Lifshitz Law Firm, P.C. Announces Investigation of ARA, BBIO, BMCH, BLDR, CIT, EV, EIDX, NAV, STND and WTRE

PR Newswire

NEW YORK, Nov. 25, 2020 /PRNewswire/ —

American Renal Associates Holdings, Inc. (NYSE: ARA)

Lifshitz Law Firm, P.C. announces investigation into possible breach of fiduciary duties in connection with the sale of ARA to affiliates of Nautic Partners for $11.50 per share.

If you are ARA investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at [email protected].

BMC Stock Holdings, Inc. (NASDAQ: BMCH) –
Builders FirstSource, Inc. (NASDAQ: BLDR)

Lifshitz Law Firm, P.C. announces investigation into possible breach of fiduciary duties in connection with the sale of BMCH to BLDR.

If you are a BMCH or BLDR investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at [email protected].

CIT Group Inc. (NYSE: CIT)

Lifshitz Law Firm, P.C. announces investigation into possible breach of fiduciary duties in connection with the sale of CIT to First Citizens BancShares, Inc. for 0.0620 shares of First Citizens class A common stock per share.

If you are a CIT investor, and would like additional information about our investigation, please complete the Information Request Form.

Eaton Vance Corp. (NYSE: EV)

Lifshitz Law Firm, P.C. announces investigation into possible breach of fiduciary duties in connection with the sale of EV to Morgan Stanley.

If you are a EV or MS investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at [email protected].

Eidos Therapeutics, Inc. (NASDAQ:  EIDX) – BridgeBio Pharma, Inc. (NASDAQ: BBIO)

Lifshitz Law Firm, P.C. announces investigation into possible breach of fiduciary duties in connection with the sale of EIDX to BBIO for approximately $73.26 per share.

If you are a EIDX or BBIO investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at [email protected].

Navistar International Corporation (NASDAQ: NAV)

Lifshitz Law Firm, P.C. announces investigation into possible breach of fiduciary duties in connection with the sale of NAV to Traton SE for $44.50 per share.

If you are a NAV investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at [email protected].

Standard AVB Financial Corp. (NASDAQ GS: STND)

Lifshitz Law Firm, P.C. announces investigation into possible breach of fiduciary duties in connection with the sale of STND to Dollar Mutual Bancorp.

If you are a STND investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at [email protected].

Watford Holdings Ltd. (NASDAQ: WTRE)

Lifshitz Law Firm, P.C. announces investigation into possible breach of fiduciary duties in connection with the sale of WTRE to Arch Capital Group Ltd. for $31.10 per share.

If you are a WTRE investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at [email protected].


ATTORNEY ADVERTISING.
© 2020 Lifshitz Law Firm, P.C.  The law firm responsible for this advertisement is Lifshitz Law Firm, P.C., 821 Franklin Avenue, Suite 209, Garden City, New York 11530, Tel: (516)493-9780.  Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact:


Joshua M. Lifshitz, Esq.

Lifshitz Law Firm, P.C.
Phone:  516-493-9780
Facsimile: 516-280-7376
Email:

[email protected]

 

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SOURCE Lifshitz & Miller Law Firm

ChemPoint Selected as Distributor of DuPont Specialty Solutions Products in Mexico

PR Newswire

DOWNERS GROVE, Ill., Nov. 25, 2020 /PRNewswire/ — ChemPoint.com Inc. (“ChemPoint”), a subsidiary of Univar Solutions Inc. (NYSE: UNVR) (“Univar Solutions” or “the Company”), a global chemical and ingredient distributor and provider of value-added services, announced today that DuPont has expanded its agreement with ChemPoint for the sales and distribution of DuPont’s cellulosic and poly (ethylene oxide) offerings in industrial applications throughout Mexico.

The agreement will extend DuPont’s footprint in Mexico’s industrial market to meet the demand for cellulosic and poly (ethylene oxide) ingredients. DuPont and ChemPoint have an existing order, delivery, and service model, specifically designed to help meet customer needs in industrial applications for ETHOCEL™ ethylcellulose polymers, METHOCEL™ cellulose ethers, POLYOX™ water-soluble polymers, and WALOCEL™ CRT products. Univar Solutions and DuPont will work together to enhance the customer experience by providing a higher degree of service and support, driven by a dedicated technical marketing and sales team focused on DuPont’s cellulosic and poly (ethylene oxide) offerings in industrial applications.

The industrial cellulosics team at ChemPoint acts as an integrated extension of DuPont to facilitate customer needs for market insights, product selection, technical assistance, order placement, and fulfillment. In addition, customers receive support from ChemPoint’s customer service and supply chain professionals to help meet delivery times and provide high levels of service.

Rick Hoener, global managing director for ChemPoint, remarked, “Our goal in all regions is to enhance the customer’s buying experience and provide a high degree of service for cellulosic and poly (ethylene oxide) product requirements. As an integrated extension of DuPont, ChemPoint offers a comprehensive product portfolio and is well situated to facilitate a customer’s need for product grade optimization, technical support, order placement, and fulfillment of thickeners and film formers.”

ChemPoint’s technical expertise across multiple industry segments, understanding of customer needs, and marketing proficiency to reach new markets and applications, make it an ideal choice to support the growth of DuPont’s Specialty Solutions. “DuPont is excited to expand our partnership with ChemPoint into Mexico. ChemPoint’s unique business model helps enable us to quickly adapt to today’s shifting needs. Thanks to their unique digital capabilities, we can reach customers faster and more efficiently, and support them in numerous applications,” said Klairie Gounaridi, DuPont’s Global Specialty Solutions commercial leader.

With the addition of these technologies, ChemPoint has expanded its portfolio for the market in Mexico. Hoener added, “We are pleased with this opportunity to further expand our relationship with DuPont. With the distribution, sales, and marketing of specialty solutions in Mexico, we can further simplify and enhance the customer experience by leveraging our digital marketing and sales approach.”

About Univar Solutions
Univar Solutions (NYSE: UNVR) is a leading global specialty chemical and ingredient distributor representing a premier portfolio from the world’s leading producers. With the industry’s largest private transportation fleet and North American sales force, unparalleled logistics know-how, deep market and regulatory knowledge, world-class formulation and recipe development, and leading digital tools, the company is well-positioned to offer tailored solutions and value-added services to a wide range of markets, industries, and applications. Univar Solutions is committed to helping customers and suppliers innovate and grow together. Learn more at UnivarSolutions.com.

About ChemPoint
ChemPoint.com Inc., a wholly owned subsidiary of Univar Solutions Inc. is a unique distribution business that provides marketing and sales services for specialty and fine chemicals in North America, Europe, the Middle East, Africa, and Latin America. The company engages in exclusive product line relationships with premier manufacturers, providing tailored solutions to more than 80 supplier partners and over 200 product lines globally. For more information, visit ChemPoint.com.

About DuPont
DuPont is a global innovation leader with technology-based materials, ingredients and solutions that help transform industries and everyday life. Our employees apply diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, construction, water, health and wellness, food and worker safety. More information can be found at www.dupont.com.

Forward-Looking Statements
This press release includes certain statements relating to future events and our intentions, beliefs, expectations, and predictions for the future, which are “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, as amended.  Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions. A detailed discussion of these factors and uncertainties is contained in the Company’s filings with the Securities and Exchange Commission. Potential factors that could affect such forward-looking statements include, among others: the ultimate geographic spread of the COVID-19 pandemic; the duration and severity of the COVID-19 pandemic; actions that may be taken by governmental authorities to address or otherwise mitigate the impact of the COVID-19 pandemic; the potential negative impacts of COVID-19 on the global economy and our customers and suppliers; the overall impact of the COVID-19 pandemic on our business, results of operations and financial condition; other fluctuations in general economic conditions, particularly in industrial production and the demands of our customers; significant changes in the business strategies of producers or in the operations of our customers; increased competitive pressures, including as a result of competitor consolidation; significant changes in the pricing, demand and availability of chemicals; our levels of indebtedness, the restrictions imposed by our debt instruments, and our ability to obtain additional financing when needed; the broad spectrum of laws and regulations that we are subject to, including extensive environmental, health and safety laws and regulations; an inability to integrate the business and systems of companies we acquire, including of Nexeo Solutions, Inc., or to realize the anticipated benefits of such acquisitions; potential business disruptions and security breaches, including cybersecurity incidents; an inability to generate sufficient working capital; increases in transportation and fuel costs and changes in our relationship with third party providers; accidents, safety failures, environmental damage, product quality and liability issues and recalls; major or systemic delivery failures involving our distribution network or the products we carry; operational risks for which we may not be adequately insured; ongoing litigation and other legal and regulatory risks; challenges associated with international operations; exposure to interest rate and currency fluctuations; potential impairment of goodwill; liabilities associated with acquisitions, ventures and strategic investments; negative developments affecting our pension plans and multi-employer pensions; labor disruptions associated with the unionized portion of our workforce; and the other factors described in the Company’s filings with the Securities and Exchange Commission. We caution you that the forward-looking information presented in this press release is not a guarantee of future events or results and that actual events or results may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek, “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.

 

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SOURCE Univar Solutions Inc.

Equinix Invests $55 Million to Build Its Third Data Center in Osaka

Accelerating digital transformation with continued expansion of global footprint

PR Newswire

REDWOOD CITY, Calif. and OSAKA, Japan, Nov. 25, 2020 /PRNewswire/ — Equinix, Inc. (Nasdaq: EQIX), the world’s digital infrastructure company, today announced an initial investment of US$55 million to build its third International Business Exchange™ (IBX®) data center in Osaka, Japan. To be named OS3, the new facility will further expand Equinix’s footprint and enable local and global businesses to harness Platform Equinix® to bring together and interconnect the foundational infrastructures that power their success.

Osaka is home to the second-highest concentration of businesses in the country and has become a hub for startup companies and innovation. It is gearing up to become Japan’s next international financial center and drive the growth of the digital economy. With numerous businesses related to energy, healthcare and medical services, and manufacturing, Osaka has evolved to become a prime location for data centers in Japan, the second largest following Tokyo.

OS3 will offer close proximity to major internet and peering exchanges and a vibrant ecosystem of network, cloud and digital content providers. It will also offer direct, low-latency connections to the large Kansai region, which consists of major cities including Osaka, Kyoto and Kobe. This will allow digital leaders to leverage OS3 to scale and utilize digital infrastructure for optimal performance. OS3 is scheduled to open in Q4 2021.

Highlights / Key Facts:

  • The first phase of OS3 is expected to provide an initial capacity of 900 cabinets and more than 33,000 square feet (approximately 3,070 square meters) of colocation space. At full buildout, the facility will provide 2,500 cabinets with a total colocation space of approximately 89,340 square feet (more than 8,300 square meters).
  • Directly connected to the Equinix data center campus in Osaka, OS3 will provide a wide range of interconnection solutions, including Equinix FabricTM— formerly Equinix Cloud Exchange Fabric. Through this on-demand, SDN-enabled interconnection service, businesses can connect between their own distributed infrastructure and any other company’s distributed infrastructure, including some of the world’s largest network service and cloud providers on Platform Equinix. Customers in Osaka can establish direct and secure access to cloud providers such as Amazon Web Services, Microsoft Azure, Oracle Cloud Infrastructure, Google Cloud, etc., to address their rising needs of hybrid multicloud infrastructure.
  • Currently offering approximately 64,500 square feet (6,000 square meters) of colocation space in Osaka, the Equinix Osaka campus consists of two IBX data centers and serves as a business hub for more than 130 companies.  Customers can choose from a broad range of network services offered by over 25 network service providers. With Platform Equinix, companies in the Kansai area can bring together all the right places, partners and possibilities to create the foundational infrastructure they need to succeed.
  • Demand for digital infrastructure continues to grow on a local and regional scale. According to the Global Interconnection Index Volume 4 (GXI Vol.4), a market study published by Equinix, Cloud & IT Services are expected to lead the growth in the Asia-Pacific region, reaching an anticipated 1,374 Tbps by 2023. This puts this sector’s growth in Asia-Pacific at 29%, higher than the next largest region, North America.
  • Earlier this year, Equinix announced its intention to form a joint venture with GIC to develop and operate hyperscale data centers in Japan. The three initial facilities in the joint venture—one in Osaka and two in Tokyo—will serve the unique core workload deployment needs of a targeted group of hyperscale companies, including the world’s largest cloud service providers.
  • Today, the global footprint of Platform Equinix spans more than 220 IBX data centers across 63 metros, providing digital infrastructure for more than 10,000 of the world’s leading businesses. In Asia-Pacific, Equinix currently has 46 IBX data centers in key metros across Australia, China, Hong Kong, Japan, Korea and Singapore. Equinix has a national footprint of 13 IBX data centers across Tokyo and Osaka in Japan. 

Quotes:

  • Mimei Ito, Research Manager, IT Services, IDC Japan

    “With the rising adoption of digital transformation, together with the acceleration of advanced technology such as AI and IoT, we are expecting a strong growth of demand for digital infrastructure in Japan, despite the short-term economy slowdown amid COVID-19. As the service level of digital infrastructure directly impacts the quality of user experiences, the expansion of the Equinix data center in Osaka reflects a rapid increase in the deployment of digital workloads among enterprises and their customers in Japan’s second-largest metropolitan area. This is expected to accelerate further through enhanced interconnectivity of cloud ecosystems.”


  • Jeremy Deutsch, President, Equinix Asia-Pacific

    “Digitalization is no longer just an option, but a prerequisite for businesses to succeed. Equinix has always been committed to delivering a single platform which creates the foundational infrastructure to support customers’ evolving needs for digital infrastructure. Our expansion in Osaka marks another key milestone in our ongoing plans to deliver Platform Equinix to more businesses in the fast-growing Asia-Pacific region. With our world-class infrastructure and solutions, we will continue to be the trusted partner of digital leaders by enabling them to seize the opportunity with agility, speed and confidence.”


  • Kuniko Ogawa, Managing Director, Equinix Japan

    “As a large metropolitan area with many global and locally based enterprises, Osaka has emerged as a significant market. In the past years, we have seen rising demand for secure, high-performance, and low-latency connectivity in the Kansai area. With our planned OS3 IBX data center, backed by our global footprint and vast array of services offered on Platform Equinix, we are set to expand our ability to bring together and interconnect the infrastructure that businesses need to fast-track their digital advantage.”

Additional Resources

About Equinix

Equinix (Nasdaq: EQIX) is the world’s digital infrastructure company, enabling digital leaders to harness a trusted platform to bring together and interconnect the foundational infrastructure that powers their success. Equinix enables today’s businesses to access all the right places, partners and possibilities they need to accelerate advantage. With Equinix, they can scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, including statements about interconnection bandwidth growth, the rate of adoption of digital transformation, and the benefits of the network effect. Actual results may differ materially from expectations discussed in such forward-looking statements and the predictions made from the Global Interconnection Index. Factors that might cause such differences include risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.

 

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SOURCE Equinix, Inc.

Lumina Gold Announces Granting of Options

PR Newswire

VANCOUVER, BC, Nov. 25, 2020 /PRNewswire/ – Lumina Gold Corp. (TSXV: LUM) (OTCQX: LMGDF) (the “Company” or “Lumina”) announces that it has granted incentive stock options under the Company’s stock option plan to certain directors, officers, employees and consultants of the Company to purchase up to an aggregate of 4,915,000 common shares of the Company. The options are exercisable at a price of $0.75 per share and will expire on November 25, 2025. 4,790,000 of the options will vest in three equal parts over the first two years after grant and 125,000 options (the “First Globe Options”) will vest in four equal parts over the first two years after grant.

Additionally, the Company has renewed its agreement with First Globe Capital International Inc. (“First Globe”) that was announced on December 30, 2016, for an additional 12 months. First Globe is based out of Vancouver, British Columbia, and is owned by Anish Sunderji. First Globe provides institutional fundraising and advisory services to its clients. The Company has compensated First Globe for its services by granting the First Globe Options described above. In addition, the Company has also agreed to reimburse First Globe for its reasonable incidental expenses incurred in providing the investor relation services to the Company. First Globe does not otherwise have any relationship with or hold any securities of the Company, except for previously granted stock options.

About Lumina Gold

Lumina Gold Corp. (TSXV: LUM) is a Vancouver, Canada based precious and base metals exploration and development company focused on the Cangrejos Gold-Copper Project located in El Oro Province, southwest Ecuador. Lumina has an experienced management team with a successful track record of advancing and monetizing exploration projects.

Further details are available on the Company’s website at https://luminagold.com/

Please click here and subscribe to receive future news releases: https://luminagold.com/contact

LUMINA GOLD CORP.

Signed: “Marshall Koval”


Marshall Koval,
President & CEO, Director

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 news release.

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SOURCE Lumina Gold Corp.

Hormel Foods Annual Tradition of Sharing Profits With Its Team Members Continues

82nd Consecutive Year of Program

PR Newswire

AUSTIN, Minn., Nov. 25, 2020 /PRNewswire/ — Hormel Foods Corporation (NYSE: HRL), a global branded food company, today distributed its annual profit sharing to eligible hourly and salaried team members during this 82nd consecutive grant.

“We have been able to share our profits with our inspired people for more than 80 years, and this year, more than ever, we are honored to be able to share our continued success with our uncommon and unmatched team,” said Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods. “This has been an unprecedented year and I’m incredibly proud of how our team continues to focus on Safety First while working to ensure food is readily available during this pandemic.”

The profit sharing program was started by Jay C. Hormel in 1938 and is voluntarily paid at the discretion of the company’s Board of Directors and has become an annual Thanksgiving Eve tradition.

ABOUT HORMEL FOODS — Inspired People. Inspired Food.™

Hormel Foods Corporation, based in Austin, Minn., is a global branded food company with over $9 billion in annual revenue across more than 80 countries worldwide. Its brands include SKIPPY®,SPAM®, Hormel® Natural Choice®, Applegate®, Justin’s®, Wholly®, Hormel® Black Label®, Columbus® and more than 30 other beloved brands. The company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named on the “Global 2000 World’s Best Employers” list by Forbes magazine for three straight years, is one of Fortune magazine’s most admired companies, has appeared on Corporate Responsibility Magazine’s “The 100 Best Corporate Citizens” list for the 12th year in a row, and has received numerous other awards and accolades for its corporate responsibility and community service efforts. The company lives by its purpose statement — Inspired People. Inspired Food.™ — to bring some of the world’s most trusted and iconic brands to tables across the globe. For more information, visit www.hormelfoods.com.  

Contact: Media Relations
507-434-6352
[email protected]

 

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SOURCE Hormel Foods Corporation

Leidos To Participate In The Credit Suisse 8th Annual Virtual Industrials Conference

Live Audio Webcast Available on Dec. 2, 2020 from 3:10 p.m. to 3:40 p.m. ET

PR Newswire

RESTON, Va., Nov. 25, 2020 /PRNewswire/ — Leidos (NYSE: LDOS), a FORTUNE 500® science and technology company, will attend the Credit Suisse 8th Annual Virtual Industrials Conference webcast.

Jim Reagan, Leidos Executive Vice President and Chief Financial Officer, will participate in a question and answer “fireside chat” on Wednesday, Dec. 2, 2020 at 3:10 p.m. ET.  

A live audio webcast of the event will be available on the Leidos Investor Relations website at http://ir.leidos.com. A replay of the webcast will be available following the presentation at the same link listed above for 30 days afterward.


About Leidos

Leidos is a Fortune 500® information technology, engineering, and science solutions and services leader working to solve the world’s toughest challenges in the defense, intelligence, homeland security, civil, and health markets. The company’s 38,000 employees support vital missions for government and commercial customers. Headquartered in Reston, Virginia, Leidos reported annual revenues of approximately $11.09 billion for the fiscal year ended January 3, 2020. For more information, visit www.Leidos.com.

CONTACTS:

Media:                                     

Investors:

Melissa Lee Dueñas                

Peter M. Berl

571.526.6850                            

571.526.7582


[email protected]              


[email protected]

 

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SOURCE Leidos

YMPE jumps by nearly five per cent for 2021

Canada NewsWire

An in-depth look at this and other subjects are covered in the current issue of the Morneau Shepell News & Views

TORONTO, Nov. 25, 2020 /CNW/ – Morneau Shepell released the November 2020 issue of its monthly newsletter, News & Views, in which the company looks at the following topics:


  • YMPE and tax limits jump by nearly five per cent for 2021
     – The Canada Revenue Agency has announced higher than usual increases to the year’s maximum pensionable earnings (YMPE) under the Canada Pension Plan and contribution limits to pension plans under the Income Tax Act. The YMPE for 2021 will be $61,600, while the annual contribution limit will be $29,210 for money purchase pension plans. The COVID-19 pandemic caused greater unemployment for lower income Canadians, resulting in higher than usual increases in average wages for Canadians who remained employed.


  • Quebec introduces target benefit pension legislation

     – Quebec has introduced legislation to allow for the establishment of target benefit pension plans. The legislation will also allow defined contribution plans and voluntary retirement savings plans to establish variable payment life annuity funds.


  • New Brunswick updates pension plan funding rules

     – New Brunswick has revised its defined benefit funding framework to put into effect changes that were announced earlier in the year. Solvency exempt pension plans will not be subject to the new funding framework.


  • New Brunswick unclaimed property rules would affect wound up pension plans

     – Following the passage of the New BrunswickUnclaimed Property Act, the New Brunswick Financial and Consumer Services Commission (FCNB) published proposed rules for an Unclaimed Property Program. Under the proposed rules, pension benefits will be presumed to be “unclaimed” three years after the approval of a pension plan wind-up report, at which point the administrator would be able to transfer liabilities associated with any missing members to the Unclaimed Property Program.

  • FSRA sets pension priorities and service standards
     – The Financial Services Regulatory Authority of Ontario (FSRA) has issued two draft documents, one setting out its service standards for evaluating its performance against expectations and targets, and another describing its priorities for the next fiscal year.


  • Saskatchewan loosens restrictions on DB transfers

    – The Saskatchewan Superintendent of Pensions announced modifications to the province’s temporary freeze on transfers from defined benefit pension plans to provide automatic consent for most such transfers, subject to certain conditions.

  • Tracking the funded status of pension plans as at October 31, 2020
     – Morneau Shepell describes the funded status of pension plans since December 31, 2019 based on three typical investment portfolios. A graph shows the changes in the financial position of a typical defined benefit plan since the end of 2019. A table shows the impact of past returns on plan assets and the effect of interest rate changes on solvency liabilities of a medium duration pension plan.

  • The impact of pension expense under international accounting as at October 31, 2020
     – Morneau Shepell has shown the evolution of the pension expense for a typical defined benefit pension plan. Since the beginning of the year, the pension expense has increased by eight per cent (for a contributory plan) mainly due to the decrease in the discount rates.

About Morneau Shepell
Morneau Shepell is a leading provider of technology-enabled HR services that deliver an integrated approach to employee wellbeing through our cloud-based platform. Our focus is providing world-class solutions to our clients to support the mental, physical, social and financial wellbeing of their people. By improving lives, we improve business. Our approach spans services in employee and family assistance, health and wellness, recognition, pension and benefits administration, retirement consulting, actuarial and investment services. Morneau Shepell employs approximately 6,000 employees who work with some 24,000 client organizations that use our services in 162 countries. Morneau Shepell is a publicly traded company on the Toronto Stock Exchange (TSX: MSI). For more information, visit morneaushepell.com.

SOURCE Morneau Shepell Inc.

Decibel Announces Net Revenue Increases of 29% from Prior Quarter, First Period of Positive Adjusted EBITDA and Results of Annual Meeting

PR Newswire

CALGARY, AB, Nov. 25, 2020 /PRNewswire/ – Decibel Cannabis Company Inc. (the “Company” or “Decibel”) (TSXV: DB) (OTCQB: DBCCF), a premium cannabis producer and retailer, is pleased to announce its third quarter financial results for the three-month and nine-month periods ending September 30, 2020.

“We are beginning to demonstrate the positive results of our collective efforts to reposition Decibel for success, as we remain focused on executing our strategic plan” said Benjamin Sze, CEO of Decibel. “We continue to execute as a producer of premium cannabis, with strong demand for our latest cultivars. The early success of our cannabis 2.0 product categories validates Decibel’s approach to product innovation while maintaining our commitment to quality.”

In the third quarter of 2020, the Company achieved net revenue growth of 29% and, for the first time, positive adjusted EBITDA, by delivering net revenue growth in all business verticals. The Company executed on its strategic plan, delivering high end cannabis products and consumer experiences through its Qwest Family of Brands and Prairie Records retail business, realizing cost reductions, and launching vape and concentrate products within the third quarter.

Q3 2020 Financial and Operational Highlights 

  • Net Revenue Growth: Total net revenue grew by 29% over the second quarter to $7.6 million, driven by strong sales growth from retail and cultivation operations, and only includes one month of derivative product sales in September. Net revenue grew by 163% over the comparative 2019 period.

  • First Period of Positive Adj. EBITDA: The third quarter marks an inflection point in the business, as the Company achieved $860 thousand of adjusted EBITDA, an improvement of $886 thousand from the prior quarter.

  • Increased Qwest Sales: 272 kilograms sold in the third quarter, with an average wholesale flower net price per gram of $8.68 for the period, a 9% increase over the second quarter of 2020. The Company launched new trendsetting cultivars that deliver high THC and strong terpene profiles at the start of the quarter, including Kush Mints, Point Break, and Ex-Wife.

  • First Month of Derivative Sales: In September, Decibel achieved a key milestone with its extraction and manufacturing facility, The Plant, shipping its first orders to Saskatchewan and Alberta. This initiative contributed $785 thousand of net revenue for the period. Initial product launches have been well received with reorders being received shortly after initial sales.

  • Strong Prairie Records Results: Increased revenue for the period to $3.9 million, reflecting sales growth of 2% over the second quarter of 2020. Decibel opened two new Alberta retail stores in July, one near the University of Alberta campus in Edmonton and one beside the Palace Theatre in downtown Calgary on Stephen Ave.

  • Cost Reduction Initiatives: Decibel completed the majority of its corporate cost cutting initiatives in the third quarter, and remains laser focused on managing costs and driving profitable operations. Had Westleaf and We Grow been combined for the entire 2019 year, a 32% reduction in SG&A year to date would have been realized, despite commencing commercial operations at the Plant and new retail store openings in Q3 2020.

  • Substantial Completion of Construction of Thunderchild Cultivation: Decibel substantially completed construction of its large scale, indoor cultivation facility, Thunderchild Cultivation, in July. The Company has submitted a complete site evidence package to Health Canada for licensing of the Thunderchild Cultivation facility.

Quarterly Highlights

Three months ended

Nine months ended

September 30, 

September 30, 

September 30, 

September 30, 

2020

2019

2020

2019

Net wholesale revenue of flower

$2,361

$2,880

$6,578

$4,702

Kilograms of flower sold

272

369

782

563

Average wholesale flower gross pricing per gram 

$10.18

$9.07

$10.15

$9.81

Average wholesale flower net pricing per gram

$8.68

$7.80

$8.41

$8.35

Kilograms of cannabis harvested

311

345

936

1,080

Net wholesale revenue of extracts

$785

$785

Other wholesale revenue

$500

$565

Number of retail stores

6

nil

6

nil

Retail revenue

$3,932

nil

$10,578

nil


Total 

Net revenue

$7,578

$2,880

$18,505

$4,702

Gross profit before fair value adjustments 

$2,898

$1,126

$7,164

$1,804

Adjusted EBITDA (a)

$860

$875

$425

$0

(a) 

Adjusted EBITDA is a non-GAAP performance measure. Refer to “Cautionary Statements – Non-GAAP Measures” for further details.

Decibel’s financial statements for the three-month period ending September 30, 2020 (“Financial Statements”) and related Management’s Discussion & Analysis (“MD&A”) for the reporting period are available under the Company’s profile at www.sedar.com.  As of September 30, 2020, Decibel was in compliance with all of its financial covenants and expects to remain in compliance for the remainder of its twelve-month forecast period.  The Company’s ability to meet the conditions of these ratio covenants over the next twelve months is subject to the Company’s ability to operationalize capital projects that are either recently completed or are subject to Health Canada licensing and operationalizing, and all other applicable regulatory approvals in order to generate revenues.

Leave of Absence

Due to personal reasons, Benjamin Sze, Chief Executive Officer, is taking a leave of absence from his role as Chief Executive Officer of the Company as of the close of business today for an indefinite period of time. Cody Church, the Company’s current Chairman of the Board, has been appointed Interim Chief Executive Officer, effective as of the close of business on November 25, 2020.

Results of Annual Meeting

Decibel is also pleased to announce that its shareholders approved all matters submitted by the Company for consideration at its annual and special meeting of shareholders held yesterday, November 24, 2020 (the “Meeting”).

Due to the special circumstances arising from the global COVID-19 pandemic, and following guidance of local health authorities for social distancing, Decibel encouraged shareholders to vote in advance of the Meeting using the instructions provided in the Notice of Meeting and Management Informational Circular and Proxy Statement. The Company also provided remote access to the Meeting via an audio webinar, and will make a recording of the Meeting available on its website in the coming days.

At the Meeting, Decibel’s shareholders:

(i) 

Fixed the number of directors of the Corporation to be elected at the Meeting at six directors;

(ii) 

Elected each of Cody Church, Paul Wilson, Michael Kelly, Ivan Casselman, Benjamin Sze and Billy Yellowhead as directors of the Company;

(iii) 

Appointed KPMG LLP, Chartered Professional Accountants, as the Company’s auditors;

(iv) 

Re-approved the Company’s stock option plan; and

(v) 

Re-approved the Company’s restricted share unit award plan.


About Decibel

Decibel is uncompromising in the process and craftsmanship needed to deliver the highest quality cannabis products and retail experiences. Decibel has three production houses operating or under development along with its wholly owned retail business, Prairie Records. The Qwest Estate in Creston, BC is a licensed and operating 26,000 square foot cultivation space which produces the widely championed, rare cultivar-focused brands Qwest and Qwest Reserve, which are sold in six provinces across Canada. Thunderchild Cultivation, an 80,000 square foot indoor cultivation facility in Battleford, SK is scheduled to be completed and licensed in 2020. The Plant, Decibel’s extraction facility, in Calgary, AB has 15,000 square feet of Health Canada licensed extraction and product development space. This production house will fuel the growth of our brands Qwest, Qwest Reserve, and Blendcraft, into new and innovative product formats like concentrates, vapes, edibles and beyond.


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.


Cautionary Statements


Forward Looking Information

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

In this news release, forward-looking statements relate to, among other things, Decibel’s expected compliance with its financial covenants, the timing, construction and licensing of the Thunderchild Cultivation facility and the Company’s ability to grow Qwest, Qwest Reserve and Blendcraft brands into new and innovative product formats. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: risks relating to delays, regulatory changes and impacts, capital requirements, construction impacts, displacement requirements and unforeseen requirements resulting from the COVID-19 pandemic, the ability to obtain or maintain licences to retail cannabis products; review of the Company’s production facilities by Health Canada and receipt or maintenance of licences (including any amendments thereto) from Health Canada in respect thereof; future legislative and regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the labour market generally and the ability to access, hire and retain employees; general business, economic, competitive, political and social uncertainties; the satisfaction of conditions precedent under the Company’s credit facilities; timing and completion of construction and expansion of the Company’s production facilities and retail locations; and the delay or failure to receive board, regulatory or other approvals, including any approvals of the TSX Venture Exchange, as applicable. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

This press release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about the Company’s prospective results of operations including, without limitation, the expected results of its costs cutting measures and, which are subject to the same assumptions, risk factors, limitations, and qualifications as  set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits the Company will derive therefrom. The Company has included the FOFI in order to provide readers with a more complete perspective on the Company’s future operations and such information may not be appropriate for other purposes.

These forward-looking statements and FOFI are made as of the date of this press release and the Company disclaims any intent or obligation to update any forward-looking statements and FOFI, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.


Non-GAAP Measures

This news release contains the financial performance metric of Adjusted EBITDA, a measure that is not recognized or defined under IFRS (a “Non-GAAP Measure”). As a result, this data may not be comparable to data presented by other cannabis companies. For an explanation and reconciliation of Adjusted EBITDA to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, refer to the MD&A for the three months ended September 30, 2020. The Company believes that Adjusted EBITDA is a useful indicator of operating performance and is specifically used by management to assess the financial and operational performance of the Company.

The Company calculates Adjusted EBITDA as net loss and comprehensive loss excluding unrealized gain on changes in fair value of biological assets, change in fair value of biological assets realized through inventory sold, depreciation and amortization expense, share-based compensation, other income, finance costs, foreign exchange loss, non-cash production costs, severance payments, and other non-cash costs. Non-cash production costs relate to amortization expense allocations included in production costs. Non-GAAP Measures should be considered together with other financial information prepared in accordance with IFRS to enable investors to evaluate the Decibel’s operating results, underlying performance and prospects in a manner similar to Decibel’s management.

Accordingly, this Non-GAAP Measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

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SOURCE Decibel Cannabis Company Inc.

BIOREM Reports 2020 Third Quarter Results

PR Newswire

GUELPH, ON, Nov. 25, 2020 /PRNewswire/ – BIOREM Inc. (TSXV: BRM) (“Biorem” or “the Company”) today announced its results for the three and nine-month periods ended September 30, 2020. Biorem’s complete third quarter financial statements and MD&A have been filed on SEDAR (www.sedar.com).

FINANCIAL HIGHLIGHTS:

 in Canadian dollars, ‘000’s except earnings per share

Three-months ended

Nine -months ended

September 30

September 30

2020

2019

2020

2019

Revenue

3,586

6,266

16,441

16,273

Gross profit

629

1,731

3,364

3,769

Operating  expenses

418

1,048

2,070

2,950

Ebitda*

167

703

1,382

901

Net earnings

155

682

949

821

EPS – basic

0.004

0.020

0.025

0.020

EPS – fully diluted

0.004

0.020

0.025

0.020

* Earnings before interest, taxes and amortizaton, a non IFRS financial measure

Biorem reported revenues for the third quarter of $3.6 million a 40% decrease over the previous quarter and $2.7 million below the $6.3 million of revenues reported in the same quarter in 2019.  Year to date revenues totalled $16.4 million, a 1% increase over the $16.3 million reported for the first nine months of 2020. The decrease in revenues for the third quarter are largely the result of delays in deliveries from suppliers and delays in customer’s construction schedules.

Order booking during the quarter totaled $8.7 million and the Company’s order back log on September 30 stood at a record $34 million.

Gross profit for the quarter was $629,000 or 17.5% of revenue compared to $1.4 million of gross profit representing 23.9 % of revenue recorded during the third quarter of 2019.  The decrease in gross profit during the quarter is directly related to the decrease in revenue in the quarter. Total operating expenses (net of other income) for the quarter were $418,000 against $1,048,000 in the same period the prior year. The decrease in operating expenses was primarily due to the receipt of $295,000 in CEWS wage subsidy received in the quarter from the federal government and the collection of $256,000 in accounts receivable in China that had previously had a valuation allowance recorded against them.

Ebitda for the quarter was $167,000 compared to $703,000 of ebitda in the third quarter of 2019. Year to date ebitda totaled $1.4 million

Net earnings for the quarter were $155,000, with year to date earnings totalling $949,000 compared to net earnings of $821,000 for the first nine months of 2019.

“Disruptions in our supply chain and delays to customer’s constructions schedules due to the COVID pandemic impacted our third quarter results and were expected” said Derek Webb, President and CEO. “Use of our diversified supply chain, innovative application of technology and resourceful employees ensured that we were able to continue business development and complete startups and commissioning during the quarter.”

“We continue to be cautious regarding potential future disruptions in our supply chain and construction schedules due to the resurgence of the virus, but the outlook for the rest of our fiscal year looks positive with strong revenues and ebitda in the fourth quarter. The Company’s record backlog of $34 million provides a strong foundation for revenue and earnings over the next twelve months.”

Cash on hand increased during the quarter to $9.4 million from $8.0 million on June 30, 2020. Earnings from operating activities generated $170,000 of cash and a reduction in net non-cash working capital added a further $1,662,000 of cash.

About BIOREM Inc.

BIOREM is a leading clean technology company that designs, manufactures and distributes a comprehensive line of high-efficiency air emissions control systems used to eliminate odors, volatile organic compounds (VOCs), and hazardous air pollutants (HAPs). With sales and manufacturing offices across the continent, a dedicated research facility, a worldwide sales representative network and more than 1,500 installed systems worldwide, BIOREM offers state-of-the-art technology-based products and peace of mind for municipalities, industrial companies and their surrounding communities. Additional information on Biorem is available on our website at www.biorem.biz.

Cision View original content:http://www.prnewswire.com/news-releases/biorem-reports-2020-third-quarter-results-301180499.html

SOURCE Biorem Inc.

Green Commuter to Deploy EV Stars with The Energy Coalition in California

PR Newswire

Zero Emissions Shuttles to be used in Micro Transit and Vanpool Application

LOS ANGELES, Nov. 25, 2020 /PRNewswire/ — GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) (“GreenPower”), a leading manufacturer and distributor of zero emissions electric powered medium and heavy duty vehicles, announced via Green Commuter, that two EV Stars will be deployed in Los Angeles County in the Basset and Avocado Heights neighborhoods under a California Energy Commission Grant.

The Energy Coalition is California-based, non-profit and the primary grantee on the project which will provide locally produced renewable electricity to 235 households through a community solar tariff structure. The project will also provide 50 homes with no-cost solar and residential battery storage, and develop an electric vehicle (EV) mobility service, EV charging infrastructure, and a community carbon management system.

Green Commuter is providing mobility services such as microtransit and vanpooling along with the charging infrastructure for the Basset Avocado Advanced Energy Community (BAAEC) project. Green Commuter is the nation’s largest all electric vanpool company that also provides carsharing and fleet replacement solutions.

Gustavo Occhiuzzo, Chief Executive Officer of Green Commuter commented, “The fact that the EV Star is providing vehicles for two different applications on this California Energy Commission project really speaks to the versatility of the vehicle.  We look forward to further opportunities to assist the Coalition with their zero emission transportation needs.” 

Brendan Riley, President of GreenPower Motor Company added, “We are absolutely thrilled to have Green Commuter as a partner, we can trust that the customers are in capable hands and the deployment of these vehicles will be a success.”  Riley continued, “This reaffirms what we’ve conveyed to the market, the EV Star is the best choice for customers for reliability and durability to satisfy a wide variety of duty cycles.”

The EV Star is the only bus in its class that comes with a standard J1772 level 2 and CCS DC fast combo charge system, allowing for optimal flexibility in route planning for any duty cycle.


About GreenPower Motor Company Inc.

GreenPower designs, builds and distributes a full suite of high-floor and low-floor vehicles, including transit buses, school buses, shuttles, a cargo van and a double decker.  GreenPower employs a clean-sheet design to manufacture all-electric buses that are purpose built to be battery powered with zero emissions.  GreenPower integrates global suppliers for key components, such as Siemens or TM4 for the drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. For further information go to www.greenpowerbus.com


Forward-Looking Statements

This document contains forward-looking statements relating to, among other things, GreenPower’s business and operations and the environment in which it operates, which are based on GreenPower’s operations, estimates, forecasts and projections. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “upon”, “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. A number of important factors including those set forth in other public filings (filed under the Company’s profile on www.sedar.com) could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. GreenPower disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

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. © 2020 GreenPower Motor Company Inc. All rights reserved.

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SOURCE GreenPower Motor Company