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GWG Holdings Announces Receipt of Notice from Nasdaq Regarding Potential Delisting

DALLAS, July 07, 2021 (GLOBE NEWSWIRE) — GWG Holdings, Inc. (Nasdaq: GWGH) today announced that it received a Staff Determination letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC indicating that the Company had not established compliance with Rule 5620(a), which requires that GWG hold an annual meeting of shareholders within 12 months of the company’s fiscal year end, and Rule 5250(c)(1), because GWG has not yet filed its Form 10-K for the year ended December 31, 2020 and Form 10-Q for the period ended March 31, 2021.

As a result, the Company’s common stock is subject to delisting from The Nasdaq Capital Market. The Company has requested a hearing before a Nasdaq Hearings Panel to review the Staff Determination, which request will stay the delisting of the Company’s common stock for a period of 15 days from the date of the hearing request, although GWG has requested the Panel to grant a stay of the suspension from trading pending the hearing.

After receiving the initial notification of deficiency related to GWG’s annual meeting on January 5, 2021, the Company filed a plan of compliance with Nasdaq noting that because the meeting had not been held in 2020, under SEC rules, GWG would not be able to hold its annual meeting until after it filed its 2020 10-K, which it expected to file on March 31, 2021.

As part of the preparation of its 2020 10-K, the Company voluntarily submitted two questions to the Securities and Exchange Commission’s (SEC) Office of the Chief Accountant (OCA) on February 15, 2021. OCA is responsible for accounting and auditing matters arising in the SEC’s administration of the federal securities laws, particularly with respect to accounting policy determinations. In this role, OCA consults with registrants on the application of accounting standards and financial disclosure requirements. Its website indicates that registrants can expect consultations to take approximately three weeks, although that time may vary depending on various factors. The questions submitted by the Company to OCA were (1) whether the December 31, 2019 transaction resulted in GWG obtaining control of The Beneficent Company Group, L.P. (Ben) in a transaction that constituted a change-in-control of Ben by entities not under common control, and (2) whether Ben was required to consolidate any of the ExAlt Plan trusts.

The Company had reached a conclusion on both of these matters in consultation with its accounting advisers, which conclusions have been reflected in its filings since the Form 10-K for the year ended December 31, 2019, and audited by its previous auditor, which issued an unmodified audit opinion on those statements. GWG’s current auditor also believes the Company has a reasonable basis for its accounting treatment on the items submitted for consultation. Although the Company has already reached a conclusion regarding the appropriate accounting for the matters submitted to OCA, because of OCA’s role within the SEC and the judgment involved in each question, the Company desired to obtain OCA’s conclusions on these matters.

The Company and OCA have discussed the matters submitted for consultation, and the Company has submitted supplemental materials in response to various OCA requests. The Company has no outstanding requests from OCA and intends to file its 2020 10-K and Form 10-Q for the period ended March 31, 2021, after receiving a conclusion from OCA. Once the 2020 10-K is filed, the Company will file its required proxy statement and complete its combined 2020/2021 annual meeting, which has currently been adjourned to July 27, 2021. The Company has not received guidance on when the OCA consultation will be complete.

About GWG Holdings, Inc.

GWG Holdings, Inc. (Nasdaq: GWGH) is an innovative financial services firm based in Dallas that is a leader in providing unique liquidity solutions and services for the owners of illiquid investments. Through its subsidiaries, The Beneficient Company Group, L.P. and GWG Life, LLC, GWGH owns and manages a diverse portfolio of alternative assets that, as of September 30, 2020, included $1.9 billion in life insurance policy benefits, and exposure to a diversified and growing loan portfolio secured by 122 professionally managed alternative investment funds.

For more information about GWG Holdings, email [email protected] or visit www.gwgh.com.

For more information about Beneficient, email [email protected] or visit www.trustben.com.

The information on GWG Holdings’ and Beneficient’s websites is not a part of, or incorporated by reference in, this press release.

Media Contact:

Dan Callahan
Director of Communication
GWG Holdings, Inc.
(612) 787-5744
[email protected]



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TESSCO Technologies Announces Preliminary Q1 2022 Select Financial Results and Shares Expectations for Full-Year 2022

 TESSCO Technologies Announces Preliminary Q1 2022 Select Financial Results and Shares Expectations for Full-Year 2022

 Company Expects Q1 Revenues of Approximately $105 Million, Up 9% Year Over Year

Q1 Sales Bookings Up Approximately 37% Year Over Year

HUNT VALLEY, Md.–(BUSINESS WIRE)–
TESSCO Technologies Incorporated (NASDAQ: TESS),a leading value-added distributor and solutions provider for the wireless industry, today announced preliminary select financial results for the first quarter of its 2022 fiscal year, ended June 27, 2021. Tessco expects to report total revenues of approximately $105 million, which would represent composite growth of 9% year over year. Sales bookings for the first quarter grew 37% year over year, with improved performance across both of the Company’s markets.

“This fiscal year is our first after the sale of our retail business and, despite some global supply-chain disruptions, we are now seeing signs of a post-pandemic recovery across our markets,” said Sandip Mukerjee, Tessco’s president and chief executive officer. “As such, and as we welcome the vast majority of our employees back to our offices after a long period of remote working, we believe this is a prudent time to provide a high-level overview of our expected results for our first quarter, along with certain financial expectations for our full fiscal year 2022.

“As we reported last quarter, our second-half fiscal 2021 sales bookings were higher than in the first half of the fiscal year as the effects of the pandemic lessened. We also reported a growing backlog due to the supply chain challenges that delayed the conversion of bookings to shipments. These trends continued into the first quarter of our fiscal year 2022.

“During the first quarter, we saw positive momentum in both our Carrier and VAR and Integrator markets. Overall, we expect to report total revenues of approximately $105 million for the first quarter, which would represent year-over-year growth of 9%, with revenues in the Carrier market expected to grow approximately 19%, and revenues in our VAR and Integrator market, approximately 2%.

“Our growth in sales bookings has been even stronger, up 37% compared with the first quarter of fiscal year 2022, with the public carrier market growing 64% and the VAR and Integrator market growing 21%. Our progress in these areas was driven by improved performance across many of our focus areas, including Ventev and Tessco.com, and we expect our growing backlog to translate into increased revenues in future quarters.

“While we expect to report a pre-tax and adjusted EBITDA loss for the first quarter, we have sharpened our focus on cost controls and currently expect significant improvement in our overall profitability this fiscal year as compared to fiscal 2021. With that goal in mind, Tessco’s board has recently adopted a new operating plan for fiscal year 2022. Financial highlights of this operating plan include:

  • Projected full-year revenue of $408M to $442M (compared to $373M in fiscal year 2021)
  • Projected full-year net loss of $6.5M to $4.1M (compared to $14.3M in fiscal year 2021)
  • Projected full-year adjusted EBITDA* of $0.0M to $2.4M (compared to a loss of $12.8M in fiscal year 2021).

*Adjusted EBITDA is a Non-GAAP financial measure. Please see the discussion of Non-GAAP Information below and the reconciliation of Non-GAAP to GAAP results.

“I look forward to having a more robust discussion of our plan and first-quarter results during our Q1 earnings call, later this month,” Mr. Mukerjee concluded.

Forward-Looking Statements

This press release contains certain 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 facts contained herein, including statements regarding our future results of operations and financial position, strategy and plans and future prospects, and our expectations for future operations, are forward-looking statements. These forward-looking statements are based on current expectations and analysis, and actual results may differ materially from those projected. These forward-looking statements may generally be identified by the use of the words “may,” “will,” “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “seeks,” “believes,” “estimates,” and similar expressions, but the absence of these words or phrases does not necessarily mean that a statement is not forward-looking. These forward-looking statements are only predictions and involve a number of risks, uncertainties and assumptions, many of which are outside of our control. Our actual results may differ materially and adversely from those described in or contemplated by any such forward-looking statement for a variety of reasons, including those risks identified in our most recent Annual Report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission (the “SEC”), under the heading “Risk Factors” and otherwise. Consequently, the reader is cautioned to consider all forward-looking statements in light of the risks to which they are subject. For additional information with respect to risks and other factors which could occur, see Tessco’s Annual Report on Form 10-K for the year ended March 29, 2021, including Part I, Item 1A, “Risk Factors” therein, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other securities filings with the SEC that are available at the SEC’s website at www.sec.gov and other securities regulators.

We are not able to identify or control all circumstances that could occur in the future that may materially and adversely affect our business and operating results. Without limiting the risks that we describe in our periodic reports and elsewhere, among the risks that could lead to a materially adverse impact on our business or operating results are the following: the impact and results of any new or continued activism activities by activist investors; termination or non-renewal of limited duration agreements or arrangements with our suppliers and affinity partners, which are typically terminable by either party upon several months or otherwise relatively short notice; loss of significant customers or relationships, including affinity relationships; loss of customers or suppliers either directly or indirectly as a result of consolidation among large wireless services carriers and others within the wireless communications industry; the strength of our customers’, suppliers’ and affinity partners’ business; negative or adverse economic conditions, including those adversely affecting consumer confidence or consumer or business spending or otherwise adversely impacting our suppliers or customers, including their access to capital or liquidity, or our customers’ demand for, or ability to fund or pay for, the purchase of our products and services; our dependence on a relatively small number of suppliers , which could hamper our ability to maintain appropriate inventory levels and meet customer demand; changes in customer and product mix that affect gross margin; effect of “conflict minerals” regulations on the supply and cost of certain of our products; failure of our information technology system or distribution system; our inability to maintain or upgrade our technology or telecommunication systems without undue cost, incident or delay; system security or data protection breaches and exposure to cyber-attacks, and the cost associated with ongoing efforts to maintain cyber-security measures and to meet applicable compliance standards; damage or destruction of our distribution or other facilities; prolonged or otherwise unusual quality or performance control problems; technology changes in the wireless communications industry or technological failures, which could lead to significant inventory obsolescence or devaluation and/or our inability to offer key products that our customers demand; third-party freight carrier interruption; increased competition from competitors, including manufacturers or national and regional distributors of the products we sell and the absence of significant barriers to entry which could result in pricing and other pressures on profitability and market share; our relative bargaining power and inability to negotiate favorable terms with our suppliers and customers; our inability to access capital and obtain financing as and when needed; transitional and other risks associated with acquisitions of companies that we may undertake in an effort to expand our business; claims against us for breach of the intellectual property rights of third parties; product liability claims; our inability to protect certain intellectual property, including systems and technologies on which we rely; our inability to hire or retain for any reason our key professionals, management and staff; health epidemics or pandemics or other outbreaks or events, or national or world events or disasters beyond our control; changes in political and regulatory conditions, including tax and trade policies; and the possibility that, for unforeseen or other reasons, we may be delayed in entering into or performing, or may fail to enter into or perform, anticipated contracts or may otherwise be delayed in realizing or fail to realize anticipated revenues or anticipated savings.

The above list should not be construed as exhaustive and should be read in conjunction with our other disclosures, including but not limited to the risk factors described in our most recent Annual Report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission (the “SEC”), under the heading “Risk Factors” and otherwise. Other risks may be described from time to time in our filings made under the securities laws. New risks emerge from time to time. It is not possible for our management to predict all risks.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. In addition, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. We disclaim any duty to update any of these forward-looking statements after the date of this press release to confirm these statements to actual results or revised expectations.

The operating plan referred to in this press release is subject to all of the risks applicable to our business generally. The projections included in this press release assume the successful implementation of our current operating plan, and are not assurances of future results. The nature of our business is that we typically ship product within several days after booking orders. Current supply chain challenges make this more difficult and, consequently, will make it even more difficult to successfully execute our plan, and therefore, make it more difficult to forecast future results. Tessco assumes no obligation to update the information contained in this press release at any time.

About TESSCO Technologies Incorporated (NASDAQ: TESS)

TESSCO Technologies, Inc. (NASDAQ: TESS) is a value-added technology distributor, manufacturer, and solutions provider serving commercial customers in the wireless infrastructure ecosystem. The Company was founded more than 30 years ago with a commitment to deliver industry-leading products, knowledge, solutions, and customer service. Tessco supplies more than 65,000 products from 250 of the industry’s top manufacturers in mobile communications, Wi-Fi, Internet of Things (“IoT”), wireless backhaul, and more. Tessco is a single source for outstanding customer experience, expert knowledge, and complete end-to-end solutions for the wireless industry. For more information, visit www.tessco.com.

Non-GAAP Information

Adjusted EBITDA is a measure used by management to evaluate the Company’s ongoing operations, and to provide a general indicator of the Company’s operating cash flow (in conjunction with a cash flow statement which also includes among other items, changes in working capital and the effect of non-cash charges). EBITDA is defined as income from operations, plus interest expense, net of interest income, provision for income taxes, and depreciation and amortization. Adjusted EBITDA is EBITDA as defined above, but also adds stock-based compensation and goodwill impairments.

Management believes Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies. Because not all companies use identical calculations, the Company’s presentation of these Non-GAAP measures may not be comparable to other similarly titled measures of other companies. EBITDA, EBITDA per diluted share, Adjusted EBITDA and Adjusted EBITDA per share are not recognized terms under GAAP, and EBITDA and Adjusted EBITDA does not purport to be an alternative to net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. Additionally, EBITDA and EBITDA per diluted share, are intended to be measures of free cash flow for management’s discretionary use, as certain cash requirements, such as interest payments, tax payments and debt service requirements, are not reflected.

A reconciliation of Non-GAAP to GAAP results is as follows:

 

Low

High

Net loss per Plan

$(6.5M)

$(4.1M)

Add: income taxes

0.0M

0.0M

Add: depreciation

4.7M

4.7M

Add: interest

1.0M

1.0M

Add: stock compensation

0.8M

0.8M

Adjusted EBITDA per Plan

$0.0M

$2.4M

 

TESSCO Technologies Incorporated

Aric Spitulnik

Chief Financial Officer

410-229-1419

[email protected]

or

David Calusdian

Sharon Merrill Associates

617-542-5300

[email protected]

KEYWORDS: United States North America Maryland

INDUSTRY KEYWORDS: Technology Mobile/Wireless Software Networks Internet Hardware

MEDIA:

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New Mountain Finance Corporation Schedules its Second Quarter 2021 Earnings Release and Dividend Announcement

New Mountain Finance Corporation Schedules its Second Quarter 2021 Earnings Release and Dividend Announcement

NEW YORK–(BUSINESS WIRE)–
New Mountain Finance Corporation (Nasdaq: NMFC) (“NMFC” or “the Company”) today announced that it will release its financial results for the quarter ended June 30, 2021 on Wednesday, August 4, 2021 after the close of the U.S. financial markets. Additionally, at that time, the Company will announce its third quarter 2021 dividend. The Company will host an earnings conference call and audio webcast at 10:00 am (Eastern Time) on Thursday, August 5, 2021.

During the conference call, the Company’s officers will review the second quarter performance, discuss recent events and conduct a question-and-answer period.

To Participate in the Telephone Conference Call:

Dial in at least fifteen minutes prior to the start time.

Domestic: +1 (877) 443-9109

International: +1 (412) 317-1082

Conference Call Playback

Domestic: +1 (877) 344-7529

International: +1 (412) 317-0088

Passcode: 10158263

The playback can be accessed one hour after the end of the conference call through August 5, 2022 at 9:00 am (Eastern Time).

Webcast

The conference call will also be available in the Investor Relations section of the Company’s website at http://ir.newmountainfinance.com. To listen to the live call, please go to the Company’s website at least 15 minutes prior to the start of the call to register and download any necessary audio software. Following the call, you may access a replay of the event via audio webcast on its website.

ABOUT NEW MOUNTAIN FINANCE CORPORATION

New Mountain Finance Corporation is a closed-end, non-diversified and externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of debt securities at all levels of the capital structure, including first and second lien debt, notes, bonds and mezzanine securities. The Company’s first lien debt may include traditional first lien senior secured loans or unitranche loans. Unitranche loans combine characteristics of traditional first lien senior secured loans as well as second lien and subordinated loans. Unitranche loans will expose the Company to the risks associated with second lien and subordinated loans to the extent it invests in the “last out” tranche. In some cases, the investments may also include small equity interests. The Company’s investment activities are managed by its Investment Adviser, New Mountain Finance Advisers BDC, L.L.C., which is an investment adviser registered under the Investment Advisers Act of 1940, as amended. More information about New Mountain Finance Corporation can be found on the Company’s website at http://www.newmountainfinance.com.

FORWARD-LOOKING STATEMENTS

Statements included herein may contain “forward-looking statements”, which relate to our future operations, future performance or our financial condition. Forward-looking statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties, including the impact of COVID-19 and related changes in base interest rates and significant volatility on our business, portfolio companies, our industry and the global economy. Actual results and outcomes may differ materially from those anticipated in the forward-looking statements as a result of a variety of factors, including those described from time to time in our filings with the Securities and Exchange Commission or factors that are beyond our control. New Mountain Finance Corporation undertakes no obligation to publicly update or revise any forward-looking statements made herein, except as may be required by law. All forward-looking statements speak only as of the time of this press release.

New Mountain Finance Corporation

Investor Relations

Shiraz Y. Kajee, Authorized Representative

[email protected]

(212) 220-3505

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

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Educational Development Corporation Announces Record First Quarter Fiscal Year 2022 Results

TULSA, Okla., July 07, 2021 (GLOBE NEWSWIRE) — Educational Development Corporation (“EDC”, or the “Company”) (NASDAQ: EDUC) (http://www.edcpub.com) today reports record first quarter net revenues and increased earnings per share results for the quarter ended May 31, 2021.


First Quarter Highlights Compared to the Prior Year First Quarter

  • Net revenues of $40.8 million, an increase of $2.5 million, or 6.5%, compared to $38.3 million.
  • Average active UBAM sales consultants totaled 55,100.
  • Earnings before income taxes were $4.7 million, an increase of $2.1 million, or 80.8%, compared to $2.6 million.
  • Net earnings totaled $3.4 million, compared to $1.9 million, an increase of $1.5 million, or 78.9%.
  • Earnings per share totaled $0.41, compared to $0.23, up 78.3% on a fully diluted basis.

“I am truly pleased by our record breaking fiscal 2022 first quarter sales, and the translation of those sales into significant earnings growth for our shareholders,” said Randall White, President and CEO. “This quarter’s results reflect the positive impacts from several strategic changes that were made during our fourth quarter last year. We restructured our freight contract with our small package carrier to reduce price increases and increased the minimum charges on customer orders to further offset our overall net shipping costs on each package. These changes, along with increased discounts and rebates on longer print runs with our publishers, have driven increased profitability for the quarter. We expect continued profitability from these changes, and other future strategic improvements, to further drive shareholder returns,” commented Mr. White.

Net revenues for the direct sales division, Usborne Books & More (“UBAM”), totaled $37.6 million for the fiscal first quarter ended May 31, 2021, an increase of 1.9% from $36.9 million for the same quarter a year ago. This increase in revenues over the same quarter last year is especially relevant as the $36.9 million for quarter ended May 31st, 2020, was the Company’s largest revenue quarter at that time and reflected an increase of 41.8% over the quarter ended May 31st, 2019. Also, last year’s record quarter was achieved during the COVID-19 pandemic, which suffered approximately $8 million in lost revenues from school book fairs and booth sales due to closures. We estimate the combined missed revenues from these two sales streams exceeded $30 million for the year ended February 28, 2021. The Company is confident that revenues from these two channels are returning during this fiscal year as restrictions are lifted from schools and group gatherings.

Net revenues in the Publishing division increased 128.6%, to $3.2 million for the fiscal first quarter ended May 31, 2021, from $1.4 million for the same quarter a year ago. The Publishing divisions gross sales grew by over 132.3%, reflecting the resurgence of increased sales through retail stores.

Per Mr. White, “During the first and second quarters last year we saw an increase in demand for our products from parents needing additional content in the home. This increased demand resulted in unusually large sales volumes for what are not typically our largest quarters of the year, due to the seasonal nature of our business. The increase in revenues over the first quarter last year indicates that this increase in Usborne Books & More is sales consultant driven rather than driven by the issues associated with the COVID-19 pandemic.”

Mr. White concluded, “The Company has a strong financial position and is and expects an increase in revenues and profitability for the fiscal year ending February 28, 2022.”

Once again, the board approved a quarterly cash dividend of $0.10 per share, which will be paid on, or around, September 7, 2021 to shareholders of record on August 24, 2021.

EDUCATIONAL DEVELOPMENT CORPORATION
CONDENSED STATEMENTS OF EARNINGS (UNAUDITED)
    Three Months Ended

May 31,
    2021     2020
               
NET REVENUES   $  40,807,900     $ 38,291,700
               
EARNINGS BEFORE INCOME TAXES     4,660,600       2,643,900
               
INCOME TAXES     1,222,500       712,800
NET EARNINGS   $  3,438,100     $ 1,931,100
               
BASIC AND DILUTED EARNINGS              
PER SHARE:              
Basic   $  0.43     $ 0.23
Diluted   $  0.41     $ 0.23
               
DIVIDENDS PER SHARE   $  0.10     $ 0.06
               
WEIGHTED AVERAGE NUMBER OF              
COMMON AND EQUIVALENT SHARES              
OUTSTANDING:              
Basic     8,029,264       8,352,424
Diluted     8,481,980       8,352,424

EDC will host its First Quarter Fiscal 2022 Earnings Call, including a live Q&A webcast, on Thursday, July 8, 2021 at 3:00 PM CT (4:00 PM ET). Randall White, the Company’s Chief Executive Officer and President, Craig White, Chief Operating Officer, Heather Cobb, Chief Sales and Marketing Officer and Dan O’Keefe, Chief Financial Officer and Secretary, will present the first quarter results and be available for questions following the presentation. Phone lines for participants will be available at (855) 639-3876. The conference ID is 9852428.

Audio replays will be available following the event at www.edcpub.com/investors.aspx.

About Educational Development Corporation (EDC)

EDC is a publishing company specializing in books for children. EDC is the exclusive United States trade co-publisher of the line of educational children’s books produced in the United Kingdom by Usborne Publishing Limited (“Usborne”) and we also exclusively publish books through our ownership of Kane Miller Book Publisher (“Kane Miller”); both international award-winning publishers of children’s books. EDC’s current catalog contains over 2,000 titles, with new additions semi-annually. Both Usborne and Kane Miller products are sold via 4,000 retail outlets and by independent consultants, who hold book showings in individual homes, through social media, book fairs with school and public libraries, direct and internet sales. 

Contact:
Educational Development Corporation
Randall White, (918) 622-4522

Investor Relations:
Three Part Advisors, LLC
Steven Hooser, (214) 872-2710

Cautionary Statement for the Purpose of the “Safe Harbor” Provision of the Private Securities Litigation Reform Act of 1995.

The information discussed in this Press Release includes “forward-looking statements.” These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “project,” “plan,” “believe,” “intend,” “achievable,” “anticipate,” “continue,” “potential,” “should,” “could,” and similar terms and phrases. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties and we can give no assurance that such expectations or assumptions will be achieved. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, our success in recruiting and retaining new consultants, our ability to locate and procure desired books, our ability to ship the volume of orders that are received without creating backlogs, our ability to obtain adequate financing for working capital and capital expenditures, economic and competitive conditions, regulatory changes and other uncertainties, the COVID-19 pandemic, as well as those factors discussed in our Annual Report on Form 10-K for the year ended February 28, 2021, all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements in this paragraph and elsewhere in our Annual Report on Form 10-K for the year ended February 28, 2021 and speak only as of the date of this Press Release. Other than as required under the securities laws, we do not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, changes in expectations or otherwise.



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Centerra Gold Brings Additional Claims in Arbitration Against the Kyrgyz Republic and Names Kyrgyzaltyn JSC as a Co-Respondent over Seizure of the Kumtor Mine

TORONTO, July 07, 2021 (GLOBE NEWSWIRE) — Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG) (NYSE: CGAU) announced today that it has brought additional claims against the government of the Kyrgyz Republic in binding arbitration and asserted claims against the state-owned entity Kyrgyzaltyn JSC in response to the wrongful expropriation of the Kumtor Mine.

Among other relief, the Company’s amended Notice of Arbitration seeks to hold the Kyrgyz government and Kyrgyzaltyn JSC responsible for any and all losses and damages that result from their coordinated campaign to seize the gold mine in violation of longstanding investment agreements and without compensation to Centerra.

The amended notice adds claims against Kyrgyzaltyn JSC, the gold refining monopoly in the Kyrgyz Republic and Centerra’s largest shareholder. It asserts that Kyrgyzaltyn JSC conspired with the Kyrgyz government to take control of the mine under the guise of temporary “external management” and continues to act at the behest of the government with regard to the operation of Kumtor and its shareholding in Centerra.

Scott Perry, President & Chief Executive Officer of Centerra, said: “Rather than honor its commitment to arbitrate any disputes in a transparent manner in a neutral forum, the government and those acting in concert with it have proceeded to expropriate the Kumtor Mine, placing Centerra’s investment and the livelihoods of thousands of Kyrgyz workers at risk. Centerra would much prefer to resolve this dispute in a constructive dialogue with the Kyrgyz authorities, but their repeated refusal to engage leaves us no choice but to seek effective remedies through arbitration and other legal means.”

As disclosed on May 16, 2021, Centerra initiated binding arbitration against the Kyrgyz government in response to actions taken against the Company’s wholly owned subsidiary Kumtor Gold Company (“KGC”), including meritless fines and tax claims as well as legislation providing for its operations to be placed under “external management.” The amended notice asserts additional claims arising from the seizure of the mine and seeks to enjoin the respondents from any further actions to nationalize the mine or transfer KGC’s assets.

Under applicable investment agreements, Centerra’s claims will be adjudicated by a single arbitrator in arbitration proceedings to be held in Stockholm, Sweden and conducted under the rules of the United Nations Commission on International Trade Law (“UNCITRAL”). Under the agreements, the governing law is the law of the State of New York. Centerra has requested that the Permanent Court of Arbitration in the Hague designate an appointing authority to select an arbitrator promptly.

About Centerra

Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold properties in North America, Asia and other markets worldwide and is one of the largest Western-based gold producers in Central Asia. Centerra owns three mines, the Kumtor Mine in the Kyrgyz Republic, the Mount Milligan Mine in British Columbia, Canada and the Öksüt Mine in Turkey. Centerra’s shares trade on the Toronto Stock Exchange (TSX) under the symbol CG and on the New York Stock Exchange (NYSE) under the symbol CGAU. The Company is based in Toronto, Ontario, Canada.

Caution Regarding Forward-Looking Information

Information contained in this document which are not statements of historical facts may be “forward-looking information” for the purposes of Canadian securities laws and within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information involves risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward looking information. The words “believe”, “expect”, “anticipate”, “contemplate”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule”, “understand” and similar expressions identify forward-looking information. These forward-looking statements relate to, among other things: the claims brought and relief sought by the Company against the Kyrgyz Republic
and Kyrgyzaltyn JSC in binding arbitration, and the potential success thereof; the ability of Centerra to appoint an arbitrator promptly; the court proceedings brought by the Company against Mr. Bolturuk to obtain injunctive relief; future discussions with the Government of the Kyrgyz Republic relating to disputes that have arisen under the investment agreement; andthe Company’s ability to obtain effective remedies through arbitration and other legal means.

Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Centerra, are inherently subject to significant political, business, technical, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information. Factors and assumptions that could cause actual results or events to differ materially from current expectations include, among other things:
the continued imposition by the Kyrgyz Government of “external management” on KGC or the prolongation of 
such “external management” the ongoing failure of the Kyrgyz Republic Government to comply with its continuing obligations under the investment agreements governing the Kumtor Mine to allow for the continued operation of the Kumtor mine by KGC and Kumtor Operating Company (“KOC”) and not take any expropriation action against the Kumtor mine; actions by the Kyrgyz Republic Government or any state agency or the General Prosecutor’s Office that serve to restrict or otherwise interfere with the payment of funds by KGC and KOC to Centerra; the Kyrgyz Government taking further steps to nationalize or expropriate the Kumtor mine, and/or utilizing the purported environmental and tax claims being asserted against KGC to strip KGC of its assets; the impact of changes in, or to the more aggressive enforcement of, laws, regulations and government practices, including unjustified civil or criminal action against the Company, its affiliates or its current or former employees, including the interaction of claims of harm to the environment or human health with the new Kyrgyz Republic law that enabled the imposition of external management on the Kumtor Mine by the Kyrgyz Republic Government; potential impact on the Kumtor mine of investigations by Kyrgyz Republic instrumentalities; the inability of the Company and its subsidiaries to enforce their legal rights in certain circumstances or to collect on any favorable arbitral and/or court judgement awarded against the Kyrgyz Republic, Kyrgyzaltyn JSC and/or Mr. Bolturuk, as applicable; other political risks associated with the Company’s operations in the Kyrgyz Republic; the presence of a significant shareholder that is a state-owned company of the Kyrgyz Republic; and the management of external stakeholder expectations in respect of the foregoing risk factors. For additional risk factors, please see section titled “Risks Factors” in the Company’s most recently filed Annual Information Form available on SEDAR at www.sedar.com and EDGAR www.sec.gov/edgar.

   
There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and future events, both known and unknown could cause actual results, performance or achievements to vary or differ materially from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained herein or incorporated by reference. Accordingly, all such factors should be considered carefully when making decisions with respect to Centerra, and prospective investors should not place undue reliance on forward looking information. Forward-looking information is as of July 7, 2021. Centerra assumes no obligation to update or revise forward-looking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable law.

For more information:

John W. Pearson
Vice President, Investor Relations
(416) 204-1953
[email protected]

Additional information on Centerra is available on the Company’s web site at www.centerragold.com on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.

A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/14b813f4-63eb-40a6-ab8a-83f4cd5c22b5



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Vista Gold Corp. Announces US$8 Million Bought Deal Offering

DENVER, July 07, 2021 (GLOBE NEWSWIRE) — Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) is pleased to announce that it has entered into an underwriting agreement with a syndicate of underwriters with H.C. Wainwright & Co. acting as sole book-running manager and representative of the underwriters, under which the underwriters have agreed to purchase in a public offering on a firm commitment basis 7,272,728 units of the Company (the “Units”) at a public offering price of US$1.10 per Unit, less underwriting discounts and commissions, for aggregate gross proceeds of approximately US$8,000,000 (the “Offering”). Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will be exercisable immediately upon issuance for thirty six months and entitle the holder thereof to purchase one Common Share upon exercise at an exercise price of US$1.25 per Common Share.

H.C. Wainwright & Co. is acting as sole book-running manager for the Offering. Haywood Securities Inc. is acting as co-manager for the Offering.

In addition, the Company has granted the underwriters an option, exercisable at any time and from time to time for up to 30 days, to purchase up to an additional 1,090,908 Units, and/or 1,090,908 Common Shares and/or Warrants to purchase up to 545,454 Common Shares at the public offering price per Unit, per Common Share and/or per Warrant, respectively, less underwriting discounts and commissions, in any combination thereof so long as the aggregate number of additional Common Shares and additional Warrants that may be issued under the option does not exceed 1,090,908 additional Common Shares and 545,454 additional Warrants.

The Offering is expected to close on or about July 12, 2021, subject to the satisfaction of customary closing conditions, including TSX and NYSE American approvals. For the purposes of the TSX approval, the Company intends to rely on the exemption set forth in Section 602.1 of the TSX Company Manual, which provides that the TSX will not apply its standards to certain transactions involving eligible interlisted issuers on a recognized exchange, such as NYSE American.

The Company intends to allocate the net proceeds from the Offering to advance programs at Mt Todd by further refining technical aspects of the project, enhancing economic returns, and supporting the Company’s objective of securing a development partner. These programs may include additional drilling and technical reports supported by engineering/design work and other technical studies. Remaining proceeds will be used for working capital requirements and/or for other general corporate purposes, which include ongoing regulatory, legal and accounting expenses, management and administrative expenses, and other corporate initiatives.

A shelf registration statement on Form S-3 (File No. 333-239139) relating to the securities described above was filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 12, 2020, and became effective on June 24, 2020 and an additional registration statement on Form S-3 filed pursuant to Rule 462(b) (File No. 333-257746), which became automatically effective on July 7, 2021. The offering will be made only by means of a prospectus supplement and accompanying prospectus that form a part of the effective shelf registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the Offering have been filed with the SEC and will be available on the SEC’s website, located at www.sec.gov. Electronic copies of the preliminary prospectus supplement and accompanying prospectus, and the final prospectus supplement and accompanying prospectus relating to the Offering, when filed, may also be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, NY 10022, by email at [email protected] or by phone at (212) 856-5711.

The Company will file a prospectus supplement with the securities regulatory authorities in each province of Canada (other than Quebec) to supplement the Company’s Canadian short form base shelf prospectus dated October 5, 2020. Before you invest, you should read the offering documents and other documents that the Company has filed with the Canadian securities regulatory authorities for more complete information about the Company and the Offering. A copy of the underwriting agreement will be available for free by visiting the Company’s profiles on SEDAR at www.sedar.com.

Alternatively, a copy of the offering documents can be obtained by contacting the Company, attention: Pamela Solly, Vice President of Investor Relations, at (720) 981-1185, 7961 Shaffer Parkway, Suite 5, Littleton, Colorado 80127.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, 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.

About Vista Gold Corp.

Vista is a gold project developer. The Company’s flagship asset is the Mt Todd gold project located in the Tier 1, mining friendly jurisdiction of Northern Territory, Australia. Situated approximately 250 km southeast of Darwin, Mt Todd is the largest undeveloped gold project in Australia and, if developed as presently designed, would potentially be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs. All major operating and environmental permits have now been approved.

For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as statements with respect to the expected closing date of the Offering, the use of proceeds from the Offering and our intent to file the Offering Documents; our belief that Mt Todd is the largest undeveloped gold project in Australia; our expectation that Mt Todd will be Australia’s fourth largest gold producer on an annual basis, with lowest tertile in-country and global all-in sustaining costs; other anticipated mine development and operating costs and results at Mt Todd, and other such matters are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our understanding and belief of the current market conditions, approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release or otherwise, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, our ability to satisfy the conditions to closing of the Offering and to use the proceeds from the Offering as expected, uncertainty of mineral resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; whether potential partners exist and what views they may have regarding any transaction terms and expeditious development of the Mt. Todd project; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; whether anticipated gold recoveries and production would be achieved; potential effects on our operations of environmental regulations in the countries in which we operate; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which we operate; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.



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MasterCraft Boat Holdings, Inc. Elects Jennifer Deason to Board of Directors

VONORE, Tenn., July 07, 2021 (GLOBE NEWSWIRE) — MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) (the “Company”), a leading innovator, designer, manufacturer, and marketer of recreational powerboats, announced today that Jennifer Deason has been elected to its Board of Directors. The appointment will increase the size of the Company’s board to eight members, seven of which are independent.

“Jennifer is an accomplished executive and board member with an impressive track record of leading innovative companies across a diverse set of consumer-facing industries,” said Roch Lambert, Lead Independent Director. “Her leadership and financial experience will be invaluable at this stage of the Company’s growth as we work to accelerate our strategic objectives during this exciting time for the marine industry and the Company’s brands.”

Ms. Deason has over two decades of experience in corporate leadership. She’s currently the Chairman and Chief Executive Officer of Belong Acquisition Corp. Prior to launching Belong, Ms. Deason was Chief Business Officer/Chief Financial Officer of Flowcode. Ms. Deason also served as the Executive Vice President, Head of Corporate Development and Strategy for Sotheby’s. Additionally, Ms. Deason served as Chief Financial Officer at the Weather Channel, where she worked to reposition the organization from a more traditional TV media company towards a data-focused, mobile-first advertising platform, prior to the sale of the digital and B2B businesses to IBM. Earlier in her career, she served as Executive Vice President at Bain Capital. While at Bain, Ms. Deason served in several interim operating roles such as President, Chief Marketing Officer and Chief Financial Officer and was a Board member of several portfolio companies. Ms. Deason holds an M.B.A. from Stanford University and a B.A. from Yale University, and is closely involved in both schools. Ms. Deason also serves as board member for DHI Group, Inc., Concentrix Corporation, and the Massachusetts Museum of Contemporary Art.

About MasterCraft Boat Holdings, Inc.

Headquartered in Vonore, Tenn., MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) is a leading innovator, designer, manufacturer, and marketer of recreational powerboats through its four brands, MasterCraft, NauticStar, Crest and Aviara. Through these four brands, MasterCraft Boat Holdings has leading market share positions in three of the fastest growing segments of the powerboat industry – performance sport boats, outboard saltwater fishing and pontoon boats – while entering the large, growing luxury day boat segment. For more information about MasterCraft Boat Holdings, and its four brands, visit: investors.mastercraft.com, www.MasterCraft.com, www.NauticStarBoats.com, www.CrestPontoonBoats.com, and www.AviaraBoats.com.

Investor Contact:

MasterCraft Boat Holdings, Inc.
George Steinbarger
Chief Revenue Officer
Email: [email protected]



Posted on

Evaxion Biotech to Host Conference Call on EVX-01 and EVX-02 Phase 1/2a Data on July 8

COPENHAGEN, Denmark, July 07, 2021 (GLOBE NEWSWIRE) — Evaxion Biotech A/S (NASDAQ: EVAX), a clinical-stage biotechnology company specializing in the development of AI-driven immunotherapies to improve the lives of patients with cancer, bacterial diseases and viral infections, announced today that it will hold a conference call to discuss Phase 1/2a data on EVX-01 and EVX-02 on Thursday, July 8, 2021.

Lars Wegner, CEO of Evaxion, Glenn Vraniak, CFO, and Niels Iversen Moller, co-founder and CBO, will host the call, at 8:00 a.m. EDT.

To dial in for the conference call, please use the following details:

Date: July 8, 2021
Time: 8:00 AM EDT
US Dial-in: 877-407-0792
International Dial-in: + 1-201-689-8263
Conference ID: 13720456
Webcast:http://public.viavid.com/index.php?id=145224

Slides will accompany the event and a live webcast of the call will also be available via the Investor Relations page of Evaxion website, available here, and will be archived for one year.

About Evaxion

Evaxion Biotech A/S is a clinical-stage AI-immunology™ platform company decoding the human immune system to discover and develop novel immunotherapies to treat cancer, and vaccines against bacterial diseases and viral infections. Based on its proprietary and scalable AI-immunology core technology, Evaxion is developing a broad pipeline of novel product candidates which currently includes three patient-specific cancer immunotherapies, two of which are in Phase 1/2a clinical development. In addition, Evaxion is advancing a portfolio of vaccines to prevent bacterial and viral infections currently in preclinical development.

For more information    
Evaxion   LifeSci Advisors LLC
Glenn S. Vraniak   Corey Davis
Chief Financial Officer    
[email protected]   [email protected]
+1 (513) 476-2669   +1 (212) 915-2577

Forward-looking statements

This announcement contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this announcement regarding the Company’s future operations, plans and objectives are forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions, all statements other than statements of historical fact included in this announcement about future events are subject to (i) change without notice and (ii) factors beyond the Company’s control. These statements may include, without limitation, any statements preceded by, followed by, or including words such as “target,” “believe,” “expect,” “hope,” “aim,” “intend,” “may,” “might,” “anticipate,” “contemplate,” “continue,” “estimate,” “plan,” “potential,” “predict,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could”, and other words and terms of similar meaning or the negative thereof. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors, including but not limited to: risks associated with the Company’s financial condition and need for additional capital; risks associated with the Company’s development work; cost and success of the Company’s product development activities and preclinical and clinical trials; risks related to commercializing any approved pharmaceutical product developed using the Company’s AI platform technology, including the rate and degree of market acceptance of the Company’s product candidates; risks related to the Company’s dependence on third parties including for conduct of clinical testing and product manufacture; risks associated with the Company’s inability to enter into partnerships; risks related to government regulation; risks associated with protection of the Company’s intellectual property rights; risks related to employee matters and managing growth; risks related to the Company’s ADSs and ordinary shares, risks associated with the pandemic caused by the coronavirus known as COVID-19 and other risks and uncertainties affecting the Company’s business operations and financial condition.

Forward-looking statements are subject to inherent risks and uncertainties beyond the Company’s control that could cause the Company’s actual results, performance, or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the Company’s business in general, see the risks described in the “Risk Factors” section included in the Company’s Form 20-F for the year end December 31, 2020 and the Company’s current and future reports filed with, or submitted to, the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this announcement speak only as of the date hereof, and except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.



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Pembina Pipeline Corporation Declares July 2021 Common Share Dividend, Quarterly Preferred Share Dividends and Announces Second Quarter 2021 Results Conference Call and Webcast

PR Newswire

CALGARY, AB, July 7, 2021 /PRNewswire/ – Pembina Pipeline Corporation (“Pembina” or the “Company”) (TSX: PPL) (NYSE: PBA) announced today that its Board of Directors has declared a common share cash dividend for July 2021 of $0.21 per share to be paid, subject to applicable law, on August 13, 2021 to shareholders of record on July 23, 2021. The common share dividends are designated “eligible dividends” for Canadian income tax purposes. For non-resident shareholders, Pembina’s common share dividends should be considered “qualified dividends” and may be subject to Canadian withholding tax.

For shareholders receiving their common share dividends in U.S. funds, the July 2021 cash dividend is expected to be approximately U.S. $0.1687 per share (before deduction of any applicable Canadian withholding tax) based on a currency exchange rate of 0.8035. The actual U.S. dollar dividend will depend on the Canadian/U.S. dollar exchange rate on the payment date and will be subject to applicable withholding taxes.

Pembina’s Board of Directors also declared quarterly dividends for the Company’s preferred shares, Series 1, 3, 5, 7, 9, 15, 17, 19, 21, 23 and 25. Series 1, 3, 5, 7, 9 and 21 preferred share dividends are payable on September 1, 2021 to shareholders of record on August 3, 2021. Series 15, 17 and 19 preferred share dividends are payable on September 30, 2021 to shareholders of record on September 15, 2021. Series 23 and 25 preferred share dividends are payable on August 16, 2021 to shareholders of record on August 3, 2021.


Series


Dividend Amount

Preferred Shares, Series 1   (PPL.PR.A)

$0.306625

Preferred Shares, Series 3   (PPL.PR.C)

$0.279875

Preferred Shares, Series 5   (PPL.PR.E)

$0.285813

Preferred Shares, Series 7   (PPL.PR.G)

$0.273750

Preferred Shares, Series 9   (PPL.PR.I)

$0.268875

Preferred Shares, Series 15 (PPL.PR.O)

$0.279000

Preferred Shares, Series 17 (PPL.PR.Q)

$0.301313

Preferred Shares, Series 19 (PPL.PR.S)

$0.292750

Preferred Shares, Series 21 (PPL.PF.A)

$0.306250

Preferred Shares, Series 23 (PPL.PF.C)

$0.328125

Preferred Shares, Series 25 (PPL.PF.E)

$0.325000

Confirmation of Record and Payment Date Policy

Pembina pays cash dividends on its common shares in Canadian dollars on a monthly basis to shareholders of record on the 25th calendar day of each month (except for the December record date, which is December 31st), if, as and when determined by the Board of Directors. Should the record date fall on a weekend or a statutory holiday, the effective record date will be the previous business day. The dividend payment date is the 15th calendar day of the month following the record date. Should the payment date fall on a weekend or on a statutory holiday, the business day prior to the weekend or statutory holiday becomes the payment date.

Dividends on the preferred shares Series 1, 3, 5, 7, 9 and 21 are payable on the first calendar day of March, June, September and December in each year, if, as and when declared by the Board of Directors to shareholders of record on the first calendar day of the preceding month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday. Dividends on the preferred shares Series 15, 17 and 19 are payable on the last calendar day of March, June, September and December in each year, if, as and when declared by the Board of Directors to shareholders of record on the 15th calendar day of the same month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday. Dividends on the preferred shares Series 23 and 25 are payable on the 15th day of February, May, August and November in each year, if, as and when declared by the Board of Directors to shareholders of record on the last business day of the preceding month, or, if such payment or record date is not a business day, the next succeeding business day after the weekend or statutory holiday.

Conference Call and Webcast Details for Second Quarter 2021 Results

Pembina will release its second quarter 2021 results on Thursday, August 5, 2021 after markets close. A conference call and webcast have been scheduled for Friday, August 6, 2021, at 8:00 a.m. MT (10:00 a.m. ET) for interested investors, analysts, brokers and media representatives.

The conference call dial-in numbers for Canada and the U.S. are 647-427-7450 or 888-231-8191. A recording of the conference call will be available for replay until August 13, 2021 at 11:59 p.m. ET. To access the replay, please dial either 416-849-0833 or 855-859-2056 and enter the password 3757059.

A live webcast of the conference call can be accessed on Pembina’s website at www.pembina.com under Investor Centre, Presentation & Events, or by entering:

https://produceredition.webcasts.com/starthere.jsp?ei=1354428&tp_key=2545fc3b28 in your web browser. Shortly after the call, an audio archive will be posted on the website for a minimum of 90 days.

About Pembina

Pembina is a leading transportation and midstream service provider that has been serving North America’s energy industry for more than 65 years. Pembina owns an integrated system of pipelines that transport various hydrocarbon liquids and natural gas products produced primarily in western Canada. The Company also owns gas gathering and processing facilities; an oil and natural gas liquids infrastructure and logistics business; and is growing an export terminals business. Pembina’s integrated assets and commercial operations along the majority of the hydrocarbon value chain allow it to offer a full spectrum of midstream and marketing services to the energy sector. Pembina is committed to identifying additional opportunities to connect hydrocarbon production to new demand locations through the development of infrastructure that would extend Pembina’s service offering even further along the hydrocarbon value chain. These new developments will contribute to ensuring that hydrocarbons produced in the Western Canadian Sedimentary Basin and the other basins where Pembina operates can reach the highest value markets throughout the world.

Purpose of Pembina:

To be the leader in delivering integrated infrastructure solutions connecting global markets:

  • Customers choose us first for reliable and value-added services;
  • Investors receive sustainable industry-leading total returns;
  • Employees say we are the ’employer of choice’ and value our safe, respectful, collaborative and fair work culture; and
  • Communities welcome us and recognize the net positive impact of our social and environmental commitment.

Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division.

Pembina’s common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com.


Forward-Looking Information and Statements

This news release contains certain forward-looking information and statements (collectively, “forward-looking statements”) that are based on Pembina’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking statements can be identified by terminology such as “should”, “may”, “will”, “continue”, “if”, “to be”, “expects”, and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements relating to: future dividends which may be declared on Pembina’s common shares and preferred shares; the timing and the amount of the dividend payments and the tax treatment thereof; and the timing for release of the Company’s second quarter 2021 results. These forward-looking statements are being made by Pembina based on certain assumptions that Pembina has made in respect thereof as at the date of this news release, regarding, among other things: the ability of Pembina and any required third parties to effectively engage with stakeholders; oil and gas industry exploration and development activity levels; the success of Pembina’s operations and growth projects; prevailing commodity prices, margins, volumes and exchange rates; that Pembina’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements relating to existing assets and projects, including but not limited to future capital expenditures relating to expansion, upgrades and maintenance shutdowns; that any third party projects relating to Pembina’s growth projects will be sanctioned and completed as expected; that any required commercial agreements can be reached; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; that counterparties to material agreements will continue to perform in a timely manner; that there are no unforeseen events preventing the performance of contracts; that there are no unforeseen material construction, integrity or other costs related to current growth projects or current operations; prevailing interest and tax rates; and the availability of coverage under Pembina’s insurance policies (including in respect of Pembina’s business interruption insurance policy).

Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. Readers are cautioned that events or circumstances could cause actual results to differ materially from those predicted, forecasted or projected. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These known and unknown risks and uncertainties, include, but are not limited to: the regulatory environment and decisions; the ability of Pembina to raise sufficient capital (or to raise sufficient capital on favourable terms) to fund future expansions and growth projects and satisfy future commitments; failure to negotiate and conclude any required commercial agreements or failure to obtain project sanctioning; increased construction costs, or construction delays, on Pembina’s expansion and growth projects; labour and material shortages; non-performance or default by counterparties to agreements which Pembina or one or more of its affiliates has entered into in respect of its business; the failure to realize the anticipated benefits or synergies of completed acquisitions, integration issues or otherwise; the impact of competitive entities and pricing; reliance on key industry partners, alliances and agreements; the strength and operations of the oil and natural gas production industry and related commodity prices; the continuation or completion of third-party projects; actions by governmental or regulatory authorities including changes in tax laws and treatment, changes in royalty rates, climate change initiatives or policies or increased environmental regulation; adverse general economic and market conditions in Canada, North America and worldwide, including changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, commodity prices, supply/demand trends and overall industry activity levels; risks relating to widespread epidemics or pandemic outbreaks, including risks relating to the duration, geographic scope and severity of the COVID-19 pandemic; a resurgence in COVID-19 cases or the emergence of new variants of the COVID-19 virus, which could result in the imposition or, reimposition of, or enhancements to, restrictions to contain the virus, including restrictions on movement and businesses; the extent to which the COVID-19 pandemic continues to impact the global economy and cause, directly or indirectly, a decline in commodity prices; the efficacy of actions taken by governmental authorities to contain the COVID-19 virus, including ongoing vaccination campaigns, and to mitigate or otherwise address its impact; the extent, timing and sustainability of economic recovery in relation to the COVID-19 pandemic; changes in credit ratings; counterparty credit risk; technology and cyber security risks; and certain other risks detailed from time to time in Pembina’s public disclosure documents including, among other things, those detailed under the heading “Risk Factors” in Pembina’s management’s discussion and analysis and annual information form, each for the year ended December 31, 2020, and Pembina’s management’s discussion and analysis dated May 6, 2021 for the three months’ ended March 31, 2021, which can all be found at

www.sedar.com

 and with the U.S. Securities and Exchange Commission at

www.sec.gov

 and available on Pembina’s website at

www.pembina.com

.

The forward-looking statements are expressly qualified by the above statements and speak only as of the date of this document. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements contained herein, except as required by applicable laws.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/pembina-pipeline-corporation-declares-july-2021-common-share-dividend-quarterly-preferred-share-dividends-and-announces-second-quarter-2021-results-conference-call-and-webcast-301327400.html

SOURCE Pembina Pipeline Corporation

Posted on

Flexibility and choice to drive Sun Life’s Future of Work in Canada

Canada NewsWire

Designed to empower employees, attract talent and accelerate its goal to be one of the best insurance and asset management companies

TORONTO, July 7, 2021 /CNW/ – As Canadian employers solidify their return-to-office plans, Sun Life becomes the first Canadian insurance, wealth & health company to share its post-pandemic future of work vision. Rooted in employee flexibility, empowerment and centred around Client and business needs, the vision has employees choosing when and where to work – whether at home or in the office.

In Canada, Sun Life’s home market, a majority of its approximately 12,000 employees will be “flexible.” This means employees will not be required to work from the office any minimum or maximum number of days. Instead, by using Client and business needs as a guide, employees will choose where they work at any given time based on the activities they need to complete.

“The future of work at Sun Life is about flexibility and choice, empowering people to optimize their work and personal priorities,” states Kevin Strain, President and incoming CEO of Sun Life. “Our employees have continued to be there for Clients throughout the pandemic, accelerating towards our goal to be one of the best insurance and asset management companies in the world. Retaining flexibility allows employees to use business and Client needs as a guide to help them determine where they work.”

“There’s no question the pandemic has changed the way Canadians work, motivating many of us to reflect on our priorities and values, and what we need to sustain our mental and physical health,” says Jacques Goulet, President, Sun Life Canada. “Throughout the pandemic, our employees told us they found comfort in our encouragement to flex their day. At a time when many businesses struggled, Sun Life’s employee engagement in Canada increased significantly. We believe a flexible model gives employees more decision-making power, centred on our Clients’ and business needs.”

Sun Life’s offices remain an important element of its strategy. They will continue to be a meeting place for Clients and employees, and a hub for in-person collaboration and ideation. For employees whose roles require more office-time, they can perform their activities from a Sun Life location.

Sun Life is investing in a number of measures to help make its flexible future a reality. This includes:

  • Equipping offices with the right technology and tools
  • Training and support for people leaders to lead as provinces re-open
  • Focusing on creating an equitable and inclusive experience for all Sun Life employees – whether they work mainly from home or from the office.

About Sun Life
Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2021, Sun Life had total assets under management of $1,304 billion. For more information please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

Note to editors: All figures in Canadian dollars

Media Relations Contact:
Nadine Jahangir Gerrard
Director, Corporate Communications
T. 647.221.8283
[email protected]

SOURCE Sun Life Financial Inc.