Market Newsdesk

May 3, 2021 6:03 am

Amphastar Pharmaceuticals Receives FDA Approval for Morphine Sulfate Injection

RANCHO CUCAMONGA, Calif., May 03, 2021 (GLOBE NEWSWIRE) — Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH) announced that the U.S. Food and Drug Administration (“FDA”) approved the Company’s Abbreviated New Drug Application (“ANDA”) for Morphine Sulfate injection 1mg/mL in the 30mL Pump-Jet^® Prefilled Syringe System. It is indicated for the management of pain severe enough to require use of an opioid analgesic by Patient-Controlled Analgesia (PCA), only for use with a compatible Alaris^® infusion device, and for which alternative treatments are inadequate. For the past 30 years, the company has sold and marketed the product under the “grandfather” exception to the FDA’s “Prescription Drug Wrap-Up” program. Net revenues for the Company’s Morphine injection for the year ended December 31, 2020, were $2.3 million.

Amphastar’s CEO and President, Dr. Jack Zhang, commented: “The FDA’s approval of Morphine injection shows the Company’s continued commitment and ability to manufacture high quality injection products.”

Pipeline Information

The Company currently has five ANDAs on file with the FDA targeting products with a market size of approximately $2.4 billion, three biosimilar products in development targeting products with a market size of approximately $13 billion, and seven generic products in development targeting products with a market size of approximately $10 billion. This market information is based on IQVIA data for the 12 months ended March 31, 2021. The Company is currently developing multiple proprietary products with injectable and intranasal dosage forms.

Amphastar’s Chinese subsidiary, ANP, currently has 17 Drug Master Files, or DMFs, on file with the FDA and is developing several additional DMFs.

Verano To Report First Quarter 2021 Financial Results On May 18, 2021

CHICAGO, May 03, 2021 (GLOBE NEWSWIRE) — Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or “the Company”), a leading multi-state cannabis company, today announced that it will release financial results for the first quarter of 2021, before the market opens on Tuesday, May 18, 2021.

A conference call and audio webcast with analysts and investors will be held at 8:30 a.m. Eastern Time/7:30 a.m. Central Time, to discuss the results and answer questions.

Investors and participants can register for the call in advance by visiting http://www.directeventreg.com/registration/event/3375591. After registering, instructions will be shared on how to join the call for those who wish to dial-in.
Live and archived webcast will be available on the Events and Presentations page of Verano’s investor relations website at investors.verano.com.

About
Verano

Verano Holdings Corp. is a leading, vertically-integrated, multi-state cannabis operator in the U.S., devoted to the ongoing improvement of communal wellness by providing responsible access to regulated cannabis products. With a mission to address vital health and wellness needs, Verano produces a comprehensive suite of premium, innovative cannabis products sold under its trusted portfolio of consumer brands: Verano, Avexia, Encore, and MÜV^™. The company’s portfolio encompasses 14 U.S. States, with active operations in 11, which includes nine production facilities comprising approximately 770,000 square feet of cultivation. Verano designs, builds, and operates dispensaries under retail brands Zen Leaf^™ and MÜV^™, delivering a superior cannabis shopping experience in both medical and adult-use markets. Learn more at www.verano.com.

Forward Looking Statements

This press release may contain certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking information and forward-looking statements may include, but are not limited to statements or information with respect to the Company’s position in the marketplace, the proposed completion or buildout of the Company’s facilities, the Company’s cultivation capacity, the completion of pending acquisitions, the accretive nature of acquisitions, the fortification of the Company’s presence in core markets, the possibility of material organic expansion, delivery of shareholder value and the ability to maintain industry-leading margins and add depth to leadership.

Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein, including, without limitation, the risk factors discussed in the Company’s filings on SEDAR at www.sedar.com.

Any forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.

# # #

Contacts:

Investors:
Verano Holdings Corp.
Aaron Miles
Head of Investor Relations
[email protected]

Media:
Verano Holdings Corp.
David Spreckman
Sr. Director, Corporate Communications & Retail Marketing
[email protected]
312-819-4852

May 3, 2021 6:03 am

Relay Therapeutics Expands Clinical Leadership Team with Addition of Tara O’Meara and Charles Ferté

Ms. O’Meara and Dr. Ferté bring extensive experience in drug development across oncology and genetic disease

CAMBRIDGE, Mass., May 03, 2021 (GLOBE NEWSWIRE) — Relay Therapeutics, Inc. (Nasdaq: RLAY), a clinical-stage precision medicine company transforming the drug discovery process by combining leading edge computational and experimental technologies, today announced the appointments of Tara O’Meara as senior vice president of clinical development operations, and Charles Ferté, M.D., Ph.D., as vice president, global medical lead for RLY-4008. Ms. O’Meara and Dr. Ferté bring decades of experience in the strategic oversight and execution of multiple drug development programs and will further strengthen the clinical team and Relay Therapeutics’ ability to bring lifesaving therapies to patients.

“We are thrilled to welcome Tara and Charles to our growing clinical team at Relay Therapeutics,” said Sanjiv Patel, M.D., president and chief executive officer of Relay Therapeutics. “Over the last few years, we believe we have validated our approach of integrating computational and experimental techniques across multiple areas of drug discovery and have successfully advanced two products to the clinic with another one close behind. The leadership of Tara and Charles will fortify our clinical team and continue to strengthen what we intend to be a robust pipeline going forward.”

Ms. O’Meara spent nearly a decade at bluebird bio, initially overseeing the development and execution of the clinical program for a rare genetic disease, and most recently, leading the clinical development operations department where she had strategic oversight across all development programs, including severe genetic disease and oncology. Prior to bluebird bio, Ms. O’Meara directed the clinical operations group for Synageva BioPharma, now Alexion Pharmaceuticals, and held multiple roles at the Genzyme Corporation, now Sanofi Genzyme, including global team leader for a clinical development program in Pompe disease.

Dr. Ferté has over 15 years of R&D experience in oncology drug development, both in academia and industry. Having held multiple roles at AstraZeneca, Dr. Ferté most recently served as senior director and global project leader in AstraZeneca’s oncology R&D division where he oversaw the development of multiple immune-oncology assets. Before AstraZeneca, Dr. Ferté was a physician scientist at the Institute Gustave Roussy (IGR) in Paris, France, working as a senior attending medical oncologist in the Early Drug Development (DITEP), GI and Head and Neck units. Dr. Ferté has served as co-chair of the iRECIST group, part of the official RECIST working group, since 2019, and has co-authored 60+ patents and publications in peer-reviewed journals across multiple oncology disease areas.

About Relay Therapeutics

Relay Therapeutics (Nasdaq: RLAY) is a clinical-stage precision medicines company transforming the drug discovery process with the goal of bringing life-changing therapies to patients. Relay Therapeutics is the first of a new breed of biotech created at the intersection of disparate disciplines. The company’s Dynamo™ platform integrates an array of leading-edge computational and experimental approaches to effectively drug protein targets that have previously been intractable. The initial focus is on enhancing small molecule therapeutic discovery in targeted oncology and genetic disease. For more information, please visit www.relaytx.com or follow us on Twitter.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, implied and express statements regarding Relay Therapeutics’ strategy, business plans and focus; the clinical development plans and timelines of the programs across Relay Therapeutics’ portfolio. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “expect,” “estimate,” “seek,” “predict,” “future,” “project,” “potential,” “continue,” “target” and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, risks associated with: the failure to close the acquisition on a timely basis or at all, the impact of COVID-19 on countries or regions in which we have operations or do business, as well as on the timing and anticipated results of our clinical trials, strategy and future operations; the delay of any current or planned clinical trials or the development of Relay Therapeutics’ drug candidates; the risk that the results of our clinical trials may not be predictive of future results in connection with future clinical trials; Relay Therapeutics’ ability to successfully demonstrate the safety and efficacy of its drug candidates; the timing and outcome of Relay Therapeutics’ planned interactions with regulatory authorities; and obtaining, maintaining and protecting its intellectual property. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Relay Therapeutics’ Annual Report on Form 10-K for the year ended December 31, 2020, as well as any subsequent filings with the Securities and Exchange Commission. In addition, any forward-looking statements represent Relay Therapeutics’ views only as of today and should not be relied upon as representing its views as of any subsequent date. Relay Therapeutics explicitly disclaims any obligation to update any forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.

Contact:

Pete Rahmer
Senior Vice President, Corporate Affairs and Investor Relations
617-322-0715
[email protected]

Media:
Dan Budwick
1AB
973-271-6085
[email protected]

May 3, 2021 6:03 am

Brunswick Corporation Announces Date of Virtual Investor Day Event

METTAWA, Ill., May 03, 2021 (GLOBE NEWSWIRE) — Brunswick Corporation (NYSE: BC) will host a virtual investor day on May 10, 2021 to provide an update on the Company’s strategic plan and business initiatives, preview some innovative new ACES products and technologies as well as evolving opportunities to engage the new generation of boaters. A follow-up live Q&A session will be held on May 17, 2021.

Scheduled to speak during the Investor Day presentation and the Q&A session are:

David Foulkes – Brunswick Chief Executive Officer
Chris Drees – President, Mercury Marine
Brett Dibkey – President, Advanced Systems Group
Aine Denari – President, Brunswick Boat Group
Brenna Preisser – President, Business Acceleration & Chief People and Strategy Officer
Ryan Gwillim – Brunswick Chief Financial Officer

The event is traditionally held in conjunction with the Miami International Boat Show, but due to the cancellation of the show this year, Brunswick management will host the event on the Company’s website.

To access the event on demand, including audio, video, presentation slides and transcript, visit www.brunswick.com after 8am CDT on May 10, 2021.

Additionally, Investors and analysts will be able to listen to and have an opportunity to ask questions in a live Q&A session with the above speakers from Noon-1pm CDT on May 17, 2021. Those participants who would like to ask a question can dial 877-900-9524 (toll-free) or 412-902-0029 (toll). No password needed. A transcript of the Q&A session will be made available on Brunswick.com by May 20, 2021.

A replay of the Q&A session will be available until August 15, 2021 by calling 877-660-6853, Access ID: 13719350.

Members of the media are invited to monitor the call but all media questions should be directed to – Lee Gordon, VP of Corporate Communications and Public Relations / [email protected].

About Brunswick

Headquartered in Mettawa, Ill., Brunswick Corporation’s leading consumer brands include Mercury Marine outboard engines; Mercury MerCruiser sterndrive and inboard packages; Mercury global parts and accessories including propellers and SmartCraft electronics; Advanced Systems Group, which includes industry-leading brands like MotorGuide, Attwood, Mastervolt, Blue Sea Systems, CZone, and ASG Connect system integrators; Land ’N’ Sea, BLA, Payne’s Marine, Kellogg Marine, and Lankhorst Taselaar marine parts distribution; Mercury and Quicksilver parts and oils; Bayliner, Boston Whaler, Crestliner, Cypress Cay, Harris, Heyday, Lowe, Lund, Princecraft, Quicksilver, Rayglass, Sea Ray, Thunder Jet and Uttern boats; Boating Services Network, Freedom Boat Club and Boat Class. For more information, visit brunswick.com.

Forward-Looking Statements

Certain statements in this news release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations, estimates, and projections about Brunswick’s business and by their nature address matters that are, to different degrees, uncertain. Words such as “may,” “could,” “should,” “expect,” “anticipate,” “project,” “position,” “intend,” “target,” “plan,” “seek,” “estimate,” “believe,” “predict,” “outlook,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this news release. These risks include, but are not limited to: the effect of adverse general economic conditions, including the amount of disposable income consumers have available for discretionary spending; changes in currency exchange rates; fiscal policy concerns; adverse economic, credit, and capital market conditions; higher energy and fuel costs; competitive pricing pressures; the coronavirus (COVID-19) pandemic, including, without limitation, the impact on global economic conditions and on capital and financial markets, changes in consumer behavior and demand, the potential unavailability of personnel or key facilities, modifications to our operations, and the potential implementation of regulatory actions; managing our manufacturing footprint; weather and catastrophic event risks; international business risks; our ability to develop new and innovative products and services at a competitive price; our ability to meet demand in a rapidly changing environment; loss of key customers; actual or anticipated increases in costs, disruptions of supply, or defects in raw materials, parts, or components we purchase from third parties, including as a result of pressures due to the pandemic; supplier manufacturing constraints, increased demand for shipping carriers, and transportation disruptions; absorbing fixed costs in production; joint ventures that do not operate solely for our benefit; our ability to successfully implement our strategic plan and growth initiatives; attracting and retaining skilled labor, implementing succession plans for key leadership, and executing organizational and leadership changes; our ability to identify, complete, and integrate targeted acquisitions; the risk that strategic divestitures will not provide business benefits; maintaining effective distribution; adequate financing access for dealers and customers; requirements for us to repurchase inventory; inventory reductions by dealers, retailers, or independent boat builders; risks related to the Freedom Boat Club franchise business model; outages, breaches, or other cybersecurity events regarding our technology systems, which could affect manufacturing and business operations and could result in lost or stolen information and associated remediation costs; our ability to protect our brands and intellectual property; changes to U.S. trade policy and tariffs; having to record an impairment to the value of goodwill and other assets; product liability, warranty, and other claims risks; legal and regulatory compliance, including increased costs, fines, and reputational risks; changes in income tax legislation or enforcement; managing our share repurchases; and certain divisive shareholder activist actions.

Lee Gordon
Vice President – Brunswick Global Communications & Public Relations
Brunswick Office: 847-735-4003
Mercury Office: 920-924-1808
Cell: 904-860-8848
[email protected]

May 3, 2021 6:03 am

Westwood Holdings Group, Inc. Names Randy Bowman to its Board of Directors

DALLAS, May 03, 2021 (GLOBE NEWSWIRE) — Westwood Holdings Group, Inc. (NYSE: WHG) announced today that its Board of Directors has appointed Randy Bowman as a new director for both Westwood Holdings Group, Inc. and Westwood Trust. Raymond E. Wooldridge, who has served as a director since Westwood went public in 2001, does not intend to run for re-election at next year’s 2022 annual meeting. Mr. Wooldridge is looking forward to sharing his experience during this time of transition.

“We are very pleased to have Randy join our board,” said Brian O. Casey, President and Chief Executive Officer of Westwood. “With his background as an accomplished entrepreneur, and as a recognized leader in the community, most recently through his work with AT LAST!, Randy is an important addition to the Board of Directors for both Westwood Holdings Group, Inc. and Westwood Trust. We welcome him, as we continue to strengthen the diversity of perspectives and skills on our Board. We also thank Ray for his years of dedication to the company and our shareholders.”

“I am looking forward to joining the Westwood team and I am excited about the opportunity to contribute an allocator’s and entrepreneur’s perspective for this innovative firm, its staff and shareholders,” Randy Bowman commented, adding: “I’ve enjoyed this industry and admired the nimble approach and entrepreneurial spirit that are a clear part of Westwood’s foundation.”

Westwood has long been committed to supporting the communities in which we live and work. “Randy has demonstrated his focus on the community throughout his career and most recently as an investor. His efforts at AT LAST!, finding ways to provide opportunities for young people growing up in less fortunate areas, make him an extraordinary fit for our firm’s values-based culture,” noted Westwood’s founder, Susan Byrne. “I am thrilled to welcome Randy to the team.”

Randy Bowman

Randy is an accomplished businessperson who founded, presided over and co-owned a successful logistics company, MWL, from 2001 until selling his interest in early 2017. His logistics company served the North American continent for Fortune 500 customers and achieved 49 consecutive quarters of operating profit. He now invests for his own account (alone and with others), primarily in the under-invested portions of urban areas—like the ReImagine Red Bird development and MarLo1, both in Dallas. Before MWL, Randy spent 12 years as a corporate finance lawyer representing clients in transactions ranging from initial capitalizations through ultimate liquidity events. On the civic side, Bowman recently launched AT LAST! (an urban boarding experience providing impoverished elementary students the same educational resources and tools during the home life of their day as enjoyed by middle class-to- affluent students) and chairs on the board of Impact Dallas Capital (a mezzanine fund supporting the Mayor’s effort to increase investment in southern Dallas). He dedicated five years as a Chair and member of the board for the $3.75B City of Dallas Employee Retirement Fund. Finally, Randy served as the Chair of the Parkland Foundation Board during the last five years of its successful campaign to raise the final $150M necessary to build the new $1.3B Parkland Hospital.

He holds a B.A. degree from the University of Texas, is a member of the Friar Society and Kappa Alpha Psi Fraternity, Incorporated. Randy graduated magna cum laude from Whittier College School of Law, where he served as the Editor-in-Chief of the Law Review.

About Westwood Holdings Group

Westwood Holdings Group, Inc. is a focused investment management boutique and wealth management firm based in Dallas, Texas.

Westwood offers high-conviction equity and outcome-oriented solutions to institutional investors, private wealth clients and financial intermediaries. The firm specializes in two distinct investment capabilities: U.S. Value Equity and Multi-Asset, available through separate accounts, the Westwood Funds^® family of mutual funds and other pooled vehicles. Westwood benefits from significant, broad- based employee ownership and trades on the New York Stock Exchange under the symbol “WHG.” For more information, please visit westwoodgroup.com.

Westwood Media Contact:

Sheana Suek
(214) 756-6900
[email protected]

Gagnier Communications
Dan Gagnier / Jeffrey Mathews
(646) 569-5897
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0f5e326d-d847-4616-916c-2706b244a41b

May 3, 2021 6:03 am

Welbilt Unveils High-Performance Portable Air Purifier

Welbilt Unveils High-Performance Portable Air Purifier

NEW PORT RICHEY, Fla.–(BUSINESS WIRE)–
Welbilt, Inc. (NYSE:WBT), a leading global provider of commercial foodservice equipment, is delighted to act as exclusive US distributor for AeroTherm™, a new portable air purifier Powered by Trotec and crafted by Welbilt with touchscreen user interface, and Wi-Fi and Bluetooth® connectivity.

Businesses are springing back to life and taking steps to reopen; safer, smarter, and stronger than before. A key lesson learned around the world during the COVID-19 pandemic is the need for clean, safe air. Whether you’re welcoming customers to dine in with you again, reuniting your team in the office, or reopening a fitness studio, providing a safe environment where your staff and customers can breathe easy has never been more important.

With this in mind, Welbilt is proud to introduce to the US market a portable and affordable air purification solution that is already gaining accolades around the globe. AeroTherm is an effective, mobile solution for the air purification of virus-carrying aerosol particles and bacteria from indoor spaces.

Air purification technologies rely heavily on HEPA filters to curb the spread of harmful viruses and pathogens by retaining them in the filter. Welbilt’s scientifically proven air cleaner separates 99.995% of pathogenic viruses from medium to large-sized rooms with a HEPA H14 filter, and then goes one step further by periodically exposing the filter to thermal decontamination. This innovative additional process has dual benefits – it deactivates latent viruses and pathogens retained in the unit and extends the life of the filter for up to three years.

Designed to quietly deliver automatic, low-maintenance round-the-clock operation, the high-flow purifier quickly dilutes virus-carrying aerosols to a level that is significantly less infectious. Similar devices available on the market today can be clunky and difficult to move. Welbilt’s streamlined solution is fully portable, so you can use it where you need it. Simply plug in, switch on, and rest assured that you’re providing cleaner, safer air for your customers, colleagues, employees or students.

With an intuitive touchscreen and Wi-Fi and Bluetooth connectivity, you can configure your device and monitor its performance remotely – leaving you to focus on your customers. AeroTherm puts the power of safe, new air in your hands.

Keri Llewellyn, Welbilt’s GVP & Chief Commercial Officer, commented: “The first step to providing a safe and healthy environment to reopen is ensuring the quality of the air we breathe. Our customers are excited to come back stronger and safer than ever before and we want to provide solutions that make that possible.”

To learn more about this new launch, and to see AeroTherm in action, view the demo video here or visit: https://info.welbilt.com/aerotherm

About Welbilt, Inc.

Welbilt, Inc. provides the world’s top chefs, premier chain operators and growing independents with industry-leading equipment and solutions. Our innovative products and solutions are powered by our deep knowledge, operator insights, and culinary expertise. Our portfolio of award-winning product brands includes Cleveland™, Convotherm®, Crem®, Delfield®, Frymaster®, Garland®, Kolpak®, Lincoln®, Manitowoc® Ice, Merco®, Merrychef® and Multiplex®. These product brands are supported by three service brands: KitchenCare®, our aftermarket parts and service brand, FitKitchen®, our fully-integrated kitchen systems brand, and KitchenConnect®, our cloud-based digital platform brand. Headquartered in the Tampa Bay region of Florida and operating 19 manufacturing facilities throughout the Americas, Europe and Asia, we sell through a global network of over 5,000 distributors, dealers, buying groups and manufacturers’ representatives in over 100 countries. We have approximately 4,400 employees and generated sales of $1.2 billion in 2020. For more information, visit www.welbilt.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210503005281/en/

Brian Holdrich

VP Sales & Marketing, Americas

Welbilt, Inc.

+1 (731) 733.8056

[email protected]

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Restaurant/Bar Building Systems Home Goods Retail Construction & Property

MEDIA:

Logo

May 3, 2021 6:03 am

Capital Senior Living Corporation Announces First Quarter 2021 Earnings Release Date and Conference Call

DALLAS, May 03, 2021 (GLOBE NEWSWIRE) — Capital Senior Living Corporation (NYSE: CSU) will issue its first quarter 2021 earnings release before the market opens for trading on the New York Stock Exchange on Thursday, May 13, 2021. A conference call to discuss those earnings will be held on Thursday, May 13, 2021 at 2:30 p.m. Eastern Time.

The call-in number is 877-407-0989 (no passcode required). A link to a simultaneous webcast of the teleconference will be available here through Windows Media Player or RealPlayer.

The conference call will be recorded and available for replay starting May 13, 2021 through May 27, 2021. To access the conference call replay, call 877-660-6853, passcode 137193129312. The webcast replay will be posted in the Investor Relations section of the Company’s website.

About the Company

About Capital Senior Living  
Dallas-based Capital Senior Living Corporation is one of the nation’s leading operators of independent living, assisted living and memory care communities for senior adults. The Company operates 80 communities that are home to nearly 7,000 residents across 19 states providing compassionate, resident-centric services and care and engaging programming. The Company offers seniors the freedom and opportunity to successfully, comfortably and happily age in place. For more information, visit www.capitalsenior.com or connect with the Company on Facebook.

For more information, contact: Kimberly Lody (972) 308-8323, [email protected]

May 3, 2021 6:03 am

Nevada Exploration Launches VRIFY Model for South Grass Valley Carlin-Type Gold Project and Provides April 2021 Drilling Update

RENO, Nev., May 03, 2021 (GLOBE NEWSWIRE) — Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V:NGE; OTCQB:NVDEF) is pleased to announce the launch of its interactive South Grass Valley 3D VRIFY model, and to provide the second monthly update from its 2021 core drilling program at the project.

The first hole of the program, SGVC012, is presently at a depth of approximately 1,300 metres within the Goodwin Formation of the lower plate. Logging completed for the upper portion of the hole has confirmed the presence of Carlin-type alteration associated with highly-anomalous pathfinder geochemistry, as well as significant, regional-scale structural features along the projection of the Water Canyon Structural Corridor, as predicted by the Company’s geologic model. At the current depth, core samples are showing evidence of increasing structural deformation and hydrothermal fluid flow, and the Company plans to continue to drill deeper while these features intensify. For its next hole, SGVC013, NGE is planning to move southwards along the NNW-trending Water Canyon Structural Corridor, and extend its southernmost fence of drill holes another 600 metres towards the east.

To provide the context to explore the new information provided with its monthly updates, NGE welcomes its stakeholders to visit its new 3D South Grass Valley model, where the Company has published its geologic model and the results of each major work program to date using VRIFY Technology Inc.’s interactive VRIFY platform. For a guided introduction to the model, the Company has also provided a short video highlighting the main datasets available to be reviewed.

South Grass Valley VRIFY model: https://vrify.com/decks/10143-south-grass-valley-model-tour.
Video introduction to model (2:32): https://youtu.be/23otbkoJROs

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/04a58dad-61fd-476f-8cf0-4c81798fced2

With respect to the current drilling, NGE reports:

The Company has logged the SGVC012 core samples down to a depth of 954 metres (this includes washing the core, collecting both white light and UV photography, completing geologic logging, collecting oriented-core structural measurements, cutting the core, and completing preliminary XRF geochemistry analysis);
Since first encountering lower-plate bedrock at 590 metres, SGVC012 has drilled through the Roberts Mountains, Hanson Creek, and Goodwin Formations;
Within the units that have been logged, there is evidence of pervasive Carlin-style hydrothermal fluid flow, marked by bleaching, argillization and decalcification, indicative of acid-leaching associated with the passage of CTGD hydrothermal fluids, as well as bedding-parallel and bedding-normal calcite veining, all of which, based on preliminary portable XRF-derived geochemistry, is associated with highly anomalous Carlin-type pathfinders, particularly within high-angle fracture zones cutting through the Roberts Mountains and Hanson Creek Formations;
SGVC012 did not encounter the Lower Hanson Creek, Antelope Valley or Nine Mile Formations that elsewhere sit below the Upper Hanson Creek and above the Goodwin (see the Stratigraphic Column provided in the VRIFY model: https://vrify.com/decks/10143-south-grass-valley-model-tour?slide=86385), which represents a thick sequence of missing stratigraphy consistent with the presence of a significant structural feature oriented sub-parallel to bedding, such as a large low-angle thrust fault; and
The predominant bedding seen within the Goodwin Formation units in SGVC012 is parallel to the core axis, representing a significant change in orientation relative to that seen west of the Water Canyon Structural Corridor – west of the corridor the bedding dips 15^o to the SE, whereas east of the corridor the bedding dips 70^o to the SW – which based on the preliminary oriented-core measurements appears consistent with a significant fault and/or fold feature running parallel to the NNW-trending Water Canyon Structural Corridor.

NGE’s CEO Wade Hodges, discussing SGVC012 and plans for SGVC013: “It’s obviously early days for the program, and we still have more core to log from this current hole, though the first 950 metres we’ve logged has already confirmed the presence of widespread Carlin-type hydrothermal fluid flow, as well as highlighted both the scale and complexity of the structural features we’re seeing across the district, and in particular along our projected Water Canyon Structural Corridor.

“In our earlier drilling we began to see evidence that a block of the Roberts Mountains and Hanson Creek, which we call the “Wedge Block”, had been moved along a low-angle discontinuity we refer to as the “Hydra Fault”; and what we’re seeing in SGVC012, with more than 350 metres of missing stratigraphy between the Upper Hanson Creek and the Goodwin, is helping to solidify the presence of a major potential thrust fault across this northern end of the project.

“Once we drilled below this potential thrust feature, the next unit we encountered, the Goodwin, was tipped almost 90 degrees relative to what we saw to the west, indicative of significant folding and/or faulting between SGVC012 and our earlier holes, the axis of which appears to be parallel to our major NNW corridor. As we’ve shared, the three major Carlin districts are all anchored by regional-scale structural features, which provided the fluid pathways to move massive volumes of mineralized hydrothermal fluids, and this large step-out to the east continues to present more evidence for just how big the scale of these structural and alteration features are at South Grass Valley.

“While it is significant to note the massive scale of these features, the change in bedding in the Goodwin does present a challenge in that we are now drilling parallel to the bedding, meaning we’re having to drill deeper than expected to reach our Cambrian-aged target stratigraphy below. At the moment we’re seeing increasing post-soft sediment deformation and debris flow structural straining with normal-to-bedding calcite tension veinlets, together with fracture-controlled bleaching, and our plan is to continue the hole deeper; however, depending on what we see over the coming days with the XRF-derived geochemistry, we may make a decision to stop the hole, and instead use a subsequent drill hole in this area to test our target Clm stratigraphy closer to the center of the fold or fault feature – a setting we know hosts mineralization at the three major Carlin districts – where we also expect our target units to sit closer to surface.

“In the meantime, while we finish logging the bottom of SGVC012, when we’re ready to move sites, our plan is to drill our next hole, SGVC013, at the south end of the project, to extend our southernmost fence of drill holes deeper and closer to the Water Canyon structural corridor (see Section D -D’ in the VRIFY model: https://vrify.com/decks/10143-south-grass-valley-model-tour?slide=86386). In terms of our speed of drilling, we’re seeing penetration rates averaging about 25 metres per day, which is slower than expected, though the daily averages have been increasing as the drillers become more familiar with the project, and we’re expecting this trend to continue with SGVC013.

“In summary, our early observations from SGVC012 are consistent with our projections of a major structural corridor cutting through our project area, hosting significant Carlin-type hydrothermal alteration features associated with highly-anomalous pathfinders – together all at a scale consistent with Nevada’s largest Carlin-type mineral systems, and we’re looking forward to finishing logging and sampling the SGVC012 core, and to moving on to add a similarly important new hole at the south end of the project.

“To follow our continued progress, we encourage all of our stakeholders to visit our new VRIFY model for the project, where you can review the results of each of our work programs, and our resulting geologic model – the same model we use daily to guide our current drilling. By publishing all of this data online using VRIFY’s intuitive and interactive platform, we’re providing a powerful and transparent tool to explore how we’ve systematically advanced and de-risked this otherwise-covered project. We hope you find it valuable.”

As the 2021 South Grass Valley drilling program continues, NGE encourages its stakeholders to sign up to its email list to receive its monthly updates, as well as to subscribe to one or more of its social media channels to follow along as its team shares photos from the field and its logging facility.

Email sign up: www.nevadaexploration.com/investors/signup
Twitter: www.twitter.com/NV_Exploration
Instagram: www.instagram.com/nevadaexploration
Facebook: www.facebook.com/NevadaExplorationInc

About Nevada Exploration Inc.

With mature, exposed search spaces seeing falling discovery rates, NGE believes the future of exploration is under cover. Nevada’s exposed terrains have produced more than 200 million ounces of gold, and experts agree there is likely another 200 million ounces waiting to be discovered in the more than half of Nevada where the bedrock is hidden beneath post-mineral cover. NGE has spent more than 15 years developing and integrating new hydrogeochemistry (groundwater chemistry) and low-cost drilling technology to build an industry-leading, geochemistry-focused toolkit specifically to explore for new gold deposits under cover, and the Company is now advancing a portfolio of projects totalling more than 170 square kilometres.

NGE’s most advanced project is South Grass Valley, located approximately 50 kilometres south-southwest of the Cortez complex, operated by Nevada Gold Mines (Barrick Gold Corp. and Newmont Corporation joint venture), within the specific region of north-central Nevada that hosts Nevada’s largest Carlin-type gold deposits (“CTGDs”). Since acquiring the Project, NGE has completed: an infill borehole groundwater sampling program, detailed air magnetic and gravity geophysics surveys, a soil geochemistry sampling program, an initial diamond core drilling program consisting of 10 stratigraphic orientation holes, and most recently (2020), a follow-up reverse-circulation drilling program consisting of 17 holes to increase the density of its bedrock sampling.

Based on the results of its combined exploration datasets, NGE believes it has discovered a mineral system at South Grass Valley with the architecture and scale to potentially support multiple CTGDs. As the Company continues to advance the project, per NI 43-101, 2.3(2), the Company must remind its stakeholders that the project remains an exploration target for which the potential quantity and grade of any mineral resource is still conceptual in nature, and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.

For further information, please contact:

Nevada Exploration Inc.
Email: [email protected]
Telephone: +1 (604) 601 2006
Website: www.nevadaexploration.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Wade A. Hodges, CEO & Director, Nevada Exploration Inc., is the Qualified Person, as defined in National Instrument 43-101, and has prepared the technical and scientific information contained in this News Release.

Cautionary Statement on Forward-Looking Information:

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws, including, without limitation, expectations, beliefs, plans, and objectives regarding projects, potential transactions, and ventures discussed in this release.

In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, regarding, among other things, the assumption the Company will continue as a going concern and will continue to be able to access the capital required to advance its projects and continue operations. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.

In addition, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the risks inherent in mineral exploration, the need to obtain additional financing, environmental permits, the availability of needed personnel and equipment for exploration and development, fluctuations in the price of minerals, and general economic conditions.

A more complete discussion of the risks and uncertainties facing the Company is disclosed in the Company’s continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

May 3, 2021 6:03 am

Enable Midstream Announces First Quarter 2021 Financial and Operating Results

Enable Midstream Announces First Quarter 2021 Financial and Operating Results

Achieved higher net income attributable to limited partners, Adjusted EBITDA and distributable cash flow (DCF) for first quarter 2021 compared to first quarter 2020 due to higher commodity prices, asset optimization and increased billings related to Winter Storm Uri
Fully funded the partnership’s capital program and distributions for first quarter 2021 while reducing total debt levels
Contracted or extended over 250,000 dekatherms per day (Dth/d) of transportation capacity during first quarter 2021
Locked in favorable pipe pricing for the Gulf Run Pipeline project relative to market through strategic sourcing efforts

OKLAHOMA CITY–(BUSINESS WIRE)–
Enable Midstream Partners, LP (NYSE: ENBL) today announced financial and operating results for first quarter 2021.

Net income attributable to limited partners was $164 million for first quarter 2021, an increase of $52 million compared to $112 million of net income for first quarter 2020. Net income attributable to common units was $155 million for first quarter 2021, an increase of $52 million compared to $103 million of net income for first quarter 2020. Net cash provided by operating activities was $223 million for first quarter 2021, an increase of $23 million compared to $200 million for first quarter 2020. Adjusted EBITDA was $328 million for first quarter 2021, an increase of $42 million compared to $286 million for first quarter 2020. DCF was $261 million for first quarter 2021, an increase of $47 million compared to $214 million for first quarter 2020.

For first quarter 2021, DCF exceeded declared distributions to common unitholders by $189 million, resulting in a distribution coverage ratio of 3.63x.

Enable uses derivatives to manage commodity price risk, and the gain or loss associated with these derivatives is recognized in earnings. Enable’s net income attributable to limited partners and net income attributable to common units for first quarter 2021 included a $14 million loss on commodity derivative activity, compared to a $20 million gain on commodity derivative activity for first quarter 2020, resulting in a decrease in net income of $34 million. The decrease of $34 million is comprised of a decrease related to the change in fair value of commodity derivatives of $20 million and a decrease in realized gain on commodity derivatives of $14 million.

For additional information regarding the non-GAAP financial measures Gross margin, Adjusted EBITDA, DCF, Adjusted interest expense and distribution coverage ratio, please see “Non-GAAP Financial Measures.”

MANAGEMENT PERSPECTIVE

“Our first quarter results highlight the strength of Enable’s fully integrated midstream platform, which is a vital link between sources of production and downstream markets,” said Rod Sailor, president and CEO. “This was demonstrated during Winter Storm Uri when Enable employees worked with producers and end-users to ensure that natural gas supply continued to serve demand in critical areas.

“Looking to the future, Enable continues to be well-positioned to benefit from improving commodity prices and the pending merger with Energy Transfer. Teams from both companies are currently working hard to plan for a seamless integration.”

BUSINESS HIGHLIGHTS

While Enable experienced production curtailments during first quarter 2021 due to Winter Storm Uri, substantially all production impacted by the storm is back online, and average daily March natural gas gathered volumes were approximately 4% higher than the average daily natural gas gathered volumes for first quarter 2021. As of April 26, 2021, there were 10 rigs across Enable’s footprint that were drilling wells expected to be connected to Enable’s gathering systems. Four of those rigs were in the Anadarko Basin, five were in the Ark-La-Tex Basin and one was in the Williston Basin. Producers have an inventory of drilled but uncompleted wells (DUCs) behind Enable’s gathering systems with 88 DUCs in the Anadarko Basin, 11 DUCs in the Ark-La-Tex Basin and 82 DUCs in the Williston Basin. These 181 DUCs provide an inventory of wells producers can complete without investing drilling capital.

In the transportation and storage segment, Enable contracted or extended over 250,000 Dth/d of firm transportation capacity in first quarter 2021 at a volume-weighted average contract life of over four years. Backed by a firm, five-year commitment, Enable Gas Transmission, LLC’s MASS project was placed into service April 1, 2021. The project transports natural gas from the Anadarko and Arkoma Basins to delivery points with access to emerging Gulf Coast markets and growing demand markets in the Southeast.

Enable continues to advance its Gulf Run Pipeline project, a project designed to move U.S. natural gas supplies from northern Louisiana to the Gulf Coast. The planned 42” pipeline scope provides for approximately 1.7 billion cubic feet per day (Bcf/d) of capacity, allowing for contracting upside potential beyond the cornerstone shipper’s 1.1 Bcf/d commitment. As a result of strategic sourcing efforts, pipe pricing for the project has been locked in at favorable levels relative to market, and the cost for the project is currently estimated at approximately $540 million. The contractor bidding process is expected to begin in the second quarter of 2021, and the project is anticipated to be placed into service in late 2022, subject to FERC approval.

ENERGY TRANSFER TRANSACTION UPDATE

On April 7, 2021, the Securities and Exchange Commission declared effective the Form S-4 registration statement filed in connection with Energy Transfer LP’s (NYSE: ET) merger with Enable. CenterPoint Energy, Inc. and OGE Energy Corp. collectively own approximately 79% of Enable’s outstanding common units and have each delivered written consents to approve the merger. While the consents of CenterPoint Energy, Inc. and OGE Energy Corp. are sufficient to approve the transaction, all unitholders as of the record date have the opportunity to return written consents before the consent deadline.

Enable and Energy Transfer have been working together to plan for a successful merger of the two companies. The transaction is expected to close in mid-2021, subject to the satisfaction of customary closing conditions, including Hart-Scott-Rodino Act clearance.

QUARTERLY DISTRIBUTIONS

As previously announced, on April 27, 2021, the board of directors of Enable’s general partner declared a quarterly cash distribution of $0.16525 per unit on all outstanding common units for the quarter ended March 31, 2021. The distribution is unchanged from the previous quarter and represents Enable’s 28th consecutive quarterly distribution since the partnership’s initial public offering in April 2014. The quarterly cash distribution of $0.16525 per unit on all outstanding common units will be paid May 25, 2021, to unitholders of record at the close of business May 13, 2021.

As also previously announced, the board declared a quarterly cash distribution of $0.5873 per unit on all outstanding Series A Preferred Units for the quarter ended March 31, 2021. On Feb. 18, 2021, the Series A Preferred Units converted from a fixed annual rate of 10% to a floating rate, with the holders receiving a quarterly cash distribution based on a percentage of the stated liquidation preference equal to the sum of a three-month LIBOR rate plus 8.5%, which was 8.7375% for the relevant days in the three months ended March 31, 2021. The quarterly cash distribution of $0.5873 per unit on all outstanding Series A Preferred Units will be paid May 14, 2021, to unitholders of record at the close of business April 26, 2021.

KEY OPERATING STATISTICS

Natural gas gathered volumes were 4.09 trillion British thermal units per day (TBtu/d) for first quarter 2021, a decrease of 10% compared to 4.52 TBtu/d for first quarter 2020. The decrease was primarily a result of lower production activity and weather-related impacts from Winter Storm Uri.

Natural gas processed volumes were 2.06 TBtu/d for first quarter 2021, a decrease of 16% compared to 2.44 TBtu/d for first quarter 2020. The decrease was due to lower processed volumes across all basins.

Crude oil and condensate gathered volumes were 113.79 thousand barrels per day (MBbl/d) for first quarter 2021, a decrease of 19% compared to 141.25 MBbl/d for first quarter 2020. The decrease was primarily due to a decrease in crude oil and condensate gathered volumes in the Anadarko Basin, partially offset by an increase in crude oil gathered volumes in the Williston Basin.

Transported natural gas volumes were 6.10 TBtu/d for first quarter 2021, a decrease of 7% compared to 6.56 TBtu/d for first quarter 2020. The decrease was primarily due to decreased production in the Anadarko Basin, which contributed to lower utilization of Enable’s interstate and intrastate pipelines.

Interstate transportation firm contracted capacity was 6.52 Bcf/d for first quarter 2021, an increase of 1% compared to 6.48 Bcf/d for first quarter 2020.

Intrastate transportation average deliveries were 1.65 TBtu/d for first quarter 2021, a decrease of 20% compared to 2.07 TBtu/d for first quarter 2020. The decrease was primarily due to decreased production activity in the Anadarko Basin and weather-related impacts from Winter Storm Uri.

FIRST QUARTER FINANCIAL PERFORMANCE

Revenues were $970 million for first quarter 2021, an increase of $322 million compared to $648 million for first quarter 2020. Revenues are net of $136 million of intercompany eliminations for first quarter 2021 and $63 million of intercompany eliminations for first quarter 2020.

Gathering and processing segment revenues were $624 million for first quarter 2021, an increase of $147 million compared to $477 million for first quarter 2020. The increase in gathering and processing segment revenues was primarily due to:

an increase in revenues from natural gas liquids (NGL) sales primarily due to an increase in the average realized sales price from higher average market prices for NGL products combined with higher recoveries of ethane, partially offset by lower processed volumes,
an increase in revenues from natural gas sales due to higher average sales prices and
an increase in processing service revenues due to higher consideration received from percent-of-proceeds, percent-of-liquids and keep-whole processing arrangements due to higher average market prices, partially offset by lower processed volumes under fee-based arrangements.

These increases were partially offset by:

a decrease in changes in the fair value of natural gas, condensate and NGL derivatives,
an increase in realized losses on natural gas, condensate and NGL derivatives,
a decrease in natural gas gathering revenues due to lower gathered volumes, inclusive of volume curtailments and production freeze-offs related to Winter Storm Uri, partially offset by higher assessed producer imbalance penalties and
a decrease in crude oil, condensate and produced water gathering revenues primarily due to a decrease in gathered crude oil and condensate volumes in the Anadarko Basin, partially offset by an increase in gathered crude oil volumes in the Williston Basin.

Transportation and storage segment revenues were $482 million for first quarter 2021, an increase of $248 million compared to $234 million for first quarter 2020. The increase in transportation and storage segment revenues was primarily due to:

an increase in revenues from natural gas sales primarily due to higher average sales prices,
an increase in volume-dependent transportation and storage revenues due to an increase in assessed shipper imbalance penalties, partially offset by lower off-system intrastate transported volumes due to decreased production activity in the Anadarko Basin, inclusive of disruptions in natural gas supply associated with Winter Storm Uri and the recognition in 2020 of $1 million of revenue upon the settlement of the Enable Mississippi River Transmission, LLC (MRT) rate case with no comparable item in 2021 and
an increase in revenues from NGL sales due to higher average sales prices, partially offset by lower volumes.

These increases were partially offset by:

a decrease in firm transportation and storage services due to the recognition in 2020 of $16 million of previously reserved revenue upon the settlement of the MRT rate case with no comparable item in 2021, partially offset by higher interstate contracted capacity and
a decrease in changes in the fair value of natural gas derivatives.

Gross margin was $451 million for first quarter 2021, an increase of $29 million compared to $422 million for first quarter 2020.

Gathering and processing segment gross margin was $226 million for first quarter 2021, a decrease of $40 million compared to $266 million for first quarter 2020. The decrease in gathering and processing segment gross margin was primarily due to:

a decrease in changes in the fair value of natural gas, condensate and NGL derivatives,
an increase in realized losses on natural gas, condensate and NGL derivatives,
a decrease in revenues from natural gas sales due to higher intra month natural gas purchase costs during Winter Storm Uri,
a decrease in natural gas gathering fees due to lower gathered volumes, inclusive of volume curtailments and production freeze-offs related to Winter Storm Uri, partially offset by higher assessed producer imbalance penalties and
a decrease in crude oil, condensate and produced water gathering revenues primarily due to a decrease in gathered crude oil and condensate volumes in the Anadarko Basin, partially offset by an increase in gathered crude oil volumes in the Williston Basin.

These decreases were partially offset by:

an increase in revenues from NGL sales primarily due to an increase in the average realized sales price from higher average market prices for NGL products combined with higher recoveries of ethane, partially offset by lower processed volumes and
an increase in processing service revenues due to higher consideration received from percent-of-proceeds, percent-of-liquids and keep-whole processing arrangements due to higher average market prices, partially offset by lower processed volumes under fee-based arrangements.

Transportation and storage segment gross margin was $225 million for first quarter 2021, an increase of $69 million compared to $156 million for first quarter 2020. The increase in transportation and storage segment gross margin was primarily due to:

an increase in system management activities primarily due to higher average natural gas sales prices,
an increase in volume-dependent transportation and storage revenues due to an increase in assessed shipper imbalance penalties, partially offset by lower off-system intrastate transported volumes due to decreased production activity in the Anadarko Basin, inclusive of disruptions in natural gas supply associated with Winter Storm Uri, and the recognition in 2020 of $1 million of revenue upon the settlement of the MRT rate case with no comparable item in 2021 and
a reduction in lower of cost or net realizable value adjustments related to natural gas storage inventories.

These increases were partially offset by:

a decrease in firm transportation and storage services due to the recognition in 2020 of $16 million of previously reserved revenue upon the settlement of the MRT rate case with no comparable item in 2021, partially offset by higher interstate contracted capacity and
a decrease in changes in the fair value of natural gas derivatives.

Operation and maintenance and general and administrative expenses were $121 million for first quarter 2021, a decrease of $5 million compared to $126 million for first quarter 2020. The decrease in operation and maintenance and general and administrative expenses was primarily due to a decrease in payroll-related costs as a result of lower headcount, a decrease in field equipment rentals, a decrease in operation and maintenance outside services and a decrease due to insurance proceeds partially offset by remediation costs associated with our Williston Basin operations. These decreases were partially offset by an increase in professional services primarily due to transaction costs related to the pending merger with Energy Transfer, an increase in the allowance for doubtful accounts and an increase due to lower capitalized overhead costs.

Depreciation and amortization expense was $106 million for first quarter 2021, an increase of $2 million compared to $104 million for first quarter 2020. The increase in depreciation and amortization expense was primarily due to revised estimates of remaining useful lives for certain assets.

There were no impairments of property, plant and equipment and goodwill for first quarter 2021, compared to $28 million of impairments for first quarter 2020.

Interest expense was $42 million for first quarter 2021, a decrease of $5 million compared to $47 million for first quarter 2020. The decrease was primarily due to lower debt levels and lower interest rates on short-term borrowings.

Capital expenditures were $80 million for first quarter 2021, compared to $54 million for first quarter 2020. Expansion capital expenditures were $64 million for first quarter 2021, compared to $38 million for first quarter 2020. Maintenance capital expenditures were $16 million for first quarter 2021, compared to $16 million for first quarter 2020.

EARNINGS CONFERENCE CALL AND WEBCAST

A conference call discussing first quarter results is scheduled today at 10 a.m. EDT (9 a.m. CDT). The toll-free dial-in number to access the conference call is 833-968-1938, and the international dial-in number is 778-560-2726. The conference call ID is 4373909. Investors may also listen to the call via Enable’s website at https://investors.enablemidstream.com. A replay of the conference call will be available on Enable’s website.

AVAILABLE INFORMATION

Enable files annual, quarterly and other reports and other information with the U.S. Securities and Exchange Commission (SEC). Enable’s SEC filings are also available at the SEC’s website at https://www.sec.gov which contains information regarding issuers that file electronically with the SEC. Information about Enable may also be obtained at the offices of the NYSE, 20 Broad Street, New York, New York 10005, or on Enable’s website at https://enablemidstream.com. On the Investor Relations section of Enable’s website, https://investors.enablemidstream.com, Enable makes available free of charge a variety of information to investors. Enable’s goal is to maintain the Investor Relations section of its website as a portal through which investors can easily find or navigate to pertinent information about Enable, including but not limited to:

Enable’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports as soon as reasonably practicable after Enable electronically files that material with or furnishes it to the SEC;
press releases on quarterly distributions, quarterly earnings and other developments;
governance information, including Enable’s governance guidelines, committee charters and code of ethics and business conduct;

information on events and presentations, including an archive of available calls, webcasts and presentations;
news and other announcements that Enable may post from time to time that investors may find useful or interesting; and
opportunities to sign up for email alerts and RSS feeds to have information pushed in real time.

ABOUT ENABLE MIDSTREAM PARTNERS

Enable owns, operates and develops strategically located natural gas and crude oil infrastructure assets. Enable’s assets include approximately 14,000 miles of natural gas, crude oil, condensate and produced water gathering pipelines, approximately 2.6 Bcf/d of natural gas processing capacity, approximately 7,800 miles of interstate pipelines (including Southeast Supply Header, LLC of which Enable owns 50%), approximately 2,200 miles of intrastate pipelines and seven natural gas storage facilities comprising 84.5 billion cubic feet of storage capacity. For more information, visit https://enablemidstream.com.

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100%) of Enable’s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Enable’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Brokers and nominees, and not Enable, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.

NON-GAAP FINANCIAL MEASURES

Enable has included the non-GAAP financial measures Gross margin, Adjusted EBITDA, DCF, Adjusted interest expense and distribution coverage ratio in this press release based on information in its consolidated financial statements.

Gross margin, Adjusted EBITDA, DCF, Adjusted interest expense and distribution coverage ratio are supplemental financial measures that management and external users of Enable’s financial statements, such as industry analysts, investors, lenders and rating agencies may use, to assess:

Enable’s operating performance as compared to those of other publicly traded partnerships in the midstream energy industry, without regard to capital structure or historical cost basis;
The ability of Enable’s assets to generate sufficient cash flow to make distributions to its partners;
Enable’s ability to incur and service debt and fund capital expenditures; and
The viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

This press release includes a reconciliation of Gross margin to total revenues, Adjusted EBITDA and DCF to net income attributable to limited partners, Adjusted EBITDA to net cash provided by operating activities and Adjusted interest expense to interest expense, the most directly comparable GAAP financial measures as applicable, for each of the periods indicated. Distribution coverage ratio is a financial performance measure used by management to reflect the relationship between Enable’s financial operating performance and cash distributions. Enable believes that the presentation of Gross margin, Adjusted EBITDA, DCF, Adjusted interest expense and distribution coverage ratio provides information useful to investors in assessing its financial condition and results of operations. Gross margin, Adjusted EBITDA, DCF, Adjusted interest expense and distribution coverage ratio should not be considered as alternatives to net income, operating income, total revenue, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Gross margin, Adjusted EBITDA, DCF, Adjusted interest expense and distribution coverage ratio have important limitations as analytical tools because they exclude some but not all items that affect the most directly comparable GAAP measures. Additionally, because Gross margin, Adjusted EBITDA, DCF, Adjusted interest expense and distribution coverage ratio may be defined differently by other companies in Enable’s industry, its definitions of these measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

FORWARD-LOOKING STATEMENTS

Some of the information in this press release may contain forward-looking statements. Forward-looking statements give our current expectations and contain projections of results of operations or of financial condition, or forecasts of future events. Words such as “could,” “will,” “should,” “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions are used to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release include statements pertaining to our pending merger with Energy Transfer LP and our expectations of plans, strategies, objectives, growth and anticipated financial and operational performance, as updated by this press release. In particular, our statements with respect to continuity plans and preparedness measures we have implemented in response to the novel coronavirus (COVID-19) pandemic and its expected impact on our business, operations, earnings and results are forward-looking statements. Forward-looking statements can be affected by assumptions used or by known or unknown risks or uncertainties. Consequently, no forward-looking statements can be guaranteed.

A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. However, when considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in this press release and our Annual Report on Form 10-K for the year ended Dec. 31, 2020 (Annual Report). Those risk factors and other factors noted throughout this press release and in our Annual Report could cause our actual results to differ materially from those disclosed in any forward-looking statement. You are cautioned not to place undue reliance on any forward-looking statements.

Any forward-looking statements speak only as of the date on which such statement is made, and we undertake no obligation to correct or update any forward-looking statement, whether as a result of new information or otherwise, except as required by applicable law.


ENABLE MIDSTREAM PARTNERS, LP CONSOLIDATED STATEMENTS OF INCOME *(Unaudited)*

	Three Months Ended March 31,
	2021			2020

	(In millions, except per unit data)
Revenues (including revenues from affiliates):
Product sales	$	627		$	288
Service revenue	343			360
Total Revenues	970			648
Cost and Expenses (including expenses from affiliates):
Cost of natural gas and natural gas liquids (excluding depreciation and amortization shown separately)	519			226
Operation and maintenance	84			102
General and administrative	37			24
Depreciation and amortization	106			104
Impairments of property, plant and equipment and goodwill	—			28
Taxes other than income tax	18			18
Total Cost and Expenses	764			502
Operating Income	206			146
Other Income (Expense):
Interest expense	(42		)	(47		)
Equity in earnings of equity method affiliate	1			6
Total Other Expense	(41		)	(41		)
Income Before Income Tax	165			105
Income tax benefit	—			—
Net Income	$	165		$	105
Less: Net income (loss) attributable to noncontrolling interest	1			(7		)
Net Income Attributable to Limited Partners	$	164		$	112
Less: Series A Preferred Unit distributions	9			9
Net Income Attributable to Common Units	$	155		$	103

Basic and diluted earnings per unit
Basic	$	0.35		$	0.24
Diluted	$	0.33		$	0.19


ENABLE MIDSTREAM PARTNERS, LP RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

	Three Months Ended March 31,
	2021		2020

	(In millions)
Reconciliation of Gross margin to Total Revenues:
Consolidated
Product sales	$	627	$	288
Service revenue	343		360
Total Revenues	970		648
Cost of natural gas and natural gas liquids (excluding depreciation and amortization)	519		226
Gross margin	$	451	$	422

Reportable Segments
Gathering and Processing
Product sales	$	428	$	275
Service revenue	196		202
Total Revenues	624		477
Cost of natural gas and natural gas liquids (excluding depreciation and amortization)	398		211
Gross margin	$	226	$	266

Transportation and Storage
Product sales	$	332	$	75
Service revenue	150		159
Total Revenues	482		234
Cost of natural gas and natural gas liquids (excluding depreciation and amortization)	257		78
Gross margin	$	225	$	156

	Three Months Ended March 31,
	2021			2020

	(In millions, except Distribution coverage ratio)
Reconciliation of Adjusted EBITDA and DCF to net income attributable to limited partners and calculation of Distribution coverage ratio:
Net income attributable to limited partners	$	164		$	112
Depreciation and amortization expense	106			104
Interest expense, net of interest income	42			47
Distributions received from equity method affiliate in excess of equity earnings	3			4
Non-cash equity-based compensation	4			4
Change in fair value of derivatives ⁽¹⁾	10			(10		)
Other non-cash (gains) losses ⁽²⁾	(1		)	5
Impairments of property, plant and equipment and goodwill	—			28
Noncontrolling Interest Share of Adjusted EBITDA	—			(8		)
Adjusted EBITDA	$	328		$	286
Series A Preferred Unit distributions ⁽³⁾	(9		)	(9		)
Adjusted interest expense ⁽⁴⁾	(42		)	(47		)
Maintenance capital expenditures	(16		)	(16		)
DCF	$	261		$	214

Distributions related to common unitholders ⁽⁵⁾	$	72		$	72

Distribution coverage ratio ⁽⁶⁾	3.63			2.97

___________________
(1)	Change in fair value of derivatives includes changes in the fair value of derivatives that are not designated as hedging instruments.
(2)	Other non-cash (gains) losses includes write-downs and gains and loss on sale and retirement of assets.
(3)	This amount represents the quarterly cash distributions on the Series A Preferred Units declared for the three months ended March 31, 2021 and 2020. In accordance with the Partnership Agreement, the Series A Preferred Unit distributions are deemed to have been paid out of available cash with respect to the quarter immediately preceding the quarter in which the distribution is made.
(4)	See below for a reconciliation of Adjusted interest expense to Interest expense.
(5)	Represents cash distributions declared for common units outstanding as of each respective period. Amounts for 2021 reflect estimated cash distributions for common units outstanding for the quarter ended March 31, 2021.
(6)	Distribution coverage ratio is computed by dividing DCF by Distributions related to common unitholders.

	Three Months Ended March 31,
	2021			2020

	(In millions)
Reconciliation of Adjusted EBITDA to net cash provided by operating activities:
Net cash provided by operating activities	$	223		$	200
Interest expense, net of interest income	42			47
Noncontrolling interest share of cash provided by operating activities	(1		)	(1		)
Other non-cash items ⁽¹⁾	(3		)	4
Proceeds from insurance	1			—
Changes in operating working capital which (provided) used cash:
Accounts receivable	34			(60		)
Accounts payable	(10		)	58
Other, including changes in noncurrent assets and liabilities	29			44
Return of investment in equity method affiliate	3			4
Change in fair value of derivatives ⁽²⁾	10			(10		)
Adjusted EBITDA	$	328		$	286

___________________
(1)	Other non-cash losses includes write-downs of assets.
(2)	Change in fair value of derivatives includes changes in the fair value of derivatives that are not designated as hedging instruments.

	Three Months Ended March 31,
	2021		2020

	(In millions)
Reconciliation of Adjusted interest expense to Interest expense:
Interest expense	$	42	$	47
Amortization of premium on long-term debt	—		1
Capitalized interest on expansion capital	1		—
Amortization of debt expense and discount	(1)		(1)
Adjusted interest expense	$	42	$	47


ENABLE MIDSTREAM PARTNERS, LP OPERATING DATA

	Three Months Ended March 31,
	2021	2020

Operating Data:
Natural gas gathered volumes—TBtu	368	411
Natural gas gathered volumes—TBtu/d	4.09	4.52
Natural gas processed volumes—TBtu ⁽¹⁾	185	222
Natural gas processed volumes—TBtu/d ⁽¹⁾	2.06	2.44
NGLs produced—MBbl/d ⁽¹⁾⁽²⁾	118.90	120.86
NGLs sold—MBbl/d ⁽²⁾⁽³⁾	119.86	121.32
Condensate sold—MBbl/d	6.78	8.23
Crude oil and condensate gathered volumes—MBbl/d	113.79	141.25
Transported volumes—TBtu	549	597
Transported volumes—TBtu/d	6.10	6.56
Interstate firm contracted capacity—Bcf/d	6.52	6.48
Intrastate average deliveries—TBtu/d	1.65	2.07

___________________
(1)	Includes volumes under third-party processing arrangements.
(2)	Excludes condensate.
(3)	NGLs sold includes volumes of NGLs withdrawn from inventory or purchased for system balancing purposes.

	Three Months Ended March 31,
	2021	2020

Anadarko
Gathered volumes—TBtu/d	1.98	2.29
Natural gas processed volumes—TBtu/d ⁽¹⁾	1.80	2.08
NGLs produced—MBbl/d ⁽¹⁾⁽²⁾	108.04	106.58
Crude oil and condensate gathered volumes—MBbl/d	81.18	114.48
Arkoma
Gathered volumes—TBtu/d	0.39	0.44
Natural gas processed volumes—TBtu/d ⁽¹⁾	0.06	0.08
NGLs produced—MBbl/d ⁽¹⁾⁽²⁾	3.49	3.90
Ark-La-Tex
Gathered volumes—TBtu/d	1.72	1.79
Natural gas processed volumes—TBtu/d	0.20	0.28
NGLs produced—MBbl/d ⁽²⁾	7.37	10.38
Williston
Crude oil gathered volumes—MBbl/d	32.61	26.77

___________________
(1)	Includes volumes under third-party processing arrangements.
(2)	Excludes condensate.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210503005260/en/

Media

Leigh Ann Williams

(405) 553-6947

Investor

Matt Beasley

(405) 558-4600

KEYWORDS: United States North America Oklahoma

INDUSTRY KEYWORDS: Oil/Gas Energy

MEDIA:

May 3, 2021 6:03 am

Organigram CEO Steps Away From Role, Will Continue to Act as a Special Advisor to the Board of Directors; Interim Leadership Appointed

Organigram CEO Steps Away From Role, Will Continue to Act as a Special Advisor to the Board of Directors; Interim Leadership Appointed

MONCTON, New Brunswick–(BUSINESS WIRE)–
The Board of Directors (the “Board”) of Organigram Holdings Inc. (“Organigram” or the “Company”) (TSX: OGI) (NASDAQ: OGI) has confirmed that Greg Engel is stepping away from his role as CEO effective today, however he will continue to act as a special advisor to the Board through a transition period. The Board is grateful for the contributions Greg has made since joining the Company in 2017.

Peter Amirault, current Board chairman, has been appointed by the Board to serve as executive chair on an interim basis, to oversee day-to-day management of the Company until a new permanent CEO is appointed. During this period, Geoff Machum, chair of the Board’s Governance and Nominating Committee, will serve as the independent lead director.

“Greg has brought innovative leadership as the Company created new structures around operations and increased capacity to serve the growing marketplace, while ensuring our successful launch into the adult recreational cannabis space and bringing leading innovative new platforms and edible products to the marketplace,” said Mr. Machum. “Greg has also helped guide the Company during a global pandemic and through period of significant change within our sector, one in which he is a recognized leader. We are pleased that he will continue to serve as special advisor to the Board through this period of transition,” stated Machum.

“We are equally pleased that Peter Amirault will be leading Organigram as executive chair, while we begin a search process for a permanent CEO,” said Machum. “Peter has served as chair since 2017 and has deep senior and executive leadership experience in consumer packaged goods (https://www.organigram.ca/about#board-of-directors) and during his tenure he has demonstrated strong governance leadership skills and excellent business acumen.”

About Organigram Holdings Inc.

Organigram Holdings Inc. is a NASDAQ Global Select Market and Toronto Stock Exchange listed company whose wholly owned subsidiaries include: Organigram Inc., a licensed producer of cannabis and cannabis-derived products in Canada and The Edibles and Infusions Corporation, a cannabis infused soft chew and confectionary manufacturer in Canada.

Organigram is focused on producing high-quality, indoor-grown cannabis for patients and adult recreational consumers in Canada, as well as developing international business partnerships to extend the Company’s global footprint. Organigram has also developed a portfolio of legal adult-use recreational cannabis brands including The Edison Cannabis Company, Indi, Bag o’ Buds, SHRED and Trailblazer. Organigram’s facility is located in Moncton, New Brunswick, with another leased manufacturing facility in Winnipeg, Manitoba. The Company is regulated by the Cannabis Act and the Cannabis Regulations (Canada).

Forward-Looking Information

This news release contains forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, and include statements regarding the search process and anticipated skill set for a permanent CEO. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, events, performance or achievements of Organigram to differ materially from current expectations or future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Such risks include the risk that Organigram may not be able to identify or attract candidates having the desired skill set as permanent CEO on a timely basis or at all, and the factors and risks as disclosed in the Company’s most recent annual information form, management’s discussion and analysis and other Company documents filed from time to time on SEDAR (see www.sedar.com) and filed or furnished to the Securities and Exchange Commission on EDGAR (see www.sec.gov). Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking information included in this news release are made as of the date of this news release and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210503005324/en/

Amy Schwalm, Vice President, Investor Relations

[email protected]

(416) 704-9057

KEYWORDS: United States North America Canada

INDUSTRY KEYWORDS: Alternative Medicine Retail Health Agriculture Natural Resources Specialty Food/Beverage

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