Market Newsdesk

TORONTO, Nov. 23, 2020 /PRNewswire/ — Quisitive Technology Solutions Inc. (“Quisitive” or the “Company”) (TSXV: QUIS), a premier Microsoft Solutions Provider, joins Microsoft’s latest Cloud Native Accelerate Program (“Program”), an initiative designed for select partners that already provide cloud-native application development services to enhance or extend their existing practices on Azure, a public cloud computing platform.

As part of the prestigious and exclusive Program, companies that are accepted will directly partner with Microsoft and have the opportunity to unlock growth potentials that accelerate their capabilities within the Azure cloud. Microsoft will provide its partners with onboarding support, technical enablement, and opportunities to sell in Microsoft marketplaces with its very own sales teams. More specifically, they will be able to leverage the best-in-class go-to-market expertise, have the ability to tap into one of the industry’s largest customer base, and will be given access to the Azure Cloud Native Partner Community, which provides networking opportunities with Microsoft engineers, sales teams, and other partners.

In order to remain in the Program, Microsoft partners are also expected to uphold certain responsibilities and expectations, a number of which Quisitive has already initiated thanks to its pre-existing relationship with Microsoft. Partners of the Program are required to: meet the requirements for Advanced Specialization within 12 months, have planning sessions and go-to-market activities with Microsoft One Commercial Partners and sellers, and create a new published offering. Thanks to Quisitive’s prior involvement and engagement with Microsoft, the Company was able to seamlessly enter into the Program.

“Our acceptance into the Cloud Native Accelerate Program further expands the scope of our existing robust strategic partnership with Microsoft,” said Quisitive SVP of Solution Development Steven Balusek. “The requirements and events of the Program highlight the work we have already been collaborating with Microsoft on for the past few years, which inevitably gives us a “head start” relative to the partners that are just now starting their engagement. Not only does this initiative provide us with additional resources from Microsoft, but it also gives our team incremental insight into helping customers accelerate their journey into the cloud. Quisitive remains the partner of choice for our customers when it comes to native cloud development, and we look forward to further augmenting our capabilities and customer base through our synergistic partnership with Microsoft.”

About Quisitive:
Quisitive (TSXV: QUIS) is a premier Microsoft solutions provider that helps enterprises move, operate, and innovate in the Microsoft cloud: Microsoft Azure, Microsoft Dynamics, and Microsoft 365. Quisitive also provides proprietary SaaS solutions such as CRG emPerform™ and LedgerPay that complement the Microsoft platform. Quisitive serves clients globally from offices in the U.S and Canada. For more information, visit www.Quisitive.com and follow @BeQuisitive.

About Microsoft:
Microsoft (@microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.

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SOURCE Quisitive

YOKNEAM, Israel, Nov. 23, 2020 /PRNewswire/ — On Track Innovations Ltd. (“OTI”) (OTCQX: OTIVF) (the “Company” or “OTI“), a global provider of near field communication (NFC) and cashless payment solutions, today provided a business update and announced financial results for the third quarter ended September 30, 2020.

Management
 Commentary

Mr. Yehuda Holtzman, OTI’s CEO, commented, “The results of the quarter continued to be impacted by the COVID-19 pandemic and the various lockdown measures taken in the geographies in which we operate. Specifically in Poland, the recent deterioration in the pandemic situation in that country has led to an almost complete stop to our Mass Transit Ticketing sales business, negatively impacting our cash flow. We are looking at various options to address the Company’s cash needs, including measures we are taking to cut costs and raise funds.”

Continued Mr. Holtzman, “While not yet expressed in our financial results, our new sales strategy of strengthening our presence in key regions is beginning to bear fruit, which makes us incrementally optimistic for the long-term. During the nine months ended September 30, 2020, we saw an almost 60% year-over-year increase in our Retail related revenues due the cashless and non-physical nature of our products. Barring a worsening of the current pandemic crisis, and subject to successfully increasing our cash as necessary to continue as a going-concern in the short term, we believe that our Retail activity will continue to present solid results alongside a recovery post COVID-19 in our Mass Transit Ticketing sales, which should lead to sales growth during 2021.”

Third quarter 2020 Financial Results Summary

• Revenues in the quarter were $3.6 million, reflecting a 6% decline compared to $3.9 million in the third quarter of 2019. Licensing and transaction fees were $0.8 million, compared to $1.2 million in the third quarter of last year.
• Gross profit for the quarter was $1.5 million (41% of revenue), compared to $1.7 million (44% of revenue) in the same year ago quarter. The decrease is mainly attributed to a change in the revenue mix and to the sharp decrease in Mass Transit Ticketing sales in the Polish market, as a result of the impact of the COVID-19 pandemic.
• Operating expenses totaled $3.0 million in the quarter, compared to operating expenses of $2.8 million in the same year-ago quarter. Operating expenses for the quarter ended September 30, 2019 included a gain of $0.3 million related to the sale of a building by OTI’s South African subsidiary.
• Net loss was $1.6 million, compared to a net loss of $1.2 million in the same year-ago quarter.
• Adjusted EBITDA loss from continuing operations was $1.2 million in the quarter, compared to an adjusted EBITDA loss from continuing operations of $1.1 million in the same year-ago quarter, which reflects a gain of $0.3 million related to the sale of a building by OTI’s South African subsidiary.  
• As of September 30, 2020, the Company had cash and cash equivalents and short-term investments of $3.2 million.

Conference
 Call

Management will host a live investor conference call at 11:00 a.m. ET on November 23, 2020, to discuss OTI’s third quarter 2020 financial results, provide a corporate update, and conclude with a Q&A session taking live questions from participants as well as answering many of the previously submitted questions by investors.

To participate, please use the following information:   
U.S. Dial-in: 1 888 281 1167  
International Dial-in: +972 3 918 0650  
Webcast: http://veidan-stream.com/otiq3-2020.html

Please dial in a few minutes before the start of the call and request to join the “On Track Innovations Earnings Conference Call” to ensure timely participation.

The conference call will also be available for replay by clicking on the above webcast link or via a link on the investor relations section of the Company’s website.

About On Track Innovations Ltd

On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. OTI’s field-proven innovations have been deployed around the world to address cashless payment, automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. For more information, visit www.otiglobal.com.

Safe Harbor / Forward-Looking Statements

This press release contains express or implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “will,” “look forward,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “believe,” “should,” “can” or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss, among others: the Company’s strategy, the Company’s cash needs and satisfaction thereof, the Company’s ability to continue as a going concern, that the measures that the Company takes in cutting expenses and raising funds will be successful, the Company’s optimism for the long term and the Company’s belief that its Retail activity will continue to present solid results alongside recovery post COVID-19 in its Mass Transit Ticketing sales which should lead to sales growth during 2021. Because such statements deal with future events and are based on OTI’s current expectations, they are subject to various risks and uncertainties and actual results, including those as a result of the current COVID-19 pandemic. Performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. Factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are stated under the captions “Risk Factors” in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q and other known and unknown uncertainties and risk factors including those detailed from time to time in the Company’s filings with the Securities and Exchange Commission.  Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements.

Use of Non-GAAP Financial Information

This press release contains certain non-GAAP measures, namely, adjusted EBITDA from continuing operations, or adjusted earnings from continuing operations before interest, income tax, depreciation and amortization. Adjusted EBITDA from continuing operations represents earnings before interest or financing expenses, income tax, depreciation and amortization, and further eliminates the effect of stock-based compensation expense and other income, net. OTI believes that adjusted EBITDA from continuing operations should be considered in evaluating the Company’s operations since it provides a clear indication of the Company’s operating results. This measure should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for the U.S. GAAP results. The non-GAAP measures included in this press release have been reconciled to the U.S. GAAP results in the table below.

 

 

 

 

 

 

 

 

 

 

* Less than $0.01 per ordinary share.

 

 

 

 

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SOURCE On Track Innovations Ltd. (OTI)

NEWARK, N.J., Nov. 23, 2020 /PRNewswire/ — Public Service Enterprise Group Incorporated (NYSE:  PEG) (“PSEG”) announced today that it is commencing a private exchange offer (the “Exchange Offer”) and related consent solicitation (the “Consent Solicitation”) with respect to the 8 5/8% senior notes due 2031 of PSEG Power LLC (PSEG Power LLC, “PSEG Power” and such notes, the “Power Notes”).

Pursuant to the Exchange Offer, PSEG is offering to issue, in a private offering to eligible noteholders, and for the consideration set forth in the table below, new notes (the “PSEG Notes”) in exchange for any and all (to the extent held by eligible noteholders) of the $500 million aggregate principal amount of the outstanding Power Notes.  In addition, pursuant to the Consent Solicitation, PSEG is soliciting consents from the eligible noteholders to amend the Power Notes and related indenture under which they were issued as it relates to the Power Notes (the “Subsidiary Indenture”).

The Exchange Offer and Consent Solicitation are being made upon the terms and subject to the conditions set forth in an Offer to Exchange and Consent Solicitation Statement dated November 23, 2020 (the “Offer to Exchange”), copies of which will be made available to holders of the Power Notes eligible to participate in the Exchange Offer.  The Exchange Offer and Consent Solicitation will expire at 11:59 p.m., New York City time, on December 21, 2020, unless such date is extended (such time and date, as they may be extended, the “Expiration Time”) or earlier terminated.  Tendered Power Notes may not be withdrawn and consents may not be revoked after 5:00 p.m., New York City time, on December 7, 2020, except as required by applicable law.  PSEG reserves the right to terminate, withdraw, amend and/or extend the Exchange Offer and Consent Solicitation in its sole discretion, subject to the terms and conditions set forth in the Offer to Exchange.

Upon the terms and subject to the conditions set forth in the Offer to Exchange, each eligible noteholder exchanging Power Notes in the Exchange Offer will receive, in exchange for the Power Notes validly tendered and not validly withdrawn, newly issued PSEG Notes having the same interest payment and maturity dates and interest rate as the Power Notes exchanged.  Eligible noteholders who validly tender and do not validly withdraw their tendered Power Notes by 5:00 p.m., New York City time, on December 7, 2020 (such time and date, as they may be extended, the “Early Tender Deadline”) will receive, upon the terms and subject to the conditions set forth in the Offer to Exchange, PSEG Notes in the same principal amount as the Power Notes tendered therefor.  Eligible noteholders who validly tender their Power Notes after the Early Tender Deadline, but on or prior to the Expiration Time, will receive $970 principal amount of the PSEG Notes per $1,000 principal amount of Power Notes validly tendered (the “Exchange Consideration”).  Settlement of the Exchange Offer is expected to occur on or about December 23, 2020, unless PSEG extends the Expiration Time or terminates the Exchange Offer.  Interest on each PSEG Note will accrue from (and including) October 15, 2020, the last interest payment date on which interest was paid on the Power Note tendered in exchange for such PSEG Note, and, accordingly, no accrued interest will be paid on the settlement date in respect of Power Notes accepted for exchange, except as set forth in the Offer to Exchange with respect to cash paid in lieu of PSEG Notes not delivered.

The PSEG Notes will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.  If the principal amount of PSEG Notes validly tendered that would otherwise be required to be delivered in exchange for a tender of Power Notes would not equal $2,000 or an integral multiple of $1,000 in excess thereof, it will be rounded down to $2,000 or the nearest integral multiple of $1,000 in excess thereof, and PSEG will pay cash equal to the remaining portion of the Exchange Consideration for such Power Notes plus accrued and unpaid interest with respect to that portion.  No tender of Power Notes will be accepted, however, if it would result in the issuance of less than $2,000 principal amount of PSEG Notes. 

PSEG’s obligation to accept and exchange the Power Notes validly tendered pursuant to the Exchange Offer is subject to customary conditions, as set forth in the Offer to Exchange.  The Exchange Offer and Consent Solicitation are not conditioned upon the tender of any minimum aggregate principal amount of the Power Notes being validly tendered for exchange or the receipt of the requisite consents in the Consent Solicitation to adopt the proposed amendments.

In the Consent Solicitation, PSEG is soliciting the consents of the eligible noteholders to amend the Power Notes and the Subsidiary Indenture with respect to the Power Notes to eliminate substantially all of the restrictive covenants and certain of the other covenants and events of default.  Consents of the holders of not less than a majority in aggregate principal amount of all outstanding Power Notes must be obtained for the amendments to the Power Notes and the Subsidiary Indenture with respect to the Power Notes to be effective.  Eligible noteholders validly tendering their Power Notes will be deemed to have validly delivered consents to the proposed amendments with respect to such tendered Power Notes.  Eligible noteholders will not be permitted to tender their Power Notes without delivering consents or to deliver consents without tendering their Power Notes.

This press release is issued pursuant to Rule 135c under the Securities Act of 1933, as amended (the “Securities Act”).  This press release is neither an offer to sell nor the solicitation of an offer to buy the PSEG Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful.  The Exchange Offer has not been and will not initially be registered under the Securities Act, or the securities laws of any other jurisdiction.  The PSEG Notes will be issued in reliance upon exemptions from, or in transactions not subject to, registration under the Securities Act.  The PSEG Notes will be offered for exchange only (1) to qualified institutional buyers as defined in Rule 144A under the Securities Act in reliance on the exemption provided by Section 4(a)(2) of the Securities Act and (2) outside the United States to persons other than U.S. persons (each as defined in Rule 902 under the Securities Act) in reliance upon Regulation S under the Securities Act and (3) in any Relevant Member State (any member state of the European Economic Area) or in the United Kingdom, to persons who are qualified investors (as defined in Regulation (EU) 2017/1129).  The PSEG Notes may not be offered, sold, pledged or otherwise transferred in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.

The Exchange Offer and Consent Solicitation are being made only pursuant to the Offer to Exchange.  The Offer to Exchange and other documents relating to the Exchange Offer and Consent Solicitation will be distributed only to holders who confirm that they are within the categories of eligible participants in the Exchange Offer.  None of PSEG, PSEG Power, PSEG’s other subsidiaries, any of their respective directors or officers, the dealer managers and solicitation agents, the exchange agent, the information agent, any trustee for the PSEG Notes or the Power Notes, their respective affiliates, or any other person is making any recommendation as to whether holders should tender their Power Notes in the Exchange Offer.

Holders who desire a copy of the eligibility letter should contact Global Bondholder Services Corporation, the information agent for the Exchange Offer and Consent Solicitation, at (866) 470-3800 (U.S. Toll-free).  Banks and brokers should call (212) 430-3774.  The eligibility letter may also be found here:  https://gbsc-usa.com/eligibility/pseg.  Global Bondholder Services Corporation will also provide copies of the Offer to Exchange to eligible noteholders.

In connection with the Exchange Offer and as described in greater detail in the Offer to Exchange, PSEG will enter into a registration rights agreement, pursuant to which PSEG will be obligated to use commercially reasonable efforts to file with the U.S. Securities and Exchange Commission (the “SEC”) and cause to become effective a registration statement with respect to an offer to exchange the PSEG Notes for new notes and to use commercially reasonable efforts to file a shelf registration statement to cover resales of the PSEG Notes under the Securities Act in the event that PSEG determines that a registered exchange offer is not available or may not be completed.

This press release, the Offer to Exchange and any other documents or materials relating to the Exchange Offer and Consent Solicitation may only be communicated to persons in the United Kingdom in circumstances where Section 21 of the Financial Services and Markets Act 2000 (the “FSMA”) does not apply.  Accordingly, this press release and the Offer to Exchange are only for circulation to (i) persons who are outside the United Kingdom, (ii) investment professionals falling within Article 19(5) of the FSMA (Financial Promotion) Order 2005, as amended (the “Financial Promotion Order”), (iii) high net worth entities, and other persons to whom the communication may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Financial Promotion Order, (iv) persons falling within Article 43(2) of the Financial Promotion Order, or (v) other persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) in connection with the communication may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to for purposes of this paragraph as “relevant persons”).  The PSEG Notes will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such PSEG Notes will be engaged in only with, relevant persons.  Any person who is not a relevant person should not act or rely on the Offer to Exchange or any of its contents and may not participate in the Exchange Offer.

The complete terms and conditions of the Exchange Offer and Consent Solicitation are set forth in the Offer to Exchange.  The Exchange Offer is only being made pursuant to the Offer to Exchange.  The Exchange Offer is not being made to holders of Power Notes 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. The Exchange Offer has not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the Offer to Exchange.

About PSEG

Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees.  Headquartered in Newark, N.J., PSEG’s principal operating subsidiaries are:  Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island.  PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 13 consecutive years.

Forward-Looking Statement

This press release may contain statements about our and our subsidiaries’ future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. Such forward-looking statements are based on management’s beliefs as well as assumptions made by and information currently available to management.  When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to identify forward-looking statements.  Factors that may cause actual results to differ materially are often presented by the forward-looking statements themselves.  Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the SEC, including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K.

CONTACTS:

Investor Relations
[email protected]
973-430-6565  

Media Relations
[email protected]  
908-531-4253

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SOURCE PSEG

BEIJING, Nov. 23, 2020 /PRNewswire/ — Xinyuan Real Estate Co., Ltd. (“Xinyuan” or “the Company”) (NYSE: XIN), an NYSE-listed real estate developer and property manager, today announced that it will release its unaudited financial results for the third quarter on Friday, November 27, 2020, before the U.S. market opens.

Xinyuan’s management team will host an earnings conference call to discuss its third quarter 2020 financial results on Friday, November 27, 2020 at 8:00am ET, listeners may access the call by dialing:

 

 

A replay of the conference call may be accessed by phone at the following numbers until December 4, 2020:

 

 

A live and archived webcast of the conference call will be available at http://ir.xyre.com

A live broadcast will be also available at Roadshowing and FUTU platform, the links are as follows:

https://www.roadshowing.com/roadshowing/info.html?id=31611

https://q.futunn.com/nnq/detail?id=105258217242628

About Xinyuan Real Estate Co., Ltd.

Xinyuan Real Estate Co., Ltd. (“Xinyuan”) is an NYSE-listed real estate developer and property manager primarily in China and recently in other countries. In China, Xinyuan develops and manages large scale, high quality real estate projects in over ten tier one and tier two cities, including Beijing, Shanghai, Tianjin, Zhengzhou, Jinan, Qingdao, Chengdu, Xi’an, Suzhou, Dalian, Zhuhai and Foshan. Xinyuan was one of the first Chinese real estate developers to enter the U.S. market and over the past few years has been active in real estate development in New York. Xinyuan aims to provide comfortable and convenient real estate related products and services to middle-class consumers. For more information, please visit http://www.xyre.com.

Investor Contact:

For more information, please contact:

In China:

Xinyuan Real Estate Co., Ltd.
Mr. Charles Wang
Investor Relations Director
Tel: +86 (10) 8588-9376
Email: [email protected]

The Blueshirt Group                                                                 
Ms. Susie Wang
Mobile: +86 (138) 1081-7475
Email: [email protected]

In the United States:

The Blueshirt Group
Ms. Julia Qian
Email: [email protected]

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SOURCE Xinyuan Real Estate Co., Ltd.