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Perma-Pipe International Holdings, Inc. Announces its First Quarter and Year-to-Date Fiscal 2021 Financial Results

Perma-Pipe International Holdings, Inc. Announces its First Quarter and Year-to-Date Fiscal 2021 Financial Results

• The Company generated net sales of $24.4 million for the first quarter

• Net loss was $0.9 million in the first quarter

• Backlog stood at $58.9 million on April 30, 2021 compared to $52.6 million on January 31, 2021

NILES, Ill.–(BUSINESS WIRE)–
Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the first quarter ended April 30, 2021.

“First quarter revenue was $24.4 million, $1.7 million above the same quarter last year, and pre-tax loss was $0.7 million compared to a pre-tax loss of $2.7 million in the same quarter of 2020, which was mostly prior to the impact of the pandemic,” noted President and CEO David Mansfield.

“For the early part of our first quarter, our results continued to reflect the adverse business conditions arising as a result of the COVID-19 pandemic. In the latter half though, some of the restrictions began to ease and we were able to commence previously delayed projects. The cost reductions implemented last year also continued to have a favorable impact. The successful roll outs of the COVID-19 vaccines are beginning to allow a relaxation of restrictions and this appears to be having an encouraging effect on project schedules and on our backlog. While we are still in the early stages, the positive sentiment of a strengthening recovery is reflected in the increase in project activities. In addition, oil prices have reached a level that should begin to attract investment.

“The obstacles brought about by the pandemic through 2020 have not deterred us from our strategic plans and we continue to pursue the initiatives and strategies that had us on the path to acceptable profitability,” Mr. Mansfield continued.

“Our backlog currently stands at $58.9 million, which reflects an increase of $6.3 million from the backlog at January 31. Since these increases arise in the majority of our business units, it provides further confidence that we are entering a period of general recovery in conditions,” Mr. Mansfield concluded.

First Quarter Fiscal 2021 Results

Net sales were $24.4 million in the current quarter, an increase of $1.7 million, or 7%, from $22.7 million in the prior year quarter. The increase was largely a result of increased sales volumes in the Company’s U.A.E. business driven by the introduction of a new product line and project timing in its Saudi Arabian business.

Gross profit increased to $4.5 million, or 18% of net sales, in the current quarter from $3.5 million, or 15% of net sales, in the prior year quarter. This increase was driven by higher sales volumes and the impact of cost reduction strategies implemented in 2020.

General and administrative expenses were approximately the same in the current quarter and the prior year quarter.

Selling expenses decreased to $1.0 million in the current quarter, compared to $1.6 million in the prior year quarter due primarily to cost reduction strategies implemented in 2020.

Net interest expense remained consistent at $0.2 million in both the current quarter and the prior year quarter.

Other income, net increased to income of $0.4 million in the current quarter, compared to expense of $0.1 million in the prior year quarter. This increase was a result of income recorded for funds received under the Canadian Emergency Wage Subsidy and Canadian Emergency Rent Subsidy programs in Canada.

Loss from operations before income taxes decreased by $2.1 million to a loss of ($0.7 million) in the current quarter from a loss of ($2.8 million) in the prior year quarter. The reduced loss was a result of increased sales volumes in the Company’s U.A.E. business driven by the introduction of a new product line and project timing in its Saudi Arabian business.

The Company’s worldwide effective tax rates (“ETR”) were (24.3%) and 7.8% in the current quarter and the prior year quarter, respectively. The change in the ETR from the prior year quarter to the current year quarter is largely due to changes in the mix of income and loss in various jurisdictions.

The resulting net loss of ($0.9 million) in the current quarter was an improvement of $1.6 million over the net loss of ($2.5 million) in the prior year quarter. The reduced net loss was a result of increased sales volumes in the Company’s U.A.E. business driven by the introduction of a new product line and project timing in its Saudi Arabian business.

Percentages set forth above in this press release have been rounded to the nearest percentage point and may not exactly correspond to the comparative data presented.

Perma-Pipe International Holdings, Inc.

Perma-Pipe International Holdings, Inc. (the “Company”) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, the Company has operations at thirteen locations in six countries.

Forward-Looking Statements

Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute “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, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company’s operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) the impact of the coronavirus (“COVID-19”) on the Company’s results of operations, financial condition and cash flows; (ii) fluctuations in the price of oil and natural gas and its impact on the customer order volume for the Company’s products; (iii) the Company’s ability to comply with all covenants in its credit facilities; (iv) the Company’s ability to repay its debt and renew expiring international credit facilities; (v) the Company’s ability to obtain forgiveness of its loan under the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”); (vi) the Company’s ability to effectively execute its strategic plan and achieve profitability and positive cash flows; (vii) the impact of global economic weakness and volatility; (viii) fluctuations in steel prices and the Company’s ability to offset increases in steel prices through price increases in its products; (ix) the timing of order receipt, execution, delivery and acceptance for the Company’s products; (x) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (xi) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xii) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xiii) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (xiv) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xv) reductions or cancellations of orders included in the Company’s backlog; (xvi) the Company’s ability to collect an account receivable related to a project in the Middle East; (xvii) risks and uncertainties related to the Company’s international business operations; (xviii) the Company’s ability to attract and retain senior management and key personnel; (xix) the Company’s ability to achieve the expected benefits of its growth initiatives; (xx) the Company’s ability to interpret changes in tax regulations and legislation; (xxi) the Company’s ability to use its net operating loss carryforwards; (xxii) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s percentage-of-completion revenue recognition; (xxiii) the Company’s failure to establish and maintain effective internal control over financial reporting; and (xiv) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website (http://investors.permapipe.com).

The Company’s Form 10-Qfor the quarter ended April 30, 2021 will be accessible at www.sec.gov and www.permapipe.com. For more information, visit the Company’s website.

PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)
 

 

 

Three Months Ended April 30,

 

 

 

2021

 

 

2020

 

Net sales

 

$

24,423

 

 

$

22,741

 

Cost of sales

 

 

19,918

 

 

 

19,275

 

Gross profit

 

 

4,505

 

 

 

3,466

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

4,404

 

 

 

4,304

 

Selling expenses

 

 

1,042

 

 

 

1,647

 

Total operating expenses

 

 

5,446

 

 

 

5,951

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(941

)

 

 

(2,485

)

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

178

 

 

 

186

 

Other income, net

 

 

441

 

 

 

(65

)

Loss from operations before income taxes

 

 

(678

)

 

 

(2,736

)

 

 

 

 

 

 

 

 

 

Income tax expense/(benefit)

 

 

165

 

 

 

(215

)

 

 

 

 

 

 

 

 

 

Net loss

 

$

(843

)

 

$

(2,521

)

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

Basic

 

 

8,165

 

 

 

8,048

 

Diluted

 

 

8,165

 

 

 

8,048

 

 

 

 

 

 

 

 

 

 

Loss per share

 

 

 

 

 

 

 

 

Basic

 

 

(0.10

)

 

 

(0.31

)

Diluted

 

 

(0.10

)

 

 

(0.31

)

 

Note: Earnings per share calculations could be impacted by rounding.

PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)
 

 

 

April 30, 2021

 

 

January 31, 2021

 

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

8,483

 

 

$

7,174

 

Restricted cash

 

 

1,164

 

 

 

1,201

 

Trade accounts receivable, less allowance for doubtful accounts of $497 at April 30, 2021 and $474 at January 31, 2021

 

 

27,305

 

 

 

25,226

 

Inventories, net

 

 

15,069

 

 

 

12,157

 

Prepaid expenses and other current assets

 

 

9,078

 

 

 

4,110

 

Costs and estimated earnings in excess of billings on uncompleted contracts

 

 

3,473

 

 

 

4,007

 

Total current assets

 

 

64,572

 

 

 

53,875

 

Property, plant and equipment, net of accumulated depreciation

 

 

26,223

 

 

 

26,897

 

Other assets

 

 

 

 

 

 

 

 

Operating lease right-of-use asset

 

 

12,178

 

 

 

13,384

 

Deferred tax assets

 

 

911

 

 

 

823

 

Goodwill

 

 

2,427

 

 

 

2,332

 

Other assets

 

 

5,305

 

 

 

5,380

 

Total other assets

 

 

20,821

 

 

 

21,919

 

Total assets

 

$

111,616

 

 

$

102,691

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Trade accounts payable

 

$

13,644

 

 

$

10,365

 

Accrued compensation and payroll taxes

 

 

1,660

 

 

 

1,448

 

Commissions and management incentives payable

 

 

231

 

 

 

218

 

Revolving line – North America

 

 

–

 

 

 

2,826

 

Current maturities of long-term debt

 

 

2,723

 

 

 

3,941

 

Customers’ deposits

 

 

2,206

 

 

 

2,088

 

Outside commission liability

 

 

1,980

 

 

 

1,431

 

Operating lease liability short-term

 

 

1,311

 

 

 

1,402

 

Other accrued liabilities

 

 

3,287

 

 

 

2,616

 

Billings in excess of costs and estimated earnings on uncompleted contracts

 

 

2,034

 

 

 

762

 

Income taxes payable

 

 

1,409

 

 

 

1,155

 

Total current liabilities

 

 

30,485

 

 

 

28,252

 

Long-term liabilities

 

 

 

 

 

 

 

 

Long-term debt, less current maturities

 

 

5,585

 

 

 

6,268

 

Long-term finance obligation

 

 

8,905

 

 

 

–

 

Deferred compensation liabilities

 

 

4,116

 

 

 

4,120

 

Deferred tax liabilities

 

 

868

 

 

 

914

 

Operating lease liability long-term

 

 

12,185

 

 

 

13,174

 

Other long-term liabilities

 

 

690

 

 

 

650

 

Total long-term liabilities

 

 

32,349

 

 

 

25,126

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Common stock, $.01 par value, authorized 50,000 shares; 8,165 issued and outstanding at April 30, 2021 and 8,165 issued and outstanding at January 31, 2021

 

 

82

 

 

 

82

 

Additional paid-in capital

 

 

61,147

 

 

 

60,875

 

Accumulated deficit

 

 

(9,200

)

 

 

(8,357

)

Accumulated other comprehensive loss

 

 

(3,247

)

 

 

(3,287

)

Total stockholders’ equity

 

 

48,782

 

 

 

49,313

 

Total liabilities and stockholders’ equity

 

$

111,616

 

 

$

102,691

 

 

Perma-Pipe International Holdings, Inc.

David Mansfield, President and CEO

Perma-Pipe Investor Relations

(847) 929-1200

[email protected]

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Oil/Gas Manufacturing Other Manufacturing Energy Engineering

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Cadence’s Anirudh Devgan and John Wall to Present at the 44th Nasdaq Investor Conference

Cadence’s Anirudh Devgan and John Wall to Present at the 44th Nasdaq Investor Conference

SAN JOSE, Calif.–(BUSINESS WIRE)–
Cadence Design Systems, Inc. (Nasdaq: CDNS):

WHO:

Anirudh Devgan, president, and John Wall, senior vice president and chief financial officer, Cadence Design Systems, Inc. (Nasdaq: CDNS).

WHAT:

Devgan and Wall will participate in a virtual fireside chat at the 44th Nasdaq Investor Conference on June 15, 2021.

WHEN:

The talk will be available live by webcast at 2:00 p.m. BST on Tuesday, June 15, 2021. The presentation will be archived on the Cadence website and available for replay through 1:00 a.m. BST on Saturday, July 10, 2021.

WHERE:

The webcast will be available online at cadence.com/cadence/investor_relations.

About Cadence

Cadence is a pivotal leader in electronic design, building upon more than 30 years of computational software expertise. The company applies its underlying Intelligent System Design™ strategy to deliver software, hardware and IP that turn design concepts into reality. Cadence customers are the world’s most innovative companies, delivering extraordinary electronic products from chips to boards to systems for the most dynamic market applications, including consumer, hyperscale computing, 5G communications, automotive, mobile, aerospace, industrial and healthcare. For seven years in a row, Fortune Magazine has named Cadence one of the 100 Best Companies to Work For. Learn more at cadence.com.

© 2021 Cadence Design Systems, Inc. All rights reserved worldwide. Cadence, the Cadence logo and the other Cadence marks found at www.cadence.com/go/trademarks are trademarks or registered trademarks of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners.

Investor Relations

Cadence Design Systems, Inc.

408-944-7100

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Semiconductor Hardware Electronic Design Automation Technology Software

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HEICO Corporation Declares 86th Consecutive Semi-Annual Cash Dividend; Increases the Semi-Annual Cash Dividend by 12.5%

HEICO Corporation Declares 86th Consecutive Semi-Annual Cash Dividend; Increases the Semi-Annual Cash Dividend by 12.5%

HOLLYWOOD, Fla. & MIAMI–(BUSINESS WIRE)–
HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) announced today that its Board of Directors approved a 12.5% increase in the semi-annual cash dividend to $.09 per share from $.08 per share, payable on both classes of its common stock. The cash dividend is payable on July 15, 2021 to shareholders of record as of July 1, 2021. This cash dividend represents HEICO’s 86th consecutive semi-annual cash dividend since 1979.

(NOTE: HEICO has two classes of common stock traded on the NYSE. Both classes, the Class A Common Stock (HEI.A) and the Common Stock (HEI), are virtually identical in all economic respects. The only difference between the share classes is the voting rights. The Class A Common Stock (HEI.A) carries 1/10 vote per share and the Common Stock (HEI) carries one vote per share.)

Laurans A. Mendelson, HEICO’s Chairman and Chief Executive Officer, along with HEICO’s Co-Presidents, Eric A. Mendelson and Victor H. Mendelson, commented, “This dividend recognizes HEICO’s strong cash flow generation, coupled with our confidence in the future, including for a sustained commercial air travel recovery. Further, as is the case for all HEICO shareholders, the vast majority of HEICO’s Team Members will directly benefit from the dividend increase through their share ownership and we are deeply grateful for our Team Members’ outstanding efforts, especially during the COVID-19 Pandemic.”

Considering the impact of cash dividends, prior stock splits and stock dividends, one share of HEICO worth $8.38 in 1990 has become worth on a combined basis approximately $5,361, representing an increase of approximately 640 times the 1990 value and a compound annual growth rate of approximately 24% as of June 4, 2021.

HEICO Corporation is engaged primarily in the design, production, servicing and distribution of products and services to certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through its Hollywood, Florida-based Flight Support Group and its Miami, Florida-based Electronic Technologies Group. HEICO’s customers include a majority of the world’s airlines and overhaul shops, as well as numerous defense and space contractors and military agencies worldwide, in addition to medical, telecommunications and electronics equipment manufacturers. For more information about HEICO, please visit our website at www.heico.com.

Certain statements in this press release constitute forward-looking statements, which are subject to risks, uncertainties and contingencies. HEICO’s actual results may differ materially from those expressed in or implied by those forward-looking statements as a result of factors including: the severity, magnitude and duration of the COVID-19 Pandemic; HEICO’s liquidity and the amount and timing of cash generation; lower commercial air travel caused by the COVID-19 Pandemic and its aftermath, airline fleet changes or airline purchasing decisions, which could cause lower demand for our goods and services; product specification costs and requirements, which could cause an increase to our costs to complete contracts; governmental and regulatory demands, export policies and restrictions, reductions in defense, space or homeland security spending by U.S. and/or foreign customers or competition from existing and new competitors, which could reduce our sales; our ability to introduce new products and services at profitable pricing levels, which could reduce our sales or sales growth; product development or manufacturing difficulties, which could increase our product development and manufacturing costs and delay sales; our ability to make acquisitions and achieve operating synergies from acquired businesses; customer credit risk; interest, foreign currency exchange and income tax rates; economic conditions within and outside of the aviation, defense, space, medical, telecommunications and electronics industries, which could negatively impact our costs and revenues; and defense spending or budget cuts, which could reduce our defense-related revenue. Parties receiving this material are encouraged to review all of HEICO’s filings with the Securities and Exchange Commission, including, but not limited to filings on Form 10-K, Form 10-Q and Form 8-K. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

Victor H. Mendelson (305) 374-1745 ext. 7590

Carlos L. Macau, Jr. (954) 987-4000 ext. 7570

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Technology Other Defense Semiconductor Satellite Telecommunications Aerospace Manufacturing Hardware Defense

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Norton Levels Up Performance for PC Gamers

Norton Levels Up Performance for PC Gamers

NewGame Optimizer Feature Available on Norton™ 360 for Gamers Maximizes Gaming Performance While Strengthening Security

Norton Crypto Available with Norton 360 for Gamers Edition

Dark Web Monitoring Expands to Additional Countries

TEMPE, Ariz.–(BUSINESS WIRE)–
NortonLifeLock (NASDAQ: NLOK), a global leader in consumer Cyber Safety, today unveiled Game Optimizer or “GO,” a new feature that maximizes gaming performance by freeing PCs from power-hungry programs running in the background that tie up system resources.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210608005413/en/

“When I’m gaming, the last thing I want to think about is security,” said Katharine “KatContii” Conti, gaming influencer. “With Game Optimizer, not only is my information safe, but my game play is seamless. It was created by gamers for gamers and gives me peace of mind without sacrificing performance.”

The addition of Game Optimizer marks a revolutionary shift for PC gamers, reducing performance interruptions while still maintaining security, resulting in an immersive and smoother gaming experience. By freeing power-hungry programs to a single CPU core, Game Optimizer helps ensure all available computing power is allocated to the game for better performance1. As an added benefit, Norton 360 for Gamers also offers optimized notifications, permanently silencing non-essential messages.

Norton 360 for Gamers customers will have access to Norton™ Crypto2 when it launches in the coming weeks. Currently available as part of NortonLifeLock’s early adopter program, Norton Crypto enables customers to safely and easily mine cryptocurrency while their devices are idle through its trusted Norton™ 360 platform.

“As gaming and cryptomining begin to take a larger role in people’s digital lives, it’s important we continue to quickly innovate and develop the tools that empower consumers to keep their information, devices and identity safe without interference,” said Gagan Singh, chief product officer, NortonLifeLock. “We want gamers to use Game Optimizer so they can stay focused on the challenges of their game, not the distraction and risk of cyber threats. We also want to help people put their PC’s idle time to good use with Norton Crypto providing an easy and safe way to mine cryptocurrencies.”

In addition to providing gamers with boosted performance and an easy and safe way to mine cryptocurrency while their PCs are idle, Norton is also expanding Dark Web Monitoring to 13 additional countries including France, Italy, Spain, Netherlands, Belgium, Denmark, Norway, Finland, Sweden, Ireland, Switzerland, Austria and Poland3 for Norton 360 for Gamers customers. Dark Web Monitoring continuously searches the dark web and notifies customers if their gamer tags, usernames, email addresses and other personal information is found.

Game Optimizer is now available for Norton 360 for Gamers customers2,4. Dark Web Monitoring will be available for new and existing customers across the 13 countries with Norton 360 plans. For more information, please visit https://us.norton.com/products/norton-360-for-gamers.

About NortonLifeLock Inc.

NortonLifeLock Inc. (NASDAQ: NLOK) is a global leader in consumer Cyber Safety, protecting and empowering people to live their digital lives safely. We are the consumer’s trusted ally in an increasingly complex and connected world. Learn more about how we’re transforming Cyber Safety at www.NortonLifeLock.com.

*No one can prevent all cybercrime or identity theft.

1As of April 2021, NortonLifeLock currently monitors for the following game launchers: Bethesda, Blizzard, Epic, ID, Origin, Rockstar, Steam, Uplay.

2 Norton 360 customers may require certain PC hardware to use this service. Enrollment in the early adopter program is required to access this feature.

3 Dark Web Monitoring is not available in all countries. Monitored information varies based on country of residence and choice of plan. It defaults to monitor your email address and begins immediately. Sign-in to your account to enter more information for monitoring.

4 Norton 360 for Gamers’ full suite of features are available on Windows, excluding Windows 10 in S mode and Windows running on an ARM processor, with 4 or more core processors.

Jenna Torluemke

NortonLifeLock Inc.

(650) 527-6015

[email protected]

Heaven Lampshire

Edelman for NortonLifeLock Inc.

(541) 852-7885

[email protected]

KEYWORDS: United States North America Arizona

INDUSTRY KEYWORDS: Entertainment Security Technology Mobile/Wireless Software Internet Electronic Games

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Nutanix Launches Service Provider Program Expanding Delivery of Hybrid and Multicloud Solutions

Nutanix Launches Service Provider Program Expanding Delivery of Hybrid and Multicloud Solutions

Expanded Nutanix Elevate Partner Program Drives Greater Revenue and Profitability for Service Providers

SAN JOSE, Calif.–(BUSINESS WIRE)–
Nutanix (NASDAQ: NTNX), a leader in private, hybrid and multicloud computing, today announced the launch of the Nutanix Elevate Service Provider Program, further extending the benefits of the Elevate Partner Program to now include service providers globally. The program empowers service provider partners – including managed and cloud service providers – to build highly-differentiated hybrid and multicloud services delivering increased profitability and faster time-to-market.

As many organizations look for opportunities to simplify their IT operations, IDC forecasts the managed cloud services market to grow to $101.1B by 2024↿. With this opportunity, comes the challenge of service providers meeting increasingly individualized customer demands while staying profitable. The Nutanix Elevate Service Provider Program helps service providers improve margins and agility by addressing the lock-in and minimum commitment requirements encountered in traditional service provider vendor models and programs.

“As the demand for managed and cloud services surges, service providers are uniquely positioned to assist an organization’s growth, optimization initiatives, and digital transformation needs,” said Christian Alvarez, SVP Worldwide Channels at Nutanix. “Through the Nutanix Elevate Service Provider Program, we are rewarding our partners’ commitment in delivering high value IT cloud service offerings​ and helping them maximize profitability and increase their revenue growth potential through premium offerings.”

Nutanix Elevate Service Provider Program Details

This service provider programadds two partnership levels to Nutanix Elevate: Authorized Service Provider and Professional Service Provider. Authorized Service Providers will include partners new to Nutanix or those delivering Nutanix services to small to mid-market organizations. Professional Service Provider will deliver differentiated services for enterprise organizations. Partners who join the program will be able to take advantage of all the benefits outlined in the Elevate Service Provider Program Guide including training, Not For Resale (NFR) and Nutanix XLAB software licenses, and enablement support. Professional Service Provider partners will be able to take advantage of expanded support from Nutanix including marketing materials, potential market development funds, sales tools, goal-based financial incentives and rebates, and personalized insights in Nutanix’s Partner Portal.

Key advantages of Nutanix Solutions and Elevate Service Provider Program include:

  • Improved Bottom Line: Simplified pricing options, no minimum commitment levels​ or mandatory product purchases help deliver increased profitability for service providers. Nutanix service providers also benefit from significantly lower management overhead with Nutanix, compared to competitors, ultimately delivering a highly capable and cost effective HCI solution.
  • Increased Top Line and Fast​er Time-to-Market: The simplicity of Nutanix solutions can also help deliver faster time-to-market thanks to more than 80% faster deployment. Nutanix service providers can also onboard and rapidly scale new services including private, hybrid and multicloud, Desktop as a Service (DaaS), Disaster Recovery as a Service (DRaaS), Database as a Service (DBaaS), and more. Additionally, Nutanix software licenses can be used by service providers at their customer site, in the service provider’s environment, or on Nutanix Clusters running in public cloud environments, including AWS, AWS GovCloud and with support for Microsoft Azure under development, giving their customers a fast path to hybrid cloud.
  • Simplicity: A hallmark of Nutanix solutions, and a key driver behind the company’s average NPS score of 90 for the last seven years, is simplicity. Service providers will be able to deliver IT services, at any scale, with simple one-click deployment, upgrades, scaling, self-healing capabilities, troubleshooting and more with Nutanix. This will allow our service provider partners to realize nearly 60% more efficient IT infrastructure management, freeing up significant time to focus on innovation and supporting broader business priorities. Additionally, service providers can take advantage of auto-metering, enabling them to provide granular billing to their customers.

Nutanix is running a Service Provider Starter Pack promotional offer for new partners joining the Elevate Service Provider Program. This promotional offer includes training, certification and the right Nutanix software to help our partners bring their differentiated services to production and start generating revenue. This offer is available immediately.

The Nutanix Elevate Service Provider program is available now to providers worldwide. More information on how to sign up, accompanying benefits, and the program guide are available at https://www.nutanix.com/partners/become-a-partner. Partners can also learn more about the program by signing up for the upcoming webinar on June 30, 2021, here.

Supporting quotes about the launch of the NESPP:

  • Cyxtera: “Thanks to the successful partnership we’ve built with Nutanix, Cyxtera’s customers can now deploy Nutanix Cloud Platform on our automated, on-demand infrastructure platform in more than half of our world-class datacenters. The Nutanix Elevate Service Provider Program offers us the ability to continue growing together. We are very excited to provide our customers increased flexibility by eliminating the complexities of procurement, logistics, and capital equipment management as a strategic Nutanix partner for hosted private infrastructure via Cyxtera’s Enterprise Bare Metal offering.” – Russell Cozart, Senior Vice President of Marketing and Product Strategy, Cyxtera
  • HKT: “At HKT, we are continuously enhancing our managed service offerings of integrated solutions to support the unique business needs of Hong Kong enterprises. Nutanix is a trusted and reliable partner, which performs admirably in terms of technology and support. With the new Nutanix Elevate Service Provider Program, together we will be able to deliver greater value and innovation for our customers’ digital transformation journey, in a way that can best meet their business demands across hybrid and multicloud.” – Tom Chan, Managing Director of HKT Commercial Group, HKT
  • OneNeck: “OneNeck IT Solutions partnered with Nutanix to power our ReliaCloud Edge, a hosted private cloud, because Nutanix technologies provided the scalability to meet our customer’s IT needs with the reliability, security and high performance that their business demands. As we continue to expand our partnership with new services powered by Nutanix, the option to join the Nutanix Elevate Service Provider Program offers us additional benefits that will help us expand our customers’ ability to consume our data center services.” – Ted Wiessing, SVP Technology and Chief Security & Privacy Officer, OneNeck
  • OVH: “Partnering with Nutanix is a significant step forward to better address hosted private cloud’s growing demand with a highest level of technical solutions. Today we are announcing a great partnership between OVHcloud and Nutanix to offer a breadth of infrastructure options, with an eye toward future innovations, for our customers. Leading hosted private cloud solutions offered by OVHcloud continue to gain momentum in the market. Together with Nutanix and the new Nutanix Elevate Service Provider Program, OVHcloud is embarking on the mission to deliver next-generation hosted private cloud service offerings with a strong feature set offering performances and security that address a broad range of use cases for companies of all sizes at the best price.” – Michel Paulin, CEO, OVHcloud
  • TierPoint: “TierPoint is all about meeting our customers where they are on their journeys to IT transformation and delivering successful business outcomes to them. We picked Nutanix to build managed private cloud and cloud-to-cloud recovery solutions because of the simplicity, stability, and scalability of the Nutanix platform. TierPoint joining the Nutanix Elevate Service Provider Program will make it even easier to add and deliver services that power our customer’s success and will continue to allow us to work hand-in-hand to find ways to advance the objectives of our shared clients.” – Brian Anderson, VP of Product Development, TierPoint
  • Yotta: “Yotta chose Nutanix to power our managed private cloud services because of its well-architected platform and portfolio. Nutanix delivers performance, security, and control at scale for our customer’s mission critical business applications. We are excited for the Nutanix Elevate Service Provider Program as we continue to expand our partnership to deliver leading data center services to our customers at the most reasonable costs.” – Sunil Gupta, Managing Partner & CEO, Yotta
  1. Source: IDC, Worldwide Managed Cloud Services Forecast, 2020–2024: An Extraction View of Technology Outsourcing Services Markets (IDC #US45926720, September 2020)

Additional Resources:

About Nutanix

Nutanix is a global leader in cloud software and a pioneer in hyperconverged infrastructure solutions, making computing invisible anywhere. Organizations around the world use Nutanix software to leverage a single platform to manage any app at any location at any scale for their private, hybrid and multi-cloud environments. Learn more at www.nutanix.com or follow us on Twitter @nutanix.

© 2021 Nutanix, Inc. All rights reserved. Nutanix, the Nutanix logo, and all Nutanix product and service names mentioned herein are registered trademarks or trademarks of Nutanix, Inc. in the United States and other countries. Other brand names mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s). This release may contain links to external websites that are not part of Nutanix.com. Nutanix does not control these sites and disclaims all responsibility for the content or accuracy of any external site. Our decision to link to an external site should not be considered an endorsement of any content on such a site. Certain information contained in this press release may relate to or be based on studies, publications, surveys and other data obtained from third-party sources and our own internal estimates and research. While we believe these third-party studies, publications, surveys and other data are reliable as of the date of this press release, they have not independently verified, and we make no representation as to the adequacy, fairness, accuracy, or completeness of any information obtained from third-party sources.

This release may contain express and implied forward-looking statements, which are not historical facts and are instead based on our current expectations, estimates and beliefs. The accuracy of such statements involves risks and uncertainties and depends upon future events, including those that may be beyond our control, and actual results may differ materially and adversely from those anticipated or implied by such statements. Any forward-looking statements included herein speak only as of the date hereof and, except as required by law, we assume no obligation to update or otherwise revise any of such forward-looking statements to reflect subsequent events or circumstances.

Nutanix

Lia Bigano

(408) 708-1003

Extension – 12636

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Networks Internet Data Management Technology Software

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Cadence’s Nimish Modi to Present at Berenberg Conference

Cadence’s Nimish Modi to Present at Berenberg Conference

SAN JOSE, Calif.–(BUSINESS WIRE)–
Cadence (Nasdaq: CDNS):

WHO:

Nimish Modi, senior vice president, Marketing & Business Development, Cadence Design Systems, Inc. (Nasdaq: CDNS).

WHAT:

Modi will participate in a virtual fireside chat at the Berenberg Thematic Software Days Conference on June 15, 2021.

WHEN:

The talk will be available live by webcast at 4:00 p.m. BST on Tuesday, June 15, 2021. The presentation will be archived on the Cadence website and available for replay through 5:00 p.m. PDT on Friday, July 2, 2021.

WHERE:

The webcast will be available online at cadence.com/cadence/investor_relations.

About Cadence

Cadence is a pivotal leader in electronic design, building upon more than 30 years of computational software expertise. The company applies its underlying Intelligent System Design™ strategy to deliver software, hardware and IP that turn design concepts into reality. Cadence customers are the world’s most innovative companies, delivering extraordinary electronic products from chips to boards to systems for the most dynamic market applications, including consumer, hyperscale computing, 5G communications, automotive, mobile, aerospace, industrial and healthcare. For seven years in a row, Fortune Magazine has named Cadence one of the 100 Best Companies to Work For. Learn more at cadence.com.

© 2021 Cadence Design Systems, Inc. All rights reserved worldwide. Cadence, the Cadence logo and the other Cadence marks found at www.cadence.com/go/trademarks are trademarks or registered trademarks of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners.

Investor Relations

Cadence Design Systems, Inc.

408-944-7100

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Software Networks Internet Hardware Electronic Design Automation Technology Semiconductor Marketing Engineering Communications Other Technology Manufacturing

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Cambridge Global Payments Announces New Partnership with Western Equipment Dealers Association

Cambridge Global Payments Announces New Partnership with Western Equipment Dealers Association

Partnership will provide WEDA members access to foreign currency exchange and cross-border payment solutions

TORONTO–(BUSINESS WIRE)–
Cambridge Global Payments (“Cambridge”), a FLEETCOR company (NYSE: FLT) and a provider of integrated cross-border payments and currency risk management solutions, is pleased to announce they have been selected by the Western Equipment Dealers Association (“WEDA”), the largest equipment dealer association in North America, as the endorsed and preferred provider of foreign currency exchange and international payments solutions for WEDA members across North America.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210608005649/en/

Through this partnership, WEDA’s 2,000+ members and their companies*, will be able to gain access to and utilize Cambridge’s innovative solutions to help mitigate foreign exchange exposure for their day-to-day business needs in order to help them meet their stated financial goals. Additionally, Cambridge’s award-winning trading platform will enable WEDA’s members to manage their global payments from a single point of access.

“Cambridge is honored to become an endorsed provider with WEDA, a highly regarded association that advocates for North American agriculture, industrial, forestry and outdoor equipment dealers. I am confident that their members located across Canada and the U.S. will benefit from access to our innovative cross-border payments and currency hedging solutions, along with our experience gained in this sector” said Mark Frey, President, Cambridge Global Payments. “Our team members across North America look forward to sharing our experience and helping WEDA members grow their businesses globally.”

“Currency transactions and working with foreign suppliers is regular occurrence for many of our equipment dealer members. But getting a competitive rate and a suitable product is perhaps overlooked at times. This partnership with Cambridge is another way dealers may benefit from their membership with potential savings on these common transactions” said John Schmeiser, CEO, Western Equipment Dealers Association.

About Cambridge Global Payments

Cambridge Global Payments1, a FLEETCOR company, is a provider of integrated cross-border payment services and currency risk management solutions. As a trusted partner for more than 25 years, Cambridge delivers innovative solutions designed to mitigate foreign exchange exposure and address unique business needs. Our award-winning capabilities and industry-leading technologies simplify the way businesses connect with the global marketplace. As one of the largest bank-independent providers globally, we are flexible and responsive, with offices and applicable licensing and regulatory approvals across North America, Europe, and Australia. Learn more at cambridgefx.com and follow us on Twitter and LinkedIn.

About Western Equipment Dealers Association

WEDA represents over 2,000 farm, industrial and outdoor power equipment dealers in every Canadian province with the exception of Quebec – as well as nine states in the U.S. – Alaska, Idaho, Kansas, Missouri, New Mexico, Oklahoma, Oregon, Texas, and Washington. WEDA also represents 1,250 U.S. hardware retailers in the same U.S. states plus Arkansas, Louisiana, and Nebraska. As the largest equipment dealer association in North America and the largest regional trade association of its kind in North America, WEDA offers members a comprehensive array of dealer-oriented legislative, educational, and communications services, ranging from lobbying to legal, and accounting and marketing support. WEDA also provides products and services that include industry and manufacturer relations, as well as industry information and intelligence. The Association’s many programs are either available only to members or provided at a reduced cost for members. Visit www.westerneda.com for more information.

1Cambridge Global Payments is the trade name of various corporations in the Cambridge group of companies including Cambridge Mercantile Corp., Cambridge Mercantile Corp. (U.S.A.), Cambridge Mercantile Corp. (UK) Limited and Cambridge Mercantile (Australia) Pty. Ltd.

*Subject to Cambridge Global Payments credit and compliance approval.

 

Cambridge Contact:

Brad Loder

VP, Global Marketing

(647) 627-6635

[email protected]

WEDA Contact:

Jennifer Luce

Chief Operating Officer

(503) 453-0153

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Agriculture Natural Resources Finance Specialty Banking Professional Services Supply Chain Management Retail

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ZoomInfo Acquires Insent to Enable Businesses to Implement Chat at Scale

ZoomInfo Acquires Insent to Enable Businesses to Implement Chat at Scale

Connects Companies with the Right Buyers at the Right Times through World-Class Business Intelligence and Artificial Intelligence-Driven Capabilities

VANCOUVER, Wash.–(BUSINESS WIRE)–ZoomInfo (NASDAQ: ZI), a global leader in go-to-market intelligence solutions, today announced it has acquired Insent, a powerful conversational marketing platform that identifies website visitors in real time, uses artificial intelligence (A.I.) and advanced lead routing rules to initiate real-time conversations, and increases conversions.

Typically, chat is a tool that teams have neglected to use because they lack reliable intelligence about the buyers on their websites. The acquisition of Insent will now allow businesses to activate chat at scale. The combination of ZoomInfo’s industry-leading business-to-business intelligence paired with Insent’s A.I.-driven routing capabilities makes it possible to provide the most important prospects with personalized experiences without overwhelming internal teams, a major concern with other tools. The combined new solution will be available in the third quarter to new and existing customers as ZoomInfo Chat.

“Marketers spend enormous amounts of time, money, and effort to drive traffic to their websites, but only convert less than 2 percent of visitors into leads – an incredible inefficiency for teams,” said Henry Schuck, ZoomInfo Founder and CEO. “The acquisition of Insent will combine chat with ZoomInfo’s dynamic IP-to-company graph and insights. Marketers will be able to instantly identify previously anonymous companies that are on their websites, route prospects to the right account owners, and arm them with ZoomInfo’s key intelligence about their buyers. As a result, they’ll initiate real-time conversations that can yield significant conversions.”

Powered by Insent’s chatbot technology, ZoomInfo Chat will allow teams to conversationalize the buying experience. Teams can accelerate the sales process by identifying, routing, and connecting prospects to the right account owners in real time. They can also use Insent’s in-line meeting scheduler, with advanced calendaring features, that appears at the right time to ensure that all conversations––human or chatbot––are converted into booked meetings and develop into deeper relationships. Informed by ZoomInfo’s world-class insights about prospects’ companies and their upcoming projects and initiatives, sellers can customize automated workflows for follow-up conversations with buyers.

Teams will be able to easily engage with visitors by using Insent’s existing integrations within their customer relationship management platforms, marketing automation systems, and collaboration software. Insent also benefits marketers, who can develop nurtured experiences for prospects by surfacing high-value content to start building relationships.

“ZoomInfo is a trusted leader in go-to-market intelligence and orchestration that enterprises rely on to help them identify and close their ideal customers,” said Arjun Pillai, Insent’s Co-Founder and CEO, who will join ZoomInfo as Senior Vice President of Strategic Growth. “ZoomInfo and Insent will help shape the future of chat by allowing teams to have data-centric, intelligent conversations that can expedite sales cycles.”

Financial terms were not disclosed. The acquisition is not expected to have a material impact on the full year 2021 financial results for ZoomInfo.

Read Henry Schuck’s blog post on the acquisition of Insent.

About Insent

Insent is an innovator in artificial intelligence-powered conversational marketing that identifies prospects and routes leads for real-time conversations. Instead of relying on website calls to action, Insent’s chat will engage visitors in personalized manners. Insent also allows companies to personalize the chat platform for their visitors based on their website behaviors and their demographic and firmographic data. Founded in 2018, Insent is based in Seattle, Washington, and has offices in Canada and India. For more information, visit www.insent.ai.

About ZoomInfo

ZoomInfo (NASDAQ: ZI) is a Go-To-Market Intelligence Solution for more than 20,000 companies worldwide. The ZoomInfo platform empowers business-to-business sales, marketing, and recruiting professionals to hit their number by pairing best-in-class technology with unrivaled data coverage, accuracy, and depth of company and contact information. With integrations embedded into workflows and technology stacks, including the leading CRM, Sales Engagement, Marketing Automation, and Talent Management applications, ZoomInfo drives more predictable, accelerated, and sustainable growth for its customers. ZoomInfo emphasizes GDPR and CCPA compliance. In addition to creating the industry’s first proactive notice program, the company is a registered data broker with the states of California and Vermont. Read about ZoomInfo’s commitment to compliance, privacy, and security. For more information about our leading Go-To-Market Intelligence Solution, and how it helps sales, marketing, and recruiting professionals, please visit www.zoominfo.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those expressed or implied by these statements. You can generally identify our forward-looking statements by the words “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “might,” “objective,” “outlook,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “target,” “trend,” “will,” “would” or the negative version of these words or other comparable words. Any statements in this press release regarding the anticipated benefits of the Insent acquisition to ZoomInfo and its customers, the potential impact of the Insent acquisition on ZoomInfo’s financial results, and any other statements that are not historical facts are forward-looking statements. Such forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include, but are not limited to, the extent to which ZoomInfo is able to successfully integrate Insent into its current platform and capitalize on the anticipated benefits of the acquisition, as well as other factors described under “Risk Factors” in ZoomInfo’s quarterly report on Form 10-Q for the period ended June 30, 2021. Each forward-looking statement contained in this press release speaks only as of the date of this release, and ZoomInfo undertakes no obligation to update or revise any forward-looking statements whether as a result of new information, future developments or otherwise, except as required by law.

Media

Steve Vittorioso

Director, Communications

978-875-1297

[email protected]

KEYWORDS: United States North America Washington

INDUSTRY KEYWORDS: Technology Marketing Advertising Communications Professional Services Small Business Software Data Management Search Engine Marketing

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Liquid Media Group Announces Letter of Intent to Acquire Filmocracy

VANCOUVER, British Columbia, June 08, 2021 (GLOBE NEWSWIRE) — Liquid Media Group Ltd. (“the Company,” “Liquid Media” or “Liquid”) (Nasdaq: YVR) today announced the signing of a letter of intent (the “LOI”) to acquire Filmdab, Inc., which operates as “Filmocracy,” a B2B2C film and festival streaming platform with several proven revenue streams. Under the terms of the LOI, Liquid would acquire Filmocracy for up to 1.25-million shares, and Filmocracy must achieve revenues totalling up to US$66M to trigger three of the four equal tranches.

Filmocracy combines technology for hosting live events with a streaming platform where Filmocrats can watch movies and attend virtual film festivals around the world for one monthly subscription. Previous clients include the American Film Market, the Television Academy, the American Society of Cinematographers, and festivals such as San Diego International, Paris International Film Festival, and the Bahamas International Film Festival.

“We are excited to be incorporating Filmocracy as an integral component of the Liquid Media solution for IP creators,” says Ron Thomson, CEO of Liquid. “Filmocracy’s team has established a powerful value proposition for extending the film festival experience across virtual audiences globally. In doing so, they are combining business-to-business and business-to-consumer models to increase revenues via SaaS sales, subscriptions, advertising, sponsorships and more. This is an explosive growth business assisting both content creators and festival operators to more effectively monetize their opportunities in new ways.”

Filmocracy’s B2B2C model leverages a unique combination of revenue streams. These include B2B SaaS for the hosting of virtual festivals and other events beyond the film industry, B2C membership and marketing opportunities, plus channels, e-commerce and data. Filmocracy’s proprietary technology also permits for features to be white-labeled and sold to other businesses and industries.

“The digital disruption accelerated by the pandemic has moved creators and audiences online and all signs, including increased uptake by festival presenters and consumers alike, point to that continuing into the future,” says Paul Jun, CEO and Co-founder of Filmocracy. ”By hosting virtual film festivals we have a unique advantage in that we stream movies pre-license, before any distribution windows, before they are in theatres, and before anyone even has a chance to acquire them. Filmocracy is ultimately about empowering creators, and Liquid’s alignment on mission provides us with a strong foundation to grow together.”

The key differentiator of Filmocracy’s streaming platform is how it utilizes technology to stimulate engagement. Its live events technology enables networking, dynamic ratings and tracking provide metrics for distributors and sponsors, and their virtual villages offer customization and branding unparalleled among their competitors.

With over 12,000 Film Festivals globally and the post COVID-19 reality that hybrid virtual and in-person events are here to stay, the opportunities for virtual festival solutions continue to expand. Increased attendance at festivals like Sundance and the New York Film Festival, who moved online in 2020, have demonstrated both appetite and untapped potential.

Under the terms of the LOI, Liquid would acquire Filmocracy for up to 1.25-million common shares of Liquid, which would be paid out to Filmocracy investors across specific performance milestones in four equal tranches of 312,500 common shares each (the “Consideration Shares”). The first tranche of Consideration Shares would be payable upon closing, with three remaining milestones triggered by Filmocracy revenues totalling US$66M in the years ahead. Additional cash would be invested in Filmocracy’s ongoing operations, beginning with immediate availability of a secured bridge loan in the amount of US$609K, to be applied towards working capital, technology infrastructure and marketing.

Final terms of the acquisition will be negotiated and memorialized in binding and definitive documentation to be entered into at or prior to closing. Completion of the acquisition is subject to, among other things, customary due diligence as well as any necessary share issuance requirements and approvals.

About Filmocracy

Filmdab, Inc. (dba Filmocracy) is a film and festival streaming platform that rewards users for discovering amazing independent films. Users earn virtual popcorn for watching and rating movies, which can be spent in the shop to earn movie tickets, redeem gift cards, or attend virtual film festivals from around the world. Filmocracy aims to build a true middle class of filmmakers who will thrive in the new era of premium content creation.

Additional information is available at www.filmocracy.com.

About Liquid Media Group Ltd.

Liquid Media Group Ltd. (Nasdaq: YVR) is a business solutions company empowering independent IP creators. Liquid’s end-to-end solution will enable professional video (film/TV and video game) creation, packaging, financing, delivery, and monetization, empowering IP creators to take their professional content from inception through the entire process to monetization.

Additional information is available at www.LiquidMediaGroup.co.

Further information:

Primoris Group
+1 (416) 489-0092
[email protected]

Media requests:

Investor

Adam Bello
Media & Analyst Relations Manager
Primoris Group Inc.
+1 (416) 489-0092 x 226
[email protected]

Industry

Jane Owen
Jane Owen PR
+1 (323) 819-1122
[email protected]

Cautionary Note Regarding Forward-Looking Statements

This news release includes statements containing certain “forward-looking information” within the meaning of applicable securities law (“forward-looking statements”). Forward-looking statements are typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “potentially” and similar expressions, or are those, which, by their nature, refer to future events. Such forward looking statements include, but are not limited to, that the Company will be able to consummate the acquisition of Filmocracy, and that Filmocracy will continue to increase its revenues. These statements should not be read as guarantees of future performance or results. Further, such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements to be materially different from those implied by such statements. Such factors include, but are not limited to: developments related to the COVID-19 pandemic, regulatory actions, market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. The Company is under no obligation, and expressly 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 expressly required by applicable law.



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B2B Agency Doremus & Co. Picks Up Strategic & Creative Responsibilities for Office Depot

B2B Agency Doremus & Co. Picks Up Strategic & Creative Responsibilities for Office Depot

NEW YORK–(BUSINESS WIRE)–
Doremus & Co., a leading B2B specialist agency, part of the Omnicom Group, announced today that Office Depot, a wholly owned subsidiary of The ODP Corporation (NASDAQ:ODP), a leading provider of business services, products and digital workplace technology solutions through an integrated B2B distribution platform, has hired the agency as the lead strategy and creative partner for its Business Solutions Division (BSD), which currently serves nearly 10 million business customers, over 200,000 large enterprises and nearly half of the Fortune 500 companies.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210608005695/en/

Effective immediately, Doremus is responsible for integrated strategy, brand and communications planning, and creative development for B2B marketing campaigns targeting medium to enterprise business segments. The assignment comes as Office Depot pivots to an increased emphasis on B2B amid a transforming business landscape.

In tapping Doremus as an agency partner, Office Depot plans to focus on the B2B customer like never before and help businesses take full advantage of its services, products and solutions to realize the potential of opportunities that are emerging now and into the future.

“This is a time of unprecedented change as businesses of all shapes and sizes are moving to more hybrid and work-from-home office models. We are thrilled to be partnering with Office Depot as they have the opportunity to be an essential partner, providing the solutions and support businesses need to transform and meet these evolving needs. And nothing makes us prouder as an agency than to work with clients who are looking to drive business and category-defining change,” said Joe Rivas, chief executive officer for Doremus.

“Office Depot’s Business Solutions Division has a long history of serving enterprise customers across vertical industries by providing business expertise and solutions that go beyond traditional office products. We’re excited to partner with an award-winning agency that specializes in B2B marketing like Doremus to accelerate our focus on helping enterprise customers achieve productivity, efficiency, and growth,” said Wesley Brinkhurst, vice president of marketing for Office Depot.

About Doremus & Co.

Doremus & Co. is Omnicom’s B2B specialist – a global, integrated agency with offices in New York, San Francisco, London, Frankfurt, Beijing, Hong Kong, and Shanghai. Doremus provides unparalleled understanding into the complex challenges facing clients in the B2B space and partners with some of the world’s leading B2B brands, including FM Global, Lego, NI, Shell, and Vonage, to create award-winning work with ideas that connect. For more information, visit www.doremus.com.

About Office Depot

Office Depot, LLC is a wholly owned subsidiary of The ODP Corporation (NASDAQ:ODP), a leading provider of business services, products and digital workplace technology solutions to small, medium and enterprise businesses. Through its banner brands Office Depot® and OfficeMax®, as well as others, the company offers its customers the tools and resources they need to focus on their passion of starting, growing and running their business through approximately 1,100 stores, an online presence and thousands of dedicated sales professionals. For more information, visit news.theodpcorp.com and follow @officedepot on Facebook, Twitter and Instagram.

The ODP Corporation and Office Depot are trademarks of The Office Club, Inc. OfficeMax is a trademark of OMX, Inc. ©2021 Office Depot, LLC. All rights reserved. Any other product or company names mentioned herein are the trademarks of their respective owners.

Doremus: Kelly Higgins

Director of Strategic Partnerships, North America

212.366.3076

[email protected]

Office Depot: Danny Jovic

Sr. Director, Communications

561.438.1594

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Technology Other Communications Consulting Marketing Other Technology Advertising Communications Professional Services Other Professional Services

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