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SHANGHAI, April 30, 2021 /PRNewswire/ — Noah Holdings Limited (“Noah” or the “Company”) (NYSE: NOAH), a leading wealth and asset management service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2020 with the U.S. Securities and Exchange Commission on April 30, 2021.

The annual report can be accessed on Noah’s investor relations website at http://ir.noahgroup.com.

ABOUT NOAH HOLDINGS LIMITED

Noah Holdings Limited (NYSE: NOAH) is a leading wealth and asset management service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises. In the full year 2020, Noah distributed RMB94.7 billion (US$14.5 billion) of financial products. Through its subsidiary, Gopher Asset Management Co., Ltd. (“Gopher Asset Management”), Noah had assets under management of RMB152.8 billion (US$23.4 billion) as of December 31, 2020.

Noah’s wealth management business primarily distributed private equity, public securities, credit and insurance products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,231 relationship managers across 80 cities in mainland China, and serves the international investment needs of its clients through subsidiaries in Hong Kong, Taiwan, United States, Canada, Australia and Singapore. The Company’s wealth management business had 360,637 registered clients as of December 31, 2020. As a leading alternative asset manager in China, Gopher Asset Management manages private equity, real estate, public securities, credit and multi-strategies investments denominated in RMB and foreign currencies. The Company also provides lending services and other businesses.

For more information, please visit Noah at ir.noahgroup.com.

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SOURCE Noah Holdings Limited

STAMFORD, Conn., April 30, 2021 /PRNewswire/ — Charter Communications, Inc. (along with its subsidiaries, the “Company” or “Charter”) today reported financial and operating results for the three months ended March 31, 2021.

Key highlights:

• First quarter total residential and small and medium business (“SMB”) customer relationships increased by 302,000. As of March 31, 2021, Charter served a total of 31.4 million residential and SMB customers, with 1.7 million net new customer relationships added over the last twelve months.
• First quarter total residential and SMB Internet customers increased by 355,000. As of March 31, 2021, Charter served a total of 29.2 million residential and SMB Internet customers, with 2.0 million total Internet customers added over the last twelve months.
• First quarter total residential and SMB mobile lines increased by 300,000. As of March 31, 2021, Charter served a total of 2.7 million mobile lines, with 1.3 million mobile lines added over the last twelve months.
• First quarter revenue of $12.5 billion grew by 6.7% year-over-year, driven by residential revenue growth of 5.8% and mobile revenue growth of 90.7%.
• First quarter Adjusted EBITDA¹ of $4.9 billion grew by 12.5% year-over-year.
• Net income attributable to Charter shareholders totaled $807 million in the first quarter.
• First quarter capital expenditures totaled $1.8 billion and included $112 million of mobile-related capital expenditures.
• First quarter free cash flow¹ of $1.9 billion grew by 35.3% year-over-year.
• During the first quarter, Charter purchased approximately 6.3 million shares of Charter Class A common stock and Charter Communications Holdings, LLC (“Charter Holdings”) common units for approximately $4.0 billion.

“We continue to execute well in a market environment that has not yet returned to normal. We added 355,000 Internet customers in the first quarter, and 2 million over the last year, for year-over-year growth of 7.3%,” said Tom Rutledge, Chairman and CEO of Charter. “Our value-driven operating strategy of providing multiple high-quality products at lower prices than sold individually continues to drive our growth.”

 

During the first quarter of 2021, Charter’s residential customer relationships grew by 282,000, compared to growth of 468,000 in the first quarter of 2020 and 321,000 in the first quarter of 2019. As of March 31, 2021, Charter had 29.4 million residential customer relationships, with year-over-year growth of 1.6 million, or 5.8%.

During the first quarter of 2021, Charter added 334,000 residential Internet customers, compared to 563,000 during the first quarter of 2020 and 398,000 during the first quarter of 2019. The lower net additions relative to 2020 and 2019 is a function of a lower market churn environment, resulting in fewer selling opportunities in the first quarter of 2021. During the first quarter, Charter doubled its starting download speed to 200 Mbps in 17 additional markets at no extra cost to customers. Currently, 200 Mbps is the minimum speed offered to new Spectrum Internet^® customers in nearly 85% of Charter’s footprint, with 100 Mbps the minimum speed offered in the remainder of its footprint. As of March 31, 2021, over 70% of customers subscribed to Internet tiers that provided 200 Mbps or more of speed. Charter also offers Spectrum Internet Gig across its entire footprint. Additionally, Charter’s Advanced In-Home WiFi, a managed WiFi service that provides customers an optimized home network while providing greater control of their connected devices, has now been launched across more than 90% of Charter’s footprint for new Internet connects.

Residential video customers decreased by 156,000 in the first quarter of 2021, compared to decreases of 70,000 in the first quarter of 2020 and 152,000 in the first quarter of 2019. As of March 31, 2021, Charter had 15.5 million residential video customers.

During the first quarter of 2021, residential wireline voice customers declined by 102,000, compared to declines of 83,000 in the first quarter of 2020 and 120,000 in the first quarter of 2019. As of March 31, 2021, Charter had 9.1 million residential wireline voice customers.

First quarter 2021 residential revenue per residential customer (excluding mobile) totaled $112.18, and declined by 0.5% compared to the prior year period, given a higher percentage of non-video customers, a higher mix of lower priced video packages within Charter’s video customer base, lower pay-per-view and video on demand revenue and lower installation revenue, partly offset by promotional rate step-ups and rate adjustments.

SMB customer relationships grew by 20,000 in the first quarter of 2021, while first quarter 2020 and 2019 SMB customer relationships grew by 18,000 and 30,000, respectively. During the first quarter of 2021, enterprise PSUs grew by 2,000, compared to growth of 2,000 in the first quarter of 2020 and 5,000 in the first quarter of 2019.

During the first quarter of 2021, Charter added 300,000 mobile lines, compared to growth of 290,000 during the first quarter of 2020 and 176,000 during the first quarter of 2019. Spectrum Mobile^TM is available to all new and existing Spectrum Internet customers and runs on America’s most awarded LTE network combined with SpectrumWiFi. Spectrum Mobile customers can choose one of two simple ways to pay for data, “Unlimited” or “By the Gig.” All plans include 4G and 5G access, with no added taxes, fees or contracts.

First Quarter Financial Results

Revenues

First quarter revenue increased by 6.7% year-over-year to $12.5 billion, driven primarily by growth in Internet and mobile revenues. Excluding advertising revenue, which benefited from political spend in the first quarter of 2020, revenue grew by 7.1% year-over-year.

Internet revenue grew by 15.4% year-over-year to $5.1 billion, driven by growth in Internet customers during the last year, promotional rate step-ups, rate adjustments and higher bundled revenue allocation.

Video revenue totaled $4.3 billion in the first quarter, a decrease of 1.8% compared to the prior year period, driven by a higher mix of lower priced video packages within Charter’s video customer base, lower bundled revenue allocation, lower pay-per-view and video on demand revenue and lower installation revenue, partly offset by promotional rate step-ups and rate adjustments.

Voice revenue totaled $399 million in the first quarter, a decrease of 12.6% compared to the first quarter of 2020. Factors impacting the year-over-year change in voice revenue included value-based pricing, a decline in wireline voice customers over the last twelve months and changes in bundled revenue allocation.

Residential revenue totaled $9.8 billion in the first quarter, an increase of 5.8% year-over-year.

Commercial revenue increased by 2.0% year-over-year to $1.7 billion, driven by enterprise and SMB revenue growth of 2.5% and 1.6% year-over-year, respectively. Enterprise revenue growth was impacted by lower cell tower backhaul revenue. Enterprise retail revenue excluding wholesale revenue increased by 7.2% year-over-year, reflecting PSU growth. SMB revenue growth was partly reduced by some continuing COVID-19 related seasonal plans.

First quarter advertising sales revenue of $344 million declined by 5.8% compared to the year-ago quarter, driven by lower political revenue, partly offset by higher advanced advertising revenue. Excluding political revenue in both periods, advertising sales revenue increased by 5.3% year-over-year.

First quarter mobile revenue totaled $492 million, an increase of 90.7% year-over-year.

Other revenue totaled $207 million in the first quarter, a decrease of 2.0% year-over-year, driven by lower processing fees, partly offset by higher regional sports network revenue.

Operating Costs and Expenses

First quarter total operating costs and expenses increased by $235 million, or 3.2% year-over-year.

First quarter programming costs increased by $96 million, or 3.3% as compared to the first quarter of 2020, reflecting contractual programming increases and renewals, partly offset by a higher mix of lower cost packages within Charter’s video customer base and lower pay-per-view expenses.

Regulatory, connectivity and produced content expenses increased by $49 million, or 8.9% year-over-year, primarily driven by higher sports rights costs as a result of more games played in the first quarter of 2021 compared to 2020.

Costs to service customers decreased by $44 million, or 2.4% year-over-year, despite year-over-year residential and SMB customer growth of 5.8%. The year-over-year decrease in costs to service customers was primarily driven by lower bad debt as a result of stimulus packages and lower market churn, partly offset by previously announced wage increases for hourly field operations and call center employees as Charter meets its commitment to a minimum $20 per hour wage in 2022.

Marketing expenses decreased by $15 million, or 2.0% year-over-year.

First quarter mobile costs totaled $572 million, an increase of 52.8% year-over-year, and were comprised of device costs, customer acquisition costs, and service and operating costs.

Other expenses decreased by $49 million, or 5.5% as compared to the first quarter of 2020, primarily driven by a non-recurring adjustment to bonuses related to COVID-19.

Adjusted EBITDA

First quarter Adjusted EBITDA of $4.9 billion grew by 12.5% year-over-year, reflecting growth in revenue and operating expenses of 6.7% and 3.2%, respectively. 

Net Income Attributable to Charter Shareholders

Net income attributable to Charter shareholders totaled $807 million in the first quarter of 2021, compared to $396 million in the first quarter of 2020. The year-over-year increase in net income attributable to Charter shareholders was primarily driven by higher Adjusted EBITDA, with a benefit from non-cash changes in the value of financial instruments as reflected in other income (expenses), net, largely offset by a tentative litigation settlement charge in other operating expenses, net.  

 Net income per basic common share attributable to Charter shareholders totaled $4.22 in the first quarter of 2021 compared to $1.91 during the same period last year. The increase was primarily the result of the factors described above in addition to a 7.9% decrease in basic weighted average common shares outstanding versus the prior year period.

Capital Expenditures

Property, plant and equipment expenditures totaled $1.8 billion in the first quarter of 2021, compared to $1.5 billion during the first quarter of 2020, primarily driven by increases in scalable infrastructure and line extensions. The year-over-year increase in scalable infrastructure spending was primarily related to augmentation of network capacity for customer growth and usage, with incremental spending to reclaim network headroom maintained prior to COVID-19. The increase in line extensions was driven by continued network expansion, including to rural areas. First quarter capital expenditures included $112 million of mobile costs, most of which related to retail stores and IT systems, and are included in support capital.

Charter currently expects 2021 cable capital expenditures, excluding Rural Digital Opportunity Fund investments which will begin later this year, to be relatively consistent as a percentage of cable revenue versus 2020.

Cash Flow and Free Cash Flow

During the first quarter of 2021, net cash flows from operating activities totaled $3.8 billion, compared to $3.2 billion in the prior year quarter. The year-over-year increase in net cash flows from operating activities was primarily due to higher Adjusted EBITDA.

Free cash flow in the first quarter of 2021 totaled $1.9 billion, compared to $1.4 billion during the same period last year. The year-over-year increase in free cash flow was driven by an increase in net cash flows from operating activities.

Liquidity & Financing

As of March 31, 2021, total principal amount of debt was $84.3 billion and Charter’s credit facilities provided approximately $4.7 billion of additional liquidity in excess of Charter’s $772 million cash position.

In March 2021, Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. jointly issued $1.5 billion aggregate principal amount of 3.500% senior secured notes due June 2041 at a price of 99.544% of the aggregate principal amount, $1.0 billion aggregate principal amount of 3.900% senior secured notes due June 2052 at a price of 99.951% of the aggregate principal amount and an additional $500 million aggregate principal amount of 3.850% senior secured notes due April 2061 at a price of 94.668% of the aggregate principal amount. The net proceeds were used to pay related fees and expenses and for general corporate purposes, including funding buybacks of Charter Class A common stock and Charter Holdings common units as well as repaying certain indebtedness, including $750 million aggregate principal amount of CCO Holdings 5.750% notes due February 2026.

In April 2021, CCO Holdings, LLC and CCO Holdings Capital Corp. jointly issued $1.0 billion of 4.500% senior unsecured notes due 2033 at par. The net proceeds will be used for general corporate purposes, including to fund potential buybacks of Charter Class A common stock and Charter Holdings common units, to repay certain indebtedness and to pay related fees and expenses.

Share Repurchases

During the three months ended March 31, 2021, Charter purchased approximately 6.3 million shares of Charter Class A common stock and Charter Holdings common units for approximately $4.0 billion.

Conference Call

Charter will host a conference call on Friday, April 30, 2021 at 8:30 a.m. Eastern Time (ET) related to the contents of this release.

The conference call will be webcast live via the Company’s investor relations website at ir.charter.com. The call will be archived under the “Events & Webcasts” section two hours after completion of the call. Participants should go to the webcast link no later than 10 minutes prior to the start time to register.

Those participating via telephone should dial 866-919-0894 no later than 10 minutes prior to the call. International participants should dial 706-679-9379. The conference ID code for the call is 3359178.

A replay of the call will be available at 855-859-2056 or 404-537-3406 beginning two hours after the completion of the call through the end of business on May 26, 2021. The conference ID code for the replay is 3359178.

Additional Information Available on Website

The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2021, which will be posted on the “Results & SEC Filings” section of the Company’s investor relations website at ir.charter.com, when it is filed with the Securities and Exchange Commission (the “SEC”). A slide presentation to accompany the conference call and a trending schedule containing historical customer and financial data will also be available in the “Results & SEC Filings” section.

Use of Adjusted EBITDA and Free Cash Flow Information

The company uses certain measures that are not defined by U.S. generally accepted accounting principles (“GAAP”) to evaluate various aspects of its business. Adjusted EBITDA and free cash flow are non-GAAP financial measures and should be considered in addition to, not as a substitute for, net income attributable to Charter shareholders and net cash flows from operating activities reported in accordance with GAAP. These terms, as defined by Charter, may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA and free cash flow are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the Addendum to this release.

Adjusted EBITDA is defined as net income attributable to Charter shareholders plus net income attributable to noncontrolling interest, net interest expense, income taxes, depreciation and amortization, stock compensation expense, other (income) expenses, net and other operating expenses, net, such as special charges and (gain) loss on sale or retirement of assets. As such, it eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of the Company’s businesses as well as other non-cash or special items, and is unaffected by the Company’s capital structure or investment activities. However, this measure is limited in that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues and the cash cost of financing. These costs are evaluated through other financial measures.     

Free cash flow is defined as net cash flows from operating activities, less capital expenditures and changes in accrued expenses related to capital expenditures.   

Management and Charter’s board of directors use Adjusted EBITDA and free cash flow to assess Charter’s performance and its ability to service its debt, fund operations and make additional investments with internally generated funds. In addition, Adjusted EBITDA generally correlates to the leverage ratio calculation under the Company’s credit facilities or outstanding notes to determine compliance with the covenants contained in the facilities and notes (all such documents have been previously filed with the SEC). For the purpose of calculating compliance with leverage covenants, the Company uses Adjusted EBITDA, as presented, excluding certain expenses paid by its operating subsidiaries to other Charter entities. The Company’s debt covenants refer to these expenses as management fees, which were $277 million and $311 million for the three months ended March 31, 2021 and 2020, respectively.

About Charter

Charter Communications, Inc. (NASDAQ:CHTR) is a leading broadband connectivity company and cable operator serving more than 31 million customers in 41 states through its Spectrum brand. Over an advanced communications network, the company offers a full range of state-of-the-art residential and business services including Spectrum Internet^®, TV, Mobile and Voice.

For small and medium-sized companies, Spectrum Business^® delivers the same suite of broadband products and services coupled with special features and applications to enhance productivity, while for larger businesses and government entities, Spectrum Enterprise provides highly customized, fiber-based solutions. Spectrum Reach^® delivers tailored advertising and production for the modern media landscape. The company also distributes award-winning news coverage, sports and high-quality original programming to its customers through Spectrum Networks and Spectrum Originals. More information about Charter can be found at corporate.charter.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This communication includes 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, regarding, among other things, our plans, strategies and prospects, both business and financial.  Although we believe that our plans, intentions and expectations as reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations.  Forward-looking statements are inherently subject to risks, uncertainties and assumptions including, without limitation, the factors described under “Risk Factors” from time to time in our filings with the SEC.  Many of the forward-looking statements contained in this communication may be identified by the use of forward-looking words such as “believe,” “expect,” “anticipate,” “should,” “planned,” “will,” “may,” “intend,” “estimated,” “aim,” “on track,” “target,” “opportunity,” “tentative,” “positioning,” “designed,” “create,” “predict,” “project,” “initiatives,” “seek,” “would,” “could,” “continue,” “ongoing,” “upside,” “increases,” “focused on” and “potential,” among others.  Important factors that could cause actual results to differ materially from the forward-looking statements we make in this communication are set forth in our annual report on Form 10-K, and in other reports or documents that we file from time to time with the SEC, and include, but are not limited to:

• our ability to sustain and grow revenues and cash flow from operations by offering Internet, video, voice, mobile, advertising and other services to residential and commercial customers, to adequately meet the customer experience demands in our service areas and to maintain and grow our customer base, particularly in the face of increasingly aggressive competition, the need for innovation and the related capital expenditures;
• the impact of competition from other market participants, including but not limited to incumbent telephone companies, direct broadcast satellite (“DBS”) operators, wireless broadband and telephone providers, digital subscriber line (“DSL”) providers, fiber to the home providers and providers of video content over broadband Internet connections;
• general business conditions, unemployment levels and the level of activity in the housing sector and economic uncertainty or downturn, including the impacts of the Novel Coronavirus (“COVID-19”) pandemic to our customers, our vendors and local, state and federal governmental responses to the pandemic;
• our ability to obtain programming at reasonable prices or to raise prices to offset, in whole or in part, the effects of higher programming costs (including retransmission consents and distribution requirements);
• our ability to develop and deploy new products and technologies including mobile products and any other consumer services and service platforms;
• any events that disrupt our networks, information systems or properties and impair our operating activities or our reputation;
• the effects of governmental regulation on our business including subsidies to consumers, subsidies and incentives for competitors, costs, disruptions and possible limitations on operating flexibility related to, and our ability to comply with, regulatory conditions applicable to us;
• the ability to hire and retain key personnel;
• the availability and access, in general, of funds to meet our debt obligations prior to or when they become due and to fund our operations and necessary capital expenditures, either through (i) cash on hand, (ii) free cash flow, or (iii) access to the capital or credit markets; and
• our ability to comply with all covenants in our indentures and credit facilities, any violation of which, if not cured in a timely manner, could trigger a default of our other obligations under cross-default provisions.
• All forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement. We are under no duty or obligation to update any of the forward-looking statements after the date of this communication.

 

 

 

 

 

 

 

 

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SOURCE Charter Communications, Inc.

• Investing in Canada’s largest annual sports and tourism event and in Montréal’s enduring legacy in international motorsports
• Tickets already purchased will be valid for the 2022 Canadian Grand Prix or will be refunded by Bell

MONTRÉAL, April 30, 2021 /CNW Telbec/ – Bell today announced it has agreed to acquire the operations of Montréal’s Octane Racing Group Inc., promoter of the Formula 1 Canadian Grand Prix, the largest annual sports and tourism event in the country.

After the cancellation of the 2020 and 2021 Grand Prix events in Montréal due to COVID-19, Bell’s investment brings the financial stability and enhanced investment needed to ensure the long-term growth of the Formula 1 Canadian Grand Prix. With the event now secured in Montréal through 2031, today’s announcement unlocks a wide range of enhanced commercial opportunities for both Bell and F1.

Bell will ensure that tickets sold for the 2020 race are valid for the 2022 Canadian Grand Prix or ticket holders will be refunded if they prefer that option. A number of 2020 ticket holders had already chosen to transfer their tickets to the canceled 2021 event, and that option is now available to them for the 2022 race (tickets had not yet been sold for the 2021 event).

“A world-renowned event that promotes Montréal at an international level, the Formula 1 Canadian Grand Prix is hugely popular in Québec and throughout Canada. This transaction confirms Bell’s commitment to deliver the most compelling content across every platform while increasing our presence in the Québec media marketplace through significant investments in culture, sports and entertainment,” said Karine Moses, Bell’s Vice Chair, Québec. “As a Montréal-based company and Canada’s top sports content provider, Bell can’t wait to see the Grand Prix back in 2022. We welcome the Octane Racing Group team, and look forward to amplifying this iconic Montréal event over the long term with Bell’s leading network, broadcasting and digital assets.”

Bell Media sports networks TSN and RDS have been Formula 1 partners for decades, and last year announced the extension of Formula 1 World Championship broadcast rights in Canada until 2024. Octane Racing Group will continue to run as a standalone entity within the Bell group of companies to promote the Formula 1 Canadian Grand Prix. Octane President and CEO François Dumontier and all Octane employees join Bell effective today.

“The Formula 1 Canadian Grand Prix is the biggest sporting and touristic event in the country, and it seemed only natural for us to join forces with Bell to help elevate the event to its fullest potential,” said François Dumontier. “With Bell’s assets and commitment to develop the event, the future of Montréal’s leg of the Formula 1 World Championship just got better. I am thankful to have the opportunity to continue to follow my passion with Formula 1 and to be able to develop new opportunities for the Formula 1 Canadian Grand Prix with the support of a company so well established in Québec and across Canada.”

“Canada is a race that holds a special place in the F1 calendar and is exciting for our fans and the drivers and we are delighted by our 2-year extension to 2031,” said Stefano Domenicalli, President and CEO of Formula 1. “The news today of Bell’s investment is very positive and will ensure the long term growth of the Grand Prix which will benefit the sport and the city of Montréal alongside the great work that François and his team are delivering and will continue to deliver.”

“The Canadian Grand Prix is a flagship event that makes a remarkable contribution to the vitality of tourism and to the influence of Montréal and all of Québec,” said Caroline Proulx, Québec’s Minister of Tourism. “I am delighted with the arrival of a new major private partner like Bell, which, in addition to preserving the expertise acquired over the years, contributes to the long-term sustainability and growth of this event that generates major economic benefits. With the announcement of the extension of the Formula 1 Canadian Grand Prix in Montréal earlier this week, today’s transaction sends another positive signal to the tourism industry, a sector whose importance and role in our full economic recovery our government recognizes.”

Environmental protection is an integral and longstanding element of Bell’s business. Corporate responsibility and sustainability are also core values for the Formula 1 Group, with a goal to achieve carbon neutrality by 2030.

About Octane Racing Group

A Montréal-based Canadian company, Octane Racing Group Inc. is the promoter of FORMULA 1 GRAND PRIX DU CANADA through an agreement made with Formula One Administration Limited and Formula 1 World Championship Limited (which, together, hold the commercial rights to F1).

About Bell

The Bell team builds world-leading broadband wireless and fibre networks, provides innovative mobile, TV, Internet and business communications services and delivers the most compelling content with premier television, radio, out of home and digital media brands. With a goal to advance how Canadians connect with each other and the world, Bell serves more than 22 million consumer and business customer connections across every province and territory. Founded in Montréal in 1880, Bell is wholly owned by BCE Inc. (TSX, NYSE: BCE). To learn more, please visit Bell.ca or BCE.ca.

Bell supports the social and economic prosperity of our communities with a commitment to the highest environmental, social and governance (ESG) standards. We measure our progress in increasing environmental sustainability, achieving a diverse and inclusive workplace, leading data governance and protection, and building stronger and healthier communities. This includes confronting the challenge of mental illness with the Bell Let’s Talk initiative, which drives mental health awareness and action with programs like the annual Bell Let’s Talk Day and Bell funding for community care, research and workplace programs nationwide all year round.

Media inquiries:

Vanessa Damha
514-870-6663
[email protected] 
@Bell_News

Sandrine Garneau

438-392-9649
[email protected]

Investor inquiries:

Thane Fotopoulos
 514-870-4619
[email protected]

SOURCE Bell Canada

• Doctors Services Group Limited (“DSG“) is a leader in the provision of uninsured services billing programs and a suite of additional tools and services to physicians that transform practice productivity and enhance patient care.
• DSG is expected to be an immediately accretive acquisition, generating over $450K per year of normalized EBITDA⁽¹⁾ post-closing.
• DSG complements and expands WELL’s billing and back-office business unit formed upon the acquisition of DoctorCare in November 2020.

VANCOUVER, April 30, 2021 /PRNewswire/ –  WELL Health Technologies Corp. (TSX: WELL) (“WELL” or the “Company“), a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, is pleased to announce it has entered into a definitive share purchase agreement dated April 29, 2021 (the “Agreement“) to acquire 51% of the issued and outstanding shares of DSG (the “Transaction“).  The remaining 49% of the issued and outstanding shares of DSG will be retained by the founders of DSG, who will continue to operate the company on a post-closing basis.

“The proposed acquisition of Doctors Services Group will be our first acquisition in our Billing and Backoffice business unit, augmenting WELL’s previous acquisition of DoctorCare,” said Paulo Gomes, CEO of DoctorCare.  “For over ten years, Doctors Services Group has provided physicians a ‘one stop shop’ that allows them to get their uninsured service billing under control and maximize their returns.  Doctors Services Group is a great complement to our DoctorCare team.”

DSG provides uninsured services billing programs and offers physicians a suite of additional tools and services that transforms practice productivity and enhances patient care.  Physicians implement DSG’s services to outsource the administrative burden associated with independently managing an uninsured service billing program.  With over a decade of experience, DSG is the professional and economical alternative to performing these functions internally.  DSG works with a wide range of clients and can accommodate any medical practice that performs uninsured services in order to maximize their practice revenue.  Post-closing, DSG is expected to generate over $450K of annual normalized EBITDA⁽¹⁾.

Glen Flack, co-founder of DSG commented, “We are excited to partner with the WELL Health team who will help us accelerate our solutions to doctors across Canada.  We have already developed a close working relationship with Paulo and the DoctorCare team over the years as our solutions are extremely complementary.”

Transaction details

Under the terms of the Agreement, the total consideration payable by WELL in connection with the Transaction is as follows: (i) a cash payment on the closing date in the amount of $475,000, subject to customary closing adjustments and holdbacks; (ii) the issuance of common shares in the capital of the Company on the closing date equal to $475,000; and (iii) a multi-year performance earn-out of up to $475,000, payable in cash or common shares of the Company, at WELL’s discretion.  WELL has also been granted the right to acquire the remaining issued and outstanding shares of DSG which it doesn’t acquire under the Transaction pursuant to a call option.

Closing of the Transaction is subject to a number of conditions and is expected to be completed in Q2-2021.

Footnote:

WELL HEALTH TECHNOLOGIES CORP.

Per:   “Hamed Shahbazi” 
Hamed Shahbazi
Chief Executive Officer, Chairman and Director

About WELL Health Technologies Corp.

WELL is an omni-channel digital health company whose overarching objective is to empower doctors to provide the best and most advanced care possible while leveraging the latest trends in digital health. As such, WELL owns and operates 27 primary healthcare clinics in both Canada and the US, operates a multinational digital Electronic Medical Records (EMR) business serving thousands of healthcare clinics and health systems of all sizes, operates a multi-national portfolio of telehealth services which includes one of the largest telehealth service providers in Canada. WELL is also a provider of digital health, billing and cybersecurity related technology solutions. WELL is an acquisitive company that follows a disciplined and accretive capital allocation strategy. WELL is publicly traded on the Toronto Stock Exchange under the symbol “WELL“. To access the Company’s telehealth service, visit: tiahealth.com, and for corporate information, visit: www.well.company.

About Doctors Services Group

Doctors Services Group was established in 2005 and has been the industry leader in the provision of uninsured service-billing programs.  The company’s mission is to provide a service in which physicians are fairly compensated for services provided and patients are informed of what uninsured services are and why they are paying for them.  In addition to an Annual Fee Program, Doctors Services Group provides many supplementary services that when implemented, help physicians increase revenue, enhance efficiency, and improve doctor-patient communication.  Doctors Services Group has developed an effective program that allows physicians to get their uninsured services under control, while generating a healthy return on their investment.  Doctors Services Group offers a customizable platform that can be tailored to meet the specific needs of each individual practice, through the implementation of specific fees and annual plans.

Notice Regarding Forward-Looking Statements

Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature including the statements regarding the completion and timing of the Transaction and the expectation that the majority-owned acquisition will be immediately accretive to WELL.  Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “would”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or the negative thereof or similar variations. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking statements, including: risks that the conditions to completion of the acquisition will not be satisfied as contemplated or at all; business disruption risks relating to COVID-19; regulatory risks, including those related to healthcare, privacy and data security; integration risks relating to the acquired business on a post-closing basis; and other risks outlined in the Company’s publicly filed documents available on SEDAR.  Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking statements are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice.  Except as required by law, the Company does not intend to update these forward-looking statements.

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SOURCE WELL Health Technologies Corp.

MONTREAL, April 30, 2021 /CNW Telbec/ – Pierre Karl Péladeau, President and Chief Executive Officer, Quebecor Inc. and Quebecor Media Inc., Jean-François Pruneau, President and Chief Executive Officer, Videotron Ltd., and Hugues Simard, Chief Financial Officer, Quebecor Inc. and Quebecor Media Inc. will hold a conference call on Thursday, May 13^th, 2021, at 2:30 PM, following the release of Quebecor Inc.’s consolidated results for the first quarter 2021. Media are invited to access the call on a listen-only basis.

Anyone unable to attend the conference call will be able to listen to a recording by telephone or webcast. Access details will be posted on the Quebecor website within 24 hours following the call, at: https://www.quebecor.com/en/investors/conferences-and-annual-meeting

The recording will be available until August 11th, 2021.

The Company

Quebecor, a Canadian leader in telecommunications, entertainment, news media and culture, is one of the best-performing integrated communications companies in the industry. Driven by their determination to deliver the best possible customer experience, all of Quebecor’s subsidiaries and brands are differentiated by their high-quality, multiplatform, convergent products and services.

Québec-based Quebecor (TSX: QBR.A, QBR.B) employs more than 10,000 people in Canada.

A family business founded in 1950, Quebecor is strongly committed to the community. Every year, it actively supports more than 400 organizations in the vital fields of culture, health, education, the environment, and entrepreneurship.

Visit our website: www.quebecor.com 

Follow us on Twitter: twitter.com/Quebecor

 

SOURCE Quebecor

Management will also provide its annual corporate update after the conclusion of the meeting

SAN DIEGO, Calif. and CALGARY, AB, April 30, 2021 /PRNewswire/ — Oncolytics Biotech^® Inc. (NASDAQ: ONCY) (TSX: ONC), (the “Company“) today announced that its upcoming 2021 Annual General Meeting (the “Meeting“) will be held virtually at 12:00 p.m. Eastern Daylight Time (ET) on Friday, May 7, 2021. In light of limits on larger gatherings and in the best interest of the health and safety of our employees and shareholders, the Meeting will be held as a virtual-only shareholder meeting. After the Meeting and at the conclusion of shareholder voting, the management team will provide a corporate update and Q&A for institutional investors and analysts, along with a discussion of our first quarter 2021 financial results.

The Company strongly encourages all shareholders, whether or not they plan on virtually attending the Meeting, to vote by completing and submitting their proxies or voting instruction forms, as applicable, well in advance of the Meeting. The deadline for voting or receiving proxies in relation to the Meeting is 12:00 p.m. ET on Wednesday, May 5, 2021. Information on how to vote your shares by proxy is available in the Company’s Management Information Circular dated March 23, 2021 in respect of the Meeting. The information circular is available on the investor relations section of the Company’s website at https://ir.oncolyticsbiotech.com/reports and can also be accessed under the Company’s profile on SEDAR at https://www.sedar.com/ and EDGAR at https://www.sec.gov/edgar.shtml.

Who can Attend and Vote at the Meeting
Registered shareholders (who have not appointed a proxyholder) and duly appointed proxyholders (including non-registered shareholders who appoint themselves as proxyholders) will be able to virtually attend the Meeting, vote and ask questions, all in real-time, provided they are connected to the internet. Non-registered shareholders who have not properly appointed themselves as proxyholder will be able to attend the Meeting as guests, but will not be able to vote or ask questions at the Meeting. Non-registered shareholders who wish to vote and ask questions at the Meeting must appoint themselves as proxyholder and register with our transfer agent, AST Trust Company (Canada) (“AST“) as described in the “How to Appoint and Register a Proxyholder” section below.

How to Appoint and Register a Proxyholder
Non-registered shareholders who wish to appoint themselves and all shareholders (registered and non-registered) who wish to appoint a third party (other than the management nominees identified in the form of proxy or voting information form) as proxyholder to attend the Meeting must carefully follow the instructions in the Circular and on their form of proxy or voting instruction form. After submitting their form of proxy or voting instruction form to appoint themselves or a third party as a proxyholder, shareholders MUST also complete the additional step of registering their proxyholder with AST and obtaining a control number for the Meeting by calling AST at +1-866-751-6315 (within North America) or +1-212-235-5754 (outside of North America) no later than 12:00 p.m. ET on May 5, 2021. Failure to register the proxyholder with AST will result in the proxyholder only being able to join the Meeting as a guest, with no ability to vote or ask questions.

Registered shareholders who wish to attend the Meeting themselves do no need to register a proxyholder and can use the control number provided on their proxy form.

How to Attend and Vote at the Virtual Meeting

Step 1 – Log in online to the webcast at https://web.lumiagm.com/158281614. We recommend that shareholders log in to the webcast as early as possible but not later than 15 minutes before the time of the virtual Meeting to confirm that the web browser they are using is compatible.

Step 2 – Follow these instructions:

Registered shareholders:

• Click “I have a Control Number”
• Enter the control number (the control number provided on the form of proxy)
• Enter the password “oncy2021” (case sensitive)

Duly appointed proxyholders:

• Click “I have a Control Number”
• Enter the control number (the control number provided by AST by email after the proxy voting deadline has passed and after following the steps in the “How to Appoint and Register a Proxyholder” section above)
• Enter the password “oncy2021” (case sensitive)

Guests:

• Click “Guest”
• Complete the online form

For shareholders with the ability to vote at the Meeting, they will be revoking all previously submitted proxies by logging into the virtual Meeting and accepting the terms and conditions; however, they will be provided the opportunity to vote by ballot on the matters put forth at the Meeting. If shareholders do not wish to revoke all previously submitted proxies, then they should not accept the terms and conditions and only enter the meeting as a guest.

Accessing the Annual Corporate Update Presentation
The Annual Corporate Update, which will also discuss first quarter 2021 financial results, beginning immediately following the Meeting at approximately 12:10 p.m. ET, may be accessed via the AGM webcast link, https://web.lumiagm.com/158281614, as a guest or by dialing +1-888-231-8191 for callers in North America and +1-647-427-7450 for International callers. The live webcast of the corporate update section of the call will be accessible on the Investor Relations page of Oncolytics’ website at https://ir.oncolyticsbiotech.com/events-presentations and will be archived for three months.

About Oncolytics Biotech Inc.
Oncolytics is a biotechnology company developing pelareorep, an intravenously delivered immuno-oncolytic virus. The compound induces selective tumor lysis and promotes an inflamed tumor phenotype — turning “cold” tumors “hot” — through innate and adaptive immune responses to treat a variety of cancers.

Pelareorep has demonstrated synergies with immune checkpoint inhibitors and may also be synergistic with other approved immuno-oncology agents. Oncolytics is currently conducting and planning additional studies of pelareorep in combination with checkpoint inhibitors and targeted therapies in solid and hematological malignancies, as it prepares for a phase 3 registration study in metastatic breast cancer. For further information, please visit: www.oncolyticsbiotech.com.

This press release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and forward-looking information under applicable Canadian securities laws (such forward-looking statements and forward-looking information are collectively referred to herein as “forward-looking statements”). Forward-looking statements contained in this press release include statements regarding Oncolytics’ belief as to the potential and benefits of pelareorep as a cancer therapeutic; Oncolytics’ expectations as to the purpose, design, outcomes and benefits of its current or pending clinical trials involving pelareorep; and other statements related to anticipated developments in Oncolytics’ business and technologies.  In any forward-looking statement in which Oncolytics expresses an expectation or belief as to future results, such expectations or beliefs are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that the statement or expectation or belief will be achieved. Such forward-looking statements involve known and unknown risks and uncertainties, which could cause Oncolytics’ actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue research and development projects, the efficacy of pelareorep as a cancer treatment, the success and timely completion of clinical studies and trials, Oncolytics’ ability to successfully commercialize pelareorep, uncertainties related to the research and development of pharmaceuticals, uncertainties related to the regulatory process and general changes to the economic environment. In particular, we may be impacted by business interruptions resulting from COVID-19 coronavirus, including operating, manufacturing supply chain, clinical trial and project development delays and disruptions, labour shortages, travel and shipping disruption, and shutdowns (including as a result of government regulation and prevention measures). It is unknown whether and how Oncolytics may be affected if the COVID-19 pandemic persists for an extended period of time. We may incur expenses or delays relating to such events outside of our control, which could have a material adverse impact on our business, operating results and financial condition.  Investors should consult Oncolytics’ quarterly and annual filings with the Canadian and U.S. securities commissions for additional information on risks and uncertainties relating to the forward-looking statements. Investors are cautioned against placing undue reliance on forward-looking statements. The Company does not undertake any obligation to update these forward-looking statements, except as required by applicable laws.

 

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SOURCE Oncolytics Biotech® Inc.