Author: Newsdesk

WILMINGTON, Del., Nov. 12, 2020 /PRNewswire/ — The Chemours Company (“Chemours”) (NYSE: CC), a global chemistry company with leading market positions in Fluoroproducts, Chemical Solutions and Titanium Technologies, today announced that it intends to offer, subject to market and other conditions, $750 million in aggregate principal amount of fixed rate senior notes in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The notes will be Chemours’ senior unsecured obligations and will be guaranteed by certain of its subsidiaries.

The net proceeds of the offering are expected to be used, together with cash on hand, (i) to fund the purchase price and accrued and unpaid interest for any and all of Chemours’ outstanding 6.625% senior notes due 2023 (the “existing 2023 notes”) validly tendered and accepted for payment pursuant to Chemours’ previously announced cash tender offer for any and all of the existing 2023 notes (the “Tender Offer”) and (ii) to the extent applicable, to fund the redemption price and accrued and unpaid interest for any existing 2023 notes that remain outstanding after the completion or termination of the Tender Offer.

The notes and the related guarantees have not been, and will not be, registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.  The notes are being offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in accordance with Regulation S under the Securities Act. 

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release is not an offer to purchase or the solicitation of an offer to sell any of the existing 2023 notes. The Tender Offer referenced herein is being made only by and pursuant to the terms of the applicable Offer to Purchase and Consent Solicitation Statement. The statements in this press release with respect to the redemption of the existing 2023 notes do not constitute a notice of redemption under the indenture governing the existing 2023 notes. Any such notice has or will be sent to holders of existing 2023 notes only in accordance with the provisions of such indenture.

About The Chemours Company


The Chemours Company (NYSE: CC) is a global leader in Titanium Technologies, Fluoroproducts, and Chemical Solutions, providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations.  Chemours ingredients are found in plastics and coatings, refrigeration and air conditioning, mining, and general industrial manufacturing. Our flagship products include prominent brands such as Teflon™, Ti-Pure™, Krytox™, Viton™, Opteon™, Freon™ and Nafion™. In 2019, Chemours was named to Newsweek’s list of America’s Most Responsible Companies. The company has approximately 7,000 employees and 30 manufacturing sites serving approximately 3,700 customers in over 120 countries. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.

Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words “believe,” “expect,” “will,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify “forward-looking statements,” which speak only as of the date such statements were made. These forward-looking statements may address, among other things, the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, anticipated future operating and financial performance, business plans, prospects, targets, goals and commitments, capital investments and projects, plans for dividends or share repurchases, sufficiency or longevity of intellectual property protection, cost reductions or savings targets, plans to increase profitability and growth, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours’ control. In addition, the current COVID-19 pandemic has significantly impacted the national and global economy and commodity and financial markets. The full extent and impact of the pandemic is unknown and to date has included extreme volatility in financial and commodity markets, a significant slowdown in economic activity, and increased predictions of a global recession. The public and private sector response has led to significant restrictions on travel, temporary business closures, quarantines, stock market volatility, and a general reduction in consumer and commercial activity globally. Matters outside our control have affected our business and operations and may or may continue to limit travel of employees to our business units domestically and internationally, adversely affect the health and welfare of our personnel, significantly reduce the demand for our products, hinder our ability to provide goods and services to customers, cause disruptions in our supply chains, adversely affect our business partners or cause other unpredictable events. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include, but are not limited to: the terms and timing of the offering, the Tender Offer and any redemptions of the existing 2023 notes; and the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020 and our Annual Report on Form 10-K for the year ended December 31, 2019. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.

CONTACT:

INVESTORS 
Jonathan Lock 
VP, Corporate Development and Investor Relations 
+1.302.773.2263 
[email protected] 

NEWS MEDIA 


Thomas Sueta

Director, Corporate Communications
+1.302.773.3903


[email protected]

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SOURCE The Chemours Company

BRISTOL, Tenn., Nov. 12, 2020 /PRNewswire/ — Contura Energy, Inc. (NYSE: CTRA), a leading U.S. supplier of metallurgical products for the steel-making industry, today announced a definitive agreement with Iron Senergy Holding, LLC (Iron Senergy) for the divestment of Contura’s Pennsylvania operations, including the Cumberland Mine in Greene County, Pennsylvania. The equity transaction is expected to close before December 31, 2020, and, upon closing, will transfer to Iron Senergy the subsidiaries that hold Contura’s Cumberland and Emerald mines and the associated coal reserves, mining permits and operations, infrastructure, equipment and transloading facilities.

The purchaser, Iron Senergy, has expressed its intention to continue operating the Cumberland Mine past Contura’s previously announced planned exit at the end of 2022, thereby extending employment opportunities for the Cumberland workforce, providing a continued tax base for the local community, and sustaining business opportunities for Cumberland’s vendors and a reliable fuel supply for customers. Iron Senergy’s plan also includes the development and integration of renewable energy in efforts to further develop synergistic opportunities with regional utilities.

“In addition to the important benefits to Cumberland employees and the local community in Greene County, the signing of this agreement to divest Cumberland provides a way for both Contura and Iron Senergy to advance our respective strategic goals,” said David Stetson, Contura’s chairman and chief executive officer. “This transaction allows Contura to nearly complete our move to a pure-play metallurgical company providing critical feedstock for steel production. Additionally, closing the transaction will meaningfully reduce our asset retirement obligations and collateralization requirements, allowing us to better focus our resources on the core mines in our portfolio and our strategy as solely a met producer.”

According to the terms of the transaction, Iron Senergy will acquire all of the equity of the following wholly-owned Contura subsidiaries upon closing: Emerald Contura, LLC; Cumberland Contura, LLC; Contura Coal Resources, LLC; Contura Pennsylvania Land, LLC; and Contura Pennsylvania Terminal, LLC (together, the Pennsylvania Entities). Upon closing, Iron Senergy will post replacement reclamation bonds for the Pennsylvania Entities and assume their UMWA collective bargaining agreements. Also, upon closing, Contura will provide $20 million in cash consideration to Iron Senergy and will transfer $30 million in existing cash collateral to Iron Senergy’s surety provider as collateral for Iron Senergy’s replacement reclamation bonds.

Iron Senergy will assume all reclamation obligations associated with the Pennsylvania Entities, estimated to be approximately $169 million of undiscounted future cash outflows, which will release Contura from these obligations upon closing of the transaction.

The transaction is subject to a number of conditions to closing, and therefore, there can be no assurances that closing will occur when anticipated, or at all. The parties are working diligently to address all of these conditions.

ABOUT CONTURA ENERGY

Contura Energy (NYSE: CTRA) is a Tennessee-based coal supplier with affiliate mining operations across major coal basins in Pennsylvania, Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Contura Energy reliably supplies metallurgical coal to produce steel. For more information, visit

www.conturaenergy.com

.

FORWARD-LOOKING STATEMENTS

This news release includes forward-looking statements. These forward-looking statements are based on Contura’s expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Contura’s control. Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Contura to predict these events or how they may affect Contura. Except as required by law, Contura has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this news release may not occur.

INVESTOR CONTACT


[email protected]

Alex Rotonen, CFA
423.956.6882

MEDIA CONTACT


[email protected]

Emily O’Quinn

423.573.0369

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SOURCE Contura Energy, Inc.

WILMINGTON, Del., Nov. 12, 2020 /PRNewswire/ — The Chemours Company (“Chemours”) (NYSE: CC), a global chemistry company with leading market positions in Fluoroproducts, Chemical Solutions and Titanium Technologies, today announced that it has commenced a tender offer (the “Tender Offer”) to purchase for cash any and all of its outstanding 6.625% senior notes due 2023 (the “Notes”).

In connection with the Tender Offer, Chemours is also soliciting consents (the “Consents”) from holders of the Notes  (the “Consent Solicitation”) to proposed amendments to the indenture, dated as of May 12, 2015 (the “Base Indenture”), as supplemented by the first supplemental indenture, dated May 12, 2015, which governs the Notes (the “First Supplemental Indenture” and, together with the Base Indenture, as supplemented from time to time, the “Indenture”), providing for the shortening of the minimum notice periods under the Indenture for the optional redemption of the Notes by Chemours (the “Proposed Amendments”). The terms and conditions of the Tender Offer and Consent Solicitation are described in an Offer to Purchase and Consent Solicitation Statement, dated November 12, 2020 (the “Offer to Purchase and Consent Solicitation Statement”).  The following table summarizes the material pricing terms of the Tender Offer.

The Tender Offer and Consent Solicitation will expire at Midnight, New York City time, at the end of December 10, 2020, unless extended or earlier terminated by Chemours (the “Expiration Date”).  No tenders submitted after the Expiration Date will be valid.  Subject to the terms and conditions of the Tender Offer, holders of Notes that are validly tendered (and not validly withdrawn) on or prior to 5:00 p.m., New York City time, on November 25, 2020 (such date and time, as it may be extended, the “Early Tender Deadline”) and accepted for purchase pursuant to the Tender Offer will be eligible to receive the Total Consideration set forth in the table above, which includes the Early Tender Payment set forth in the table above.  Holders of Notes tendering their Notes after the Early Tender Deadline and on or prior to the Expiration Date will only be eligible to receive the Tender Offer Consideration set forth in the table above, which is the Total Consideration less the Early Tender Payment.

In addition, holders of all Notes validly tendered and accepted for purchase pursuant to the Tender Offer will receive accrued and unpaid interest on such Notes from the last interest payment date with respect to such Notes to, but excluding, the Early Settlement Date or the Final Settlement Date, as applicable

The consummation of the Tender Offer and Consent Solicitation are subject to, and conditioned upon, the satisfaction or waiver of certain conditions described in the Offer to Purchase and Consent Solicitation Statement, including, among other things, Chemours consummating the New Debt Financing (as defined in the Offer to Purchase and Consent Solicitation Statement) on terms satisfactory to it, and having funds available therefrom, together with cash on hand, that will allow it to purchase the Notes pursuant to the Tender Offer.

In order for the Proposed Amendments to be adopted, Consents must be received in respect of at least a majority of the aggregate principal amount of the Notes then outstanding (excluding Notes held by Chemours or its affiliates) (the “Requisite Consents”).  Assuming receipt of the Requisite Consents, Chemours expects to execute and deliver a supplemental indenture (the “Supplemental Indenture”) to the Indenture giving effect to the Proposed Amendments, promptly following the receipt of the Requisite Consents.  The Supplemental Indenture will become effective upon execution, but will provide that the Proposed Amendments will not become operative until Chemours accepts for purchase the Notes satisfying the Requisite Consents in the Tender Offer.

Any Notes validly tendered and related Consents validly delivered may be withdrawn or revoked from the Tender Offer and the Consent Solicitation on or prior to the Early Tender Deadline.  Any Notes validly tendered and related Consents validly delivered on or prior to the Early Tender Deadline that are not validly withdrawn or validly revoked prior to the Early Tender Deadline may not be withdrawn or revoked thereafter, except as required by law.  In addition, any Notes validly tendered and related consents validly delivered after the Early Tender Deadline may not be withdrawn or revoked, except as required by law.

Concurrently with the commencement of the Tender Offer and the Consent Solicitation and conditioned upon the receipt of the net proceeds from the New Debt Financing and the lack of receipt of the Requisite Consents on or prior to the Early Tender Deadline, we issued a notice of redemption for any Notes that remain outstanding following the consummation or termination of the Offer and the Consent Solicitation.  Any such redemption would be made in accordance with the terms of the Indenture, which provides for a redemption price equal to 101.656% plus accrued and unpaid interest thereon to the redemption date. In addition, assuming the execution and delivery of the Supplemental Indenture, we currently intend, in accordance with the terms and conditions of the Indenture, as may be amended as a result of the Proposed Amendments, to mail a notice of redemption to the holders of any outstanding Notes on the Early Settlement Date, if any, although we have no legal obligation to do so and the selection of any particular redemption date is in our discretion.  These statements shall not constitute a notice of any such redemptions under the Indenture. Any such notice, if made, will only be made in accordance with the provisions of the Indenture.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any security.  No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.

J.P. Morgan Securities LLC is the dealer manager and solicitation agent (the “Dealer Manager”) in the Tender Offer and Consent Solicitation.  Global Bondholder Services Corporation has been retained to serve as both the depositary and the information agent (the “Depositary and Information Agent”) for the Tender Offer and Consent Solicitation.  Questions regarding the Tender Offer and Consent Solicitation should be directed to J.P. Morgan Securities LLC at (866) 834-2045 (Toll Free).  Requests for copies of the Offer to Purchase and Consent Solicitation Statement and other related materials should be directed to Global Bondholder Services Corporation at [email protected] (email), (866) 470-4200 (U.S. Toll-Free), (212) 430-3774 (Banks and Brokers) or at http://www.gbsc-usa.com/Chemours/ (website).

None of Chemours, its board of directors, the Dealer Manager, the Depositary and Information Agent, the Trustee under the Indenture, or any of Chemours’ affiliates, makes any recommendation as to whether holders of the Notes should tender any Notes in response to the Tender Offer and Consent Solicitation.  The Tender Offer and Consent Solicitation are made only by the Offer to Purchase and Consent Solicitation Statement.  The Tender Offer and Consent Solicitation are not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.  In any jurisdiction in which the Tender Offer and Consent Solicitation are required to be made by a licensed broker or dealer, the Tender Offer and Consent Solicitation will be deemed to be made on behalf of Chemours by the Dealer Manager or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

About The Chemours Company
The Chemours Company (NYSE: CC) is a global leader in Titanium technologies, Fluoroproducts, and Chemical Solutions, providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations.  Chemours ingredients are found in plastics and coatings, refrigeration and air conditioning, mining, and general industrial manufacturing. Our flagship products include prominent brands such as Teflon™, Ti-Pure™, Krytox™, Viton™, Opteon™, Freon™ and Nafion™. In 2019, Chemours was named to Newsweek’s list of America’s Most Responsible Companies. The company has approximately 7,000 employees and 30 manufacturing sites serving approximately 3,700 customers in over 120 countries. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.

Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words “believe,” “expect,” “will,” “anticipate,” “plan,” “estimate,” “target,” “project” and similar expressions, among others, generally identify “forward-looking statements,” which speak only as of the date such statements were made.

These forward-looking statements may address, among other things, the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, anticipated future operating and financial performance, business plans, prospects, targets, goals and commitments, capital investments and projects, plans for dividends or share repurchases, sufficiency or longevity of intellectual property protection, cost reductions or savings targets, plans to increase profitability and growth, our ability to make acquisitions, integrate acquired businesses or assets into our operations, achieve anticipated synergies or cost savings, the terms and timing for completion of the Tender Offer and Consent Solicitation, including the acceptance for purchase of any Notes validly tendered and any related Consents validly delivered, the expected Early Tender Deadline, Expiration Date and Settlement Dates thereof, and the satisfaction or waiver of certain conditions of the Tender Offer and Consent Solicitation and statements regarding the terms or timing of the New Debt Financing and the redemption of the Notes, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours’ control.  Factors that may cause actual results to vary include, but are not limited to, conditions in financial markets and investor response to Chemours’ Tender Offer and Consent Solicitation and inadequate investor response on adequate terms to the New Debt Financing intended to satisfy the condition to the Tender Offer and Consent Solicitation.  In addition, the current COVID-19 pandemic has significantly impacted the national and global economy and commodity and financial markets. The full extent and impact of the pandemic is unknown and to date has included extreme volatility in financial and commodity markets, a significant slowdown in economic activity, and increased predictions of a global recession. The public and private sector response has led to significant restrictions on travel, temporary business closures, quarantines, stock market volatility, and a general reduction in consumer and commercial activity globally. Matters outside our control have affected our business and operations and may or may continue to limit travel of employees to our business units domestically and internationally, adversely affect the health and welfare of our personnel, significantly reduce the demand for our products, hinder our ability to provide goods and services to customers, cause disruptions in our supply chains, adversely affect our business partners or cause other unpredictable events.

Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020 and in our Annual Report on Form 10-K for the year ended December 31, 2019. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.

CONTACT

INVESTORS

Jonathan Lock

VP, Corporate Development and Investor Relations
+1.302.773.2263
[email protected]

MEDIA

Thomas Sueta

Director, Corporate Communications
+1.302.773.3903
[email protected]

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SOURCE The Chemours Company

Q2-2021 Highlights

• Revenues increased 1.5% to $68.4 million, compared to $67.4 million for the same quarter last year
• New bookings⁽¹⁾ totaled $62.3 million, which translated into a book-to-bill ratio⁽¹⁾ of 0.91 for the quarter, and 1.03 year-to-date
• Adjusted EBITDA⁽¹⁾ reached $0.8 million, a decrease from $3.2 million in the same quarter last year
• Net loss of $5.5 million, or $0.09 per share, compared to a loss of $2.3 million, or $0.04 per share, for the same quarter last year
• Solid financial position with net bank borrowing⁽¹⁾ of $15.6 million at the end of the quarter, compared to $26.9 million as at March 31, 2020
• Renewal of the framework agreement with Desjardins Group for the provision of services and the delivery of technology projects from October 1, 2020 until 2022
• Added twelve new clients in Q2, signed and implemented several other major Enterprise Cloud Solutions agreements, including a substantial one for the Florida Municipal Power Agency

MONTREAL, Nov. 12, 2020 /PRNewswire/ – Alithya Group inc. (TSX: ALYA) (NASDAQ: ALYA) (“Alithya” or the “Company”), a leader in strategy and digital transformation with more than 2,200 professionals and offering digital business solutions across Canada, the U.S. and Europe, reported today its results for the second quarter of fiscal 2021 ended September 30, 2020. All amounts are in Canadian dollars unless otherwise stated.

Summary of the financial results for the second quarter:

“We are very pleased with our results and our overall growth despite the impacts of the pandemic in certain geographies. Our revenues increased compared to the same period last year, driven by our Canadian operations and acquisitions completed last year, and partially offset by our U.S. and European operations which are still impacted by the pandemic. Compared to the first quarter, our revenues decreased as they always do in our summer quarter, but they did so to a much lesser extent than usual, which is encouraging. In addition, on a combined basis, we are pleased to report that the three acquisitions completed last year continue to generate organic growth, both year-over-year and sequentially, as well as continued superior margins,” stated Paul Raymond, President and CEO of Alithya.

“Our adjusted EBITDA and net income decreased year over year as a result of a lower utilization rate in the U.S. due to the pandemic and our strategic decision to support our employees and protect our expertise during this temporary downturn. We believe this is in the company’s best long-term interests. Conversely, our Canadian operation reported its best gross margin on record as some large clients started to ramp up and cross-selling opportunities from recent acquisitions materialize. Despite the daily challenges faced by employees in the wake of this pandemic, they continue to show passion and dedication for Alithya and its clients. I sincerely want to thank every single one of our 2,200 professionals,” continued Mr. Raymond.

“Looking forward, despite the continued uncertainty surrounding the pandemic, we are very optimistic about the second half of the year. In the third quarter, we should expect to benefit from new contracts we signed in the first half of the year and the improvement we see in the U.S. market. Furthermore, we are currently engaged in a comprehensive hiring campaign to pursue our shift to a more permanent employee base and to support our growth. Leveraging our solid financial position, which would further improve following the possible confirmation of the Paycheck Protection Program (“PPP”) loans forgiveness, in part or in full, we will continue to focus on the execution of our strategic plan which is to increase our scale through organic growth and acquisitions,” concluded Mr. Raymond.

Second Quarter Results

Revenues



Revenues amounted to $68.4 million, up 1.5%, compared to $67.4 million for the same period last year, driven by the Canadian operations. On a geographical basis, revenues in Canada increased 13.4% to $38.9 million due to the contribution from acquisitions completed last year and growth at certain key clients, partially offset by the negative impact of COVID-19. U.S. revenues decreased 9.5% to $27.1 million due primarily to the negative impact of COVID-19, partially offset by the contribution from an acquisition. Europe revenues decreased 24.3%, to $2.4 million, mainly due to the impact of COVID-19, impacting mostly one important client. On a sequential basis, our consolidated revenues decreased only 3.3%, a lesser extent than usual, for our seasonally softest quarter of the year. Assuming a constant US$ exchange rate from Q1 to Q2, the consolidated decrease would have been 1.8%. As such, by geography, revenues in Canada and Europe increased while revenues decreased in the U.S.

Gross margin


Gross margin amounted to $18.7 million, or 27.4%, a decrease compared to $20.7 million, or 30.7%, for the same quarter last year. This variation was driven primarily by reduced gross margin from Europe and the U.S. due to the negative impacts of COVID-19 on utilization rates, partially offset by increased gross margin in Canada, due to the changing mix of revenues and governmental wage subsidies. The Canadian operations, however, reported their best gross margin on record.

Adjusted EBITDA

Adjusted EBITDA amounted to $0.8 million, or an adjusted EBITDA margin of 1.2%, a decrease from $3.2 million, or an adjusted EBITDA margin of 4.8%, for the same quarter last year. The contribution from acquisitions, increased margins from higher value-added business and reduced pre-acquisition selling, general and administrative expenses, were offset by the decline in gross margin in our U.S. operations.

Net loss

Net loss amounted to $5.5 million, or $0.09 per share, compared to $2.3 million, or $0.04 per share, for the same period last year. This variation was largely due to decreased adjusted EBITDA, increased SG&A expenses, increased amortization of intangibles and depreciation, and decreased income tax recovery.

Liquidity and Capital Resources

Net cash used in operating activities amounted to $6.1 million, compared to $0.6 million for the same period last year. This variation was mainly attributable to unfavorable changes in working capital and decreased net income.

Net bank borrowing reached $15.6 million, an improvement from $26.9 million as at March 31, 2020.

Six-Month Results

Revenues were stable at $139.1 million, compared to $139.6 million last year; gross margin was $39.1 million, or 28.1%, versus $41.9 million, or 30.0% last year; adjusted EBITDA was $4.1 million, or 2.9%, compared to $6.3 million, or 4.5% last year; operating loss was $10.2 million, compared to $4.4 million last year and; net loss was $10.0 million, or $0.17 per share, compared to $3.9 million, or $0.07 per share last year, essentially for the same reasons mentioned for the second quarter.

Strategic plan

Alithya remains prudent with its outlook in the context of COVID-19 and continues to monitor the situation closely. Alithya’s priorities for the coming quarters will remain the protection of its people, its clients and the Company. Alithya is fortunate to operate as an essential services provider in a growing industry. However, the unprecedented nature of the COVID-19 crisis leads it to be very cautious and disciplined in the ongoing management of its business continuity plan.

Alithya is still focused on its 3-5-year strategic plan which sets as a goal to become a North-American digital transformation leader, with the ambition of doubling the Company’s size during this period. According to this plan, Alithya’s consolidated scale and scope should allow it to leverage its geographies, expertise, integrated offerings, and position on the value chain to target the fastest growing IT segments. In fact, Alithya’s specialization in digital technologies and the flexibility to either deploy enterprise solutions, or deliver solutions tailored to specific business objectives, responds directly to client expectations.

More specifically, the company has established a three-fold plan focusing on:

• Increasing scale through organic growth and complementary acquisitions
• Achieving best-in-class employee engagement
• Providing our investors, partners and stakeholders with long-term growing return on investment

Forward-Looking Statements

This press release contains statements that may constitute “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other applicable U.S. safe harbours (collectively “forward-looking statements”). Statements that do not exclusively relate to historical facts, as well as statements relating to management’s expectations regarding the future growth, results of operations, performance and business prospects of Alithya, and other information related to Alithya’s business strategy and future plans or which refer to the characterizations of future events or circumstances represent forward-looking statements. Such statements often contain the words “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “could,” “would,” “will,” “may,” “can,” “continue,” “potential,” “should,” “project,” “target,” and similar expressions and variations thereof, although not all forward-looking statements contain these identifying words.

Forward-looking statements in this press release include, among other things, information or statements about: (i) our ability to generate sufficient earnings to support our operations; (ii) our ability to take advantage of business opportunities and meet our goals set in our three to five year strategic plan; (iii) our ability to develop new business, broaden the scope of our service offerings and enter into new contracts; (iv) our strategy, future operations, and prospects; (v) our need for additional financing and our estimates regarding our future financing and capital requirements; (vi) our expectations regarding our financial performance, including our revenues, profitability, research and development, costs and expenses, gross margins, liquidity, capital resources, and capital expenditures; (vii) our ability to realize the expected synergies or cost savings relating to the integration of our business acquisitions, and (viii) the impact of the COVID-19 pandemic and related response measures on our business operations, financial results and financial position and those of our clients and on the economy in general.

Forward-looking statements are presented for the sole purpose of assisting investors and others in understanding Alithya’s objectives, strategies and business outlook as well as its anticipated operating environment and may not be appropriate for other purposes. Although management believes the expectations reflected in Alithya’s forward-looking statements were reasonable as at the date they were made, forward-looking statements are based on the opinions, assumptions and estimates of management and, as such, are subject to a variety of risks and uncertainties and other factors, many of which are beyond Alithya’s control, and which could cause actual events or results to differ materially from those expressed or implied in such statements. Such risks and uncertainties include but are not limited to those discussed in the section titled “Risks and Uncertainties” of Alithya’s Management’s Discussion and Analysis for the quarter ended September 30, 2020 and Management’s Discussion and Analysis for the year ended March 31, 2020, as well as in Alithya’s other materials made public, including documents filed with Canadian and U.S. securities regulatory authorities from time to time and which are available on SEDAR at www.sedar.com and EDGAR at www.sec.gov. Additional risks and uncertainties not currently known to Alithya or that Alithya currently deems to be immaterial could also have a material adverse effect on its financial position, financial performance, cash flows, business or reputation.

Forward-looking statements contained in this press release are qualified by these cautionary statements and are made only as of the date of this press release. Alithya expressly disclaims any obligation to update or alter any forward-looking statements, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by applicable law. Investors are cautioned not to place undue reliance on forward-looking statements since actual results may vary materially from them.

Non-IFRS Measures

This press release includes certain measures which have not been prepared in accordance with IFRS. EBITDA, adjusted EBITDA, adjusted EBITDA margin, net bank borrowing, bookings and book-to-bill ratio are non-IFRS measures. These measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. These measures should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with IFRS. Please refer to the Management’s Discussion and Analysis for the quarter ended September 30, 2020 and the Management’s Discussion and Analysis for the year ended March 31, 2020 for a description of such measures, a reconciliation to the most directly comparable IFRS financial measure and calculated amounts.

Conference Call

Alithya will hold a conference call to discuss these results on November 12, 2020, at 9:00 AM Eastern Time. Interested parties can join the call by dialing 1-647-788-4922 (Toronto or overseas) or 1-877-223-4471 (elsewhere in North America). Persons unable to call in at this time may access a recording by calling 1-800-585-8367 and entering the passcode 9994375. This recording will be available starting November 12, 2020 as of 12:00 PM Eastern Time until 11:59 PM Eastern TimeNovember 19, 2020.

About Alithya

Alithya Group inc. is a leader in strategy and digital transformation in North America. Founded in 1992, the Company can count on more than 2,200 professionals in Canada, the U.S. and Europe. Alithya’s integrated offering is based on four pillars of expertise: strategy services, application services, enterprise cloud solutions and data and analytics. Alithya deploys solutions, services, and skillsets to craft tools tailored to its clients’ unique business needs in the financial services, manufacturing, energy, telecommunications, transportation and logistics, professional services, healthcare, and government sectors. To learn more, go to alithya.com.

Note to readers:  Management’s Discussion and Analysis and the interim condensed consolidated financial statements and notes thereto for the three months ended September 30, 2020 are available on SEDAR at www.sedar.com, on EDGAR at www.sec.gov/edgar and on the Company’s website at www.alithya.com. Shareholders may, upon request, receive a hard copy of these documents free of charge.

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SOURCE Alithya

NEW YORK, Nov. 12, 2020 /PRNewswire/ — S&P Global Market Intelligence and Oliver Wyman announced today a collaboration with Citi to support the financial institution’s commitment for a smooth transition to a low-carbon economy. Citi will be utilizing Climate Credit Analytics, a pioneering climate scenario analysis and credit analytics model suite, introduced by S&P Global Market Intelligence and Oliver Wyman at Climate Week NYC 2020.  

Climate Credit Analytics is designed to help financial institutions and corporates assess how a transition to a low-carbon economy will impact the creditworthiness of their counterparties. Its underlying insights combine S&P Global Market Intelligence’s advanced Credit Analytics risk models and unique datasets with Oliver Wyman’s industry-leading climate scenario and stress testing expertise.

“Climate Credit Analytics aligns with emerging regulatory directives and will help enable the broader industry to better analyze and manage climate risks while deploying capital to underpin long term sustainable growth. Further advancing this technology is common cause and very timely, we are delighted to be working with such capable partners,” said Colin Church, Citi’s Head of Climate Risk Management.

“This new tool will provide valuable rigor for analyzing our client portfolios under different climate transition risk scenarios, enabling us to build on our prior climate scenario analysis work. Integrating this analysis will contribute to the climate risk pillar of our Sustainable Progress Strategy and our ongoing Task Force on Climate-related Financial Disclosures (TCFD) implementation,” said Eliza Eubank, Citi’s Head of Environmental and Social Risk Management.

“Climate change is a non-traditional risk, and financial institutions and corporates are working to understand its implications. We have a deep legacy in credit analytics and we are proud to work with Citi, a leader in this area, to collaborate on creating integrated climate and credit-related analytics to navigate the effects of climate risk on the financial markets,” said Martina Cheung, S&P Global Market Intelligence’s President.

“We are delighted that Citi will be the first bank to utilize Climate Credit Analytics. This unique solution to quantify climate risks is readily customizable, incorporates the NGFS Scenarios, and covers all corporate sectors, including major greenhouse gas emitting sectors. Citi’s commitment to environmental finance exemplifies the critical role that financial institutions play in combating climate change,” said Oliver Wyman’sJohn Colas, Partner and Vice Chairman, Financial Services Americas.

 For additional information on Climate Credit Analytics, please visit S&P Global Market Intelligence.

About S&P Global Market Intelligence

At S&P Global Market Intelligence, we understand the importance of accurate, deep and insightful information. We integrate financial and industry data, research and news into tools that help track performance, generate alpha, identify investment ideas, perform valuations and assess credit risk. Investment professionals, government agencies, corporations and universities around the world use this essential intelligence to make business and financial decisions with conviction.

S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI), the world’s foremost provider of credit ratings, benchmarks and analytics in the global capital and commodity markets, offering ESG solutions, deep data and insights on critical business factors. S&P Global has been providing essential intelligence that unlocks opportunity, fosters growth and accelerates progress for more than 160 years. For more information, visit www.spglobal.com/marketintelligence.

About Oliver Wyman

Oliver Wyman is a global leader in management consulting. With offices in 60 cities across 29 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities.

Oliver Wyman is a business of Marsh & McLennan Companies [NYSE: MMC]. For more information, visit oliverwyman.com. Follow Oliver Wyman on Twitter @OliverWyman.

Media Contacts

Amanda Oey

S&P Global Market Intelligence
P. +1 (212) 438-1904
E. [email protected]

Francine Minadeo

Oliver Wyman

P. +1 (212) 345-6417
E. [email protected]

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SOURCE S&P Global Market Intelligence

TSX-V: GBR

VANCOUVER, BC, Nov. 12, 2020 /PRNewswire/ – Great Bear Resources Ltd. (the “Company” or “Great Bear”) (TSXV: GBR) (OTCQX: GTBAF) today reported the first gold recovery test results from its 100% owned flagship Dixie Project, in the Red Lake district of Ontario.

Chris Taylor, President and CEO of Great Bear said, “The first results from a preliminary suite of metallurgical tests planned for the various mineralized zones at Dixie have returned very high gold recoveries. Hinge zone high-grade gold samples averaging approximately 13 g/t gold recovered between 95% – 97 % of the head grade gold from conventional cyanidation bottle roll leach tests. Results in this range had been expected, as free gold dominates the Hinge zone and all other zones at Dixie, and high gold recoveries are typical of such systems. We will periodically release gold recovery results from representative samples originating from all of our gold zones over the coming months.”

Details of Hinge Zone Gold Recovery Results

• A composite sample of 18.0 kilograms representing 10.9 metres (core length) of drill core was selected for processing from the Hinge zone.
• Two approximately one-kilogram representative samples of Hinge zone gold mineralization collectively averaging 13.07 g/t gold head grade were analyzed at Blue Coast Research Ltd. of Parksville, British Columbia.
• Samples were processed through a standard 48-hour bottle roll procedure at 40% solids, using a 1.0 g/L sodium cyanide solution.
• Two primary grind samples: 1) 80% passing (“p80”) 112 µm, and 2) p80 74 µm returned 95.4% and 97.2% gold recoveries, respectively. Table 1 and Figure 1.
• The high reported gold recoveries are similar to those reported from other mines in the Red Lake area.
• Additional metallurgical test work consisting of sodium cyanide bottle roll tests on samples from the Hinge, Limb and LP Fault zones on the Dixie Project are currently underway. The Company will also begin gravity circuit recovery tests in 2021.

Table
1
: Gold recoveries from the first sodium cyanide leach tests of Hinge zone material.

About the Dixie Project

The Dixie Project is 100% owned, comprised of 9,140 hectares of contiguous claims that extend over 22 kilometres, and is located approximately 25 kilometres southeast of the town of Red Lake, Ontario. The project is accessible year-round via a 15 minute drive on a paved highway which runs the length of the northern claim boundary and a network of well-maintained logging roads.

The Dixie Project hosts two principal styles of gold mineralization:

• High-grade gold in quartz veins and silica-sulphide replacement zones (Dixie Limb, Hinge and Arrow zones). Hosted by mafic volcanic rocks and localized near regional-scale D2 fold axes. These mineralization styles are also typical of the significant mined deposits of the Red Lake district.

• High-grade disseminated gold with broad moderate to lower grade envelopes (LP Fault). The LP Fault is a significant gold-hosting structure which has been seismically imaged to extend to 14 kilometres depth (Zeng and Calvert, 2006), and has been interpreted by Great Bear to have up to 18 kilometres of strike length on the Dixie property. High-grade gold mineralization is controlled by structural and geological contacts, and moderate to lower-grade disseminated gold surrounds and flanks the high-grade intervals. The dominant gold-hosting stratigraphy consists of felsic sediments and volcanic units.

About Great Bear

Great Bear Resources Ltd. is a well-financed gold exploration company managed by a team with a track record of success in mineral exploration. Great Bear is focused in the prolific Red Lake gold district in northwest Ontario, where the company controls over 300 km² of highly prospective tenure across 4 projects: the flagship Dixie Project  (100% owned), the Pakwash Property (earning a 100% interest), the Dedee Property (earning a 100% interest), and the Sobel Property (earning a 100% interest), all of which are accessible year-round through existing roads.

QA/QC and Core Sampling Protocols

Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario. Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories in Ontario, an accredited mineral analysis laboratory, for analysis. All samples are analysed for gold using standard Fire Assay-AA techniques. Samples returning over 10.0 g/t gold are analysed utilizing standard Fire Assay-Gravimetric methods. Pulps from approximately 5% of the gold mineralized samples are submitted for check analysis to a second lab. Selected samples are also chosen for duplicate assay from the coarse reject of the original sample. Selected samples with visible gold are also analyzed with a standard 1 kg metallic screen fire assay. Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Great Bear’s quality control/quality assurance program (QAQC). No QAQC issues were noted with the results reported herein.

Qualified Person and NI 43-101 Disclosure

Results for the metallurgical test program were provided and approved by Andrew Kelly, P.Eng., of Blue Coast Research Ltd., a Qualified Person for the purpose of National Instrument 43-101.

Mr. R. Bob Singh, P.Geo, Director and VP Exploration, and Ms. Andrea Diakow P.Geo, Exploration Manager for Great Bear are the Qualified Persons as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

ON BEHALF OF THE BOARD

“Chris Taylor”                                  

Chris Taylor, President and CEO

Cautionary note regarding forward-looking statements

This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

Forward-looking information are based on management of the parties’ reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.

Such factors, among other things, include: impacts arising from the global disruption caused by the Covid-19 coronavirus outbreak, business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold or certain other commodities; change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.

Great Bear undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

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SOURCE Great Bear Resources Ltd.