Market Newsdesk

NEW YORK, Jan. 12, 2021 (GLOBE NEWSWIRE) — At the end of the settlement date of December 31, 2020, short interest in 2,570 Nasdaq Global Market^SM securities totaled 8,444,669,455 shares compared with 8,245,773,085 shares in 2,569 Global Market issues reported for the prior settlement date of December 15, 2020. The end-of-December short interest represent 2.58 days average daily Nasdaq Global Market share volume for the reporting period, compared with 2.21 days for the prior reporting period.

Short interest in 1,324 securities on The Nasdaq Capital Market^SM totaled 1,530,262,160 shares at the end of the settlement date of December 31, 2020 compared with 1,343,834,522 shares in 1,284 securities for the previous reporting period. This represents a 1.0 day average daily volume; the previous reporting period’s figure was also 1.0.

In summary, short interest in all 3,894 Nasdaq® securities totaled 9,974,931,615 shares at the December 31, 2020 settlement date, compared with 3,853 issues and 9,589,607,607 shares at the end of the previous reporting period. This is 1.90 days average daily volume, compared with an average of 1.79 days for the previous reporting period.

The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations. A short sale is generally understood to mean the sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller.

For more information on Nasdaq Short interest positions, including publication dates, visit
http://www.nasdaq.com/quotes/short-interest.aspx or http://www.nasdaqtrader.com/asp/short_interest.asp.

About Nasdaq: 

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.

Media Contact:
Matthew Sheahan
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c5989d96-b7a4-4f4a-ba71-fed3ed16cfd6

NDAQO

LOS ANGELES, Jan. 12, 2021 (GLOBE NEWSWIRE) — BlackLine, Inc. (Nasdaq: BL) announced today that it will release financial results for the fourth quarter and full year ended December 31, 2020 after market close on Thursday, February 11, 2021 followed by a conference call hosted by management at 2:00 p.m. PT / 5:00 p.m. ET. A live webcast will be accessible on BlackLine’s investor relations website at https://investors.blackline.com/. The call can also be accessed domestically at (844) 229-7595 and internationally at (314) 888-4260, passcode 6391051.  

A telephonic replay will be available through Thursday, February 18, 2021 at (855) 859-2056 or (404) 537-3406, passcode 6391051. A replay of the webcast will be available at https://investors.blackline.com/ for 12 months.

About BlackLine

Companies come to BlackLine, Inc. (Nasdaq: BL) because their traditional manual accounting processes are not sustainable. BlackLine’s cloud-based solutions and market-leading customer service help companies move to modern accounting by unifying their data and processes, automating repetitive work, and driving accountability through visibility. BlackLine provides solutions to manage and automate financial close, accounts receivable and intercompany accounting processes, helping large enterprises and midsize companies across all industries do accounting work better, faster and with more control.

More than 3,200 customers trust BlackLine to help them close faster with complete and accurate results. The company is the pioneer of the financial close market and recognized as the leader by customers at leading end-user review sites including Gartner Peer Insights, G2 and TrustRadius. Based in Los Angeles, BlackLine also has regional headquarters in London, Singapore, and Sydney. For more information, please visit blackline.com

Investor Relations Contact:

Alexandra Geller
BlackLine
747.242.2863
[email protected] 

IRVINE, Calif., Jan. 12, 2021 (GLOBE NEWSWIRE) — ClearPoint Neuro, Inc. (Nasdaq: CLPT) (the “Company”), a global therapy-enabling platform company providing navigation and delivery to the brain, today reported preliminary unaudited revenue results for the quarter and full year ended December 31, 2020.

Preliminary 2020 Results:

• Preliminary unaudited revenue for the fourth quarter of 2020 will be approximately $3.7 million, an increase of 14% over the same period in 2019. Preliminary revenue for the full-year 2020 will be an estimated $12.8 million, representing 14% growth from 2019.
• The Company supported 175 cases in the fourth quarter of 2020 against the backdrop of continued postponements of elective procedures due to the COVID-19 pandemic.
• Cash used in operations for the quarter and year ended December 31, 2020, is expected to be approximately $2.4 million and $7.9 million, respectively. The full-year amount includes the payment of $1.0 million in accumulated interest on secured indebtedness that the Company repaid in January 2020.
• The Company had approximately $20.1 million in cash and cash equivalents at December 31, 2020.  

“We were pleased with our revenue performance in the fourth quarter, augmented by capital purchases of ClearPoint installations,” commented Joe Burnett, President and Chief Executive Officer of ClearPoint Neuro. “While some hospitals have resumed capital acquisition activities, we, like most of our peers, continue to see the adverse impact of the most recent surge of COVID-19 cases globally, and we expect downward pressure on elective procedures to continue at least through the first half of 2021. I look forward to providing more detail on our full fourth quarter earnings call, the specifics of which we plan to announce next month.”

About ClearPoint Neuro

ClearPoint Neuro’s mission is to improve and restore quality of life to patients and their families by enabling therapies for the most complex neurological disorders with pinpoint accuracy. Applications of the Company’s current product portfolio include deep-brain stimulation, laser ablation, biopsy, neuro-aspiration, and delivery of drugs, biologics, and gene therapy to the brain. The ClearPoint^® Neuro Navigation System has FDA clearance, is CE-marked, and is installed in 60 active clinical sites in the United States. The Company’s SmartFlow^® cannula is being used in partnership or evaluation with 25 individual biologics and drug delivery companies in various stages from preclinical research to late-stage regulatory trials. To date, more than 4,000 cases have been performed and supported by the Company’s field-based clinical specialist team which offers support and services for our partners. For more information, please visit www.clearpointneuro.com.

Forward-Looking Statements

Statements herein concerning the Company’s plans, growth and strategies may include forward-looking statements within the context of the federal securities laws. Statements regarding the Company’s future events, developments and future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. Uncertainties and risks may cause the Company’s actual results to differ materially from those expressed in or implied by forward-looking statements. Particular uncertainties and risks include those relating to: the impact of COVID-19 and the measures adopted to contain its spread; future revenues from sales of the Company’s ClearPoint Neuro Navigation System products; the Company’s ability to market, commercialize and achieve broader market acceptance for the Company’s ClearPoint Neuro Navigation System products; and estimates regarding the sufficiency of the Company’s cash resources. More detailed information on these and additional factors that could affect the Company’s actual results are described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, and the Company’s Quarterly Report on Form 10-Q for the three months ended September 30, 2020, both of which have been filed with the Securities and Exchange Commission, and the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which the Company intends to file with the Securities and Exchange Commission on or before March 31, 2021.

Contact:

Danilo D’Alessandro, Chief Financial Officer
(949) 900-6833
[email protected]

Jacqueline Keller, Vice President, Marketing
(949) 900-6833
[email protected]

• NGM advances its vision to build the next iconic biologics company, fueled by its in-house discovery engine
• Significant progress made across all three therapeutic area portfolios in 2020
• Phase 2b or Phase 3-enabling studies currently underway for three product candidates
• Recently completed upsized underwritten public offering of common stock, which included the full exercise by the underwriters of their option to purchase additional shares, resulting in gross proceeds of approximately $143.7 million
• Key 2021 milestones include:
  • Planned initiation of Phase 1 studies for recently disclosed oncology candidates NGM707 and NGM438 expected in mid-2021 and fourth quarter 2021, respectively
  • Topline data readout for Phase 2b ALPINE 2/3 study of aldafermin in patients with NASH expected in second quarter 2021
  • Topline data readout for the dose-finding portion of the Phase 1a/1b study of NGM120 for the treatment of cancer anorexia/cachexia syndrome and cancer expected in the second half of 2021

SOUTH SAN FRANCISCO, Calif., Jan. 12, 2021 (GLOBE NEWSWIRE) — NGM Biopharmaceuticals, Inc. (NGM) (Nasdaq: NGM), a biotechnology company focused on discovering and developing transformative therapeutics for patients, today outlined its key achievements in 2020 and its strategic priorities for 2021.

“2020 was a year of significant progress and growth for NGM across our pipeline, now comprising three therapeutic area portfolios – liver and metabolic diseases, retinal diseases and oncology. We have clinical programs underway across all of these therapeutic areas, including three programs in Phase 2b or Phase 3-enabling studies. We are also pleased to be heading into 2021 with approximately $425 million in cash, cash equivalents and short-term marketable securities, inclusive of the proceeds of our recent equity offering, to fuel our growing pipeline,” said David J. Woodhouse, Ph.D., Chief Executive Officer at NGM.

Dr. Woodhouse further commented, “Our vision is to build the next iconic biologics company, ultimately self-sustaining with multiple products on the market and a diverse pipeline of development candidates, all fueled by our in-house discovery engine and talented team. In 2021 we expect to make meaningful progress toward realizing that vision. We anticipate reporting topline data from our Phase 2b ALPINE 2/3 study of aldafermin in NASH patients in the second quarter and continue to aggressively plan for Phase 3 development. We also anticipate moving our two recently announced oncology clinical candidates, NGM707 and NGM438, into the clinic this year. Our inspiration to make progress and advance our pipeline are the many patients waiting for effective treatments.”

2020 Highlights

NGM’s key achievements and milestones across its pipeline in 2020 included:

Liver and metabolic diseases

• Reported positive liver histology and biomarker data from a Phase 2 24-week study (Cohort 4) of aldafermin in patients with non-alcoholic steatohepatitis (NASH) in February 2020.
• Initiated a Phase 2b study of aldafermin in patients with NASH with F4 liver fibrosis (ALPINE 4) in February 2020.
• Completed enrollment in the Phase 2b study of aldafermin in patients with NASH with stage 2 (F2) or F3 liver fibrosis (ALPINE 2/3) in September 2020.
• Our partner, Merck, initiated a global Phase 2b study of MK-3655 in patients with NASH with F2/F3 fibrosis in the fourth quarter of 2020.

Retinal diseases

• Initiated the Phase 2 CATALINA study of NGM621 for the treatment of geographic atrophy (GA) in July 2020.
• Presented Phase 1 safety and pharmacokinetics data for NGM621 in patients with GA at the American Academy of Ophthalmology in November 2020.

Cancer

• Completed enrollment in dose-finding Phase 1a/1b studies of NGM120 for the treatment of cancer anorexia/cachexia syndrome (CACS) and cancer in November 2020.
• In the fourth quarter of 2020, announced two new oncology clinical candidates, NGM707 and NGM438, which are designed to broaden and deepen anti-tumor immune responses for patients with advanced solid tumors by reversing key myeloid and stromal resistance mechanisms.

2021 Strategic Priorities and Anticipated Milestones

NGM has several strategic priorities for 2021 intended to further the company’s discovery engine and growing portfolio of programs. NGM’s strategic priorities and anticipated key milestones in 2021 include:

Liver and metabolic diseases

• Report topline data from Phase 2b ALPINE 2/3 study of aldafermin in patients with NASH with F2/F3 liver fibrosis in the second quarter of 2021.
• Continue advancement of Phase 2b ALPINE 4 study of aldafermin in patients with NASH with F4 liver fibrosis.
• Continue planning for aldafermin Phase 3 development program.

Retinal diseases

• Continue advancement of the Phase 2 CATALINA study of NGM621 in patients with GA.

Oncology

• Report data from ongoing dose-finding Phase 1a/1b study of NGM120 in CACS and cancer patients in the second half of 2021.
• Initiate Phase 1b, placebo-controlled, expansion study of NGM120 in patients with metastatic pancreatic cancer, assessing both cancer and CACS endpoints, in the first quarter of 2021.
• Initiate Phase 1 studies of NGM707 and NGM438 in mid-2021 and the fourth quarter of 2021, respectively.

About NGM Biopharmaceuticals, Inc.

NGM is a biopharmaceutical company focused on discovering and developing novel therapeutics based on scientific understanding of key biological pathways underlying liver and metabolic diseases, retinal diseases and oncology. We leverage our biology-centric drug discovery approach to uncover novel mechanisms of action and generate proprietary insights that enable us to move rapidly into proof-of-concept studies and deliver potential first-in-class medicines to patients. At NGM, we aspire to operate one of the most productive research and development engines in the biopharmaceutical industry, with multiple programs in clinical development. Visit us at www.ngmbio.com for more information.

About the NGM-Merck Collaboration

Merck has a one-time option to license certain NGM pipeline programs – not including aldafermin, NGM395 and NGM386 – following human proof-of-concept trials under the terms of the companies’ ongoing strategic collaboration. Upon exercising any such option, Merck would lead global product development and commercialization for the resulting products, if approved. Prior to Merck initiating a Phase 3 study for a licensed program, NGM may elect to either receive milestone and royalty payments or to co-fund development and participate in a global cost and revenue share arrangement of up to 50%. The agreement also provides NGM with the option to participate in the co-promotion of any co-funded program in the United States. In November 2018, Merck exercised its first option under the collaboration to license MK-3655, previously referred to as NGM313.

Forward Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “build,” “plans,” expects,” “anticipates,” “designed to,” “continue,” “potential” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These statements include those related to the productivity of NGM’s research and advancement of NGM’s clinical and preclinical pipeline, including its vision to build the next iconic biologics company with multiple approved products; the continued progress of, and the timing of enrollment and results of, NGM’s clinical trials, including timing of the initiation of Phase 1 studies for NGM707 and NGM438, topline data readout for the Phase 2b ALPINE 2/3 study, topline data readout for the Phase 1a/1b study of NGM120; and the design, timing, enrollment, safety, tolerability and efficacy of, and continued development of, NGM’s product candidates, including aldafermin (NGM282), MK-3655 (NGM313), NGM621, NGM120, NGM707, NGM438 and any of our future product candidates. Because such statements deal with future events and are based on NGM’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of NGM could differ materially from those described in or implied by the statements in this press release. These forward-looking statements are subject to risks and uncertainties, including, without limitation, risks and uncertainties associated with the costly and time-consuming pharmaceutical product development process and the uncertainty of clinical success, including risks related to failure or delays in successfully enrolling or completing clinical studies, the risk that the results obtained to date in NGM’s clinical trials may not be indicative of results obtained in subsequent pivotal or other late-stage trials, and the risk that NGM’s ongoing or future clinical studies in humans may show that aldafermin is not a tolerable and effective treatment for NASH patients; the ongoing COVID-19 pandemic, which has adversely affected, and could materially and adversely affect in the future, our business and operations; the time-consuming and uncertain regulatory approval process; NGM’s reliance on third-party manufacturers for aldafermin and its other product candidates; the sufficiency of NGM’s cash, cash equivalents and short-term marketable securities and need for additional capital; and other risks and uncertainties affecting NGM and its development programs, as well as those discussed in the sections titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in our quarterly report on Form 10-Q for the quarter ended September 30, 2020, the section titled “Risk Factors” in exhibit 99.1 to our current report on Form 8-K filed with the United States Securities and Exchange Commission (SEC) on January 6, 2021 and future filings and reports that NGM makes from time to time with the SEC. Except as required by law, NGM assumes no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Investor Contact: Alex Schwartz [email protected]		Media Contact: Liz Melone [email protected]

INNSUITES HOSPITALITY TRUST (IHT) – IHT DIVERSIFIED CLEAN ENERGY UPI INVESTMENT PROGRESSES

Phoenix, AZ, Jan. 12, 2021 (GLOBE NEWSWIRE) — InnSuites Hospitality Trust (NYSE American: IHT)

IHT reported fiscal first quarter revenues of approximately $1.45 million for the three months February 1, 2020 to April 30, 2020 compared to revenues of approximately $2.09 million for the same prior year period. Basic earnings per share for the three months ended April 30, 2020 was ($0.04) compared with ($0.03) for the three months ended April 30, 2019.

In December 2019, InnSuites Hospitality Trust (IHT) made an initial $1 million diversification investment in privately held UniGen Power, Inc. (UPI), a company seeking to develop a patented high profit potential new efficient clean energy generation innovation. In addition to the initial investment, IHT also holds warrants that may convert into additional equity securities, and increased percentage ownership, in UPI in the future. IHT is informed that UPI has made positive progress to date on development of this innovation.

In spite of the impact of the COVID-19 Virus, economic, and travel disruptions of 2020, UPI reports that the project is on budget and within four weeks of being on schedule, with the first GenSet prototype anticipated to be in operation by April 2021, followed by initial production on or before early 2022. The time delay is largely related to travel restrictions on UPI China suppliers.

James Wirth president /CEO /chairman of IHT cautioned of the substantial challenges ahead of any new innovation, but indicated confidence in the technical team based in Detroit and in the encouraging progress to date.

UPI anticipates that profitability is still eighteen months or more in the future, but high profit potential is encouraging for IHT investors.

Results for IHT for the first fiscal quarter of Fiscal 2021, reflected the unexpected economic and travel industry slowdown caused by the Virus and various travel and lockdown restrictions.

IHTs new chief financial officer (CFO) indicated optimism in completing current accounting compliance by the end of February 2021.

Said James Wirth, President, CEO, and Board Chairman:
“The sense of the Board is that the IHT stock is trading woefully below its true underlying value based on the stock being closely held, the company capitalization being small, and recent substantial profits coming from asset sales. The company continues to hold assets promising further substantial future profits, and the company strategy of pursuing diversification and/or a larger reverse merger partner seeking a NYSE listing is progressing, and if successful will alleviate these concerns. In the meantime, the Board approves of its stock and convertible unit buyback program”.

As approved by the IHT board, IHT will be paying its semi-annual dividend of $0.01 on January 29, 2021 to shareholders of record on January 15, 2021. This extends IHT’s uninterrupted, continuous 50 years of annual dividends.

For more information, visit www.innsuitestrust.com.

Forward-Looking Statements

With the exception of historical information, the matters discussed in this news release may include “forward-looking statements” within the meaning of the federal securities laws. All statements regarding IHT’s review and exploration of potential strategic, operational and structural alternatives and expected associated costs and benefits are forward-looking. Actual developments and business decisions may differ materially from those expressed or implied by such forward-looking statements. Important factors, among others, that could cause IHT’s actual results and future actions to differ materially from those described in forward-looking statements include the uncertain outcome, impact, effects and results of IHT’s review of strategic, operational and structural alternatives, IHT’s success in finding potential qualified purchasers for its hospitality real estate, or a reverse merger partner, and other risks discussed in IHT’s SEC filings. IHT expressly disclaims any obligation to update any forward-looking statement contained in this news release to reflect events or circumstances that may arise after the date hereof, all of which are expressly qualified by the foregoing, other than as required by applicable law.

FOR FURTHER INFORMATION:

Marc Berg, Executive Vice President

602-944-1500

email: 

[email protected]

NEW YORK, Jan. 12, 2021 (GLOBE NEWSWIRE) — Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”), a business development company, today announced that its Chief Financial Officer (CFO) and Treasurer, Edward (Ted) Gilpin, has communicated his plans to retire and that Jason T. Roos will succeed him as the Company’s CFO, effective March 1, 2021. Mr. Gilpin will remain with the Company through March 1, 2021 to ensure a smooth transition.

“It’s been my pleasure and privilege to serve as Portman Ridge’s CFO and be part of the Company’s transformation through its mergers with OHA Investment Corp., Garrison Capital Inc., and the most recent agreement to merge with Harvest Capital Credit Corporation,” said Mr. Gilpin. “Portman Ridge’s strong financial and competitive positions, and its management by Sierra Crest Investment Management, LLC, an affiliate of BC Partners LLP, make me confident of the Company’s prospects for continued success.”

“Ted became CFO in 2012 when Portman Ridge was internally managed as KCAP Financial, Inc. and has been invaluable in the development and execution of our business strategies,” said Ted Goldthorpe, Chief Executive Officer of Portman Ridge. “During this time, he developed a talented financial and accounting team. I want to thank Ted for being a trusted advisor and business partner, and for his leadership and personal dedication during his time at Portman Ridge.”

“As we continue to grow and execute on our strategic vision, Jason’s years of experience in senior financial leadership roles will be integral to the Portman Ridge management team in 2021 and beyond,” commented Mr. Goldthorpe.

Mr. Roos joined BC Partners LLP in May 2020 and brings nearly 20 years of experience in financial roles, most recently as Credit Product CFO, where he is responsible for the integrity and accuracy of financial reporting and the overall control environment of the credit business. Prior to joining BC Partners, Mr. Roos served in various roles with Wells Fargo & Company from 2011 to 2020, including serving as Controller for Wells Fargo’s investment bank and institutional broker dealer, Wells Fargo Securities. Prior to that, from 2002 to 2011, Mr. Roos provided audit and advisory services to financial institutions at PricewaterhouseCoopers LLP. Mr. Roos earned his B.A. in accounting and finance from the University of Northern Iowa and is a Certified Public Accountant registered in New York, Iowa, and Minnesota.

About Portman Ridge Finance Corporation

Portman Ridge Finance Corporation (NASDAQ: PTMN) is a publicly traded, externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Portman Ridge’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. Portman Ridge’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors, LP.

Portman Ridge’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on the Company’s website at www.portmanridge.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements. The matters discussed in this press release, as well as in future oral and written statements by management of Portman Ridge Finance Corporation, that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements.

Forward-looking statements relate to future events or our future financial performance and include, but are not limited to, projected financial performance, expected development of the business, plans and expectations about future investments and the future liquidity of the Company. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “outlook”, “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required to be reported under the rules and regulations of the SEC.

Contacts:


Portman Ridge Finance Corporation
650 Madison Avenue, 23rd floor
New York, NY 10022
[email protected]

Jason Roos
[email protected]
(212) 891-2880

Jeehae Linford
The Equity Group Inc.
[email protected]
(212) 836-9615

TULSA, Okla., Jan. 12, 2021 (GLOBE NEWSWIRE) — Chart Industries, Inc. (“Chart”) (Nasdaq: GTLS), a leading diversified global manufacturer of highly engineered equipment for the industrial gas and clean energy industries today signed a Memorandum of Understanding (“MOU”) with Matrix Service Company (NASDAQ: MTRX) for the development of standardized hydrogen solutions in North America, including hydrogen liquefaction plants, marine bunkering, fueling stations, plant expansions, storage expansion, spaceship fueling and other hydrogen related facilities. Matrix Service Company (“Matrix”) is a leading contractor to the energy and industrial markets across North America. Through its subsidiaries, Matrix provides engineering, procurement, fabrication, and construction (“EPFC”), as well as maintenance and products to the energy and industrial markets, with specific experience engineering, procuring and constructing cryogenic and pressure storage vessels, terminals and related balance of plant facilities which complements Chart’s extensive hydrogen liquefaction and equipment offering.

This MOU builds upon the hydrogen strategy of both companies to continue to expand commercial arrangements, relationships and geographic diversity thereby utilizing Chart’s expansive hydrogen equipment and liquefaction offerings by the producers and end users of hydrogen. Chart has provided hydrogen equipment to industry for over 50 years, including a very rapid increase in order activity in 2020. Likewise, Matrix has a 50-plus year history in providing cryogenic storage and terminal expertise to multiple industries. With 164 customers working with Chart to serve their hydrogen equipment needs (up from 30 at the beginning of 2020), this collaboration with Matrix will be another way for our customers to achieve their small-scale hydrogen requirements.

Chart and Matrix are working to provide more cost competitive and scalable ways to increase hydrogen as a key part of the clean energy transition, drawing on their respective expertise in the technology and EPFC in cryogenic storage tanks and terminals. This MOU furthers that effort by having a standardized, price competitive offering for the turnkey design, equipment supply, and construction that would have been handled by subcontractors in North America.

“The combination of Chart equipment and process with the expertise Matrix brings in process integration, design, fabrication, construction and installation to create a unique and cost-effective solution for the North American hydrogen market, in particular for customers wanting a standardized solution,” stated Jill Evanko, Chart’s CEO and President. “Matrix also brings access to larger scale commercial opportunities for Chart equipment in North America.”

“After years of working on LNG and other cryogenic projects with Chart, expanding our relationship to support the evolution and ongoing work we do in hydrogen is a natural next step as energy companies look to Matrix for infrastructure solutions that support their strategic transition to clean energy products and services,” said John R. Hewitt, Matrix CEO and President. “We look forward to continuing to drive customer value and collaborating with Chart to improving the cost competitiveness of hydrogen as a clean energy fuel choice.”

When executing under the MOU, Chart and Matrix will provide design, equipment and installation. Chart’s included standard hydrogen offering in the MOU ranges from liquefaction process and equipment to storage vessels to truck loading to vacuum insulated piping, and plant controls while Matrix provides process integration and facility design, as well as all the installation including storage spheres, site civil work, mechanical equipment, piping systems, electrical power, control, substation and distribution.

About Chart Industries, Inc.

Chart Industries, Inc. is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the Energy and Industrial Gas markets. Our unique product portfolio is used in every phase of the liquid gas supply chain, including upfront engineering, service and repair. Being at the forefront of the clean energy transition, Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO2 Capture amongst other applications. We are committed to excellence in environmental, social and corporate governance (ESG) issues both for our company as well as our customers. With over 25 global locations from the United States to Asia, Australia, India, Europe and South America, we maintain accountability and transparency to our team members, suppliers, customers and communities. To learn more, visit www.chartindustries.com.

About Matrix Service Company

Founded in 1984, Matrix Service Company (Nasdaq: MTRX) is parent to a family of companies that includes Matrix PDM Engineering, Matrix Service Inc., Matrix NAC, and Matrix Applied Technologies. Our companies design, build and maintain infrastructure critical to North America’s energy and industrial markets. Matrix Service Company is headquartered in Tulsa, Oklahoma with offices located throughout the United States and Canada, as well as Sydney, Australia and Seoul, South Korea. The Company reports its financial results based on three reportable segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions. 

With a culture driven by its core values of safety, integrity, stewardship, positive relationships, community involvement and delivering the best, Matrix is consistently ranked as a Top 100 Contractor by Engineering-News Record and recognized as a Great Place to Work®. To learn more about Matrix Service Company, visit matrixservicecompany.com

FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including those factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company’s operations and its financial condition. We undertake no obligation to update information contained in this release.

Investor Relations Contacts – Matrix Service Company:

Kevin S. Cavanah		Kellie Smythe
Matrix Service Company		Matrix Service Company
Vice President and CFO		Senior Director, Investor Relations
T: 918-838-8822		T: 918-359-8267
Email: [email protected]		Email: [email protected]

Investor Relations Contact – Chart Industries:
Wade Suki
Director of Investor Relations
832-524-7489
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/26d46ec1-69e8-4249-b080-7fb7ac993ee7