonly used as key performance indicators in the oil and gas industry. We believe that operating income, operating netback, payout ratio, free cash flow and cash costs are useful supplemental measures for management and investors to analyze operating performance, financial leverage, and liquidity, and we use these terms to facilitate the understanding and comparability of our results of operations and financial position. However, these terms do not have any standardized meanings prescribed by GAAP and therefore may not be comparable with the calculations of similar measures for other entities.

Payout ratios are often used for dividend paying companies in the oil and gas industry to identify its dividend levels in relation to the funds it receives and uses in its capital and operational activities. Freehold’s payout ratio is calculated as dividends paid as a percentage of funds from operations.

Free cash flow is calculated by subtracting capital expenditures from funds from operations. In periods where Freehold has no capital expenditures, this figure is interchangeable with funds from operations. Free cash flow is a measure often used by dividend paying companies to determine cash available for the payment of dividends, reducing debt or available for investment.

Cash costs is a total of all recurring costs in the statement of income deducted in determining funds from operations. For Freehold, cash costs are identified as operating expense, general & administrative expense, interest expense and share based compensation payments. It is key to funds from operations, representing the ability to sustain dividends, repay debt and fund capital expenditures.

We refer to various per boe figures which provide meaningful information on our operational performance. We derive per boe figures by dividing the relevant revenue or cost figures by the total volume of oil, NGL and natural gas production during the period, with natural gas converted to equivalent barrels of oil as described above.

For further information related to these non-GAAP terms, including reconciliations to the most directly comparable GAAP terms, see our most recent MD&A.

For further information, contact:
Freehold Royalties Ltd.
Matt Donohue
Manager, Investor Relations and Capital Markets
t.  403.221.0833
f.  403.221.0888
tf.  1.888.257.1873
e.  [email protected]
w.  www.freeholdroyalties.com

 

DEERFIELD, Ill., May 11, 2021 (GLOBE NEWSWIRE) — Surgalign Holdings, Inc. (NASDAQ: SRGA), a global medical technology company focused on elevating the standard of care through the evolution of digital surgery, today announced that it has granted equity awards to five employees, none of whom are executive officers, as an inducement for them to accept employment with Surgalign, and representing the right to purchase or receive, in the aggregate, up to 467,404 shares of Surgalign common stock. The awards were granted on May 7, 2021 under the Surgalign Holdings, Inc. 2021 Inducement Plan, and include a stock option award granted to Marc Mackey relating to 202,971 shares of Surgalign common stock at an exercise price of $1.73 per share and a restricted stock unit award granted to Mr. Mackey relating to 107,659 shares of Surgalign common stock. The remaining inducement awards were granted as restricted stock unit awards. One-fourth of the stock option award vests on the first anniversary of the date of grant, and 1/48th of the award vests on each subsequent monthly anniversary of the date of grant, such that the award will be fully vested on the fourth anniversary of the date of grant, subject to continued employment through the applicable vesting date. One-third of the restricted stock units vest on the first anniversary of the date of grant, and one-eighth of the remaining restricted stock units vest on each subsequent quarterly anniversary of the date of grant, such that the award will be fully vested on the third anniversary of the date of grant, subject to continued employment through the applicable vesting date.

The awards were approved by the independent Compensation Committee of the Board of Directors of Surgalign Holdings and were granted to the new employees as an inducement material to their acceptance of employment with Surgalign pursuant to Nasdaq rules.

About Surgalign Holdings, Inc.

Surgalign Holdings, Inc. is a global medical technology company committed to the promise of digital surgery and is building out its digital surgery platform to drive transformation across the surgical landscape. Uniquely aligned and resourced to advance the standard of care, the company is building technologies surgeons will look to for what is truly possible for their patients. Surgalign is focused on bringing surgeons solutions that predictably deliver superior clinical and economic outcomes.

Surgalign markets products throughout the United States and in more than 50 countries worldwide through an expanding network of top independent distributors. Surgalign, a member of AdvaMed, is headquartered in Deerfield, IL, with commercial, innovation and design centers in San Diego, CA, Marquette, MI, and Wurmlingen, Germany. Learn more at www.surgalign.com and connect on LinkedIn and Twitter.

Forward Looking Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations, estimates and projections about our industry, our management’s beliefs and certain assumptions made by our management. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties, including the risks described in public filings with the U.S. Securities and Exchange Commission (SEC). Our actual results may differ materially from the anticipated results reflected in these forward-looking statements. Copies of the company’s SEC filings may be obtained by contacting the company or the SEC or by visiting Surgalign’s website at www.surgalign.com or the SEC’s website at www.sec.gov. 

Investor and Media Contact:

Jonathon Singer
[email protected]
+1 224 303 4651‬

LOUISVILLE, Kentucky, May 11, 2021 (GLOBE NEWSWIRE) — Spalding University is set to build on its proud tradition of healthcare education in downtown Louisville with the launch of a Doctor of Physical Therapy program in the fall of 2022, along with the full-scale renovation of the campus building that will house it.

The entry-level Doctor of Physical Therapy (DPT) program will be delivered in a hybrid, low-residency format of online lecture courses and in-person laboratory experiences, which will be held one week each month in the state-of-the-art facility that is currently being transformed on South Third Street.

The purchase and renovation of the 21,500-square-foot building at 961 S. Third – which was acquired by Spalding in 2019 and is well-known in Louisville as the former longtime home of the V.V. Cooke Chevrolet dealership – represent one of the largest capital projects in Spalding history, totaling about $7 million, while demonstrating the university’s commitment to investing in projects and activity downtown.

Construction is scheduled for completion in late 2021, enhancing a prominent section of Third Street and helping expand a Spalding health science corridor along Third that includes the Republic Bank Academic Center (home of nursing and social work programs) and the Kosair Charities College of Health and Natural Sciences Building (occupational therapy, athletic training, natural sciences).

The new Spalding School of Physical Therapy will offer an entry-level DPT track for aspiring physical therapists as well as an online post-professional track for practicing PTs who want to earn a doctorate.

The application period for Spalding’s Doctor of Physical Therapy program will open June 15, 2021, but students may learn about the program and request more information now at spalding.edu/doctor-of-physical-therapy.

In addition, to help fill a regional need for physical therapists with specialty training and board certification in pediatric physical therapy, the new Spalding School of Physical Therapy plans to create a post-doctoral residency and fellowship in pediatric PT. The School of Physical Therapy is planning partnerships with pediatric clinicians to provide mentoring opportunities for practitioners who want to teach in a DPT program.

 “Spalding’s mission is to meet the needs of the times, and for decades Spalding has been meeting a critical need in our community by preparing compassionate, skilled healthcare professionals and front-line workers,” Spalding President Tori Murden McClure said. “Spalding has pondered creating a physical therapy program for a decade, and over that time, the need and demand for physical therapists, including those skilled in working with children, have only increased. Our physical therapy program will help meet that need, and seeing this program become a reality is a proud achievement in the century-long history of our downtown campus.

“The transformed building on Third Street will be a beautiful addition to the south end of campus, a tremendous resource to our students and the latest example of our unwavering commitment to a thriving downtown Louisville.”

The DPT program has already been approved by the university’s regional accrediting body – the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) – and is seeking to become only the fourth DPT program in Kentucky to be accredited by the Commission on Accreditation in Physical Therapy Education (CAPTE).

Spalding has appointed Dr. Elisa Zuber, who has more than 35 years of experience in physical therapy education with an expertise in developing new programs, to be the inaugural Chair of the new School of Physical Therapy as well as Director of the DPT program.

Zuber has been a faculty member, director of clinical education and program director at several PT and PT assistant programs. She also spent 11 years as Associate Director of the Department of Accreditation for the American Physical Therapy Association. She is a 2021 Fellow of Louisville’s Healthcare Enterprises Network.

“This program has been designed with the student in mind and caters both to students coming straight from college and nontraditional students who are already in PT practice,” Zuber said. “We have assembled a veteran faculty, and we are excited to begin forging partnerships with clinical sites regionally and nationally that will provide rich learning experiences for our students.”

Other program highlights:

• The low-residency format of the entry-level track, in which students participate in online lecture courses for the majority of the semester and come to campus monthly for in-person lab experiences, means that out-of-town students will not need to move to Louisville to attend PT school. Students can continue to live anywhere in the country while traveling to Louisville each month for in-person labs.
• The post-professional track of the DPT is fully online.
• A bachelor’s degree is not required to enter the Spalding DPT program. Undergraduate students without a bachelor’s will spend their first year in the program working toward credits that will be applied to earning the degree of Bachelor of Science in Health Science from Spalding.
• Spalding expects to enroll about 40 students each fall in the entry-level track of the DPT and about 10 per year for the post-professional track.

“Physical therapy continues to be a growing field, and Spalding’s DPT program will be an appealing option for students locally, including our own undergraduates, and nationally, given our campus’ ideal location in the heart of Louisville and near all the city’s major healthcare centers,” Spalding Provost Dr. John Burden said. “We continue to add excellent, experienced faculty, including multiple instructors who are board-certified in pediatric physical therapy. The positive impact this program will have on our community will be significant.”

More building details:

The renovated, two-story building at 961 S. Third St. will be the home of the School of Physical Therapy and its faculty. The building will feature three skills labs for on-site laboratory instruction as well as an anatomy education center with an anatomy wet lab and accompanying dry lab featuring models and technology for virtual anatomy instruction.

An atrium with natural light coming through the tall windows along Third Street will provide collaborative and lounge space for students. Another student lounge will be upstairs.

Schaefer Construction is the general contractor for the project. Schmidt Associates is the architecture partner.

Spalding is currently fundraising to cover the costs of work on the building, which has not been named. The Gheens Foundation has contributed a lead gift of $200,000. Those interested in supporting Spalding may contact [email protected] or visit https://alumni.spalding.edu/give/.

“This forward-thinking, technology-rich facility will be a gem for physical therapy and overall healthcare education in downtown Louisville for years to come, and this project is evidence of how committed Spalding is to helping prepare compassionate, skilled therapists and healthcare professionals to go out in the world and help those in need,” Chief Advancement Officer Caroline Heine said. “We are grateful for those who are providing financial support for this project, and we welcome others to come forward and support this important work.”

Added Spalding Dean of Graduate Education Dr. Kurt Jefferson: “This learning space will foster interdisciplinary and interprofessional collaboration among students and faculty across our health science and health professions programs and will be a site of innovation and inspiration. Consistent with the Spalding mission, we will instill in our students a commitment to diversity, justice and equity and the need to care for underserved populations.”

About Spalding University:

Established in 1814 and located in downtown Louisville since 1920, Spalding is a historic, private institution that offers graduate, undergraduate and accelerated programs in a range of areas of study. The regionally accredited university offers an innovative schedule of seven six-week sessions per year, allowing students to earn a bachelor’s degree at their own pace. Its athletic teams compete in NCAA Division III. Spalding was recognized as the world’s first Compassionate University. More information is available at Spalding.edu.

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Steve Jones
Spalding University
859-229-6393
[email protected]