Market Newsdesk

BUFORD, Ga., Dec. 07, 2020 (GLOBE NEWSWIRE) — OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or “the Company”) announced today that it has completed the previously announced acquisition of Tom George Yacht Group (“TGYG”). TGYG enhances the Company’s presence on the west coast of Florida and expands new and pre-owned boat sales, as well as yacht brokerage and service & parts.

“We are excited to have resumed our successful acquisition strategy with the addition of TGYG. Since 2014, we have successfully acquired 40 retail locations. TGYG marks our first since going public in early fiscal year 2020, and is one of the largest acquisitions in our history. We have a strong track record delivering operational synergies and fueling margin expansion by working collaboratively with our dealers, and TGYG will be no different. We look forward to updating you on our efforts going forward,” said Austin Singleton, Chief Executive Officer of OneWater.

About OneWater Marine Inc.

OneWater Marine Inc. is one of the largest and fastest-growing premium recreational boat retailers in the United States. OneWater operates 63 stores throughout 10 different states, eight of which are in the top twenty states for marine retail expenditures. OneWater offers a broad range of products and services and has diversified revenue streams, which include the sale of new and pre-owned boats, parts and accessories, finance and insurance products, maintenance and repair services and ancillary services such as boat storage.

Investor or Media Contact:

Jack Ezzell
Chief Financial Officer
[email protected]

Cautionary Statement Concerning Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including regarding our plans and expectations for TGYG and our digital platform, future strategy, future operations, financial position, prospects, plans and objectives of management, growth rate and its expectations regarding future revenue, operating income or loss or earnings or loss per share. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “will be,” “will likely result,” “should,” “expects,” “plans,” “anticipates,” “could,” “would,” “foresees,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “outlook” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. These forward-looking statements are not guarantees of future performance, but are based on management’s current expectations, assumptions and beliefs concerning future developments and their potential effect on us, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Our expectations expressed or implied in these forward-looking statements may not turn out to be correct.

Important factors, some of which are beyond our control, that could cause actual results to differ materially from our historical results or those expressed or implied by these forward-looking statements include the following: risks related to the ability to realize the anticipated benefits of the acquisition, including the possibility that the expected benefits from the proposed acquisition will not be realized or will not be realized within the expected time period, the risk that the businesses will not be integrated successfully, decline in demand for our products and services, the seasonality and volatility of the boat industry, our acquisition strategies, the inability to comply with the financial and other covenants and metrics in our credit facilities, cash flow and access to capital, effects of the COVID-19 pandemic and related governmental actions or restrictions on the Company’s business, the timing of development expenditures, and other risks. More information on these risks and other potential factors that could affect our financial results is included in our filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the prospectus filed in connection with our Registration Statement on Form S-1 (File No. 333-248774), filed on September 14, 2020. Any forward-looking statement speaks only as of the date as of which such statement is made, and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise.

Contour Therapeutics
Brings Together
Leaders
with Extensive Cardiovascular, Genetics and Drug Development Expertise

Partnership Focused on
Deliver
ing
Target
ed
Therap
ies
for Genetically Defined Cardiovascular Disease
s

PALO ALTO, Calif. and SOUTH SAN FRANCISCO, Calif., Dec. 07, 2020 (GLOBE NEWSWIRE) — BridgeBio Pharma, Inc. (Nasdaq: BBIO) and Maze Therapeutics today announced the establishment of a joint venture, Contour Therapeutics, focused on transforming and advancing breakthrough precision medicine approaches designed to treat cardiovascular disease, the leading cause of death worldwide.

This joint venture between two leading biotech companies unites Maze’s genetically driven approach to drug discovery, as well as insights from its COMPASS platform, with BridgeBio’s expertise in cardiac drug discovery and clinical development. Together, the companies will focus on advancing genetically validated therapeutic candidates through clinical development and will initially work on the development of a treatment for patients with an undisclosed, genetically defined form of heart failure.

The new partnership builds on exciting progress underway to identify and target genetic causes of cardiovascular diseases, including BridgeBio’s precision medicine approach at its affiliate Eidos Therapeutics designed to treat transthyretin amyloidosis, an underdiagnosed and life-threatening cause of heart failure. The partnership also builds on seminal advances in the treatment of inherited cardiomyopathies, including at MyoKardia, a company co-founded by senior leaders at BridgeBio and Maze.

“Cardiovascular disease is a deadly and widespread health problem across the world, but unfortunately, innovations in new treatment approaches have been limited,” said Jason Coloma, Ph.D., CEO of Maze. “Since we launched Maze, we have been focused on the advancement of our COMPASS platform, on which we’ve made important progress and gained confidence in the genetics we are focused on, as well as novel insights into how to best develop therapies for patients with cardiovascular disease. We are excited to join forces with BridgeBio, combining the unique talents and expertise across our respective teams, in order to deliver a profound impact on how these diseases are treated in the future.”

“We are privileged to be partnering with and learning from Maze. We are eager to build on BridgeBio’s work in precision medicine to treat cardiovascular disease, and we believe our joint venture with Maze holds great promise for patients as we bring together innovative leaders in cardiology and genetics,” said Neil Kumar, Ph.D., founder and CEO of BridgeBio. “The identification and targeting of genetically defined patient populations has created elegant and clinically meaningful medicines in oncology and other therapeutic areas. We feel strongly that one of the next frontiers in precision medicine lies in helping people suffering from cardiovascular disease, and we are excited to be on the front lines of advances in this field.”

“This partnership between Maze and BridgeBio will bring together many of the people who helped found and build revolutionary companies in cardiovascular drug development,” said Charles Homcy, M.D., chairman of the Maze board of directors and lead director and chairman of pharmaceuticals of BridgeBio. “With the combined expertise of these teams, we have an opportunity to create something special that has a profound impact on how patients with cardiovascular disease are treated in the future.”

About the Maze COMPASS Platform

The Maze COMPASS platform combines human genetics, functional genomics and data science to identify and prioritize drug targets for both rare and common diseases, validate drug targets and inform target tractability and clinical development. Maze aims to leverage COMPASS to translate a wealth of genetic opportunities generated by the platform into new therapeutics.

About Maze Therapeutics

Maze Therapeutics is a biopharmaceutical company developing a broad portfolio of therapeutic candidates for a number of genetically defined diseases. Maze is focused on translating genetic insights into new medicines by utilizing an approach that combines the analysis of large-scale human genetics data, cutting-edge functional genomics and an array of drug discovery approaches. The Maze COMPASS platform reveals modifier genes that confer protection and provides deeper understanding of the target biology and how these targets can be best targeted with drug therapies. Maze was launched in 2019 by Third Rock Ventures, with funding from ARCH Venture Partners, GV, Foresite Capital, Casdin Capital, Alexandria Venture Investments, City Hill and other undisclosed investors. Maze is based in South San Francisco. For more information, please visit mazetx.com.

About BridgeBio Pharma
, Inc.

BridgeBio is a team of experienced drug discoverers, developers and innovators working to create life-altering medicines that target well-characterized genetic diseases at their source. BridgeBio was founded in 2015 to identify and advance transformative medicines to treat patients who suffer from Mendelian diseases, which are diseases that arise from defects in a single gene, and cancers with clear genetic drivers. BridgeBio’s pipeline of over 20 development programs includes product candidates ranging from early discovery to late-stage development. For more information visit www.bridgebio.com.

BridgeBio Pharma Forward-Looking Statements
This press release contains forward-looking statements. Statements we make in this press release may include statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements, including statements relating to Contour Therapeutics’ focus on transforming and advancing breakthrough precision medicine approaches designed to treat cardiovascular disease, the joint venture’s focus on advancing genetically validated therapeutic candidates through clinical development and its initial work on the development of a treatment for patients with an undisclosed genetically defined form of heart failure, the partnership’s ability to identify and target genetic causes of cardiovascular diseases and build on seminal advances in the treatment of inherited cardiomyopathies, the success of and potential synergies from the joint venture between Maze and BridgeBio, Contour Therapeutics’ development plans, competitive environment and clinical and therapeutic potential of therapies for patients with cardiovascular disease, reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a number of risks, uncertainties and assumptions, including, but not limited to, Contour Therapeutics’ ability to focus on transforming and advancing breakthrough precision medicine approaches designed to treat cardiovascular disease, the timing and success of advancing genetically validated therapeutic candidates through clinical development and any such continued clinical development and planned regulatory submissions, and the success and potential synergies of the joint venture between Maze and BridgeBio, as well as those risks set forth in the Risk Factors section of BridgeBio Pharma’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and BridgeBio Pharma’s other SEC filings. Moreover, BridgeBio Pharma operates in a very competitive and rapidly changing environment in which new risks emerge from time to time. Except as required by applicable law, we assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Media Contact
s

Maze:

Katie Engleman, 1AB
[email protected]

BridgeBio Pharma:

Grace Rauh
917-232-5478
[email protected]

BALA CYNWYD, Pa., Dec. 07, 2020 (GLOBE NEWSWIRE) — Global Indemnity Group, LLC (NASDAQ:GBLI) (the “Company”) announced today its Board of Directors has approved a distribution payment of $0.25 per common share to be paid on December 31, 2020 to all shareholders of record as of the close of business on December 24, 2020.

About Global Indemnity
Group, LLC
and its subsidiaries

Global Indemnity Group, LLC (NASDAQ:GBLI), through its several direct and indirect wholly owned subsidiary insurance companies, provides both admitted and non-admitted specialty property and casualty insurance coverages and individual policyholder coverages in the United States, as well as reinsurance worldwide. Global Indemnity Group, LLC’s four primary segments are:

• Commercial Specialty

• Specialty Property

• Farm, Ranch, & Stable

• Reinsurance
  

For more information, visit the Company’s website at http://www.global-indemnity.com.

Forward-Looking Information

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements contained in this press release[1] do not address a number of risks and uncertainties, including COVID-19. Forward-looking statements in this press release include, but are not limited to,
the Company’s cash d
istribution
. These statements are based on current expectations as of the time of this press release and involve a number of risks, uncertainties and assumptions, including those described in the Company’s filings with the Securities and Exchange Commission. Investors are cautioned that it is not possible for the Company to predict all risks, nor can we assess the impact of all factors on its business or to the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. All forward-looking statements in this press release are based on information available to the Company as of the date hereof. Please see the Company’s filings with the Securities and Exchange Commission for a discussion of risks and uncertainties which could impact the company and for a more detailed explication regarding forward-looking statements. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

[1]
Disseminated pursuant to the “safe harbor” provisions of Section 21E of the Security Exchange Act of 1934.

Contact:	Media Stephen W. Ries Senior Corporate Counsel & Secretary (610) 668-3270 [email protected]

TORONTO, Dec. 07, 2020 (GLOBE NEWSWIRE) — POET Technologies Inc. (the “Company” or “POET”) (OTCQX: POETF; TSX Venture: PTK), a designer, developer and manufacturer of optoelectronic devices, including light sources, passive wave guides, and Photonic Integrated Circuits (PIC) for the data communication and telecom markets, today announced the appointment of Glen Riley to the Board of Directors.

Riley’s extensive and relevant experience includes more than 30 years in leadership roles spanning both the semiconductor and optoelectronics industries. He most recently served as General Manager of the Filter Solutions Business Unit at Qorvo, where he was responsible for developing highly integrated RF modules used in flagship smartphones. Prior to the merger of RFMD and TriQuint that formed Qorvo, he held multiple leadership roles at TriQuint, including Managing Director of international headquarters in Singapore, General Manager of the GaAs foundry business, and General Manager of Optoelectronics. Riley was previously the Chief Executive Officer of Opticalis, an early stage optoelectronics company focused on the development of high-density wavelength division multiplexing products. He also held prior roles as Vice President and General Manager of the Optoelectronic business at Agere Systems, and President of Asia-Pacific Sales and Marketing at Lucent Technologies Microelectronics Group.

“Glen is an excellent addition to POET’s board, bringing extensive executive experience from leading semiconductor and optoelectronics companies,” said Dr. Suresh Venkatesan, Executive Chairman and CEO of POET. “He has highly relevant experience in the development and advancement of market-leading solutions, in particular his past work with new technology solutions that helped to increase the capacity of existing fiber optic networks for less than half the cost of traditional solutions. We are pleased to welcome him to the Board and look forward to Glen’s contribution of valuable experience and insight as we continue to advance toward commercialization of the POET Optical Interposer platform.”

Riley currently serves as a member of the advisory board at Resonant, a publicly-traded company that designs and develops advanced acoustic filters for 5G RF solutions. He graduated as valedictorian with a B.S. degree in Electrical Engineering from the School of Engineering at the University of Maine and completed The General Manager Program at Harvard Business School.

Options Grant

The Board approved a grant of 224,600 stock options to Glen Riley. The options are exercisable for 10 years at a price of CAD$0.50 (US$0.33), being the closing price of the Company’s shares on December 4, 2020. The directors’ options vest quarterly in arrears over the one year of service as a director until the next Annual General Meeting.

The options were granted subject to provisions of the Company’s 2020 stock option plan and are subject to the TSX Venture Exchange policies and applicable securities laws. For further details on the Company’s share capital, refer to the Company’s Financial Statements and MD&A for the 3-months ended September 30, 2020, which were filed on SEDAR on November 18, 2020.

About POET Technologies Inc.

POET Technologies is a design and development company offering integration solutions based on the POET Optical Interposer™ a novel platform that allows the seamless integration of electronic and photonic devices into a single multi-chip module using advanced wafer-level semiconductor manufacturing techniques and packaging methods. POET’s Optical Interposer eliminates costly components and labor-intensive assembly, alignment, burn-in and testing methods employed in conventional photonics. The cost-efficient integration scheme and scalability of the POET Optical Interposer brings value to any device or system that integrates electronics and photonics, including some of the highest growth areas of computing, such as Artificial Intelligence (AI), the Internet of Things (IoT), autonomous vehicles and high-speed networking for cloud service providers and data centers. POET is headquartered in Toronto, with operations in Allentown, PA and Singapore. More information may be obtained at www.poet-technologies.com.

Shareholder Contact for POET: Shelton Group Brett L. Perry [email protected]

Company Contact for POET: Thomas R. Mika, EVP & CFO [email protected]

This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company’s expectations with respect to the success of the Company’s product development efforts, the performance of its products, the expected results of its operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products.

Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management’s expectations regarding the success and timing for completion of its development efforts, financing activities, future growth, recruitment of personnel, opening of offices, the form and potential of its planned joint venture, plans for and completion of projects by the Company’s third-party consultants, contractors and partners, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, the failure of its products to meet performance requirements, operational risks in the completion of the Company’s anticipated projects, a delay or abandonment of its planned joint venture, delays in recruitment for its newly opened operations or changes in plans with respect to the development of the Company’s anticipated projects by third-parties, risks affecting the Company’s ability to execute projects, the ability of the Company to generate sales for its products, the ability to attract key personnel, and the ability to raise additional capital. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

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

120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2- Tel: 416-368-9411 – Fax: 416-322-5075

ST. LOUIS, Dec. 07, 2020 (GLOBE NEWSWIRE) — Post Holdings, Inc. (NYSE:POST) (“Post”) and Conagra Brands, Inc. (NYSE:CAG) (“Conagra”) today announced that they have entered into a definitive agreement for Post to acquire the Peter Pan peanut butter brand from Conagra. Peter Pan is an iconic, nationally recognized brand with a 100-year-old history and a diversified customer base across key channels. All Peter Pan peanut butter products are currently co-manufactured by 8th Avenue Food & Provisions, Inc., an affiliate of Post.

Under the terms of the agreement, Conagra will provide transitional services to facilitate transitioning the business. Final terms of the transaction were not disclosed. The transaction is expected to be completed in the first calendar quarter of 2021, subject to customary closing conditions, including the receipt of any applicable regulatory approvals.

Conagra appointed Goldman Sachs & Co. LLC as financial advisor to assist with the sale.

Forward-Looking Statements

Certain matters discussed in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made based on known events and circumstances at the time of release, and as such, are subject to uncertainty and changes in circumstances. These forward-looking statements include statements regarding regulatory approvals and the expected timing of completion of the transaction. There is no assurance that the acquisition of Peter Pan by Post will be consummated, and there are a number of risks, uncertainties and assumptions that could cause actual results to differ materially from the forward-looking statements made herein, including risks relating to the timing and ability to obtain the required regulatory approvals and satisfy the other closing conditions for the proposed acquisition, the occurrence of any event, change or other circumstance that could delay the closing of the proposed acquisition, and other risks and uncertainties described in Post’s and Conagra’s filings with the Securities and Exchange Commission. These forward-looking statements represent Post’s and Conagra’s judgment as of the date of this release. Post and Conagra disclaim, however, any intent or obligation to update these forward-looking statements.

About Post Holdings, Inc.

Post Holdings, Inc., headquartered in St. Louis, Missouri, is a consumer packaged goods holding company operating in the center-of-the-store, refrigerated, foodservice, food ingredient and convenient nutrition food categories. Through its Post Consumer Brands business, Post is a leader in the North American ready-to-eat cereal category offering a broad portfolio including recognized brands such as Honey Bunches of Oats®, Pebbles™, Great Grains® and Malt-O-Meal® bag cereal. Post also is a leader in the United Kingdom ready-to-eat cereal category with the iconic Weetabix® brand. As a leader in refrigerated foods, Post delivers innovative, value-added egg and refrigerated potato products to the foodservice channel and the retail refrigerated side dish category, offering side dish, egg, cheese and sausage products through the Bob Evans®, Simply Potatoes® and Crystal Farms® brands. Post’s publicly-traded subsidiary BellRing Brands, Inc. is a holding company operating in the global convenient nutrition category through its primary brands of Premier Protein®, Dymatize® and PowerBar®. Post participates in the private brand food category through its investment with third parties in 8th Avenue Food & Provisions, Inc., a leading, private brand centric, consumer products holding company. For more information, visit www.postholdings.com.

About Conagra Brands

Conagra Brands, Inc. (NYSE: CAG), headquartered in Chicago, is one of North America’s leading branded food companies. Guided by an entrepreneurial spirit, Conagra Brands combines a rich heritage of making great food with a sharpened focus on innovation. The company’s portfolio is evolving to satisfy people’s changing food preferences. Conagra’s iconic brands, such as Birds Eye®, Marie Callender’s®, Banquet®, Healthy Choice®, Slim Jim®, Reddi-wip®, and Vlasic®, as well as emerging brands, including Angie’s® BOOMCHICKAPOP®, Duke’s®, Earth Balance®, Gardein®, and Frontera®, offer choices for every occasion. For more information, visit www.conagrabrands.com.

Post Holdings
Contact
s
:

Investor Relations
Jennifer Meyer
[email protected] 
(314) 644-7665

Media Relations
Lisa Hanly
[email protected] 
(314) 665-3180

Conagra
Brands Contacts:

Media Relations
Dan Hare
[email protected] 
(312) 549-5355

Investor Relations
Brian Kearney
[email protected] 
(312) 549-5002 

Expected to Commence Operations by mid-December

DENVER, Dec. 07, 2020 (GLOBE NEWSWIRE) — XpresSpa Group, Inc. (Nasdaq: XSPA) (“XpresSpa” or the “Company”), a health and wellness company, today announced that it has begun construction of an XpresCheck™ COVID-19 testing facility at Denver International Airport that is expected to be fully operational by mid-December.

XpresCheck is currently building a pop-up facility in the now closed Brookstone location at Concourse B, post-security. This facility will host six separate testing rooms with an anticipated capacity to administer over 400 tests per day. COVID-19 testing options will include the Rapid Molecular COVID-19 Test and the Polymerase Chain Reaction (PCR) Test.

Doug Satzman, XpresSpa CEO, stated, “As cases continue to rise in Colorado and throughout the country, we are pleased to launch XpresCheck at Denver International Airport, which will be our first pop-up location and fifth COVID-19 testing facility across the country. This new pop-up building methodology will enable us to accelerate our rollout to additional airports at a lower cost than our original modular constructed facilities at JFK, Newark, and Logan airports. While our current focus is providing convenient, reliable COVID-19 testing and related medical services, our long-term goal is to become the leading provider in the travel, health and wellness category by helping people manage medical conditions as they pass through the largest U.S. airports.”

About XpresSpa Group, Inc.

XpresSpa Group, Inc. (Nasdaq: XSPA) is a leading global health and wellness holding company. XpresSpa Group’s core asset, XpresSpa, is a leading airport retailer of spa services and related health and wellness products, with 50 locations in 25 airports globally. Through its XpresTest, Inc. subsidiary, the Company also provides COVID-19 screening and testing, rapid testing services for other communicable diseases that include influenza, mononucleosis and group A streptococcus, and flu vaccination services under its XpresCheck™ brand. Current XpresCheck Wellness Centers include JFK International Airport, Newark Liberty International Airport, Logan International Airport, and Phoenix Sky Harbor International Airport. To learn more about XpresSpa Group, visit: www.XpresSpaGroup.com. To learn more about XpresSpa, visit www.XpresSpa.com. To learn more about XpresCheck, visit www.XpresCheck.com.

About Denver International Airport

Denver International Airport is the fifth-busiest airport in the United States, with more than 69 million passengers traveling through the airport in 2019. DEN is the primary economic engine for the state of Colorado, generating more than $33 billion for the region annually. For more information visit www.FlyDenver.com.

Forward-Looking Statements

This press release may contain “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These include statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “should,” “seeks,” “future,” “continue,” or the negative of such terms, or other comparable terminology. In particular, these statements include, without limitation, statements about our expectations relating to our new XpresCheck™ concept, being able to expand testing to other communicable diseases as well as administer vaccinations for the seasonal flu, our positioning to be part of the national rollout of a COVID-19 vaccination when it becomes available (including whether such vaccination becomes available in the near term), the degree to which our public testing model assists passengers meet testing requirements in select states and countries, our ability to identify and gain access to the latest and best COVID-19 testing methodologies and equipment, and our ability further expand our initial sites, and our overall ability to manage the regulatory challenges associated with this business line.  Forward-looking statements relating to expectations about future results or events are based upon information available to XpresSpa Group as of today’s date and are not guarantees of the future performance of the company, and actual results may vary materially from the results and expectations discussed. Additional information concerning these and other risks is contained in XpresSpa Group’s most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q, recent Current Reports on Form 8-K and other Securities and Exchange Commission filings. All subsequent written and oral forward-looking statements concerning XpresSpa Group, or other matters and attributable to XpresSpa Group or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. XpresSpa Group does not undertake any obligation to publicly update any of these forward-looking statements to reflect events or circumstances that may arise after the date hereof.

Investor Relations:

ICR
Raphael Gross
[email protected]
(203) 682-8253

Media
:

Julie Ferguson
[email protected]
(312) 385-0098

DENVER, Dec. 07, 2020 (GLOBE NEWSWIRE) — Assure Holdings Corp. (the “Company” or “Assure”) (TSXV: IOM; OTCQB: ARHH), a provider of intraoperative neuromonitoring services (“IONM”), has appointed John Price to the newly created vice president of finance position.

Price will be a member of Assure’s leadership team contributing to the overall management of financial, business and administrative functions. Among his immediate responsibilities will be filing a resale registration statement on Form S-1 and following that positioning for a potential uplisting to a major U.S. exchange.

“We continue to build a talented and entrepreneurial management team as Assure focuses on expanding our scale and operational footprint, driving improved collections and uplisting to a major U.S. exchange, and the addition of John as the vice president of finance is an integral piece of the puzzle,” said John A. Farlinger, Assure’s executive chairman and CEO. “John has deep financial and capital markets experience, as well as proficiency in compliance, reporting and mergers and acquisitions. In addition, John has directly led two separate S-1 filings. His ability to work in a diverse set of industries along with his fundamental operational expertise will allow him to quickly integrate with the dynamic strategy at our Company.”

On his appointment, Price commented, “I could not be more excited to join Assure at this point in its evolution and look forward to working with the management team in building value for our shareholders and team members as we provide the best possible support for the surgeons we work with and the patients we serve.”

With an emphasis on corporate strategy, acquisitions and integration and budgeting and forecasting, Price is also highly skilled and experienced in capital raise and debt financing, M&A, accounting operations, compliance, and system implementations. Price brings over 25 years of experience in accounting and finance across various industries to his position at Assure. His prior positions include serving as chief financial officer at Alliance MMA and MusclePharm and as vice president of finance at multiple companies, such as Opera Software, GCT Semiconductor and Tessera Technologies. Price spent the first seven years of his career at Ernst & Young.

Price earned a Bachelor of Science in Accounting from Pennsylvania State University.

Concurrent with his appointment, Price will receive 250,000 common stock options in accordance with the terms of the Company’s existing stock option plan (the “Options”). The Options are subject to the approval of the TSX Venture Exchange and applicable hold periods.

About Assure Holdings

Assure Holdings Corp. is a Colorado-based company that works with neurosurgeons and orthopedic spine surgeons to provide a turnkey suite of services that support intraoperative neuromonitoring activities during invasive surgeries. Assure employs its own staff of technologists and uses its own state-of-the-art monitoring equipment, handles 100% of intraoperative neuromonitoring scheduling and setup, and bills for all technical services provided. Assure Neuromonitoring is recognized as providing the highest level of patient care in the industry and has earned the Joint Commission’s Gold Seal of Approval®. For more information, visit the company’s website at www.assureneuromonitoring.com.

Forward-Looking Statements

This news release may contain “forward-looking statements” within the meaning of applicable securities laws, including but not limited to: comments with respect to strategies; expectations; planned operations; the expansion of the Company’s operatonal footprint and scaling of its business; future actions of the Company; including but not limited to improving its collections, the filing of a registration statement on Form S-1 and uplisting to a major U.S. exchange and the expected effects of the appointment of Price and the TSX Venture Exchange’s approval of the Options. Forward-looking statements may generally be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “will,” “believes,” “estimates,” “potential,” “target,” or “continue” and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the Company’s ability to continue to expand into other markets, the Company may not be able to scale its business, the Company may not file a registration statement on Form S-1, the Company may not uplist to a major U.S. exchange, the appointment of Price may not have the anticipated effects on the Company’s business, the TSX Venture Exchange may not approve the grant of the Options, the uncertainty surrounding the spread of COVID-19 and the impact it will have on the Company’s operations and economic activity in general and the risks and uncertainties discussed in our most recent annual and quarterly reports filed with the Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, Assure does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.

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

Contact

Scott Kozak, Investor and Media Relations
Assure Holdings Corp.
1-720-287-3093
[email protected]

CALGARY, Alberta, Dec. 07, 2020 (GLOBE NEWSWIRE) — CEMATRIX Corporation (TSXV: CVX), a North American leading manufacturer and supplier of technologically advanced cellular concrete products, is pleased to announce that Jeff Kendrick, President and CEO, will present at the 13^th Annual LD Micro Main Event Conference, on Tuesday, December 15th at 10 AM PST / 1 PM EST.

Interested parties can register to attend at the following link: https://ve.mysequire.com/.

ABOUT CEMATRIX

CEMATRIX is a rapidly growing, cash flow positive company that manufactures and supplies technologically advanced cellular concrete products developed from proprietary formulations across North America. This unique cement-based material with superior thermal protection delivers cost-effective, innovative solutions to a broad range of problems facing the infrastructure, industrial (including oil and gas) and commercial markets. Through recent acquisitions of Chicago based MixOnSite and Bellingham based Pacific International Grout, CEMATRIX is now North America’s largest Cellular Concrete company.

Contact:

Jeff Kendrick – President and Chief Executive Officer
Phone: (403) 219-0484

Glen Akselrod – President, Bristol Capital
Phone: (905) 326 1888 ext 1
[email protected]

Jeff Walker, The Howard Group – Investor Relations
Phone: (888) 221-0915 or (403) 221-0915
[email protected]

FREDERICKSBURG, Va., Dec. 07, 2020 (GLOBE NEWSWIRE) — Virginia Partners Bank (the “Bank”) and its parent company, Partners Bancorp (NASDAQ: PTRS), announced today a key promotion and two key hires. 

Wallace N. King, Sr., Executive Vice President and Senior Loan Officer, has been promoted to Market President for the Greater Fredericksburg and Maryland regions, which covers commercial and retail banking in the Bank’s Fredericksburg, Virginia and La Plata and Annapolis, Maryland offices. Mr. King is a co-founder of the Bank and serves on the Bank’s board of directors.

David A. Talebian joins the Bank as President, and Adam G. Nalls joins the Bank as Executive Vice President and Chief Operating Officer. Messrs. Talebian and Nalls will lead the Bank’s expansion into the Greater Washington and Northern Virginia markets, a geography in which both have substantial experience. Their focus will be on government contracting and healthcare (medical, dental, and veterinary), along with other operating businesses with revenues from $1 million to $100 million. They will join the Bank’s executive management team. Prior to joining the Bank, both had been at Atlantic Union Bank. However, the bulk of their careers were at Access National Bank, which Atlantic Union Bank acquired in February, 2019. Mr. Talebian began his career at Access National Bank in 2007. Mr. Nalls joined Access National Bank in 2009, having previously worked at Provident Bank and PNC Bank. The Bank anticipates opening a full service branch in the Greater Washington area in 2021.

“We have had our eye on Greater Washington for quite a while,” said Lloyd B. Harrison, III, Chief Executive Officer of the Bank and of Partners Bancorp. “Mr. Talebian and Mr. Nalls bring the right mix of experience and contacts to lead what we expect to be a significant driver of balance sheet growth for the Bank over the next few years. Partners Bancorp raised just over $18 million in subordinated debt earlier this year, which should help provide more than sufficient capital to fund meaningful loan growth. In addition, Mr. Talebian and Mr. Nalls complete the next generation for our executive management team. With their background in community banking, they are dynamic additions to our company.”

Mr. Harrison previously served as President and Chief Executive Officer of the Bank, and will continue on as Chief Executive Officer of the Bank and Partners Bancorp.

About Partners Bancorp

Partners Bancorp is the holding company for The Bank of Delmarva and Virginia Partners Bank. The Bank of Delmarva commenced operations in 1896. The Bank of Delmarva’s main office is in Seaford, Delaware and it conducts full service commercial banking through eleven branch locations in Maryland and Delaware, and three branches, operating under the name Liberty Bell Bank, in the South Jersey/Philadelphia metro market. The Bank of Delmarva focuses on serving its local communities, knowing its customers and providing superior customer service. Virginia Partners Bank, headquartered in Fredericksburg, Virginia, was founded in 2008 and has three branches in Fredericksburg, Virginia. In Maryland, Virginia Partners Bank trades under the name Maryland Partners Bank (a division of Virginia Partners Bank), and operates a full service branch and commercial banking office in La Plata, Maryland and a Loan Production Office in Annapolis, Maryland. Virginia Partners Bank also owns a controlling stake in Johnson Mortgage Company, LLC, which is a residential mortgage company headquartered in Newport News, Virginia, with branch offices in Fredericksburg and Williamsburg, Virginia. For more information, visit www.bankofdelmarvahb.com and www.vapartnersbank.com.

For further information, please contact Lloyd B. Harrison, III, Chief Executive Officer, at 540-899-2234, John W. Breda, President and Chief Operating Officer, at 410-548-1100 x18112, J. Adam Sothen, Chief Financial Officer, at 540-322-5521, or Betsy Eicher, Chief Accounting Officer, at 410-548-1722 x18305.

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include, without limitation, projections, predictions, expectations, or beliefs about future events or results that are not statements of historical fact. These forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by, and information currently available to, the Company’s management. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, the planned expansion into the Greater Washington market. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, and other reports filed with the Securities and Exchange Commission.

 

HOUSTON, Dec. 07, 2020 (GLOBE NEWSWIRE) — IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC) today announced financial results for the quarter and fiscal year ended September 30, 2020.

Fourth Quarter 2020 Highlights

• Revenue of $330 million for the fourth quarter of fiscal 2020, an increase of 13% compared with $294 million for the fourth quarter of fiscal 2019
• Operating income of $14.4 million for the fourth quarter of fiscal 2020, an increase of 4% compared with $13.9 million for the same quarter of fiscal 2019. Operating income for 2020 included a goodwill impairment charge of $7.0 million and executive severance charges of $1.8 million
• Net income attributable to IES of $14.6 million, or $0.68 per diluted share, for the fourth quarter of fiscal 2020, compared with $9.9 million, or $0.46 per diluted share, for the same quarter of fiscal 2019. Net income attributable to IES for the fourth quarter of fiscal 2020 includes goodwill impairment (net of noncontrolling interest) and executive severance charges of $5.7 million and $1.8 million, respectively, as well as a tax benefit of $3.3 million from the release of a valuation allowance on state deferred tax assets
• Adjusted net income attributable to IES (a non-GAAP financial measure, as defined below) increased 78% to $22.2 million, or $1.05 per diluted share, for the fourth quarter of fiscal 2020, compared with $12.5 million, or $0.58 per diluted share, for the fourth quarter of fiscal 2019
• Remaining performance obligations, a GAAP measure of future revenue to be recognized from current contracts with customers, of approximately $505 million as of September 30, 2020
• Backlog (a non-GAAP financial measure, as defined below) of approximately $602 million as of September 30, 2020

Fiscal Year 2020 Highlights

• Revenue of $1.2 billion for fiscal 2020, an increase of 11% compared with $1.1 billion for fiscal 2019
• Operating income of $50.1 million for fiscal 2020, an increase of 20% compared with $41.9 million for fiscal 2019. Operating income for 2020 included a goodwill impairment charge of $7.0 million and executive severance charges of $1.8 million
• Net income attributable to IES of $41.6 million, or $1.94 per diluted share, for fiscal 2020, compared with $33.2 million, or $1.55 per diluted share, for fiscal 2019. Net income attributable to IES for fiscal 2020 includes goodwill impairment (net of noncontrolling interest) and executive severance charges of $5.7 million and $1.8 million, respectively, as well as tax benefits of $3.2 million related to the recognition of previously unrecognized tax benefits and $3.3 million from the release of a valuation allowance on state deferred tax assets. Net income attributable to IES for fiscal 2019 includes a tax benefit of $4.0 million associated with the recognition of previously unrecognized tax benefits
• Adjusted net income attributable to IES increased 41% to $54.2 million, or $2.57 per diluted share, for fiscal 2020, compared with $38.4 million, or $1.79 per diluted share, for fiscal 2019

Overview of Results

“I continue to be impressed with the commitment to safety and to our customers the entire IES team has shown in the face of the COVID-19 pandemic,” said Jeffrey Gendell, Chairman and Chief Executive Officer. “Despite this challenging economic environment, our fiscal 2020 financial performance was strong, with consolidated revenue increasing 11% over the prior year, led by significant growth in our Communications and Residential businesses. Inclusive of charges for goodwill impairment and executive severance, our operating income still increased 20% for fiscal 2020 compared with fiscal 2019.”

For fiscal 2020, the Communications segment reported revenue of $395.1 million, a 23% increase from fiscal 2019, driven primarily by increased demand from data center and distribution center customers, while operating income increased 63% to $40.4 million. Reflecting increased activity in both the single-family and multi-family housing markets, the Residential segment’s revenue was $411.8 million and operating income was $30.1 million in fiscal 2020, representing increases of 31% and 68%, respectively, year-over-year. Revenue in the Infrastructure Solutions segment decreased 6% to $128.4 million in fiscal 2020, primarily reflecting the timing of project schedules at certain large customers as well as reduced demand for motor repair services caused by temporary COVID-19 related facility shutdowns by certain customers. Despite this decrease in revenue, operating income increased 17% in fiscal 2020 to $14.6 million.

The Commercial & Industrial segment reported fiscal 2020 revenue of $255.5 million, a decline of 16% compared to 2019. Although the business has maintained its focus on operating improvements and cost reductions, its performance continued to be affected by the ongoing COVID-19 pandemic and other market factors. This resulted in delays in awarding new projects and decreased demand for new construction in sectors such as retail, office and hospitality, which, in turn, negatively impacted its revenue, operating income and backlog. As a result of this increasingly competitive and uncertain environment and the financial performance of the segment, the Company recorded a non-cash goodwill impairment charge of $7.0 million in the fourth quarter of fiscal 2020.

Tracy McLauchlin, Chief Financial Officer, added, “We generated $77 million of operating cash flow during fiscal 2020 and ended the year with a cash balance of $54 million and no outstanding borrowings on our revolving credit facility, while investing an aggregate of $41 million in acquisitions, capital expenditures and share repurchases. Subsequent to the end of our fiscal year, we successfully completed the acquisitions of K.E.P. Electric, Inc. and Wedlake Fabricating, Inc., using cash on hand while still maintaining ample liquidity. This liquidity, combined with a fiscal year-end backlog of $602 million, an increase of $65 million from a year ago, positions us well for growth in fiscal 2021.”
        
Net Operating Loss Carryforwards

The Company estimates that it has available Net Operating Loss Carryforwards (NOLs) for U.S. federal income tax purposes of approximately $217.3 million at September 30, 2020, including approximately $128.0 million resulting from net operating losses on which a deferred tax asset is not recorded. The Company’s common stock is subject to a Rights Plan dated November 8, 2016, which is intended to assist in limiting the number of 5% or more owners of the Company’s common stock and thereby reduce the risk of a possible “change in ownership” under Section 382 of the Internal Revenue Code of 1986, as amended. Any such “change in ownership” under these rules would limit or eliminate the ability of the Company to use its existing NOLs for federal income tax purposes. There is no guarantee that the Rights Plan will achieve the objective of preserving the value or realization of the NOLs.

Stock Buyback Plan

In 2015, the Company’s Board of Directors authorized and announced a stock repurchase program for purchasing up to 1.5 million shares of our common stock from time to time, and on May 2, 2019, authorized the repurchase of up to an additional 1.0 million shares. During the quarter ended September 30, 2020, the Company repurchased 38,201 shares at an average price of $28.97 per share, and for year-to-date fiscal 2020, the Company repurchased 263,160 shares at an average price of $23.29 per share. The Company had 993,825 shares remaining under its stock repurchase authorization at September 30, 2020.

Non-GAAP Financial Measures and Other Adjustments

This press release includes adjusted net income attributable to IES, adjusted earnings per share attributable to IES, and backlog, and, in the non-GAAP reconciliation tables included herein, adjusted EBITDA and adjusted net income before taxes, each of which is a financial measure not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”). Management believes that these measures provide useful information to our investors by, in the case of adjusted net income attributable to IES, adjusted earnings per share attributable to IES, adjusted EBITDA and adjusted net income before taxes, distinguishing certain nonrecurring events such as litigation settlements or significant expenses associated with leadership changes, or noncash events, such as impairment charges or our valuation allowances release and write-down of our deferred tax assets, or, in the case of backlog, providing a common measurement used in IES’s industry, as described further below, and that these measures, when reconciled to the most directly comparable GAAP measures, help our investors to better identify underlying trends in the operations of our business and facilitate easier comparisons of our financial performance with prior and future periods and to our peers. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which has been provided in the financial tables included in this press release.

Remaining performance obligations represent the unrecognized revenue value of our contract commitments. While backlog is not a defined term under GAAP, it is a common measurement used in IES’s industry and IES believes this non-GAAP measure enables it to more effectively forecast its future results and better identify future operating trends that may not otherwise be apparent. IES’s remaining performance obligations are a component of IES’s backlog calculation, which also includes signed agreements and letters of intent which we do not have a legal right to enforce prior to work starting. These arrangements are excluded from remaining performance obligations until work begins. IES’s methodology for determining backlog may not be comparable to the methodologies used by other companies.

For further details on the Company’s financial results, please refer to the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2020, to be filed with the Securities and Exchange Commission (“SEC”) by December 7, 2020, and any amendments thereto.

About IES Holdings, Inc.

IES is a holding company that owns and manages operating subsidiaries that design and install integrated electrical and technology systems and provide infrastructure products and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities. Our more than 5,000 employees serve clients in the United States. For more information about IES, please visit www.ies-co.com.

Certain statements in this release may be deemed “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities E
xchange Act of 1934, all of which are based upon various estimates and assumptions that the Company believes to be reasonable as of the date hereof. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “could,” “
should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “seek,” “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” the negative of such terms or other comparable terminology. These statements involve risks and uncertaintie
s that could cause the Company’s actual future outcomes to differ materially from those set forth in such statements. Such risks and uncertainties include, but are not limited to, the impact of the COVID-19 outbreak or future epidemics on our business, inc
luding the potential for job site closures or work stoppages, supply chain disruptions, construction delays, reduced demand for our services, or our ability to collect from our customers; the ability of our controlling shareholder to take action not aligne
d with other shareholders; the possibility that certain tax benefits of our net operating losses may be restricted or reduced in a change in ownership or a change in the federal tax rate; the potential recognition of valuation allowances or write-downs on
deferred tax assets; the inability to carry out plans and strategies as expected, including our inability to identify and complete acquisitions that meet our investment criteria in furtherance of our corporate strategy, or the subsequent underperformance o
f those acquisitions; competition in the industries in which we operate, both from third parties and former employees, which could result in the loss of one or more customers or lead to lower margins on new projects; fluctuations in operating activity due
to downturns in levels of construction or the housing market, seasonality and differing regional economic conditions; and our ability to successfully manage projects, as well as other risk factors discussed in this document, in the Company’s annual report
on Form 10-K for the year ended September 30, 2020 and in the Company’s other reports on file with the SEC. You should understand that such risk factors could cause future outcomes to differ materially from those experienced previously or those expressed i
n such forward-looking statements. The Company undertakes no obligation to publicly update or revise any information, including information concerning its controlling shareholder, net operating losses, borrowing availability, or cash position, or any forwa
rd-looking statements to reflect events or circumstances that may arise after the date of this release.

Forward-looking statements are provided in this press release pursuant to the safe harbor established under the Private Securities Litigation Reform Ac
t of 1995 and should be evaluated in the context of the estimates, assumptions, uncertainties, and risks described herein.

General information about IES Holdings, Inc. can be found at http://www.ies-co.com under “Investor Relations.” The Company’s annual
report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any amendments to those reports, are available free of charge through the Company’s website as soon as reasonably practicable after they are filed with, or furn
ished to, the SEC.

IES HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(DOLLARS IN MILLIONS, EXCEPT PER
SHARE DATA)

(UNAUDITED)

		Three Months Ended September 30,								Year Ended September 30,
		2020				2019				2020				2019
Revenues		$	330.4			$	293.6			$	1,190.9			$	1,077.0
Cost of services			262.3				242.7				962.9				894.9
	Gross profit		68.2				50.9				228.0				182.1
Selling, general and administrative expenses			46.7				37.1				170.9				140.6
Goodwill impairment expense			7.0				—				7.0				—
Contingent consideration			—				(0.1	)			—				(0.4	)
Loss on sale of assets			—				—				—				0.1
	Operating income		14.4				13.9				50.1				41.9
Interest expense			(0.1	)			0.3				0.8				1.9
Other (income) expense, net			(0.2	)			—				—				(0.1	)
	Income from operations before income taxes		14.6				13.6				49.3				40.1
Provision for income taxes			1.1				3.6				8.7				6.7
	Net income		13.5				10.0				40.6				33.5
Net (income) loss attributable to noncontrolling interest			1.1				(0.1	)			1.0				(0.3	)
	Net income attributable to IES Holdings, Inc.	$	14.6			$	9.9			$	41.6			$	33.2
Earnings per share attributable to IES Holdings, Inc.:
	Basic	$	0.69			$	0.47			$	1.96			$	1.56
	Diluted	$	0.68			$	0.46			$	1.94			$	1.55
Shares used in the computation of earnings per share:
	Basic (in thousands)		20,725				20,911				20,796				21,082
	Diluted (in thousands)		21,047				21,184				21,092				21,315

IES HOLDINGS, INC. AND SUBSIDIARIES

NON-GAAP RECONCILIATION OF ADJUSTED NET INCOME ATTRIBUTABLE

TO IES HOLDINGS, INC. AND ADJUSTED EARNINGS PER SHARE

ATTRIBUTABLE TO IES HOLDINGS, INC.

(DOLLARS IN MILLIONS,
EXCEPT PER SHARE DATA)

(UNAUDITED)

		Three Months Ended September 30,								Year Ended September 30,
		2020				2019				2020				2019
Net income attributable to IES Holdings, Inc.		$	14.6			$	9.9			$	41.6			$	33.2
Provision for income taxes			1.1				3.6				8.7				6.7
	Adjusted net income before taxes		15.8				13.5				50.3				39.9
Current tax expense (1)			(1.1	)			(1.0	)			(3.6	)			(2.3	)
Goodwill impairment expense, net of noncontrolling interest			5.7				—				5.7				—
Severance expense			1.8				—				1.8				0.8
	Adjusted net income attributable to IES Holdings, Inc.	$	22.2			$	12.5			$	54.2			$	38.4
Adjusted earnings per share attributable to IES Holdings, Inc.:
	Basic	$	1.07			$	0.59			$	2.61			$	1.81
	Diluted	$	1.05			$	0.58			$	2.57			$	1.79
Shares used in the computation of earnings per share:
	Basic (in thousands)		20,725				20,911				20,796				21,082
	Diluted (in thousands)		21,047				21,184				21,092				21,315
(1) Represents the tax expense for the current period which will be paid in cash and not offset by the utilization of deferred tax assets

IES HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED
CONSOLIDATED BALANCE SHEETS

(DOLLARS IN MILLIONS)

(UNAUDITED)

				September 30,				September 30,
				2020				2019
ASSETS
	CURRENT ASSETS:
		Cash and cash equivalents		$	53.6			$	18.9
		Accounts receivable:
			Trade, net of allowance		213.0				186.3
			Retainage		40.9				29.2
		Inventories			24.9				21.5
		Costs and estimated earnings in excess of billings			29.9				29.9
		Prepaid expenses and other current assets			9.2				10.6
	Total current assets				371.5				296.5
		Property and equipment, net			24.6				25.7
		Goodwill			53.8				50.6
		Intangible assets, net			39.4				26.6
		Deferred tax assets			33.8				40.9
		Operating right of use assets			31.8				—
		Other non-current assets			5.8				4.9
Total assets				$	560.5			$	445.3
LIABILITIES AND STOCKHOLDERS’ EQUITY
	CURRENT LIABILITIES:
		Accounts payable and accrued expenses		$	186.7			$	152.9
		Billings in excess of costs and estimated earnings			55.7				40.6
	Total current liabilities				242.4				193.5
	Long-term debt				0.2				0.3
	Operating long-term lease liabilities				20.5				—
	Other non-current liabilities				12.2				1.9
Total liabilities					275.4				195.7
Noncontrolling interest					1.8				3.3
	STOCKHOLDERS’ EQUITY:
		Preferred stock			—				—
		Common stock			0.2				0.2
		Treasury stock, at cost			(24.5	)			(12.5	)
		Additional paid-in capital			200.6				192.9
		Retained earnings			107.0				65.6
Total stockholders’ equity					283.3				246.2
Total liabilities and stockholders’ equity				$	560.5			$	445.3

IES HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(DOLLARS IN MILLIONS)

(UNAUDITED)

				Year Ended September 30,
				2020				2019
CASH FLOWS FROM OPERATING ACTIVITIES:
	Net income			$	40.6			$	33.5
	Adjustments to reconcile net income to net cash provided by operating activities:
		Bad debt expense			1.9				0.6
		Deferred financing cost amortization			0.2				0.3
		Depreciation and amortization			12.5				9.6
		Loss on sale of assets			—				0.1
		Non-cash compensation expense			3.3				2.4
		Goodwill impairment expense			7.0				—
		Deferred income taxes			5.1				5.7
	Changes in operating assets and liabilities:
		Accounts receivable			(25.4	)			(35.3	)
		Inventories			(2.8	)			(0.7	)
		Costs and estimated earnings in excess of billings			0.4				1.6
		Prepaid expenses and other current assets			(9.4	)			(7.2	)
		Other non-current assets			0.5				(0.4	)
		Accounts payable and accrued expenses			20.1				22.5
		Billings in excess of costs and estimated earnings			14.0				6.7
		Other non-current liabilities			8.8				(0.5	)
Net cash provided by operating activities					76.7				38.7
CASH FLOWS FROM INVESTING ACTIVITIES:
	Purchases of property and equipment				(4.7	)			(6.3	)
	Proceeds from sale of assets				0.1				0.5
	Cash received (paid) in conjunction with business combinations or dispositions				(29.0	)			0.1
Net cash used in investing activities					(33.6	)			(5.7	)
CASH FLOWS FROM FINANCING ACTIVITIES:
	Borrowings of debt				592.8				89.3
	Repayments of debt				(592.8	)			(119.5	)
	Finance lease payment				(0.2	)			—
	Distribution to noncontrolling interest				(0.6	)			(0.2	)
	Repurchases of common stock				(7.7	)			(9.8	)
Net cash used in financing activities					(8.5	)			(40.3	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS					34.6				(7.3	)
CASH, CASH EQUIVALENTS, beginning of period					18.9				26.2
CASH, CASH EQUIVALENTS, end of period				$	53.6			$	18.9

IES HOLDINGS, INC. AND SUBSIDIARIES

OPERATING SEGMENT STATEMENT OF OPERATIONS

(DOLLARS IN MILLIONS)

(UNAUDITED)

			Three Months Ended September 30,								Year Ended September 30,
			2020				2019				2020				2019
Revenues
	Communications		$	118.4			$	91.0			$	395.1			$	321.2
	Residential			111.1				88.1				411.8				313.3
	Infrastructure Solutions			35.9				36.8				128.4				136.8
	Commercial & Industrial			65.1				77.7				255.5				305.6
Total revenue			$	330.4			$	293.6			$	1,190.9			$	1,077.0
Operating income (loss)
	Communications		$	16.8			$	8.5			$	40.4			$	24.8
	Residential			7.6				5.6				30.1				17.9
	Infrastructure Solutions			5.1				4.5				14.6				12.4
	Commercial & Industrial(1)			(9.1	)			(0.6	)			(18.0	)			2.1
	Corporate(2)			(6.0	)			(4.0	)			(17.0	)			(15.4	)
	Total operating income (loss)		$	14.4			$	13.9			$	50.1			$	41.9
(1) Includes goodwill impairment expense of $7.0M incurred in the three months ended September 30, 2020 (2) Includes severance expense of $1.8M and $0.8M incurred in the three months ended September 30, 2020 and March 31, 2019, respectively

IES HOLDINGS, INC. AND SUBSIDIARIES

NON-GAAP RECONCILIATION OF ADJUSTED EBITDA

(DOLLARS IN MILLIONS)

(UNAUDITED)

		Three Months Ended September 30,								Year Ended September 30,
		2020				2019				2020				2019
Net income attributable to IES Holdings, Inc.		$	14.6			$	9.9			$	41.6			$	33.2
Provision for income taxes		1.1				3.6				8.7				6.7
Interest & other (income) expense, net		(0.2		)		0.3				0.8				1.7
Depreciation and amortization		3.7				2.4				12.5				9.6
	EBITDA	$	19.3			$	16.2			$	63.6			$	51.1
Non-cash equity compensation expense		0.5				0.9				3.3				2.4
Goodwill impairment expense, net of noncontrolling interest		5.7				—				5.7				—
Severance expense		1.8				—				1.8				0.8
	Adjusted EBITDA	$	27.3			$	17.0			$	74.4			$	54.3

IES HOLDINGS, INC. AND SUBSIDIARIES

SUPPLEMENTAL REMAINING PERFORMANCE OBLIGATIONS AND NON-GAAP RECONCILIATION OF BACKLOG DATA

(DOLLARS IN MILLIONS)

(UNAUDITED)

		September 30, 2020				June 30, 2020				September 30, 2019
Remaining performance obligations		$	505			$	523			$	452
Agreements without an enforceable obligation (1)			97				74				85
Backlog		$	602			$	597			$	537
(1) Our backlog contains signed agreements and letters of intent which we do not have a legal right to enforce prior to work starting. These arrangements are excluded from remaining performance obligations until work begins.

Contact: Tracy McLauchlin, CFO
IES Holdings, Inc.
713-860-1500