State

MedTainer Issues Great Q: North American Picture Emerges

Recreation - 13 November 2018 - 8:30am

CORONA, Calif., Nov. 13, 2018 (GLOBE NEWSWIRE) -- MedTainer™ Inc. (MDTR-OTCMARKETS) published their 3rd Quarter 10-Q today and report that gross sales in the quarter have increased approximately 22% compared to 3rd Quarter, 2017. This reflects the growing confidence that many of the licensed cannabis producers in Canada now have in the MedTainer and the MedX two-way humidity pack, offering a solution to the rigorous compliant packaging regulations in that country. Moreover, despite massive investment in infrastructure and preparation for steadily growing orders of Its’ signature product, the MedTainer™, operation losses in the last nine months of 2018 were approximately 1% year-over-year while amortizing the purchase of the MedTainer asset of $50,706 for the year.

The purchase of the entire MedTainer intellectual property portfolio, the purchase of new equipment, doubling the floor space of the factory and landing new business have conservatively increased the published value of the company by $2.5M as of September 30, 2018.

The 10-Q comes on the heels of the announcement that the Mexican ruling party has submitted legislation that would legalize cannabis for recreational use. MedTainer Inc. already has a distribution network set up in that country and is prepared to fully exploit the opportunity once the legislation becomes law. Inevitably, and as early as this spring, the US will change the current designation of cannabis and the entire North American continent will become the largest cannabis market in the world. As is shown in the 10-Q, MedTainer Inc. is perfectly positioned to become the lawful, safe and compliant packaging solution for that market.

For investor or sales information please visit MedTainer Inc. and D&C Distributors online or by phone. The company is located in their production and distribution facility at 1620 Commerce St. Corona, California, 92880.

MedTainer Inc. trades on the OTC under the call letters MDTR. The company’s websites are www.Medtainerinc.com for the hospice and palliative care industry and www.themedtainer.com for the recreational and medical marijuana industry. Orders for Acology products can be taken online and by phone. Custom orders are especially welcome.  Please send all inquiries to info@MedTainerinc.com or call 844-226-5649. Ask for Jack Rein, National Services Director.  MedTainer Inc. can also be accessed through Twitter and Instagram at @MedTainerinc

This press release includes statements that are covered by the Private Securities Litigation Reform Act of 1995. Because such statements deal with future events they are subject to risks and uncertainties and actual results for fiscal year 2016 and beyond could differ materially from the company’s current expectations. Forward-looking statements are identified by such words as “anticipates”, “projects”, “expects”, “planned”, “intends” and “believes” “estimate” “targets” and other similar expressions that indicate trends and future events. It is understood that investment entails risk on the part of the investor and could result in the loss of some or all his or her investment. 

Categories: State

Enphase Energy Rolls Out Service Program for Early Adopters

Oil - 13 November 2018 - 8:00am

FREMONT, Calif., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ:ENPH), a global energy technology company and the world’s leading supplier of solar microinverters, today announced that over 1,000 homeowners have joined the Enphase Upgrade Program, a program that gives homeowners several options for upgrading to the latest, more efficient and reliable seventh-generation microinverter technology from Enphase. The program is for warranty holders of legacy Enphase microinverters and represents the company’s commitment to quality and service. Participation is optional, and Enphase continues to stand by the warranties for products in the field.

“As a longtime Enphase solar installation contractor, we are excited about supporting both existing and new customers on their paths to upgrading their solar systems to the latest Enphase technology through this program,” said Chaz Mathias, co-owner and chief operating officer of First Response Solar. “This is a great opportunity for us to improve the experience some of the earliest Enphase customers have with clean home energy. We’re getting enthusiastic responses from all kinds of homeowners who have chosen to participate in the upgrade program.”

"I was psyched when Enphase first approached us about upgrading to their latest technology for our 7-year-old solar system,” said Mark Obergfell, a Santa Rosa, California homeowner. “Enphase introduced us to Chaz, and he’s helped us breathe new life into our solar system with new micros we now also have the peace of mind of a new warranty. I’ve never seen a company offer this kind of program for a major home appliance, but I think more of them should, especially when it comes to new, cutting-edge products.”

The Enphase Upgrade Program is a close collaboration between Enphase, homeowners and solar installation contractors around the country. Enphase reaches out directly to eligible homeowners and upon confirmation, pairs up the homeowner with a local solar installation contractor. Since the commercial introduction of the first Enphase Microinverter in 2008, the company has made significant advancements in microinverter design, efficiency and reliability. Tens of millions of test-cycle hours have advanced product performance and reliability to best-in-class levels. Program details are available in Enphase installer and homeowner webinars.

“A major side effect of solar installation companies exiting the business is that it leaves customers in the lurch, without support for their systems,” said Stephen Pelton, co-owner of EcoSmart Home Services. “Since EcoSmart is an Enphase installation contractor, Enphase is now introducing us to these homeowners through the upgrade program, and we have the pleasure of introducing them to the latest generation of solar products. It also helps that Enphase offers participating installers a two-year window during which they will reimburse us for rolling a truck and replacing an upgraded micro, should one fail; that’s a fair policy.”

“Enphase is one of many Silicon Valley companies with a history of delivering groundbreaking innovation,” said JD Dillon, vice president of marketing of Enphase Energy. "We want to show our appreciation to the homeowners who embraced our products early on and reward them for placing their bets with us. I’m proud that Enphase is now able to offer this service program on a broad scale.”

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company, delivers smart, easy-to-use solutions that connect solar generation, storage and management on one intelligent platform. The Company revolutionized solar with its microinverter technology and produces the world’s only truly integrated solar plus storage solution. Enphase has shipped more than 18 million microinverters, and over 820,000 Enphase systems have been deployed in more than 120 countries. For more information, visit www.enphase.com/  and follow the company on Facebook, LinkedIn and Twitter.

Enphase Energy®, the Enphase logo and other trademarks or service names are the trademarks of Enphase Energy, Inc.

Forward-Looking Statements

This press release may contain forward-looking statements, including statements related to Enphase Energy's: continued growth prospects; timeline for introduction of new products; and ability to create value for our employees, customers, shareholders, partners, and vendors. These forward-looking statements are based on the company's current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties and other risks detailed in the "Risk Factors" and elsewhere in Enphase Energy's latest Securities and Exchange Commission filings and reports. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Images Available: http://go.enphase.com/enphase-media-room

Contact: Christian Zdebel, pr@enphase.com, 484-788-2384

Categories: State

SAExploration Announces Third Quarter 2018 Unaudited Consolidated Financial Results

Oil - 13 November 2018 - 8:00am

HOUSTON, Nov. 13, 2018 (GLOBE NEWSWIRE) -- SAExploration Holdings, Inc. (NASDAQ: SAEX, OTCQB: SXPLW) today announced its financial results for the third quarter of 2018.

Third Quarter 2018 Summary

  • Revenue of $15.0 million, compared to $22.5 million in Q3 2017
  • Gross (loss) profit of $(4.0) million, or (26.9)% of revenues, compared to $1.5 million, or 6.6% of revenues, in Q3 2017
  • Adjusted gross (loss) profit, a non-GAAP measure, of $(1.1) million, or (7.2)% of revenues, compared to $4.3 million, or 19.1% of revenues, in Q3 2017
  • Net loss attributable to SAExploration of $25.3 million, compared to $13.8 million in Q3 2017
  • Adjusted EBITDA, a non-GAAP measure, of $(8.9) million, compared to $(1.2) million in Q3 2017
  • Contracted backlog of $173.2 million through 2019 and $383.7 million of bids outstanding as of September 30, 2018
  • Acquired substantially all of the assets of Geokinetics in a transformative and accretive transaction for $21.7 million, including transaction advisory fees and other acquisition costs
  • Recapitalized balance sheet and improved liquidity through series of transactions, including upsizing credit facility to $30.0 million, repaying $1.9 million of stub notes, and converting 8% Series A preferred stock into common stock and warrants
  • Further simplified capital structure and reduced interest expense through a private placement of $60.0 million 6% convertible notes due 2023 with proceeds used to repay certain existing credit facilities and provide working capital

Jeff Hastings, Chairman and CEO of SAE, commented, “As expected, activity in many of our markets remained historically low during the third quarter, due to the continued and sustained lack of exploration spending. However, despite the first nine months of 2018 being one of the most challenging periods in our history, I am encouraged by the effort put into formulating and executing the necessary changes to realign SAE’s business model and financial structure for long-term success. Beginning in January and ending in September, we initiated and completed a comprehensive strategy to further reduce our overall leverage and interest expense, enhance our liquidity, and effect much needed consolidation in a fragmented industry by opportunistically acquiring accretive assets. Even though we would always prefer to be busier at the field level, I believe these strategic initiatives could prove to be well timed if exploration spending increases, particularly given how soon we could deploy and benefit from our expanded and upgraded equipment profile.”

Mr. Hastings continued, “Looking forward, we are beginning to see some positive momentum with customers evaluating and approving new projects. As evidenced by our improved backlog, we currently expect to see higher than normal activity in the fourth quarter, which historically, has been a seasonally weak period for SAE. Most of this activity will result from active contracts in the Lower 48, as well as from the start of our recently-announced ocean-bottom marine project in Asia. As our customers continue to formulate their plans for 2019, we think it is possible that we could see some improvement in exploration spending return to a market driven almost exclusively by production-related spending. In particular, the ocean-bottom marine market appears to be the most active, with a large number of opportunities competing for limited available capacity in the nodal market. While the ocean-bottom marine market remains a relatively new market for SAE, we expect the overall healthy economic conditions to benefit our ability to compete and secure additional projects.”

Mr. Hastings concluded, “During the fourth quarter, we plan to continue the integration of the Geokinetics asset acquisition, which we expect will involve cost reductions and asset sales as we trim down to keep an efficient and productive equipment fleet without redundancies. We also continue to maintain our core focus on maximizing potential cash flow from ongoing and new projects. While we cannot control exploration spending, nor predict when growth may return, we are executing on a plan to put SAE in the best possible position to not only be sustainable in the current market environment, but to prosper in any broader recovery. We believe the strategic steps we have taken with the asset acquisition and the related capital structure transactions, along with the continued support of our employees and key stakeholders, will enable us to achieve our goal of leveraging SAE’s outstanding operational history to become a market leader in seismic data acquisition and processing services worldwide.”

Third Quarter 2018 Results

SAE reported revenues of $15.0 million for the third quarter of 2018, an 11.1% decrease from the second quarter of 2018 and a 33.2% decrease from the third quarter of 2017. The decrease from the second quarter of 2018 was due to fewer projects in Colombia offset by an increase in projects in North America. The decrease from the third quarter of 2017 was due to more projects in North America offset by fewer projects in Colombia.

SAE reported adjusted gross (loss) profit of $(1.1) million for the third quarter of 2018 compared to adjusted gross (loss) profit of $(2.8) million for the second quarter of 2018 and adjusted gross (loss) profit of $4.3 million for the third quarter of 2017. Adjusted EBITDA was $(8.9) million for the third quarter of 2018 compared to $(7.6) million for the second quarter of 2018 and $(1.2) million for the third quarter of 2017. Both adjusted gross loss and adjusted EBITDA in the third quarter of 2018 were negatively impacted by less favorable pricing when taking into account the fixed costs involved in our projects. Adjusted gross (loss) profit and adjusted EBITDA are non–GAAP financial measures and are described in the attached tables under “Non–GAAP Measures.”

For the third quarter of 2018, SAE reported a net loss of $25.3 million, or $27.80 basic and diluted loss per share, compared to a net loss of $33.3 million, or $44.90 basic and diluted loss per share for the second quarter of 2018. For the third quarter of 2017, SAE reported a net loss of $13.8 million, or $29.30 basic and diluted loss per share. 

As of September 30, 2018, cash and cash equivalents totaled $20.3 million, working capital was $14.1 million, total debt at face value, excluding net unamortized premiums or discounts, was $111.0 million, and total stockholders’ equity was $37.6 million.

Capital expenditures for the third quarter of 2018 were $0.3 million compared to $0.1 million in the third quarter of 2017. The low level of capital expenditures in both periods was primarily due to the continuation of unfavorable conditions in the oil and natural gas industry.

As of September 30, 2018, SAE’s backlog was $173.2 million and bids outstanding totaled $383.7 million. Please note, however, this backlog includes the recently contracted $100.0 million ocean-bottom marine project award, of which approximately 70% of the revenues are expected to be third-party pass-through revenues at cost. Approximately 98% of the backlog is comprised of data acquisition projects and the remainder is comprised of data processing projects. Additionally, approximately 41% of the data acquisition projects are located in North America, split primarily between Alaska and the Lower 48, with the balance attributable to projects in Asia. SAE currently expects to complete approximately 31% of the projects in its backlog as of September 30, 2018 during the fourth quarter of 2018, with the remainder scheduled to be performed during 2019. The estimations of realization from SAE’s backlog can be impacted by a number of factors, however, including deteriorating industry conditions, customer delays or cancellations, permitting or project delays and environmental conditions.

Investor Conference Call

SAE will host a conference call on Tuesday, November 13, 2018 at 10:00 a.m. Eastern Time to discuss its unaudited consolidated financial results for the third quarter ended September 30, 2018. Participants can access the conference call by dialing (855) 433-0934 (toll-free) or (484) 756-4291 (toll). SAE will also offer a live webcast of the conference call on the Investors section of its website at www.saexploration.com.

To listen live via the company’s website, please go to the website at least 15 minutes prior to the start of the call to register and download any necessary audio software. A replay of the webcast for the conference call will be archived on the company’s website and can be accessed by visiting the Investors section of SAE’s website.

About SAExploration Holdings, Inc. 

SAE is an internationally-focused oilfield services company offering a full range of vertically-integrated seismic data acquisition and logistical support services in remote and complex environments throughout Alaska, Canada, South America, Southeast Asia and West Africa. In addition to the acquisition of 2D, 3D, time-lapse 4D and multi-component seismic data on land, in transition zones and offshore in depths reaching 3,000 meters, SAE offers a full suite of logistical support and data processing services, such as program design, planning and permitting, camp services and infrastructure, surveying, drilling, environmental assessment and reclamation and community relations. SAE operates crews around the world, performing major projects for its blue-chip customer base, which includes major integrated oil companies, national oil companies and large independent oil and gas exploration companies. Operations are supported through a multi-national presence in Houston, Alaska, Canada, Peru, Colombia, Bolivia, Australia and Singapore. For more information, please visit SAE’s website at www.saexploration.com.

The information in SAE’s website is not, and shall not be deemed to be, a part of this notice or incorporated in filings SAE makes with the Securities and Exchange Commission. 

Forward–Looking Statements

This press release contains certain "forward–looking statements" within the meaning of the U.S. federal securities laws with respect to SAE. These statements can be identified by the use of words or phrases such as “expects,” “estimates,” “projects,” “budgets,” “forecasts,” “anticipates,” “intends,” “plans,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions. These forward–looking statements include statements regarding SAE's financial condition, results of operations and business and SAE's expectations or beliefs concerning future periods and possible future events. These statements are subject to significant known and unknown risks and uncertainties that could cause actual results to differ materially from those stated in, and implied by, this press release. Risks and uncertainties that could cause actual results to vary materially from SAE’s expectations are described under “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in SAE’s filings with the Securities and Exchange Commission. Except as required by applicable law, SAE is not under any obligation to, and expressly disclaims any obligation to, update or alter its forward looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.

 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share amounts)(Unaudited)   Three Months Ended
September 30, Nine Months Ended
September 30,   2018   2017   2018   2017          Revenue from services $15,003  $22,452  $69,009  $122,180 Cost of services  16,085   18,172   61,800   87,575 Depreciation and amortization expense  2,951   2,809   7,667   9,007 Gross (loss) profit  (4,033)  1,471   (458)  25,598          Selling, general and administrative expenses  14,858   6,005   46,998   18,880          Operating (loss) income  (18,891)  (4,534)  (47,456)  6,718          Other (expense) income, net:        Interest expense, net  (4,738)  (7,496)  (10,225)  (24,415)Costs incurred on debt restructuring  –   (208)  –   (208)Foreign exchange (loss) gain, net  (331)  341   (2,510)  (695)Other income (expense), net  27   2   181   (83)Total other expense, net  (5,042)  (7,361)  (12,554)  (25,401)         Loss before income taxes  (23,933)  (11,895)  (60,010)  (18,683)         Income taxes  1,364   1,950   107   4,175          Net loss  (25,297)  (13,845)  (60,117)  (22,858)         Less: net income (loss) attributable to noncontrolling interest  10   (75)  904   1,972          Net loss attributable to SAExploration $(25,307) $(13,770) $(61,021) $(24,830)         Basic and diluted loss per common share $(27.80) $(29.30) $(141.82) $(52.94)         Weighted average common shares outstanding (basic and diluted)  1,120   470   804   469 


CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except number of shares)   September 30,
2018 December 31,
2017ASSETS (Unaudited)  Current assets:    Cash and cash equivalents $20,341  $3,613 Restricted cash  –   41 Accounts receivable, net  19,165   6,105 Deferred costs on contracts  448   2,107 Prepaid expenses and other current assets  3,164   6,395 Total current assets  43,118   18,261      Property and equipment, net of accumulated depreciation of $79,336 and $72,649, respectively  38,080   32,946 Goodwill  1,782   1,832 Intangible assets, net of accumulated amortization of $807 and $732, respectively  4,182   671 Long–term accounts receivable, net  59,117   78,102 Deferred income taxes  4,914   4,592 Other assets  3,242   5,534 Total assets $154,435  $141,938      LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)    Current liabilities:    Accounts payable $7,594  $4,551 Accrued liabilities  6,891   6,311 Income and other taxes payable  5,581   7,887 Current portion of long–term debt  6,954   995 Deferred revenue  2,043   1,477 Total current liabilities  29,063   21,221      Long–term debt, net  87,349   120,298 Other long–term liabilities  381   608      Commitments and contingencies         Stockholders’ equity:    Common stock, 1,747,990 and 471,177 shares outstanding, respectively  –   – Additional paid-in capital  231,644   133,742 Accumulated deficit  (194,033)  (133,306)Accumulated other comprehensive loss  (3,077)  (5,082)Treasury stock, at cost, 111,003 and 1,901 shares outstanding, respectively  (1,866)  (113)Total stockholders’ equity (deficit) attributable to SAExploration  32,668   (4,759)Noncontrolling interest  4,974   4,570 Total stockholders’ equity (deficit)  37,642   (189)Total liabilities and stockholders’ equity (deficit) $154,435  $141,938 


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME(In thousands)(Unaudited)   Three Months Ended
September 30, Nine Months Ended
September 30,   2018   2017   2018   2017          Net loss $(25,297) $(13,845) $(60,117) $(22,858)Other comprehensive income (loss):        Foreign currency translation adjustment  192   (362)  2,005   (434)Comprehensive loss  (25,105)  (14,207)  (58,112)  (23,292)Less: comprehensive income (loss) attributable to noncontrolling interest  10   (75)  904   1,972 Comprehensive loss attributable to SAExploration $(25,115) $(14,132) $(59,016) $(25,264)


REVENUE FROM SERVICES BY REGION(In thousands)(Unaudited)   Three Months Ended September 30, Nine Months Ended September 30,   2018   2017   2018   2017                  North America $12,556 83.7% $2,723 12.1% $44,995 65.2% $50,518 41.3%South America  1,525 10.2%  19,729 87.9%  23,092 33.5%  32,224 26.4%Southeast Asia  714 4.7%  – 0.0%  714 1.0%  4,266 3.5%West Africa  – –%  – 0.0%  – –%  35,172 28.8%Other  208 1.4%      208 0.3%    Total $15,003 100.0% $22,452 100.0% $69,009 100.0% $122,180 100.0%                         

Non–GAAP Measures

We define Adjusted EBITDA as net loss plus interest expense, income taxes, depreciation and amortization, provision for doubtful accounts, non–cash equity–based compensation, (gain) loss on disposal of property and equipment, foreign exchange loss (gain), (gain) on extinguishment of long-term debt, costs incurred on debt restructuring, and certain non–recurring expenses. Adjusted Gross (Loss) Profit is defined as gross (loss) profit plus depreciation and amortization expense related to cost of services.

Adjusted EBITDA is used by our management as a supplemental financial measure to assess: (i) the financial performance of our assets without regard to financing methods, capital structures, taxes, historical cost basis or non-recurring expenses; (ii) our liquidity and operating performance over time in relation to other companies that own similar assets and calculate Adjusted EBITDA in a similar manner; and (iii) the ability of our assets to generate cash sufficient to pay potential interest cost. We consider Adjusted EBITDA as presented below to be the primary measure of period–over–period changes in our operational cash flow performance.

Our management uses Adjusted Gross (Loss) Profit as a substantial financial measure to assess the cost management and performance of our projects. Within the seismic data services industry, gross profit is presented both with and without depreciation and amortization expense on equipment used in operations and, therefore, we also use this measure to assess our performance over time in relation to other companies that own similar assets and calculate gross profit in the same manner.

Adjusted EBITDA and Adjusted Gross (Loss) Profit are not defined under GAAP, and we acknowledge that these are not measures of operating income, operating performance or liquidity presented in accordance with GAAP. When assessing our operating performance or liquidity, investors and others should not consider this data in isolation or as a substitute for any other measure of financial performance or liquidity presented in accordance with GAAP. In addition, our calculations of Adjusted EBITDA and Adjusted Gross (Loss) Profit may not be comparable to EBITDA, gross profit or other similarly titled measures utilized by other companies since such other companies may not calculate EBITDA, gross profit or similarly titled measures in the same manner. Further, the results presented by Adjusted EBITDA and Adjusted Gross (Loss) Profit cannot be achieved without incurring the costs that the measure excludes.

 Reconciliation of Net Loss to Adjusted EBITDA($ in thousands)(Unaudited)   Three Months Ended
September 30, Nine Months Ended
September 30,   2018   2017   2018   2017          Net loss $(25,297) $(13,845) $(60,117) $(22,858)Interest expense, net  4,738   7,496   10,225   24,415 Income taxes  1,364   1,950   107   4,175 Depreciation and amortization expense (1)  3,092   2,900   7,960   9,300 Provision for doubtful accounts  –   –   19,120   – Non–cash equity–based compensation  6,473   384   9,114   1,649 (Gain) loss on disposal of property and equipment, net  (130)  12   (315)  (71)Foreign exchange loss (gain), net (2)  331   (341)  2,510   695 Gain on extinguishment of long–term debt  –   –   (53)  – Costs incurred on debt restructuring  –   208   –   208 Non–recurring expenses (3)(4)  538   81   974   261 Adjusted EBITDA $(8,891) $(1,155) $(10,475) $17,774  (1) Additional depreciation and amortization expense not related to cost of services was $141 and $91 for the three months ended September 30, 2018 and 2017, respectively, and $293 for both the nine months ended September 30, 2018 and 2017 (2) Includes both realized and unrealized foreign exchange transactions (3) In 2018, consists of various non–operating expenses incurred at the corporate location. (4) In 2017, consists of severance payments incurred in Peru and Alaska and various non–operating expenses incurred at the corporate location


Reconciliation of Gross (Loss) Profit to Adjusted Gross (Loss) Profit($ in thousands)(Unaudited)   Three Months Ended
September 30, Nine Months Ended
September 30,   2018   2017   2018   2017          Gross (loss) profit as presented $(4,033) $1,471  $(458) $25,598 Depreciation and amortization expense (1)  2,951   2,809   7,667   9,007 Adjusted gross (loss) profit $(1,082) $4,280  $7,209  $34,605  (1) Depreciation and amortization on equipment used in operations CONTACT: Contact SAExploration Holdings, Inc. Ryan Abney Vice President, Finance (281) 258-4400 rabney@saexploration.com
Categories: State

Green Thumb Industries Inc. (GTI) Expands with the Acquisition of Integral Associates, Nevada’s Top Cannabis Operator

Recreation - 13 November 2018 - 8:00am

The Acquisition Adds Operational Capacity, Distribution, Retail Footprint, and Best-of-Class Talent, Reinforcing GTI’s “Enter, Open, Scale” Strategy

  • Three nationally-recognized dispensaries, operating under the Essence brand, including the first and only dispensary on the Las Vegas Strip
  • Two world-class cultivation and processing facilities in 95,000 square feet: Desert Grown Farms and Cannabiotix NV
  • Exceptional talent, led by Integral Associates founder and CEO Armen Yemenidjian

CHICAGO and VANCOUVER, British Columbia, Nov. 13, 2018 (GLOBE NEWSWIRE) --  Green Thumb Industries (GTI) (CSE: GTII) (OTCQX: GTBIF), announced today that it has signed a definitive agreement to acquire 100% of Integral Associates. The acquisition includes:

  • Integral Associates’ retail brand Essence, which currently operates three high-traffic locations across the Las Vegas Valley
  • Desert Grown Farms, a 54,000 square foot state-of-the-art cultivation and processing facility with an award-winning genetics library of 100+ strains
  • Cannabiotix NV, a 41,000 square foot cultivation and processing facility which has been a recognized High Times Cannabis Cup award winner several times over

Management Commentary

“We are thrilled to expand GTI’s production, distribution and retail footprint in one of the most popular tourist destinations in the world,” commented Ben Kovler, GTI Founder and Chief Executive Officer. “Integral Associates are exceptional operators—they have a highly admired and respected business comprised of two world-class cultivation and processing facilities, multiple award-winning products, strong wholesale distribution, three impressive retail dispensary locations with significant retail market share and healthy EBITDA.  This acquisition is immediately accretive and an important milestone as we position GTI to scale in one of the only limited license adult use markets.”

Kovler added, “We are excited to welcome Armen Yemenidjian to our senior leadership team, where he will serve as president.  Armen’s wealth of experience in building and growing an outstanding company will be a tremendous asset to our organization. We are also pleased to announce that Alex Yemenidjian will be joining our Board of Directors, and we look forward to leveraging his vast and varied experience and success.”

“This partnership is ideally positioned to bring our business to the next level,” said Armen Yemenidjian.  “I am extremely excited to join the GTI team and be a part of an industry leader that places a strong emphasis on brands, is a respected and award-winning employer, and is committed to community involvement.  Today is a big win for Nevada communities and the customers we will continue to serve.”

Talent, Retail and Production Assets

In addition to Armen Yemenidjian joining GTI’s senior leadership team, Alex Yemenidjian will join the GTI Board of Directors and serve on the audit committee. He served as Chairman of the Board and Chief Executive Officer of Tropicana Las Vegas Hotel & Casino, Inc. from July 2009 to September 2015 and also served as Chairman of the Board and Chief Executive Officer of Metro-Goldwyn-Mayer Inc. from April 1999 to April 2005 and was a director from November 1997 to April 2005. He is a trustee of Baron Investment Funds Trust and Baron Select Funds, both mutual funds, is Lead Director and chairman of the compensation committee of Guess?, Inc., a worldwide retailer of contemporary apparel, and until March 2018 was a director and chairman of the audit committee of Regal Entertainment Group, a motion picture exhibition company.

Integral Associates was founded by Alex Yemenidjian, Armen Yemenidjian and Brian Greenspun in 2014 and has quickly become one of Nevada’s dominant operators.  Their retail business operates under the Essence brand and is renowned for superb service along with the widest selection of quality cannabis products in Las Vegas.  The Essence Las Vegas Strip location was named Business Insider’s number one dispensary in Nevada and top-25 dispensary in the United States; a 17-time Leafly List Winner; top-10 dispensary in Nevada by High Times Magazine and the Las Vegas Review-Journal’s “Best of Las Vegas.”

Integral Associates’ production capability, including Desert Grown Farms and Cannabiotix NV, totals 95,000 square feet of state-of-the-art, pharmaceutical grade cultivation and processing capacity. 

Nevada Market

GTI entered Nevada in 2016 and currently operates two adult use cannabis stores—Rise Spanish Springs and Rise Carson City—along with a Carson City-based cultivation and processing facility.

Nevada dispensaries sold nearly $425 million worth of recreational marijuana in the state’s first full year of sales -- about 60 percent higher than the state’s projections of $265 million -- which significantly outpaced all other states that have legalized the sale of recreational marijuana. According to the state, marijuana tax revenue for the first full year of adult-use sales totaled $69.8 million – about $20 million more than officials had projected – with the last four months of the fiscal year especially strong.

Transaction Details

The transaction is valued at approximately $290 million, with $52 million to be paid in cash and approximately 20.8 million Subordinate Voting Shares of GTI. The purchase agreement also includes additional consideration upon performance targets and regulatory license awards. The transaction was unanimously approved by the Board of Directors and expected to close in the first half of 2019, subject to customary regulatory approvals.

*All currency is in US dollars.

About Green Thumb Industries:

Green Thumb Industries (GTI), a national cannabis cultivator, processor and dispensary operator, is dedicated to providing dignified access to safe and effective cannabis nationwide while giving back to the communities in which they serve. As a vertically integrated company, GTI manufactures and sells a well-rounded suite of branded cannabis products including flower, concentrates, edibles, and topicals. The company also owns and operates a rapidly growing national chain of retail cannabis stores called RISE™. Headquartered in Chicago, Illinois, GTI has eight manufacturing facilities and licenses for 60 retail locations across eight highly regulated U.S. markets. Established in 2014, GTI employs over 450 people and serves thousands of patients and customers each year. GTI was named a Best Workplace 2018 by Crain’s Chicago Business.  More information is available at GTIgrows.com.

About Essence Vegas Cannabis Dispensary:

Essence Vegas Cannabis Dispensary, the first and only cannabis dispensary on the famed Las Vegas Strip, has received numerous accolades, including being named Business Insider’s number one dispensary in Nevada and top-25 dispensary in the United States; a 17-time Leafly List Winner; top-10 dispensary in Nevada by High Times Magazine and the Las Vegas Review-Journal’s “Best of Las Vegas.” Essence Vegas Cannabis Dispensary offers the widest selection of quality cannabis products in Las Vegas, including more than 50 strains (flower and pre-rolls), vape pens, concentrates, a variety of topicals and a wide variety of edibles, including capsules, cookies, brownies, honey, chocolate and more. With three locations across Las Vegas and Henderson, Essence Vegas Cannabis Dispensary services are 100% legal, entirely safe and totally confidential to protect privacy. All services are performed by highly-trained consultants.  All professional team members are also available to discuss best practices with patients and customers. For more information on Essence Vegas Cannabis Dispensary, please visit https://essencevegas.com.

About Desert Grown Farms:

Desert Grown Farms is a 54,000 square foot, state-of-the-art, pharmaceutical grade cultivation and processing facility. Founded in 2016, Desert Grown Farms is located less than two blocks from the famed Las Vegas Strip and produces 7,500 pounds of flower and 1,500 pounds of trim per year.  The facility has an award-winning genetics library of 100+ strains with a variety of 25 unique strains in constant rotation. The cultivation activities are controlled by a sophisticated computerized system that automatically purifies the water, mixes it with nutrients, dispenses water and nutrients to the plants, and controls temperature, humidity and air circulation. All products produced in the facility are tested by an independent lab and available in dispensaries throughout Nevada. For more information on Desert Grown Farms, please visit https://desertgrownfarms.com/.

About Cannabiotix NV:

Cannabiotix NV is a 41,000 square foot, state-of-the-art, cultivation and production facility located in the heart of Las Vegas, Nevada. Founded in 2014, Cannabiotix NV has an award-winning genetics library with over 55 strains and the majority of them being exclusively bred by the facility. Over 20 of the strains have won High Times’ Cannabis Cups. Most recently, Kush Mountain was named High Times’ Flower of the Year for 2018. The facility also extracts the unique and highly sought-after strains into a full line of concentrates, including vaporizers, budders, shatters, sugars and live resins.  All products produced in the facility are tested by an independent lab and are available in dispensaries throughout Nevada.

Forward Looking Statements:

This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only GTI’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of GTI’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein may include, but are not limited to, information concerning the proposed acquisition, expectations regarding whether the proposed acquisition will be consummated, including whether conditions to the consummation of the proposed acquisition will be satisfied and whether the proposed acquisition will be completed on the current terms, the timing for completing the proposed acquisition, expectations for the effects of the proposed acquisition or the ability of the Company to successfully achieve business objectives, expectations regarding the Nevada and California cannabis market and expectations for other economic, business, and/or competitive factors.

By identifying such information and statements in this manner, GTI is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of GTI to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, GTI has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the ability to consummate the proposed acquisition; the ability for Essence to consummate its proposed acquisition of Cannabiotix NV; the ability to obtain requisite regulatory approvals and third party consents and the satisfaction of other conditions to the consummation of the proposed acquisition on the proposed terms and schedule; the potential impact of the announcement or consummation of the proposed acquisition on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time on the proposed acquisition. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.

Although GTI believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and GTI does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to GTI or persons acting on its behalf is expressly qualified in its entirety by this notice.

Source: Green Thumb Industries

Contacts:

Investor Contact:                           
Jennifer Dooley                                
Chief Strategy Officer                       
InvestorRelations@gtigrows.com   
310-622-8257                                  

Media Contact:
Linda Marsicano
VP, Corporate Communications
lmarsicano@gtigrows.com
773-354-2004

Photos accompanying this announcement are available at http://www.globenewswire.com/NewsRoom/AttachmentNg/91c706ac-b339-4a0b-bb05-45eb8a2f82f7

http://www.globenewswire.com/NewsRoom/AttachmentNg/c58915b5-de0b-425f-b372-2e1f2968dcbe

Categories: State

Earth Science Tech, Inc. (ETST) Begins Filming of its Media Campaign with As Seen On TV Production Company

Recreation - 13 November 2018 - 8:00am

DRTV campaign includes powerful customer review of ETST’s CBD products

DORAL, Florida, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Earth Science Tech, Inc. (OTCQB: ETST) (“ETST" or the “Company"), an innovative biotech company focused on the cannabidiol (CBD), nutraceutical and pharmaceutical fields, medical devices, and research and development, today announces that it has commenced filming of its direct response television (DRTV) media campaign with mega-entrepreneur Kevin Harrington’s award-winning As Seen On TV production company. The film will include an interview with a customer whose life was positively changed by ETST’s High Grade Full Spectrum Cannabinoids.

As announced in September, ETST signed an agreement for an As Seen On TV campaign that will include a 60-second DRTV commercial spot to be aired 300 times within 10 selected regions and selected networks; a 15-second promotional video to be used for digital and social media purposes; a featured placement on the website for 12 months; complete licensing rights to the commercial spot and promotional video; and permission to use the world-famous As Seen On TV logo on ETST’s products.

Production of the campaign begins in Ft. Lauderdale, Florida, where Rhoda Friedman shares how ETST’s CBD products have provided relief from pain she has endured for 31 years.

“I've been on ETST’s CBD since April 2017. I am 73 years old and I have been in excruciating pain from approximately 1987. Until I started CBD, I was not able to walk steps or stand for more than five minutes without severe pain in my lower lumbar, which I had surgery on eight years ago - and the pain just increased. I was on 29 pills a day and I am happy to say that five days after I began CBD and ever since I have only been on a blood thinner. I have been able to walk, go up and down the steps, dance, and move about in ways I never thought I would ever be able to do again. I have trichotillomania, which is pulling out of the hair, but I have not been affected by it since I've been on the CBD. I had a fatty enlarged liver from hepatitis C … three months after I started taking CBD my liver was normal size with no fat - it returned to normal. I also suffered since 1990 with post-traumatic stress disorder where my hands were shaking to the point I could barely feed myself. The shaking totally stopped within the first day of the CBD. I also suffered from obsessive compulsive disorder to the point where it disrupted a lot of my activities. I no longer suffer from that. I had anxiety attacks … I no longer suffer from that. In short, my life is back to what it was when I was in my 40s and suffered from none of it.”

The film will air nationwide in the first quarter of 2019, and will also be shared via social media for optimal brand awareness. ETST owns the rights to the material, as well as how it will be disseminated and utilized in retail locations.

ETST president, director and Chairman Nickolas S. Tabraue stated, “I am excited that we have started production and that we have Rhoda Friedman to share her amazing story with the world. Rhoda is an amazing woman. Everyone with whom she shares her life-changing experience with our products can see and feel her passion. Once production is complete, I will share updates and share the material that is being put together by Kevin Harrington’s amazing team.”

About Earth Science Tech, Inc. (ETST)
Earth Science Tech, Inc. (“ETST”) offers the highest purity and quality high-grade full spectrum cannabinoid oil on the market. There are positive results in studies on breast cancer and immune cells through the University of Central Oklahoma, in addition to studies through DV Biologics that prove the Company’s CBD oil formulation lowers cortisol and functions as a neuro-protectant, with positive result case studies through key health organizations. ETST formulates, markets and distributes the CBD oil used for its studies to the public, offering the most effective quality of CBD on the market.

To learn more, please visit: www.EarthScienceTech.com

ETST currently has four wholly owned subsidiaries focused on developing its role as a world leader in the CBD space and expanding its work in the pharmaceutical and medical device sectors:

Earth Science Pharmaceutical, Inc.
Earth Science Pharmaceutical ("ESP") is a wholly owned subsidiary of Earth Science Tech), committed to the development of low cost, noninvasive diagnostic tools, medical devices, testing processes and vaccines for sexually transmitted infections and/or diseases. ESP's CEO and chief science officer, Dr. Michel Aubé, is leading the company’s research and development efforts. The company’s first medical device, MSN-2, is a home kit designed for the detection of STIs, such as chlamydia, from a self-obtained gynecological specimen. ESP is working to develop and bring to market medical devices and vaccines that meet the specific needs of women. To learn more please visit: www.EarthSciencePharmaceutical.com

Cannabis Therapeutics, Inc.
Cannabis Therapeutics (“CTI”) is a wholly owned subsidiary of Earth Science TechTich i poised to take a leadership role in the development of new, leading-edge cannabinoid-based pharmaceutical and nutraceutical products. CTI is invested in research and development to explore and harness the medicinal power of cannabidiol. The company holds three provisional application patents for a CBD product that is focused on developing treatments for breast and ovarian cancers, as well as two generic CBD based pharmaceutical drugs. To learn more please visit: www.CannabisThera.com

KannaBidioiD, Inc.
KannaBidioiD (“KBD”) is a wholly owned subsidiary of Earth Science TechB that provides a wide variety of products geared toward the recreational space of cannabis. KBD’s unique Kanna and CBD formulation is sold and distributed in CBD-infused vapes/e-liquids products. Kanna and CBD synergistically enhance one another, providing optimal relaxation, an uplifting sensation, enhanced focus and the added benefit of assisting with nicotine reduction therapy. To learn more please visit: www.KannaBidioiDInc.com

Earth Science Foundation, Inc.
Earth Science Foundation. (“ESF”) is a wholly owned subsidiary of Earth Science Tech. ESF is in the process of becoming a nonprofit organization to accept grants and donations to conduct further studies and help donate Earth Science Tech's effective CBD products to those in need. To learn more please visit: www.ETSTFoundtion.org

SAFE HARBOR ACT: Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.

Company Contact:
www.EarthScienceTech.com
Nickolas S. Tabraue
President, Director & Chairman
305.615.2118 Office

Corporate Communications Contact:

NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com

Categories: State

Brunswick files Initial Form 10 Registration Statement in connection with its planned separation of Fitness Division

Recreation - 13 November 2018 - 7:31am


New company to be named Life Fitness, reflecting
strong heritage and global industry leadership

Mettawa, IL, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Brunswick Corporation (NYSE: BC) today announced the filing of an initial Form 10 registration statement (Form 10) with the U.S. Securities and Exchange Commission (SEC) in connection with the planned separation of the Company’s Fitness division into an independent, publicly traded company, to be named Life Fitness Holdings, Inc. (Life Fitness).

The filing contains important information on the planned distribution of Life Fitness shares, including an overview of the company’s operations, strategy, competitive strengths and end-markets, as well as historical financial results and details of the planned separation, among other information.  The Form 10 is not yet effective and will be updated with additional information in subsequent amendments during the customary SEC review process.  The separation is expected to be tax-free to Brunswick shareholders for U.S. federal income tax purposes.  

“The filing of the Form 10 is an important step in the process to create two independent, market-leading companies executing distinct growth strategies in marine and fitness,” said Brunswick Chairman and Chief Executive Officer Mark Schwabero. “The separation will allow each of the Marine and the Fitness businesses to continue to grow, innovate and provide their respective customers with high-quality solutions, while ensuring that the businesses are best positioned to realize their full value.”

As announced during its recent third quarter earnings call, Brunswick’s Board of Directors has appointed Directors David Everitt and David Singer to oversee the Fitness division management team and operations along with the completion of the separation of the Fitness business. 

Life Fitness
With over $1 billion in 2017 net sales, Life Fitness is a global leader in the design, manufacture and distribution of commercial cardiovascular and strength training equipment marketed under the Life Fitness, Hammer Strength, Cybex, Indoor Cycling Group and SCIFIT brands.   The company will also continue to design, manufacture and distribute billiards equipment, game tables and furnishings under the Brunswick and Contender brand names. 

“Life Fitness has a strong heritage as a global leader in commercial fitness, and our vision for the standalone company is to further expand our leadership position to connect the world to fitness through a seamless combination of physical and digital solutions with an industry leading combination of brands, products, market reach, operating capabilities, installed base and customer relationships,” said Jason Worthy, president of the company’s Fitness division. “Our extensive sales and distribution network, innovative culture, commitment to operational excellence and unique market insight will enable Life Fitness to continue to deliver an exceptional experience to customers, value for our fitness center partners and attractive returns for shareholders.”

Brunswick Corporation
Following the separation, Brunswick, comprised of its Marine Engine and Boat segments, will remain a global leader in recreational marine products.  The Marine Engine segment, which consists of Mercury Marine, manufactures and distributes a broad range of marine propulsion systems and related parts and accessories.  The Boat segment manufactures and distributes a range of recreational boats under 14 boat brand names including Boston Whaler, Sea Ray, Lund and Harris.  With over $3.5 billion of 2017 net sales, the Brunswick marine portfolio will continue to drive shareholder value by delivering unique technology and solutions to boaters worldwide.

Brunswick will remain headquartered in Mettawa, Ill., and will continue to trade on the New York Stock Exchange under the ticker symbol BC.

Additional Information
The separation of Brunswick’s Fitness division is subject to certain conditions, including, among others, obtaining final approval by the Brunswick Board of Directors and the SEC declaring the Form 10 effective. The Company is working to complete the separation process as promptly as practicable within a timeframe that maximizes value to its shareholders.

A copy of the Form 10 is available at www.sec.gov under Life Fitness Holdings, Inc.  Additionally, the Form 10 can be found on the Investor Relations section of the Brunswick corporate website at https://ir.brunswick.com

Advisors
Morgan Stanley & Co. LLC is acting as financial advisor to the Company, and Cravath, Swaine & Moore LLP is acting as legal advisor.

Forward-Looking Statement
Certain statements in this news release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations, estimates, and projections about Brunswick’s business and by their nature address matters that are, to different degrees, uncertain. Words such as “may,” “could,” “expect,” “intend,” “target,” “plan,” “seek,” “estimate,” “believe,” “predict,” “outlook,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this news release. These risks include, but are not limited to: the effect of adverse general economic conditions, including the amount of disposable income consumers have available for discretionary spending, tight consumer credit markets, and the level of consumer confidence on the demand for our products and services; our ability to successfully implement our strategic plan and growth initiatives; the risk that strategic acquisitions or divestitures may not provide business benefits; the possibility that the proposed Fitness business separation will not be consummated within the anticipated time period or at all; our ability to integrate targeted acquisitions, including the Global Marine & Mobile Business of Power Products; the potential for disruption to our business in connection with the Fitness business separation or Global Marine & Mobile Business of Power Products acquisition, making it more difficult to maintain business and operational relationships; the risk that unexpected costs will be incurred in connection with these transactions; the possibility that the expected synergies and value creation from these transactions will not be realized or will not be realized within the expected time period; changes to U.S. trade policy and tariffs; actual or anticipated increases in costs, disruptions of supply, or defects in raw materials, parts, or components we purchase from third parties, including as a result of new tariffs on raw materials; negative currency trends, including shifts in exchange rates; fiscal policy concerns; adequate financing access for dealers and customers and our ability to access capital and credit markets; maintaining effective distribution; loss of key customers; inventory reductions by dealers, retailers, or independent boat builders; requirements for us to repurchase inventory; attracting and retaining skilled labor and implementing succession plans for key leadership; our ability to meet supply objectives; higher energy and fuel costs, increase demand for shipping carriers, and transportation disruptions; our ability to protect our brands and intellectual property; absorbing fixed costs in production; managing expansion or consolidation of manufacturing facilities; outages or breaches of technology systems, which could result in lost or stolen information and associated remediation costs; our ability to meet pension funding obligations; managing our share repurchases; competitive pricing pressures; our ability to develop new and innovative products and services at a competitive price, in legal compliance with existing rules; maintaining product quality and service standards; product liability, warranty, and other claims risks; legal and regulatory compliance, including increased costs, fines, and reputational risks; changes in income tax legislation or enforcement; having to record an impairment to the value of goodwill and other assets; certain divisive shareholder activist actions; international business risks; and weather and catastrophic event risks.

Additional risk factors are included in the Company’s Annual Report on Form 10-K for 2017 and subsequent Quarterly Reports on Form 10-Q.  Forward-looking statements speak only as of the date on which they are made, and Brunswick does not undertake any obligation to update them to reflect events or circumstances after the date of this news release or for changes by wire services or Internet service providers.

About Brunswick
Headquartered in Mettawa, Ill., Brunswick Corporation’s  leading consumer brands include Mercury Marine outboard engines; Mercury MerCruiser sterndrive and inboard packages; Mercury global parts and accessories including propellers, and SmartCraft electronics; Power Products Integrated Solutions; MotorGuide trolling motors; Attwood, Garelick and Whale marine parts; Land ’N’ Sea, BLA, Payne’s Marine, Kellogg Marine  & Lankhorst Taselaar marine parts distribution; and Mercury and Quicksilver parts and oils; Bayliner, Boston Whaler, Brunswick Commercial and Government Products, Crestliner, Cypress Cay, Harris, Lowe, Lund, Princecraft, Quicksilver, Rayglass, Sea Ray, Thunder Jet and Uttern boats; Life Fitness, Hammer Strength, Cybex, Indoor Cycling Group  and SCIFIT fitness equipment; and Brunswick billiards tables, accessories and game room furniture. For more information, visit https://www.brunswick.com.


CONTACT: Contact: Daniel Kubera Director - Media Relations and Corporate Communications Phone: 847-735-4617 Email: daniel.kubera@brunswick.com
Categories: State

Spectrum Global Solutions Reports Third Quarter 2018 Results

Oil - 13 November 2018 - 7:30am

LONGWOOD, Fla., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Spectrum Global Solutions, Inc. (OTC:SGSI) (the "Company"), reported financial results for the fiscal period ended September 30, 2018.

Roger Ponder, CEO of the Company stated, “Revenue was just under $10 million which reflects consistent growth in our AW Solutions and ADEX subsidiaries.  We also reported net income of over $400,000 for the period and earnings per share of .04 on a fully diluted basis.

Mr. Ponder continued: “We are experiencing consistent revenue growth from our AW Solutions and ADEX subsidiaries, that is much stronger than the prior year and expect to continue this growth pattern both organically and through strategic, accretive acquisitions.”

Financial Highlights:

Revenue was $9,671,990 compared to $2,336,376,249 for the same period in 2017.  Gross profit was $1,604,763 attributable to the subsidiaries acquired in April 2017 and February 2018. The Company had net  income attributable to common stockholders of $414,485 during the period ended September 30, 2018 compared to net income of $214,910 for the comparable period of 2017.  The decrease in net income loss was primarily due to revenue derived from our new subsidiaries and decreases in derivative liabilities and other non-cash expenses.

Our operating results for the Period ended September 30, 2018 and 2017 are summarized as follows:

       Three Months Ended 
September 30, 2018 Three Months Ended 
September 30,2017Statement of Operations Data:        Revenues $9,671,990  $2,336,376 Gross profit  1,604,763   113,871 Operating expenses  1,912,215   891,222 Loss from operations  (307,452)  (777,351)Total other income (expense)   721,937   904,408 Net Income (loss) attributable to common stockholders  414,485   214,910                   Balance sheet data for period ended June 30, 2018:        Cash $301,080     Accounts receivable, net  8,022,749     Total current assets  8,339,955     Goodwill and intangible assets, net  3,854,971     Total assets  12,257,326              Total current liabilities  13,007,666     Derivative liabilities  5,932,5214     Stockholders' (deficit) equity  (6,682,861)             

About Spectrum Global Solutions, Inc.:

Spectrum Global Solutions operates through its subsidiaries AW Solutions and ADEX Corp. The Company is a leading provider of telecommunications engineering and infrastructure services across the United States, Canada, Puerto Rico, Guam and Caribbean. For more information about the Company and its technologies visit the Company’s public filings at SEC.gov.

Forward-looking statements:
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.

CONTACT:
Investor Relations
Spectrum Global Solutions, Inc.
561-672-7068

Categories: State

Avalanche Airbag Sales to Reach 132,400 Units in 2018, Equaling US$ 80 Mn in Revenues

Recreation - 13 November 2018 - 7:30am

Top five companies involved in the manufacturing and distribution of avalanche airbags account for a significant revenue share of the overall avalanche airbags market.

Rockville, MD, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Global sales of avalanche airbags are likely to total 132,400 units by the end of 2018, up from 129,273 units in 2017. This will represent a market valuation in the excess of US$ 80 million, according to a research study by Fact.MR.

Gains will be driven by growing participation in skiing and snowboarding as recreational activities. Focus on safety measures and mainstream media coverage of avalanche mishaps is also driving adoption. According to Colorado Avalanche Information Center, 925 avalanche fatalities have been recorded in the US since 1950. In Europe, Austria has seen avalanche related fatalities toll rise to 37.

The study opines that avalanche airbags are increasingly gaining adoption as a safety equipment, however, challenges, especially uncertainties related to survival percentages is limiting growth.

Request For Sample Report- https://www.factmr.com/connectus/sample?flag=S&rep_id=2312

The market intelligence study has tracked avalanche airbag sales through specialty stores, modern trade channels, sports variety stores, direct-to-consumer, and third-party online channels.

According to the Fact.MR report, direct-to-consumer is the most lucrative sales channel for avalanche airbags, accounting for nearly 40% of all sales. Consumer familiarity, and availability of a wide range remain the key USPs of this sales channel. Specialty stores follow suit, accounting for nearly 35% sales share. These two sales channels collectively account for nearly two-third of all avalanche airbags sold globally.

The study finds that proliferation of e-retailers in avalanche airbags market is not as significant as in other FMCG. However, popularity is increasing at a brisk pace. “Avalanche airbag sales through online channels was unheard of a few years back. However, as e-commerce has permeated possibly every sphere of FMCG, avalanche airbags haven’t remained untouched. Today, a number of manufacturers have tied up with generic and specialty online sellers, and the trend is likely to gain ground in the future,” opines the author of the study on avalanche airbags.

Avalanche airbags are available in two variants – mono and dual – of which, the former remains the preferred choice. Dual avalanche airbags are steadily gaining popularity, but mono avalanche airbags account for the bulk of volume sold every year. Similar trend is witnessed in the dominance of canister/cartridge over electric fan variants.

Browse Full Report on Avalanche Airbags Market with TOC- https://www.factmr.com/report/2312/avalanche-air-bags-market

From a manufacturing perspective, the avalanche airbags market remains a consolidated landscape. The tier I manufacturers hold nearly half of the market share currently. “Avalanche airbags are safety equipment products, and considering the nature of the product, it has yet to witness the degree of fragmentation as other sports or recreational sports equipment markets. Although sports equipment manufacturers are likely to enter this market in the coming years, it is highly likely that a high level of fragmentation will not be witnessed in this market,” opine the authors of the study.

US, Canada, and Europe are among the most lucrative markets for avalanche airbags. Sales in North America (US & Canada) and Europe collectively surpassed 107,000 in 2017, and this is likely to increase to nearly 110,000 units in 2018. Opportunities are also emerging in Asia Pacific, however, from the majority of sales will remain concentrated in North America and Europe.

The research study profiles avalanche airbag manufacturers, supply-chain players, and other stakeholders in this market. The product strategies, historical sales, and future projections are included in the study. Innovation and extension of safety features is a prime focus area for manufacturers. Inclusion of removable airbag system and protection airbags system, combined with addressing current limitation of avalanche airbags is a key focus area for manufacturers.

Increasing the number of deployments per battery charge is another focus area for manufacturers. Lightweighting and improved protection against trauma are among other key innovations in avalanche airbags that are likely to gain traction in the near future.

Fact.MR opines that global demand for avalanche airbags will grow at 2.6% during 2018-2028. This will be a notch higher than growth rate during 2012-2018.

To Buy Avalanche Airbags Market Report, Check- https://www.factmr.com/checkout/2312/S

About Fact.MR

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Categories: State

MYDX RECRUITS MR. CANNABIS GROUP TO OPERATE COMPANY

Recreation - 13 November 2018 - 7:07am

La Jolla, CA, Nov. 13, 2018 (GLOBE NEWSWIRE) -- MyDx, Inc. (OTC: MYDX) (the “Company”), a leader in science based cannabis health technologies, is proud to announce that it has successfully recruited the Mr. Cannabis Group to operate the Company effective immediately.

Erai Beckmann and the Mr. Cannabis Group

Mr. Beckmann is an accomplished thought leader and influencer in the southern California cannabis industry, and is recognized as “Mr. Cannabis”.  In 2015, Erai helped federally legalize medical THC and CBD in the country of Brazil.  Since then, he has advised major pharma groups to help them with their global CBD R&D efforts.  As a result of his work with big pharma, and his own cannabis lobbying experience in Latin America, he co-founded Humanity, Inc., which believes it will produce the world’s first nootropics-infused microdosed cannabis pill. Humanity has already succeeded in raising capital, securing multiple legal cannabis licenses in the city of San Diego, one of which is being utilized by MyDx to support MyDx360 customers.

“Erai and I have known eachother since the early years of MyDx,” stated Daniel Yazbeck, founder of MyDx. “We reconnected as friends in late 2017, and since his involvement in the Company, he has helped more clearly delineate the focus of MyDx towards improving and expanding our database and further strengthening our value as a future partner to the pharmaceutical industry.  Based on his experience and objectives with big pharma, he further helped us recognize our already existing position as a leader in cannabis health technology, something his team will be focused on expanding as they take over the full time operations of the Company.” 

Mr. Beckmann’s purpose in forming the Mr. Cannabis Group was to bring together a team of seasoned entrepreneurs with an existing track record as successful operators, investors, legal license holders, and lobbyists in the cannabis industry. The team’s immediate mission is to take a laser focused approach to capitalize on the legal cannabis market in California. 

The Mr. Cannabis Team members supporting MyDx include Erai Beckmann, Matt Bucciero, Jory Wolf, Justin Vincent and Derrick Scallet.

“I’ve built a team of investors and entrepreneurs with an already existing proven track record of success in the Cannabis industry,” stated Erai Beckmann, founder of the Mr. Cannabis Group. “Having already successfully raised funds, achieved legal licensing, launched brands and realized revenues, I recognized the need for proven superstars with a solid foundation of successful operations and high finance solely focused on supporting companies in the cannabis industry,” concluded Mr. Beckmann.

“I am confident that the Mr. Cannabis Group as a team have a greater capacity to scale MyDx than I could on my own as an individual at this time.  The Mr. Cannabis Group will be taking over my current full-time day to day responsibilities at MyDx,” stated Mr. Yazbeck, who has been managing the public Company as its CEO and CFO, as well handling all responsibilities related to product development, marketing, revenue generation as well as legal and operations.  “We have structured an agreement where the Mr. Cannabis Group’s sole incentive is to have MyDx succeed by driving shareholder value through fundraising, bottom line increase in revenue, new business development, expanding the scientific position of the Company, and strengthening the growth and IP surrounding MyDx’s unique database and mobile applications,” stated Mr. Yazbeck, who will remain the Chairman of the Board of MyDx. 

The full agreement is referenced in the most recent Form 8K that can be found here.

Renewed Focus for MyDx

“Over the past few months, I’ve had a chance to sit down with the Mr. Cannabis Team and review the needs of MyDx, establish the steps needed to ensure a successful transition for long term success, and to come to an equitable agreement that is in the best interest of the Company and its shareholders,” stated Mr. Yazbeck.  “It became clear to everyone that Mr. Matt Bucciero, one of the senior members of the Mr. Cannabis team, with over 15 years in the cannabis industry, the public markets, investment banking and private equity, would be the ideal candidate to step in as CEO. Mr. Bucciero has a passion for the MyDx vision and see’s enormous potential in tracking data related to the cannabis consumer experience,” concluded Mr. Yazbeck.

“I’m grateful for the opportunity to step into MyDx and take on this role.  I recognize the Company, in my opinion, is undervalued, and look forward to an exciting future at MyDx. We will employ a data-driven, user focus aimed at improving the cannabis experience for consumers worldwide,” stated Matt Bucciero, newly appointed CEO of MyDx. “We are here to make an impact, focused on an improved bottom line, starting with our EcoSmartPen deployment in early 2019,” concluded Mr. Bucciero.

In addition to Mr. Bucciero, the Mr. Cannabis group will take a team approach to ensure success for the MyDx shareholders. As part of that team, Mr. Jory Wolf will lead all business development activities in the Company, focused on the deployment of our products to the medical and recreational cannabis industries nationwide. Dr. Justin Vincent will serve as the Head of the Scientific Board, focusing on development of our data algorithms. Additionally, Mr. Beckmann will join Mr. Yazbeck on the Board of Directors of MyDx.

Regarding the opportunity to add Justin Vincent, who has been named one of the world’s most influential scientific minds by Clarivate Analytics every year since 2014, to lead the Scientific Advisory Board at MyDx, Matt Bucciero stated, “The Mr. Cannabis team was brought on to usher in a new era at MyDx and the opportunity to add Justin to the MyDx team was imperative to our approach. His ability to both aggregate and assimilate data in a meaningful way will provide significant value to the consumer and strengthen our data-centric approach.”

Mr. Cannabis Team Members Joining MyDx

Matt Bucciero, CEO of MyDx
Matt began his career at Legg Mason Investments working in the international mutual fund group and, after moving to the west coast, helped oversee $10+ billion in structured real estate assets for Fortress Investment Group, the first large, publicly traded private equity firm in the US. Prior to joining the cannabis industry, he managed over $500 million in real estate acquisitions and dispositions between private equity groups Pathfinder Partners and Sovereign Capital in San Diego.

Matt started in the cannabis industry over 4 years ago as a founder of Green Capital Ventures and the Gridiron Cannabis Coalition/Foundation. At Green Capital, Matt consulted with dozens of businesses on licensing, compliance, business efficiencies and scalability in addition to working on legislation in California and several states nationwide. He started Gridiron Cannabis Foundation, comprised of current and former NFL players, focusing on research and education with cannabis for traumatic brain injury and long term physical pain. More recently, Matt founded The Acentus Group, helping unique cannabis businesses implement operational efficiencies and develop business practices that ensure fiscal compliance and improved market share. He has specialized in establishing value add partnerships between top producers and large equity groups developing brands that can scale to market leaders in the cannabis industry. Matt has a BS in Finance from Lehigh University.

Justin Vincent, Head of the MyDx Scientific Advisory Board
With 15 years of experience working on teams of software developers, engineers, and data analysts in the medical imaging field, Justin possesses a formidable background in project management, algorithm development, software engineering, statistics, and data science. Justin was a postdoctoral research fellow in the Neurobiology Department at Harvard Medical School and Massachusetts General Hospital. Justin has co-authored one patent and twenty peer-reviewed publications in journals such as Nature and the Proceedings of the National Academy of Sciences. Collectively, his scientific publications have garnered over 16,000 citations, which led Clarivate Analytics to identify him as one of the world’s most influential minds every year since 2014. In addition to his work in science, Justin has significant entrepreneurial experience from his previous role as Chief Technology Officer for two cannabis distribution startups in California.  Justin is a graduate of the Cognition, Brain, and Behavior doctoral program at Harvard University.

Jory Wolf - VP of Business Development
Jory has been a cannabis consultant for the past 3 years. He has consulted local authorities throughout the state of California as well as many well known and extremely successful cultivation, manufacturing and retail brands. Working in the small business and financial industry has provided Jory with the first-hand experience of understanding the issues that cannabis businesses face, especially with respect to investments, financing and operations. Jory helps the Mr. Cannabis group’s partners develop and maintain policies, procedures, processes and risk mitigation best practices as well as manage and perform day-to-day internal operational tasks that are associated with the most successful cannabis operations. Jory’s specialty is a comprehensive approach to the business side of cannabis that is necessary to ensure the future viability and legal protection of any recreational cannabis business. Jory also specializes in deal structure and analysis for the Mr. Cannabis group having completed multiple private and public investments and acquisitions in the cannabis space over the past 2 years.

About MyDx, Inc.
MyDx, Inc. (OTC: MYDX) is a leader in science based cannabis health technology with a focus on understanding the cannabis brand preferences of consumers and patients. MyDx is working on implementing this vision by creating some of the most advanced consumer smart devices, applications, and services all working together towards creating one of the largest crowdsourced databases of consumer and patient feedback that ties physiological effects to specific cannabinoid and terpene profiles. The company believes this is the kind of database that can drive the future of medicine for the global cannabis industry.

Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. These forward-looking statements by their nature are estimates of future results only and involve substantial risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, our ability to complete our product testing and launch our product commercially, the acceptance of our product in the marketplace, the uncertainty of the laws and regulations relating to cannabis, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed from time to time in our reports filed with the Securities and Exchange Commission, available at https://ir.mydxlife.com/all-sec-filings or www.sec.gov.

Investor Contact:
MyDx Shareholder Communications
800.814.4550 ext. 4
ir@mydxlife.com

Attachment

Categories: State

Generation Alpha Announces Third Quarter 2018 Results

Recreation - 13 November 2018 - 7:05am

Increased Demand and Interest for lighting Systems Arizona Facility Expected to Become Revenue Generating in Early 2019

CARSON, Calif., Nov. 13, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Generation Alpha, Inc. (OTCQB: GNAL) (“Generation Alpha”), a vertically integrated cannabis technology innovator, manufacturer and distributor, today announced its operating results for the three and nine months ended September 30, 2018.

Nine Months Ended September 30, 2018 Financial Highlights:

  • Lighting and nutrient revenue of $2.6 million; and
  • Cash balance of $2.1 million.

Third Quarter 2018 Business Highlights:

  • Changed corporate name to Generation Alpha and trading symbol to GNAL;
  • Appointed Peter Najarian and Tiffany Davis to Board of Directors;
  • Launched Perfect pH, a natural ION pH balancer;
  • Introduced Solis Tek B9 LED, a high efficiency LED lighting system; and
  • Made substantial progress at Arizona facility, which is expected to commence processing revenue in early 2019.

Generation Alpha Chief Executive Officer, Alan Lien, commented, “We are happy with the progress being made at our 70,000 square foot Arizona facility. With manufacturing targeted to commence in early 2019, we are excited to soon move into the revenue generation stage.  Beyond Arizona, we have plans to be operational in several legalized U.S. states. We have identified many exciting opportunities in additional jurisdictions and are currently performing ongoing due diligence and discussions with several parties.” Lien continued, “While our lighting business has seen a significant decrease this year, we are beginning to see an increase in demand for our lighting and nutrient products as the industry begins to stabilize and additional legalized states come on board.”

Revenue for the nine months ended September 30, 2018 and 2017 was $2,565,085 and $7,336,980, respectively, a decrease of $4,771,895, or 65%. The decrease was due to several negative factors during the first nine months of 2018, as compared to the prior year period. Such factors include, market instability and uncertainty, reports of over-capacity and price declines in the wholesale market. The current Administration’s stance on marijuana enforcement, particularly the rescinding of the Cole Memorandum and giving the Federal U.S. Attorneys “free-reign” as to enforcement priorities set a very negative tone and caused hesitation from buyers in the cannabis industry. Industry-wide build-outs slowed and were delayed. Additionally, recreational states have introduced new requirements for testing, oversight, and tightening of the regulatory environment, which has caused a pause in the expansion timetable of many new licensees.

About Generation Alpha, Inc.

Generation Alpha, Inc. focuses on bringing products and solutions to commercial cannabis growers in both the medical and recreational space in legal markets across the U.S. For nearly a decade, growers have used Generation Alpha’s lighting solutions to increase yield, lower costs and grow better to maximize their return on investment. Generation Alpha’s customers include retail stores, distributors, ecommerce, and commercial growers. In 2018, Generation Alpha expanded into the “touch-the-plant” side of the cannabis business under a contract with an Arizona licensee and its ongoing build-out of a cultivation and processing facility in Phoenix, AZ. For more information, please visit our website, www.genalphainc.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect Generation Alpha’s current plans and expectations, as well as future results of operations and financial condition. Generation Alpha undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investors Contact:
Hayden IR
917-658-7878
hart@haydenir.com   


GENERATION ALPHA, INC.
(FORMERLY SOLIS TEK INC.)
CONDENSED CONSOLIDATED BALANCE SHEETS

  September 30,
2018
  December 31,
2017
   (Unaudited)     ASSETS        Current Assets        Cash $2,053,399  $967,943 Accounts receivable, net of allowance for doubtful
accounts and returns of $22,288 and $396,499,
respectively  296,803   417,484 Inventories, net  1,157,373   1,684,463 Advances to suppliers – formerly a related party  540,090   735,730 Prepaid expenses and other current assets  247,323   134,374 Total Current Assets  4,294,988   3,939,994          Property and equipment, net  509,969   138,243 Intangible assets acquired from related party, net  1,382,941   - Other assets  83,887   37,980 TOTAL ASSETS $6,271,785  $4,116,217          LIABILITIES AND SHAREHOLDERS’ DEFICIT        Current Liabilities        Accounts payable and accrued expenses $1,839,820  $1,124,349 Due to former related party vendor  -   381,457 Contract obligations, current portion  331,818   - Note payable - related parties  640,000   1,145,000 Note payable to related party, current portion, net of
discount of $747,032 and $0, respectively  752,968   - Convertible note payable to related party, current
portion, net of discount of $0 and $1,055,556,
respectively  -   194,444 Due to related parties  124,117   146,534 Capital lease obligations, current portion  260   9,665 Loans payable, current portion  3,383   8,476 Total Current Liabilities  3,692,366   3,009,925          Loans payable, net of current portion  -   17,481 Contract obligations, net of current portion  445,295   - Convertible note payable, net of current portion, net of
discount of $0 and $500,000, respectively  -   - Derivative liability  6,617,284   7,415,000 Total liabilities  10,754,945   10,442,406          Series-A Convertible Preferred Shares, net of no
discount and $351,000, no par value, none and 351,000
shares issued and outstanding at September 30, 2018
and December 31, 2017, respectively  -   -          Commitments and Contingencies                 Shareholders’ Deficit        Preferred stock, no par value, 20,000,000 shares
authorized; no shares issued and outstanding at
September 30, 2018 and December 31, 2017  -   - Common stock, $0.001 par value, 100,000,000 shares
authorized; 45,066,564 and 38,522,034 shares issued
and outstanding at September 30, 2018 and December
31, 2017, respectively  45,067   38,522 Additional paid-in-capital  28,459,378   9,077,690 Accumulated deficit  (32,987,605)  (15,442,401)Total Shareholders’ Deficit  (4,483,160)  (6,326,189)         TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT $6,271,785  $4,116,217 



GENERATION ALPHA, INC.
(FORMERLY SOLIS TEK INC.)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

  Three Months Ended
September 30,
  Nine Months Ended
September 30,
   2018  2017  2018  2017                     Sales $851,710  $1,993,865  $2,565,085  $7,336,980 Cost of goods sold (1)  718,139   1,322,497   1,836,980   4,625,210 Gross profit  133,571   671,368   728,105   2,711,770                  Operating expenses                Selling, general and administrative
expenses  4,115,603   2,050,189   10,213,893   9,206,076 Research and development  37,332   82,500   151,916   247,770 Excess cost of acquisition from a related
party over historical basis  -   -   4,450,000   - Total operating expenses  4,152,935   2,132,689   14,815,809   9,453,846                  Loss from operations  (4,019,364)  (1,461,321)  (14,087,704)  (6,742,076)                 Other income (expenses)                Financing costs (2)  -   -   (7,317,406)  - Change in fair value of derivative liability  (2,525,234)  -   4,286,692   - Gain on extinguishment of derivative
liability  -   -   2,389,427   - Interest expense (3)  (548,632)  (28,190)  (2,813,013)  (84,010)Total other expenses  (3,073,866)  (28,190)  (3,454,300)  (84,010)                 Loss before income taxes  (7,093,230)  (1,489,511)  (17,542,004)  (6,826,086)                 Provision for income taxes  -   -   3,200   4,113                  Net loss $(7,093,230) $(1,489,511) $(17,545,204) $(6,830,199)                 BASIC AND DILUTED LOSS PER SHARE $(0.17) $(0.04) $(0.42) $(0.18)                 WEIGHTED - AVERAGE COMMON SHARES
OUTSTANDING BASIC AND DILUTED  42,826,985   37,079,972   41,810,624   37,482,508                  (1) Included in cost of goods sold are these
amounts from a former related party $137,080  $977,784  $549,802  $3,607,090 (2) Included in financing costs are these
amounts from a related party  -   -   6,177,406   - (3) Included in interest expense are these
amounts from related parties $16,868  $45,205  $39,781  $81,986                  
Categories: State

Bonanza Creek Energy Appoints New Chief Financial Officer

Oil - 13 November 2018 - 7:00am

DENVER, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Bonanza Creek Energy, Inc. (NYSE: BCEI) (“Bonanza Creek” or the “Company”) today announces the hiring of Brant H. DeMuth as Chief Financial Officer. Mr. DeMuth’s appointment as Executive Vice President and Chief Financial Officer will take effect on November 14, 2018. He will be assuming the role of principal financial officer from Scott A. Fenoglio, who has served as the Company’s principal financial officer since August 2017.

Mr. DeMuth previously served as Vice President of Finance and Treasurer at SRC Energy Inc. from October 2014 until November 2018. Prior to joining SRC Energy, Mr. DeMuth served as Interim Chief Financial Officer of DJ Resources, LLC from August 2013 to September 2014 and as Executive Vice President of Strategy and Corporate Development of Gevo, Inc. from June 2011 to May 2013. Mr. DeMuth currently serves on the University of Northern Colorado’s Monfort College of Business Dean's Leadership Council. Mr. DeMuth is a Chartered Financial Analyst and received his M.B.A. in Oil and Gas Finance from the University of Denver and his B.S. in Business Administration from Colorado State University.

“We are excited to have Brant join the team.  His 34 years of management and finance experience in capital markets and the oil & gas industry will be a tremendous addition to our team,” said Eric Greager, President and Chief Executive Officer of the Bonanza Creek.  “After a comprehensive search and on behalf of the Board of Directors, we are pleased to welcome Brant to Bonanza Creek. Brant has the right background, experience and cultural disposition to successfully serve as Chief Financial Officer of our Company. We are confident that he will help strengthen Bonanza Creek, drive returns and cash flow growth, and create value for our shareholders, employees and community,” said Jack E. Vaughn, Chairman of Bonanza Creek.

In accordance with NYSE requirements, the Company hereby discloses that its Board of Directors has authorized the grant to Mr. DeMuth of an employment inducement award of restricted stock units with a grant-date fair value equal to $650,000 (the “Inducement RSUs”) as an inducement to Mr. DeMuth’s hiring as Executive Vice President and Chief Financial Officer and to compensate Mr. DeMuth for forfeited equity compensation from his former employer, such grant to be effective on November 14, 2018, the date Mr. DeMuth will commence employment with the Company. The Inducement RSUs will vest in 20% increments on each of the first through fifth anniversaries of the grant date, subject to Mr. DeMuth’s continued employment with the Company through such date; and will vest in full upon certain qualifying terminations of employment.

About Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. is an independent oil and natural gas company engaged in the acquisition, exploration, development and production of onshore oil and associated liquids-rich natural gas in the United States. The Company’s assets and operations are concentrated in the Rocky Mountain region in the Wattenberg Field, focused on the Niobrara and Codell formations. The Company’s common shares are listed for trading on the NYSE under the symbol: “BCEI.” For more information about the Company, please visit www.bonanzacrk.com. Please note that the Company routinely posts important information about the Company under the Investor Relations section of its website.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Company based on management’s experience, perception of historical trends and technical analyses, current conditions, anticipated future developments and other factors believed to be appropriate and reasonable by management. When used in this press release, the words “will,” “potential,” “believe,” “estimate,” “intend,” “expect,” “may,” “should,” “anticipate,” “could,” “plan,” “predict,” “project,” “profile,” “model” or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements include statements regarding development and completion expectations and strategy; decreasing operating and capital costs; impact of the Company's reorganization; and updated 2018 guidance. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, that may cause actual results to differ materially from those implied or expressed by the forward-looking statements, including the following: changes in natural gas, oil and NGL prices; general economic conditions, including the performance of financial markets and interest rates; drilling results; shortages of oilfield equipment, services and personnel; operating risks such as unexpected drilling conditions; ability to acquire adequate supplies of water; risks related to derivative instruments; access to adequate gathering systems and pipeline take-away capacity; and pipeline and refining capacity constraints. Further information on such assumptions, risks and uncertainties is available in the Company’s SEC filings. We refer you to the discussion of risk factors in our Annual Report on Form 10-K for the year ended December 31, 2017, filed on March 15, 2018, and other filings submitted by us to the Securities Exchange Commission. The Company’s SEC filings are available on the Company’s website at www.bonanzacrk.com and on the SEC’s website at www.sec.gov. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Any forward-looking statement speaks only as of the date on which such statement is made, including guidance, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

For further information, please contact:
Doug Atkinson
Senior Manager, Investor Relations
720-225-6690
datkinson@bonanzacrk.com

Categories: State

SugarBud Secures $25 Million Equity Facility With Alumina Partners LLC, Appoints Bob Richardson as Vice President, Retail & Marketing and initiates Vertically Integrated Retail Distribution Strategy

Recreation - 13 November 2018 - 7:00am

TSX-Venture Exchange: SUGR

CALGARY, Alberta, Nov. 13, 2018 (GLOBE NEWSWIRE) -- SugarBud Craft Growers Corp. (“SugarBud” or the “Company”) is pleased to announce the execution of an investment agreement (the “Agreement”) with Alumina Partners (Ontario) Ltd. (“Alumina”). Alumina is a subsidiary of Alumina Partners LLC, a leading institutional investor in the Canadian cannabis space. The Agreement allows SugarBud to draw down capital, on an as-needed basis and in its sole discretion, in a series of equity offerings of up to a total of $25.0 million CAD over a twenty-four month period.

SugarBud is also pleased to announce that it has appointed Bob Richardson as Vice President, Retail & Marketing, and initiated a vertically integrated retail distribution strategy consisting of the acquisition, development and operation of premier retail cannabis stores in Canada (the “Retail Strategy”).   

Craig Kolochuk, President and Chief Executive Officer of SugarBud, stated: “We are building a lifestyle brand and are focused on providing the highest quality suite of cannabis products in Canada. Vertically integrating our retail operations will allow us to convey our values and beliefs to our customers, build relationships and set the standard for customer education and experience in the Canadian retail cannabis space. We are confident that the addition of Bob Richardson as Vice President, Retail & Marketing will help us to achieve these goals, as his experience in the Alberta controlled substance retail space is second to none.”   

Jeff Swainson, Chief Financial Officer of SugarBud, stated: “Alumina is one of the premier institutional cannabis investors in North America, and their support is a testament to SugarBud’s past execution and our business plan moving forward. The Agreement allows SugarBud to pursue high-impact strategic initiatives, including our vertically integrated retail distribution strategy, while controlling the timing and pricing of draw-downs, limiting dilution and maintaining a low cost of capital.”   

“Alumina is excited to support SugarBud as they embark on the next stages of their growth, including an ambitious retail strategy,” added Adi Nahmani, Managing Member of Alumina Partners. “The premium lifestyle brand demographic encompasses several of the highest-margin market opportunities in the Cannabis industry today. We look forward to watching SugarBud aggressively expand their footprint and continue to unlock shareholder value.”

Alumina Partners Investment

Pursuant to the terms of the Agreement, Alumina has committed to purchase units of the Company, each unit consisting of one common share in the capital of the Company (a “Common Share”) and one-half of one common share purchase warrant (each whole warrant a “Warrant”), with the amount and timing of each draw-down being determined by the mutual agreement of the Company and Alumina. The unit price will be determined at the time of each draw-down at negotiated discounts ranging from 15% to 25% of the market price. The exercise price of the Warrants is expected to be at a 40% premium over the market price at time of issuance. Each whole warrant will entitle the holder to purchase one additional Common Share for a period of 36 months from the closing of the applicable draw-down. Closing of each draw-down will be subject to a number of conditions, including receipt of the approval of the TSX Venture Exchange (the “TSXV”).

Appointment of Bob Richardson as Vice President, Retail & Marketing

SugarBud continues to attract top talent to its team and is proud to have appointed Mr. Bob Richardson as Vice President, Retail & Marketing. Mr. Richardson will be responsible for the acquisition, design, development and operation of SugarBud’s retail locations.  

Mr. Richardson has 25 years of experience in the Alberta retail liquor industry. Most recently, he was Vice President of Crowfoot Wines and Spirits (“Crowfoot”), where he was integral in building Crowfoot from inception to approximately 25 premier retail liquor locations. Mr. Richardson was responsible for: the identification, evaluation and acquisition of liquor store locations; the negotiation and execution of leases; the design, construction and renovation of liquor store locations; human resources initiatives; and the day-to-day operations of Crowfoot.

Mr. Richardson brings extensive knowledge of the rules and regulations of the Alberta Gaming, Liquor & Cannabis Commission (“AGLC”). Over the past 15 years, Mr. Richardson served as Director, Treasurer and Vice President of the Alberta Liquor Store Association (“ALSA”), making significant contributions to ALSA’s mandate to preserve and enhance the liquor retail model in Alberta. Mr. Richardson has developed strong relationships with key stakeholders in the AGLC and many other retail stakeholders Canada-wide.

“Bob Richardson is an entrepreneur and a builder who is able to recognize market trends and position organizations to capitalize on strategic initiatives,” stated Mr. Kolochuk. His extensive experience with the AGLC and his expansive network of producers, distributors and retailers in Canada will be invaluable to SugarBud. Bob will add significant value to our shareholders as we execute on our vertically integrated retail strategy and other critical mandates in the coming months.” 

SugarBud’s Vertically Integrated Retail Distribution Strategy

SugarBud’s Retail Strategy is focused on the identification, development and operation of premier retail cannabis locations in Canada. SugarBud believes that the vertical integration of its retail operations will allow it to maintain margins and the highest level of control over SugarBud’s brand equity and strategy. SugarBud expects to execute its Retail Strategy by:

  • Developing a compelling brand which clearly conveys SugarBud’s values;
  • Accessing SugarBud’s hand-crafted, select-batch, ultra-premium products (upon the receipt of SugarBud’s cultivation and sales licenses);
  • Using its extensive knowledge of the Alberta controlled substances retail market and network of beverage manufacturing and distribution contacts;
  • Taking a data-driven approach to decisions related to consumer purchasing habits;
  • Leveraging existing relationships with landlords, municipalities and regulators; and
  • Applying SugarBud’s significant retail operational expertise including store sizing, site development, inventory management, staffing, training and branding.

SugarBud’s initial Retail Strategy is to identify and secure ten retail cannabis locations over the next 12 months through a combination of grass-roots growth and the acquisition of existing locations and development permits.

Common Shares Issued for Services Performed

SugarBud also announces that it has agreed to issue an aggregate of 3,597,300 Common Shares to certain contractors, service providers and a director of the Company in satisfaction of amounts payable to such persons in the aggregate amount of $359,700 CAD at a deemed price of $0.10 per Common Share. The issuance of the Common Shares is subject to the approval of the TSXV. The Common Shares will be subject to a four-month hold period from the date of issuance.

About SugarBud Craft Growers Corp.

SugarBud is a Calgary based emerging cannabis company engaged in the development, acquisition, production and distribution of cannabis in Canada.

For further information regarding this news release, please contact:

Craig Kolochuk
President & Chief Executive Officer
SugarBud Craft Growers Corp.
Phone: (403) 875-5665
E-mail: craigk@sugarbud.caJeff Swainson
Chief Financial Officer
SugarBud Craft Growers Corp.
Phone: (403) 796-3640
E-mail: jeffs@sugarbud.ca  

Investor Relations Contact
Gary Perkins, President
Tekkfund Capital Corp.
Tel: (416) 882-0020
E-mail: garyperkins@rogers.com

Website: http://www.sugarbud.ca/
Address: Suite 620, 634 - 6th Avenue S.W., Calgary, Alberta T2P 0S4
Telephone: 403-532-4466
Fax: 587-955-9668

Forward Looking and Cautionary Statements

This news release may include forward-looking statements including opinions, assumptions, estimates, the Company’s assessment of future plans and operations, and, more particularly, statements concerning: SugarBud’s proposed business plan and retail cannabis operations in Canada, including: its ability to secure retail locations in Alberta and develop a lifestyle brand and suite of cannabis products; the equity facility with Alumina Partners and proceeds to be raised pursuant thereto; and the issuance of Common Shares for services rendered. When used in this document, the words “will,” “anticipate,” “believe,” “estimate,” “expect,” “intent,” “may,” “project,” “should,” and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Company which include, but are not limited to, the timely receipt of all required TSXV approvals. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to: regulatory and third party approvals, including receipt of cultivation and sales licenses from Health Canada, retail cannabis licenses from AGLC and municipal development permits not being obtained in the manner or timing anticipated; the ability to implement corporate strategies; the state of domestic capital markets; the ability to obtain financing; changes in general market conditions; industry conditions and events; the size of the medical marijuana market and the recreational marijuana market; government regulations, including future legislative and regulatory developments involving medical and recreational marijuana; construction delays; competition from other industry participants; and other factors more fully described from time to time in the reports and filings made by the Company with securities regulatory authorities. Please refer to the Company’s annual information form (“AIF”) for the year ended December 31, 2017 and management’s discussion and analysis (“MD&A”) for the three and six months ended June 30, 2018 for additional risk factors relating to the Company. The AIF and MD&A can be accessed under the Company’s profile on www.sedar.com.

Except as required by applicable laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.

Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Categories: State

TransCanada to Highlight Sustainable Long-term Growth at Investor Day; Dividend Expected to Increase 8 to 10 Per Cent Annually Through 2021

Oil - 13 November 2018 - 6:00am

CALGARY, Alberta, Nov. 13, 2018 (GLOBE NEWSWIRE) -- News Release – TransCanada Corporation (TSX, NYSE: TRP) (TransCanada) will host its annual Investor Day in Toronto today where it will provide a financial update and review strategic plans for its natural gas pipelines, liquids pipelines and energy businesses in Canada, the United States and Mexico.

“Our $94 billion portfolio of energy infrastructure assets are expected to generate record financial results in 2018 underpinned by strong market fundamentals,” said Russ Girling, TransCanada’s president and chief executive officer. “Looking forward, we will continue to advance $36 billion in commercially secured projects through 2023 that will expand and extend our asset footprint across North America.”

As those projects enter service, TransCanada expects comparable earnings before interest, taxes, depreciation and amortization (EBITDA) to grow to approximately $10 billion in 2021, a 35 per cent increase when compared to comparable EBITDA of $7.4 billion in 2017. Significantly, 95 per cent of comparable EBITDA is expected to come from regulated assets or long-term contracts.

At the same time, the company continues to methodically advance more than $20 billion of projects under development. They include Keystone XL and Bruce Power life extensions as well as numerous other organic growth opportunities that are expected to emanate from TransCanada’s five operating businesses across North America. 

“Based on the confidence we have in our business plans, we expect to grow our common share dividend at an average annual rate of eight to 10 per cent through 2021,” added Girling. “Notably, our dividend outlook is supported by expected growth in earnings and cash flow and in line with our historically strong dividend coverage ratios.”

On November 1, 2018, TransCanada announced that its Board of Directors declared a quarterly dividend of $0.69 per common share for the quarter ending December 31, 2018. The quarterly amount equates to $2.76 per common share on an annualized basis and represents a 10 per cent increase over the amount declared in 2017. TransCanada’s Board of Directors has increased the common share dividend in each of the last eighteen years, from $0.80 per common share in 2000 to $2.76 per common share in 2018. The current common share dividend equates to a dividend yield of approximately 5.3 per cent based on the closing price of TransCanada’s common shares on the Toronto Stock Exchange on November 12, 2018.

“With approximately $10 billion of new projects expected to enter service by early 2019, we are well positioned to fund the remainder of our secured capital program through internally generated cash flow, access to capital markets and further portfolio management activities,” concluded Girling. “We view the issuance of common shares under our At-The-Market Equity Program as being complete at this time but expect to operate our Dividend Reinvestment Program for some portion of 2019. This will allow us to continue to prudently fund our significant capital program in a manner that is consistent with achieving targeted credit metrics that support our strong credit ratings. Going forward we will continue to evaluate share count growth against further portfolio management activities.”

Today’s investor event will be webcast beginning at 8 a.m. EST (6 a.m. MST). Interested parties may participate in the webcast available on TransCanada’s website at https://www.transcanada.com/events or via the following URL: http://www.gowebcasting.com/9781.

A copy of the presentation and the webcast, which will be archived and accessible for replay, will be available on the website.

With more than 65 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and liquids pipelines, power generation and gas storage facilities. TransCanada operates one of the largest natural gas transmission networks that extends more than 91,900 kilometres (57,100 miles), tapping into virtually all major gas supply basins in North America. TransCanada is a leading provider of gas storage and related services with 653 billion cubic feet of storage capacity. A large independent power producer, TransCanada owns or has interests in approximately 5,700 megawatts of power generation in Canada and the United States. TransCanada is also the developer and operator of one of North America's leading liquids pipeline systems that extends approximately 4,900 kilometres (3,000 miles), connecting growing continental oil supplies to key markets and refineries. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. Visit www.transcanada.com to learn more, or connect with us on social media.

Forward Looking Information
This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Forward-looking statements in this document are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management's assessment of TransCanada's and its subsidiaries' future plans and financial outlook. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the Quarterly Report to Shareholders dated October 31, 2018 and the 2017 Annual Report filed under TransCanada's profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov.

Non-GAAP Measures
This news release contains references to non-GAAP measures, including comparable earnings, comparable earnings per common share, comparable EBITDA, comparable distributable cash flow, comparable distributable cash flow per common share and comparable funds generated from operations, that do not have any standardized meaning as prescribed by U.S. GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. These non-GAAP measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable except as otherwise described in the Condensed consolidated financial statements and MD&A. For more information on non-GAAP measures, refer to TransCanada's Quarterly Report to Shareholders dated October 31, 2018.

Media Inquiries:
Grady Semmens
403.920.7859 or 800.608.7859

TransCanada Investor & Analyst Inquiries:
David Moneta / Duane Alexander
403.920.7911 or 800.361.6522

Categories: State

Tethys Oil AB: Production update October 2018

Oil - 13 November 2018 - 5:01am

Tethys Oil's share of the production, before government take, from Blocks 3&4 onshore the Sultanate of Oman amounted in October 2018 to 371,357 barrels of oil, corresponding to 11,979 barrels of oil per day.

The Official Selling Price (OSP) for Oman Export Blend Crude Oil for the month of October 2018 amounts to USD 72.64 per barrel.[1] The OSP, as published by Sultanate of Oman's Ministry of Oil & Gas, is the benchmark price for Tethys Oil's monthly oil sales excluding trading and quality adjustments.

Tethys Oil AB, through its wholly owned subsidiary Tethys Oil Block 3 & 4 Ltd, has a 30 per cent interest in Blocks 3&4. Partners are Mitsui E&P Middle East B.V. with 20 per cent and the operator CC Energy Development S.A.L. (Oman branch) holding the remaining 50 per cent.

For further information, please contact
Magnus Nordin, Managing Director, phone +46 8 505 947 00
------------------------------------------------------------

The information was submitted for publication, through the agency of the contact person set out above, at 11:00 CET on 13 November 2018.

Tethys Oil AB (publ)
Tethys Oil is a Swedish oil company with focus on onshore areas with known oil discoveries. Tethys Oil's core area is Oman, where the company holds 2P reserves of 22 mmbo and 2C Contingent Resources of 17 mmbo and had an average oil production of 12,162 barrels per day from Blocks 3&4 during 2017. Tethys Oil also has onshore exploration licences in Lithuania and France and some production in Lithuania. The shares are listed on Nasdaq Stockholm (TETY). Website: www.tethysoil.com




[1] The October 2018 OSP is the arithmetic average of the daily market price of the DME Oman Crude Oil Futures Contract for October 2018, as traded through the month of August 2018.


Attachment

Categories: State

Awilco Drilling PLC: Q3 2018 Presentation

Oil - 13 November 2018 - 4:14am

Please find attached the Q3 2018 presentation to be held in Oslo today. 

Aberdeen, 13 November 2018

For further information please contact:

Jon Oliver Bryce, CEO
Phone: +44 1224 737900

Cathrine Haavind, IR Manager
Phone: +47 9342 8464
Email: ch@awilcodrilling.com

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Attachment

Categories: State

Providence Resources P.l.c. - Frontier Exploration Licence 3/04 - Dunquin South, Porcupine Basin

Oil - 13 November 2018 - 2:01am

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FRONTIER EXPLORATION LICENCE 3/04
DUNQUIN SOUTH, PORCUPINE BASIN

  • PARTNERS APPROVE 2019 WELL SITE SURVEY BUDGET

         

Dublin and London - November 13, 2018 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil & Gas Exploration Company ("Providence" or the "Company"), today provides a licence update on Frontier Exploration Licence ("FEL") 3/04 located in the southern Porcupine Basin.  FEL 3/04 is operated by Eni Ireland BV (36.913%) on behalf of its partners, Repsol Exploracion Irlanda SA (33.557%), Providence Resources P.l.c. (26.846%) and Sosina Exploration Limited (2.684%), collectively referred to as the "FEL 3/04 Partners".  The licence contains the undrilled Lower Cretaceous "Dunquin South" carbonate exploration prospect as well as the adjacent "Dunquin North" carbonate build-up, which hosts a residual oil column.

Having completed the interpretation of the newly acquired 3D seismic data, the FEL 3/04 Partners have now approved the 2019 Work Programme & Budget to include the acquisition of a well site survey over the Dunquin South prospect.

Commenting today, Tony O'Reilly, Chief Executive Officer of Providence Resources said:

 "We are very pleased to confirm that the Dunquin partners have approved the budget for the acquisition of a well site survey over Dunquin South, which is a prerequisite for the drilling of an exploration well on this high impact exploration prospect. We look forward to keeping all stakeholders updated on the forward plans for this licence."

INVESTOR ENQUIRIES   Providence Resources P.l.c. Tel: +353 1 219 4074 Tony O'Reilly, Chief Executive Officer   Dr. John O'Sullivan, Technical Director        Cenkos Securities plc Tel: +44 131 220 9771  Neil McDonald/Derrick Lee       J&E Davy Tel: +353 1 679 6363  Anthony Farrell        Mirabaud Securities Limited Tel: + 44 20 3167 7221 Peter Krens       MEDIA ENQUIRIES   Powerscourt Tel: +44 207 250 1446  Peter Ogden       Murray Consultants Tel: +353 1 498 0300  Pauline McAlester  

ANNOUNCEMENT 
This announcement has been reviewed by Dr John O'Sullivan, Technical Director, Providence Resources P.l.c.  John is a geology graduate of University College, Cork and holds a Masters in Applied Geophysics from the National University of Ireland, Galway. He also holds a Masters in Technology Management from the Smurfit Graduate School of Business at University College Dublin and a doctorate in Geology from Trinity College Dublin.  John is a Chartered Geologist and a Fellow of the Geological Society of London.  He is also a member of the Petroleum Exploration Society of Great Britain, the Society of Petroleum Engineers and the Geophysical Association of Ireland. John has more than 25 years of experience in the oil and gas exploration and production industry having previously worked with both Mobil and Marathon Oil.  John is a qualified person as defined in the guidance note for Mining Oil & Gas Companies, March 2006 of the London Stock Exchange. Definitions in this press release are consistent with SPE guidelines. SPE/WPC/AAPG/SPEE Petroleum Resource Management System 2007 has been used in preparing this announcement. 

ABOUT PROVIDENCE RESOURCES
Providence Resources is an Irish based Oil & Gas Exploration Company with a portfolio of appraisal and exploration assets located offshore Ireland.  Providence's shares are quoted on the AIM in London and the ESM in Dublin. Further information on Providence can be found on www.providenceresources.com

Categories: State

5 tips to deal with those wrinkles

Pittsburgh Tribune-Review - 13 November 2018 - 1:36am
Protect your skin — and prevent future wrinkles — by limiting the time you spend in the sun. The American Academy of Dermatology recommends using a broad-spectrum sunscreen with an SPF of 30 or more." src = "https://triblive.com/rss/photos/?STREAMOID=eefwH_io4IduPE4iWKW$Es$daE2N3K4ZzOUsqbU5sYs2CTIzx5FCAB44RidmpnyyWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
Wrinkles are a natural part of aging, especially for the face, neck, hands and forearms. But some people are more prone to wrinkles based on ...
Categories: State

Mayo Clinic Q&A: Calf muscle injury common in runners over 40

Pittsburgh Tribune-Review - 13 November 2018 - 1:36am
Calf muscle injuries are among the most common for runners over 40, particularly men." src = "https://triblive.com/rss/photos/?STREAMOID=saKUz5ewfl2pIcD3w0fN28$daE2N3K4ZzOUsqbU5sYvS8hU10PfZJogPDWu5mZ1gWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
Dear Mayo Clinic: I tore my calf muscle while running a few months ago and went to physical therapy for treatment. It seemed to heal ...
Categories: State

Put down the pack for Great American Smoke Out

Pittsburgh Tribune-Review - 13 November 2018 - 1:36am
" src = "https://triblive.com/rss/photos/?STREAMOID=3JCkdrbYjTULyuMLjlnYYs$daE2N3K4ZzOUsqbU5sYs5RbTqGN_BMAROlToihE3AWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
Step outside to smoke. Try gum or candy when the urge to light up hits. Consider the patch. Those are among the suggestions experts offer ...
Categories: State

New ways to handle picky eaters

Pittsburgh Tribune-Review - 13 November 2018 - 1:36am
Because children don’t have as many food experiences as adults, they can’t anticipate what something might taste like." src = "https://triblive.com/rss/photos/?STREAMOID=8Kf4L0uu4uihQfLHOrGvJc$daE2N3K4ZzOUsqbU5sYv_X_clRxmEUUPpdVw6Jr8UWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
Once upon a time, not too long ago, in a land not far from here, parents would force children to clean their plates during meals, ...
Categories: State
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