Market Newsdesk

CALGARY, AB, Feb. 12, 2021 /CNW/ – Despite extremely challenging operating conditions in Q1 2021, Mainstreet managed to maintain funds from operations (“FFO”) at the same level as the previous year, while achieving a slight improvement in FFO per share and 5% growth in rental revenue. A 6% drop in same-asset NOI is well below our typical standards, yet still exceeded our expectations given the current macroeconomic context. In fact, we believe these results are evidence that the multifamily apartment space remains the most resilient asset class across the entire real estate industry—particularly the mid-market, affordable housing segment that Mainstreet occupies.

Bob Dhillon, Founder and Chief Executive Officer of Mainstreet, said, “Our ability to achieve stable results in Q1 demonstrates the fundamental durability of the rental market, and underscores Mainstreet’s proven operating model.” He added, “The environment in which Mainstreet operates has changed dramatically over the last 12 months. However, our countercyclical growth strategy has not, and will provide our management team with unique opportunities to create shareholder growth in the coming year.”

As expected, Mainstreet encountered a rise in operating costs associated with the COVID-19 pandemic in Q1. We also experienced sharp increases in major uncontrollable operating costs including, property taxes (11%), insurance (50%) and utilities (15%). Border closures and other travel restrictions have continued to cut off the inflow of immigrants and foreign and domestic students, which drives up vacancy rates. Further pandemic restrictions during the autumn months of 2020 diminished what is typically Mainstreet’s high rental season. Meanwhile, our management team has made the socially responsible decision to refrain from passing these increased costs onto Mainstreet customers, many of whom have suffered financial and mental setbacks during the pandemic.

Mainstreet anticipates that the current volatile operating conditions will persist through the entirety of fiscal 2021, or perhaps longer, until the pandemic is well under control and recovery is underway. However, we strongly believe that any negative financial impacts are strictly short-term, and will not alter the solid long-term foundation of our industry and our countercyclical growth strategy. We believe current market conditions create a greater opportunity than ever for Mainstreet to acquire assets with high value-added potential at low cost, funded by record-low costs of debt and diversify its portfolio in new markets. Year to date, Mainstreet has acquired an additional 210 units at a total value of $22 million. Having successfully entered the Winnipeg market in Q1, we plan to aggressively continue expanding and diversifying our portfolio through 2021.

FINANCIAL HIGHLIGHTS:

• $242M – Strong liquidity position in FY2021; $94M YTD funds raised through long term refinancing at average rate of 1.74%
• 8.6% – Vacancy rate (despite high number of acquisitions,6% of unstabilized units and economic downturn)
• $27.3M – Year to date Acquisitions (including new assets in Winnipeg)
• 5% – Rental revenue growth
• 1% – FFO per share (despite 1% drop in NOI and sizeable cost increases)

CHALLENGES
Pandemic restrictions have impacted Mainstreet on two critical fronts, negatively impacting both costs and revenues. First, the temporary closure of the Canadian border has completely choked off the inflow of foreign students and immigrants. Closures of colleges and universities have also restricted inter-provincial movement of domestic students. This blockage has in turn created higher vacancy rates in Q1. Our management team believes these slowdowns are likely temporary, and we anticipate a V-shaped return to pre-pandemic immigration levels once border restrictions are lifted. 

Second, rising operating costs continue to pose a challenge. Major uncontrollable fixed expenses have increased sharply, including property taxes (11%), insurance (50%), and utilities (15%). Carbon taxes, which effectively place the financial burden on property owners, have added to these temporary incursions. Paid leave was extended to team members whose children were not able to attend school, while broader social distancing requirements lowered overall workplace productivity. Costs for additional cleaning, sanitizing, human resources, and the purchase of personal protective equipment (“PPE”) increased expenses. The cost of unit turnover and building improvements—which have occurred with high frequency given our rate of recent acquisitions and aggressive financing schedules—has also risen due to public emergency orders that restrict on-site work.

Despite those challenges, Mainstreet’s management team has made the socially responsible decision to refrain from passing these increased costs onto Mainstreet customers, many of whom have suffered financial and mental setbacks during the pandemic.

The timing of the easing of pandemic related restrictions will ultimately determine when and how Mainstreet returns to normal operations. Canadians are gradually receiving vaccinations for COVID-19, which could ease the need for lockdowns come summer, according to public health officials. However, reopening the economy could force the federal government to wind down some of its biggest financial assistance programs, negatively impacting the ability of some Mainstreet tenants to pay their rent.

Lastly, we view the U.S. government’s decision in January to revoke permits for the Keystone XL pipeline as broadly negative for Alberta’s economic outlook. The energy industry has benefited recently from an increase in commodity prices. Construction on a separate major pipeline project, the Trans Mountain expansion, continues to progress. However, pipeline constraints related to the cancellation of Keystone XL could raise transportation costs for Canadian producers further down the road.

OUTLOOK
We believe Mainstreet’s business model is purpose-built for periods of economic volatility, presenting substantial opportunities to create shareholder value in fiscal 2021. Lower costs for acquisitions and debt (the two biggest factors affecting our future growth) will form the basis for these growth plans. Mainstreet intends to pursue further acquisitions of this sort in the rest of the fiscal year, particularly areas of high potential like Vancouver/Lower Mainland and a new market like Winnipeg.

New growth opportunities will also be supported by our strong liquidity position. Our current cash balance is approximately $100 million, and we are confident we can achieve our target liquidity position of $242 million in the fiscal year 2021.

We believe that workforce-affordable rental housing will remain an essential and safe asset class, underpinned by long-term market fundamentals. On the demand side, healthy fundamentals can be seen across our portfolio, including in our core Alberta market. Population growth in Calgary (1.9%) and Edmonton (1.8%) outpaced the national average of 1.1% in 2020, according to Statistics Canada. In addition, the federal government is boosting its immigration targets, totaling 1.2 million newcomers over the next three years. That, combined with Ottawa’s recent decision to extend work permits for international students, underpins a positive inflow of people into Western Canada.

Meanwhile, new supply in the market remains flat: according to publicly available data. Calgary added just 6,236 new rental units over the past five years, while Edmonton has introduced just 10,704, public data show. Compare that with the projected population growth in Calgary of 127,895 over the same period, or in Edmonton of 139, 929. While we recognize that many of these newcomers are children or homebuyers, we believe these broad trajectories are overwhelmingly supportive of the long-term rental market.

This fundamental imbalance in supply and demand comes alongside an improved macroeconomic picture in Alberta and Saskatchewan, despite a substantial short-term retraction. Prices for Canadian West Texas Intermediate, a U.S. oil benchmark, climbed steadily through the back half of 2020 and into 2021, closing at US$58.36 per barrel on February 9. While business investment levels will not immediately return to levels before the commodity crash of 2015, we believe an easing of economic restrictions in the tail end of 2021 could boost demand for Canadian oil supplies. The Government of Canada is also readying up to $100 billion in additional stimulus funds over the next three years, which will partly go toward urban transit projects that lay the groundwork for Inner-City Millennial living of the kind that Mainstreet offers.

Vancouver/Lower Mainland, which makes up 21% of our portfolio, will continue to drive performance for Mainstreet as vacancies remain among the lowest in the country, and with an average monthly market-to-market gap of $289 per unit and 91% of our customers in the region are below the market rent.

Finally, we believe ongoing employment uncertainty, and the general threat of continued economic turmoil, will cause people to delay major purchases like homes. In our opinion, Mainstreet’s mid-market rental rate, with a price-point average between $900 and $1,000, is perfectly positioned to attract would-be renters in today’s market.

RUNWAY ON EXISTING PORTFOLIO

1. Pursuing our 100% organic, non-dilutive growth model: Using our strong potential liquidity position which we estimate will be approximately $242 million during fiscal 2021, we believe there is significant opportunity to continue acquiring new assets at low cost and diversifying our portfolio in new markets.
2. Closing the NOI gap: In Q1 2021, 6% of the Mainstreet portfolio was going through the stabilization process. Once stabilized, we believe same-asset revenue, vacancy rate, NOI and FFO will be meaningfully improved.
3. Leveraging our loss-to-lease: We believe our Vancouver/Lower Mainland market, which makes up 21% of our portfolio (2,817 units), offers a significant opportunity for future same-store NOI growth.
4. Lowering interest costs: The current 10-year, CMHC-insured mortgage rate falls between 1.7% and 1.8%. We expect interest rates to remain low in the near term, and we believe that our refinancing of the debts of $200 million maturing in the next 3 years will result in approximately $3.2 million in annual savings.
5. Buying back shares at a discount: We believe MEQ shares continue to trade below their true NAV. We will therefore continue to buy back our own common shares on an opportunistic basis under our normal course issuer bid.

Forward-Looking Information

Certain statements contained herein constitute “forward-looking statements” as such term is used in applicable Canadian securities laws. These statements relate to analysis and other information based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning estimates related to future acquisitions, dispositions and capital expenditures, increase or reduction of vacancy rates, increase or decrease of rental rates and rental revenue, future income and profitability, timing of refinancing of debt and completion, timing and costs of renovations, increased or decreased funds from operations and cash flow, the Corporation’s liquidity and financial capacity, improved rental conditions, future environmental impact the Corporation’s goals and the steps it will take to achieve them the Corporation’s anticipated funding sources to meet various operating and capital obligations and other factors and events described in this document should be viewed as forward-looking statements to the extent that they involve estimates thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions of future events or performance (often, but not always, using such words or phrases as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements.

Such forward-looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in this Annual Information Form under the heading “Risk Factors”, that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, costs and timing of the development of existing properties, availability of capital to fund stabilization programs, other issues associated with the real estate industry including availability but without limitation of labour and costs of renovations, fluctuations in vacancy rates, unoccupied units during renovations, rent control, fluctuations in utility and energy costs, credit risks of tenants, fluctuations in interest rates and availability of capital, and other such business risks as discussed herein. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements include, among others, the rental environment compared to several years ago, relatively stable interest costs, access to equity and debt capital markets to fund (at acceptable costs) and the availability of purchase opportunities for growth in Canada. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements contained herein.

Forward-looking statements are based on Management’s beliefs, estimates and opinions on the date the statements are made, and the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions should change except as required by applicable securities laws or as otherwise described therein.

Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding the Corporations reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.

SOURCE Mainstreet Equity Corporation

PANAMA CITY, Feb. 12, 2021 /PRNewswire/ — Banco Latinoamericano de Comercio Exterior, S.A. (NYSE: BLX, “Bladex”, or “the Bank”), a Panama-based multinational bank originally established by the central banks of 23 Latin-American and Caribbean countries to promote foreign trade and economic integration in the region, today announced its results for the Fourth Quarter (“4Q20”) and Full-Year (“FY20”) ended December 31, 2020. 

The consolidated financial information in this document has been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

FINANCIAL SNAPSHOT

BUSINESS HIGHLIGHTS

• Bladex’s Commercial Portfolio growth accelerated during 4Q20, up 9% QoQ to reach $5.6 billion at year-end, driven by higher loan origination (+18% QoQ), with a continued emphasis on defensive sectors and under stricter credit underwriting standards. In addition, considering the 69% QoQ increase in the Investment Portfolio, mostly focused on highly liquid corporate debt securities rated above ‘A-‘, the Bank’s Credit Portfolio totaled $5.9 billion at the end of the 4Q20 (+12% QoQ).
• During 4Q20, Bladex sustained preceding quarterly trend in collecting virtually all loan maturities (99% in 4Q20 and since the onset of Covid-19), evidencing the high quality of the Bank’s borrower base and short-term nature of its business.
• As of December 31, 2020, Bladex’s Commercial Portfolio remained well-diversified and focused on high quality exposures, with 59% in investment grade countries, 54% with financial institutions and 16% with sovereign and state-owned corporations. In addition, exposure to higher risk sectors has been downsized since the onset of Covid-19, such as sugar (-43%) and airlines (-67%), now representing 1% and 0.9% of the total portfolio, respectively.
• Lower Loan Portfolio balances and the collection of loans in higher risk sectors and countries resulted in a $1.5 million net reversal of credit reserves for FY20. As of December 31, 2020, asset quality remained sound with $11 million recorded as a credit-impaired loan (“NPL”), representing 0.22% of the total Loan Portfolio, compared to zero NPLs in the previous quarter and $62 million or 1.05% of the total Loan Portfolio a year ago.
• Bladex maintained a sound and diversified funding structure in 4Q20, primarily supported by the continued growth of its deposit base (+3 QoQ; +9% YoY), coupled with ample and constant access to interbank and debt capital markets. In turn, the Bank reduced its liquidity position, which stood at $1.0 billion (17% of Total Assets) at year-end.
• Bladex’s Profit for 4Q20 was $15.7 million (+2% QoQ), totaling $63.6 million for FY20 (-26% YoY), denoting sustainable results as Bladex’s unique business model represents a key advantage in a year deeply impacted by Covid-19 pandemic and prevailing market uncertainty.
• Net Interest Income (“NII”) for 4Q20 was nearly stable QoQ (-1%), impacted by lower ‘NIM’ on lower rates, offseting the effects of higher average lending volumes. FY20 NII & NIM were below pre-Covid levels (-16% YoY and -33 bps YoY, respectively), as a result of the Bank’s defensive approach to favor liquidity over loan growth during most part of the year, coupled with the impact of decreased market rates.
• Fees and commissions income totaled $2.8 million for 4Q20, up 7% QoQ, driven by higher fees from the letters of credit business. FY20 fees and commissions were 33% lower YoY mostly on the absence of mandated structured transactions in a year impacted by market uncertainty.
• FY20 Operating Expenses decreased 8% YoY, mainly on lower variable compensation and other savings in the current context. FY20 Efficiency Ratio stood at 37.6%, on lower total revenues on the account of the Bank’s implemented measures to mitigate the risks associated to Covid-19 pandemic. 4Q20 Efficiency Ratio was 40% on seasonal higher operating expenses while revenues remained stable QoQ.

CEO’s Comments

Mr. Jorge Salas, Bladex’s Chief Executive Officer said: “2020 proved to be a very challenging year for Bladex’s markets, as Latin American economic growth was severely impacted from high uncertainty and volatility derived from the deep effects of the Covid-19 pandemic, evidenced by the estimates of 7.4% GDP regional contraction. Notwithstanding, Bladex’s unique business model – characterized by its short-term trade nature and high-quality borrower base – proved to be a fundamental and differentiating advantage throughout the year, allowing us to swiftly recompose the risk in our portfolio, while working closely and attending our clients’ needs under tighter credit underwriting standards, as we also strengthen our liquidity levels, supported by broad access to debt capital markets and the continued support of deposits from our Class A shareholders.”

Mr. Salas added: “During the fourth quarter, we continued the preceding quarterly trend of higher disbursements, resulting in a Commercial Portfolio growth of 13% compared to the lowest level at the end of the first half of the year, complemented by the increase of our credit investments with good quality LatAm bond instruments and by the creation of a highly liquid corporate debt securities portfolio, allowing us to gradually reduce the cash balances while still preserving a solid liquidity level.  Bladex’s solid financial position remains, despite all the challenges faced throughout a very complex economic year, and is underlined by the Bank’s ability to deliver sustainable and quality results, with a healthier and well-diversified asset composition, and a stronger funding structure with increased tenors and diversification.”

Mr. Salas concluded: “We remain prudently cautious in the face of the uncertainty that still lies ahead for this year 2021.  I am extremely proud of and thankful to all my colleagues at Bladex, and of the way they have come together to navigate the storm so far, quickly adapting to the unprecedented circumstances, working from home and keeping safe, while remaining strongly committed and successfully serving our clients, standing by them during these trying times. We will continue to promote foreign trade and economic integration in our Region, committed to the best long-term interest of our shareholders.”

RECENT EVENTS

• Quarterly dividend payment: The Bank’s Board of Directors (the “Board”) approved a quarterly common dividend of $0.25 per share corresponding to the fourth quarter 2020. The cash dividend will be paid on March 10, 2021, to shareholders registered as of February 23, 2021.
• Ratings updates: On February 10, 2021, Fitch Ratings (“Fitch”) affirmed Bladex’s long- and short-term foreign currency Issuer Default Rating (“IDR”) at ‘BBB/F3’, respectively. The outlook for the Long-Term IDRs remains ‘Negative’. According to Fitch: “The affirmation of Bladex’s ratings following the downgrade of Panama’s sovereign ratings to ‘BBB-‘ from ‘BBB’, reflect the international nature of Bladex’s operations despite being domiciled in Panama. Bladex’s VR is one notch above Panama’s sovereign rating because, according to Fitch’s criteria, its high geographical diversification helps it to offset any potential negative impact of Panama’s sovereign risks.”

Notes:

–     Numbers and percentages set forth in this earnings release have been rounded and accordingly may not total exactly.

–     QoQ and YoY refer to quarter-on-quarter and year-on-year variations, respectively. 

Footnotes:

1. Earnings per Share (“EPS”) calculation is based on the average number of shares outstanding during each period.
2. ROAE refers to return on average stockholders’ equity which is calculated on the basis of unaudited daily average balances.
3. NIM refers to net interest margin which constitutes to Net Interest Income (“NII”) divided by the average balance of interest-earning assets.
4. NIS refers to net interest spread which constitutes the average yield earned on interest-earning assets, less the average yield paid on interest-bearing liabilities.
5. Efficiency Ratio refers to consolidated operating expenses as a percentage of total revenues. 
6. The Bank’s “Credit Portfolio” includes gross loans at amortized cost (or the “Loan Portfolio”), securities at FVOCI and at amortized cost, gross of interest receivable and the allowance for expected credit losses, loan commitments and financial guarantee contracts, such as confirmed and stand-by letters of credit, and guarantees covering commercial risk; and other assets consisting of customers’ liabilities under acceptances.
7. The Bank’s “Commercial Portfolio” includes gross loans at amortized cost (or the “Loan Portfolio”), loan commitments and financial guarantee contracts, such as issued and confirmed letters of credit, stand-by letters of credit, guarantees covering commercial risk and other assets consisting of customers’ liabilities under acceptances.
8. Market capitalization corresponds to total outstanding common shares multiplied by market close price at the end of each corresponding period.
9. Tier 1 Capital is calculated according to Basel III capital adequacy guidelines and is equivalent to stockholders’ equity excluding certain effects such as the OCI effect of the financial instruments at fair value through OCI.  Tier 1 Capital ratio is calculated as a percentage of risk-weighted assets.  Risk-weighted assets are estimated based on Basel III capital adequacy guidelines.
10. Liquid assets refer to total cash and cash equivalents, consisting of cash and due from banks and interest-bearing deposits in banks, excluding pledged deposits and margin calls; as well as highly rated corporate debt securities (above ‘A-‘).  Liquidity ratio refers to liquid assets as a percentage of total assets.   
11. Loan Portfolio refers to gross loans at amortized cost, excluding interest receivable, the allowance for loan losses, and unearned interest and deferred fees. Credit-impaired loans are also commonly referred to as Non-Performing Loans or NPLs. 
12. Total allowance for losses refers to allowance for loan losses plus allowance for loan commitments and financial guarantee contract losses and allowance for investment securities losses.

SAFE HARBOR STATEMENT

This press release contains forward-looking statements of expected future developments within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934.  Forward-looking statements can be identified by words such as: “anticipate”, “intend”, “plan”, “goal”, “seek”, “believe”, “project”, “estimate”, “expect”, “strategy”, “future”, “likely”, “may”, “should”, “will” and similar references to future periods.  The forward-looking statements in this press release include the Bank’s financial position, asset quality and profitability, among others.  These forward-looking statements reflect the expectations of the Bank’s management and are based on currently available data; however, actual performance and results are subject to future events and uncertainties, which could materially impact the Bank’s expectations.  Among the factors that can cause actual performance and results to differ materially are as follows: the coronavirus (COVID-19) pandemic and government actions intended to limit its spread; the anticipated changes in the Bank’s credit portfolio; the continuation of the Bank’s preferred creditor status; the impact of increasing/decreasing interest rates and of the macroeconomic environment in the Region on the Bank’s financial condition; the execution of the Bank’s strategies and initiatives, including its revenue diversification strategy; the adequacy of the Bank’s allowance for expected credit losses; the need for additional allowance for expected credit losses; the Bank’s ability to achieve future growth, to reduce its liquidity levels and increase its leverage; the Bank’s ability to maintain its investment-grade credit ratings; the availability and mix of future sources of funding for the Bank’s lending operations; potential trading losses; the possibility of fraud; and the adequacy of the Bank’s sources of liquidity to replace deposit withdrawals. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.  We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.  

ABOUT BLADEX

Bladex, a multinational bank originally established by the central banks of Latin-American and Caribbean countries, began operations in 1979 to promote foreign trade and economic integration in the Region. The Bank, headquartered in Panama, also has offices in Argentina, Brazil, Colombia, Mexico, and the United States of America, and a Representative License in Peru, supporting the regional expansion and servicing its customer base, which includes financial institutions and corporations.

Bladex is listed on the NYSE in the United States of America (NYSE: BLX), since 1992, and its shareholders include: central banks and state-owned banks and entities representing 23 Latin American countries; commercial banks and financial institutions; and institutional and retail investors through its public listing.

CONFERENCE CALL INFORMATION

There will be a conference call to discuss the Bank’s quarterly results on Friday, February 12, 2021 at 11:00 a.m.New York City time (Eastern Time).  For those interested in participating, please dial 1-877-271-1828 in the United States or, if outside the United States, 1-334-323-9871.  Participants should use conference passcode 51834133, and dial in five minutes before the call is set to begin.  There will also be a live audio webcast of the conference at http://www.bladex.com.  The webcast presentation will be available for viewing and downloads on http://www.bladex.com.

The conference call will become available for review on Conference Replay one hour after its conclusion and will remain available for 60 days.  Please dial (877) 919-4059 or (334) 323-0140 and follow the instructions.  The replay passcode is: 17239100. 

For more information, please access http://www.bladex.com or contact:

Mrs. Ana Graciela de Méndez
Chief Financial Officer
Tel: +507 210-8563
E-mail address: [email protected]

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SOURCE Banco Latinoamericano de Comercio Exterior, S.A. (Bladex)

Licence will allow Valens to sell and distribute pre-rolls and dried cannabis derivative products, expected to begin in Q2 2021

KELOWNA, BC, Feb. 12, 2021 /PRNewswire/ – The Valens Company Inc. (TSX: VLNS) (OTCQX: VLNCF) (the “Company,” “The Valens Company” or “Valens“), a leading manufacturer of cannabis derivative products, has received an amendment to its existing Health Canada standard processing licence permitting the sale of dried cannabis products to authorized provincial and territorial retailers in Canada. This licence amendment allows The Valens Company to distribute next generation dried cannabis derivative products across the country, increasing the Company’s total addressable market.

Pre-rolls and dried cannabis derivative products will be the latest additions to the Company’s growing portfolio of in-demand offerings, which includes a variety of cannabis extract products such as vapes, concentrates, edibles, beverages, and topicals. With this new licence, The Valens Company can now offer a complete range of products to its customers in the Canadian recreational cannabis market. 

“At the request of our partners we are increasing our product offering to include pre-rolls and next generation dried cannabis products,” said Tyler Robson, Chief Executive Officer, Co-Founder and Chair of The Valens Company. “We believe that this licence, paired with our low-cost platform, will drive a competitive advantage for our partners in a category with price sensitive consumers.”

With access to competitively priced fresh and dried cannabis sources, Valens is strongly positioned to develop and manufacture the highest-quality dried cannabis derivative products at a category shaping value proposition. A variety of pre-roll formats, in numerous blends and sizes, are currently under development at Valens’ newly-operational K2 facility located in Kelowna, British Columbia.

About The Valens Company

The Valens Company is a leading manufacturer of cannabis derivative products with a mission to bring the benefits of cannabis to the world. The Company provides proprietary cannabis processing services across five core technologies, in addition to best-in-class product development, formulation and manufacturing of cannabis consumer packaged goods. The Valens Company’s high-quality products are exclusively formulated for the medical, therapeutic, health and wellness, and recreational consumer segments, and are offered across numerous product formats, including oils, vapes, concentrates, edibles and topicals, as well as pre-rolls, with a focus on next-generation product development and innovation. Its breakthrough patented emulsification technology, SōRSE™ by Valens, converts cannabis oil into water-soluble emulsions for seamless integration into a variety of product formats, allowing for near-perfect dosing, stability, and taste. In partnership with brand houses, consumer packaged goods companies and licensed cannabis producers around the globe, the Company continues to grow its diverse product portfolio in alignment with evolving cannabis consumer preferences in key markets. Through its wholly owned subsidiary Valens Labs Ltd., the Company is setting the standard in cannabis testing and research and development with Canada’s only ISO17025 accredited analytical services lab, named The Centre of Excellence in Plant-Based Science by partner and scientific world leader Thermo Fisher Scientific. Discover more on The Valens Company and its subsidiaries at http://www.thevalenscompany.com.

Notice regarding Forward Looking Statements

All information included in this news release, including any information as to the future financial or operating performance and other statements of The Valens Company that express management’s expectations or estimates of future performance, other than statements of historical fact, constitute forward-looking information or forward-looking statements within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date hereof. Forward-looking statements are included for the purpose of providing information about management’s current expectations and plans relating to the future. Wherever possible, words such as “plans”, “expects”, “scheduled”, “trends”, “indications”, “potential”, “estimates”, “predicts”, “anticipate”, “to establish”, “believe”, “intend”, “ability to”, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, or the negative of these words or other variations thereof, have been used to identify such forward-looking information. Specific forward-looking statements include, without limitation, all disclosure regarding future results of operations, economic conditions and anticipated courses of action. Investors and other parties are advised that there is not necessarily any correlation between the number of SKUs manufactured and shipped and revenue and profit, and undue reliance should not be placed on such information.

The risks and uncertainties that may affect forward-looking statements include, among others, that the LYF Acquisition does not close,  the Milestones are not met, the increase to the Company’s EBITDA and diluted EPS is not achieved, regulatory risk, United States border crossing and travel bans, reliance on licenses, expansion of facilities, competition, dependence on supply of cannabis and reliance on other key inputs, dependence on senior management and key personnel, general business risk and liability, regulation of the cannabis industry, change in laws, regulations and guidelines, compliance with laws, reliance on a single facility, limited operating history, vulnerability to rising energy costs, unfavourable publicity or consumer perception, product liability, risks related to intellectual property, product recalls, difficulties with forecasts, management of growth and litigation, many of which are beyond the control of The Valens Company. For a more comprehensive discussion of the risks faced by The Valens Company, and which may cause the actual financial results, performance or achievements of The Valens Company to be materially different from estimated future results, performance or achievements expressed or implied by forward-looking information or forward-looking statements, please refer to The Valens Company’s latest Annual Information Form filed with Canadian securities regulatory authorities at www.sedar.com or on The Valens Company’s website at www.thevalenscompany.com. The risks described in such Annual Information Form are hereby incorporated by reference herein. Although the forward-looking statements contained herein reflect management’s current beliefs and reasonable assumptions based upon information available to management as of the date hereof, The Valens Company cannot be certain that actual results will be consistent with such forward-looking information. The Valens Company cautions you not to place undue reliance upon any such forward-looking statements. The Valens Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Nothing herein should be construed as either an offer to sell or a solicitation to buy or sell securities of The Valens Company.

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SOURCE The Valens Company Inc.

PANAMA CITY, Feb. 12, 2021 /PRNewswire/ — Banco Latinoamericano de Comercio Exterior, S.A. (“Bladex” or the “Bank”), announced today its Board of Directors’ approval of a quarterly cash dividend of US$0.25 per share corresponding to the fourth quarter of 2020.

The cash dividend is payable March 10, 2021 to the Bank’s stockholders as of February 23, 2021 record date.

As of December 31, 2020, Bladex had 39,677,940.23 shares outstanding of all classes.

Bladex, a multinational bank originally established by the central banks of Latin-American and Caribbean countries, began operations in 1979 to promote foreign trade and economic integration in the Region.  The Bank, headquartered in Panama, also has offices in Argentina, Brazil, Colombia, Mexico, the United States of America, and a Representative License in Peru, supporting the regional expansion and servicing of its customer base, which includes financial institutions and corporations.

Bladex is listed on the NYSE in the United States of America (NYSE: BLX), since 1992, and its shareholders include: central banks and state-owned banks and entities representing 23 Latin American countries, commercial banks and financial institutions, and institutional and retail investors through its public listing.  

For further information on Bladex, please access its website at www.bladex.com or contact:

Monica Cosulich – SVP, Finance and Investor Relations
E-mail address:  [email protected]. Tel.: (+507) 210-8563
Head Office Address: Torre V, Business Park, Ave. La Rotonda, Urb. Costa del Este,
Panama, Republic of Panama

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SOURCE Banco Latinoamericano de Comercio Exterior, S.A. (Bladex)

LOS ANGELES, Feb. 12, 2021 /PRNewswire/ — LiveXLive Media (Nasdaq: LIVX) (“LiveXLive”), a global platform for livestream and on-demand audio, video and podcast/vodcast content in music, comedy and pop culture, and owner of PodcastOne, Slacker Radio, React Presents and Custom Personalization Solutions (“CPS”), announced today a partnership with Music Mastery, a newly launched music and video distribution and artist development platform created by Charlie Walk, former President of Republic Records.

The partnership will focus on artists first by placing hundreds of rising musical artists on LiveXLive’s Slacker Radio platform utilizing the proprietary technologies owned and managed by LiveXLive, including more than 40 patents in digital music, data and data mining. The partnership will also include joint efforts to create a record label, music publishing, artist management and the unique ability for talent to grow within the LiveXLive and Music Mastery’s flywheel of business verticals: audio, video, livestreaming, podcasts, vodcasts, merchandise, licensing, pay-per-views and live events. Artists can sign-up for free or opt for Distribution-Pro at an annual cost. The pro-plan membership will include group coaching, masterclasses and their modules, access to the private community, distribution calls with special guests, featured on the Music Mastery Slacker channel and a LiveXLive subscription.

LiveXLive’s partnership with Music Mastery will help identify and inspire artists, songwriters and creators by providing opportunities to monetize content using advanced technologies in aggregating royalties. Music Mastery distributes to over 40 digital service providers worldwide, from Spotify, Apple Music to TikTok and Triller. The partnership will also focus on the artist community with live group coaching and masterclasses focusing on bettering artists’ chances at success in the music industry. Select artists will be featured on the newly created Music Mastery Slacker Channel due to launch Q1. Breaking new artists and distributing them will become the cornerstone to the partnership.

“By adding icon Charlie Walk and the Music Mastery team, LiveXLive’s artist first platform expands capabilities to discover, break and partner with the next great bands, artists and global talent. Collectively we will identify trending artists from the collection of LiveXLive audio, livestreaming, VOD, live events including the biggest festivals, like Montreux Jazz Festival, Rock in Rio, and Music Lives,” stated Robert Ellin, CEO and Chairman of LiveXLive.

Amongst the hundreds of artists inside Music Mastery distribution includes new rising stars who will be joining the platform and the new Music Mastery Slacker Channel are BMW Kenny, Peach Martine and Stefan Benz. BMW Kenny’s first single, “Wipe It Down” had a half a billion streams across all DSPs and was TikTok’s biggest 2020 viral challenge which reached over 2.4 billion views. His new single “HAHA” will be added to the LiveXLive platform within the Music Mastery Slacker Channel and on-demand video channel. Peach Martine, with over 18 million likes on Tik Tok, just released her first EP “Love, Peach” and has garnered over 2 million streams. Stefan Benz, the 14 year old hailed by Us Weekly and Entertainment Weekly as “One of the youngest rising stars to watch in music right now” has been called the industry’s next Bieber.

“LiveXLive has created an ecosystem of verticals that will now have the opportunity to embrace the independent artist community, unlike ever before. By partnering with LiveXLive and its outstanding teams in publishing, digital audio, marketing, livestreaming and podcast/vodcast, we will afford rising artists an opportunity to build audiences, fans and most importantly, break artists. I look forward to building our businesses in a meaningful way with LiveXLive’s world-class team,” stated Charlie Walk, CEO and Founder of Music Mastery.

Charlie Walk is an iconic music executive who has been honored on Billboard’s Power 100 list throughout his more than thirty-year career in the music industry. Walk’s hands-on guidance has been pivotal in pushing into the spotlight countless previously unknown artists and household names, including Aerosmith, Ariana Grande, Beyoncé, Billy Joel, Bruce Springsteen, Demi Lovato, Destiny’s Child, Drake, Enrique Iglesias, Florida Georgia Line, Fugees, Hailee Steinfeld, Jennifer Lopez, Joe Jonas, The Jonas Brothers, John Mayer, Lauryn Hill, Lorde, Mariah Carey, New Kids On The Block, Nick Jonas, Nicki Minaj, Nipsey Hussle, Post Malone, Ricky Martin, Shakira, Shawn Mendes, Taylor Swift, The Weeknd, Will Smith, Wyclef Jean and many more. Affectionately known to insiders as “the Artist behind the Artist,” Walk has driven the promotion and marketing campaigns of over 400 number one songs on the Top Forty charts, and over 50 Billboard Hot 100 #1’s, including the current Billboard Hot100 #1 song, “MOOD,” co-produced and co-written  by Kbeazy, co-published and co- managed by Music Mastery, 

About LiveXLive Media, Inc.

Headquartered in Los Angeles, California, LiveXLive Media, Inc. (NASDAQ: LIVX) (the “Company”) (pronounced Live “by” Live) is a global platform for livestream and on-demand audio, video and podcast content in music, comedy, and pop culture. LiveXLive, which has streamed over 1,800 artists since January 2020, has become a go-to partner for the world’s top artists and celebrity voices as well as music festivals concerts, including Rock in Rio, EDC Las Vegas, and many others. In April 2020, LiveXLive produced its first 48-hour music festival called “Music Lives” with tremendous success as it earned over 50 million views and over 5 billion views for #musiclives on TikTok on 100+ performances. LiveXLive’s library of global events, video-audio podcasts and original shows are also available on Amazon, Apple TV, Roku and Samsung TVs in addition to its own app, destination site and social channels. The Company’s wholly-owned subsidiary, PodcastOne, generates more than 2.25 billion downloads annually across more than 400+ episodes distributed weekly. For more information, visit www.livexlive.com and follow us on Facebook, Instagram, TikTok, Twitter at @livexlive, and YouTube.

About Music Mastery

Music Mastery, founded in 2019 by world renowned music executive Charlie Walk, is a global online music & video distribution company where community breeds creativity. Music Mastery provides opportunity and support to the 75,000+ artists who upload music daily, bettering their chances of success. Music Mastery operates as the only distribution company that offers membership to help artists succeed in the complex world of content distribution, with focus on identifying, educating and inspiring rising artists and creators, by combining interface and human engagement with state-of-the-art technology. Music Mastery’s verticals include distribution, recorded music, studios, publishing, masterclasses and artist management.

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “may,” “might,” “will,” “will likely result,” “would,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: the Company’s reliance on one key customer for a substantial percentage of its revenue; the Company’s ability to consummate any proposed financing, acquisition or transaction, the timing of the closing of such proposed event, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all, or that the closing of any proposed financing, acquisition or transaction will not occur or whether any such event will enhance shareholder value; the Company’s ability to continue as a going concern; the Company’s ability to attract, maintain and increase the number of its users and paid subscribers; the Company identifying, acquiring, securing and developing content; the Company’s ability to maintain compliance with certain financial and other covenants; the Company successfully implementing its growth strategy, including relating to its technology platforms and applications; management’s relationships with industry stakeholders; the effects of the global Covid-19 pandemic; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of the Company’s subsidiaries; and other risks, uncertainties and factors including, but not limited to, those described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020, filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 26, 2020, Quarterly Report on Form 10-Q for the quarter ended September June 30, 2020, filed with the SEC on November 16, 2020, and in the Company’s other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements, except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.

Press Contact:


The Rose Group


[email protected]


424-645-4620

LiveXLive IR Contact:



[email protected] 
310-601-2500

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SOURCE LiveXLive Media, Inc.

MARLBOROUGH, Mass., Feb. 12, 2021 /PRNewswire/ — Phio Pharmaceuticals Corp. (Nasdaq: PHIO), a biotechnology company developing the next generation of immuno-oncology therapeutics based on its proprietary self-delivering RNAi (INTASYL™) therapeutic platform, today announced that it has entered into definitive agreements with several healthcare-focused institutional investors for the purchase and sale of 2,246,784 shares of the Company’s common stock, at a purchase price of $3.42 per share, in a registered direct offering priced at-the-market under Nasdaq rules for gross proceeds of approximately $7.7 million. The closing of the offering is expected to occur on or about February 17, 2021, subject to the satisfaction of customary closing conditions.

Logo – https://mma.prnewswire.com/media/786567/Phio_Pharmaceuticals_Logo.jpg

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

Phio currently intends to use the net proceeds from the offering for general working capital needs, including the development of its immuno-oncology programs, other research and development activities and for general corporate purposes.

The shares of common stock are being offered by Phio pursuant to a “shelf” registration statement on Form S-3 (File No. 333-224031) previously filed with the Securities and Exchange Commission (the “SEC”) on March 29, 2018 and declared effective by the SEC on April 6, 2018. The offering of the shares of common stock will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the shares of common stock being offered will be filed with the SEC. Electronic copies of the prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (646) 975-6996 or e-mail at [email protected].

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 these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Phio Pharmaceuticals Corp.

Phio Pharmaceuticals Corp. (Nasdaq: PHIO) is a biotechnology company developing the next generation of immuno-oncology therapeutics based on its self-delivering RNAi (INTASYL™) therapeutic platform. The Company’s efforts are focused on silencing tumor-induced suppression of the immune system through its proprietary INTASYL platform with utility in immune cells and the tumor micro-environment. Our goal is to develop powerful INTASYL therapeutic compounds that can weaponize immune effector cells to overcome tumor immune escape, thereby providing patients a powerful new treatment option that goes beyond current treatment modalities. For additional information, visit the Company’s website, www.phiopharma.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. All statements other than statements of historical fact contained in this press release are forward-looking statements including, without limitation, all statements related to the completion of the registered direct offering, the satisfaction of customary closing conditions related to the registered direct offering and the intended use of net proceeds from the registered direct offering. These statements are based only on our current beliefs, expectations and assumptions regarding the impact to our business and operations by the recent coronavirus outbreak, results from our preclinical and clinical activities, the development of our product candidates, the ability of obtain future financing, the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements as a result of a number of important factors, including, but not limited to, market and other conditions and those identified in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q under the caption “Risk Factors” and in other filings the Company periodically makes with the SEC. Readers are urged to review these risk factors and to not act in reliance on any forward-looking statements, as actual results may differ from those contemplated by our forward-looking statements. Phio does not undertake to update forward-looking statements to reflect a change in its views, events or circumstances that occur after the date of this release, except as required by law. 

Contact Phio Pharmaceuticals Corp.
[email protected] 

Investor Contact
Ashley R. Robinson 
LifeSci Advisors
[email protected] 

 

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SOURCE Phio Pharmaceuticals Corp.

CALGARY, AB, Feb. 12, 2021 /PRNewswire/ – Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported strong full-year 2020 financial results and provided a quarterly business update.

Highlights

(all financial figures are unaudited and in Canadian dollars unless otherwise noted)

• Full year GAAP earnings of $3.0 billion or $1.48 per common share, compared with GAAP earnings of $5.3 billion or $2.64 per common share in 2019, all of which amounts include non-recurring and unrealized items
• Adjusted earnings of $4.9 billion or $2.42 per common share, compared with $5.3 billion or $2.65 per common share in 2019
• Adjusted earnings before interest, income tax and depreciation and amortization (EBITDA) of $13.3 billion, compared with $13.3 billion in 2019
• Cash Provided by Operating Activities of $9.8 billion, compared with $9.4 billion in 2019
• Distributable Cash Flow (DCF) of $9.4 billion, compared with $9.2 billion in 2019
• DCF per share of $4.67, exceeded mid-point of full-year guidance of $4.50 to $4.80; exited 2020 with strong financial position with Debt to EBITDA of 4.6x
• Reaffirmed 2021 DCF per share guidance range of $4.70 to $5.00 and EBITDA range of $13.9 billion to $14.3 billion.
• Increased the 2021 quarterly dividend by 3% to $0.835 per share reflecting the 26th consecutive annual increase
• Progressed $16 billion of secured growth capital supporting 5 to 7% DCF per share growth through 2023; $1.6 billion of growth projects placed into service in 2020 and early 2021
• Commenced construction on the final leg of the Line 3 Replacement Project in Minnesota following receipt of all permits and regulatory approvals; targeting Q4 2021 in-service
• Updated Line 3 Replacement capital cost to $9.3 billion from $8.2 billion (source currency), reflecting final costs for the Canadian segment and updated estimates for the U.S. segment
• Announced a 35% energy intensity reduction target by 2030, net-zero emissions by 2050, and diversity and inclusion goals, furthering nearly two decades of Environmental, Social and Governance (ESG) leadership
• Secured a 3-year $1.0 billion Sustainability Linked Credit Facility which incorporates Enbridge’s ESG goals
• Installed first solar self-powered facility on Texas Eastern gas transmission pipeline; two additional facilities in gas transmission and liquids pipelines businesses under construction
• Announced purchase of 6.6 million barrels of storage assets located in Cushing, further advancing U.S. Gulf Coast (USGC) strategy

CEO COMMENT

Commenting on the Company’s operations, strategic priorities and outlook, Al Monaco, President and CEO of Enbridge noted the following:

“Operationally, we performed well in the fourth quarter, completing a strong 2020 in the face of a very challenging energy and economic backdrop. Our four rock-solid franchises once again delivered solid results and provided essential service and reliable energy supply that is absolutely critical to the everyday lives of North Americans and the global economy.

“Despite positive indicators early in 2021, the pace of recovery is still unknown as COVID-19 cases remain high in many parts of the world. We will continue to be focused on our critical role in delivering reliable energy, as well as on the safety of our employees and our stakeholders. 

“2020 utilization rates in the Gas Transmission, Gas Distribution and Renewable Power businesses remained high and delivered highly predictable financial results this year. On our Liquids Mainline, volumes were impacted by reduced refinery demand, but they’ve steadily recovered in-line with our expectations reaching 2.65 mmbpd in the fourth quarter. Heavy capacity has been apportioned since July on strong Midwest and USGC market demand and light volumes are returning to normal. Our team also optimized a portion of unutilized light capacity by moving medium crude blends for customers on our light pipelines. 

“Full-year DCF per share of $4.67 exceeded the budget we struck prior to COVID and the mid-point of our guidance range –  a great outcome that reflects the strong demand pull from the markets we serve, our low-risk commercial model and the early and decisive actions we took to mitigate the impacts of the pandemic. This was made possible by the exceptional efforts of our people across our entire organization in the face of unprecedented challenges from the pandemic and reduced energy demand. And, although we were eligible for government support, we didn’t avail ourselves of these options. 

“In addition to strong operational and financial performance in 2020, we’ve moved the ball forward on our strategic priorities.

“That starts with how we’ve taken steps to further our ESG leadership and we’re pleased to see that the rating firms continue to recognize our work in this area with a top ranking in Midstream. ESG has long been integrated into our business and strategies, and in 2020, we raised the bar again by committing to a 35% reduction in energy intensity by 2030, net-zero emissions by 2050 and setting new diversity and inclusion goals all tied to management compensation. And, in February, we launched the first Sustainability Linked credit facility in our sector, aligning our ESG performance with funding costs.

“In Liquids Pipelines, Line 3 construction is underway in Minnesota after a comprehensive and thorough regulatory process over the last 6 years, and we’re proud of the broad community support for the project. We’re focused on executing world class construction and environmental practices and we’ve implemented the most up-to-date health and safety protocols to protect communities and our crews. Construction is progressing to our targeted Q4 in-service date.

“We’ve updated our cost estimate for the full Line 3 project to reflect winter construction, further enhancements to our industry-leading environmental protections and construction techniques, regulatory and permitting delays, higher capitalized interest and COVID-19 protocols. The higher project costs will be managed well within our funding plans and strong financial position. Our updated economics for Line 3 remain attractive.

“In Gas Transmission, we completed our U.S. $0.7 billion 2020 modernization program, the U.S. $0.1 billion Sabal Trail Phase II, and the final phase of the U.S. $0.1 billion Atlantic Bridge project. We also came to an agreement with our customers for new rates on Texas Eastern, Algonquin and the BC Pipeline, and we’re advancing rate proceedings on a few other systems. 

“In Gas Distribution, we added 43 thousand customers and completed the 2020 $0.5 billion growth capital program, including the Owen Sound Reinforcement project and the Windsor Line Replacement project. We also continue to make progress on synergy capture related to the amalgamation of our utilities. 

“In our Renewable Power business, construction of the Saint-Nazaire and Fécamp offshore wind projects are advancing well. Also, in this business, we completed our first self-powering facility on Texas Eastern with another under construction, as well as an additional solar facility on the Liquids Pipelines’ Mainline in Alberta. 

“Looking forward, execution on our $16 billion of secured growth capital and further optimization of business performance provide excellent visibility to 5-7% DCF per share growth through 2023. In 2021, we anticipate another year of robust EBITDA and cash flow growth, driven by $10 billion of growth capital to be placed into service and embedded growth within the business, including a further $100 million of cost savings. This investment program is also timely in supporting the reboot of economies in which we operate.   

“While we expect the economic recovery will be gradual, North American energy fundamentals are steadily improving with recovering energy prices, increasing exports and long-term global demand growth drivers still intact. This outlook reinforces our strategic priorities and view of organic growth potential.

“Post completion of Line 3, we expect to generate $5-6 billion of annual investment capacity. We’ll remain disciplined and deploy capital towards the best uses, prioritizing balance sheet strength, investment in low capital intensity growth and regulated utility or utility-like projects. We will carefully utilize our remaining investable capacity on the most value enhancing opportunities including further organic growth, and potential for share buybacks.

“Our dividend remains central to our value proposition and we expect to ratably grow it up to the level of average annual DCF per share growth, while maintaining a payout of 60-70% of DCF. In 2021, we’re very pleased to have increased the dividend again for our shareholders, for the 26^th consecutive year.

“Finally, our long-lived, demand-pull assets and low risk pipeline-utility model have demonstrated resiliency and predictable cash flow generation in the most difficult economic conditions we’ve seen in decades, and we’re positioned to continue to generate strong long-term cash flow growth.”

FINANCIAL RESULTS SUMMARY

Financial results for three and twelve months ended December 31, 2020, are summarized in the table below:

GAAP earnings attributable to common shareholders for the fourth quarter of 2020 increased by $1.0 billion or $0.51 per share compared with the same period in 2019 and decreased by $2.3 billion or $1.16 per share for the full-year 2020 compared with 2019.

On a full-year basis, GAAP earnings attributable to common shareholders for 2020 were negatively impacted by $2.4 billion ($1.8 billion after-tax) impairments to the carrying value of certain equity investments, as well as $0.8 billion ($0.5 billion after-tax) lower non-cash, unrealized derivative fair value gains on the mark-to-market value of derivative financial instruments used to manage foreign exchange risks. In addition, the period-over-period and year-over-year comparability of GAAP earnings attributable to common shareholders was impacted by other certain unusual, infrequent factors or other non-operating factors, which are noted in the reconciliation schedule included in Appendix A of this news release.

Adjusted EBITDA in the fourth quarter of 2020 increased by $15 million compared with the same period in 2019. The business benefited from incremental earnings in Liquids Pipelines from the Canadian Line 3 Replacement Program, rate settlements on Texas Eastern and Algonquin, contributions from new assets that were placed into service in late 2019 and the first half of 2020, as well as customer growth and synergy capture in Gas Distribution and Storage. Strong business performance was partially offset by lower contributions from Energy Services due to a significant compression of certain key regional differentials, lower Mainline throughput related to COVID-19 and the absence of contributions from the federally regulated Canadian natural gas gathering and processing business sold on December 31, 2019.

Full-year Adjusted EBITDA for 2020 was $13.3 billion, compared with $13.3 billion in 2019, and impacted by the annualized impacts of the quarterly items discussed above. In addition, the Company received approximately $0.2 billion in cash receipts on certain contracted Liquids pipelines, which are not recognized in revenues until the related make-up rights are utilized or expire. This is primarily related to the effects of COVID-19 on system utilization during 2020, and is not anticipated to be recurring in nature.

Adjusted earnings in the fourth quarter of 2020 decreased by $96 million, or $0.05 per share and for the full-year 2020 decreased by $447 million, or $0.23 per share. The decrease was primarily driven by a reduction in capitalized interest and higher depreciation from new assets placed into service throughout 2019, primarily on the Canadian Line 3 Replacement Program. DCF for the fourth quarter was $2.2 billion, an increase of $158 million over the fourth quarter of 2019 driven largely by the net impact of the operating factors noted above and higher cash distributions in excess of equity earnings due to new assets placed into service.

DCF for the year ended December 31, 2020 was $9.4 billion, an increase of $216 million over 2019, due to the same factors discussed above, as well as higher cash receipts not recognized in EBITDA or earnings for contracts with make-up rights on certain assets within Liquids Pipelines. This impact was partially offset due to higher interest expense as a result of additional debt incurred to fund capital expenditures along with a reduction in capitalized interest on the Canadian Line 3 Replacement Program placed into service in December 2019.

These factors are discussed in detail under Distributable Cash Flow. Detailed segmented financial information and analysis can be found below under Adjusted EBITDA by Segments.

FINANCIAL POSITION AND OUTLOOK

Enbridge has exited 2020 in a strong financial position with Debt to EBITDA of 4.6x and expects to remain within the Company’s target range of 4.5 to 5.0x throughout 2021, inclusive of spending on its secured growth capital program.

Enbridge ended the fourth quarter with over $13 billion of available liquidity, which is more than sufficient to meet all of its funding requirements through the end of 2021 without further access to capital markets. In February of 2021, Enbridge entered into a three-year, syndicated Sustainability Linked Credit Facility for $1.0 billion. The facility includes terms that allow Enbridge to reduce borrowing costs if the Company achieves an interim threshold on its ESG goals. As a result of the sustainability linked credit facility and other financing activities completed in 2020, our resilient cash flows and our current liquidity position, we concurrently cancelled a one year, revolving, syndicated credit facility for $3.0 billion, ahead of its scheduled March 2021 maturity.

At the Company’s December 2020 investor conference, Enbridge released its 3-Year Outlook, reaffirming its growth expectation of 5-7% annualized DCF per share through 2023. Enbridge also provided 2021 financial guidance which included EBITDA between $13.9 and $14.3 billion with a projected range of 2021 DCF of $4.70 to $5.00 per share.

Included within the Company’s 2021 guidance is a Mainline volume forecast of 2.7 mmbpd or more in the first quarter of 2021, with continued improvement in volumes through the remainder of the year. This outlook also assumes the U.S. portion of Line 3 comes into service in the fourth quarter of 2021 and contributes approximately $200 million of EBITDA this year.

The Company increased the 2021 dividend by 3% to $0.835 per share quarterly, commencing with the dividend payable on March 1, 2021 to shareholders of record on February 12, 2021.

PROJECT EXECUTION UPDATE

The Company continues to advance its approximately $16 billion secured growth capital program. This diversified organic growth program is entirely consistent with our low-risk commercial model and will generate approximately $2 billion of additional EBITDA between 2020 and 2023. This includes $1.6 billion of growth projects which were placed into service in 2020 and early 2021, including:

• Gas Transmission’s US$0.7 billion 2020 Modernization Program;
• the U.S. $0.1 billion Sabal Trail Phase II project;
• Gas Distribution’s $0.5 billion 2020 Utility Growth, including the Owen Sound Reinforcement and the Windsor Line Replacement projects; and
• the Atlantic Bridge Project, which fully commenced service in January 2021 with the US$0.1 billion Weymouth Compressor station being brought online.

After considering the $1.1 billion (in source currency) update to the Line 3 Replacement Program and the $1.6 billion of capital already placed into service, the Company’s secured growth capital program through 2023 remains at approximately $16 billion, of which $5 billion has already been spent. 

The Company anticipates placing approximately $10 billion of its secured growth capital into service in 2021, including the U.S segment of Line 3 and the associated Southern Access Expansion, the T-South Expansion and Spruce Ridge, along with the 2021 Gas Transmission Modernization Program and the 2021 Gas Utility capital program. 

Line 3 Replacement

The Line 3 Replacement Project is a critical integrity project that will enhance the continued safe and reliable operations of our Mainline System well into the future, reflecting Enbridge’s long-standing commitment to protecting the environment.

The project will restore capacity on the line to its original design specifications of 760 kbpd and bring the total Mainline System capacity to approximately 3.2 mmbpd.

In the fourth quarter, Enbridge received all necessary permits in Minnesota, including the 401 Water Quality Certificate issued by the Minnesota Pollution Control Agency, all remaining federal permits from the U.S. Army Corps of Engineers, including the Section 404 permit, and the Authorization to Construct from the Minnesota Public Utilities Commission. These permits are in addition to environmental permits received from the Fond du Lac Band in 2019, including its 401 Water Quality Certificate.

Construction of the Minnesota portion of Line 3 is underway, while construction on the North Dakota, Wisconsin and the Canadian portions have already been completed. The U.S. portion of Line 3 is expected to be placed into service in the fourth quarter of 2021.

The Company has worked closely with local health officials to put in place a comprehensive health and safety program to protect communities and our crews from COVID-19.

Estimated capital costs for the Line 3 Replacement Project, including the Canadian segment already in service, have been updated from $8.2 billion to $9.3 billion (in source currency). The increase in costs reflects winter construction, further enhancements to industry-leading environmental protections and construction techniques, the extended regulatory and permitting timeframe, higher capitalized interest and COVID-19 protocols.

Notwithstanding higher estimated capital costs, the project’s cash flows and the expected equity return remain attractive. Upon the Line 3 Replacement Project being placed fully into service a surcharge of US$0.895 per barrel will be applied, inclusive of the current interim US$0.20 surcharge for the Canadian portion of Line 3. In addition, incremental throughput related to the restored Line 3 capacity will receive an international joint toll charge for each barrel.

In 2021, Line 3 is expected to contribute approximately $200 million of EBITDA and supports significant free cash flow growth in 2022 and beyond.

The incremental funding requirements are accommodated within the Company’s 2021 financing plan, and target leverage range of 4.5 to 5.0x Debt to EBITDA and will not significantly impact Enbridge’s strong financial position.

OTHER BUSINESS UPDATES

Mainline Contracting

The Company continues to advance its application to contract the Canadian Mainline, which is currently being reviewed by the Canada Energy Regulator (CER). The contract offering reflects two years of negotiations with shippers and has the support of shippers transporting more than 75% of mainline volumes. This support reflects the competitiveness of the offering, which will support the best netbacks for shippers and secure long-term demand for Western Canadian crude oil.

During the fourth quarter, Enbridge continued to respond to multiple rounds of information requests from the CER and intervenors, continuing to demonstrate that the proposed contract tolls are just and reasonable and that Mainline Contracting is in the Canadian public interest. In February, Enbridge requested additional information from intervenors and the written process will conclude in April. Subsequent to April, an oral hearing is anticipated, but a hearing date has not yet been set. If Enbridge’s application has not been approved by the expiry of the Competitive Toll Settlement (CTS) on June 30, 2021, the tolls in effect on that date are expected to continue on an interim basis.

Line 5 – Straits of Mackinac

Line 5 is a critical source of energy for residents, businesses and refineries throughout Michigan, neighboring U.S. states, Ontario and Quebec. It provides 55% of the state of Michigan’s propane demand and serves regional refineries located in Michigan, Ohio, Pennsylvania, Ontario and Quebec. Residents, businesses and refineries throughout the region rely on the safe transportation of oil, propane and other products provided by Line 5.

Enbridge is committed to the safe and reliable operations of Line 5 as it crosses the Straits of Mackinac (the Straits). The crossing is continuously monitored by trained staff and state-of-the-art technologies and this is backed up with visual surveillance.

In the fourth quarter, Enbridge initiated legal filings to request the United States District Court dismiss the State of Michigan’s attempt to terminate the 1953 easement across the Straits and thereby close the Line 5 dual pipelines located within the easement. The revocation of the easement by the State of Michigan is contrary to federal law and the Canada-US Transit Pipeline Treaty. In addition, oversight of pipeline safety resides with the Pipeline and Hazardous Materials Safety Administration (PHMSA) under the federal Pipeline Safety Act.

The dual lines that cross the Straits are safe and in full compliance with the federal pipeline safety standards that govern them and has been deemed fit for service by PHMSA in June and September of 2020. Enbridge has no intention of shutting down the pipelines based on the State’s unspecified allegations and its violation of federal law.

Enbridge continues to advance construction related activities on its state-of-the-art tunnel designed to further protect the Great Lakes and make an already safe pipeline safer. On January 29, 2021 the Michigan Department of Environment, Great Lakes and Energy issued permits relating to wetlands and submerged lands, along with National Pollutant Discharge Elimination System permits. The Company continues to work with the U.S. Army Corps of Engineers and the Michigan Public Service Commission on additional permits and regulatory approvals.

Gas Transmission and Midstream Pressure Restrictions

In 2020, Enbridge undertook a comprehensive integrity program to ensure continued safe and reliable service. During the program, Enbridge reduced operating pressure across the Texas Eastern system to enable necessary integrity work to be completed. In the fourth quarter, the Company lifted the pressure restrictions and returned the system to service.

FOURTH QUARTER AND YEAR-END 2020 FINANCIAL RESULTS

The following table summarizes the Company’s GAAP reported results for segment EBITDA, earnings attributable to common shareholders and cash provided by operating activities for the fourth quarter and full year of 2020.

GAAP SEGMENT EBITDA AND CASH FLOW FROM OPERATIONS

For purposes of evaluating performance, the Company makes adjustments for unusual, infrequent or other non-operating factors to GAAP reported earnings, segment EBITDA and cash flow provided by operating activities, which allow Management and investors to more accurately compare the Company’s performance across periods, normalizing for factors that are not indicative of underlying business performance. Tables incorporating these adjustments follow below. Schedules reconciling EBITDA, adjusted EBITDA, adjusted EBITDA by segment, adjusted earnings, adjusted earnings per share and DCF to their closest GAAP equivalent are provided in the Appendices to this news release.

DISTRIBUTABLE CASH FLOW

Fourth quarter 2020 DCF increased $158 million compared with the same period of 2019 primarily due to operational factors discussed below in Adjusted EBITDA by Segments as well as:

• marginally lower maintenance capital due to cost savings and program efficiencies; and
• higher cash distributions in excess of equity earnings due new assets placed into service, including Gray Oak crude oil pipeline and Hohe See Offshore Wind Project; partially offset by a 50% distribution cut at DCP Midstream, LP (DCP Midstream).

Full year 2020 DCF increased $216 million compared with 2019 due to the same factors discussed above as well as:

• higher receipts of cash not recognized in revenue due primarily to cash received on certain take-or-pay contracted assets that contain make-up right provisions for contracted volumes not shipped which are not included in Adjusted EBITDA due to revenue recognition guidance, but are included in DCF;
• partially offset by higher interest expense due to a combination of additional debt incurred to fund capital expenditures as well as a reduction in capitalized interest associated with the Canadian portion of Line 3 placed into service in December 2019, which has been partially offset by lower rates on short-term and newly issued long-term notes.

ADJUSTED EARNINGS

Adjusted earnings decreased $96 million and adjusted earnings per share decreased $0.05 compared with the fourth quarter in 2019. The decrease in adjusted earnings was driven by the same factors impacting business performance and adjusted EBITDA as discussed under Distributable Cash Flow above, as well as the following factors:

• higher depreciation and amortization expense as a result of new assets placed into service throughout 2019, primarily on the Canadian portion of Line 3 which entered service in December 2019; and
• higher interest expense due to debt issued to fund new growth capital as well as a reduction in capitalized interest associated with the Canadian portion of Line 3 which has been partially offset by lower rates on short-term debt and newly issued long-term notes.

Full year adjusted earnings decreased $447 million and adjusted earnings per share decreased $0.23 compared with 2019 due to the same factors discussed above.

ADJUSTED EBITDA BY SEGMENTS

Adjusted EBITDA by segment is reported on a Canadian dollar basis. Adjusted EBITDA generated from U.S. dollar denominated businesses was translated at a higher average Canadian dollar exchange rate in the fourth quarter of 2020 (C$1.30/US$) when compared with the corresponding 2019 period (C$1.32/US$).

On a full year basis, adjusted EBITDA generated from U.S dollar denominated businesses was translated at a weaker Canadian exchange rate of C$1.34/US$ in 2020 compared with C$1.33/US$ in 2019.

A portion of the U.S. dollar earnings is hedged under the Company’s enterprise-wide financial risk management program. The offsetting hedge settlements are reported within Eliminations and Other.

LIQUIDS PIPELINES

Liquids Pipelines adjusted EBITDA increased $67 million compared with the fourth quarter of 2019 primarily due to:

• contributions from the Canadian Line 3 Replacement Program that was placed into service on December 1, 2019, with an interim surcharge on Mainline System volumes of US$0.20 per barrel, a higher IJT Benchmark Toll, partially offset by lower Mainline System throughput, with ex-Gretna throughput on average 77 kbpd lower driven by the impact of COVID-19 on supply and demand for oil and related products;
• lower contributions from the Gulf Coast and Mid-Continent System due to lower light volume throughput on the Seaway Crude Pipeline driven by the impact of COVID-19 on the Gulf Coast demand mostly offset by higher Flanagan South Pipeline throughput and contribution; and
• lower throughput on the Bakken Pipeline System, included in Other, driven by the impact of lower prices and COVID-19 on supply and demand for oil and products.

Full year 2020 Liquids Pipeline adjusted EBITDA increased $141 million compared with 2019 and were primarily impacted by the same factors discussed above. On a full year basis, Regional Oil Sands contributions are slightly lower due to a decrease in delivered volumes. The majority of these assets are underpinned by take-or-pay arrangements. In addition, for the full year 2020, Mainline System throughput ex-Gretna was on average 83 kbpd lower, but was more than offset by decreased costs, including power.

GAS TRANSMISSION AND MIDSTREAM

Gas Transmission and Midstream adjusted EBITDA decreased $70 million compared with the fourth quarter of 2019 primarily due to:

• lower contributions from US Gas Transmission due to lower revenues on Texas Eastern due to pressure restrictions, partially offset by higher revenues due to the rate settlement on Texas Eastern and Algonquin; and
• the absence of earnings in Canadian Gas Transmission in 2020 from the federally-regulated portion of the Canadian natural gas gathering and processing assets that were sold on December 31, 2019.

Full year 2020 Gas Transmission and Midstream adjusted EBITDA increased $27 million compared with 2019 due to the factors discussed above as well as:

• higher contributions in US Gas Transmission from the second phase of the Atlantic Bridge project which was put into service fourth quarter of 2019 and the Stratton Ridge project which was put into service in the second quarter of 2019; partially offset by
• lower contributions due to the impact of a narrowed AECO-Chicago basis at our Alliance Pipeline joint venture and lower commodity prices impacting our Aux Sable joint venture.

GAS DISTRIBUTION AND STORAGE

Gas Distribution and Storage adjusted EBITDA will typically follow a seasonal profile. It is generally highest in the first and fourth quarters of the year reflecting greater volumetric demand during the heating season. The magnitude of the seasonal EBITDA fluctuations will vary from year-to-year reflecting the impact of colder or warmer than normal weather on distribution volumes.

Gas Distribution and Storage adjusted EBITDA increased $11 million compared with the fourth quarter of 2019 primarily due to:

• higher distribution charges resulting from increases in rates and customer base growth; and
• synergy capture realized from the amalgamation of Enbridge Gas Distribution Inc. and Union Gas Limited;
• partially offset by the impact of warmer weather experienced in our franchise service areas in the fourth quarter of 2020 when compared with the fourth quarter of 2019.

When compared with the normal weather forecast embedded in rates, the warmer weather in the fourth quarter of 2020 negatively impacted EBITDA by approximately $15 million while the fourth quarter of 2019 was positively impacted by approximately $16 million due to colder than normal weather.

Full year 2020 Gas Distribution and Storage adjusted EBITDA increased $3 million compared with 2019 due to the factors discussed above as well as the absence of earnings in 2020 from Enbridge Gas New Brunswick and St. Lawrence Gas Company, Inc. which were sold on October 1, 2019, and November 1, 2019, respectively.

On a full year basis, when compared with the normal weather forecast embedded in rates, warmer weather negatively impacted EBITDA by approximately $33 million compared with a positive impact of $67 million on EBITDA in 2019 due to colder than normal weather in our franchise service areas last year.

RENEWABLE POWER GENERATION

Renewable Power Generation adjusted EBITDA increased $27 million compared with the fourth quarter of 2019 primarily due to:

• contributions from the Albatros expansion of the Hohe See Offshore Wind Project, which was placed into service in January 2020; and
• stronger wind resources at both Canadian and United States wind facilities.

Full year 2020 Renewable Power Generation adjusted EBITDA increased $83 million compared with 2019 due to the factors discussed above as well as:

• contributions from the Hohe See Offshore Wind Project, which reached full operating capacity in October 2019; and
• reimbursements received at certain Canadian wind facilities resulting from a change in operator.

ENERGY SERVICES

Energy Services adjusted EBITDA decreased $60 million compared with the fourth quarter of 2019 and $388 million compared with full year 2019 as a result of significant compression of location and quality differentials in certain markets which led to fewer opportunities to achieve profitable margins on capacity obligations. The first quarter of 2019 was exceptionally strong, benefiting from favorable location and quality differentials, which increased opportunities to realize profitable margins.

ELIMINATIONS AND OTHER

Operating and administrative recoveries captured in this segment reflect the cost of centrally delivered services (including depreciation of corporate assets) inclusive of amounts recovered from business units for the provision of those services. Also, as previously noted, U.S. dollar denominated earnings within the segment results are translated at average foreign exchange rates during the quarter. The offsetting impact of settlements made under the Company’s enterprise foreign exchange hedging program are captured in this segment.

Eliminations and Other adjusted EBITDA increased $40 million compared with the fourth quarter of 2019 due to:

• lower operating and administrative costs as a result of cost containment actions; and
• lower realized foreign exchange settlement losses primarily due to a narrower spread between the average exchange rate of $1.30 for the fourth quarter of 2020 (Q4 2019:$1.32) and the fourth quarter 2020 hedge rate of $1.29 (Q4 2019:$1.24).

Full year 2020 Eliminations and Other adjusted EBITDA increased $136 million compared with 2019 due to the same factors discussed above. On a full year basis, the average exchange rate for 2020 was $1.34 (2019:$1.33) compared with the full-year 2020 hedge rate of $1.29 (2019: $1.24).  

CONFERENCE CALL

Enbridge will host a conference call and webcast on February 12, 2021 at 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time) to provide an enterprise wide business update and review 2020 fourth quarter and full-year financial results. Analysts, members of the media and other interested parties can access the call toll free at (877) 930-8043 or within and outside North America at (253) 336-7522 using the access code of 8891852#. The call will be audio webcast live at https://edge.media-server.com/mmc/p/9sroqj75. It is recommended that participants dial in or join the audio webcast fifteen minutes prior to the scheduled start time. A webcast replay and podcast will be available approximately two hours after the conclusion of the event and a transcript will be posted to the website within 24 hours. The replay will be available for seven days after the call toll-free (855) 859-2056 or within and outside North America at (404) 537-3406 (access code 8891852#).

The conference call format will include prepared remarks from the executive team followed by a question and answer session for the analyst and investor community only. Enbridge’s media and investor relations teams will be available after the call for any additional questions.

DIVIDEND DECLARATION

On December 7, 2020, the Company’s Board of Directors declared the following quarterly dividends. All dividends are payable on March 1, 2021, to shareholders of record on February 12, 2021.

FORWARD-LOOKING INFORMATION

Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge and its subsidiaries and affiliates, including management’s assessment of Enbridge and its subsidiaries’ future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ”anticipate”, ”expect”, ”project”, ”estimate”, ”forecast”, ”plan”, ”intend”, ”target”, ”believe”, “likely” and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to the following: Enbridge’s corporate vision and strategy; 2021 financial guidance; the COVID-19 pandemic and the duration and impact thereof; energy intensity and emissions reduction targets; diversity and inclusion goals; the expected supply of, demand for and prices of crude oil, natural gas, natural gas liquids, liquified natural gas and renewable energy; anticipated  utilization of our existing assets, including throughput on the Mainline; expected EBITDA and expected adjusted EBITDA; expected earnings/(loss) and adjusted earnings/(loss); expected DCF and DCF per share; expected future cash flows; expected dividend growth and payout ratio; anticipated cost savings; expected performance of the Company’s businesses; expected debt-to-EBITDA ratio; financial strength and flexibility; expectations on sources of liquidity and sufficiency of financial resources; expected costs related to announced projects and projects under construction and for maintenance; expected in-service dates for announced projects and projects under construction; expected capital expenditures, investment capacity and capital allocation priorities; expected future growth and expansion opportunities; expected benefits of transactions, including the realization of efficiencies and synergies; expected future actions of regulators and courts; toll and rate case discussions and filings, including Mainline Contracting and the anticipated benefits thereof; Line 3 Replacement Program, including anticipated in-service date, capital costs, EBITDA contribution and economics; and Line 5 dual pipelines and their continued safe operations, and related litigation and other matters.

Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the following: the COVID-19 pandemic and the duration and impact thereof; the expected supply of and demand for crude oil, natural gas, natural gas liquids (NGL) and renewable energy; prices of crude oil, natural gas, NGL and renewable energy; anticipated utilization of our existing assets; exchange rates; inflation; interest rates; availability and price of labour and construction materials; operational reliability; customer and regulatory approvals; maintenance of support and regulatory approvals for the Company’s projects; anticipated in-service dates; weather; anticipated reductions in operating costs; the timing and closing of acquisitions and dispositions; the realization of anticipated benefits and synergies of transactions; governmental legislation; litigation; impact of the Company’s dividend policy on its future cash flows; credit ratings; capital project funding; hedging program; expected EBITDA and expected adjusted EBITDA; expected earnings/(loss) and adjusted earnings/(loss); expected earnings/ (loss) or adjusted earnings/(loss) per share; expected future cash flows and expected future DCF and DCF per share; and estimated future dividends. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for the Company’s services. Similarly, exchange rates, inflation, interest rates and the COVID-19 pandemic impact the economies and business environments in which the Company operates and may impact levels of demand for the Company’s services and cost of inputs, and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty, particularly with respect to expected EBITDA, expected adjusted EBITDA, expected earnings/(loss), expected adjusted earnings/(loss), expected DCF and associated per share amounts, and estimated future dividends. The most relevant assumptions associated with forward-looking statements regarding announced projects and projects under construction, including estimated completion dates and expected capital expenditures, include the following: the availability and price of labour and construction materials; the effects of inflation and foreign exchange rates on labour and material costs; the effects of interest rates on borrowing costs; the impact of weather; customer, government and regulatory approvals on construction and in-service schedules and cost recovery regimes; and the COVID-19 pandemic and the duration and impact thereof.

Enbridge’s forward-looking statements are subject to risks and uncertainties pertaining to the realization of anticipated benefits and synergies of projects and transactions, successful execution of our strategic priorities, operating performance, the Company’s dividend policy, regulatory parameters, changes in regulations applicable to the Company’s business, litigation, acquisitions and dispositions and other transactions, project approval and support, renewals of rights-of-way, weather, economic and competitive conditions, public opinion, changes in tax laws and tax rates, changes in trade agreements, political decisions, exchange rates, interest rates, commodity prices, supply of and demand for commodities and the COVID-19 pandemic, including but not limited to those risks and uncertainties discussed in this and in the Company’s other filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge’s future course of action depends on management’s assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on the Company’s behalf, are expressly qualified in their entirety by these cautionary statements.

ABOUT ENBRIDGE INC.

Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which generates approximately 1,750 MW of net renewable power in North America and Europe. The Company’s common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

None of the information contained in, or connected to, Enbridge’s website is incorporated in or otherwise forms part of this news release.

NON-GAAP RECONCILIATIONS APPENDICES

This news release contains references to adjusted EBITDA, adjusted earnings, adjusted earnings per common share and DCF. Management believes the presentation of these metrics gives useful information to investors and shareholders as they provide increased transparency and insight into the performance of the Company.

Adjusted EBITDA represents EBITDA adjusted for unusual, infrequent or other non-operating factors on both a consolidated and segmented basis. Management uses adjusted EBITDA to set targets and to assess the performance of the Company and its Business Units.

Adjusted earnings represent earnings attributable to common shareholders adjusted for unusual, infrequent or other non-operating factors included in adjusted EBITDA, as well as adjustments for unusual, infrequent or other non-operating factors in respect of depreciation and amortization expense, interest expense, income taxes and noncontrolling interests on a consolidated basis. Management uses adjusted earnings as another measure of the Company’s ability to generate earnings.

DCF is defined as cash flow provided by operating activities before the impact of changes in operating assets and liabilities (including changes in environmental liabilities) less distributions to noncontrolling interests, preference share dividends and maintenance capital expenditures, and further adjusted for unusual, infrequent or other non-operating factors. Management also uses DCF to assess the performance of the Company and to set its dividend payout target.

Reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures are not available due to the challenges and impracticability with estimating some of the items, particularly certain contingent liabilities, and non-cash unrealized derivative fair value losses and gains which are subject to market variability. Because of those challenges, a reconciliation of forward-looking non-GAAP financial measures is not available without unreasonable effort.

Our non-GAAP measures described above are not measures that have standardized meaning prescribed by generally accepted accounting principles in the United States of America (U.S. GAAP) and are not U.S. GAAP measures. Therefore, these measures may not be comparable with similar measures presented by other issuers.

The tables below provide a reconciliation of the non-GAAP measures to comparable GAAP measures.

APPENDIX A

NON-GAAP RECONCILIATIONS – ADJUSTED EBITDA AND ADJUSTED EARNINGS

CONSOLIDATED EARNINGS

ADJUSTED EBITDA TO ADJUSTED EARNINGS

EBITDA TO ADJUSTED EARNINGS

APPENDIX B 
NON-GAAP RECONCILIATION – ADJUSTED EBITDA TO SEGMENTED EBITDA

LIQUIDS PIPELINES

GAS TRANSMISSION AND MIDSTREAM

GAS DISTRIBUTION AND STORAGE

RENEWABLE POWER GENERATION

ENERGY SERVICES

ELIMINATIONS AND OTHER

APPENDIX C
NON-GAAP RECONCILIATION – CASH PROVIDED BY OPERATING ACTIVITIES TO DCF

 

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SOURCE Enbridge Inc.

MONTRÉAL, Feb. 12, 2021 /PRNewswire/ – The Board of Directors of Boralex Inc. (TSX: BLX) (“Boralex” or the “Corporation”) has declared a quarterly dividend of $0.165 per common share. This dividend will be paid on March 15, 2021 to shareholders of record at the close of business on February 26, 2020. Boralex has designated this dividend as an eligible dividend within the meaning of Section 89(14) of the Income Tax Act (Canada) and all provisions of provincial laws applicable to eligible dividends.

About Boralex

Boralex develops, builds and operates renewable energy power facilities in Canada, France, the United Kingdom and the United States. A leader in the Canadian market and France’s first independent onshore wind power producer, the Corporation is recognized for its solid experience in optimizing its asset base in four power generation types – wind, hydroelectric, thermal and solar. Boralex ensures sustainable growth by leveraging the expertise and diversification developed for 30 years. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

More information is available at www.boralex.com or www.sedar.com. Follow us on Facebook, LinkedIn and Twitter.

View original content:http://www.prnewswire.com/news-releases/boralex-dividend-declaration-301227369.html

SOURCE Boralex Inc.

NEW YORK, Feb. 12, 2021 /PRNewswire/ — OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 11,000 U.S. and global securities, today announced MustGrow Biologics Corp. (CSE: MGRO; OTCQX: MGROF; FRA; 0C0) (“MustGrow”) an agricultural biotech company, has qualified to trade on the OTCQX® Best Market. MustGrow upgraded to OTCQX from the OTCQB® Venture Market.

MustGrow begins trading today on OTCQX under the symbol “MGROF.”  U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market from the OTCQB Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.

“It has been a great experience to be traded on the OTCQB Venture Market and the service we have received has been second to none,” says Corey Giasson, President & CEO of MustGrow.  “We are excited that OTC Markets Group invited us to graduate to its highest market tier and look forward to what the future holds for MustGrow on the OTCQX® Best Market.” 

About MustGrow
MustGrow is a publicly traded agriculture biotech company focused on providing natural science-based biological solutions for high value crops, including fruits & vegetables and other industries.  MustGrow has designed and owns a U.S. EPA-approved natural solution that uses the mustard seed’s natural defence mechanism to protect plants from pests and diseases.  Over 110 independent tests have been completed, validating MustGrow’s safe and effective signature products.  The product, in granule format, is EPA-approved across all key U.S. states and by Health Canada’s PMRA (Pest Management Regulatory Agency) as a biopesticide for high value crops such as in fruit & vegetables.  MustGrow has now concentrated a liquid format, TerraMG, and with regulatory approval, could be applied through standard drip or spray equipment, improving functionality and performance features.  In addition, this new mustard-derived technology could have other applications in several different industries from pre-plant soil treatment to post harvest pest and disease control. 

The Company has approximately 42.0 million basic common shares issued and outstanding and 50.6 million shares fully diluted.  For further details please visit www.mustgrow.ca.

About OTC Markets Group Inc.

OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX® Best Market, the OTCQB® Venture Market and the Pink® Open Market for 11,000 U.S. and global securities.  Through OTC Link® ATS and OTC Link ECN, we connect a diverse network of broker-dealers that provide liquidity and execution services.  We enable investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for investors.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

OTC Link ATS and OTC Link ECN are SEC regulated ATSs, operated by OTC Link LLC, member FINRA/SIPC.

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Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, [email protected] 

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SOURCE OTC Markets Group Inc.

SAN MATEO, Calif., Feb. 12, 2021 /PRNewswire/ – Sierra Oncology, Inc. (SRRA), a late-stage biopharmaceutical company on a quest to deliver targeted therapies that treat rare forms of cancer, today announced that President and Chief Executive Officer Stephen Dilly, MBBS, PhD, will present an overview of the company at the LifeSci Partners Precision Oncology Day taking place Wednesday, February 17, 2021.

A replay of the presentation will be available following the conference on the Investors section of Sierra’s corporate website in the Events & Webcast tab.

About Sierra Oncology

Sierra Oncology is a late-stage biopharmaceutical company on a quest to deliver targeted therapies that treat rare forms of cancer. We harness our deep scientific expertise to identify compounds that target the root cause of disease to advance targeted therapies with assets on the leading edge of cancer biology. Our team takes an evidence-based approach to understand the limitations of current treatments and explore new ways to change the cancer treatment paradigm. Together we are transforming promise into patient impact.

For more information, visit www.SierraOncology.com.

Cautionary Note on 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, including, but not limited to, statements regarding Sierra Oncology’s expectations from current data, anticipated clinical development activities, expected timing and success of enrollment of MOMENTUM and potential benefits of momelotinib. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements are subject to risks and uncertainties, including, among others, the risk that Sierra Oncology’s cash resources may be insufficient to fund its current operating plans and it may be unable to raise additional capital when needed, the risk that disruptions and impacts of COVID-19 will be significant and lengthy, Sierra Oncology may be unable to successfully develop and commercialize momelotinib, momelotinib may not demonstrate safety and efficacy or otherwise produce positive results, Sierra Oncology may experience delays in the clinical development of momelotinib, Sierra Oncology may be unable to acquire additional assets to build a pipeline of additional product candidates, Sierra Oncology’s third-party manufacturers may cause its supply of materials to become limited or interrupted or fail to be of satisfactory quantity or quality, Sierra Oncology may be unable to obtain and enforce intellectual property protection for its technologies and momelotinib and the other factors described under the heading “Risk Factors” set forth in Sierra Oncology’s filings with the Securities and Exchange Commission from time to time. Sierra Oncology undertakes no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law.

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SOURCE Sierra Oncology