Market Newsdesk

DENVER, April 1, 2021 /PRNewswire/ — Gates Industrial Corporation plc (NYSE:GTES), a global manufacturer of innovative, highly engineered power transmission and fluid power solutions, in light of questions received on recent macro supply chain and logistics disruptions, is providing an update on its performance expectations for the first quarter ending April 3, 2021.

“We are seeing continued strength across our global business and have not experienced a significant impact from supply chain or logistics disruptions,” said Ivo Jurek, Gates Industrial’s Chief Executive Officer. “We now expect our first-quarter total revenue to increase in the range of 21.5% to 22.5% year-over-year compared to our previously communicated guidance of 14.1% to 18.3%.  We anticipate our first-quarter Adjusted EBITDA margin will be in the range of 21.5% to 22.0% compared to our previous expectation of 21.0% to 22.0%. We will provide a more fulsome update during our earnings release in early May.”

About Gates Industrial Corporation plc

Gates is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of products to diverse replacement channel customers, and to original equipment (“first-fit”) manufacturers as specified components. Gates participates in many sectors of the industrial and consumer markets.  Our products play essential roles in a diverse range of applications across a wide variety of end markets ranging from harsh and hazardous industries such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, power washers, automatic doors and vacuum cleaners and virtually every form of transportation. Our products are sold in more than 120 countries across our four commercial regions:  the Americas; Europe, Middle East & Africa; Greater China; and East Asia & India.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are related to and based on management’s current expectations regarding the performance of the Company’s business and financial results. Such forward-looking statements are subject to various risks and uncertainties that could cause the Company’s results to differ materially from those described in the forward-looking statements. Certain of these risks and uncertainties are discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended January 2, 2021, filed with the Securities and Exchange Commission (“SEC”).  These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement should circumstances change, except as required by law.

Non-GAAP Financial Measures

This press release references Adjusted EBITDA margin, which is a non-GAAP financial measure that management believes is useful to investors, securities analysts and other interested parties.  Non-GAAP financial measures like Adjusted EBITDA margin should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Reconciliation of projected Adjusted EBITDA for the first quarter of 2021 to the most directly comparable GAAP measure is not available without unreasonable efforts because the Company cannot predict with sufficient certainty all of the components required to provide such reconciliation, including with respect to restructuring expenses and other non-recurring or unusual items that may be incurred during the period.   For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.

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SOURCE Gates Industrial Corporation plc

TORONTO, April 1, 2021 /CNW/ – Sagen MI Canada Inc. (formerly Genworth MI Canada Inc.) (the “Company“) (TSX: MIC) and Brookfield Business Partners L.P. (NSYE: BBU) (TSX: BBU.UN) (“BBU“) are pleased to announce the completion of the previously announced plan of arrangement (the “Transaction“) pursuant to which BBU, together with certain of its affiliates and institutional partners (collectively, “Brookfield“), purchased all of the outstanding common shares of the Company (the “Common Shares“) that were not already owned by Brookfield at a price of $43.50 in cash per Common Share.

The Common Shares are expected to be de-listed from the Toronto Stock Exchange (the “TSX“) at the close of business on April 6, 2021. The Company’s outstanding Class A Preferred Shares, Series 1 will remain listed on the TSX, and the Company will remain a reporting issuer in each of the provinces and territories of Canada.

In connection with the closing of the Transaction, all of the Common Shares were exchanged in a reorganization transaction pursuant to which 1,000,000 Class A Common Shares were issued to Brookfield (the “Share Exchange“), resulting in no Common Shares outstanding and Brookfield holding all of the Class A Common Shares. The Class A Common Shares will not be listed on the TSX.

About Sagen MI Canada Inc. 

Sagen MI Canada Inc. (TSX: MIC), operating through its wholly owned subsidiary, Genworth Financial Mortgage Insurance Company Canada (doing business as Sagen^TM), is the largest private sector residential mortgage insurer in Canada. The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. The Company differentiates itself through customer service excellence, innovative processing technology, and a robust risk management framework. For more than two decades, the Company has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at December 31, 2020, the Company had $7.5 billion total assets and $3.9 billion shareholders’ equity. Find out more at www.sagen.ca.

The Company’s head office is located at 2060 Winston Park Drive, Suite 300, Oakville, Ontario, L6H 5R7.

About Brookfield Business Partners L.P.

Brookfield Business Partners L.P. (NSYE: BBU) (TSX: BBU.UN) is a business services and industrials company focused on owning and operating high-quality businesses that benefit from barriers to entry and/or low production costs.

Brookfield Business Partners is the flagship listed business services and industrials company of Brookfield Asset Management Inc. (NYSE: BAM) (TSX: BAM.A), a leading global alternative asset manager with approximately US$600 billion of assets under management. More information is available at www.brookfield.com.

Brookfield Business Partners L.P. is listed on the New York and Toronto stock exchanges. Important information may be disseminated exclusively via the website; investors should go to https://bbu.brookfield.com to access this information.

Required Early Warning Reporting

The Common Shares acquired by Brookfield pursuant to the Transaction were purchased by a wholly-owned subsidiary of Falcon Holding LP, an affiliate of Brookfield Business Partners L.P, for aggregate consideration of approximately C$1.6 billion. Immediately before closing of the Transaction, Brookfield indirectly held 48,944,645 Common Shares, representing approximately 56.6% of the issued and outstanding Common Shares. As a result of the closing of the Transaction, and immediately prior to the Share Exchange, Brookfield indirectly held 86,407,979 Common Shares representing 100% of the issued and outstanding Common Shares. After giving effect to the Share Exchange, Brookfield indirectly holds 1,000,000 Class A Common Shares, representing 100% of the issued and outstanding Class A Common Shares.

An amended early warning report will be filed by Brookfield with applicable Canadian securities regulatory authorities. To obtain copies of the early warning report, please contact Alan Fleming, Brookfield Business Partners, 416-645-2736.

The head office of Brookfield is located at Brookfield Place, 181 Bay Street, Suite 300, Toronto, Ontario, M5J 2T3.

Caution regarding forward-looking information and statements

Certain statements made in this news release contain forward-looking information within the meaning of applicable securities laws (“forward-looking statements“). When used in this news release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions, as they relate to the Company are intended to identify forward-looking statements. Specific forward-looking statements in this document include, but are not limited to, statements with respect to the de-listing of the Common Shares on the TSX.

Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. The Company cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. The Company does not undertake to update any forward-looking statements, except to the extent required by applicable securities laws.

For further information:
Investors – Aaron Williams, 905-287-5504 [email protected] 
Media – Susan Carter, 905-287-5520  [email protected]

___________________________
Sagen is a trademark owned by Sagen MI Canada Inc.

SOURCE Sagen MI Canada Inc.

SAN FRANCISCO, April 1, 2021 /PRNewswire/ — BBDO San Francisco announced a new leadership team today in Kelly Johnson as Chief Executive Officer and Thiago Cruz as Chief Creative Officer.

Johnson joins from her most recent post as President of 215 McCann, where she has spent the past eight years leading brands such as LinkedIn, Workday, Xbox, Minecraft, Hulu, Pandora and the SF Giants. Her experience also includes stints at agencies like Goodby, Silverstein & Partners and Crispin Porter + Bogusky.

Cruz, originally from Brazil, joins BBDO San Francisco after over 15 years working for top creative agencies in five different cities, in four different countries, on three different continents. He most recently served as Creative Director for Pereira O’Dell. Throughout his career he has created high profile campaigns for clients such as Diesel, AB InBev, Heineken, Motorola, Coca-Cola, American Express, and KFC.

“We’re delighted to have Kelly and Thiago join us. We took our time to get this right and they are both good people, with great pedigrees,” said St. John Walshe, CEO of the Americas for BBDO.

The duo will partner closely with an existing cross-functional team, working across BBDO San Francisco’s top clients including Facebook’s WhatsApp, MegaMex Food, ServiceNow, and Wells Fargo, while also collaborating to win new business opportunities.

“I am thrilled to be joining BBDO SF as CEO. I share the agency’s singular focus on ‘The Work. The Work. The Work.’ and admire the Network’s longstanding creative reputation. I could not be more excited to build the next chapter in San Francisco alongside Thiago and the rest of the talented team,” said Johnson.

Cruz adds, “I’m excited to partner with Kelly and the team to bring some of the most cutting-edge brands to life in ways that are relevant, innovative and fulfill a meaningful role within culture. It’s what I love to do, and I can’t wait to bring my passion to the iconic BBDO Network.”

Johnson replaces longtime BBDO San Francisco CEO, Jim Lesser, who left the position at the end of last year to become a client of the agency, as SVP, Brand Marketing at enterprise software company, ServiceNow.

“I’ve had the privilege of knowing Jim as a friend and colleague for over 15 years. When he told me about the opportunity at ServiceNow, all I could do was wish him well. He has led BBDO San Francisco brilliantly and leaves a great legacy. While we’ll miss him, he’s not going too far away, and he couldn’t have done more to leave the office in great shape for his successor,” said St. John Walshe.

Thiago takes over creative reins from Matt Miller, who is being promoted to the role of Chief Creative Officer on AT&T, overseeing the client across Omnicom, leading teams in LA, Dallas and NY. “Matt is a star and we’ve been preparing for some time for his next move,” said Walshe. “He’s working closely with Thiago to ensure a seamless hand-off.”

Both leaders are in the process of transitioning over from their previous roles.

ABOUT BBDO
BBDO’s mantra is “The Work. The Work. The Work.” Every day, BBDO people in 289 offices in 81 countries work day by day, job by job and client by client to create and deliver the world’s most compelling commercial content. BBDO is part of Omnicom Group Inc. (NYSE: OMC) (www.omnicomgroup.com), a leading global marketing and corporate communications company.

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SOURCE BBDO

HOUSTON, April 1, 2021 /PRNewswire/ — American Resources, Inc., and SK Energy LLC, the investment vehicle of Dr. Simon Kukes, one of the largest shareholders of Ring Energy, Inc. (NYSE: REI), announced today that we are generally encouraged by Ring Energy’s actions over the past year which follows the guidance laid out in our March 2, 2020 letter to the Board of Directors of Ring Energy, which provided explicit recommendations to strengthen the Company in the near-term such as:

• Reconstitute the Board of Directors to address entrenchment, inter-relation among directors, and lack of fresh perspective and opinion on the Board
• Consolidate office locations and management to a central location to save G&A and allow for constructive interaction
• Focus investment on core assets, divest non-core assets when the market recovers
• Build management credibility with focus on investor relations and public communications strategy
• Engage major market independent audit firm to enhance Company credibility and accountability

Following delivery of our March 2020 letter, Ring Energy has implemented most of our near-term strategy recommendations to some extent, with many actions following soon after the appointment of new Ring Energy CEO Paul D. McKinney, who met with representatives of American Resources and SK Energy in late summer of 2020 to discuss our March 2020 letter and recommendations.

We believe these corrective actions are the primary reason Ring Energy’s share price has gained over 270% from the week our March 2020 letter was publicly delivered through March 25, 2021, significantly outperforming both the SPDR S&P Oil & Gas Exploration & Production ETF (XOP – 157% gain) and West Texas Intermediate Crude Oil (WTI – 88% gain) over the same period.

However, while Ring Energy has enjoyed some success since implementing these near-term recommended actions, there are many challenges that still lay ahead for Ring Energy’s new management team and Board, notably regarding shareholder engagement, as recently evidenced by its announcement via Form 8-K on March 25, 2021 that it is moving its annual shareholder meeting up from December 2021 to May 25, 2021. While this may seem benign on its face, the effect of this change is that Ring Energy drastically accelerated the deadline for delivery of Board of Director nominations and shareholder proposals to Ring Energy to April 5, 2021, leaving only 5 business days for shareholders to submit Board nominations and proposals. This significantly limits shareholders’ ability to propose Board nominations and present shareholder proposals, which is troubling where, as seen over the last year, shareholders have provided valuable guidance to the Company which, when followed by the Company, directly increased shareholder value. This does not reflect good corporate governance and shareholder relations, and we suspect that Ring Energy took this action to prevent our group and other large shareholders from nominating candidates to the Board and presenting shareholder proposals.

Given the costly nature of proxy solicitations and the recent positive stock price performance, we are not interested at this time in nominating Board members or presenting proposals. However, we will continue to actively monitor the Company, including its corporate governance and continued execution of its turnaround plan, as the Company continues to face daunting challenges – it has a relatively high debt load, high proportion of 2021 hedged volumes (limiting 2021 cash flow upside), large short interest in the stock (~15% – 17% of shares outstanding), and a market concern that the new management team does not have the capital markets experience to execute a transformative combination, divestiture or acquisition, which we believe is in the Company’s best interest and should be pursued. Many of these challenges can be fixed fairly easily in the current improved oil price environment and we implore management and the Board to continue to pay down debt and seek an eventual deleveraging transaction.

About SK Energy LLC and Dr. Simon Kukes
SK Energy LLC is an investment company owned by Dr. Simon Kukes, a globally-renowned oil and gas industry executive. Dr. Kukes has held various positions over the years, including as President and CEO of Tyumen Oil Company (TNK) where he was involved in the ~$20 billion merger of TNK and British Petroleum to form TNK-BP in 2003, and as CEO of Hess Corporation’s (NYSE: HES) Samara-Nafta subsidiary, where he was instrumental in the subsidiary’s $2.05 billion sale to Lukoil in 2013.  He is also currently the largest shareholder, CEO and director of PEDEVCO Corp. (NYSE MKT: PED), an NYSE-listed oil and gas company active in the Permian and D-J Basins.

About American Resources, Inc.
American Resources, Inc. (“ARI”) is a Houston, Texas based oil and gas investment, development and operating company focused on acquisition of underexploited, distressed and/or undervalued oil and gas assets and companies where ARI believes its involvement can add value. ARI strives to maximize value through active management of assets and/or board level participation in its corporate investments.

About Ring Energy, Inc.
Founded in 2012, Ring Energy is a Midland, Texas-based oil and gas exploration, development and production company with current operations in the Permian Basin of West Texas and is recognized as the top producing oil basin in North America.

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SOURCE SK Energy LLC and American Resources, Inc.

MIAMI, April 1, 2021 /PRNewswire/ — Hemisphere Media Group, Inc. (NASDAQ: HMTV) (“Hemisphere” or the “Company”), the only publicly traded pure-play U.S. media company targeting the high growth U.S. Hispanic and Latin American markets with leading broadcast and cable television and digital content platforms, today announced that it has acquired the remaining 75% stake of Pantaya, the leading U.S. Hispanic Subscription Video-on-Demand Service for approximately $124 million in cash from Lionsgate. Prior to the transaction, Hemisphere owned 25% of Pantaya, and as a result of the transaction, will own 100% of Pantaya.

Pantaya was launched in August, 2017 through a joint venture formed between Hemisphere and Lionsgate. Pantaya is the first premium streaming destination for U.S. Hispanics, featuring an unparalleled selection of blockbuster movies and exclusive series.

Pantaya has experienced outsized growth and is the clear leader in Spanish-language subscription video services. The service has grown rapidly and now has approximately 900,000 paying subscribers. The Company estimates that Pantaya’s subscriber base will grow to 2.5-3.0 million by the end of 2025.

“In a very short period of time, Pantaya has become the destination for U.S. Hispanics seeking premium Spanish-language movies and series,” said Hemisphere Chief Executive Officer Alan Sokol. “Pantaya offers access to blockbuster movies, original, exclusive series and other premium, world-class content unavailable anywhere else. Pantaya’s success to date affirms the tremendous appetite of our audience for our unique content offering. Hemisphere plans to increase investment in content, expanding the output of series and movies, with the goal of accelerating subscriber growth and becoming a ‘must have’ entertainment option for the large and growing U.S. Hispanic audience.”

Pantaya Chief Executive Officer Paul Presburger, added, “As a result of our focus on exclusive premium content, our knowledge of the Hispanic consumer, and the breadth of our offering, Pantaya is now the industry’s leading video-on-demand streaming service for Spanish-speaking and bilingual consumers. Pantaya’s accessible price point, user friendly interface and wide selection of the best Spanish-language content has led to significant growth. In the past year alone, Pantaya has increased its subscription base by 40 percent, and we believe we have significant runway for additional expansion ahead.”

Pantaya, Lionsgate and STARZPLAY (the international premium subscription service of STARZ) will maintain a strategic content relationship that encompasses Spanish-language motion picture and television co-productions along with Pantaya’s continued licensing of Spanish-language content from Lionsgate’s 17,000-title film and television library.

“We’re very proud to have helped build Pantaya into the leading premium Spanish-language platform in the U.S., and Hemisphere is the right owner to continue their growth and success,” said Lionsgate COO Brian Goldsmith. “We look forward to an even more robust strategic content relationship among Lionsgate, STARZPLAY and Pantaya that benefits Pantaya’s continued ascendancy.”

Compelling Strategic Rationale & Growing Market Opportunity:
The continued long-term growth of the U.S. Hispanic population creates a significant opportunity to reach a large addressable audience. Notably, in the past decade, 52% of all U.S. population growth has been from Hispanics. The U.S. Hispanic population is expected to grow from 60.5 million today to 75 million by 2030.

In addition, of the 39 million unacculturated/bicultural adults 18+ in the U.S., 34 million are already accessing at least one streaming service, 27 million seek out shows and movies about Hispanic characters and stories, and 17 million are willing to pay for access to movies and series.

83% of Hispanics already watch video content, movies or television online, providing Hemisphere a unique advantage to reach a large, growing and untapped addressable market.

Pantaya’s content library includes critically acclaimed original titles from Pantaya’s production arm, Pantelion, as well as titles from major producers and distributors, including Hemisphere, Lionsgate and Televisa. Pantaya offers a monthly paid subscription service starting at $5.99 per month and is accessible through its own website and app as well as distribution partners including Apple, Amazon, Google and Roku. To learn more about Pantaya, please visit www.pantaya.com

Attractive Long-term Financial Profile & Favorable Terms:
The acquisition is being funded through cash on hand, as well as approximately $50 million add-on to the Company’s Term Loan B on the same terms as the existing term loan. Separately, the Company has put in place a $30 million corporate revolving credit facility, which will be undrawn at the time of closing the acquisition. The new committed facility will be used for general corporate purposes.

Pantaya supports a strong margin profile of Hemisphere, as it brings a high flow-through on a per subscriber basis. Additionally, production costs are significantly lower versus English language streaming services.

Conference Call Information:
Hemisphere will conduct a conference call to discuss the transaction at 11:00 AM ET on Thursday, April 1, 2021. A live broadcast of the conference call will be available online via the Company’s Investor Relations website located at www.hemispheretv.com. Alternatively, interested parties can access the conference call by dialing (844) 502-0254, or from outside the United States at (236) 714-3063, at least five minutes prior to the start time. The conference ID for the call is 1091335.

A replay of the call will be available beginning at approximately 2:00 PM Eastern Time on Thursday, April 1, 2021 by dialing (800) 585-8367, or from outside the United States by dialing (416) 621-4642. The conference ID for the replay is 1091335.

About Hemisphere Media Group, Inc.

Hemisphere Media Group, Inc. (HMTV) is the only publicly traded pure-play U.S. media company targeting the high-growth U.S. Hispanic and Latin American markets with leading television and digital content platforms. Headquartered in Miami, Florida, Hemisphere owns and operates five leading U.S. Hispanic cable networks, two Latin American cable networks, the leading broadcast television network in Puerto Rico, a Spanish-language OTT service in the U.S., and has ownership interests in a leading broadcast television network in Colombia and a Spanish-language content distribution company.

About Pantaya

Pantaya, based in Los Angeles, California, is the first-ever premium streaming destination for world-class movies in Spanish offering the largest selection of current and classic, commercial-free blockbusters and critically-acclaimed titles from the U.S. and Latin America. Pantaya features first-run exclusive and original titles, including instant access to select movies available on the same day they debut theatrically in Latin America.

Safe Harbor

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the impact of the acquisition of Pantaya on the Company’s business and financial performance, Pantaya’s subscriber growth prospects, the Company’s business plans, and the U.S. Hispanic population growth. Forward-looking statements are neither historical facts nor assurances of future performance. These forward-looking statements are subject to change, and actual results may materially differ from those set forth in this press release due to certain risks and uncertainties. Factors that could cause or contribute to changes in such forward-looking statements include, but are not limited to deterioration of general economic conditions, political instability, social unrest, and public health crises, such as the occurrence of a global pandemic like COVID-19, either nationally or in the local markets in which Hemisphere operates, Puerto Rico’s uncertain political climate, as well as delays in the disbursement of earmarked federal funds on the local economy and advertising market, the effects of extreme weather and climate events on Hemisphere’s business as well as Hemisphere’s counterparties, customers, employees, third-party vendors and suppliers, changes in the distribution and viewing of television programming, including the expanded deployment of personal video recorders, subscription and advertising video on demand, internet protocol television, mobile personal devices and personal tablets and their impact on advertising and affiliate revenue, short and long-term migration shifts in Puerto Rico, Hemisphere’s ability to timely and fully recover proceeds under our insurance policies and Hemisphere’s ability to successfully integrate acquired assets, in particular, Pantaya, and achieve anticipated synergies. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements set forth in Hemisphere’s reports filed with the Securities and Exchange Commission (“SEC”), including Hemisphere’s quarterly reports on Form 10-Q and its annual report on Form 10-K. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, Hemisphere’s actual results, performance, or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. We may also be faced with unforeseen risks and uncertainties related to Pantaya’s business. Additionally, many of these risks are currently amplified by and may, in the future, continue to be amplified by the prolonged impact of the COVID-19 pandemic. Forward-looking statements included herein are made as of the date hereof, and Hemisphere undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances.

Contact
Edelman Financial Communications for Hemisphere Media Group
Danielle O’Brien
917-444-6325
[email protected]

 

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SOURCE Hemisphere Media Group, Inc.

NEW YORK, April 1, 2021 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (the “Company”), a bitcoin mining company headquartered in New York, announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2020 with the U.S. Securities and Exchange Commission (“SEC”) on March 30, 2021. The annual report, which contains its audited financial statements, can be accessed on the SEC’s website at http://www.sec.gov as well as on the Company’s investor relations website at http://www.bit-digital.com.

Full Year 2020 Highlights

• Bitcoin mining revenue was $21.07 million.
• We earned 1,510.20 bitcoins from our bitcoin mining business; 695.97 bitcoin earned during the fourth quarter.
• Net income from continuing operations was $1.92 million, derived entirely from our bitcoin mining business, compared with net loss of $2.00 million from continuing operations in 2019
• Total assets of $39.89 million, representing an increase of 783.28% compared with that of at the end of 2019.
• We owned 40,865 miners for a total hash of 2,253.5 PH/s, all of which were acquired during 2020.

Management Commentary

“2020 was an extraordinary year, as Bit Digital successfully entered and rapidly scaled its bitcoin mining business, and today enjoys one of the highest operating hash rates of any U.S. listed bitcoin mining company at 2,253.5 Petahash” said Erke Huang, Bit Digital’s CFO. “As of December 31, 2020, we owned a total of 40,865 miners, encompassing one of the largest operating fleets of any U.S. publicly listed bitcoin miner.”

“We achieved this growth through our efficient sourcing of miners, and entry into partnerships with valued hosting providers, which secure us access to electricity and facilities at affordable rates. We took advantage of opportunities to migrate miners on a seasonal basis and to opportunistically access lower-cost power, a portion of which comes from renewable sources. We recently commenced the internationalization of our business, deploying miners in the United States, where as of March 26, 2021, we deployed 5,281 miners, with an additional 3,300 newly purchased miners expected to be launched in the U.S. by the end of April 2021. Going forward, we expect a growing portion of our fleet to be in North America.”

“Finally, we completed the disposition of our legacy businesses and booked full impairment against their assets, so that today we operate as a pure-play bitcoin miner.”

Mining Assets

As of March 26, 2021, we had a total of 41,226 miners, including 7,025 Antminer S17+, 195 Antminer S17E, 32 Antminer S17Pro, 205 Antminer S19Pro, 800 Antminer T3, 9,110 Antminer T17, 256 Antminer T17+, 2,200 Whatsminer M10, 4,125 Whatsminer M20S,16,917 Whatsminer M21S, 261 Whatsminer M30S and 100 Whatsminer M31S, located in Xinjiang, Sichuan Province and Yunnan Province in China, and in Texas, Nebraska and Georgia in the United States.

Digital Assets

As of December 31, 2020 and February 28, 2021, we had 262.62 and 622.94 bitcoins on hand. The following table presents our bitcoin mining activities in coins as of December 31, 2020 and February 28, 2021. As of March 28, 2021, we had 537.76 bitcoins on hand.

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the company does not assume a duty to update these forward-looking statements.

 

 

 

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SOURCE Bit Digital, Inc.

ST. PAUL, Minn., April 1, 2021 /PRNewswire/ — Today, St. Paul-based AgriBank paid a quarterly cash dividend of $1.7188 per share on its 6.875 percent non-cumulative perpetual class A preferred stock to holders of record as of March 1, 2021.

AgriBank issued $250 million of preferred stock on Oct. 29, 2013 to provide the Bank and the 15-state Farm Credit District it serves with long-term access to high-quality capital, helping ensure the District is well-positioned to meet the long-term growth and credit needs of farmer and rancher customers.

About AgriBank

AgriBank is part of the customer-owned, nationwide Farm Credit System. Under Farm Credit’s cooperative structure, AgriBank is primarily owned by 14 local Farm Credit Associations, which provide financial products and services to rural communities and agriculture. AgriBank obtains funds and provides funding and financial solutions to those Associations. The AgriBank District covers a 15-state area stretching from Wyoming to Ohio and Minnesota to Arkansas. For more information, please visit www.AgriBank.com.

Forward-Looking Statements
Any forward-looking statements in this press release are based on current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from expectations due to a number of risks and uncertainties. More information about these risks and uncertainties is contained in AgriBank’s annual report. The Bank undertakes no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE AgriBank