Market Newsdesk

PHOENIX, Nov. 24, 2020 /PRNewswire/ — Republic Services, Inc. (“Republic”) (NYSE: RSG) today announced that it closed an offering of $350 million 0.875% senior notes due November 2025 and $750 million 1.750% senior notes due February 2032. The net proceeds of the offering will be used to finance the redemption in full of its 3.550% senior notes due June 2022 and partial redemption of its 4.750% senior notes due May 2023. The redemptions are expected to occur on December 9, 2020.

“We further capitalized on market conditions to reduce interest costs and extend maturities,” said Brian DelGhiaccio, executive vice president and chief financial officer. “These transactions will reduce cash interest by approximately $26 million per year.”

The notes are unsecured and unsubordinated obligations with interest payable for the 2025 notes due semi-annually on May 15 and November 15 beginning May 15, 2021, and interest payable for the 2032 notes due semi-annually on February 15 and August 15 beginning February 15, 2021.

About Republic Services
Republic Services, Inc. is an industry leader in U.S. recycling and non-hazardous solid waste disposal. Through its subsidiaries, Republic’s collection companies, transfer stations, recycling centers, landfills and environmental services provide effective solutions to make responsible recycling and waste disposal effortless for its customers across the country. Its 36,000 employees are committed to providing a superior experience while fostering a sustainable Blue Planet^® for future generations to enjoy a cleaner, safer and healthier world. For more information, visit RepublicServices.com, or follow us at Facebook.com/RepublicServices, @RepublicService on Twitter and @republic_services on Instagram.

 

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SOURCE Republic Services, Inc.

LOS ANGELES, Nov. 24, 2020 /PRNewswire/ — Canoo Holdings Ltd. (“Canoo”), a company developing breakthrough electric vehicles (EV) with a proprietary and highly versatile skateboard platform for personal and business use, announced today it will present at the Credit Suisse 8^th Annual Virtual Industrials Conference. Members of management will present Wednesday, December 2, at 10:10 a.m. ET. A webcast of the event will be available at the link HERE.

Canoo has previously announced a merger agreement with Hennessy Capital Acquisition Corp. IV (“HCAC”) (Nasdaq: HCAC), a special purpose acquisition company (SPAC), that would result in Canoo becoming a publicly listed company.

About Canoo
Canoo is a Los Angeles-based company that has developed breakthrough electric vehicles, reinventing the automotive landscape with bold innovations in design, pioneering technologies, and a unique business model that defies traditional ownership to put customers first. Distinguished by its experienced team – numbering  over 300 employees from leading technology and automotive companies – Canoo has designed a modular skateboard platform purpose-built to deliver maximum vehicle interior space and adaptable to support a wide range of vehicle applications for consumers and businesses. Canoo expects to launch its first consumer model in 2022, followed shortly after by a last-mile delivery vehicle and a sport vehicle, each built off of the same underlying skateboard platform.

For more information, please visit www.canoo.com.

For Canoo press materials, including photos, please visit press.canoo.com.

For investors, please visit investors.canoo.com.

Forward Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, projections of market opportunity and market share, expectations and timing related to commercial product launches, ability to accelerate Canoo’s go-to-market strategy and capitalize on commercial opportunities, potential benefits of the transaction and the potential success of Canoo’s go-to-market strategy, and expectations related to the terms and timing of completing the transaction. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Canoo’s and HCAC’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Canoo and HCAC. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the stockholders of HCAC or Canoo is not obtained; failure to realize the anticipated benefits of the proposed business combination; risks relating to the uncertainty of the projected financial information with respect to Canoo; risks related to the rollout of Canoo’s business and the timing of expected business milestones and commercial launch; risks related to future market adoption of Canoo’s offerings; risks related to Canoo’s go-to-market strategy and subscription business model; the effects of competition on Canoo’s future business; the amount of redemption requests made by HCAC’s public stockholders; the ability of HCAC or the combined company to issue equity or equity-linked securities in connection with the proposed business combination or in the future, and those factors discussed in HCAC’s final prospectus filed on March 4, 2019, Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020, the registration statement on Form S-4 (together with all amendments thereto, the “Registration Statement”) initially filed on September 18, 2020, and the preliminary proxy statement / prospectus contained therein, in each case, under the heading “Risk Factors,” and other documents of HCAC filed, or to be filed, with the Securities and Exchange Commission (“SEC”). If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither HCAC nor Canoo presently know or that HCAC and Canoo currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect HCAC’s and Canoo’s expectations, plans or forecasts of future events and views as of the date of this press release. HCAC and Canoo anticipate that subsequent events and developments will cause HCAC’s and Canoo’s assessments to change. However, while HCAC and Canoo may elect to update these forward-looking statements at some point in the future, HCAC and Canoo specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing HCAC’s and Canoo’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Important Information for Investors and Shareholders
In connection with the proposed business combination, HCAC has filed the Registration Statement with the SEC. Additionally, HCAC will file other relevant materials with the SEC in connection with the business combination. Copies may be obtained free of charge at the SEC’s web site at www.sec.gov. Security holders of HCAC are urged to read the Registration Statement and the other relevant materials when they become available before making any voting decision with respect to the proposed business combination because they will contain important information about the business combination and the parties to the business combination. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

Participants in the Solicitation
HCAC and its directors and officers may be deemed participants in the solicitation of proxies of HCAC’s stockholders in connection with the proposed business combination. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of HCAC’s executive officers and directors in the solicitation by reading HCAC’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and the Registration Statement and other relevant materials filed with the SEC in connection with the business combination when they become available. Information concerning the interests of HCAC’s participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, are set forth in the Registration Statement.

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SOURCE Canoo

152% Revenue Growth and 272% Adjusted EBITDA Growth for Q3 2020 versus Q3 2019

TORONTO, Nov. 24, 2020 /PRNewswire/ — Quisitive Technology Solutions Inc. (“Quisitive” or the “Company”) (TSXV: QUIS), a premier Microsoft Solutions Provider, today reported financial results for the third quarter ended September 30, 2020.

Management Commentary

“Our performance for the third quarter was strong, especially given the headwinds and challenges from the global pandemic, demonstrating the resiliency of our business,” said Quisitive CEO Mike Reinhart. “Operationally, our execution on our strategic initiatives during Q3 is reflected by our expanded relationship with Microsoft, increased number of partnerships with customers on the cloud solutions front, and the continued progress towards the general availability of LedgerPay, our cloud-based payment processing platform, in early 2021. Additionally, as we continue to navigate these unprecedented times, we remain focused on our M&A roadmap, looking for synergistic businesses with the right valuation metrics that further augment our cloud solutions offerings and technological capabilities. In conjunction with our operations, we also remain in a strong position financially, as we have ample cash on the balance sheet and enough flexibility to support our working capital and growth initiatives going forward. With the cloud solutions and fintech markets constantly growing, we are well positioned to capitalize on the opportunity through both organic and M&A growth.”

Third Quarter 2020 Financial Results

The Company’s unaudited financial statements for the quarter ended September 30, 2020 and related management’s discussion and analysis can be found on the Company’s website and on the Company’s issuer profile on SEDAR at www.sedar.com. All figures are expressed in United States dollars unless otherwise stated.

• Revenue for the quarter ended September 30, 2020 was $12.7 million compared to $5.0 million for the quarter ended September 30, 2019. The increase in revenue was driven by the addition of Menlo revenues in 2020 as well as additional revenues from LedgerPay and strong organic growth within the Quisitive customer and recurring revenue base.
• Gross profit increased to $5.1 million (40% of revenue) as compared to $2.3 million (45% of revenue) for the quarter ended September 30, 2019. The increase in gross profit dollars was primarily due to top line revenue growth.
• Adjusted EBITDA for the three months ended September 30, 2020 increased to $2 million (or 16% of revenue) as compared to an Adjusted EBITDA of $0.6 million (or 11% of revenue) for the three months ended September 30, 2019. The increase in adjusted EBITDA was primarily driven by the increase in scale and revenues provided by the Menlo acquisition, organic growth, and high margin revenues from LedgerPay.
• Net loss was $1.8 million or a loss of $(0.01) per share compared with net loss of $0.8 million or a loss of $(0.01) per share.
• As of September 30, 2020, the Company had $12.3 million in cash.

Third Quarter 2020 and Recent Operational Highlights

• Joined the Microsoft Cloud Native Accelerate Program, an initiative designed for select partners that provide cloud-native application development services to enhance or extend their existing practices on Azure.
• Engaged Horizontal Digital as its exclusive Microsoft Cloud Solution Provider and strategic channel partner. Quisitive will manage Horizontal’s licensing subscriptions and cloud services for its internal operational needs, and ultimately empower Horizontal to optimize their Microsoft spend, Microsoft productivity, and collaboration tools.
• Selected as Grant Thornton’s strategic application development partner to accelerate and automate a unique and industry-differentiated platform for System and Organization Controls reporting, by tapping into the power of the Microsoft cloud.
• Partnered with Essilor, the world’s leading ophthalmic lens manufacturer, to rollout a virtual appointment application system to help eye care offices safely reopen around the globe.
• Appointed
  Sue Darrow as Senior Vice President, Human Resources & Culture to spearhead Quisitive’s initiative of engaging new talent and creating a profound workplace culture.
• Recognized by Microsoft for achieving the Advanced Specialization certification in Modernizing Web Applications. Only a few Microsoft partners worldwide have achieved this certification by passing a rigorous audit process.

Conference Call

Quisitive management will hold a conference call today (November 24, 2020) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results.

Company CEO Mike Reinhart and CFO Michael Murphy will host the call, followed by a question and answer period.

Canada/U.S.: 1-800-319-4610
Toronto Toll: 1-416-915-3239

Please dial-in approximately 10 minutes beforehand and ask to join the Quisitive conference call. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 949-574-3860.

A replay of the conference call will be available following the call by dialing:

Canada/U.S.: 1-800-319-6413
International Toll: 1-604-638-9010
Replay Access Code: 5601

For additional information, please visit the Investor Relations section of Quisitive’s website at: https://quisitive.com/investor-relations/.

About Quisitive

Quisitive is a premier Microsoft solutions provider that helps enterprise organizations move, operate, and innovate in the Microsoft cloud: Microsoft Azure, Microsoft Dynamics and Microsoft 365. Quisitive also provides proprietary Software as a Service (“SaaS”) solutions such as CRG emPerform™ and Quisitive LedgerPay that complement the Microsoft platform. Quisitive serves clients globally with offices in Austin, TX; Dallas, TX; Denver, CO; Minneapolis, MN; Los Altos, CA; Washington, DC; Ottawa, ON; Toronto, ON and Hyderabad, India. For more information, visit www.Quisitive.com. TSXV: QUIS.

Reconciliation of Non-GAAP Financial Measures – Adjusted EBITDA and Adjusted EBITDA as a percentage of revenue

Financial Measures and Adjusted EBITDA

There are measures included in this news release that do not have a standardized meaning under generally accepted accounting principles (GAAP) and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. The Company includes these measures because it believes certain investors use these measures and metrics as a means of assessing financial performance. EBITDA (earnings before interest, taxes, depreciation and amortization is calculated as net earnings before finance costs (net of finance income), income tax expense, and depreciation and amortization of intangibles) is a non-GAAP financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.

We prepare and release quarterly unaudited and annual audited financial statements prepared in accordance with IFRS. We also disclose and discuss certain non-GAAP financial information, used to evaluate our performance, in this and other earnings releases and investor conference calls as a complement to results provided in accordance with IFRS. We believe that current shareholders and potential investors in the Company use non-GAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues, in making investment decisions about the Company and measuring our operational results.

The term “Adjusted EBITDA” refers to a financial measure that we define as earnings before certain charges that management considers to be non-operating expenses and which consist of interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes), changes in fair value of derivatives, transaction and acquisition-related expenses, and earn-out settlement losses. Adjusted EBITDA as a percentage of revenues divides Adjusted EBITDA for a period by the revenues for the corresponding period and expresses the quotient as a percentage.

Management considers these non-operating expenses to be outside the scope of Quisitive’ ongoing operations and the related expenses are not used by management to measure operations. Accordingly, these expenses are excluded from Adjusted EBITDA, which we reference to both measure our operations and as a basis of comparison of our operations from period-to-period.

Management believes that investors and financial analysts measure our business on the same basis, and we are providing the Adjusted EBITDA financial metric to assist in this evaluation and to provide a higher level of transparency into how we measure our own business. However, Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures and may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues should not be construed as a substitute for net income determined in accordance with IFRS or other non-GAAP measures that may be used by other companies, such as EBITDA. The use of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues does have limitations. As these acquisition-related expenses charges may continue as we pursue our consolidation strategy, some investors may consider these charges and expenses as a recurring part of operations rather than expenses that are not part of operations.

Cautionary Note Regarding Forward Looking Information

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.

Forward-Looking Statements: Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to proposed activities, consolidation strategy and future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.  Such factors include, among others the limited history of operations, lack of profitability, availability of financing, the need for additional financing and the timing and amount of expenditures,  information pertaining to strategy, plans, or future financial performance, such as statements with respect to future revenues, EBITDA, cash flows and other statements that express management’s expectations or estimates of future performance, the anticipated timing of future cash flow and positive EBITDA, ability to successfully execute on corporate strategies, the failure to find economically viable acquisition targets, funding for internally developed technology solutions, client retention and attrition, client demands, reliance on key personnel, economic spending in the IT industry and technological changes in the IT industry. 

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: changes in technology, customer markets and demand for the Company’s services; the efficacy of the Company’s software and product offering; sales and margin risk; acquisition and integration risks; dependence on economic and market conditions including, but not limited to, access to equity or debt capital on favourable terms if required; changes in market dynamics including business relationships and competition; information system risks; risks associated with the introduction of new products; product design risk; risks related to the Company being a holding company; environmental risks; customer and vendor risks; credit risks; tax and insurance related risks; risks of legislative changes; risks relating to remote operations; key executive risk; risk of litigation risks; risks related to contracts with third party service providers; risks related to the enforceability of contracts; risks related to general economic, market and business conditions, including, but not limited to, the ongoing impact of the COVID-19 pandemic; the limited operating history of the Company; reliance on the expertise and judgment of senior management of the Company; risks related to proprietary intellectual property and potential infringement by third parties; risks relating to financing activities including leverage; risks relating to the management of growth; increased costs associated with the Company becoming a publicly traded company; increasing competition in the industry; risks relating to energy costs; reliance on key inputs, suppliers and skilled labour; cyber-security risks; risks related to quantifying the Company’s target market; risks related to industry growth and consolidation; fraudulent activity by employees, contractors and consultants; conflicts of interest; risks related to the cost structures of certain projects; risks relating to certain remedies being limited and the difficulty of enforcement of judgments and effect service outside of Canada; risks related to future dispositions; sales by existing shareholders; the limited market for securities of the Company; price volatility of the common shares of the Company; no guarantee regarding use of available funds; currency fluctuations; and those factors described under the heading “Risks Factors” in the company’s annual information form dated May 15, 2020 available on SEDAR. Although the forward-looking statements contained in this news release are based upon what management of the company believes, or believed at the time, to be reasonable assumptions, the company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

 

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SOURCE Quisitive Technology Solutions Inc.

HOUSTON, Nov. 24, 2020 /PRNewswire/ — Summit Midstream Partners, LP (NYSE: SMLP) (the “Partnership”) announced today that it has amended its previously announced offer to purchase (the “Tender Offer”) for cash up to $25,000,000.00 aggregate purchase price of its 9.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Series A Preferred Units”).  For each Series A Preferred Unit that is accepted in the Tender Offer, the holder will receive $250.00 (the “Purchase Price”), a 25% increase over the initial offer of $200.00.  Assuming that the Tender Offer is fully subscribed, the number of Series A Preferred Units that will be purchased at the Purchase Price under the Tender Offer is 100,000.  Additionally, the Partnership has amended the Tender Offer to remove the condition that holders of at least 75,000 Series A Preferred Units validly tender (and not properly withdraw) their Series A Preferred Units prior to the Expiration Date (as defined below) (the “Minimum Tender Condition”). Pursuant to the Partnership’s removal of the Minimum Tender Condition, the Tender Offer is no longer conditioned upon the tender of a minimum amount of Series A Preferred Units. 

There are no other material changes to the Tender Offer, which is still scheduled to expire at 11:59 p.m., New York City time, on December 9, 2020, unless extended (the “Expiration Date”). The Partnership will pay the Purchase Price for each Series A Preferred Unit it purchases promptly after the Expiration Date and the acceptance of the Series A Preferred Units for purchase.

The complete terms and conditions of the Tender Offer will be set forth in the Offer to Purchase and related Letter of Transmittal that are filed with the U.S. Securities and Exchange Commission (the “SEC”) under cover of Schedule TO-I and TO-I/A. Copies of the Offer to Purchase and Letter of Transmittal may be found on the SEC’s website at www.sec.gov, the Partnership’s website at www.summitmidstream.com or may be obtained from the Tender and Information Agent, D.F. King & Co., Inc., at 800-669-5550 (toll free) for unitholders, 212-269-5550 for banks and brokers or [email protected].

THIS PRESS RELEASE IS NEITHER AN OFFER TO PURCHASE NOR A SOLICITATION OF AN OFFER TO SELL ANY SERIES A PREFERRED UNITS. THIS PRESS RELEASE IS NOT A SOLICITATION FOR ACCEPTANCE OF THE TENDER OFFER. THE PARTNERSHIP IS MAKING THE TENDER OFFER ONLY BY, AND PURSUANT TO THE TERMS OF THE OFFER TO PURCHASE, THE LETTER OF TRANSMITTAL AND OTHER RELATED DOCUMENTS FILED WITH THE SEC, AS AMENDED AND SUPPLEMENTED. THE TENDER OFFER IS NOT BEING MADE IN ANY JURISDICTION IN WHICH THE MAKING OR ACCEPTANCE THEREOF WOULD NOT BE IN COMPLIANCE WITH THE SECURITIES, BLUE SKY OR OTHER LAWS OF SUCH JURISDICTION. NONE OF THE PARTNERSHIP, OUR GENERAL PARTNER, ITS BOARD OF DIRECTORS, OFFICERS OR EMPLOYEES OR THE TENDER AND INFORMATION AGENT FOR THE TENDER OFFER MAKES ANY RECOMMENDATION IN CONNECTION WITH THE TENDER OFFER. THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER, SOLICITATION OR SALE IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE IS UNLAWFUL.

About Summit Midstream Partners, LP

SMLP is a value-driven limited partnership focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in unconventional resource basins, primarily shale formations, in the continental United States.  SMLP provides natural gas, crude oil and produced water gathering services pursuant to primarily long-term and fee-based gathering and processing agreements with customers and counterparties in six unconventional resource basins: (i) the Appalachian Basin, which includes the Utica and Marcellus shale formations in Ohio and West Virginia; (ii) the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; (iii) the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming; (iv) the Permian Basin, which includes the Bone Spring and Wolfcamp formations in New Mexico; (v) the Fort Worth Basin, which includes the Barnett Shale formation in Texas; and (vi) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado.  SMLP has an equity investment in Double E Pipeline, LLC, which is developing natural gas transmission infrastructure that will provide transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas.  SMLP also has an equity investment in Ohio Gathering, which operates extensive natural gas gathering and condensate stabilization infrastructure in the Utica Shale in Ohio.  SMLP is headquartered in Houston, Texas.

Forward-Looking Statements

This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws, including, without limitation, information concerning completion of the Tender Offer, the terms and timing of the Tender Offer, and the impact of completion of the Tender Offer. The Partnership may modify the terms or timing of the Tender Offer with requisite notice.  Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements and may contain the words “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will be,” “will continue,” “will likely result,” and similar expressions, or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.”  Forward-looking statements also contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management’s control) that may cause SMLP’s actual results in future periods to differ materially from anticipated or projected results.  An extensive list of specific material risks and uncertainties affecting SMLP is contained in its 2019 Annual Report on Form 10-K filed with the SEC on March 9, 2020, Quarterly Report on Form 10-Q for the three months ended March 31, 2020 filed with the SEC on May 8, 2020, Quarterly Report on Form 10-Q for the three months ended June 30, 2020 filed with the SEC on August 10, 2020 and Quarterly Report on Form 10-Q for the three months ended September 30, 2020 filed with the SEC on November 6, 2020, each as amended and updated from time to time. Any forward-looking statements in this press release are made as of the date of this press release and SMLP undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.

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SOURCE Summit Midstream Partners, LP

ANNAPOLIS, Md., Nov. 24, 2020 /PRNewswire/ — Severn Bancorp, Inc. (the Company) (NASDAQ: SVBI), the parent company of Severn Bank (the Bank) announced that the Board of Directors approved a cash dividend to its shareholders. The cash dividend of four cents($0.04) per share of common stock will be payable on December 15, 2020 to shareholders of record at the close of business on December 8, 2020.

Alan J. Hyatt, President and Chief Executive Officer said, “We are pleased to announce our fourth quarterly dividend at the close of a year unlike any other. We not only survived a roller-coaster market, but also an economic challenge requiring quick pivoting and constant  thoughtful action. We have also continuously increased both personal and business accounts while generating substantial residential mortgage originations to keep Severn Bank strong, and reached out to our community to remain relevant and distinctive. Our priority continues to be delivering shareholder value and positioning the company for continued success and strength.”

About Severn Bank: Founded in 1946, Severn is a full-service community bank offering a wide array of personal and commercial banking products as well as residential and commercial mortgage lending. It has seven branches located in Annapolis, Crofton, Edgewater, Glen Burnie, Lothian/Wayson’s Corner, and Severna Park. The bank specializes in exceptional customer service and holds itself and its employees to a high standard of community contribution. Severn is on the Web at www.severnbank.com.

Forward Looking Statements

In addition to the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties that may be affected by various factors that may cause actual results to differ materially from those in the forward-looking statements. The forward-looking statements contained herein include, but are not limited to, those with respect to management’s determination of the amount of loan loss reserve and statements about the economy. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “will,” “would,” “could,” “should,” “guidance,” “potential,” “continue,” “project,” “forecast,” “confident,” and similar expressions are typically used to identify forward-looking statements. Severn’s operations and actual results could differ significantly from those discussed in the forward-looking statements. Some of the factors that could cause or contribute to such differences include, but are not limited to, changes in the economy and interest rates both in the nation and in Severn’s general market area, federal and state regulation, competition and other factors detailed from time to time in Severn’s filings with the Securities and Exchange Commission (the “SEC”), including “Item 1A. Risk Factors” contained in Severn’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019.

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SOURCE Severn Bancorp, Inc.

SEATTLE, Nov. 24, 2020 /PRNewswire/ — Nordstrom, Inc. (NYSE: JWN) today reported third quarter results, which reflected sequential improvement in sales and earnings relative to the prior quarter. The Company generated earnings before interest and taxes (EBIT) of more than $100 million, supported by improved merchandise margin trends and benefits from resetting its cost structure. Earnings per diluted share of $0.34 included an income tax benefit of $0.12 related to the CARES Act.

For the third quarter ended October 31, 2020, net sales decreased 16 percent from last year and included a positive impact of approximately 10-percentage points due to the shift of the Nordstrom Anniversary Sale from the second quarter to the third quarter this year. Digital sales of $1.6 billion accounted for 54 percent of Nordstrom’s business. 

“Our ability to significantly strengthen our financial flexibility early in the pandemic was key to delivering operating profitability of more than $100 million and cash flow of more than $150 million in the third quarter,” said Erik Nordstrom, chief executive officer of Nordstrom, Inc.

“We also unlocked new ways to better serve customers on their terms with greater convenience and connection, including expansion of our online order pickup services to nearly 350 locations across both Nordstrom and Nordstrom Racks.”

“We are thankful for our team’s dedication to serving customers in new and differentiated ways,” said Pete Nordstrom, president and chief brand officer of Nordstrom, Inc. “By working with our vendor partners, we have made quick adjustments to ensure a great holiday offering for our customers. We are encouraged by the positive momentum and expect continued progress in the fourth quarter and into 2021.”

The direct link to the Company’s third quarter earnings press release is here. Complete quarterly financial results can be found in the investor relations section of Nordstrom’s website at investor.nordstrom.com/financial-information/quarterly-results. 

CONFERENCE CALL INFORMATION

The Company’s senior management will host a conference call to provide a business update and to discuss third quarter 2020 financial results at 4:45 p.m. Eastern Standard Time today. To listen to the live call online and view the speakers’ prepared remarks and the conference call slides, visit the Investor Relations section of the Company’s corporate website at http://investor.nordstrom.com. An archived webcast with the speakers’ prepared remarks and the conference call slides will be available in the Quarterly Results section for one year. Interested parties may also dial 201-689-8354. A telephone replay will be available beginning approximately three hours after the conclusion of the call by dialing 877-660-6853 or 201-612-7415 and entering Conference ID 13712750, until the close of business on December 1, 2020.

ABOUT NORDSTROM

Nordstrom, Inc. is a leading fashion retailer based in the U.S. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 357 stores in 40 states, including 100 full-line stores in the United States and Canada; 249 Nordstrom Rack stores; two clearance stores; and six Nordstrom Local service hubs. Additionally, customers are served online through Nordstrom.com, Nordstrom.ca, Nordstromrack.com, HauteLook.com and TrunkClub.com. Nordstrom, Inc.’s common stock is publicly traded on the NYSE under the symbol JWN.

 

 

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SOURCE Nordstrom, Inc.

ENGLEWOOD, Colo., Nov. 24, 2020 /PRNewswire/ — WOW! Internet, Cable & Phone (NYSE: WOW), a leading broadband provider in the United States, announced today that it will be participating in the following upcoming virtual investor conferences:

Tuesday, December 1, 2020 at 11:30 AM EST: Credit Suisse 24th Annual Technology Conference

Tuesday December 8, 2020 at 12:05 PM EST: UBS Global TMT Virtual Conference

A live webcast of each presentation will be available on the company’s investor relations website at ir.wowway.com.   

About WOW! Internet, Cable & Phone
WOW! is one of the nation’s leading broadband providers, with an efficient, high-performing network that passes three million residential, business and wholesale consumers. WOW! provides services in 19 markets, primarily in the Midwest and Southeast, including Illinois, Michigan, Indiana, Ohio, Maryland, Alabama, Tennessee, South Carolina, Florida and Georgia. With an expansive portfolio of advanced services, including high-speed Internet services, cable TV, phone, business data, voice, and cloud services, the company is dedicated to providing outstanding service at affordable prices. WOW! also serves as a leader in exceptional human resources practices, having been recognized by the National Association for Business Resources’ for six years as a Best & Brightest Company to Work For, winning the award for the last two consecutive years. Visit wowway.com for more information.

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SOURCE WideOpenWest, Inc.

SAN RAFAEL, Calif., Nov. 24, 2020 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today announced the completion of its acquisition of Oslo, Norway-based Spacemaker for $240 million net of cash, representing Autodesk’s thirteenth investment in design and construction solutions providers in three years, including five acquisitions.

Spacemaker helps architects and urban designers maximize developers’ long-term property investments and realize the full potential of the site by enabling them to quickly generate, optimize and iterate on design options taking into consideration design criteria and data like terrain, maps, wind, lighting, traffic, zoning, etc. Further, supporting the effort to combat climate change, Spacemaker offers designers and developers the ability to consider sustainability options from the start.

The acquisition of Spacemaker provides Autodesk with a powerful platform to drive modern, user-centric automation and accelerate outcome-based design capabilities for architects, and urban designers and planners.

Customers of Spacemaker have seen remarkable results decreasing project costs and increasing the value of their developments:

• A large European developer saved a year on the planning phase of a residential development project.
• A large Nordic developer was able to increase density by 16% while improving the number of apartments with a sea view by 33%, which could be worth more than €8 million.
• A large architecture firm improved productivity by 50% in early-phase development projects.
• A large construction firm increased density on a site by about 4%, which added an extra 900m² amounting to an extra €4.5 million.

“I am proud to officially welcome the Spacemaker team to the Autodesk family,” said Andrew Anagnost, CEO of Autodesk. “Now we get to the important work of developing the integration roadmap between Spacemaker and our existing design portfolio and introducing the Spacemaker team to our architecture customers worldwide.”

“From the outset, Autodesk demonstrated great appreciation for Spacemaker’s team, technology and vision, which made the decision to become a part of Autodesk a straight-forward one,” said Håvard Haukeland, CEO and co-founder of Spacemaker. “We appreciate those customers who embraced Spacemaker early on, and we look forward to not only deepening those relationships but to creating new partnerships with design teams around the world.”

“Bouygues Immobilier is committed to being one of the most climate-conscious real estate development firms in the world requiring an ever-evolving exploration of digital tools to support the effort,” said Pascal Minault, Chairman of Bouygues Immobilier. “Spacemaker is one such tool which allows us to design and build in a way which reflects our corporate values.”

About Autodesk
Autodesk makes software for people who make things. If you’ve ever driven a high-performance car, admired a towering skyscraper, used a smartphone, or watched a great film, chances are you’ve experienced what millions of Autodesk customers are doing with our software. Autodesk gives you the power to make anything. For more information visit autodesk.com or follow @autodesk.

Autodesk and the Autodesk logo are registered trademarks or trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and services offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.

Safe Harbor Statement

This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding the integration of Spacemaker and the impact of the transaction on Autodesk’s and Spacemaker’s products and services capabilities, customers, and partners.

Factors that could cause actual results to differ materially include the following: Autodesk’s ability to successfully integrate Spacemaker’s business; costs related to the acquisition; whether the building infrastructure and design industry grows as anticipated; the competitive environment in the building infrastructure and design industry and competitive responses to the acquisition; Autodesk and Spacemaker’s success developing new products or modifying existing products and the degree to which these gain market acceptance; general market and business conditions; and any unanticipated impact of accounting for acquisition.

Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk’s Form 10-K and subsequent Forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims 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.

We may make statements regarding planned or future development efforts for our existing or new products and services. These statements are not intended to be a promise or guarantee of future delivery of products, services or features but merely reflect our current plans, which may change. Purchasing decisions should not be made based upon reliance on these statements. The Company assumes no obligation to update these forward-looking statements to reflect events that occur or circumstances that exist or change after the date on which they were made.

 

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SOURCE Autodesk, Inc.