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Ecopetrol expects to invest between US$3.5 and US$4 billion in 2021

PR Newswire

– The investment plan approved by the Board of Directors is oriented towards restoring the Ecopetrol Business growth’s path, increasing competitiveness, strengthening the energy transition of the Ecopetrol Business Group, and enhancing its sustainability agenda through positive social and environmental impact in the communities where the Company operates.

– Approximately to 80% of the investment is expected to continue to be allocated to projects in Colombia, and the remaining 20% mainly to investments in the United States and Brazil.

– The plan foresees reliable, clean and safe operation, with a production of hydrocarbons expected between 700 and 710 thousand barrels per day in 2021, a greater joint refining throughput of between 340 and 365 thousand barrels per day, and transported volumes over one million barrels per day.

– 77% of investments are expected to be oriented towards exploration and production projects, targeting assets with the highest strategic fit and profitability, with a goal of accelerating the value capture. 

– The plan calls for an increase in the allocation of resources to energy transition and sustainability initiatives. 14% of investments are expected to be directed at expanding the gas chain and other energy sources, including expected investments of over US$200 million in energy efficiency projects and the incorporation of renewable energies. More than US$150 million is expected to be allocated to the decarbonization projects and over US$90 million to efficient water management in operations.

– The plan includes resources for the development of Integral Research Pilot Projects (PPII for its acronym in Spanish) in Colombia and continuing of operations in the Permian Basin.

– Nearly US$80 million is expected to be allocated to investments in technology and innovation, focusing on digital transformation, enhanced recovery, and energy transition.

– The 2021 plan expects to set aside approximately COP$405 billion for social investment allocated to the development and well-being of communities where we operate

– The generation of cash and the materialization of efficiencies is expected to facilitate a positive free cash flow and achieve a gross debt to EBITDA ratio of less than 2.5 times for 2021.

BOGOTÁ, Colombia, Dec. 14, 2020 /PRNewswire/ — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that its Board of Directors approved the 2021 organic investment plan for the Ecopetrol Group (GE) for an estimated amount between US$3.5 and US$4 billion.

The plan is oriented towards restoring the Ecopetrol Business Group’s growth path, while continuing to prioritize cash generating opportunities and with better equilibrium prices, focusing on the execution of key assets development plans, and the preservation of asset value through investments that provide reliability, integrity and continuity to the Ecopetrol Business Group’s value chain.

The plan was based on an expected average Brent price of US$45 per barrel for 2021.

80% of the investments are expected to be allocated to projects in Colombia, and the remaining 20% is expected to be invested mainly in the development of projects in the United States and Brazil.

In line with Ecopetrol Group’s strategic priorities and the sturdiness of its integrated value chain, the plan holds as strategic objective the growth of the Upstream segment, towards which 77% of total investment is expected to be allocated, with a focus on accelerating the development of resources and reserves estimated at 3.7 bboe, through exploration, drilling and enhanced recovery. Production in 2021 is expected to reach levels of between 700 and 710 thousand barrels of oil equivalent per day (expected to be comprised of 81% oil and 19% gas). If the investments included in the plan are carried out as currently foreseen, it is expected that the Ecopetrol Business Group’s production levels will be approximately 750 thousand barrels by 2023.

In terms of exploration, 9 exploratory wells are expected to be drilled, 8 of which are expected to be located in Colombia in the Llanos Orientales, Mid-Magdalena Valley, Low-Magdalena Valley and Sinú-San Jacinto basins, as well as continuing activities aimed at appraising discovered resources for more than 450 million barrels equivalent.

With regards to unconventional reservoirs (YNC for its acronym in Spanish), investments of approximately US$600 million are planned for the scaling up of development activities in the US Permian Basin in Texas. Investments for the development of initiatives related to Integral Research Pilot Projects for Unconventional Deposits (PPII) in the Mid-Magdalena Valley Basin are also expected to continue.

Investments in the Downstream segment are expected to remain to focus on ensuring the reliability and sustainability of the operation of the Barrancabermeja and Cartagena refineries, as well as the development of fuel quality and wastewater management programs, thus ensuring increasingly clean effluents. The joint throughput expected from the refineries for 2021 is estimated to range between 340 and 365 thousand barrels per day, in line with the expected recovery of demand and refining margins. The investment priority in the project to interconnect the original crude unit of the Cartagena refinery with the new refinery remains, with estimated investments of US$48 million for 2021.

The Midstream segment is expected to represent 7% of the total investment, mostly aimed at guaranteeing the integrity and reliability of the infrastructure, while achieving greater flexibility and efficiency in the logistics for the transportation of heavy crude oil. These investments are expected to enable the optimization of future operating costs through the upgrading of equipment and improved performance. The volumes transported are estimated to reach over one million barrels per day, in line with the country’s crude production expectations and the national demand for refined products.

Consistently with the Ecopetrol Business Group’s energy transition strategy, approximately US$150 million is expected to be invested in the decarbonization agenda, including noteworthy tasks in energy efficiency, leakage and vent reduction projects as well as the construction of the Rubiales Solar Park. Moreover, we increased our goal of reducing emissions to 3 million tons of CO2 by 2023, in addition to the 6.6 million tons reduced between 2010 and 2019. These resources are expected to allow us to move towards the goal of incorporating 400 MW in renewable energy by 2023.

The plan reaffirms the resources oriented to the socio-environmental investment program for an approximate amount of COP$1,7 trillion by 2023 for the 2020-2024 period, aiming to close social gaps and promoting the development and well-being of the communities where we operate, through strategic projects in infrastructure, public services, education, sports and healthcare, inclusive rural development and entrepreneurship and business development. In addition, financial support to meet specific needs arising from the COVID-19 pandemic are expected to continue to be provided in the areas and communities where we operate.

In an effort to accelerate the digital transformation process, nearly USD$50 million is expected to be allocated towards capturing benefits associated with artificial intelligence technologies, blockchain, and bots, among others. The ICP (Colombian Petroleum Institute for its acronym in Spanish) is expected to invest approximately US$30 million, mainly in energy transition projects, advanced materials and increasing the recovery factor.

The organic investment plan is expected to be mainly financed by internal cash generation and the existing cash surpluses from the beginning of the year. A gross debt to EBITDA ratio of less than 2.5 times is expected for 2021, reversing the leverage indicator trend seen in 2020.

We believe this plan is in line with (i) our strategy of becoming the energy that transforms Colombia and (ii) the Ecopetrol Group’s cultural principles: life comes first, ethics, passion for excellence, making possible the impossible, leadership and inclusion, and working as a team. Furthermore, we believe it addresses the current challenges with a sustainability approach and ensures a strategy that adds value to the Business Group and the country.

“2020 challenged the Company and proved its resilience and ability to adapt to an adverse and volatile environment. The investment plan for 2021 seeks to recover the Company’s growth path, enhance its competitiveness, enlarge the sustainability agenda and establish the course towards energy transition, in line with our strategic pillars of cash flow protection, cost efficiency, capital discipline and profitable and sustainable growth. With this investment plan we are using our energy to continue constructing a country of all, for all,” said Ecopetrol’s CEO, Felipe Bayón Pardo.

Bogotá D.C. December 14, 2020

This release contains statements that may be considered forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including in respect of the Company’s prospects for growth and its ongoing access to capital to fund the Company’s business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, the Company’s competitiveness and the performance of Colombia’s economy and industry, to mention a few. We do not intend, and do not assume any obligation to update these forward-looking statements.

For further information, please contact:

Juan Pablo Crane de Narváez
Head of Capital Markets
Phone: (+571) 234 5190
E-mail: [email protected]


Jorge Mauricio Tellez

Media Relations (Colombia)
Phone: (+ 571) 234 4329
E-mail: [email protected]

 

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SOURCE Ecopetrol S.A.

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Medtronic Announces Cash Dividend For Third Quarter Of Fiscal Year 2021

PR Newswire

DUBLIN, Dec. 14, 2020 /PRNewswire/ — The board of directors of Medtronic plc (NYSE: MDT) on Friday, December 11, 2020, approved the fiscal year 2021 third quarter cash dividend of $0.58 per ordinary share. This quarterly declaration is consistent with the dividend announcement made by the company in June 2020. Medtronic is a constituent of the S&P 500 Dividend Aristocrats index, having increased its annual dividend payment for the past 43 consecutive years. The dividend is payable on January 15, 2021, to shareholders of record at the close of business on December 22, 2020.


About Medtronic


Medtronic plc (www.medtronic.com), headquartered in Dublin, Ireland, is among the world’s largest medical technology, services and solutions companies – alleviating pain, restoring health and extending life for millions of people around the world. Medtronic employs more than 90,000 people worldwide, serving physicians, hospitals and patients in more than 150 countries. The company is focused on collaborating with stakeholders around the world to take healthcare Further, Together.

Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic’s periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.


Contacts:

Erika Winkels

Ryan Weispfenning

Public Relations

Investor Relations

+1-763-526-8478

+1-763-505-4626

 

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SOURCE Medtronic plc

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Public Storage Announces Redemption of All Outstanding Depositary Shares Representing Interests in Its 5.40% Cumulative Preferred Shares, Series B

Public Storage Announces Redemption of All Outstanding Depositary Shares Representing Interests in Its 5.40% Cumulative Preferred Shares, Series B

GLENDALE, Calif.–(BUSINESS WIRE)–
Public Storage (NYSE:PSA) announced today that it is calling for redemption all outstanding depositary shares representing interests in its 5.40% Cumulative Preferred Shares, Series B (NYSE:PSAPrB) on January 20, 2021 at $25 per depositary share plus accrued dividends from January 1, 2021 through the date of redemption. The aggregate redemption amount, before payment of accrued dividends, to be paid to all holders of the depositary shares is $300,000,000.

Company Information

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the “Shurgard” brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020. Our headquarters are located in Glendale, California.

Additional information about Public Storage is available on the Company’s website at www.PublicStorage.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release, other than statements of historical fact, are forward-looking statements which may be identified by the use of the words “expects,” “believes,” “anticipates,” “should,” “estimates” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to, those described in Part 1, Item 1A, “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2020 and in our other filings with the SEC including: general risks associated with the ownership and operation of real estate, including changes in demand, risk related to development, expansion and acquisition of self-storage facilities, potential liability for environmental contamination, natural disasters and adverse changes in laws and regulations governing property tax, real estate and zoning; risks associated with downturns in the national and local economies in the markets in which we operate, including risks related to current economic conditions and the economic health of our customers; risks associated with the COVID Pandemic or similar events, including but not limited to illness or death of our employees or customers, negative impacts to the economic environment and to self-storage customers which could reduce the demand for self-storage or reduce our ability to collect rent, and/or potential regulatory actions to (i) close our facilities if we were determined not to be an “essential business” or for other reasons, (ii) limit our ability to increase rent or otherwise limit the rent we can charge or (iii) limit our ability to collect rent or evict delinquent tenants; risk that even after the initial restrictions due to the COVID Pandemic ease, they could be reinstituted in case of future waves of infection or if additional pandemics occur; risk that we could experience a change in the move-out patterns of our long-term customers due to economic uncertainty and the significant increase in unemployment in the last 30 days. This could lead to lower occupancies and rent “roll down” as long-term customers are replaced with new customers at lower rates. We observed such a trend during the recessionary circumstances of 2009; however, to date we have not seen any material change in the move-out patterns of long-term customers; risk of negative impacts on the cost and availability of debt and equity capital as a result of the COVID Pandemic, which could have a material impact upon our capital and growth plans; the impact of competition from new and existing self-storage and commercial facilities and other storage alternatives; the risk that our existing self-storage facilities may be at a disadvantage in competing with newly developed facilities with more visual and customer appeal; risk related to increased reliance on Google as a customer acquisition channel; difficulties in our ability to successfully evaluate, finance, integrate into our existing operations and manage properties that we acquire directly or through the acquisition of entities that own and operate self-storage facilities; risks associated with international operations including, but not limited to, unfavorable foreign currency rate fluctuations, changes in tax laws and local and global economic uncertainty that could adversely affect our earnings and cash flows; risks related to our participation in joint ventures; the impact of the legal and regulatory environment, as well as national, state and local laws and regulations including, without limitation, those governing environmental issues, taxes, our tenant reinsurance business, and labor, including risks related to the impact of new laws and regulations; risks of increased tax expense associated either with a possible failure by us to qualify as a REIT, or with challenges to the determination of taxable income for our taxable REIT subsidiaries; risks due to a November 2020 California ballot initiative (or other equivalent actions) that could remove the protections of Proposition 13 with respect to our real estate and result in substantial increases in our assessed values and property tax bills in California; changes in United States federal or state tax laws related to the taxation of REITs and other corporations; security breaches or a failure of our networks, systems or technology could adversely impact our operations or our business, customer and employee relationships or result in fraudulent payments; risks associated with the self-insurance of certain business risks, including property and casualty insurance, employee health insurance and workers compensation liabilities; difficulties in raising capital at a reasonable cost; delays and cost overruns on our projects to develop new facilities or expand our existing facilities; ongoing litigation and other legal and regulatory actions which may divert management’s time and attention, require us to pay damages and expenses or restrict the operation of our business; and economic uncertainty due to the impact of war or terrorism. These forward-looking statements speak only as of the date of this press release. All of our forward-looking statements, including those in this press release, are qualified in their entirety by this statement. We expressly disclaim any obligation to update publicly or otherwise revise any forward-looking statements, whether because of new information, new estimates, or other factors, events or circumstances after the date of these forward looking statements, except when expressly required by law. Given these risks and uncertainties, you should not rely on any forward-looking statements in this press release, or which management may make orally or in writing from time to time, neither as predictions of future events nor guarantees of future performance.

Additional Information

In connection with Public Storage’s 2021 Annual Meeting of Shareholders (the “2021 Annual Meeting”), Public Storage intends to file a proxy statement and associated WHITE proxy card with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the 2021 Annual Meeting of Shareholders. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO, IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain a copy of the relevant documents filed by the Company with the SEC, including the definitive proxy statement, when it becomes available, free of charge by visiting the SEC’s website, www.sec.gov. Investors and shareholders can also obtain, without charge, a copy of the definitive proxy statement, when available, and other relevant filed documents from the Company’s website at www.PublicStorage.com.

Certain Information Regarding Participants

Public Storage, its trustees, trustee nominees and certain of its executive officers will be deemed participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of the Company’s trustees and executive officers and their respective interests in the Company by security holdings or otherwise is set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on February 25, 2020, and the Company’s definitive proxy statement for the 2020 Annual Meeting of Shareholders, filed with the SEC on March 12, 2020. To the extent holdings of such participants in the Company’s securities have changed since the amounts described in the proxy statement for the 2019 Annual Meeting of Shareholders, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants in any proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will also be included in any proxy statement and other relevant materials to be filed with the SEC, if and when they become available.

Ryan Burke

(818) 244-8080, Ext. 1141

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Construction & Property Other Construction & Property

MEDIA:

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Public Storage to Host Investor Day May 3, 2021

Public Storage to Host Investor Day May 3, 2021

GLENDALE, Calif.–(BUSINESS WIRE)–
Public Storage (NYSE:PSA) today announced that the Company will host an Investor Day, which is anticipated to be held virtually, on May 3, 2021.

The Investor Day will provide an opportunity for investors and analysts to hear from members of Public Storage’s team as they provide a business update, including discussion of the Company’s long-term strategy, growth initiatives, capital allocation priorities and focus on sustainability and diversity.

A live audio webcast of the presentations will be available on the Investor Relations section of the Public Storage website at http://investors.publicstorage.com. The Company will provide further details in a future news release.

Company Information

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the “Shurgard” brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020. Our headquarters are located in Glendale, California.

Additional information about Public Storage is available on the Company’s website at www.PublicStorage.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release, other than statements of historical fact, are forward-looking statements which may be identified by the use of the words “expects,” “believes,” “anticipates,” “should,” “estimates” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to, those described in Part 1, Item 1A, “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2020 and in our other filings with the SEC including: general risks associated with the ownership and operation of real estate, including changes in demand, risk related to development, expansion and acquisition of self-storage facilities, potential liability for environmental contamination, natural disasters and adverse changes in laws and regulations governing property tax, real estate and zoning; risks associated with downturns in the national and local economies in the markets in which we operate, including risks related to current economic conditions and the economic health of our customers; risks associated with the COVID Pandemic or similar events, including but not limited to illness or death of our employees or customers, negative impacts to the economic environment and to self-storage customers which could reduce the demand for self-storage or reduce our ability to collect rent, and/or potential regulatory actions to (i) close our facilities if we were determined not to be an “essential business” or for other reasons, (ii) limit our ability to increase rent or otherwise limit the rent we can charge or (iii) limit our ability to collect rent or evict delinquent tenants; risk that even after the initial restrictions due to the COVID Pandemic ease, they could be reinstituted in case of future waves of infection or if additional pandemics occur; risk that we could experience a change in the move-out patterns of our long-term customers due to economic uncertainty and the significant increase in unemployment in the last 30 days. This could lead to lower occupancies and rent “roll down” as long-term customers are replaced with new customers at lower rates. We observed such a trend during the recessionary circumstances of 2009; however, to date we have not seen any material change in the move-out patterns of long-term customers; risk of negative impacts on the cost and availability of debt and equity capital as a result of the COVID Pandemic, which could have a material impact upon our capital and growth plans; the impact of competition from new and existing self-storage and commercial facilities and other storage alternatives; the risk that our existing self-storage facilities may be at a disadvantage in competing with newly developed facilities with more visual and customer appeal; risk related to increased reliance on Google as a customer acquisition channel; difficulties in our ability to successfully evaluate, finance, integrate into our existing operations and manage properties that we acquire directly or through the acquisition of entities that own and operate self-storage facilities; risks associated with international operations including, but not limited to, unfavorable foreign currency rate fluctuations, changes in tax laws and local and global economic uncertainty that could adversely affect our earnings and cash flows; risks related to our participation in joint ventures; the impact of the legal and regulatory environment, as well as national, state and local laws and regulations including, without limitation, those governing environmental issues, taxes, our tenant reinsurance business, and labor, including risks related to the impact of new laws and regulations; risks of increased tax expense associated either with a possible failure by us to qualify as a REIT, or with challenges to the determination of taxable income for our taxable REIT subsidiaries; risks due to a November 2020 California ballot initiative (or other equivalent actions) that could remove the protections of Proposition 13 with respect to our real estate and result in substantial increases in our assessed values and property tax bills in California; changes in United States federal or state tax laws related to the taxation of REITs and other corporations; security breaches or a failure of our networks, systems or technology could adversely impact our operations or our business, customer and employee relationships or result in fraudulent payments; risks associated with the self-insurance of certain business risks, including property and casualty insurance, employee health insurance and workers compensation liabilities; difficulties in raising capital at a reasonable cost; delays and cost overruns on our projects to develop new facilities or expand our existing facilities; ongoing litigation and other legal and regulatory actions which may divert management’s time and attention, require us to pay damages and expenses or restrict the operation of our business; and economic uncertainty due to the impact of war or terrorism. These forward-looking statements speak only as of the date of this press release. All of our forward-looking statements, including those in this press release, are qualified in their entirety by this statement. We expressly disclaim any obligation to update publicly or otherwise revise any forward-looking statements, whether because of new information, new estimates, or other factors, events or circumstances after the date of these forward looking statements, except when expressly required by law. Given these risks and uncertainties, you should not rely on any forward-looking statements in this press release, or which management may make orally or in writing from time to time, neither as predictions of future events nor guarantees of future performance.

Additional Information

In connection with Public Storage’s 2021 Annual Meeting of Shareholders (the “2021 Annual Meeting”), Public Storage intends to file a proxy statement and associated WHITE proxy card with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the 2021 Annual Meeting of Shareholders. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO, IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain a copy of the relevant documents filed by the Company with the SEC, including the definitive proxy statement, when it becomes available, free of charge by visiting the SEC’s website, www.sec.gov. Investors and shareholders can also obtain, without charge, a copy of the definitive proxy statement, when available, and other relevant filed documents from the Company’s website at www.PublicStorage.com.

Certain Information Regarding Participants

Public Storage, its trustees, trustee nominees and certain of its executive officers will be deemed participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of the Company’s trustees and executive officers and their respective interests in the Company by security holdings or otherwise is set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on February 25, 2020, and the Company’s definitive proxy statement for the 2020 Annual Meeting of Shareholders, filed with the SEC on March 12, 2020. To the extent holdings of such participants in the Company’s securities have changed since the amounts described in the proxy statement for the 2019 Annual Meeting of Shareholders, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants in any proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will also be included in any proxy statement and other relevant materials to be filed with the SEC, if and when they become available.

Ryan Burke

(818) 244-8080, Ext. 1141

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Other Construction & Property Construction & Property REIT

MEDIA:

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Immunic, Inc. Added to NASDAQ Biotechnology Index

PR Newswire

NEW YORK, Dec. 14, 2020 /PRNewswire/ — Immunic, Inc. (Nasdaq: IMUX), a clinical-stage biopharmaceutical company developing a pipeline of selective oral immunology therapies aimed at treating chronic inflammatory and autoimmune diseases, today announced that it has been selected for addition to the NASDAQ Biotechnology Index (Nasdaq: NBI), effective prior to market open on Monday, December 21, 2020.

The NASDAQ Biotechnology Index is designed to track the performance of a set of securities listed on The Nasdaq Stock Market® (NASDAQ®) that are classified as either biotechnology or pharmaceutical according to the Industry Classification Benchmark. The NASDAQ Biotechnology Index is re-ranked annually. All securities in the index are listed on the NASDAQ Global Market or the NASDAQ Global Select Market and meet minimum market value and share volume requirements, among other criteria.

The NASDAQ Biotechnology Index forms the basis for a number of Exchange Traded Funds (ETFs), including the iShares NASDAQ Biotechnology ETF (Nasdaq: IBB). More information about the Index can be found at https://indexes.nasdaqomx.com/Index/Overview/NBI.

About Immunic, Inc.
Immunic, Inc. (Nasdaq: IMUX) is a clinical-stage biopharmaceutical company with a pipeline of selective oral immunology therapies aimed at treating chronic inflammatory and autoimmune diseases, including relapsing-remitting multiple sclerosis, ulcerative colitis, Crohn’s disease, and psoriasis. Immunic is developing three small molecule products: its lead development program, IMU-838, is a selective immune modulator that inhibits the intracellular metabolism of activated immune cells by blocking the enzyme DHODH and exhibits a host-based antiviral effect; IMU-935 is an inverse agonist of RORγt; and IMU-856 targets the restoration of the intestinal barrier function. Immunic announced positive results from its phase 2 EMPhASIS trial of IMU-838 in patients with relapsing-remitting multiple sclerosis, reporting achievement of both primary and key secondary endpoints with high statistical significance. IMU-838 is also in phase 2 clinical development for ulcerative colitis and COVID-19, with an additional phase 2 trial considered in Crohn’s disease. An investigator-sponsored proof-of-concept clinical trial for IMU-838 in primary sclerosing cholangitis is ongoing at the Mayo Clinic. For further information, please visit: www.imux.com.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, future revenue, projected expenses, prospects, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to Immunic’s stock being added to the NASDAQ Biotechnology Index, Immunic’s three development programs and the targeted diseases; the potential for IMU-838, IMU-935 and IMU-856 to safely and effectively target diseases; the nature, strategy and focus of the company; and the development and commercial potential of any product candidates of the company. Immunic may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, the COVID-19 pandemic, risks and uncertainties associated with the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient resources to meet business objectives and operational requirements, the fact that the results of earlier studies and trials may not be predictive of future clinical trial results, the protection and market exclusivity provided by Immunic’s intellectual property, risks related to the drug development and the regulatory approval process and the impact of competitive products and technological changes. A further list and descriptions of these risks, uncertainties and other factors can be found in the section captioned “Risk Factors,” in the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on March 16, 2020, the company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, filed with the SEC on November 6, 2020, and in the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov or ir.imux.com/sec-filings. Any forward-looking statement made in this release speaks only as of the date of this release. Immunic disclaims any intent or obligation to update these forward-looking statements to reflect events or circumstances that exist after the date on which they were made. Immunic expressly disclaims all liability in respect to actions taken or not taken based on any or all the contents of this press release.

Contact Information

Immunic, Inc.

Jessica Breu

Head of Investor Relations and Communications
+49 89 2080 477 09
[email protected]

US IR Contact
Rx Communications Group
Melody Carey
+1 917 322 2571
[email protected]

US Media Contact
KOGS Communication
Edna Kaplan
+1 781 639 1910
[email protected]

 

 

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SOURCE Immunic, Inc.

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Barings BDC, Inc. and MVC Capital, Inc. Announce Anticipated Delisting and Redemption of MVC Capital’s 6.25% Senior Notes due 2022 in Connection with Previously Announced Merger

6.25% Senior Notes due 2022 to be Delisted from NYSE in Connection with Merger Closing

PR Newswire

CHARLOTTE, N.C. and PURCHASE, N.Y., Dec. 14, 2020 /PRNewswire/ — Barings BDC, Inc. (NYSE: BBDC) (“Barings BDC”) and MVC Capital, Inc. (NYSE: MVC) (“MVC Capital”) today announced that Barings BDC has notified MVC Capital of its election, in connection with and concurrently with the closing of the previously announced merger transaction (the “Merger”) between the parties, to effect the redemption of MVC Capital’s 6.25% senior notes due 2022 (NYSE: MVCD) (the “Notes”) with an aggregate principal amount outstanding of $95.0 million. The Notes are expected to be redeemed following at least 30 days’ notice prior to the date determined for redemption at a price equal to the outstanding principal amount of the Notes plus accrued interest to, but excluding, the date of redemption.

Barings BDC and MVC Capital expect that the Notes will be delisted from the New York Stock Exchange (“NYSE”) in connection with, and contingent upon, the closing of the Merger, and trading in the Notes on the NYSE is expected to be suspended pre-market open on the day after closing. The Merger is anticipated to close on or around December 23, 2020, subject to MVC Capital and Barings BDC stockholder approval and the satisfaction of other closing conditions. After the delisting, holders of the Notes will continue to conduct business with and receive interest payments through the trustee, U.S. Bank National Association. Neither MVC Capital nor Barings BDC has, and neither intends to, arrange for listing and/or registration of the Notes on another national securities exchange or for quotation on another quotation medium.

MVC-G


Forward-Looking Statements

This press release contains “forward-looking statements,” which are statements concerning future events, including, without limitation, forward-looking statements regarding the completion of the Merger and the delisting, redemption, and deregistration of the Notes. Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words. Although these statements are based upon assumptions that Barings BDC and MVC Capital believe to be reasonable based upon available information, they are subject to risks and uncertainties as a result of a number of factors, including those described from time to time in filings made by Barings BDC or MVC Capital with the SEC, including those contained in the Proxy Statement (as defined below). These risks and uncertainties include, but are not limited to: the potential that the Merger is not completed when anticipated or at all; that the Notes are not redeemed or are not redeemed in the manner described above; and other factors enumerated in Barings BDC’s and MVC Capital’s filings with the SEC. You should not place undue reliance on such forward-looking statements, which are based upon Barings BDC management’s and MVC Capital management’s views and assumptions regarding future events, and speak only as of the date of this communication. Neither Barings BDC nor MVC Capital undertakes any duty to update any forward-looking statement made herein.


Additional Information and Where to Find It

This communication relates to a proposed business combination involving Barings BDC and MVC Capital, along with related proposals for which stockholder approval is being sought (collectively, the “Proposals”). In connection with the proposed Merger, Barings BDC and MVC Capital have filed with the SEC a joint proxy statement on Schedule 14A (the “Proxy Statement”), which was first mailed or otherwise delivered to Barings BDC stockholders and MVC stockholders entitled to vote on the Proposals on or about November 24, 2020, and Barings BDC has filed with the SEC a registration statement on Form N-14 (the “Registration Statement”) that includes the Proxy Statement and a prospectus of Barings BDC. The Proxy Statement and the Registration Statement each contain important information about Barings BDC, MVC Capital, the proposed Merger and related matters. STOCKHOLDERS OF EACH OF BARINGS BDC AND MVC CAPITAL ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT AND THE REGISTRATION STATEMENT, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS THERETO, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BARINGS BDC, MVC CAPITAL, THE MERGER AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s web site at http://www.sec.gov and, for documents filed by Barings BDC, from the Barings BDC website at http://www.baringsbdc.com or for documents filed by MVC Capital, from the MVC Capital website at http://www.mvccapital.com.


Participants in the Solicitation

Barings BDC and MVC Capital and their respective directors, executive officers and certain other members of management and employees of Barings LLC, The Tokarz Group Advisers LLC and their respective affiliates, may be deemed to be participants in the solicitation of proxies from the stockholders of Barings BDC and MVC Capital in connection with the Proposals. Information about the directors and executive officers of Barings BDC is set forth in its proxy statement for its 2020 annual meeting of stockholders, which was filed with the SEC on March 10, 2020. Information about the directors and executive officers of MVC Capital is set forth in its proxy statement for its 2020 annual meeting of stockholders, which was filed with the SEC on June 10, 2020. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of Barings BDC’s and MVC Capital’s stockholders in connection with the Proposals is contained in the Proxy Statement and will be contained in other relevant materials to be filed with the SEC if and when such documents become available. Investors should read the Proxy Statement and Registration Statement carefully and in their entirety before making any voting or investment decisions. These documents may be obtained free of charge from the sources indicated above.


No Offer or Solicitation

This press release is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this press release is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in Barings BDC, MVC Capital or in any fund or other investment vehicle. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933.


About Barings BDC

Barings BDC, Inc. (NYSE: BBDC) is a publicly traded, externally managed investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Barings BDC seeks to invest primarily in senior secured loans to private U.S. middle market companies that operate across a wide range of industries. Barings BDC’s investment activities are managed by its investment adviser, Barings LLC, a leading global asset manager based in Charlotte, NC with over $354+ billion* of AUM firm-wide. For more information, visit www.baringsbdc.com.


About MVC Capital, Inc.

MVC Capital is a business development company traded on the New York Stock Exchange that provides long-term debt and equity investment capital to fund growth, acquisitions and recapitalizations of companies in a variety of industries. For additional information about MVC Capital, please visit MVC Capital’s website at www.mvccapital.com.


About Barings LLC

Barings LLC is a $354+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.

*Assets under management as of September 30, 2020

Barings BDC Contacts:

Media Contact:
Cheryl Krauss, Media Relations, Barings, 980-417-5858, [email protected]

Investor Relations:
[email protected], 888-401-1088

MVC Capital Contacts:

Investor Relations:
Jackie Rothchild
MVC Capital
914.510.9400

Or

Jeffrey Goldberger / Allison Soss
KCSA Strategic Communications
212.896.1249 / 212.896.1267

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SOURCE Barings

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3M Reports Sales Information for Month of November 2020

PR Newswire

ST. PAUL, Minn., Dec. 14, 2020 /PRNewswire/ — 3M (NYSE: MMM) today reported sales information for the month of November 2020.

Total sales for November increased 8 percent year-on-year to $2.9 billion. Organic local-currency sales (which include organic volume impacts and selling price changes) increased 7 percent, while divestitures decreased sales by 1 percent. Foreign currency translation increased sales by 2 percent year-on-year.

Total sales increased 16 percent in both Safety and Industrial, and Consumer, while Health Care grew 5 percent, and Transportation and Electronics increased 3 percent. Organic local-currency sales increased 15 percent in Consumer, 14 percent in Safety and Industrial, 7 percent in Health Care, and 1 percent in Transportation and Electronics.

On a geographic basis, total sales increased 10 percent in EMEA (Europe, Middle East and Africa), 9 percent in the Americas, and 5 percent in Asia Pacific. Organic local-currency sales increased 11 percent in the Americas (the U.S. increased 13 percent), 7 percent in EMEA, and were flat in Asia Pacific (China increased 13 percent, and Japan decreased 5 percent).

Through November, 3M has delivered fourth-quarter to-date total sales of $5.7 billion. Although significant macroeconomic uncertainty remains, with one month left in the quarter the company estimates its sales to be in the range of $8.2 to $8.4 billion for the fourth quarter.

Forward-Looking Statements
This news release contains forward-looking information about 3M’s financial results and estimates and business prospects that involve substantial risks and uncertainties. You can identify these statements by the use of words such as “anticipate,” “estimate,” “expect,” “aim,” “project,” “intend,” “plan,” “believe,” “will,” “should,” “could,” “target,” “forecast” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance or business plans or prospects. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, regulatory, international trade and other external conditions and other factors beyond the Company’s control, including natural and other disasters or climate change affecting the operations of the Company or its customers and suppliers; (2) risks related to public health crises such as the global pandemic associated with the coronavirus (COVID-19); (3) foreign currency exchange rates and fluctuations in those rates; (4) liabilities related to certain fluorochemicals, including lawsuits concerning various PFAS-related products and chemistries, and claims and governmental regulatory proceedings and inquiries related to PFAS in a variety of jurisdictions; (5) legal and regulatory proceedings and legal compliance risks involving the Company and/or third parties, including significant developments that could occur in the legal and regulatory proceedings described in the Company’s Annual Report on Form 10-K for the year ended Dec. 31, 2019, and any subsequent quarterly reports on Form 10-Q (the “Reports”); (6) competitive conditions and customer preferences; (7) the timing and market acceptance of new product offerings; (8) materials vulnerability and the availability and cost of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions, manufacturing site disruptions (including those caused by natural and other disasters and other events); (9) problems or delays with the phased implementation of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company’s information technology infrastructure; (10) the impact of acquisitions, strategic alliances, divestitures and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (11) operational execution, including scenarios where the Company generates fewer productivity improvements than estimated; (12) financial market risks that may affect the Company’s funding obligations under defined benefit pension and postretirement plans; and (13) the Company’s credit ratings and its cost of capital. Changes in such assumptions or factors could produce significantly different results. A further description of these factors is located in the Reports under “Cautionary Note Concerning Factors That May Affect Future Results” and “Risk Factors” in Part I, Items 1 and 1A (Annual Report) and in Part I, Item 2 and Part II, Item 1A (Quarterly Reports), as updated by applicable Current Reports on Form 8-K. The information contained in this news release is as of the date indicated. The Company assumes no obligation to update any forward-looking statements contained in this news release as a result of new information or future events or developments.

About 3M 
At 3M, we apply science in collaborative ways to improve lives daily as our employees connect with customers all around the world. Learn more about 3M’s creative solutions to global challenges at www.3M.com or on Twitter @3M or @3MNews.

Contacts


3M


Investor Contacts:

Bruce Jermeland, 651-733-1807
or
Tony Riter, 651-733-1141
or
Media Contact:
Stephen Sanchez, 651-737-5967

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SOURCE 3M

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Energy Fuels Set to Enter Commercial Rare Earth Business in Q1-2021, Producing Materials That Make Many Clean Energy and Advanced Technologies Possible; Webcast on Dec. 15

PR Newswire

New Monazite Supply Agreement with The Chemours Company

Supports Energy Fuels’ Efforts to Help Reestablish Key U.S. Supply Chain

LAKEWOOD, Colo., Dec. 14, 2020 /PRNewswire/ – Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (“Energy Fuels” or the “Company”) is pleased to announce that it has entered into a three-year supply agreement with The Chemours Company (NYSE: CC) (“Chemours”) to acquire a minimum of 2,500 tons per year of natural monazite sands, one of the highest-grade rare earth element (“REE”) minerals in the world. Energy Fuels expects to process this monazite at its 100%-owned White Mesa Mill starting in Q1-2021, recover the contained uranium, and produce a marketable mixed REE carbonate, representing an extremely important step toward re-establishing a fully-integrated U.S. REE supply chain.

Upon a successful ramp-up of this program, Energy Fuels will be the first U.S. company in several years to produce a marketable mixed REE concentrate ready for separation on a commercial scale. We estimate that the amount of REEs contained in the monazite sands to be supplied by Chemours will equal close to 10% of total current U.S. REE demand, as contained in end-use products.

REEs are the building-blocks of a wide array of clean energy and advanced technologies, including wind turbines, electric vehicles, cell phones, computers, flat panel displays, advanced optics, catalysts, medicine, and national defense applications. Monazite also contains significant recoverable quantities of uranium, which fuels the production of carbon-free electricity using nuclear technology.

“With our announcement today, southeast Utah is fast becoming America’s clean energy and critical minerals hub,” stated Mark S. Chalmers, President and CEO of Energy Fuels. “Our goal is to domestically produce the raw materials needed for clean energy and advanced technologies, while creating green jobs in an economically challenged part of the country. Currently, the U.S. imports nearly all of our rare earth, uranium and vanadium requirements, despite having ample supplies here in the U.S. Importantly, in the United States we are highly regulated and operate to the highest standards, which means we produce these minerals more responsibly than many of the countries from which we currently import. Our agreement with Chemours may be the beginning of a real success story, not only for Energy Fuels, but also for local communities, Native Americans, conservation groups, the State of Utah, and the U.S. as a whole.”

“Our partnership with Energy Fuels to help support the rare earth supply chain in the U.S. came from a deliberate process of customer engagement and developing sustainable solutions for our critical minerals. This is consistent with Chemours’ goals of supporting advanced technologies and clean energy, and we will continue efforts to grow and diversify the domestic supply chain,” stated Bryan Snell, President of Titanium Technologies at Chemours. 

Typical monazite sand ores from the southeast U.S. average about 55% total rare earth oxides (“TREO”) and 0.20% uranium, which is the typical grade of uranium found in uranium mines that have historically fed the White Mesa Mill. Of the 55% TREO typically found in the monazite sands, the neodymium and praseodymium oxides (“NdPr”) comprise approximately 22% of the TREO. Nd and Pr are among the most valuable of the REEs, as they are the key ingredient in the manufacture of high-strength permanent magnets which are essential to the lightweight and powerful motors required in electric vehicles (“EVs”) and permanent magnet wind turbines used for renewable energy generation, as well as to an array of other modern technologies, including, mobile devices and defense applications.

The monazite sands will be from Chemours’ Offerman Mineral Sand Plant in Georgia. Shipments of monazite sands from Georgia to the White Mesa Mill in Utah are expected to commence in the first quarter of 2021. The Company expects to recover uranium from the monazite and produce a commercially salable mixed REE carbonate containing ~71% TREO (dry basis). This REE product will be ready for REE separation, which is the next step in producing usable REE products.

The Company is also in discussions with other entities to acquire additional supplies of monazite and is working with the U.S. Department of Energy (“DOE”) to evaluate the potential to process other types of REE and uranium bearing ores at the White Mesa Mill produced from coal-based resources. The Company has a goal to process 15,000+ tons of monazite and other sources of ore per year for the recovery of REEs and uranium.

The Company also believes this project may, in time, result in among the lowest-cost REE production in the western world, since the Company is obtaining monazite from  existing mining facilities in Georgia (and potentially elsewhere) and utilizing its existing White Mesa Mill processing facility in Utah. Utilizing existing facilities avoids the significant time and cost required to license and develop new facilities. In addition, since monazite sands are currently being separated from other mineral sands in Georgia and elsewhere, the Company will only incur the cost to acquire the monazite, thereby avoiding mining costs and associated risks.

The Company expects to sell some or all of its mixed REE carbonate to buyers in Europe and/or Asia until a REE separation facility is established in the United States. The Company is also evaluating the potential to perform REE separation, and potentially other downstream REE activities, including metal-making and alloying, in the future at the White Mesa Mill or elsewhere in the United States.

Further, Energy Fuels’ mixed REE carbonate production from monazite sand ores is expected to utilize only a very small amount of the White Mesa Mill’s ore production capacity and very little waste. The Company expects to acquire a minimum 2,500 tons of monazite sands in 2021 from Chemours alone and is looking to increase production in the future to up to approximately 15,000 tons of monazite sands per year. For comparison, the White Mesa Mill is licensed and designed to process 2,000 tons of ore per day on average, or 720,000 tons of ore per year. Therefore, 2,500 tons of monazite per year represents less than 0.4% of the Mill’s ore throughput capacity, and 15,000 tons would represent only about 2% of its throughput capacity. If the Company is successful in securing 15,000 tons of ore similar to the Chemours monazite, the Company believes it would produce approximately 50% of U.S. REE demand in a mixed REE carbonate. Furthermore, since monazite is typically comprised of approximately 55% recoverable uranium and REEs, the total volume of resulting waste is significantly lower than for most other mill feeds. The Company currently has 1.5 million tons of existing capacity in its fully-constructed, state-of-the-art, 1,000-year design tailings impoundments. Therefore, the annual waste streams from monazite ore processing will represent less than 1% of existing tailings capacity. Even at higher levels of monazite processing, very little waste will be generated.

Mr. Chalmers continued: “We are extremely excited about working with Chemours to help reestablish U.S. rare earth production. Chemours is a leader in the U.S. heavy mineral sands industry, and, together we are now taking an important first step in returning the REE supply chain back to the United States. We look forward to working with Chemours in the future to expand our mutual contributions to this important initiative.

“This is a proud moment for Energy Fuels, as we deploy our unique capabilities to benefit both the environment and our shareholders. Energy Fuels already produces uranium, which is the fuel for clean, carbon-free nuclear energy. And we periodically produce vanadium, which is used in the production of steel, aerospace alloys, and advanced grid-scale batteries used to store renewable energy. The responsible production of rare earths and uranium from natural monazite sand ores is an important clean-technology addition to those programs. We are also seeking to help the U.S. Environmental Protection Agency and Navajo Nation address historic, government-sponsored uranium mines, a project to which I am personally deeply committed.”

Webcast on Tuesday, December 15, 2020 at 11:00 am ET (9:00 am MT)

Energy Fuels will be hosting a video webcast on Tuesday, December 15, 2020 at 11:00 am ET (9:00 am MT) to discuss the Company’s entry into the commercial rare earth space. To join the webcast, please click on the link below to access the presentation and the viewer-controlled webcast slides:

Energy Fuels Set to Enter Commercial Rare Earth Production in Q1-2021

If you would like to participate in the webcast and ask questions, please dial (888) 664-6392 (toll free in the U.S. and Canada).

A link to a recorded version of the proceedings will be available on the Company’s website shortly after the webcast by calling (888) 390-0541 (toll free in the U.S. and Canada) and entering the code 875131#. The recording will be available until December 29, 2020.


About Energy Fuels:

Energy Fuels is a leading U.S.-based uranium mining company, supplying U3O8 to major nuclear utilities. The Company also produces vanadium from certain of its projects, as market conditions warrant, and anticipates commencing commercial production of rare earth element (“REE”) carbonate in 2021. Its corporate offices are in Lakewood, Colorado, near Denver, and all of its assets and employees are in the United States. Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (“ISR”) Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U3O8 per year, has the ability to produce vanadium when market conditions warrant, and is completing final test-work for the production of REE carbonate from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also on standby and has a licensed capacity of 1.5 million pounds of U3O8 per year. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels’ common shares is the NYSE American under the trading symbol “UUUU,” and the Company’s common shares are also listed on the Toronto Stock Exchange under the trading symbol “EFR.” Energy Fuels’ website is www.energyfuels.com.


Cautionary Note Regarding Forward-Looking Statements:

 

This news release contains certain “Forward Looking Information” and “Forward Looking Statements” within
the meaning of applicable securities legislation, which may include, but is not limited to, statements with respect to: the Company being a leading producer of uranium in the U.S.; any expectation that the Company is able to produce REE carbonate from uranium-bearing ores or that the Company will commence commercial production of REE carbonate in 2021 or at all; any expectation that the Company’s REE project may, in time, result in among the lowest cost REE production in the western world; any expectation that the Company will be successful in acquiring addi
tional supplies of monazite, or will be successful in processing other types of REE- and uranium bearing ores at the White Mesa Mill; any expectation that the Company will be successful in achieving its goal of processing 15,000+ tons of monazite and other sources of ore per year; any expectation that the Company will be able to sell some or all of its REE carbonate to buyers in Europe and/or Asia until a REE separation facility is established in the United States; any expectation that the Company may potentially perform separation, and other downstream REE activities including metal-making and alloying, in the future at the White Mesa Mill or elsewhere in the United States; any expectation that the Company will be successful in helping the EPA and Navajo Nation address historic abandoned uranium mines; any expectation that the Company will significantly increase the number of green jobs it is providing at the White Mesa Mill;
and any other statements regarding Energy Fuels’ future expectations, beliefs, goals or prospects; constitute forward-looking information within the meaning of applicable securities legislation (collectively, “forward-looking statements”). All statements in this news release that are not statements of historical fact (including statements containing the words “expects,” “does not expect,” “plans,” “anticipates,” “does not anticipate,” “believes,” “intends,” “estimates,” “projects,” “potential,” “scheduled,” “forecast,” “budget” and similar expressions) should be considered forward-looking statements. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond Energy Fuels’ ability to control or predict. A number of important factors could cause actual results or events to differ materially from those indicated or implied by such forward-looking statements, including without limitation factors relating to: the Company being a leading producer of uranium in the U.S.; any expectation that the Company is able to produce REE carbonate from uranium-bearing ores or that the Company will commence commercial production of REE carbonate in 2021 or at all; any expectation that the Company’s REE project may, in time, result in among the lowest cost REE production in the western world; any expectation that the Company will be successful in acquiring addi
tional supplies of monazite, or will be successful in processing other types of REE- and uranium bearing ores at the White Mesa Mill; any expectation that the Company will be successful in achieving its goal of processing 15,000+ tons of monazite and other sources of ore per year; any expectation that the Company will be able to sell some or all of its REE carbonate to buyers in Europe and/or Asia until a REE separation facility is established in the United States; any expectation that the Company may potentially perform separation, and other downstream REE activities including metal-making and alloying, in the future at the White Mesa Mill or elsewhere in the United States; any expectation that the Company will be successful in helping the EPA and Navajo Nation address historic abandoned uranium mines; any expectation that the Company will significantly increase the number of green jobs it is providing at the White Mesa Mill;
and the other risk factors as described in Energy Fuels’ most recent annual report on Form 10-K and quarterly financial reports.
 Energy Fuels assumes no obligation to update the information in this communication, except as otherwise required by law. Additional information identifying risks and uncertainties is contained in Energy Fuels’ filings with the various securities commissions, which are available online at www.sec.gov and www.sedar.com. Forward-looking statements are provided for the purpose of providing information about the current expectations, beliefs and plans of the management of Energy Fuels relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. Readers are also cautioned not to place undue reliance on these forward-looking statements, that speak only as of the date hereof.

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SOURCE Energy Fuels Inc.

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Massachusetts CBD Manufacturer High Purity Natural Products Applauds State Legislature For Passing CBD-Hemp Reforms

Southbridge MA-based manufacturer notes long-awaited fix will provide much-needed budget relief.

PR Newswire

SOUTHBRIDGE, Mass., Dec. 14, 2020 /PRNewswire/ — High Purity Natural Products (www.highpuritynaturalproducts.com), a wholly-owned subsidiary of Future Farm Technologies (OTCMKTS: FFRMF), and leading US supplier of wholesale – contract manufactured CBD products, today applauds the Massachusetts legislature for passing a much-needed fix to existing Massachusetts law – allowing licensed Massachusetts marijuana dispensaries to sell CBD products manufactured by MA licensed CBD manufacturers.

“We are ecstatic that our legislature took steps to address the law,” said Mike Matton, President of High Purity. “This is a long-awaited fix to an oversight in the law that negatively impacted the Massachusetts hemp industry. This change will be tremendous for our state. It will help hemp farmers, CBD manufacturers, and most importantly, the general public, as it will provide high-quality CBD products for consumption at our licensed dispensaries. We look forward to new partnerships with the dispensaries.”

“We want to thank a lot of people who worked to move this forward,” said Bill Gildea, CEO of Future Farm Technologies. “State Senator Ryan Fattman, who represents High Purity’s home base in Southbridge, Senator Ann Gobi, and a host of other legislators, worked very quickly to make this important change to protect the MA hemp industry.”

Current estimates show that this law change could mean millions of additional tax revenue for a depleted state budget. It will also provide consumers the ability to benefit from a host of high-quality cannabinoid products with non-psychoactive options.

About High Purity Natural Products

Established in 2017, High Purity Natural Products is fueling the CBD industry as a leading supplier of vertically integrated, pure, hemp-based, and nutraceutical products. The company’s innovation within the CBD industry provides opportunities across many retail, food, beverage, and supplement-based industries.

High Purity offers contract manufacturing for numerous CBD products including, USDA Certified CBD, tinctures, vegan gummies, lotions, balms, skin-care serums, vapes, and more. They also provide bulk products to the CBD industry, such as isolate, distillate, and cutting-edge water-soluble CBG.

About Future Farm Technologies

Future Farm Technologies is a publicly-traded Canadian company (OTCMKTS: FFRMF) that empowers high-quality natural and organic health and wellness brands globally. Future Farm’s seasoned management team brings a deep understanding of operations and agriculture with the financial and regulatory expertise needed to become an industry leader in the rapidly growing market for health and wellness products made from hemp and other plants.

CONTACT: [email protected]

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SOURCE High Purity Natural Products

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ADDING and REPLACINGPublic Storage Appoints Three New Independent Trustees

ADDING and REPLACINGPublic Storage Appoints Three New Independent Trustees

Shankh Mitra, David Neithercut, and Paul Williams Bring Significant Financial, Real Estate Investing, and Corporate Governance Expertise and Leadership Experience

GLENDALE, Calif.–(BUSINESS WIRE)–
Add after last paragraph of release: “Additional Information” and “Certain Information Regarding Participants” sections.

The updated release reads:

PUBLIC STORAGE APPOINTS THREE NEW INDEPENDENT TRUSTEES

Shankh Mitra, David Neithercut, and Paul Williams Bring Significant Financial, Real Estate Investing, and Corporate Governance Expertise and Leadership Experience

Public Storage (NYSE:PSA) announced today the appointment of three new members to its Board of Trustees, effective January 1, 2021, including:

  • Shankh Mitra, Chief Executive Officer, Chief Investment Officer and director of Welltower Inc.
  • David Neithercut, former President and Chief Executive Officer and current Board member of Equity Residential.
  • Paul Williams, President of the National Association of Corporate Directors (NACD) Chicago Chapter.

The Company also announced that three current Trustees, Uri P. Harkham, B. Wayne Hughes, Jr., and Daniel C. Staton, have decided to retire from the Board effective December 31, 2020. Following these changes, the Board will have appointed five independent Trustees within the last 18 months.

“We are pleased to welcome Shankh, David, and Paul to the Board,” said Ronald L. Havner, Jr., Chairman of the Board of Public Storage. “With deep real estate investing experience, corporate governance expertise, and proven track records as public company leaders and board members, they will bring valuable perspectives and skillsets that complement those of our current Trustees. Further, these highly-qualified new Trustees bring diverse backgrounds and experiences, and they have a demonstrated focus on sustainable value-creation, which will support the Board’s and management’s strategy to promote the long-term resilience of our business and enhance shareholder value. I would like to thank our Nominating/Corporate Governance Committee for its continued work and diligence, and I am confident these new Trustees are the right additions to our Board. I would also like to thank Uri, Wayne, and Dan for their years of service as Trustees of Public Storage. Over the past two decades, these retiring Trustees have helped shepherd Public Storage to truly extraordinary growth while maintaining financial discipline and an incredibly strong balance sheet. We wish them all the best in their future endeavors.”

“The Public Storage Board continuously reviews our Board composition to ensure that we are aligned with the interests of our stakeholders, and today’s announcement follows engagement and input from our shareholders,” added Mr. Havner. “With the addition of Shankh, David, and Paul, the Company has added five independent Trustees in the past 18 months. We will continue to take actions that we believe will enable the successful execution of our strategy to deliver long-term value for our shareholders, customers, and employees.”

“The Board and management team remain focused on our key strategic initiatives, enabling us to build on our strong foundation and drive innovation across our platform,” said Joe Russell, President and Chief Executive Officer of Public Storage. “I look forward to working with Shankh, David, Paul and the entire Board to achieve these objectives as we continue to create long-term value for Public Storage shareholders.”

New Independent Trustees

Shankh Mitra

Mr. Mitra said, “Public Storage has built a nationally recognized brand and unmatched scale in the self-storage industry. In today’s environment, innovation and efficiency are more important than ever, and I strongly believe Public Storage is well-positioned to leverage these competitive advantages to capture the opportunities ahead. I look forward to bringing my expertise to the Board to help advance Public Storage’s strategic initiatives and drive value for its shareholders, employees and loyal customers.”

Mr. Mitra is the Chief Executive Officer and Chief Investment Officer of Welltower Inc., and serves on the Company’s Board of Directors. Since joining Welltower in 2016, he has also served as Senior Vice President, Finance, Senior Vice President, Investments, Executive Vice President, Vice Chairman, and Chief Operating Officer before assuming his current role. Prior to joining Welltower, Mr. Mitra was a Portfolio Manager, Real Estate Securities, at Millennium Management, where he managed an accomplished team of investment professionals responsible for bottom-up underwriting of commercial real estate companies and portfolios, security selection, quantitative portfolio and risk management. He also held Senior Analyst positions at Citadel Investment Group and Fidelity Investments after beginning his career at PricewaterhouseCoopers. Mr. Mitra received an M.B.A. from Columbia Business School specializing in Applied Value Investing and a bachelor’s degree in Engineering from Jadavpur University.

David Neithercut

Mr. Neithercut said, “I have long respected Public Storage’s leadership in both the self-storage sector and real estate generally. As a veteran of the REIT space, I recognize the strength of Public Storage’s business and financial foundation, as well as the talent of the management team and Board. I am excited to work alongside my fellow Trustees to further the Company’s focus on long-term resilience and execute on its strategic growth initiatives.”

Mr. Neithercut served as Chief Executive Officer of Equity Residential from January 2006 until his retirement in December 2018 and President of the Company from May 2005 to September 2018. He was Executive Vice President—Corporate Strategy of the Company from January 2004 to May 2005, and Executive Vice President and Chief Financial Officer of the Company from February 1995 to August 2004. Prior to joining Equity Residential, Mr. Neithercut served as Senior Vice President of Finance for Equity Group Investments. He serves on the MBA Real Estate Program Advisory Board at Columbia University and as a trustee of Americold Realty Trust (NYSE:COLD). Mr. Neithercut is a former Chairman and member of the Advisory Board of Governors of the National Association of Real Estate Investment Trusts (Nareit) and formerly served on the Policy Advisory Board of the Joint Center for Housing Studies at Harvard University. Mr. Neithercut received an M.B.A. from the Columbia University Graduate School of Business.

Paul Williams

Mr. Williams said, “It is a privilege to be appointed to Public Storage’s Board of Trustees, and I’m excited by the opportunity to build on the Company’s long history of success. In addition to a strong brand and deep customer loyalty, Public Storage has a demonstrated commitment to empowering its employees and creating a diverse and inclusive workplace. Today’s appointments underscore the Company’s commitment to continually enhancing its corporate governance, and I’m honored to contribute my skills and experience to furthering Public Storage’s winning culture as a driver of value creation.”

Mr. Williams is a seasoned public and private company director with extensive corporate governance expertise and currently serves as President of the National Association of Corporate Directors (NACD) Chicago Chapter. He is the retired Vice President, Chief Legal Officer and Corporate Secretary of Cardinal Health, Inc. and served as Managing Director of Allegis Partners and as a Partner and Managing Director of Major, Lindsey & Africa, LLC, an executive recruiting firm, from 2005 until his retirement in 2018. Mr. Williams has served as a member of the board of directors of Compass Minerals International, Inc. (NYSE: CMP) since 2009 and has served on the board of directors of several funds in the American Funds mutual fund family (part of Capital Group) since early 2020. Mr. Williams previously served on the boards of directors of State Auto Financial Corporation, Bob Evans Farms, Inc., and Essendant, Inc. (f/k/a United Stationers Inc.). Mr. Williams is a member of the Economic Club of Chicago. Mr. Williams received an undergraduate degree, cum laude, from Harvard University and a J.D. from Yale Law School.

Other Matters

Public Storage and Elliott Associates, L.P. (“Elliott”) have had constructive discussions in recent weeks. In connection with those discussions, Elliott confidentially submitted, before the nomination deadline of December 12, 2020, the names of six nominees for election to the Public Storage Board of Trustees.

Company Information

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the “Shurgard” brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020. Our headquarters are located in Glendale, California.

Additional information about Public Storage is available on the Company’s website at www.PublicStorage.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release, other than statements of historical fact, are forward-looking statements which may be identified by the use of the words “expects,” “believes,” “anticipates,” “should,” “estimates” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to, those described in Part 1, Item 1A, “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2020 and in our other filings with the SEC including: general risks associated with the ownership and operation of real estate, including changes in demand, risk related to development, expansion and acquisition of self-storage facilities, potential liability for environmental contamination, natural disasters and adverse changes in laws and regulations governing property tax, real estate and zoning; risks associated with downturns in the national and local economies in the markets in which we operate, including risks related to current economic conditions and the economic health of our customers; risks associated with the COVID Pandemic or similar events, including but not limited to illness or death of our employees or customers, negative impacts to the economic environment and to self-storage customers which could reduce the demand for self-storage or reduce our ability to collect rent, and/or potential regulatory actions to (i) close our facilities if we were determined not to be an “essential business” or for other reasons, (ii) limit our ability to increase rent or otherwise limit the rent we can charge or (iii) limit our ability to collect rent or evict delinquent tenants; risk that even after the initial restrictions due to the COVID Pandemic ease, they could be reinstituted in case of future waves of infection or if additional pandemics occur; risk that we could experience a change in the move-out patterns of our long-term customers due to economic uncertainty and the significant increase in unemployment in the last 30 days. This could lead to lower occupancies and rent “roll down” as long-term customers are replaced with new customers at lower rates. We observed such a trend during the recessionary circumstances of 2009; however, to date we have not seen any material change in the move-out patterns of long-term customers; risk of negative impacts on the cost and availability of debt and equity capital as a result of the COVID Pandemic, which could have a material impact upon our capital and growth plans; the impact of competition from new and existing self-storage and commercial facilities and other storage alternatives; the risk that our existing self-storage facilities may be at a disadvantage in competing with newly developed facilities with more visual and customer appeal; risk related to increased reliance on Google as a customer acquisition channel; difficulties in our ability to successfully evaluate, finance, integrate into our existing operations and manage properties that we acquire directly or through the acquisition of entities that own and operate self-storage facilities; risks associated with international operations including, but not limited to, unfavorable foreign currency rate fluctuations, changes in tax laws and local and global economic uncertainty that could adversely affect our earnings and cash flows; risks related to our participation in joint ventures; the impact of the legal and regulatory environment, as well as national, state and local laws and regulations including, without limitation, those governing environmental issues, taxes, our tenant reinsurance business, and labor, including risks related to the impact of new laws and regulations; risks of increased tax expense associated either with a possible failure by us to qualify as a REIT, or with challenges to the determination of taxable income for our taxable REIT subsidiaries; risks due to a November 2020 California ballot initiative (or other equivalent actions) that could remove the protections of Proposition 13 with respect to our real estate and result in substantial increases in our assessed values and property tax bills in California; changes in United States federal or state tax laws related to the taxation of REITs and other corporations; security breaches or a failure of our networks, systems or technology could adversely impact our operations or our business, customer and employee relationships or result in fraudulent payments; risks associated with the self-insurance of certain business risks, including property and casualty insurance, employee health insurance and workers compensation liabilities; difficulties in raising capital at a reasonable cost; delays and cost overruns on our projects to develop new facilities or expand our existing facilities; ongoing litigation and other legal and regulatory actions which may divert management’s time and attention, require us to pay damages and expenses or restrict the operation of our business; and economic uncertainty due to the impact of war or terrorism. These forward-looking statements speak only as of the date of this press release. All of our forward-looking statements, including those in this press release, are qualified in their entirety by this statement. We expressly disclaim any obligation to update publicly or otherwise revise any forward-looking statements, whether because of new information, new estimates, or other factors, events or circumstances after the date of these forward looking statements, except when expressly required by law. Given these risks and uncertainties, you should not rely on any forward-looking statements in this press release, or which management may make orally or in writing from time to time, neither as predictions of future events nor guarantees of future performance.

Additional Information

In connection with Public Storage’s 2021 Annual Meeting of Shareholders (the “2021 Annual Meeting”), Public Storage intends to file a proxy statement and associated WHITE proxy card with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the 2021 Annual Meeting of Shareholders. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO, IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain a copy of the relevant documents filed by the Company with the SEC, including the definitive proxy statement, when it becomes available, free of charge by visiting the SEC’s website, www.sec.gov. Investors and shareholders can also obtain, without charge, a copy of the definitive proxy statement, when available, and other relevant filed documents from the Company’s website at www.PublicStorage.com.

Certain Information Regarding Participants

Public Storage, its trustees, trustee nominees and certain of its executive officers will be deemed participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of the Company’s trustees and executive officers and their respective interests in the Company by security holdings or otherwise is set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on February 25, 2020, and the Company’s definitive proxy statement for the 2020 Annual Meeting of Shareholders, filed with the SEC on March 12, 2020. To the extent holdings of such participants in the Company’s securities have changed since the amounts described in the proxy statement for the 2019 Annual Meeting of Shareholders, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of these participants in any proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will also be included in any proxy statement and other relevant materials to be filed with the SEC, if and when they become available.

Ryan Burke

(818) 244-8080, Ext. 1141

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property REIT

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