Market Newsdesk

Superior Drilling Products, Inc. Executes Sale-Leaseback Transaction for $4.5 million

VERNAL, Utah–(BUSINESS WIRE)–Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or the “Company”), an innovator and manufacturer of drilling tool technologies, today announced that it has entered into sale-leaseback agreements for its facilities in Vernal, Utah. The transaction is subject to customary due diligence and the Company expects it to close before year end.

Under the terms of the transaction, SDP will sell its facilities for $4.5 million and simultaneously enter into a 15-year lease. After fees, the Company is expected to net approximately $4.2 million in proceeds of which $2.5 million will be used to repay its outstanding mortgage. Lease terms are for monthly payments that are $17 thousand less than current mortgage debt service.

Chris Cashion, Chief Financial Officer, commented, “This transaction was an excellent opportunity given current market conditions for us to monetize our Vernal property. The proceeds will enable us to completely pay off our mortgage and improve liquidity with approximately $1.7 million in additional cash. The additional cash helps bolster our balance sheet providing us the flexibility to continue to expand internationally and develop additional revenue streams. The Drill-N-Ream®, our unique, patented wellbore conditioning tool, is being deployed more frequently in international markets while it also continues to gain new customers in the U.S. We believe this bodes well for our future and these opportunities are further bolstered as the oil & gas industry begins to improve.”

About Superior Drilling Products, Inc.

Superior Drilling Products, Inc. is an innovative, cutting-edge drilling tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company designs, manufactures, repairs and sells drilling tools. SDP drilling solutions include the patented Drill-N-Ream® well bore conditioning tool and the patented Strider^™ oscillation system technology. In addition, SDP is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for a leading oil field service company. SDP operates a state-of-the-art drill tool fabrication facility, where it manufactures its solutions for the drilling industry, as well as customers’ custom products. The Company’s strategy for growth is to leverage its expertise in drill tool technology and innovative, precision machining in order to broaden its product offerings and solutions for the oil and gas industry.

Additional information about the Company can be found at: www.sdpi.com.

Safe Harbor Regarding Forward Looking Statements

This news release contains forward-looking statements and information that are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact included in this release, including, without limitations, the continued impact of COVID-19 on the business, the Company’s strategy, future operations, success at developing future tools, the Company’s effectiveness at executing its business strategy and plans, financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management, and ability to outperform are forward-looking statements. The use of words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project”, “forecast,” “should” or “plan, and similar expressions are intended to identify forward-looking statements, although not all forward -looking statements contain such identifying words. These statements reflect the beliefs and expectations of the Company and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, the duration of the COVID-19 pandemic and related impact on the oil and natural gas industry, the effectiveness of success at expansion in the Middle East, options available for market channels in North America, the deferral of the commercialization of the Strider technology, the success of the Company’s business strategy and prospects for growth; the market success of the Company’s specialized tools, effectiveness of its sales efforts, its cash flow and liquidity; financial projections and actual operating results; the amount, nature and timing of capital expenditures; the availability and terms of capital; competition and government regulations; and general economic conditions. These and other factors could adversely affect the outcome and financial effects of the Company’s plans and described herein. The Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112006100/en/

For more information, contact investor relations:

Deborah K. Pawlowski

Kei Advisors LLC

(716) 843-3908

[email protected]

KEYWORDS: Utah United States North America

INDUSTRY KEYWORDS: Energy Natural Resources Mining/Minerals Oil/Gas

MEDIA:

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FSD Pharma Announces Third Quarter 2020 Financial Results and Provides Corporate Update

TORONTO–(BUSINESS WIRE)–
FSD Pharma Inc. (Nasdaq: HUGE) (CSE: HUGE) (“FSD Pharma” or the “Company”) today announced its financial results for the third quarter ending September 30, 2020 and provided a corporate update. The filing is available on SEDAR.

Financial and corporate highlights include:

• Completion of financings for gross proceeds of $19.5 million USD through two registered direct offerings. As of September 30, 2020, cash & non-cash assets are $56.2 million CAD and short & long term liabilities are $13.6 million CAD.
• Filing an Investigational New Drug Application (“IND”) application with the U.S. Food and Drug Administration (“FDA”) and receiving approval to initiate a Phase 2 clinical trial for the use of our lead compound, ultramicronized-palmitoylethanolamide (or ultramicronized PEA) (“FSD201”), to treat 352 hospitalized COVID-19 patients in a double-blind study. We believe FSD201 to be a safe drug with anti-inflammatory properties which may have the potential to address the over-exuberant inflammatory response characterized by COVID-19 infection that may lead to a cytokine storm and ultimately death. The Company believes it has sufficient cash on hand to complete the study. More information on the clinical trial is available on the U.S. National Library of Medicine Website at: https://clinicaltrials.gov/ct2/show/NCT04619706?term=palmitoylethanolamide&cond=Covid19&draw=2&rank=2. The contents of such website are not incorporated by reference herein.
• Entry into a definitive settlement agreement with respect to the class action litigation commenced by a plaintiff shareholder in the Ontario Superior Court of Justice in February 2019 relating to the build out of the Company’s facility in Cobourg, Ontario. The Company is obligated to pay $5.5 million CAD in settlement; of which, approximately $4.6 million CAD will be funded from insurance proceeds and $0.9 million CAD will be paid from cash on hand by the Company. The settlement agreement is subject to customary conditions.
• Entry into a conditional contract to sell non-core real estate asset in Cobourg, Ontario which is expected to close before year end 2020 and is subject to customary conditions.

Three and Nine Months’ Financial Results (All Figures in C$)

For the three and nine months ended September 30, 2020, total operating expenses were $17,486,928 and $32,791,748, respectively, compared to $11,119,296 and $21,474,025 for the comparative periods in the prior year. This represents an increase of $6,367,632 or 57% for the three months ended September 30, 2020 and an increase of $11,317,723 or 53% for the nine months ended September 30, 2020, compared to the equivalent periods in the prior year. The increase for the three and nine months ended September 30, 2020 compared to the three and nine months ended September 30, 2019 is primarily related to pharmaceutical R&D expense of the Phase 1 safety & tolerability study of FSD201, ongoing Phase 2 clinical study of FSD201 to evaluate treatment of hospitalized COVID-19 patients, higher stock based compensation, higher professional fees, and insurance expense as a result of the Nasdaq listing in January 2020.

For the three and nine months ended September 30, 2020, net loss was $18,034,382 and $36,450,247, respectively, compared to $16,962,007 and $34,949,559 for the three and nine months ended September 30, 2019. This represents an increase of $1,072,375 or 6% for the three months ended September 30, 2020 and an increase of $1,500,688 or 4% for the nine months ended September 30, 2020, compared to the equivalent periods in the prior year. The net loss in the three, and, nine month period ending September 30 2020 includes share based compensation of $6,870,177 and one time charge of $928,541 for the class action settlement.

The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2-Coronavirus) at this time.

About FSD Pharma

FSD Pharma Inc. is a publicly-traded holding company.

FSD Pharma BioSciences, Inc., a wholly-owned subsidiary, is a specialty biotech pharmaceutical R&D company focused on developing over time multiple applications of its lead compound, FSD201, by down-regulating the cytokines to effectuate an anti-inflammatory response.

The Company filed an IND with the FDA on August 28, 2020 and was approved on September 25, 2020 to initiate a phase 2 clinical trial for the use of FSD201 to treat COVID-19, the disease caused by the SARS-CoV-2 virus.

Severe COVID-19 is characterized by an over-exuberant inflammatory response that may lead to a cytokine storm and ultimately death. The Company is focused on developing FSD201 for its anti-inflammatory properties to avoid the cytokine storm associated with acute lung injury in hospitalized COVID-19 patients.

Forward-Looking Statements

Neither the Canadian Securities Exchange nor its regulation services provider accept responsibility for the adequacy or accuracy of this press release.

Certain statements contained in this press release constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws (collectively, “Forward-Looking Information”). Forward-Looking Information includes, but is not limited to, information with respect to FSD Pharma’s strategy, plans or future financial or operating performance, receipt of any FDA approvals, the completion of any trials regarding the use of FSD201 to treat COVID-19, the safety of FSD201 or whether FSD201 may be effective in treating COVID-19, the costs associated with such planned trials and our belief that we have sufficient cash to complete the Phase 2 study, our ability to obtain required funding and the terms and timing thereof, the ultimate development of any FDA approved synthetic compounds, the expected insurance recovery related to the settlement agreement, the completion of the settlement contemplated in the settlement agreement and the timing and closing of the sale of certain non-core real estate assets. The use of words such as “budget”, “intend”, “anticipate”, “believe”, “expect”, “plan”, “forecast”, “future”, “target”, “project”, “capacity”, “could”, “should”, “focus”, “proposed”, “scheduled”, “outlook”, “potential”, “estimate” and other similar words, and similar expressions and statements relating to matters that are not historical facts, or statements that certain events or conditions “may” or “will” occur, are intended to identify Forward-Looking Information and are based on FSD Pharma’s current beliefs or assumptions as to the outcome and timing of such future events. Such beliefs or assumptions necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such Forward‐Looking Information. Certain of these risks and uncertainties are described in the Company’s continuous disclosure filings available under the Company’s SEDAR profile at www.sedar.com and under the Company’s EDGAR profile at www.sec.gov. Forward‐Looking Information is not a guarantee of performance. The Forward-Looking Information contained in this press release is made as of the date hereof, and FSD Pharma is not obligated to update or revise any Forward- Looking Information, whether as a result of new information, future events or otherwise, except as required by law. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on Forward Looking-Information. The foregoing statements expressly qualify any Forward-Looking Information contained herein.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112006099/en/

For further information:

Sandy Huard, Head of Communications, FSD Pharma Inc.

[email protected]

(647) 864-7969

Donal Carroll, Chief Financial Officer, FSD Pharma Inc.

[email protected]

Investor Relations

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Biotechnology Pharmaceutical Health

MEDIA:

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Chemtrade Logistics Income Fund Reports Third Quarter 2020 Results and Timing of CEO Succession

TORONTO–(BUSINESS WIRE)–
Chemtrade Logistics Income Fund (TSX: CHE.UN) today announced results for the three months and nine months ended September 30, 2020. The financial statements and MD&A will be available on Chemtrade’s website at www.chemtradelogistics.com and on SEDAR at www.sedar.com.

Chemtrade President and Chief Executive Officer, Mark Davis, said, “The COVID-19 pandemic continued to adversely affect the demand for some, but not all of our products. Demand for our water business was unaffected resulting in another strong quarterly performance. Once the economic effect of the pandemic eases we expect to see demand for the adversely affected products increase. Our highest priority continues to be the health and safety of our employees. I would like to thank them for their outstanding performance during these difficult times and for keeping our customers reliably supplied.”

Revenue for the third quarter was $345.9 million, a decrease of $49.8 million from the third quarter of 2019. The decrease in revenue is primarily due to lower selling prices and sales volumes for hydrochloric acid (“HCl”) and caustic soda in the Electrochemicals (“EC”) segment, and lower sales volumes of regen and merchant sulphuric acid in the Sulphur Products and Performance Chemicals (“SPPC”) segment.

Net loss for the third quarter of 2020 was $48.3 million, compared with a net loss of $0.2 million in 2019. The increase is primarily due to lower Adjusted EBITDA⁽¹⁾ (“EBITDA”), higher net finance costs due to a higher loss from the change in the fair value of convertible unsecured subordinated debentures (“Debentures”), transaction costs related to the issuance of Debentures in the third quarter of 2020 partially offset by higher income tax recovery compared with the same period of 2019.

EBITDA for the third quarter of 2020 was $64.7 million compared with $90.0 million in the third quarter of 2019. EBITDA during the third quarter of 2020 was negatively affected by lower selling prices for caustic soda and HCl and by reduced demand for HCl. EBITDA was also negatively affected by reduced demand for acid products in the SPPC segment.

Cash flows from operating activities were $90.9 million compared with $80.5 million during the third quarter of 2019. Adjusted cash flow from operating activities⁽¹⁾ was $29.4 million compared with $56.8 million generated during the third quarter of 2019.

Distributable Cash after maintenance capital expenditures⁽¹⁾ for the third quarter of 2020 was $12.1 million or $0.13 per unit compared with $37.1 million or $0.40 per unit in 2019.

For the nine months ended September 30, 2020, Distributable Cash after maintenance capital expenditures was $82.0 million, or $0.89 per unit compared with $80.6 million, or $0.87 per unit in 2019. Results for the first nine months of 2019 included a litigation reserve (“Litigation Reserve”) of $40.0 million. Excluding the Litigation Reserve, Distributable Cash after maintenance capital expenditures was $120.6 million, or $1.30 per unit for the first nine months of 2019.

Revenue for the first nine months of 2020 was $1.1 billion (2019: $1.2 billion). EBITDA was $221.1 million (2019: $225.3 million). Adjusted cash flow from operating activities was $122.4 million (2019: $126.5 million).

In the third quarter of 2020, SPPC generated revenue of $105.4 million compared with $127.8 million in 2019. The decrease in revenue in the third quarter of 2020 was primarily due to lower sales volumes for regen and merchant sulphuric acid and other SPPC products as a result of the COVID-19 pandemic. EBITDA for the third quarter of 2020 was $31.0 million, which was $12.6 million lower than the same quarter of 2019.

The Water Products and Specialty Chemicals (“WSSC”) segment reported third quarter revenue of $119.8 million compared with $122.4 million in 2019. The slight decrease is due to lower sales volumes of water solutions products and lower sales volumes of specialty chemical products, partially offset by higher selling prices of water solutions products. EBITDA improved to $29.2 million from the $24.3 million generated in 2019. The improvement was due to higher margins for water products, which benefitted from higher selling prices and lower raw material costs.

The EC segment reported revenue of $120.7 million for the third quarter of 2020, which was $24.7 million lower than the same period of 2019. The lower revenue in the third quarter of 2020 was primarily due to lower sales volumes for HCl and caustic soda, a decrease of 30% in selling prices for HCl, and a decrease of 11% in selling prices for caustic soda. This was partially offset by a 4% increase in selling prices for chlorine. EBITDA of $24.6 million for the third quarter of 2020 was $18.2 million lower than the same period of 2019. This was primarily due to lower selling prices for both caustic soda and HCl, as well as the effect of operating the North Vancouver facility at reduced rates. The production rate was constrained by reduced demand for HCl. In the third quarter, netbacks, i.e., selling prices less freight, for HCl were 43% lower compared with the same period of 2019.

Corporate costs during the third quarter of 2020 were $20.2 million, compared with $20.8 million in the third quarter of 2019. The lower costs were primarily due to lower incentive compensation accruals.

During the third quarter Chemtrade commenced the process of redeeming the outstanding 5.25% Debentures that were set to mature in 2021 (the “2021 Debentures”). The redemption was partially funded by a public offering of $86.3 million principal amount of Debentures, at a price of $1,000 per Debenture, with an interest rate of 8.50% per annum. Those funds, plus availability under Chemtrade’s credit agreement, were used during and after the quarter’s end to complete the redemption of the 2021 Debentures at their face amount plus accrued interest for a total of $128.3 million.

Commenting on Chemtrade’s future outlook, Mr. Davis said, “Demand for certain of our products will continue to be adversely affected as long as the COVID-19 pandemic restricts economic activity and travel. When the economic effect of the pandemic recedes we expect to see increasing demand for our products and higher earnings. Based on the novelty and severity of COVID-19’s effect on 2020, we expect that Chemtrade’s earnings will be higher in future years then they will be in 2020. With respect to the fourth quarter in particular, there will be two major plant turnarounds which will affect our fourth quarter results – the biennial maintenance turnaround of our North Vancouver chlor-alkali plant, which was moved from earlier in the year to the fourth quarter, and the turnaround of one of our regen plants which is tied to a once every five-year major maintenance turnaround at this plant’s refinery customer. While we have not reinstated our Guidance, the Financial Outlook section of the third quarter MD&A has additional information on our outlook.”

Mark Davis to retire February 28, 2021; Scott Rook to assume CEO role March 1, 2021

As announced in August, Mark Davis is retiring as CEO after 20 years’ service. The date for the transition has now been set, with Mr. Davis’ retirement effective February 28, 2021 and Scott Rook assuming the role effective March 1, 2021. On the same date, Mr. Rook will be appointed to the Board of Trustees as Mr. Davis steps down from the Board.

Distributions & Distribution Reinvestment Plan

Distributions declared in the third quarter totalled $0.15 per unit, comprised of monthly Distributions of $0.05 per unit. In July 2020, Chemtrade established a Distribution Reinvestment Plan that became available with the July distribution, which was payable at the end of August 2020. The plan provides a way for unitholders to accumulate additional Chemtrade units without fees and currently includes a 3% bonus distribution.

About Chemtrade

Chemtrade operates a diversified business providing industrial chemicals and services to customers in North America and around the world. Chemtrade is one of North America’s largest suppliers of sulphuric acid, regen acid processing services, inorganic coagulants for water treatment, sodium chlorate, sodium nitrite, sodium hydrosulphite and phosphorus pentasulphide. Chemtrade is a leading regional supplier of sulphur, chlor-alkali products, liquid sulphur dioxide, potassium chloride, and zinc oxide. Additionally, Chemtrade provides industrial services such as processing by-products and waste streams.

⁽¹⁾ Non–IFRS Measures

EBITDA and Adjusted EBITDA –

Management defines EBITDA as net earnings before any deduction for net finance costs, income taxes, depreciation and amortization. Adjusted EBITDA also excludes other non-cash charges such as impairment, change in environmental liability, gains and losses on the disposal and write-down of property, plant and equipment (“PPE”), and unrealized foreign exchange gains and losses. EBITDA and Adjusted EBITDA are metrics used by many investors and analysts to compare organizations on the basis of ability to generate cash from operations. Management considers Adjusted EBITDA (as defined) to be an indirect measure of operating cash flow, which is a significant indicator of the success of any business. Adjusted EBITDA is not intended to be representative of cash flow from operations or results of operations determined in accordance with IFRS or cash available for distribution.

EBITDA and Adjusted EBITDA are not recognized measures under IFRS. Chemtrade’s method of calculating EBITDA and Adjusted EBITDA may differ from methods used by other income trusts or companies, and accordingly may not be comparable to similar measures presented by other organizations.

A reconciliation of net earnings to EBITDA and Adjusted EBITDA is provided below:

	Three months ended September 30						Nine months ended September 30
($’000)		2020			2019			2020			2019
Net loss	$	(48,318	)	$	(163	)	$	(141,694	)	$	(87,057	)
Add:
Depreciation and amortization		64,640			65,380			197,566			197,036
Net finance costs		46,121			22,675			116,279			75,997
Income tax recovery		(17,627	)		(8,825	)		(32,626	)		(28,701	)
EBITDA		44,816			79,067			139,525			157,275
Add:
Impairment of goodwill		–			–			56,000			65,600
Change in environmental liability		–			–			3,743			–
Loss on disposal and write-down of PPE		19,829			9,917			19,360			10,522
Unrealized foreign exchange loss (gain)		5			1,046			2,430			(8,127	)
Adjusted EBITDA	$	64,650		$	90,030		$	221,058		$	225,270

	SPPC –
		Three months ended September 30							Nine months ended September 30
($’000)				2020			2019			2020			2019
Revenue		$		105,351		$	127,798		$	322,333		$	385,318
Gross (loss) profit				(8,298	)		11,086			15,657			45,894
Adjusted EBITDA				31,041			43,689			97,287			126,502
Loss on disposal and write-
down of PPE				(18,949	)		(9,221	)		(18,932	)		(9,973	)
EBITDA		$		12,092		$	34,468		$	78,355		$	116,529

	WSSC –
		Three months ended September 30							Nine months ended September 30
($’000)				2020			2019			2020			2019
Revenue		$		119,789		$	122,432		$	346,583		$	343,330
Gross profit (loss)				19,195			12,836			(6,220	)		(34,457	)
Adjusted EBITDA				29,199			24,335			82,145			63,261
Impairment of goodwill				–			–			(56,000	)		(65,600	)
Change in environmental liability				–			–			(3,743	)		–
Loss on disposal and write-down
of PPE				(894	)		(1,661	)		(437	)		(1,657	)
EBITDA		$		28,305		$	22,674		$	21,965		$	(3,996	)
	EC –
		Three months ended September 30							Nine months ended September 30
($’000)				2020			2019			2020			2019
North American sales volumes:
Sodium chlorate sales volume (000’s MT)				87			98			283			294
Chlor-alkali sales volume (000’s MECU)				42			49			111			140
Revenue		$		120,710		$	145,423		$	391,369		$	448,992
Gross (loss) profit				(3,508	)		17,495			9,518			62,133
Adjusted EBITDA				24,594			42,804			93,561			137,298
Gain (loss) on disposal and
write-down of PPE				14			(178	)		9			873
EBITDA		$		24,608		$	42,626		$	93,570		$	138,171

Cash Flow –

The following table is derived from, and should be read in conjunction with the condensed consolidated interim statements of cash flows. Management believes this supplementary disclosure provides useful additional information related to the cash flows of Chemtrade including the amount of cash available for distribution to Unitholders, repayment of debt and other investing activities. Certain sub-totals presented within the cash flows table below, such as “Adjusted cash flows from operating activities”, “Distributable Cash after maintenance capital expenditures” and “Distributable Cash after all capital expenditures”, are not defined terms under IFRS. These sub-totals are used by Management as measures of internal performance and as a supplement to the condensed consolidated interim statements of cash flows. Investors are cautioned that these measures should not be construed as an alternative to using net earnings as a measure of profitability or as an alternative to the IFRS condensed consolidated interim statements of cash flows. Further, Chemtrade’s method of calculating each measure may not be comparable to calculations used by other income trusts or companies bearing the same description.

	Three months ended September 30						Nine months ended September 30
($’000)		2020			2019			2020			2019
Cash flows from operating activities	$	90,866		$	80,462		$	188,763		$	78,818
Add (Less):
Lease payments net of sub-lease receipts		(14,256	)		(14,131	)		(42,418	)		(42,616	)
Changes in non-cash working capital and other items		(47,168	)		(9,524	)		(23,910	)		90,291
Adjusted cash flows from operating activities		29,442			56,807			122,435			126,493
Less:
Maintenance capital expenditures		17,346			19,668			40,444			45,872
Distributable cash after maintenance capital
expenditures		12,096			37,139			81,991			80,621
Less:
Non-maintenance capital expenditures		743			4,631			2,283			9,833
Distributable cash after all capital expenditures	$	11,353		$	32,508		$	79,708		$	70,788

Caution Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking statements within the meaning of certain securities laws, including the Securities Act (Ontario). Forward-looking statements can be generally identified by the use of words such as “anticipate”, “continue”, “estimate”, “expect”, “expected”, “intend”, “may”, “will”, “project”, “plan”, “should”, “believe” and similar expressions. Specifically, forward-looking statements in this news release include statements respecting certain future expectations about: the expected adverse effects on demand for certain products during the pandemic and expected increased demand for certain products and higher earnings once the pandemic’s economic effect eases; the expectation that future earnings will be higher than 2020 earnings; and the effects on fourth quarter results of plant turnarounds; and the timing of and transition of the CEO. Forward-looking statements in this news release describe the expectations of the Fund and its subsidiaries as of the date hereof. These statements are based on assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements for a variety of reasons, including without limitation the risks and uncertainties detailed under the “RISK FACTORS” section of the Fund’s latest Annual Information Form and the “RISKS AND UNCERTAINTIES” section of the Fund’s most recent Management’s Discussion & Analysis.

Although the Fund believes the expectations reflected in these forward-looking statements and the assumptions upon which they are based are reasonable, no assurance can be given that actual results will be consistent with such forward-looking statements, and they should not be unduly relied upon. With respect to the forward-looking statements contained in this news release, the Fund has made assumptions regarding: there being no significant disruptions affecting the operations of the Fund and its subsidiaries, whether due to labour disruptions, supply disruptions, power disruptions, transportation disruptions, damage to equipment or otherwise; the ability of the Fund to obtain products, raw materials, equipment, transportation, services and supplies in a timely manner to carry out its activities and at prices consistent with current levels or in line with the Fund’s expectations; the timely receipt of required regulatory approvals; the cost of regulatory and environmental compliance being consistent with current levels or in line with the Fund’s expectations; the ability of the Fund to successfully access tax losses and tax attributes; the ability of the Fund to obtain financing on acceptable terms; currency, exchange and interest rates being consistent with current levels or in line with the Fund’s expectations; and global economic performance.

Except as required by law, the Fund does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement.

Further information can be found in the disclosure documents filed by Chemtrade Logistics Income Fund with the securities regulatory authorities, available at www.sedar.com.

A conference call to review the third quarter 2020 results will be webcast live on Friday, November 13, 2020 at 10:00 a.m. ET. To access the webcast click here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005987/en/

Mark Davis

President and CEO

Tel: (416) 496-4176

Rohit Bhardwaj

Vice-President, Finance and CFO

Tel: (416) 496-4177

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Chemicals/Plastics Manufacturing

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Carvana to Present at Upcoming Investor Conferences

PHOENIX–(BUSINESS WIRE)–
Carvana Co. (NYSE: CVNA), a leading e-commerce platform for buying and selling used cars, today announced that senior management will present to the investment community and host meetings at the following virtual conferences:

Stephens Annual Investment Conference 2020

Presentation Date: Thursday, November 19, 2020, 10:00 a.m. ET*

Credit Suisse 24^th Annual Technology Conference

Presentation Date: Thursday, December 3, 2020, 10:40 a.m. ET*

*A webcast of the presentation will be accessible on the investor relations section of the Carvana website (https://investors.carvana.com/). An archived replay of the webcast will be available following the live presentation.

About Carvana (NYSE: CVNA)

Founded in 2012 and based in Phoenix, Carvana’s (NYSE: CVNA) mission is to change the way people buy cars. By removing the traditional dealership infrastructure and replacing it with technology and exceptional customer service, Carvana offers consumers an intuitive and convenient online car buying and financing platform. Carvana.com enables consumers to quickly and easily shop more than 20,000 vehicles, finance, trade-in or sell their current vehicle to Carvana, sign contracts, and schedule as-soon-as-next-day delivery or pickup at one of Carvana’s patented, automated Car Vending Machines.

For further information on Carvana, please visit www.carvana.com, or connect with us on Facebook, Instagram or Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112006093/en/

Investor Relations:

Carvana

Mike Levin

[email protected]

or

Media Contact:

Carvana

Amy O’Hara

[email protected]

KEYWORDS: United States North America Arizona

INDUSTRY KEYWORDS: Automotive Online Retail Technology Professional Services Specialty Public Relations/Investor Relations Communications General Automotive Retail Internet Finance

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nVent Introduces RackChiller CDU800 Coolant Distribution Unit at SC20

Next Generation High-Density Liquid Cooling Solution for Data Centers

LONDON–(BUSINESS WIRE)–
nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, will introduce its new nVent HOFFMAN RackChiller CDU800 Coolant Distribution Unit (CDU) during the virtual SC20 conference, November 17-19, 2020. The RackChiller CDU expands nVent’s data center cooling portfolio to support high-density liquid cooling for high performance computing (HPC), hyperscale, enterprise and edge applications.

“New generation chips are generating more heat which will eclipse the capacity of air cooling,” says Aravind Padmanabhan, nVent Executive Vice President and Chief Technology Officer. “Additionally the rising demand for IT processing power to support services like video conferencing, e-commerce transactions, autonomous driving and 5G means solution engineers must think differently to address these cooling challenges.”

nVent has manufactured data center high-density liquid cooling solutions for more than a decade. The introduction of RackChiller CDU marks the first time one of its high-density liquid cooling solutions will be available as a standard product.

“Up until now, all of our high-density liquid cooling solutions have been application-specific and custom-built, which can be time-consuming and costly,” says Joe Ruzynski, President of the nVent Enclosures segment. “We created the RackChiller CDU to serve the emerging data center high-density liquid cooling market, where our customers need a flexible solution they can implement quickly across a range of different applications.”

The RackChiller CDU consistently delivers liquid coolant to maximize cooling efficiency, while taking up very little data center floor space, and removes heat from sensitive equipment through a constant cycle of pumping and heat exchange. It features a powerful cooling capacity of 800kW and a compact footprint of 35 (w) x 47 (d) inches (800 x 1200-mm).

nVent will present the RackChiller CDU during the virtual SC20 conference and is currently accepting pre-order reservations for delivery in early 2021. Those interested in learning more can register for SC20 and join nVent in its virtual booth or request a virtual introduction after SC20. (Click here for SC20 media registration.)

Technical Specifications

The RackChiller CDU provides 800kW of liquid cooling capacity at 4K approach temperature and delivers high-performance liquid flow, pressure delivery and heat dissipation within a standard IT rack footprint. The CDU is an ideal high-density liquid coolant distribution solution for close-coupled and direct-to-chip cooling applications. The RackChiller CDU800 is well-matched for high performance computing (HPC) and enterprise, hyperscale, co-location, multi-tenant data center liquid cooling solutions.

The RackChiller CDU800 is designed for reliability, availability and serviceability. The platform is designed with N+N redundant pumps that provide up to 850 liters per minute secondary flow and 46 psi (3.2 bar) differential pressure. The CDU includes a smart control system that continuously monitors over 35 integrated sensors. This combination, coupled with low approach temperature throughout the operating range, eliminates the need for costly chiller support and enables ASHRAE W4 warm water liquid cooling of high-power IT systems. The pumps, sensors and filtration system are serviceable without incurring downtime or performance impact during operation.

About nVent

nVent is a leading global provider of electrical connection and protection solutions. We believe our inventive electrical solutions enable safer systems and ensure a more secure world. We design, manufacture, market, install and service high performance products and solutions that connect and protect some of the world’s most sensitive equipment, buildings and critical processes. We offer a comprehensive range of enclosures, electrical connections and fastening and thermal management solutions across industry-leading brands that are recognized globally for quality, reliability and innovation. Our principal office is in London and our management office in the United States is in Minneapolis. Our robust portfolio of leading electrical product brands dates back more than 100 years and includes nVent CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER.

nVent, CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER are trademarks owned or licensed by nVent Services GmbH or its affiliates.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112006089/en/

Beth Morrill

[email protected]

+1 919-352-6259

KEYWORDS: Europe United States United Kingdom North America Minnesota

INDUSTRY KEYWORDS: Hardware Semiconductor Electronic Design Automation Data Management Energy Manufacturing Technology Audio/Video Other Manufacturing Other Technology Telecommunications Networks Other Energy VoIP Internet Engineering

MEDIA:

Posted on November 12, 2020 5:03 pm

Williams-Sonoma, Inc. announces release date for third quarter 2020 results: Thursday, November 19, 2020

Williams-Sonoma, Inc. announces release date for third quarter 2020 results: Thursday, November 19, 2020

SAN FRANCISCO–(BUSINESS WIRE)–
Williams-Sonoma, Inc. (NYSE: WSM) announced today that it will release its third quarter 2020 results on Thursday, November 19, 2020 after the market close. Following the release via the wire services, the Company will host a conference call beginning at 5:00 PM Eastern Time, which can be accessed at http://ir.williams-sonomainc.com/events. Following the call, a replay of the webcast will be available at http://ir.williams-sonomainc.com/events beginning at 6:15 PM Eastern Time on Thursday, November 19, 2020.

Williams-Sonoma, Inc. is a specialty retailer of high-quality, sustainable products for the home. These products, representing distinct merchandise strategies — Williams Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, Pottery Barn Teen, Williams Sonoma Home, Rejuvenation, and Mark and Graham — are marketed through e-commerce websites, direct-mail catalogs and retail stores. These brands are also part of The Key Rewards, our free-to-join loyalty program that offers members exclusive benefits across the Williams-Sonoma family of brands. We operate in the U.S., Puerto Rico, Canada, Australia and the United Kingdom, offer international shipping to customers worldwide, and have unaffiliated franchisees that operate stores in the Middle East, the Philippines, Mexico and South Korea, as well as e-commerce websites in certain locations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005112/en/

WILLIAMS-SONOMA, INC.

Julie Whalen

EVP, Chief Financial Officer

(415) 616-8524

-or-

Elise Wang

VP, Investor Relations and Corp PR

(415) 616-8571

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Retail Home Goods Specialty Luxury

MEDIA:

Posted on November 12, 2020 5:03 pm

Sunworks Reports on Special Meeting of Stockholders

Merger Proposal with Peck Company Fails to Win Stockholder Approval

ROSEVILLE, Calif., Nov. 12, 2020 (GLOBE NEWSWIRE) — Sunworks, Inc. (Nasdaq: SUNW), a provider of solar power solutions for agriculture, commercial and industrial (ACI), public works and residential markets, today announced that the proposed merger with the Peck Company Holdings, Inc. (“Peck Company”) failed to secure stockholder approval. Sunworks had established October 9, 2020 as the record date for determining stockholders eligible to vote at the special meeting of stockholders and as of that record date, there were 16,628,992 shares of common stock outstanding and entitled to vote. At the special meeting of stockholders on November 12, 2020, only 4,362,575 votes were cast, or 26% of the total outstanding shares. This total fell short of the quorum required to vote on the proposed merger with the Peck Company. Quorum requires the presence, virtually or represented by proxy, of the holders of a majority of the voting power of the stock issued, outstanding and entitled to vote as of the record date. Therefore, the special meeting of stockholders was concluded and the merger was not approved. Following the special meeting of stockholders, pursuant to the terms of the merger agreement with the Peck Company, Sunworks notified the Peck Company of its decision to terminate the merger agreement.

Chuck Cargile, Sunworks Chairman of the Board, said, “We are disappointed that the proposed merger with the Peck Company failed to gain approval from our stockholders. We believed that this merger would have been the best long-term option for Sunworks and would have provided the best outcome for stockholders. We will continue to have strategic discussions with the Peck leadership team to determine if there are other ways for us to work together to benefit from the many synergies identified in this planned business combination.”

About Sunworks, Inc.

Sunworks, Inc. (NASDAQ:SUNW) is a premier provider of high performance solar power systems. Sunworks is committed to quality business practices that exceed industry standards and uphold its ideals of ethics and safety. Sunworks continues to grow its presence, expanding nationally with regional and local offices. The Company strives to consistently deliver high quality, performance-oriented solutions for customers in a wide range of industries including agricultural, commercial and industrial, state and federal, public works, and residential. Sunworks’ diverse, seasoned workforce includes veterans who bring a sense of pride, discipline, and professionalism to their interaction with customers. Sunworks is a member of the Solar Energy Industries Association (SEIA) and is a proud advocate for the advancement of solar power. For more information, visit www.sunworksusa.com.

Safe Harbor Statement

Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “will,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Forward-looking statements include all statements other than statements of historical fact contained in this press release, including statements regarding the Company’s future business relationship with the Peck Company, future sales, revenue, gross profit, gross margin, operating expenses, operating income, net income, cash balance and cash from operating activities. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These risks include, but are not limited to, risks and uncertainties associated with: an inability to take advantage of synergies identified with the Peck Company, the impact of economic, competitive, regulatory, environmental and other factors affecting the Company and its operations, markets and products; the impact of COVID-19 and the related federal, state and local restrictions on the Company’s operations and workforce, the impact of COVID-19 and such restrictions on our customers, and the impact of COVID-19 on the Company’s supply chain and availability of shipping and distribution; the prospects for sales, lower revenues, failure to earn profit, higher costs than expected, potential operating losses, ownership dilution, inability to repay debt, and the inability to complete projects within anticipated timeframes and costs; the impact of tariffs imposed by governmental bodies; the impact of national and local economies generally; the Company’s ability to access governmental assisted financing; and other factors detailed in reports filed by the Company. You should also review the risks described in “Risk Factors” in Part I, Item 1A of Sunworks, Inc.’s Annual Report on Form 10-K and in the other reports and documents Sunworks files with the Securities and Exchange Commission from time to time.

Any forward-looking statement made by us in this press release is based only on information currently available to us and reflects only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Relations Contact:

Rob Fink
FNK IR
646.809.4048
[email protected]

Posted on November 12, 2020 5:03 pm

Sysco Eliminates Minimum Delivery Requirements and Offers Value-Added Services to Support Restaurant Industry

Restaurants Rising campaign makes it easier for restaurants to succeed and strengthen their business for the future

HOUSTON, Nov. 12, 2020 (GLOBE NEWSWIRE) — Sysco Corporation (NYSE: SYY), the leading global foodservice distribution company, announced today it will eliminate minimum delivery size requirements for customers’ regularly scheduled delivery days as part of the company’s Restaurants Rising campaign. This change is effective on Nov. 16 for all U.S. Broadline, FreshPoint, Buckhead Meat and Newport Meat customers.

Removing minimum delivery requirements is yet another way Sysco is leading the industry in supporting the success of restaurants, providing operators significant added flexibility in managing their business and making it easier to get what they need, when they need it. This change, while applicable to both large and small customers, is especially helpful to independent restaurant operators planning for potential changes in demand and COVID-19 restrictions during the winter months ahead.

“No other distributor is doing more than Sysco to help the restaurant industry succeed,” said Kevin Hourican, Sysco’s president and chief executive officer. “Eliminating minimum delivery requirements is our latest offering to show our customers that Sysco is on a mission to make it easier to do business with us. Combined with our value-added services and world-class sales team, we are helping restaurants – especially smaller, independent businesses — stay in business, better run their business, and evolve their business to drive increased traffic, now and in a post-pandemic world.”

In addition to the elimination of order minimums, Sysco’s value-added services and strategic partnership discounts are available for current and new customers, including:

• FREE Restaurant Marketing Tools. Restaurants need to promote their business more than ever before. Our team can produce marketing solutions such as banners and posters that can be printed locally.
• DISCOUNTS
  on
  s
  olutions
  and
  s
  ervices
  customers
  need right now. Sysco’s partners offer special discounts for important services restaurant operators need, such as delivery, mobile ordering and menu services.
• FREE
  Sysco
  
  Foodie Solutions
  
  . Sysco has the expertise to help operators resolve business issues and generate new revenues. Sysco’s Foodie Solutions Toolkits offer a curated collection of the best industry practices, easy-to-use templates and exclusive, chef-tested products.
• EASY Credit Card Payment
  . This option provides convenience for both existing and new customers.
• FAST
  Onboarding for new customers. New customers can onboard in less than 24 hours and begin to benefit from the powerful suite of services, tools and solutions Sysco offers.

For more information, current and prospective customers can contact their Sysco Sales Consultant or visit Sysco.com/rising to get started.

About Sysco


Sysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. With more than 57,000 associates, the company operates 326 distribution facilities worldwide and serves more than 625,000 customer locations. For fiscal 2020 that ended June 27, 2020, the company generated sales of more than $52 billion. Information about our CSR program, including Sysco’s 2019 Corporate Social Responsibility Report, can be found at www.sysco.com/csr2020report.

For more information, visit www.sysco.com or connect with Sysco on Facebook at www.facebook.com/SyscoCorporation or Twitter at https://twitter.com/Sysco. For important news and information regarding Sysco, visit the Investor Relations section of the company’s Internet home page at investors.sysco.com, which Sysco plans to use as a primary channel for publishing key information to its investors, some of which may contain material and previously non-public information. Investors should also follow us at www.twitter.com/SyscoStock and download the Sysco IR App, available on the iTunes App Store and the Google Play Market. In addition, investors should continue to review our news releases and filings with the SEC. It is possible that the information we disclose through any of these channels of distribution could be deemed to be material information. 

For more information contact:

Shannon Mutschler
Media Contact
[email protected]
T 281-584-4059

A video accompanying this release is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/ab2d3b9c-29b2-4bcb-a4ff-9d068cf4378b