Market Newsdesk

March 25, 2021 5:54 pm

DHT Holdings, Inc. has filed Form 20-F for 2020 with the US Securities and Exchange Commission

HAMILTON, BERMUDA, March 25, 2021 – DHT Holdings, Inc. (NYSE:DHT) (the “Company”) has filed its 2020 annual report on Form 20-F with the US Securities and Exchange Commission (the “SEC”). The report and the audited financial statements are available on DHT’s website www.dhtankers.com and the below link.

Shareholders may request a hard copy of the audited financial statements free of charge by sending an e-mail to [email protected].

2020 Annual Report on Form 20-F

About DHT Holdings, Inc.

DHT is an independent crude oil tanker company. Our fleet trades internationally and consists of crude oil tankers in the VLCC segment. We operate through our integrated management companies in Monaco, Singapore and Oslo, Norway. You shall recognize us by our business approach with an experienced organization with focus on first rate operations and customer service, quality ships built at quality shipyards, prudent capital structure to accommodate staying power through the business cycles, a combination of market exposure and fixed income contracts for our fleet, a counter cyclical philosophy with respect to investments, employment of our fleet and capital allocation and a transparent corporate structure maintaining a high level of integrity and good governance. For further information: www.dhtankers.com.

Forward Looking Statements

This press release contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company’s management as well as assumptions, expectations, projections, intentions and beliefs about future events. When used in this document, words such as “believe,” “intend,” “anticipate,” “estimate,” “project,” “forecast,” “plan,” “potential,” “will,” “may,” “should” and “expect” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These statements reflect DHT’s current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These statements reflect the Company’s current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent the Company’s estimates and assumptions only as of the date of this press release and are not intended to give any assurance as to future results. For a detailed discussion of the risk factors that might cause future results to differ, please refer to the Company’s Annual Report on Form 20-F, filed with the SEC on March 25, 2021.

The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and the Company’s actual results could differ materially from those anticipated in these forward-looking statements.

Contacts:

DHT Holdings, Inc.

Laila C. Halvorsen
CFO
Phone: +1 441 295 1422 and +47 984 39 935
E-mail: [email protected]

Wilhelm Flinder
Manager – Investor Relations & Business Analysis
Phone: +1 441 295 1422 and +47 936 11 350
E-mail: [email protected]

Attachment

2020 Annual Report on Form 20-F

March 25, 2021 5:53 pm

GVIC Announces Final Court Approval of Plan of Arrangement With Glacier Media Inc. and Effective Date of March 31, 2021

VANCOUVER, British Columbia, March 25, 2021 (GLOBE NEWSWIRE) — GVIC Communications Corp. (TSX: GCT) (“GVIC”) announces that on March 22, 2021 GVIC obtained a final order (“Final Order”) from the British Columbia Supreme Court approving GVIC’s previously announced plan of arrangement (the “Arrangement”) pursuant to which Glacier Media Inc. (TSX: GVC) (“Glacier”) will acquire all of the Class B voting common shares (“GVIC B Shares”) and Class C non-voting shares (“GVIC C Shares”) of GVIC not currently held by Glacier and its subsidiary, or by a wholly-owned limited partnership of GVIC, resulting in GVIC becoming a subsidiary of Glacier. Each GVIC B Share and GVIC C Share will be exchanged for 0.8 of a common share of Glacier (“Glacier Shares”).

Receipt of the Final Order follows receipt of other regulatory approvals and approval of the Arrangement by the shareholders of GVIC at a special meeting held on March 17, 2021. GVIS expects that the Arrangement will be effected on March 31, 2021, subject to the satisfaction of customary closing conditions. On completion of the Arrangement, it is anticipated that the GVIC B Shares and the GVIC C Shares will be delisted from the Toronto Stock Exchange (“TSX”).

The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.

FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements that relate to, among other things, GVIC and Glacier’s objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates. These forward-looking statements include, among other things, statements relating to GVIC and Glacier’s expectations regarding the anticipated completion of the Arrangement and timing for such completion, obtaining approvals and satisfying closing conditions, the listing of Glacier Shares on the TSX, the applicability of the exemption under Section 3(a)(10) of the United States Securities Act of 1933, as amended to the securities issuable in the Arrangement, reduction of costs, the effect of marketing efforts, any increase in market demand, the ability to resolve intercompany loans and the terms of and the completion of the Arrangement. These forward-looking statements are based on certain assumptions, including the implementation of cost reductions and marketing efforts, resolution of intercompany loans and the satisfaction of the conditions precedent to the completion of the Arrangement, which are subject to risks, uncertainties and other factors which may cause results, performance or achievements of GVIC and Glacier to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, and undue reliance should not be placed on such statements.

Important factors that could cause actual results to differ materially from these expectations include failure to implement or achieve intended results from cost reduction and marketing efforts, to resolve intercompany loans, failure to satisfy the conditions precedent to the completion of the Arrangement, the ability to consummate the Arrangement, the satisfaction of other conditions to the consummation of the Arrangement, general economic, business and political conditions, including changes in the financial markets, changes in applicable laws, final approval by the TSX for the listing of Glacier Shares, failure to implement or achieve the intended results from cost reduction and marketing initiatives, the failure to resolve intercompany loans and the other risk factors listed in each of GVIC and Glacier’s Annual Information Forms under the heading “Risk Factors” and in their respective MD&A under the heading “Business Environment and Risks”, many of which are out of GVIC and Glacier’s control. These other risk factors include, but are not limited to, the impact of Coronavirus, that future cash flow from operations and the availability under existing banking arrangements are believed to be adequate to support financial liabilities and that GVIC expects to be successful in its objection with CRA, the ability of Glacier and GVIC to sell advertising and subscriptions related to its publications, foreign exchange rate fluctuations, the seasonal and cyclical nature of the agricultural and energy sectors, discontinuation of government grants, general market conditions in both Canada and the United States, changes in the prices of purchased supplies including newsprint, the effects of competition in Glacier’s and GVIC’s markets, dependence on key personnel, integration of newly acquired businesses, technological changes, tax risk, financing risk, debt service risk and cybersecurity risk.

The forward-looking statements made in this news release relate only to events or information as of the date on which the statements are made. Except as required by law, neither GVIC nor Glacier undertakes any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

ABOUT GLACIER

Glacier Media Inc. is an information & marketing solutions company pursuing growth in sectors where the provision of essential information and related services provides high customer utility and value. Glacier’s products and services are focused in two areas: 1) data, analytics and intelligence; and 2) content & marketing solutions.

ABOUT GVIC

GVIC Communications Corp. is an information & marketing solutions company pursuing growth in sectors where the provision of essential information and related services provides high customer utility and value. GVIC’s products and services are focused in two areas: 1) data, analytics and intelligence; and 2) content & marketing solutions.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Mr. Orest Smysnuik, Chief Financial Officer, Glacier Media Inc. 604-708-3264. Mr. Jon Kennedy, President & Chief Executive Officer, GVIC Communications Corp. 604-708-3276.

March 25, 2021 5:49 pm

Engine Media Files Final Base Shelf Prospectus

PR Newswire

TORONTO, March 25, 2021 /PRNewswire/ — Engine Media Holdings, Inc. (TSXV: GAME; OTCQB: MLLLF) (“Engine Media” or the “Company“) announced today it has filed a final short form base shelf prospectus (with the securities regulators in each province of Canada, except for the Province of Québec) and a corresponding shelf registration statement on Form F-10 with the U.S. Securities and Exchange Commission. The prospectus and registration statement allows the Company to offer up to US$150 million of common shares, preference shares, warrants, subscription receipts, debt securities, units, or any combination thereof (“Securities”) during the 25-month period that the shelf prospectus is effective. The specific terms of any offering of Securities, including the use of proceeds from any offering, will be set forth in a shelf prospectus supplement.

Engine Media has filed the shelf prospectus and corresponding registration statement in order to provide the Company with greater financial flexibility going forward but has no immediate plans to offer or issue any Securities at this time. The registration statement is not yet effective, and the Securities may not be sold, nor may offers to buy, be accepted prior to the time the registration statement becomes effective.

A copy of the final short form base shelf prospectus can be found on SEDAR at www.sedar.com and a copy of the registration statement can be found on EDGAR at www.sec.gov. A copy of the prospectus and registration statement may also be obtained on request without charge from the Secretary of the Company at its head office at 33 Whitehall Street, 8th Floor, New York, NY 10004.

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

About Engine Media Holdings, Inc.

Engine Media Holdings Inc. is traded publicly under the ticker symbol (TSX-V: GAME) (OTCQB: MLLLF). The organization is focused on developing premium consumer experiences and unparalleled technology and content solutions for partners in the esports, news and gaming industry. The company’s subsidiaries include Stream Hatchet; the global leader in gaming video distribution analytics; Eden Games, premium video game developer and publisher with numerous console and mobile gaming franchises; WinView Games, the industry leader in audience second screen play-along gaming during live event; UMG, an end-to-end competitive esports platform enabling the professional and amateur esport community with tournaments, matches and award nominating content; and Frankly Media, a digital publishing platform empowering broadcasters to create, distribute and monetize content across all channels. Engine Media generates revenue through a combination of direct-to-consumer and subscription fees; streaming technology and data SaaS-based offerings; programmatic advertising and sponsorships; as well as intellectual property licensing fees. To date, the combined companies clients have included more than 1,200 television, print and radio brands, dozens of gaming and technology companies, and have connectivity into hundreds of millions of homes around the world through their content, distribution and technology services.

Cautionary Statement on Forward-Looking Information

This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Engine Media to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “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.

The forward-looking statements and information in this press release include, but are not limited to, statements with respect to the filing of any prospectus supplement filed in connection with the (final) base shelf prospectus, the potential issuance of securities of the Company, the amount of securities that may be issued and the use of proceeds under the (final) base shelf prospectus and any prospectus supplement filed in connection therewith, financial, operational and other projections and outlooks, expectations regarding the successful integration of recent acquisitions of WinView, Inc. and Frankly Inc. and expectations regarding the growth and impact of esports. Such statements and information reflect the current view of Engine Media. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Engine Media’s actual results, performance or achievements or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include: expectations regarding existing products and plans to develop, implement or adopt new technology or products; expectations regarding the successful integration of recent acquisitions of WinView, Inc. and Frankly Inc.; the expectation of obtaining new customers for the Company’s products and services, as well as expectations regarding expansion and acceptance of the Company’s brand and products to new markets; estimates and projections regarding the industry in which the Company operates and adoption of technologies, including expectations regarding the growth and impact of esports; requirements for additional capital and future financing options; the risks inherent in international operations; marketing plans; ability to compete with our competitors and their technologies; the availability of intellectual property protection for the Company’s products, and the ability to expand and exploit the Company’s intellectual property; statements related to the expected or potential impact of the novel coronavirus COVID-19 pandemic; the completion of and our use of the proceeds of any offering; and, those factors discussed in the section entitled “Risk Factors” in the Prospectus filed with the Canadian Securities Administrators, which may be viewed at

www.sedar.com

.

Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statement prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Engine Media cautions that the foregoing list of material factors is not exhaustive. When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.

Engine Media has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release represents the expectations of Engine Media as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward looking information and should not rely upon this information as of any other date. While Engine Media may elect to do so, Engine Media does not undertake to update this information at any particular time except as required in accordance with applicable laws.

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

View original content to download multimedia:http://www.prnewswire.com/news-releases/engine-media-files-final-base-shelf-prospectus-301256422.html

SOURCE Engine Media Holdings, Inc.

March 25, 2021 5:48 pm

Deutsche Bank Appointed as Depositary Bank for the Sponsored American Depositary Receipt Program of Connect Biopharma Holdings Limited

NEW YORK–(BUSINESS WIRE)–
Deutsche Bank announced today its appointment as depositary bank for the Nasdaq-listed American Depositary Receipt program of Connect Biopharma Holdings Limited.

Connect Biopharma Holdings Limited (NASDAQ: CNTB), is a global clinical-stage biopharmaceutical company developing therapies for the treatment of T cell- driven inflammatory diseases with a core expertise in the use of functional cellular assays with T cells to screen discovering potent product candidates against immune targets.*

“We are pleased to be appointed as depositary bank for Connect Biopharma Holdings Limited’s NASDAQ-listed Level III American Depositary Receipt program,” said Daniel Clark, Global Head of Depositary Receipts at Deutsche Bank. “We look forward to providing dedicated client service and investor relations support to help drive the program’s future success.”

In addition to specializing in administering cross-border equity structures such as New York Shares and American and Global Depositary Receipts, Deutsche Bank provides corporates, financial institutions, hedge funds and supranational agencies around the world with trustee, agency, escrow and related services.

Deutsche Bank offers a very broad range of services for diverse products, from complex securitizations and project finance to syndicated loans, debt exchanges and restructurings.

* This information was provided by Connect Biopharma Holdings Limited (March 2021).

Depositary Receipt Information
Country			China (Cayman Islands incorporated)
Custodian Bank			Deutsche Bank AG, Hong Kong Branch
Effective Date			March 23, 2021

Level III ADR
CUSIP			207523 101
ISIN			US2075231017
Symbol			CNTB
Exchange			NASDAQ
Current Ratio			1 ADS: 1 Class A ordinary share
Eligibility			DTC

Depositary Receipt Contacts
Head of Depositary Receipts		New Business Development
Daniel Clark		William Ng
Tel: +44 (0) 20 7541 6888		Tel: +852 2203 7889

www.adr.db.com		Markets Distribution
[email protected]		London
		Tel: +44 (0) 20 7547 6500
gtb.db.com		New York
		Tel: +1 212 250 9100
		Hong Kong
		Tel: +852 2203 7854

Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.

The Depositary Receipts have been registered pursuant to the US Securities Act of 1933 (the “Act”). The investment or investment service which is the subject of this notice is not available to retail clients as defined by the UK Financial Conduct Authority. This notice has been approved and/or communicated by Deutsche Bank AG New York. The services described in this notice are provided by Deutsche Bank Trust Company Americas (Deutsche Bank) or by its subsidiaries and/or affiliates in accordance with appropriate local registration and regulation. Deutsche Bank is providing the attached notice strictly for information purposes and makes no claims or statement, nor does it warrant or in any way represent, as to the accuracy or completeness of the details contained herein or therein. This announcement appears as a matter of record only. Neither this announcement nor the information contained herein constitutes an offer or solicitation by Deutsche Bank or any other issuer or entity for the purchase or sale of any securities nor does it constitute a solicitation to any person in any jurisdiction where solicitation would be unlawful. No part of this notice may be copied or reproduced in any way without the prior written consent of Deutsche Bank. Past results are not an indication of future performance. Copyright© March 2021 Deutsche Bank AG. All rights reserved.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210325005967/en/

Deutsche Bank AG

Press & Media Relations

Maryanne Caruso

Phone: +1 212 250-2186

E-Mail: [email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Professional Services Health Finance Banking Pharmaceutical Biotechnology

MEDIA:

Logo

March 25, 2021 5:44 pm

Denise Brooks-Williams and Michael A. Coke Nominated for Election to Broadstone Net Lease’s Board of Directors

ROCHESTER, N.Y., March 25, 2021 (GLOBE NEWSWIRE) — The Board of Directors of Broadstone Net Lease, Inc. (NYSE: BNL) today announced that it has nominated Denise Brooks-Williams and Michael A. Coke for election to the Board at the Company’s Annual Meeting of Stockholders, which is expected to be held in May 2021.

Ms. Brooks-Williams currently serves as the Senior Vice President and CEO, North Market, for Henry Ford Health System, Inc., a leading not-for-profit healthcare and medical services provider, and has thirty years’ experience in the healthcare industry. Mr. Coke is the Co-Founder and current President of Terreno Realty Corp. (NYSE: TRNO), a publicly traded REIT focusing on infill industrial real estate properties in six major U.S. coastal markets, and has over thirty years’ experience in the industrial real estate sector, as well as significant experience as a director and executive of publicly traded REITs.

“We look forward to welcoming both Denise and Mike to the Board of Directors of Broadstone Net Lease. Each nominee brings a wealth of experience in their respective industries,” stated Chris Czarnecki, BNL’s Chief Executive Officer. “Healthcare and industrial assets are two of our core property types and currently represent a significant portion of our real estate portfolio and we expect that these property types will continue to be a key strategic focus moving forward. As a result, Denise and Mike’s unique industry knowledge and leadership skills will be immediately additive to our Board of Directors. We look forward to their contributions as we continue to grow Broadstone Net Lease.”

Current directors other than Amy L. Tait (who will be retiring as previously announced) also have been nominated for election to the Board. If all of the director nominees are elected at the Annual Meeting of Stockholders, the Board of Directors will be comprised of nine total members, seven of whom are independent.

About Broadstone Net Lease, Inc.

BNL is an internally managed REIT that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. The Company utilizes an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting. As of December 31, 2020, BNL’s diversified portfolio consisted of 640 properties in 41 U.S. states and one property in Canada across the industrial, healthcare, restaurant, office, and retail property types, with an aggregate gross asset value of approximately $4.0 billion.

Forward-Looking Statements

This press release contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995, regarding, among other things, statements regarding the upcoming election of directors at the Company’s Annual Meeting of Stockholders. Such forward-looking statements can generally be identified by the Company’s use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “intend,” “anticipate,” “estimate,” “would be,” “believe,” “continue,” or other similar words. Forward-looking statements involve known and unknown risks and uncertainties, which may cause BNL’s actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to the COVID-19 pandemic and its related impacts on the Company and its tenants, general economic conditions, local real estate conditions, tenant financial health, property acquisitions, and the timing and uncertainty of completing these acquisitions, and uncertainties regarding future distributions to the Company’s stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on February 25, 2021, which you are encouraged to read, are available on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions or otherwise.

Company Contact:

Michael Caruso
SVP, Corporate Finance & Investor Relations
[email protected]
585.402.7842

March 25, 2021 5:40 pm

Dycom Industries, Inc. Announces Pricing Of $500 Million Of 4.50% Senior Notes Due 2029

PR Newswire

PALM BEACH GARDENS, Fla., March 25, 2021 /PRNewswire/ — Dycom Industries, Inc. (NYSE: DY) today announced the pricing of $500 million in aggregate principal amount of 4.50% senior notes due 2029 (the “senior notes”), an increase of $100 million from the previously announced amount, in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).

The senior notes will be guaranteed on a senior unsecured basis, jointly and severally, by all of Dycom’s domestic subsidiaries that guarantee its senior credit facility. The senior notes will bear interest at 4.50% per annum payable semi-annually in arrears and will mature on April 15, 2029, unless repurchased or redeemed in accordance with their terms prior to such date. Dycom expects to close the offering on or about April 1, 2021, subject to the satisfaction of customary closing conditions.

The senior notes are being offered and sold only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The senior notes have not been, and will not be, registered under the Securities Act or any applicable state or foreign securities laws, and unless so registered, may not be offered or sold in the United States, except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

Dycom intends to use $66.3 million of the net proceeds of the senior notes offering for the repayment of amounts outstanding under the term loan portion of the Company’s existing senior credit facility, $105.0 million for the repayment of outstanding borrowings under the revolving portion of the existing senior credit facility, $58.3 million for the repayment in full of its outstanding 0.75% convertible senior notes due 2021 at maturity in September 2021 and any remaining net proceeds for working capital and general corporate purposes.

Concurrently with the senior notes offering, Dycom has received commitments to amend its existing senior credit facility to, among other things, provide for a five year, senior credit facility, consisting of a $650.0 million revolving credit facility and a $350.0 million term loan. Dycom expects the senior notes offering and the amendment to its senior credit facility to close concurrently on April 1, 2021, subject to customary closing conditions and necessary approvals.

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

About Dycom Industries, Inc.
Dycom is a leading provider of specialty contracting services throughout the United States. These services include program management; planning; engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services for telecommunications providers. Additionally, Dycom provides underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities.

Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act. These statements include those related to the completion of Dycom’s senior notes offering and the amendment to the existing senior credit facility and the application of the net proceeds of the proposed senior notes offering as described above (collectively, the “Transactions”) and are subject to change. Forward looking statements are based on management’s current expectations, estimates and projections. These statements are subject to risks and uncertainties that may cause actual events or actual future results to differ materially from the expectations set forth in any forward-looking statements in this press release. The most significant of these risks and uncertainties are described in the Company’s Form 10-K, Form 10-Q, and Form 8-K reports (including all amendments to those reports), and include changes in the markets and market pricing that may affect the expected effects of the Transactions, duration and severity of the COVID-19 pandemic, and its ultimate impact across Dycom’s business, future economic conditions and trends in the industries the Company serves, customer capital budgets and spending priorities, the effect of changes in tax law, projections of revenues, income or loss, or capital expenditures, Dycom’s plans for future operations, growth and services, including contract backlog, the Company’s plans for future acquisitions, dispositions, or financial needs, expected benefits and synergies of businesses acquired and future opportunities for the combined businesses, anticipated outcomes of contingent events, including litigation, availability of capital, restrictions imposed by the Company’s senior credit facility, use of Dycom’s cash flow to service its debt, potential liabilities and other adverse effects arising from occupational health, safety, and other regulatory matters, potential exposure to environmental liabilities, determinations as to whether the carrying value of the Company’s assets is impaired, assumptions relating to any of the foregoing and the other risks outlined in the Company’s periodic filings with the Securities and Exchange Commission. The forward-looking statements in this press release are qualified by these risk factors. Although Dycom believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, readers should not place undue reliance on them, or any other forward-looking statements or information in this press release. If any of these risks or uncertainties materializes, the potential benefits of the Transactions may not be realized, Dycom’s operating results and financial performance could suffer, and actual results could differ materially from the expectations described in these forward-looking statements. There is no assurance that the Transactions will be completed or completed as described above. The Company does not undertake any obligation to update forward-looking statements.

View original content to download multimedia:http://www.prnewswire.com/news-releases/dycom-industries-inc-announces-pricing-of-500-million-of-4-50-senior-notes-due-2029–301256417.html

SOURCE Dycom Industries, Inc.

March 25, 2021 5:39 pm

CORRECTING and REPLACING HireQuest Reports Financial Results for the Fourth Quarter and Full-Year 2020

CORRECTING and REPLACING HireQuest Reports Financial Results for the Fourth Quarter and Full-Year 2020

Full-Year EPS of $0.39 per Diluted Share and Cash Flow of More than $9 Million;

Scaling Profitable Business Model – Adding 67 New Franchised Locations and 10 Licensed Locations Through Accretive Acquisitions

GOOSE CREEK, S.C.–(BUSINESS WIRE)–
Correcting to add the start of the quote from Rick Hermanns and remove a duplicate quote in the Fourth Quarter 2020 Financial Summary section of the text. Also removing footnote 2 from within the text.

The updated release reads:

HIREQUEST REPORTS FINANCIAL RESULTS FOR THE FOURTH QUARTER AND FULL-YEAR 2020

Full-Year EPS of $0.39 per Diluted Share and Cash Flow of More than $9 Million;

Scaling Profitable Business Model – Adding 67 New Franchised Locations and 10 Licensed Locations Through Accretive Acquisitions

HireQuest, Inc. (Nasdaq: HQI), a national franchisor of on-demand, temporary, and commercial staffing services, today reported financial results for the fourth quarter and year ended December 31, 2020.

Full-Year 2020 Financial Summary

Franchise royalties of $12.8 million compared to $14.7 million in the prior year, a decrease of 12.8%.
Services revenue, including interest paid on aging accounts receivable, of $1.0 million compared to $1.2 million in the prior year, a decrease of 15.5%.
Total revenue of $13.8 million compared to $15.9 million in the prior year, a decrease of 13.0%.
Net Income was $5.4 million, or $0.39 per diluted share, compared to a net loss of $290,000, or $(0.03) per share last year.

Subsequent to Year End

Board of Directors declared a quarterly cash dividend of $0.05 per share of common stock to be paid on March 15, 2021 to shareholders of record as of March 1, 2021. The company intends to pay quarterly cash dividends on its common stock each year in March, June, September and December, subject to final approval by the Board of Directors each quarter after its review of the Company’s financial performance each quarter.
Completed the acquisition of certain assets of Snelling Staffing for approximately $17.3 million, before working capital adjustments.
Acquired the franchised operations of LINK Staffing for approximately $11.1 million exclusive of working capital.

Fourth Quarter 2020 Financial Summary

Franchise royalties of $3.2 million compared to $5.4 million in the prior year period, a decrease of 40.2%.
Services revenue, including interest paid on aging accounts receivable, of $176,000 compared to $476,000 in the prior year period, a decrease of 63.0%.
Total revenue of $3.4 million compared to $5.9 million in the prior year period, a decrease of 42.0%.
Net Income was $1.4 million, or $0.10 per diluted share, compared to net income of $3.5 million, or $0.26 per share last year.
Paid quarterly cash dividend of $0.05 per share.

System-wide sales¹ for 2020 were $210.9 million compared to $241.6 million for 2019. For the fourth quarter of 2020, system-wide sales¹ were $54.8 million. The decrease is related to the economic slowdown due to COVID-19.

“HireQuest continues to generate profits and free cash flow, bolstering our strong balance sheet and enabling both dividends and accretive acquisitions, despite the ongoing challenges related to the pandemic,” commented Rick Hermanns, HireQuest’s President and Chief Executive Officer. “The decrease in attendance at sporting events, and the elimination of concerts, auto auctions, and other major events continues to have a pronounced impact on our franchises. To date, our franchisees have moved quickly and judiciously to minimize the impact and navigate these unprecedented challenges. At the corporate level, we have experienced a significant decrease in system-wide sales and royalty revenues, but the impact on our bottom line has been less pronounced due to the asset light-nature of our business model. Overall, we have weathered the storm extremely well.”

“As a result, we have been able to leverage the advantages of our business model and our balance sheet to grow our business through strategic acquisitions,” added Mr. Hermanns. “We recently closed the acquisition of Snelling Staffing, adding 38 franchised locations, 4 licensed locations, and integrating the 70-year-old tradename of Snelling. We also closed the acquisition of LINK Staffing, adding another 29 franchised and 6 licensed locations. In the aggregate, these two acquisitions add substantial scale. These franchised and licensed locations accounted for $133 million in system-wide sales in 2020 and meaningfully expand our national presence. Additionally, both Snelling and LINK specialize in traditional commercial staffing, giving us a second lucrative franchising revenue stream. Going forward, we will be able to sell franchises for both on-demand and commercial staffing models, while maintaining significant scale to create operational efficiency and facilitating the acquisition of national accounts to support our franchisees.”

“To further mitigate risk and take advantage of our scale, we divested the licensed locations, all in California, to a third party who has agreed to pay a perpetual royalty fee for the use of the Snelling and LINK trademarks,” added Mr. Hermanns. “Between this transaction, the sale of certain branches, the sale of $5.3 million of notes receivable, and the cash flow generated by these acquisitions, we have paid off our line of credit and are in a net cash-positive position again. Most importantly the company is well positioned to benefit from a post-pandemic return to economic normalcy. When that happens, and we don’t know when, we should experience tremendous earnings leverage with our expanded platform.”

Fourth Quarter 2020 Financial Results

The company’s total revenue is calculated by aggregating its revenue derived from franchise royalties and service revenue. Franchise royalties are the royalties earned from franchisees primarily on the basis of their sales to their customers. Service revenue consists of interest charged to franchisees on overdue accounts and other fees for optional services we provide our franchisees.

Franchise royalties in the fourth quarter of 2020 were $3.2 million compared to $5.4 million in the year-ago quarter, a decrease of 40.2%. Service revenue was $176,000 compared to $476,000 in the prior-year quarter, a decrease of 63.0%. Total revenue in the fourth quarter of 2020 was $3.4 million compared to $5.9 million in the year-ago quarter, a decrease of 42.0%.

Selling, general and administrative (“SG&A”) expenses in the fourth quarter of 2020 were $2.2 million compared to $3.1 million for the fourth quarter last year. The fourth quarter of 2019 included approximately $0.5 million of non-recurring, merger-related expenses. The decrease in SG&A was also driven by a decrease in expenses related to workers’ compensation costs and bad debt.

Net Income in the fourth quarter of 2020 was $1.4 million, or $0.10 per diluted share, compared to net income of $3.5 million, or $0.26 per diluted share, in the fourth quarter last year (excluding a loss of $315,000, or $(0.02) per diluted share, in discontinued operations. The fourth quarter of 2020 did not include any discontinued operations.

___________________________

¹ Refer to “Supplemental Operating Metrics” section at the end of this press release for a definition and additional details regarding System-wide sales

Full Year 2020 Financial Results

Franchise royalties for the full year 2020 were $12.8 million compared to $14.7 million in the prior year, a decrease of 12.8%. Service revenue was $1.0 million compared to $1.2 million in the prior year, a decrease of 15.5%.

Total revenue for the full year 2020 was $13.8 million compared to $15.9 million in the prior year, a decrease of 13.0%. This decrease is primarily due to the economic shutdown caused by COVID-19.

Selling, general and administrative (“SG&A”) expenses for the full year 2020 were $8.7 million compared to $12.7 million for the prior year, a decrease of 31.5%. The decrease in SG&A was primarily due to the absence of merger-related expenses in 2020. 2019 included approximately $5.1 million of non-recurring, merger-related expenses. The decrease was partially offset by an increase in stock-based compensation and a reserve placed on notes receivable that the company issued to finance the sale of offices acquired in its merger in 2019. This reserve is directly related to the negative impact COVID-19 has had on the economy, the financial condition of the company’s borrowers and the value of the underlying collateral.

Net Income for the full year 2020 was $5.4 million, or $0.39 per diluted share, compared to a net loss of $290,000, or $(0.03) per diluted share, in the prior year. In 2019, the net loss from continuing operations, which excluded discontinued operations, was $505,000, or $(0.05) per diluted share. 2020 did not include any discontinued operations.

Balance Sheet and Capital Structure

Cash was $13.7 million as of December 31, 2020, compared to $4.2 million as of December 31, 2019.

Total assets were $49.1 million as of December 31, 2020, and total liabilities were $12.7 million.

On December 15, 2020, the company paid a quarterly cash dividend of $0.05 per share of common stock to shareholders of record as of December 1, 2020. The company intends to pay a $0.05 cash dividend on a quarterly basis, based on its business results and financial position.

Conference Call

HireQuest will hold a conference call to discuss its financial results.

Date:	Thursday, March 25, 2021
Time:	4:30 p.m. Eastern time (2:30 p.m. Mountain time)
Toll-free dial-in number:	1-877-545-0320
International dial-in number:	1-973-528-0016
Entry Code:	904518

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization.

The conference call will be broadcast live and available for replay at https://www.webcaster4.com/Webcast/Page/2359/40349 and via the investor relations section of HireQuest’s website at www.hirequest.com.

A replay of the conference call will be available through April 8, 2021.

Toll-free replay number:	1-877-481-4010
International replay number:	1-919-882-2331
Replay Passcode:	40349

About HireQuest

HireQuest, Inc. is a nationwide franchisor that provides on-demand labor and commercial staffing solutions in the light industrial, blue-collar, and commercial segments of the staffing industry for HireQuest Direct, HireQuest, Snelling, and LINK franchised offices across the United States. Through its national network of over 200 franchisee-owned offices in more than 35 states and the District of Columbia, HireQuest provides employment for approximately 60,000 individuals annually that work for thousands of customers in numerous industries including construction, light industrial, manufacturing, hospitality, clerical, medical, travel, and event services. For more information, visit www.hirequest.com.

Important Cautions Regarding Forward-Looking Statements

This news release includes, and the company’s officers and other representatives may sometimes make or provide certain estimates and other forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act, including, among others, statements with respect to future revenue, franchise sales, system-wide sales, and the growth thereof; operating results; anticipated benefits of the acquisition of Snelling and/or LINK., or the conversion of Snelling’s corporate offices to the franchise model; intended office openings; expectations of the effect on our financial condition of claims and litigation; strategies for customer retention and growth; strategies for risk management; and all other statements that are not purely historical and that may constitute statements of future expectations. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,” and similar references to future periods.

While the company believes these statements are accurate, forward-looking statements are not historical facts and are inherently uncertain. They are based only on the company’s current beliefs, expectations, and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. The company cannot assure you that these expectations will occur, and its actual results may be significantly different. Therefore, you should not place undue reliance on these forward-looking statements. Important factors that may cause actual results to differ materially from those contemplated in any forward-looking statements made by the company include the following: the level of demand and financial performance of the temporary staffing industry; the financial performance of the company’s franchisees; changes in customer demand; the effects of any global pandemic including the impact of the novel coronavirus disease (“COVID-19”); the extent to which the company is successful in gaining new long-term relationships with customers or retaining existing ones, and the level of service failures that could lead customers to use competitors’ services; significant investigative or legal proceedings including, without limitation, those brought about by the existing regulatory environment or changes in the regulations governing the temporary staffing industry and those arising from the action or inaction of the company’s franchisees and temporary employees; strategic actions, including acquisitions and dispositions and the company’s success in integrating acquired businesses including, without limitation, successful integration following the acquisitions of Snelling and LINK; disruptions to the company’s technology network including computer systems and software; natural events such as severe weather, fires, floods, and earthquakes, or man-made or other disruptions of the company’s operating systems; and the factors discussed in the “Risk Factors” section and elsewhere in the company’s most recent Annual Report on Form 10-K.

Any forward-looking statement made by the company or its management in this news release is based only on information currently available to the company and speaks only as of the date on which it is made. The company and its management disclaim any obligation to update or revise any forward-looking statement, whether written or oral, that may be made from time to time, based on the occurrence of future events, the receipt of new information, or otherwise, except as required by law.

HireQuest, Inc. Consolidated Balance Sheets
	December 31, 2020	December 31, 2019
ASSETS
Current assets
Cash	$ 13,667,434	$ 4,187,450
Accounts receivable, net of allowance for doubtful accounts	21,344,499	28,201,279
Notes receivable	2,178,299	3,419,458
Prepaid expenses, deposits, and other assets	344,091	188,560
Prepaid workers’ compensation	1,434,583	822,938
Other assets	–	201,440
Total current assets	38,968,906	37,021,125
Property and equipment, net	3,193,379	1,900,686
Deferred tax asset	79,379	–
Intangible assets, net	342,697	–
Notes receivable, net of current portion and reserve	5,887,229	7,990,251
Total assets	$ 49,095,042	$ 46,912,062
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$ 457,490	$ 253,845
Other current liabilities	1,322,764	1,893,846
Accrued benefits and payroll taxes	743,431	1,113,904
Due to affiliates	67,398	–
Due to franchisees	3,228,777	3,610,596
Risk management incentive program liability	858,482	1,811,917
Workers’ compensation claims liability	2,777,734	2,327,869
Total current liabilities	9,456,076	11,011,977
Workers’ compensation claims liability, net of current portion	1,806,334	1,516,633
Franchisee deposits	1,468,359	1,412,924
Deferred tax liability	–	1,688,446
Total liabilities	12,730,769	15,629,980
Commitments and contingencies
Stockholders’ equity
Preferred stock – $0.001 par value, 1,000,000 shares authorized; none issued	–	–
Common stock – $0.001 par value, 30,000,000 shares authorized; 13,628,675 and 13,518,036 shares issued, respectively	13,629	13,518
Additional paid-in capital	28,811,389	27,584,610
Treasury stock, at cost – 33,092 and -0- shares, respectively	(146,465)	–
Retained earnings	7,685,720	3,683,954
Total stockholders’ equity	36,364,273	31,282,082
Total liabilities and stockholders’ equity	$ 49,095,042	$ 46,912,062

HireQuest, Inc. Consolidated Statements of Income
	Three months ended		Year ended
	December 31, 2020	December 31, 2019	December 31, 2020	December 31, 2019
	(unaudited)	(unaudited)
Franchise royalties	$ 3,229,658	$ 5,396,922	$ 12,792,793	$ 14,673,636
Service revenue	175,817	475,748	1,016,332	1,202,824
Total revenue	3,405,475	5,872,670	13,809,125	15,876,460
Selling, general and administrative expenses	2,158,276	3,131,312	8,700,446	12,692,297
Depreciation and amortization	32,528	324,502	129,182	400,132
Income (loss) from operations	1,214,671	2,416,856	4,979,497	2,784,031
Other miscellaneous income	238,365	(616)	1,170,619	751,077
Interest and other financing expense	(10,490)	(37,748)	(49,664)	(559,585)
Net income before income taxes	1,442,546	2,378,492	6,100,452	2,975,523
Provision (benefit) for income taxes	86,446	(1,399,406)	741,038	3,480,996
Income (loss) from continuing operations	1,356,100	3,777,898	5,359,414	(505,473)
Income from discontinued operations, net of tax	–	(315,067)	–	215,494
Net income (loss)	$ 1,356,100	$ 3,462,831	$ 5,359,414	$ (289,979)

Basic earnings per share
Continuing operations	$ 0.10	$ 0.28	$ 0.40	$ (0.05)
Discontinued operations	–	(0.02)	–	0.02
Total	$ 0.10	$ 0.26	$ 0.40	$ (0.03)

Diluted earnings per share
Continuing operations	$ 0.10	$ 0.28	$ 0.39	$ (0.04)
Discontinued operations	–	(0.02)	–	0.02
Total	$ 0.10	$ 0.26	$ 0.39	$ (0.03)

Weighted average shares outstanding
Basic	13,589,006	13,488,436	13,542,403	11,588,776
Diluted	13,731,644	13,490,636	13,654,128	11,588,776

HireQuest, Inc.

Supplemental Operating Metrics

¹ Management sometimes refers to total sales generated by its franchisees as “franchise sales.” Management also sometimes refers to sales at offices that were owned and operated by the company, not by one of its franchisees, as “company-owned sales,” all of which were sold as of September 29, 2019. Sales at company-owned offices are reflected net of costs, expenses, and taxes associated with those sales on the company’s financial statements as “Income from discontinued operations, net of tax.” The sum of franchise sales and company-owned sales is referred to as “system-wide sales,” a non-GAAP operating performance metric. In other words, system-wide sales include sales at all offices, whether owned and operated by the company or by its franchisees. While the company does not record franchise sales as revenue, management believes that information on system-wide sales is important to understanding the company’s financial performance because those sales are the basis on which the company calculates and records franchise royalty revenue, are directly related to interest charged on overdue accounts, which the company records under service revenue, and are indicative of the financial health of the franchisee base.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210325005773/en/

Company Contact:

HireQuest, Inc.

Cory Smith, CFO

(800) 835-6755

Email: [email protected]

Investor Relations Contact:

Hayden IR

Brett Maas

(646) 536-7331

Email: [email protected]

KEYWORDS: South Carolina United States North America

INDUSTRY KEYWORDS: Professional Services Human Resources

MEDIA:

March 25, 2021 5:38 pm

Genpact Appoints Tamara Franklin to Board of Directors

PR Newswire

NEW YORK, March 25, 2021 /PRNewswire/ — Genpact (NYSE: G), a global professional services firm focused on delivering digital transformation, today announced that Tamara Franklin, chief digital, data and analytics officer at Marsh LLC, is joining its board of directors, effective March 29, 2021.

“Tamara’s deep experience in digital transformation cutting across many industries will bring valuable insights to Genpact,” said Jim Madden, chairman of the board, Genpact. “We’re honored to have her join our board, and we look forward to her contributions.”

Franklin brings leadership in driving digital transformation initiatives across digital technology, data, and analytics to help reimagine client experiences. She spent several years at IBM, where she was responsible for strategic planning, business development, and customer acquisition for the company’s North American media and entertainment practice. She also drove IBM’s digital transformation initiatives in North America.

Prior to IBM, Franklin led digital strategy across brand experience, products, services, technology infrastructure and partnerships at Scripps Networks Interactive, now Discovery, Inc. She also oversaw digital distribution and the company’s relationship with such external stakeholders as Netflix, Hulu, and Amazon.

Franklin earned a Master of Business Administration from Harvard University and a bachelor’s degree in English from Yale University.

“We are excited about the expertise and proven success in driving innovation that Tamara will bring to our strategic conversations,” said Tiger Tyagarajan, chief executive officer, Genpact. “We look forward to her adding to our board’s diverse views.”

About Genpact
Genpact (NYSE: G) is a global professional services firm that makes business transformation real. Led by our purpose — the relentless pursuit of a world that works better for people — we drive digital-led innovation and digitally enabled intelligent operations for our clients. Guided by our experience reinventing and running thousands of processes for hundreds of clients, many of them Global Fortune 500 companies, we drive real-world transformation at scale. We think with design, dream in digital, and solve problems with data and analytics. Combining our expertise in end-to-end operations and our AI-based platform, Genpact Cora, we focus on the details – all 90,000+ of us. From New York to New Delhi, and more than 30 countries in between, we connect every dot, reimagine every process, and reinvent the ways companies work. We know that reimagining each step from start to finish creates better business outcomes. Whatever it is, we’ll be there with you – accelerating digital transformation to create bold, lasting results – because transformation happens here. Get to know us at Genpact.com and on LinkedIn, Twitter, YouTube, and Facebook.

Contacts:
Media	Michael Schneider +1 (217) 260-5041 [email protected]

Investors	Roger Sachs, CFA
	+1 (203) 808-6725
	[email protected]

View original content to download multimedia:http://www.prnewswire.com/news-releases/genpact-appoints-tamara-franklin-to-board-of-directors-301256416.html

SOURCE Genpact

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