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BALA CYNWYD, Pa., March 04, 2021 (GLOBE NEWSWIRE) — Hamilton Lane Alliance Holdings I, Inc. (Nasdaq: HLAHU) (the “Company”) announced that, commencing March 5, 2021, holders of the units sold in the Company’s initial public offering of 27,600,000 units, may elect to separately trade the shares of Class A common stock and redeemable warrants included in the units. Those units not separated will continue to trade on the Nasdaq Stock Market (“Nasdaq”) under the symbol “HLAHU,” and the shares of Class A common stock and redeemable warrants that are separated will trade on Nasdaq under the symbols “HLAH” and “HLAHW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into shares of Class A common stock and redeemable warrants.

The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Although the Company’s efforts to identify a prospective business combination opportunity will not be limited to a particular industry, it intends to identify and consummate an initial business combination that it believes will generate attractive long-term returns for its shareholders. The Company intends to avoid companies in highly cyclical sectors such as upstream and midstream energy, commodities or real estate. The Company’s sponsor is an affiliate of Hamilton Lane Advisors, L.L.C., the managing member of which is Hamilton Lane Incorporated (Nasdaq: HLNE), a leading private markets investment management firm.

The units were initially offered by the Company in an underwritten offering. J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC acted as joint book-running managers of the offering. A registration statement relating to the securities, as well as a related registration statement on Form S-1MEF filed with the Securities and Exchange Commission (the “SEC”) pursuant to Rule 462(b) under the Securities Act of 1933, as amended, became effective on January 12, 2021.

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

The offering was made only by means of a prospectus, copies of which may be obtained for free from the SEC website at www.sec.gov or by contacting J.P. Morgan Securities LLC c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or by emailing at [email protected] and Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014.

Forward-Looking Statements

This press release may include “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. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the Securities and Exchange Commission. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

Hamilton Lane Alliance Holdings I, Inc.

+1-610-617-6026
[email protected] 

CALGARY, Alberta, March 04, 2021 (GLOBE NEWSWIRE) — ClearStream Energy Services Inc. (“ClearStream” or the “Company”) (TSX: CSM) today announced its results for the three and twelve months ended December 31, 2020. All amounts are in Canadian dollars and expressed in thousands of dollars unless otherwise noted.

“EBITDAS” and “Adjusted EBITDAS” are not standard measures under IFRS. Please refer to the Advisory regarding Non-Standard Measures at the end of this press release for a description of these items and limitations of their use.

“With the arrival of the second wave of the COVID-19 pandemic in the fourth quarter, activity levels returned to a level similar to the second quarter when economic activity was constrained by the public health measures as governments responded and caused customers to remain cautious regarding their spending plans,” said Yves Paletta, Chief Executive Officer.

“With the recent recovery in both oil and natural gas prices that accelerated in the first two months of 2021 and the expected global roll out of vaccinations for COVID-19 this year, we believe that activity levels will start to recover in the second half of 2021. However, as a sector, we can expect to be in a lower growth operating model for the conceivable future and, as such, many of our customers have moved to an operational mindset that focuses on production optimization, reliability and environmental considerations through operational excellence. ClearStream is very well-positioned to support such trends,” said Mr. Paletta.

“As previously announced, we were deeply saddened by the incident that occurred on December 28, 2020 at the Suncor Fort Hills mine that resulted in the death of two valued members of our ClearStream family. We are actively working with Occupational Health and Safety with respect to the incident investigation. ClearStream’s strong HSE Management System and leadership’s commitment to the safety of our people is more than ever our most important core value,” added Mr. Paletta.

HIGHLIGHTS

• Revenues for the year ended December 31, 2020 were $393.1 million, representing a decrease of $71.2 million or 15.3% from 2019.
• Adjusted EBITDAS for the year ended December 31, 2020 was $10.5 million, representing a decrease of $15.8 million or 60% from 2019.
• Selling, general and administrative expenses for the year ended December 31, 2020 were $24.0 million, representing a decrease of $2.2 million or 8.6% from 2019.
• Liquidity remained strong with total cash and available credit facilities of $71.7 million at December 31, 2020, up from $66.2 million at September 30, 2020.
• New project awards and contract renewals were $46 million for the three months ended December 31, 2020 and approximately $100 million for 2021 year-to-date (as announced in the press release dated February 24, 2021). Most of the work will be completed in 2021 with the balance scheduled for 2022-2025.
• Completed a corporate reorganization at year-end 2020 to simplify the corporate legal structure with the closing and consolidation of various legacy entities in order to reduce compliance costs going forward.
• Established a multi-disciplinary team to oversee the implementation of internal and external digitization strategies to transform ClearStream into a low cost, efficient and differentiated service provider.

Maintenance and Construction Services

Activity levels for maintenance and construction services slowed in the fourth quarter after a busy third quarter that saw the completion of 7 turnaround projects, many of which had originally been scheduled for the first half of 2020. Revenues from maintenance and construction services in 2020 were only down 11.1% from 2019, which shows the resiliency of our business. We benefited from a diverse customer base in the energy sector as those customer’s focussed on natural gas production experienced less volatility in their operations.

With the continuing recovery in world oil prices combined with on-going strength in North American natural gas prices, bidding activity for new work accelerated towards the end of 2020 and has continued to be very active in 2021. We remain focussed on consolidating various scopes of work with existing customers by adding additional services to enable more efficient execution and lower costs for our customers on each work site.

Wear Technology Overlay Services

In 2020, activity levels for wear technology overlay services remained well below historical levels as customers scaled back their production output and spending on consumables in response to weak oil prices. With the recovery in world oil prices, we are seeing customers increase their production outlook for 2021, which has resulted in a modest increase in demand for wear technology overlay services in the first quarter of 2021.

Environmental

We are actively pursuing opportunities with our customers to secure funding under the federal and provincial programs for the closure and reclamation of oil and gas wells, pipelines and facilities in British Columbia, Alberta and Saskatchewan. We expect the pace at which funding under these programs is released to accelerate in 2021. In addition, we are seeing oil and gas companies increase their own expenditures for reclamation and remediation activities.

FOURTH QUARTER AND ANNUAL 2020 FINANCIAL RESULTS

($ millions, except per share amounts)	Three months ended December 31,						Twelve months ended December 31,
	2020		2019		% Change		2020		2019		% Change
Revenue
Maintenance and Construction Services	77.6		124.4		(37.6)	%	361.8		407.1		(11.1)	%
Wear Technology Overlay Services	7.6		12.7		(40.2)	%	33.4		61.0		(45.3)	%
Total	84.5		137.1		(38.3)	%	393.1		464.3		(15.3)	%
Gross Profit
Maintenance and Construction Services	7.1		10.2		(30.7)	%	28.0		32.1		(12.6)	%
Wear Technology Overlay Services	1.3		4.6		(72.4)	%	5.6		18.3		(69.2)	%
Total	8.4		14.9		(43.7)	%	33.7		50.4		(33.2)	%
% of revenue	9.9 %		10.8 %		(0.9)	%	8.6 %		10.9 %		(2.3)	%
Selling, general and administrative expenses	7.9		9.9		(20.1)	%	24.0		26.2		(8.6)	%
% of revenue	9.4		7.2 %		2.1	%	6.1 %		5.7 %		0.4	%
Adjusted EBITDAS
Maintenance and Construction Services.	7.0		10.4		(32.7)	%	27.8		31.6		(12.1)	%
Wear Technology Overlay Services	1.2		4.5		(74.7)	%	5.5		17.7		(69.1)	%
Corporate	(7.7)		(9.6)		(19.8)	%	(22.7)		(23.0)		(1.4)	%
Total	0.5		5.4		(91.1)	%	10.5		26.3		(60.0)	%
% of revenue	0.6 %		3.9 %		(3.4)	%	2.7 %		5.7 %		(3.0)	%
Income (loss) from continuing operations	1.8		(10.4)		(116.8)	%	3.5		(6.7)		(152.1)	%
Net income (loss) per share from continuing operations (basic and diluted)	0.02		(0.09)		(116.8)	%	0.03		(0.06)		(152.1)	%

Note:

(1)        “Adjusted EBITDAS” is not a standard measure under IFRS. Please refer to the Advisory regarding Non-Standard Measures at the end of this press release for a description of this measure and limitations of its use.

2020 RESULTS COMMENTARY

Revenue for the year ended December 31, 2020 was $393,121 compared to $464,252 for the same period in 2019, a decrease of 15.3%. The decrease in 2020, in comparison to 2019, was driven by overall reduced customer spending and the postponement of a portion of scheduled maintenance and turnaround activities as a result of macro-economic uncertainty and the economic impact of the COVID-19 pandemic.

Gross profit for the year ended December 31, 2020 was $33,686 compared to $50,396 for the same period in 2019, a decrease of 33%. Gross profit margin for the year ended December 31, 2020 was 8.6% compared to 10.9% for the same period in 2019. The decrease in 2020, in comparison to 2019, was due to a reduction in both the total volume and the volume of higher margin work in the Wear Technology Overlay Services segment where certain fixed costs are required to operate the facilities in addition to downward pressure on margins by customers in response to market uncertainty. As it became clear that the COVID-19 outbreak and other market conditions were going to have longer term impacts on our activity levels and margins across the whole business, we took immediate steps to adjust our cost structures. During the third quarter, we closed ClearStream Wear’s locations in Nisku and Edmonton and consolidated all operations into the Sherwood Park location. By eliminating these two facilities, we have significantly improved production flexibility and reduced the fixed costs associated with ClearStream Wear’s operations.

Selling, general and administrative (“SG&A”) expenses for the year ended December 31, 2020 were $23,986, in comparison to $26,240 in 2019, a decrease of 8.6%. As a percentage of revenue, SG&A expenses for the year ended December 31, 2020 were 6.1% compared to 5.7% in 2019. The increase in SG&A expenses as a percentage of revenue was due to the decline in revenue resulting from macro-economic uncertainty and the economic impact of the COVID-19 pandemic. Given the market uncertainty, we continued to right size our SG&A cost structures compared to the prior year as shown by the decrease in total SG&A expenses in 2020 compared to the same period 2019.

For the year ended December 31, 2020, Adjusted EBITDAS was $10,524 compared to $26,282 in 2019. As a percentage of revenue, Adjusted EBITDAS was 2.7% for the year ended December 31, 2020 compared to 5.7% for the same period in 2019. Adjusted EBITDAS as a percentage of revenue decreased due to gross profit decreases in both the Maintenance and Construction Services segment and the Wear Technology Overlay Services segment.

Income from government subsidies represents the Canada Emergency Wage Subsidy (“CEWS”) and the Canada Emergency Rent Subsidy (“CERS”) received from the Government of Canada to assist with the payment of employee wages and rent as a result of the impact of the COVID-19 pandemic. During the year ended December 31, 2020, the Company qualified for both CEWS and CERS and recorded total grants of $33,521 in the Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss).

Income from continuing operations for the year ended December 31, 2020 was $3,469 compared to a loss of $6,652 in 2019. The income variance was driven by the government subsidies received, the recovery of the share-based compensation and other long-term incentive plans, and the recovery of contingent consideration liability offset by the goodwill impairment loss and decrease to gross profit for the 2020 period as well as the bargain purchase gain in 2019.

FOURTH QUARTER RESULTS COMMENTARY

Revenues for the three months ended December 31, 2020 were $84,530 compared to $137,066 for the same period in 2019, a decrease of 38.3% on a year-over-year basis. This decrease for the three months ended December 31, 2020 in comparison to the same period in 2019, was driven by overall reduced customer spending as a result of the volatility in crude oil prices due to macro-economic uncertainty and the economic impact of the COVID-19 pandemic.

Gross profit for the three months ended December 31, 2020 was $8,372 compared to $14,868 for the same period in 2019. Gross margins were 9.9% for the three months ended December 31, 2020 compared to 10.8% in the same period in 2019. The decrease in gross margin in 2020 was due to a reduction in both the total volume and the volume of higher margin work in the Wear Technology Overlay Services segment where certain fixed costs are required to operate the facilities in addition to downward pressure on margins by customers in response to market uncertainty. As it became clear that the COVID-19 outbreak and other market conditions were going to have longer term impacts on our activity levels and margins across the whole business, we took immediate steps to adjust our cost structure as shown by the gross margin increasing to 9.9% for the three months ended December 31, 2020 from 8.6% for the year ended December 31, 2020.

SG&A expenses for the three months ended December 31, 2020 were $7,923 compared to $9,912 for the same period in 2019. As a percentage of revenue, SG&A expenses for the three months ended December 31, 2020 were 9.4% compared to 7.2% for the same period in 2019 due to the decline in revenue resulting from macro-economic uncertainty and the economic impact of the COVID-19 pandemic.

ASSET-BASED LENDING FACILITY

On March 3, 2021, the Company received confirmation from the lead lender under the ABL Facility that it had agreed to extend the maturity date of the Revolving Facility to March 23, 2022. The Company and the lead lender under the ABL Facility are preparing an amending agreement to effect the extension of the maturity date and certain other amendments. Due to the Company’s current cash position, it was able to reduce the maximum borrowings available under the Revolving Facility to $15 million effective March 23, 2021.

OUTLOOK

The second wave of the COVID-19 pandemic continues to impact both the local and global economy. The public health measures to limit the spread of the virus, including business restrictions, travel restrictions, border closures, quarantines and social distancing, will remain in place for the near-term to allow for the global distribution of vaccines for COVID-19. As the rate of vaccinations increases, we expect that governments will start to re-open their economies.

With the recovery in world oil prices, we expect that our customers who are involved in the energy sector will realize higher cash flows, begin to increase their spending and address maintenance projects that have been deferred. We expect that activity levels will recover in the second half of 2021 as customers prioritize asset management and integrity services to increase operational reliability.

With energy transition and environmental considerations becoming increasingly important for all stakeholders in the energy sector, our customers will focus on improving their operational processes for greater efficiencies and reliability.

To better support our customers, ClearStream has continued to add new service offerings that encompass the full asset lifecycle and is now offering a suite of more than 40 services. Through the extensive regional coverage provided by our 15 operating facilities, we believe that ClearStream is well-positioned to consolidate further multiple services required at various operating sites while generating efficiencies and cost reductions for its customers.

ClearStream’s business model continues to prove its resilience as we are working closely with our customers every day in managing their operations.

Additional Information

Our consolidated financial statements for the year ended December 31, 2020 and the related Management’s Discussion and Analysis of the operating and financial results can be accessed on our website at www.clearstreamenergy.ca and will be available shortly through SEDAR at www.sedar.com.

About ClearStream Energy Services Inc.

With a legacy of excellence and experience stretching back more than 50 years, ClearStream provides solutions for the Energy and Industrial markets including: Oil & Gas, Petrochemical, Mining, Power, Agriculture, Forestry, Infrastructure and Water Treatment. With offices strategically located across Canada and a dedicated workforce, we provide maintenance, construction and environmental services that keep our clients moving forward. For more information about ClearStream, please visit www.clearstreamenergy.ca or contact:

Randy Watt	Yves Paletta
Chief Financial Officer	Chief Executive Officer
ClearStream Energy Services Inc.	ClearStream Energy Services Inc.
(587) 318-0997	(587) 318-0997
[email protected]	[email protected]

Advisory regarding Forward-Looking Information

Certain information included in this press release may constitute “forward-looking information” within the meaning of Canadian securities laws. In some cases, forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue” or the negative of these terms or other similar expressions concerning matters that are not historical facts. This press release contains forward-looking statements relating to but not limited to: our business plans, strategies and objectives; the effects of the COVID-19 pandemic on global commerce and oil prices; that customers will remain cautious regarding their spending plans; that activity levels will recover in the second half of 2021; that we will be in a lower growth operating model for the conceivable future; that customers will focus on production optimization, reliability and environmental considerations through operational excellence; the estimated value of contract renewals and project awards; that the implementation of internal and external digitization strategies will transform us into a low cost, efficient and differentiated service provider; that there will be a modest increase in demand for wear technology overlay services in the first quarter of 2021; that the pace at which funding under federal and provincial programs for the closure and reclamation of oil and gas wells, pipelines and facilities is released will accelerate in 2021; that the consolidation of our wear technology overlay facilities has improved our production flexibility and reduced our fixed costs; that the COVID-19 pandemic will continue to impact both the local and global economy; the duration of public health measures; that governments will start to re-open their economies as the rate of vaccinations increases; that our customers who are involved in the energy industry will begin to increase their spending and address maintenance projects that have been deferred as they realize higher cash flows from the recovery in world oil prices; that activity levels will recover in the second half of 2021 as customers prioritize asset management and integrity services to increase operational reliability; that our customers will focus on improving their operational processes; and that we are well-positioned to consolidate further multiple services while generating efficiencies and cost reductions for our customers.

Forward-looking information involves significant risks and uncertainties. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking information including, but not limited to, the success of our response to the COVID-19 global pandemic, risks related to the integration of acquired businesses, conditions of capital markets, economic conditions, commodity prices, dependence on key personnel, interest rates, regulatory change, ability to meet working capital requirements and capital expenditure needs, factors relating to the weather and availability of labour. These factors should not be considered exhaustive. Risks and uncertainties about ClearStream’s business are more fully discussed in ClearStream’s disclosure materials, including its annual information form and management’s discussion and analysis of the operating and financial results, filed with the securities regulatory authorities in Canada and available at www.sedar.com. In formulating the forward-looking information, management has assumed that business and economic conditions affecting ClearStream will continue substantially in the ordinary course, including, without limitation, with respect to general levels of economic activity, regulations, taxes and interest rates. Although the forward-looking information is based on what management of ClearStream consider to be reasonable assumptions based on information currently available to it, there can be no assurance that actual events or results will be consistent with this forward-looking information, and management’s assumptions may prove to be incorrect.

This forward-looking information is made as of the date of this press release, and ClearStream does not assume any obligation to update or revise it to reflect new events or circumstances except as required by law. Undue reliance should not be placed on forward-looking information. Forward-looking information is provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

Advisory regarding Non-Standard Measures

The terms ‘‘EBITDAS’’ and “Adjusted EBITDAS” (collectively, the ‘‘Non-standard measures’’) are financial measures used in this press release that are not standard measures under IFRS. ClearStream’s method of calculating Non-standard measures may differ from the methods used by other issuers. Therefore, ClearStream’s Non-standard measures, as presented may not be comparable to similar measures presented by other issuers.

EBITDAS refers to net earnings determined in accordance with IFRS, before depreciation and amortization, interest expense, income tax expense (recovery), share-based compensation, and other long-term incentive plans. EBITDAS is used by management and the directors of ClearStream as well as many investors to determine the ability of an issuer to generate cash from operations. Management also uses EBITDAS to monitor the performance of ClearStream’s reportable segments and believes that in addition to net income or loss and cash provided by operating activities, EBITDAS is a useful supplemental measure from which to determine ClearStream’s ability to generate cash available for debt service, working capital, capital expenditures and income taxes. ClearStream has provided a reconciliation of income (loss) from continuing operations to EBITDAS in its management’s discussion and analysis of the operating and financial results for the year ended December 31, 2020.

Adjusted EBITDAS refers to EBITDAS excluding the gain on sale of assets held for sale, impairment of goodwill and intangible assets, restructuring costs, gain on sale of property plant and equipment, recovery of contingent consideration liability, other loss, one time incurred expenses, impairment of right-of-use assets, bargain purchase gain, gain on remeasurement of right-of-use assets, and government subsidies. ClearStream has used Adjusted EBITDAS as the basis for the analysis of its past operating financial performance. Adjusted EBITDAS is used by ClearStream and management believes it is a useful supplemental measure from which to determine ClearStream’s ability to generate cash available for debt service, working capital, capital expenditures, and income taxes. Adjusted EBITDAS is a measure that management believes facilitates the comparability of the results of historical periods and the analysis of its operating financial performance which may be useful to investors. ClearStream has provided a reconciliation of income (loss) from continuing operations to Adjusted EBITDAS its management’s discussion and analysis of the operating and financial results for the year ended December 31, 2020.

Investors are cautioned that the Non-standard measures are not alternatives to measures under IFRS and should not, on their own, be construed as an indicator of performance or cash flows, a measure of liquidity or as a measure of actual return on the shares. These Non-standard measures should only be used with reference to ClearStream’s Interim Financial Statements and Annual Financial Statements available on SEDAR at www.sedar.com or on ClearStream’s website at www.clearstreamenergy.ca.

SAN DIEGO, March 04, 2021 (GLOBE NEWSWIRE) — LPL Financial Holdings Inc. (Nasdaq: LPLA) today announced that its wholly owned subsidiary, LPL Holdings, Inc. (“LPL Holdings”), has priced its offering of $900 million in aggregate principal amount of senior unsecured notes (the “senior notes”). In addition, LPL Holdings secured commitments to increase the size of its revolving credit facility from $750 million to $1,000 million and extend the maturity date of the revolving credit facility from 2024 to 2026 (the “credit agreement amendment”). As previously announced, LPL Holdings intends to use the net proceeds from the senior notes offering, together with cash available for corporate use, to redeem its existing $900 million of senior unsecured notes due 2025 (the “2025 Notes”) and to pay fees and expenses related to the senior notes offering and the credit agreement amendment.

The senior notes will bear interest at a rate of 4.00% to be paid semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2021. The senior notes were priced at 100% of the aggregate principal amount, and will mature on March 15, 2029. The issuance of the senior notes is expected to occur on March 15, 2021, concurrently with the expected closing of the credit agreement amendment and redemption of the 2025 Notes, subject to customary closing conditions. The issuance of the senior notes will not be conditioned on the closing of the credit agreement amendment or the redemption of the 2025 Notes. Nothing in this press release shall constitute a notice of redemption for the 2025 Notes and any such redemption of the 2025 Notes would be made in accordance with the terms of the applicable indenture.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the senior notes. The senior notes have not been, and will not be, registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933. The senior notes are being offered only to persons reasonably believed to be qualified institutional buyers in the United States in reliance on Rule 144A under the Securities Act of 1933 and outside the United States only to non-U.S. investors pursuant to Regulation S.

Forward-Looking Statements


Statements in this press release regarding LPL Holdings’ plans to enter into a credit agreement amendment and offer senior notes, including the anticipated use of the proceeds therefrom and the anticipated sizes of the senior secured credit facilities and the senior notes offering, as well as any other statements that are not related to present facts or current conditions or that are not purely historical, constitute forward-looking statements. These forward-looking statements are based on the Company’s historical performance and its plans, estimates, and expectations as of March 4, 2021. The words “expects”, “intends”, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward- looking statements are not guarantees that the future results, plans, intentions, or expectations expressed or implied will be achieved. Matters subject to forward-looking statements involve known and unknown risks and uncertainties, including economic, legislative, regulatory, competitive, and other factors, which may cause actual results, or the timing of events, to be materially different from those expressed or implied by forward-looking statements. Important factors that could cause or contribute to such differences include: the market conditions, which will affect whether LPL Holdings will be able to close on the credit agreement amendment and the sale of the senior notes; and satisfaction of closing conditions related to the proposed transactions. LPL can give no assurance that the credit agreement amendment or senior notes offering will be completed. Forward- looking statements in this press release should be evaluated together with the risks and uncertainties that affect the business of LPL Financial Holdings Inc. (together with its subsidiaries, the “Company”), including the risk factors set forth in Part I, “Item 1A. Risk Factors” in the Company’s 2020 Annual Report on Form 10-K, as may be amended or updated in the Company’s Quarterly Reports on Form 10-Q or other filings with the SEC. Except as required by law, the Company specifically disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release, even if its estimates change, and you should not rely on statements contained herein as representing the Company’s views as of any date subsequent to the date of this press release.

About LPL Financial


LPL Financial (https://www.lpl.com) is a leader in the retail financial advice market, the nation’s largest independent broker/dealer(+) and a leading custodian (or provider of custodial services) to RIAs. We serve independent financial advisors and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.

+ Based on total revenues, Financial Planning magazine June 1996-2020.

Securities and Advisory Services offered through LPL Financial LLC, a Registered Investment Advisor. Member FINRA/SIPC.

Investor Relations – Chris Koegel, (617) 897-4574
Media Relations – Lauren Hoyt-Williams, (980) 321-1232

Stellantis announces conditional distribution of Faurecia shares and cash

Amsterdam, March 4, 2021 – Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA) (“Stellantis”) announced today a conditional distribution by Stellantis to the holders of its common shares of up to 54,297,006 ordinary shares of Faurecia S.E. (“Faurecia”) and up to €308 million in cash, being the proceeds received by Peugeot S.A. from the sale of ordinary shares of Faurecia in October 2020, payable to holders of Stellantis common shares of record as of Tuesday, March 16, 2021, pursuant to a capital reduction (the “Distribution”).

Payment of the Distribution is conditional upon the further announcement that the Distribution has been approved by the Extraordinary General Meeting of Shareholders of Stellantis to be held on March 8, 2021 and that certain Dutch law formalities have been satisfied. Absent such announcement that the Distribution has become unconditional, no Distribution will be payable.

If the Distribution becomes unconditional as described above, the expected calendar for the Distribution will be as follows: (i) ex-date on Monday, March 15, 2021; and (ii) record date on Tuesday, March 16, 2021. Holders of Stellantis common shares will be entitled to: (i) 0.017029 ordinary shares of Faurecia; and (ii) Euro 0.096677 for each common share of Stellantis they hold on the record date for the Distribution. The cash portion of the Distribution is expected to be paid on or about Monday, March 22, 2021. Generally, the ordinary shares of Faurecia are expected to be delivered to holders of Stellantis common shares entitled thereto on or about Monday, March 22, 2021. However, Shareholders holding Stellantis common shares in a DTC participant account or as a registered holder on the Stellantis US share register will need to take additional steps in order to obtain the delivery of the Faurecia ordinary shares to which they will be entitled, as set forth in the Information Statement referred to below; delivery to such holders is expected to occur on or about Thursday, April 1, 2021.

Additional information related to the Distribution, including an Information Statement dated February 19, 2021, has been made available on the Investors section of the website of Stellantis at www.stellantis.com.

About Stellantis

Stellantis

is
one of the world’s leading automakers and a mobility provider, guided by a clear vision: to offer freedom of movement with distinctive, affordable and reliable mobility solutions.  In addition to the Group’s rich heritage and broad geographic presence, its greatest strengths lie in its sustainable performance, depth of experience and the wide-ranging talents of employees working around the globe. Stellantis will leverage its broad and iconic brand portfolio, which was founded by visionaries who infused the marques with passion and a competitive spirit that speaks to employees and customers alike. Stellantis aspires to become the greatest, not the biggest while creating added value for all stakeholders as well as the communities in which it operates.

@Stellantis

Stellantis

Stellantis

Stellantis

For more information contact:

Claudio D’AMICO: +39 334 7107828 – [email protected]

Karine DOUET: +33 6 61 64 03 83 –[email protected]

Valérie GILLOT : +33 6 83 92 92 96 – [email protected]

Shawn MORGAN: +1 248 760 2621 – [email protected]

www.stellantis.com

Attachment

• Stellantis announces conditional distribution of Faurecia shares and cash

LOS ANGELES, March 04, 2021 (GLOBE NEWSWIRE) — City National Bank, America’s Premier Private and Business Bank^®, announced today the creation of a new National Corporate Banking division. The new division will be led by Brent Williams, senior vice president, who also leads City National’s L.A. Metro Commercial Banking business unit.

Williams will be responsible for leading and growing this new national team, which will specialize in meeting the complex banking and corporate finance needs of larger commercial and mid-corporate-sized companies across the country, leveraging the capabilities of both City National and RBC Capital Markets. As part of this effort, Williams will lead a newly formed Diversified Industrials & Services Banking unit, with bankers located in Los Angeles, San Francisco, New York City, Chicago, Atlanta and Dallas. He will also oversee the bank’s existing Food & Beverage Banking and Aerospace & Defense Banking units, which will also become part of National Corporate Banking. Williams will report to Rich Raffetto, president of City National.

“We serve middle-market businesses really well. As City National and RBC Capital Markets continue to invest in and upgrade our commercial banking and corporate finance products and capabilities, there is a great opportunity to add value as a strategic partner to larger companies across the country,” said Raffetto. “Brent is an outstanding leader, and we are delighted to see him take on this expanded role. With his background and deep expertise, he is uniquely suited to lead City National’s corporate banking efforts coast to coast.”

“At City National, we combine very personalized service with the capabilities of a large institution, which makes us an ideal fit to serve larger middle-market and mid-corporate-sized companies,” said Williams. “We are ready to bring our expertise to larger companies, and I look forward to spearheading these efforts in our new National Corporate Banking division.”

Based in Los Angeles, Williams brings 28 years of financial services experience to this role. He joined City National in 2018, as the Los Angeles regional manager of the bank’s Commercial Banking division. In that role, he has led a team of commercial bankers who deliver City National’s customized financial solutions to midsized businesses in Los Angeles, San Fernando Valley, Ventura and Long Beach. Williams was named one of the “Most Influential Lenders in Los Angeles County” by the Los Angeles Business Journal in 2019.

Prior to joining City National, Williams worked in a variety of roles at Wells Fargo, most recently as an executive vice president and region head responsible for Los Angeles Westside, as well as head of the bank’s Southern California Middle Market Technology, Media and Telecom team.

For an image of Williams, go to
https://www.cnb.com/content/dam/cnbcom/publishingimages/brent-williams.jpg.

About City National

With $75.8 billion in assets, City National Bank provides banking, investment and trust services through locations in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville, Atlanta, Minneapolis, Washington, D.C., and Miami*. In addition, the company and its investment affiliates manage or administer $86.3 billion in client investment assets.

City National is a subsidiary of Royal Bank of Canada (RBC), one of North America’s leading diversified financial services companies. RBC serves more than 17 million personal, business, public sector and institutional clients through offices in Canada, the United States and 34 other countries.

For more information about City National, visit the company’s website at cnb.com.

*City National Bank does business in Miami and the state of Florida as CN Bank.

Media Contact:

Jennifer Harlan, City National Bank, (917) 322-0994
[email protected]

NEW YORK, March 04, 2021 (GLOBE NEWSWIRE) — Haymaker Acquisition Corp. III (the “Company”) (NASDAQ: HYACU) today announced that it closed its initial public offering of 30,000,000 units. The offering was priced at $10.00 per unit generating total gross proceeds of $300,000,000.

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $300,000,000 (or $10.00 per unit sold in the public offering) was placed in trust.

The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company intends to acquire and operate a business in the consumer or consumer-related products and services industries. The Company is led by Chief Executive Officer and Executive Chairman Steven J. Heyer, President Andrew R. Heyer, and Chief Financial Officer Christopher Bradley.

Citigroup and Cantor Fitzgerald & Co. served as the bookrunners and representatives of the underwriters of the offering.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on March 1, 2021.

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

Forward Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

[email protected]