Market Newsdesk

November 18, 2020 6:07 am

Ping An Asset Management ranked China’s No.1 and world’s No.53 on Top 500 Asset Managers 2020 list

PR Newswire

HONG KONG and SHANGHAI, Nov. 18, 2020 /PRNewswire/ — Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or the “Group”, HKEX: 2318; SSE: 601318) is pleased to announce that Ping An Asset Management Co., Ltd. (PAAMC) has been ranked No.53 in the world and No.1 in China on the Top 500 Asset Managers 2020 list from Investment & Pensions Europe (IPE). PAAMC has EUR418 billion in assets under management. This is the highest ranking ever recorded by a Chinese asset manager since the inception of the list.

IPE is a London-headquartered international media company focusing on institutional investors and pension management, affiliated to media group IPE International Publishers. Each year, IPE, as a professional evaluator, releases authoritative lists, including the Top 500 Asset Managers and trend reports based on publicly available market data. The lists and reports are key barometers of global asset management.

There are four Mainland China-based asset managers on the Top 500 Asset Managers 2020 list, with PAAMC being the only insurance asset manager on the list. As of June 30, 2020, PAAMC had RMB3.5 trillion in assets under management, including about RMB1 trillion from external clients, maintaining No.1 position in insurance asset management industry of China.

Going forward, PAAMC will learn from other world-leading asset managers on the list, take advantage of its domestic experience and platforms as a top China-based asset manager, and improve its capabilities and services in line with international standards. PAAMC will seize opportunities bought by China’s financial opening-up and compete globally to become a world-leading technology-powered asset manager.

About Ping An Group

Ping An Insurance (Group) Company of China, Ltd. (“Ping An“) is a world-leading technology-powered retail financial services group. With over 214 million retail customers and nearly 579 million Internet users, Ping An is one of the largest financial services companies in the world.

Ping An has two over-arching strategies, “pan financial assets” and “pan health care”, which focus on the provision of financial and health care services through our integrated financial services platform and ecosystems. Our “finance + technology” and “finance + ecosystem” strategies aim to provide customers and internet users with innovative and simple products and services using technology. As China’s first joint stock insurance company, Ping An is committed to upholding the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchanges in Hong Kong and Shanghai.

In 2020, Ping An ranked 7^th in the Forbes Global 2000 list and ranked 21^st in the Fortune Global 500 list. Ping An also ranked 38^th in the 2020 WPP Kantar Millward Brown BrandZ^TM Top 100 Most Valuable Global Brands list. For more information, please visit group.pingan.com.

About Ping An Asset Management (PAAMC)

Ping An Asset Management Co., Ltd. (“PAAMC”) was established in 2005 in Shanghai. The company possesses capabilities in cross-market asset allocation and investment in a comprehensive product variety. By the end of June 2019, PAAMC has more than RMB 3.12 trillion (US$440billion) assets under management. It is one of the largest and most influential institutional investors both in China domestic capital and non-capital markets.

Facing the increasingly open and mature market environment, PAAMC is committed to creating value through professionalism and providing one-stop, all-round asset management services and solutions. At the same time, PAAMC advocates technology empowerment investment, hoping to become world-leading technology-powered asset management company.

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SOURCE Ping An Insurance (Group) Company of China, Ltd.

November 18, 2020 6:03 am

Lowe’s Reports Third Quarter 2020 Sales And Earnings Results

— U.S. Comparable Sales Increased 30.4% —

— Diluted EPS of $0.91 which Includes $1.05 Negative Impact from Extinguishment of Debt —

— Adjusted Diluted EPS of $1.98(1) —

— Lowes.com Sales Increased 106% —

— Company Invested over $1.1 Billion Year-to-Date to Support Associates, Store Safety and Communities in Response to COVID-19 —

— Company Provides Fourth Quarter 2020 Financial Outlook —

PR Newswire

MOORESVILLE, N.C., Nov. 18, 2020 /PRNewswire/ — Lowe’s Companies, Inc. (NYSE: LOW) today reported net earnings of $692 million and diluted earnings per share (EPS) of $0.91 for the quarter ended October 30, 2020, which included a $1.1 billion pre-tax loss on extinguishment of debt in connection with the company’s third quarter $3.0 billion cash tender offer, compared to net earnings of $1.0 billion and diluted EPS of $1.36 in the third quarter of 2019. Excluding these charges, third quarter adjusted diluted EPS increased 40 percent to $1.98 from adjusted diluted EPS of $1.41 in the third quarter of 2019¹.

Sales for the third quarter were $22.3 billion compared to $17.4 billion in the third quarter of 2019, and comparable sales increased 30.1 percent. Comparable sales for the U.S. home improvement business increased 30.4 percent for the third quarter.

In the third quarter, the Company invested $245 million in COVID-related support of frontline hourly associates, bringing its total COVID-related associate financial support to more than $800 million this year. As a reflection of its commitment to supporting its associates and communities, Lowe’s has invested more than $1.1 billion in COVID-related support for its associates, store safety and community pandemic relief through the first nine months of fiscal 2020.

For the third quarter in a row, hourly associates at 100% of stores earned their “Winning Together” profit-sharing bonus, which totaled $104 million. For further information on the Company’s safety protocols in response to COVID-19, please visit corporate.lowes.com/covid-19-response.

“Strong execution enabled us to meet continued broad-based demand, as we delivered over 15% growth in all merchandising departments, over 20% growth across all geographic regions. and triple-digit growth online. We continued to invest in the future growth of the company, including a $100 million investment in the quarter as part of an ongoing effort to reset the layout of our U.S. stores, making them easier to shop with improved product adjacencies, especially for Pro customers. Our omni-channel transformation continued in the third quarter with further investments in Lowes.com and our supply chain. I remain confident that we are making the right strategic investments to deliver sustainable, long-term growth. I would also like to thank our outstanding frontline associates for their unwavering commitment to customer service and safety,” commented Marvin R. Ellison, Lowe’s president and CEO.

Capital Allocation

The Company reinstated its share repurchase program, and repurchased 3.6 million shares for $621 million during the quarter, while it also paid $416 million in dividends.

During the quarter, the Company made a cash tender offer for $3.0 billion of higher-coupon bonds, and issued $4.0 billion of senior unsecured notes at a weighted average interest rate of 2.17%, which is a record low in company history. These actions further strengthened the Company’s balance sheet by lowering its annual interest expense.

At quarter-end, the Company had $8.2 billion of cash and cash equivalents as well as $3.0 billion in undrawn capacity on its revolving credit facilities, which will be available for any unanticipated liquidity needs.

As of October 30, 2020, Lowe’s operated 1,969 home improvement and hardware stores in the United States and Canada representing 208 million square feet of retail selling space.

A conference call to discuss third quarter 2020 operating results is scheduled for today, Wednesday, November 18, at 9:00 am ET. The conference call will be available by webcast and can be accessed by visiting Lowe’s website at ir.lowes.com and clicking on Lowe’s Third Quarter 2020 Earnings Conference Call Webcast. Supplemental slides will be available approximately 15 minutes prior to the start of the conference call. A replay of the call will be archived at ir.lowes.com.

Lowe’s Business Outlook

On May 20, 2020, the Company withdrew its financial guidance for fiscal year 2020 due to limited visibility into future business trends in this unprecedented operating environment. While the business environment remains uncertain, the Company is providing the following outlook for the operating results of the fourth quarter of 2020.

Fourth Quarter 2020 Financial Outlook (comparisons to fourth quarter 2019)

Total and comparable sales growth of approximately 15 to 20 percent.
Adjusted operating income as a percentage of sales (adjusted operating margin) is expected to be essentially flat to prior-year levels, given ongoing COVID-related operating expenses, $150 million expense related to the reset of the layout of our U.S. stores, and investments in expanding the supply chain network.²
Effective income tax rate of approximately 27%.
Expected repurchase of approximately $3.0 billion of stock.
Diluted earnings per share and adjusted diluted earnings per share¹ of $1.10 – $1.20.

For fiscal 2020, the Company expects capital expenditures of approximately $1.7 billion.

Lowe’s Companies, Inc.

Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 18 million customers a week in the United States and Canada. With fiscal year 2019 sales of $72.1 billion, Lowe’s and its related businesses operate or service more than 2,200 home improvement and hardware stores and employ approximately 300,000 associates. Based in Mooresville, N.C., Lowe’s supports the communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts. For more information, visit Lowes.com.

Disclosure Regarding Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as “believe”, “expect”, “anticipate”, “plan”, “desire”, “project”, “estimate”, “intend”, “will”, “should”, “could”, “would”, “may”, “strategy”, “potential”, “opportunity”, “outlook”, “guidance”, and similar expressions are forward-looking statements. Forward-looking statements involve, among other things, expectations, projections, and assumptions about future financial and operating results, objectives, business outlook, priorities, sales growth, shareholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for products and services, share repurchases, Lowe’s strategic initiatives, including those relating to acquisitions and dispositions and the impact of such transactions on our strategic and operational plans and financial results. Such statements involve risks and uncertainties and we can give no assurance that they will prove to be correct. Actual results may differ materially from those expressed or implied in such statements.

A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements including, but not limited to, changes in general economic conditions, such as the rate of unemployment, interest rate and currency fluctuations, fuel and other energy costs, slower growth in personal income, changes in consumer spending, changes in the rate of housing turnover, the availability of consumer credit and of mortgage financing, changes in commodity prices, changes or threatened changes in tariffs, outbreak of public health crises, such as the COVID-19 pandemic, availability and cost of goods from suppliers, changes in our management and key personnel, and other factors that can negatively affect our customers.

Investors and others should carefully consider the foregoing factors and other uncertainties, risks and potential events including, but not limited to, those described in “Item 1A – Risk Factors” in our most recent Annual Report on Form 10-K and as may be updated from time to time in Item 1A in our quarterly reports on Form 10-Q or other subsequent filings with the SEC. All such forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update these statements other than as required by law.

LOW-IR

¹ Adjusted diluted earnings per share is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures Reconciliation” section of this release for additional information as well as reconciliations between the Company’s GAAP and non-GAAP financial results.
² The Company expects to complete the reset of over 90% of its U.S. stores by the end of the fiscal year.

Contacts:	Shareholder/Analyst Inquiries:	Media Inquiries:
	Kate Pearlman	Jackie Pardini Hartzell
	704-775-3856	704-758-4317
	[email protected]	[email protected]

Lowe’s Companies, Inc. Consolidated Statements of Current and Retained Earnings (Unaudited) In Millions, Except Per Share and Percentage Data

	Three Months Ended						Nine Months Ended
	October 30, 2020			November 1, 2019			October 30, 2020			November 1, 2019
Current Earnings	Amount		% Sales	Amount		% Sales	Amount		% Sales	Amount		% Sales
Net sales	$	22,309	100.00	$	17,388	100.00	$	69,286	100.00	$	56,121	100.00
Cost of sales	15,009		67.28	11,748		67.56	46,170		66.64	38,159		67.99
Gross margin	7,300		32.72	5,640		32.44	23,116		33.36	17,962		32.01
Expenses:
Selling, general and administrative	4,770		21.38	3,772		21.69	13,985		20.18	11,682		20.82
Depreciation and amortization	355		1.59	310		1.79	1,008		1.46	924		1.65
Operating income	2,175		9.75	1,558		8.96	8,123		11.72	5,356		9.54
Interest – net	221		0.99	177		1.02	644		0.93	508		0.90
Loss on extinguishment of debt	1,060		4.75	—		—	1,060		1.53	—		—
Pre-tax earnings	894		4.01	1,381		7.94	6,419		9.26	4,848		8.64
Income tax provision	202		0.91	332		1.90	1,562		2.25	1,077		1.92
Net earnings	$	692	3.10	$	1,049	6.04	$	4,857	7.01	$	3,771	6.72


Weighted average common shares outstanding – basic	752			769			753			782
Basic earnings per common share ⁽¹⁾	$	0.92		$	1.36		$	6.42		$	4.81
Weighted average common shares outstanding – diluted	754			770			754			783
Diluted earnings per common share ⁽¹⁾	$	0.91		$	1.36		$	6.41		$	4.80
Cash dividends per share	$	0.60		$	0.55		$	1.70		$	1.58

Retained Earnings
Balance at beginning of period	$	4,134		$	2,439		$	1,727		$	3,452
Cumulative effect of accounting change	—			—			—			(263)
Net earnings	692			1,049			4,857			3,771
Cash dividends declared	(452)			(423)			(1,284)			(1,233)
Share repurchases	(432)			(827)			(1,358)			(3,489)
Balance at end of period	$	3,942		$	2,238		$	3,942		$	2,238

⁽¹⁾

Under the two-class method, earnings per share is calculated using net earnings allocable to common shares, which is derived by reducing net earnings by the earnings allocable to participating securities. Net earnings allocable to common shares used in the basic and diluted earnings per share calculation were $689 million for the three months ended October 30, 2020 and $1,046 million for the three months ended November 1, 2019. Net earnings allocable to common shares used in the basic and diluted earnings per share calculation were $4,837 million for the nine months ended October 30, 2020 and $3,760 million for the nine months ended November 1, 2019.

Lowe’s Companies, Inc. Consolidated Statements of Comprehensive Income (Unaudited)

In Millions, Except Percentage Data	Three Months Ended						Nine Months Ended
	October 30, 2020			November 1, 2019			October 30, 2020			November 1, 2019
	Amount		% Sales	Amount		% Sales	Amount		% Sales	Amount		% Sales
Net earnings	$	692	3.10	$	1,049	6.04	$	4,857	7.01	$	3,771	6.72
Foreign currency translation adjustments – net of tax	18		0.08	24		0.13	(27)		(0.04)	60		0.11
Cash flow hedges – net of tax	24		0.11	(1)		—	(84)		(0.12)	(15)		(0.03)
Other	(2)		(0.01)	—		—	2		—	—		—
Other comprehensive income/(loss)	40		0.18	23		0.13	(109)		(0.16)	45		0.08
Comprehensive income	$	732	3.28	$	1,072	6.17	$	4,748	6.85	$	3,816	6.80

Lowe’s Companies, Inc. Consolidated Balance Sheets (Unaudited) In Millions, Except Par Value Data

	October 30, 2020		November 1, 2019		January 31, 2020
Assets
Current assets:
Cash and cash equivalents	$	8,249	$	794	$	716
Short-term investments	1,852		127		160
Merchandise inventory – net	15,712		13,716		13,179
Other current assets	1,103		1,025		1,263
Total current assets	26,916		15,662		15,318
Property, less accumulated depreciation	18,683		18,371		18,669
Operating lease right-of-use assets	3,823		3,873		3,891
Long-term investments	202		363		372
Deferred income taxes – net	241		479		216
Other assets	1,015		1,016		1,005
Total assets	$	50,880	$	39,764	$	39,471

Liabilities and shareholders’ equity
Current liabilities:
Short-term borrowings	$	—	$	637	$	1,941
Current maturities of long-term debt	609		574		597
Current operating lease liabilities	530		499		501
Accounts payable	12,759		8,822		7,659
Accrued compensation and employee benefits	1,117		779		684
Deferred revenue	1,614		1,222		1,219
Other current liabilities	2,935		2,530		2,581
Total current liabilities	19,564		15,063		15,182
Long-term debt, excluding current maturities	21,185		16,635		16,768
Noncurrent operating lease liabilities	3,907		3,942		3,943
Deferred revenue – extended protection plans	1,007		875		894
Other liabilities	1,144		791		712
Total liabilities	46,807		37,306		37,499

Shareholders’ equity:
Preferred stock, $5 par value: Authorized – 5.0 million shares; Issued and outstanding – none	—		—		—
Common stock, $0.50 par value: Authorized – 5.6 billion shares; Issued and outstanding – 752 million, 768 million, and 763 million shares, respectively	376		384		381
Capital in excess of par value	—		—		—
Retained earnings	3,942		2,238		1,727
Accumulated other comprehensive loss	(245)		(164)		(136)
Total shareholders’ equity	4,073		2,458		1,972
Total liabilities and shareholders’ equity	$	50,880	$	39,764	$	39,471

Lowe’s Companies, Inc. Consolidated Statements of Cash Flows (Unaudited) In Millions

	Nine Months Ended
	October 30, 2020		November 1, 2019
Cash flows from operating activities:
Net earnings	$	4,857	$	3,771
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	1,152		1,029
Noncash lease expense	356		341
Deferred income taxes	5		(88)
Loss on property and other assets – net	114		93
Loss on extinguishment of debt	1,060		—
Share-based payment expense	107		75
Changes in operating assets and liabilities:
Merchandise inventory – net	(2,545)		(1,129)
Other operating assets	147		(96)
Accounts payable	5,099		523
Other operating liabilities	1,133		(408)
Net cash provided by operating activities	11,485		4,111

Cash flows from investing activities:
Purchases of investments	(2,548)		(563)
Proceeds from sale/maturity of investments	1,032		556
Capital expenditures	(1,172)		(927)
Proceeds from sale of property and other long-term assets	60		71
Other – net	(24)		—
Net cash used in investing activities	(2,652)		(863)

Cash flows from financing activities:
Net change in commercial paper	(941)		(85)
Net proceeds from issuance of debt	7,929		2,972
Repayment of debt	(5,582)		(1,092)
Proceeds from issuance of common stock under share-based payment plans	102		78
Cash dividend payments	(1,252)		(1,195)
Repurchases of common stock	(1,528)		(3,649)
Other – net	(32)		(7)
Net cash used in financing activities	(1,304)		(2,978)

Effect of exchange rate changes on cash	4		1

Net increase in cash and cash equivalents, including cash classified within current assets held for sale	7,533		271
Less: Net decrease in cash classified within current assets held for sale	—		12
Net increase in cash and cash equivalents	7,533		283
Cash and cash equivalents, beginning of period	716		511
Cash and cash equivalents, end of period	$	8,249	$	794

Lowe’s Companies, Inc.

Non-GAAP Financial Measures Reconciliation (Unaudited)

To provide additional transparency, the Company has presented the non-GAAP financial measure of adjusted diluted earnings per share for comparing its operating performance for the three months ended October 30, 2020, with the respective period ended November 1, 2019. This measure excludes the impact of certain discrete items, as further described below, not contemplated in Lowe’s Original Business Outlook to assist analysts and investors in understanding operational performance for the third quarter of fiscal 2020 and fiscal 2019.

In addition, in the Business Outlook for the fourth quarter of fiscal 2020, the Company has provided a comparison to the non-GAAP financial measure of adjusted operating income and adjusted operating margin for the fourth quarter of fiscal 2019, which exclude the impacts of certain discrete items not contemplated in Lowe’s Business Outlook for 2019, to assist the user in further understanding the Company’s forecasted performance for the fourth quarter of fiscal 2020 in comparison to the same period of fiscal 2019.

Fiscal 2020 Impacts

For fiscal 2020, the Company has recognized financial impacts from the following discrete items, not contemplated in the Company’s Original Business Outlook for the third quarter of fiscal 2020:

Beginning in the third quarter of fiscal 2019, the Company began a strategic review of its Canadian operations, and in the fourth quarter of fiscal 2019, the Company announced additional actions to improve future performance and profitability of its Canadian operations. As a result of this review and related actions, in the third quarter of fiscal 2020, the Company recognized $13 million of pre-tax operating costs related to remaining inventory write-downs and other closing costs (Canada restructuring).
In the third quarter of fiscal 2020, the Company recognized a $1.1 billion loss on extinguishment of debt in connection with a $3.0 billion cash tender offer (Loss on extinguishment of debt).

Fiscal 2019 Impacts

During fiscal 2019, the Company recognized financial impacts from the following discrete item, not contemplated in the Company’s Business Outlook for the third quarter of fiscal 2019:

During the third quarter of fiscal 2019, the Company began a strategic review of its Canadian operations, and as a result, recognized pre-tax charges of $53 million associated with long-lived asset impairment (Canada restructuring).

Adjusted diluted earnings per share, adjusted operating income, and adjusted operating margin should not be considered an alternative to, or more meaningful indicator of, the Company’s diluted earnings per share, operating income, or operating margin as prepared in accordance with GAAP. The Company’s methods of determining non-GAAP financial measures may differ from the method used by other companies and may not be comparable.

Detailed reconciliations between the Company’s GAAP and non-GAAP financial results are shown below and available on the Company’s website at www.lowes.com/investor.

	Three Months Ended
	(Unaudited)				(Unaudited)
	October 30, 2020				November 1, 2019
(in millions, except per share data)	Pre-Tax Earnings	Tax	Net Earnings		Pre-Tax Earnings	Tax	Net Earnings
Diluted earnings per share, as reported			$	0.91			$	1.36
Non-GAAP adjustments – per share impacts
Loss on extinguishment of debt	1.40	(0.35)	1.05		—	—	—
Canada restructuring	0.02	—	0.02		0.07	(0.02)	0.05
Adjusted diluted earnings per share			$	1.98			$	1.41

Three Months Ended

(Unaudited)

(in millions, except operating margin)

January 31, 2020

Operating income

958

Non-GAAP adjustments

Canada restructuring

176

Mexico adjustments

Adjusted operating income

1,143

Adjusted operating margin

7.15

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SOURCE Lowe’s Companies, Inc.

November 18, 2020 6:03 am

Superior Gold Inc. Announces Third Quarter 2020 Financial and Operating Results

PR Newswire

UNDERGROUND STOPE GRADE INCREASED BY 23% RELATIVE TO PRIOR QUARTER

STRONG CASH POSITION SUBSEQUENT TO EQUITY FINANCING IN OCTOBER

(In U.S. Dollars unless otherwise stated)

TORONTO, Nov. 18, 2020 /PRNewswire/ – Superior Gold Inc. (“Superior Gold” or the “Company”) (TSXV: SGI) today announced its financial and operating results for the third quarter ended September 30, 2020.

Third Quarter Highlights:

Produced 15,699 ounces of gold and sold 15,492 ounces of gold
Record realized gold price¹ of $1,756 per ounce sold
Total cash costs¹ of $1,471 per ounce sold and all-in sustaining costs¹ (“AISC”) of $1,617 per ounce sold, both negatively impacted by strengthening of the Australian dollar – AISC impacted by approximately $130 per ounce relative to the second quarter of 2020
Stope grade increased by 23% relative to the second quarter as the Company focuses on higher margin ounces
Development grade also significantly improved by 36% relative to the second quarter
Operating cash flow after working capital changes of $0.4 million, after repayment of $2.0 million under the Company’s short-term gold loan (scheduled to be repaid by June 30, 2021)
Net loss for the period of $0.02 per share and adjusted net loss¹ of $0.01 per share
Preliminary Economic Assessment (“PEA”) for the Plutonic Main Pit push-back was commissioned and is well underway

Highlights Subsequent to Quarter End:

Closed an equity financing on October 29, 2020 for gross proceeds of C$17.3 million
Strong cash position subsequent to the aforementioned financing

“The third quarter included several positive changes for Superior Gold that will help reposition the Company as a profitable emerging mid-tier gold producer operating in a tier one mining jurisdiction. We recently strengthened our balance sheet, improving our cash position and securing the liquidity to advance drilling and development in order to open new mining fronts at the Plutonic underground gold mine. In addition, we are advancing an important open pit opportunity that could provide a steady supply of ore to supplement the underground feed, providing long-term stability and expanding our production rates,” stated Tamara Brown, Interim CEO.

“Our operating results during the quarter were in-line with expectations. We were pleased to report underground stope grades mined increased by 23% over the second quarter, something we will continue to focus on as we reposition this asset for long-term success. We are also focused on improving productivities which we expect will benefit from the recent arrival of new mobile mining equipment, aimed at improving equipment availability and materially lowering maintenance costs moving forward. During the third quarter, operating costs in Australian Dollars declined to the lowest level in 2020, but were negatively impacted by the strengthening of the Australian to U.S. Dollar exchange rate which adversely impacted our AISC by approximately $130 per ounce relative to the second quarter.

Looking forward, we are happy to confirm that open pit material will be incorporated into our 2021 production profile, work we have advanced in parallel with the PEA of a push-back of the Plutonic main pit. Our strategic review process remains ongoing as we assess all opportunities to maximize value for shareholders, including assessing all potential additional sources of ore feed. Finally, we will also be launching new surface and underground exploration programs as we follow up on our recent drilling success and seek to organically expand our reserve and resource base.”

This release should be read in conjunction with the Company’s Management Discussion and Analysis (“MD&A”) and consolidated financial statements for the year ended September 30, 2020. These documents will be posted on the Company’s website at www.superior-gold.com and SEDAR at www.sedar.com.

Summary of Financial and Operational Results:

	Three months ended September 30, 2020	Nine months ended September 30, 2020
All amounts in $ millions except where noted
Financial
Revenue	27.2	78.7
Cost of sales	25.6	73.5
General and administrative	1.2	2.9
Operating income (loss)	(0.4)	0.3
Income (loss) before taxes	(2.0)	(6.2)
Net income (loss)	(2.1)	(6.3)
Earnings (loss) per share – basic and diluted	(0.02)	(0.06)
Adjusted net income (loss)¹	(1.3)	(2.0)
Adjusted net income (loss) per share – basic¹	(0.01)	(0.02)
Cash flow from operations	0.4	0.1
Cash and cash equivalents	14.1	14.1
Weighted average number of common shares outstanding (basic)	97,134,473	97,111,728

Operational ²
Stope material mined (Tonnes)	157,430	461,466
Stope grade mined (g Au/t)	2.96	2.84
Development material mined (Tonnes)	58,114	186,141
Development grade mined (g Au/t)	2.10	1.98
Surface material milled (Tonnes)³	178,627	513,726
Surface material grade (g Au/t)³	0.20	0.30
Total material milled (Tonnes)	379,969	1,139,830
Grade milled (g Au/t)	1.57	1.56
Gold recovery (%)	82	82
Gold Produced (ounces)	15,699	47,227
Gold Sold (ounces)	15,492	47,878
Total cash costs ($/ounce)¹	1,471	1,393
AISC ($/ounce)¹	1,617	1,524
Average realized price¹ ($/ounce)	1,756	1,643

Plutonic Gold Operations

The Plutonic Gold operations produced and sold 15,699 and 15,492 ounces of gold, respectively, for the third quarter of 2020. Total cash costs¹ of $1,471/ounce sold and AISC¹ of $1,617/ounce were below the realized gold price¹ of $1,756/ounce for the three-month period ending September 30, 2020. In comparison, 16,627 and 17,900 ounces of gold were produced and sold, respectively for the third quarter of 2019. Total cash costs¹ of $1,504/ounce sold and AISC¹ of $1,652/ounce were above the realized gold price¹ of $1,483/ounce for the three-month period ending September 30, 2019.

Total cash costs and AISC decreased over the prior period primarily as a result of higher underground tonnes and grade milled, partially offset by the processing of low-grade legacy stockpiles in the current period versus the processing of higher-grade Hermes stockpiles in the prior period. The variance from prior period for underground grade was the result of scheduling and developing higher grade stopes and focusing on operational improvements to reduce mining dilution.

The Company generated net cash from operations after working capital changes of $0.4 million for the three months ending September 30, 2020 after the repayment of $2.0 million to Auramet under the gold loan.

Plutonic Main Pit Push-back

The Company is currently evaluating opportunities to leverage its excess mill capacity with the processing of open pit sources of ore located close to its processing facilities at the Plutonic Gold operations. Development, optimization, and permitting is well underway at the Plutonic East, Perch, and Salmon open pits as well as the Hermes and Hermes South open pit projects located 65 kilometres and 85 kilometres to the southwest of the mill, respectively.

In addition, the Company is in the process of completing a PEA for the Plutonic Main Pit project to determine the economics associated with a push-back on the past producing open pit which ceased production in 2005. The results of the study could potentially provide the Company with an important new source of open pit feed to supplement the underground production for the processing facilities which consist of a 1.8 million tonnes per annum main mill and 1.2 million tonnes per annum secondary mill which is currently on care and maintenance.

Exploration Activities

During the three and nine months ended September 30, 2020, the Company operated two underground diamond drilling rigs with 15,471 and 52,774 metres, respectively, of drilling completed. Of the total, 12,910 and 34,095 metres, respectively, were drilled for grade control and stope design while 2,570 and 18,680 metres, respectively, were for reserve and resource expansion.

During the third quarter, the focus for reserve and resource expansion was interpretive geological modelling of new mining fronts. A third drill is being added in the fourth quarter to increase the reserve and resource expansion drilling and to target the opening of new mining fronts.

Outlook

The Company maintains its 2020 production guidance of 60,000 to 70,000 ounces of gold, but due to a 9% strengthening in the Australian to U.S. Dollar exchange rate in the third quarter of 2020, the Company has revised its 2020 cash cost guidance as follows:

2020 Guidance	Guidance (July 30, 2020)	Revised Guidance (November 18, 2020)
Production (oz of Gold)	60,000 – 70,000	60,000 – 70,000
Cash Costs ($/oz)¹	$1,250 – $1,350	$1,375 – $1,425
AISC ($/oz)¹	$1,350 – $1,450	$1,500 – $1,550

Note: November 18, 2020 guidance is based on an Australian to U.S. Dollar exchange rate of 0.70.

Conference Call

Management will host a conference call and webcast on Wednesday November 18, 2020 at 10:00AM ET to discuss the third quarter 2020 financial and operating results.

Conference Call and Webcast
Date:	Wednesday November 18, 2020 10:00AM ET
Toll-free North America:	(888) 231-8191
Local or International:	(647) 427-7450
Webcast: https://produceredition.webcasts.com/starthere.jsp?ei=1397462&tp_key=077bf37614

Conference Call Replay
Toll-free North America:	(855) 859-2056
Local or International:	(416) 849-0833
Passcode:	1248469

The conference call replay will be available from 1:00PM ET on November 18, 2020 until 23:59PM ET on December 2, 2020.

The presentation will be available on the Company’s website at www.superior-gold.com.

______________________________________________

(1)	Refer to the Non-IFRS Performance Measures disclosure included in the Company’s MD&A for a description and calculation of these measures.
(2)	Numbers may not add due to rounding.
(3)	Surface material milled in the third quarter 2020 is primarily the processing of low-grade stockpile.

Qualified Person

Scientific and technical information in this news release has been reviewed and approved by Keith Boyle, P.Eng., Chief Operating Officer of the Company, who is a “qualified person” as defined by National Instrument 43-101 (NI 43-101). Mr. Boyle is not independent of the Company within the meaning of NI 43-101.

About Superior Gold

Superior Gold is a Canadian based gold producer that owns 100% of the Plutonic Gold operations located in Western Australia. The Plutonic Gold operations include the Plutonic underground gold mine and central mill, the Hermes open pit projects and an interest in the Bryah Basin joint venture. Superior Gold is focused on expanding production at the Plutonic Gold operations and building an intermediate gold producer with superior returns for shareholders.

Forward Looking Information

This news release contains “forward-looking information” within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. “Forward-looking information” includes statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology. The forward-looking information contained herein includes, without limitation, information related to the Company’s executing of a strategic review process currently underway, the potential outcome of such process and the intended maximization of shareholder value that the Company believes may result from such process. By identifying such information in this manner, the Company is alerting the reader that such information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See “Risk Factors” in the Company’s prospectus dated February 15, 2017 filed on SEDAR at www.sedar.com for a discussion of these risks. In addition, The Company is exposed to outbreaks or threats of outbreaks of viruses, other infectious diseases or other similar health threats, including the novel coronavirus (“COVID-19”) outbreak, which could have a material adverse effect on the Company by causing operational and supply chain delays and disruptions, labour shortages, shutdowns, the inability to sell gold, capital markets volatility or other unknown but potentially significant impacts. The Company cannot accurately predict what effects these conditions will have on the Plutonic Gold Operations or the financial results of the Company, including uncertainties relating to travel restrictions to the Plutonic Gold Operations or otherwise and business closures that have been or may be imposed by governments. If an outbreak or threat of an outbreak of a virus or other infectious disease or other public health emergency occurs, it could have a material adverse effect on the Company’s business, financial condition and results of operations.

The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information as no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, and if any of them do so, what benefits the Company will derive therefrom. Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this news release to reflect events or circumstances after the date hereof.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Superior Gold

November 18, 2020 6:03 am

New 2021 Accessibility Enhanced RV Line Debuts from Winnebago Industries®

Accessibility Enhanced (AE) models updated with wheelchair tie-downs and increased stock availability through La Mesa RV

PR Newswire

FOREST CITY, Iowa, Nov. 18, 2020 /PRNewswire/ — As RV travel soars in popularity across the U.S., Winnebago Industries® [NYSE: WGO] Specialty Vehicle Division revealed its updated 2021 Accessibility Enhanced (AE) RV line. Upgraded to support consumer and dealer preferences further, the Inspire AE and Adventurer 30T AE 2021 models feature standard wheelchair tie-downs, platform wheelchair lifts, and expanded hallways and bathrooms. In addition to the product upgrades, Winnebago also announced a dealer partnership for the 2021 model year products with La Mesa RV to carry the AE units exclusively.

“This year we have seen a drastic change in the way people vacation, and with RV travel on the rise, La Mesa RV wants to provide model options to all of our customers across the country, including those with mobility limitations,” said La Mesa RV President Jason Kimbrell. “We are excited to work with Winnebago and enable more people to experience the joys of traveling with a modified, accessible RV and very little wait time.”

The new 2021 AE floor plans reflect the most commonly requested design elements such as expanded hallway and bathroom areas, accessible controls for lights and RV systems, remote controls for the wheelchair lift and door, and more. The new Inspire is a 35-foot Class A diesel, providing abundant space and power. The Adventurer 30T AE is a 31-foot Class A offering and includes a sleeper sofa to increase sitting areas, a roll-under sink, and pedestal tables.

“As a company dedicated to innovation, Winnebago is always looking to improve our Accessibility Enhanced RVs, says Robert Kim, Director of Winnebago’s Specialty Vehicle Division. “For the 2021 AE line, we are excited to offer two class A platforms with so many accessible features.”

Building on four decades of building AE motorhomes, Winnebago’s 2021 AE line gives wheelchair travelers comfort and privacy that not only make travel enjoyable but day-to-day living more effortless. Almost every room in the 2021 AE RVs is enhanced to meet a person’s requirements with mobility limitations. These changes and enhancements require changing approximately 40 percent of the features compared to a conventional motorhome.

“Winnebago takes great pride in the design of our AE units,” said Winnebago Specialty Vehicle Division Director of Sales Jennifer Butters. “We test real-world scenarios with wheelchairs and other equipment to ensure optimum usability to enhance the RV travel experience for these individuals and their families.”

The 2021 Inspire will be on display at the 2021 Florida RV Supershow on January 13-17, 2021, at the Florida State Fairgrounds in Tampa, Fla. For more information on the Accessibility-Enhanced line, please visit https://www.winnebago.com/models/motorhomes/accessibility-enhanced.

About Winnebago Industries
Winnebago Industries, Inc. is a leading North American manufacturer of outdoor lifestyle products and commercial vehicles under the Winnebago, Grand Design, Newmar and Chris-Craft brands, which are used primarily in leisure travel and outdoor recreation activities. The company builds quality motorhomes, travel trailers, fifth wheel products, boats, and commercial community outreach vehicles. Since the 1960s, its Specialty Vehicles division has leveraged the Winnebago motorhome platform to design and build custom community outreach vehicles for customers around the world. With flexible floorplans and chassis options to suit different budgets and sustainability goals, Winnebago commercial shells are ideal for applications such as mobile medical and dental services, DUI/BAT, cancer and preventive screenings, food trucks, event marketing, bloodmobiles, classrooms, bookmobiles, and many other applications. Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota, and Florida. The Company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries’ investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.

For more information about Winnebago Specialty Vehicles, please visit https://winnebagoind.com/product-classes/specialty-vehicles or follow on Instagram, Facebook, LinkedIn, and Twitter.

About
La Mesa RV
In 1972, La Mesa RV opened their first dealership in La Mesa, California, a suburb of San Diego. From the beginning, “Experience Life” has been incorporated into every RV sold. Today, La Mesa RV Center is headquartered in San Diego and operates ten RV dealerships in California, Arizona, New Mexico, and Florida. Over the years, they have grown to become one of the largest multi-location RV dealerships in the world. Selling high-quality motorhomes, travel trailers, fifth wheels and toy haulers from a range of leading RV manufacturers, La Mesa RV is proud to be recognized as a leader in the recreational vehicle industry and for being named the exclusive dealer for the 2021 model year Winnebago Accessibility Enhanced products.

CONTACT INFORMATION:
Technica Communications
Sarah Malpeli
408-806-9626 Ext. 6840
[email protected]

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SOURCE Winnebago Industries

November 18, 2020 6:03 am

Touch Dynamic Adopts Epson’s Next Generation, Sleek, Mobile-Friendly, POS Receipt Printer Making it Central to its Self-Service Solution Designs

Joint Solution Delivers the Flexibility and Convenience Hospitality and Retail Businesses Need Today for More Efficient and Safe Shopping, Dining, Online Ordering and Pickup Experiences

PR Newswire

LOS ALAMITOS, Calif., Nov. 18, 2020 /PRNewswire/ — Epson America, Inc., a leading supplier of value-added Point of Sale (POS) systems, today announced that Touch Dynamic, a leading manufacturer of all-in-one POS systems, has adopted Epson’s next-generation TM-m30II POS receipt printer, making it central to its self-service solution designs. The integrated solution enable merchants to meet rising customer demands for contactless payment and socially distanced experiences — whether they shop at the store, dine at the restaurant, buy online to pick up in the store (BOPIS), use curbside pickup, or choose home delivery.

“Touch Dynamic proves once again that it is closely in tune with demands channel partners face from retailers and restaurateurs,” said Tom Kettell, director, Commercial Channel – North America, Epson America, Inc. “Making our printers central to their offerings provides these retail and hospitality merchants with complete POS solutions that help maximize operational efficiency and customer satisfaction, which is especially important during these demanding times.”

Touch Dynamic chose Epson’s TM-m30II POS receipt printer for its sleek design and versatility, with multiple interface options that integrate seamlessly with its self-service solution designs and kiosks. Touch Dynamic built its slim printer base exclusively around the Epson TM-m30II printer series, and mounting the printer base on its Slim Podium creates Touch Dynamic’s Slim Podium Kiosk. These self-service kiosks are an ideal solution for meeting customers’ demands for full control of their purchases from start to finish, giving them the reassurance that only they have touched their items, bags, receipts, and credit cards at the checkout.

The Epson TM-m30II POS receipt printer is also integrated into Touch Dynamic’s newly launched Pavilion Kiosk, in which the printer is fully enclosed in a 27-inch touch screen housing.

“Retail and hospitality providers are facing a high demand for contactless experiences, and our self-service solutions have become essential for these industries,” says Dawn Saquic, sales and marketing manager for Touch Dynamic. “Space restrictions are also a big issue for restaurants and stores, and Epson’s TM-m30II receipt printer’s small size helps save precious real estate. Furthermore, our partnership with Epson enables fully integrated POS solutions that offer our joint customers the flexibility and reliability synonymous with the Touch Dynamic and Epson brand names.”

The compact 3″, sleek, TM-m30II POS thermal receipt printer offers a host of features that are designed with transactional efficiency in mind. These include multiple interface options such as USB, Ethernet, Bluetooth® and wireless connectivity. It can be installed horizontally or vertically, that allows for even more positioning flexibility. A reliable performer, it features a 150 km printhead life¹, auto cutter life of 1.5 million cuts¹ and speeds of up to 250 mm/sec¹. Also, the flexible drop-in paper loading allows users to access the TM-m30II from either the top or the front.

Availability

The joint solutions are available now from Touch Dynamic and its distribution partners. Touch Dynamic also sells the Epson Mobilink™ P20, TM-70II, TM-T88V, and TM-U220 receipt printers. For more information on where to buy the solution, please visit http://www.touchdynamic.com/buy.

About Touch Dynamic
Since it was founded in 2001, Touch Dynamic has been a nationally recognized, leading U.S.-based designer and manufacturer of all-in-one touch terminals, small form factor PCs, touch screen monitors, kiosks and mobile POS devices for a variety of industries. Touch Dynamic bases the foundation of its operations on communication with its channel partners, to better understand the challenges they face, products they require, and resources they need in order to best serve their customers. For more information, visit www.touchdynamic.com.

About Epson
Epson is a global technology leader dedicated to becoming indispensable to society by connecting people, things and information with its original efficient, compact and precision technologies. The company is focused on driving innovation and exceeding customer expectations in inkjet, visual communications, wearables and robotics. Epson is proud of its contributions to realizing a sustainable society and its ongoing efforts to realizing the United Nations’ Sustainable Development Goals.

Led by the Japan-based Seiko Epson Corporation, the worldwide Epson Group generates annual sales of more than JPY 1 trillion. global.epson.com

For over 30 years, Epson’s advanced technology has been at work in millions of POS systems around the world. Today Epson’s Business Systems Division continues to bring industry-leading open architecture, smart technologies to the point of service.

Epson America, Inc., based in Los Alamitos, Calif., is Epson’s regional headquarters for the U.S., Canada and Latin America. To learn more about Epson, please visit: epson.com. You may also connect with Epson America on Facebook (facebook.com/Epson), Twitter (twitter.com/EpsonAmerica), YouTube (youtube.com/epsonamerica), and Instagram (instagram.com/EpsonAmerica).

1 Epson’s statements about reliability levels are only estimates based on normal use of the printer using tested media only. See www.epson.com/testedmedia for more information on Tested Media. These reliability statements are not warranties of the media or Epson’s printers, and the only warranties for printers are the limited warranty statements for each printer.

EPSON is a registered trademark and EPSON Exceed Your Vision is a registered logomark of Seiko Epson Corporation. Mobilink is a trademark of Epson America, Inc. All other trademarks and/or registered trademarks are property of their respective owners. Epson disclaims any and all rights in these marks. Copyright 2020 Epson America, Inc.

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SOURCE Epson America, Inc.

November 18, 2020 6:03 am

PG&E Corporation Appoints Patricia K. Poppe as Chief Executive Officer, Effective January 4, 2021

PG&E Corporation Appoints Patricia K. Poppe as Chief Executive Officer, Effective January 4, 2021

Ms. Poppe Brings Deep Industry Knowledge; Decades of Operational, Safety and Leadership Experience; and a Demonstrated Commitment to Clean Energy

SAN FRANCISCO–(BUSINESS WIRE)–
PG&E Corporation (NYSE: PCG) today announced the appointment of Patricia K. “Patti” Poppe as Chief Executive Officer and member of its Board of Directors as well as of the Board of Directors of Pacific Gas and Electric Company. Ms. Poppe currently serves as President and Chief Executive Officer of CMS Energy Corporation and its principal subsidiary, Consumers Energy Company, an investor-owned utility that provides electricity and natural gas to 6.7 million Michigan residents. She will take over from Interim PG&E CEO William “Bill” Smith on January 4, 2021.

“Patti is an exceptional leader with the experience, drive, and character to lead PG&E through its next chapter. She knows the utility industry top to bottom and has a deep understanding of what it takes to provide safe, reliable, affordable, and clean energy to millions of customers,” said Robert Flexon, Chairman of PG&E Corporation’s Board of Directors. “We all recognize that PG&E must continue to improve, adapt, and become more resilient to the changing climate. As the leader of Michigan’s largest utility, Patti has embraced technology and put the company on a course to achieving its ambitious clean energy goals while maintaining steady and safe performance, prioritizing customer service, and advancing workplace equity. We are delighted to welcome her to PG&E and look forward to working closely with her to meet the challenges ahead as we continue to enhance the company’s culture and improve its operations.”

Ms. Poppe was appointed President and CEO of CMS Energy and Consumers Energy in 2016 and has resigned with an effective date of December 1, 2020. Under her leadership, CMS Energy and Consumers Energy earned consistent industry recognition and maintained strong operational and financial performance. Ms. Poppe continuously prioritized safety, with safety incidents decreasing by 70% since 2008. In fact, in 2019, Consumers Energy was ranked top quartile by Edison Electric Institute’s utility standards in safety performance. Among her other achievements: Consumers Energy was ranked #1 overall in the Midwest Large Segment for the 2019 Gas Residential Customer Satisfaction Study by JD Power & Associates, and in 2019, customers saved nearly $600,000 on their energy bills through energy efficiency programs, boosting total customer savings to $3.1 billion since 2009.

Additionally, Ms. Poppe was ranked by Institutional Investor magazine as second of 44 utility CEOs and third of 47 utility CEOs for 2020 and 2021, respectively. Among other appointments, Ms. Poppe currently serves as a member of the Board of Directors and Executive Committee of both the Edison Electric Institute and the American Gas Association.

“I am honored by this appointment and look forward to working alongside PG&E’s 23,000 employees to deliver for our customers in Northern and Central California,” said Ms. Poppe. “As California’s largest utility, PG&E has the privilege of powering one of the world’s largest economies and the opportunity to help lead the state’s clean energy future. It also faces significant challenges. I am eager to get to know the PG&E team and to join in the critical work of strengthening PG&E for California’s next generation and earning back the community’s trust.”

During her tenure at CMS Energy and Consumers Energy, Ms. Poppe has been a leader in clean energy, developing a broad coalition of support and putting in place ambitious clean energy plans to reduce emissions, eliminate coal, and increase renewable energy. She has led a significant push into renewables as part of the integrated resource planning for Consumers Energy, including a net zero carbon target by 2040. She has also overseen substantial progress toward CMS Energy and Consumers Energy’s near-term goals to save water, reduce landfill waste, and protect, enhance or restore land.

Ms. Poppe’s championing of workplace equity has earned Consumers Energy significant recognition as an employer, including as the top employer for women in the utility industry (Forbes, 2020), as one of the top 50 employers for diversity (Forbes, 2020), as the top utility company in Michigan for diversity (Forbes, 2019), as the recipient of a Gold Veteran-Friendly Employer distinction (Michigan Veteran Affairs Agency, 2018), and as one of the top 50 globally in Military Times’ Best for Vets: Employers (2019).

Throughout her tenure at CMS Energy and Consumers Energy, Ms. Poppe developed strong working relationships with labor, a critical workforce that delivers for PG&E customers across the state. She also worked closely and collaboratively with Michigan regulators in mutual service for the people of Michigan, and will look to do the same at PG&E.

Prior to her role as President and CEO of CMS Energy, Ms. Poppe held other leadership positions in the utility, including Senior Vice President of Distribution Operations, Engineering and Transmission, with overall responsibility for Consumers Energy’s electric and natural gas distribution systems, energy operations, and electric transmission. Her earlier roles at the utility focused on operations and customer experience.

Before joining CMS Energy, Ms. Poppe worked for DTE Energy for five years, first as a Power Plant Director, then as a Director of Regulated Marketing and Energy Optimization. Prior to her time at DTE, Ms. Poppe worked at General Motors for 15 years in various roles. Ms. Poppe holds bachelor’s and master’s degrees in industrial engineering from Purdue University, as well as a master’s degree in management from Stanford’s Graduate School of Business.

The PG&E Corporation Board of Directors appointed Ms. Poppe following a broad national search that looked at candidates both inside and outside of the utility and energy industries. The Board thoroughly evaluated candidates over the last several months.

“I have every confidence Patti will hit the ground running and lead PG&E forward,” said Bill Smith, PG&E Corporation’s Interim CEO. “She is incredibly smart, knows the operations side of this business, and brings to her work curiosity, dedication, and warmth. These qualities will serve her well as she brings PG&E into the future. I look forward to introducing Patti to our talented workforce, welcoming her to California, and working closely with her in the years ahead.”

Mr. Smith will remain on the PG&E Corporation and Pacific Gas and Electric Company Boards of Directors following Ms. Poppe’s arrival. Mr. Flexon added: “On behalf of the full Boards of Directors, I want to thank Bill for his service as interim CEO since earlier this year. His leadership has been invaluable in taking the company forward since emergence, and we are grateful his experience will continue to inform us as a member of the Boards.”

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a holding company headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. Each of PG&E Corporation and the Utility is a separate entity and is subject to separate laws, rules and regulations. For more information, visit pgecorp.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201118005546/en/

Investor Relations Contact: 415.972.7080

Media Inquiries Contact: 415.973.5930

www.pgecorp.com

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Utilities Environment Oil/Gas Coal Alternative Energy Energy Nuclear

MEDIA:

November 18, 2020 6:03 am

Apple Announces App Store Small Business Program

Apple Announces App Store Small Business Program

New program reduces App Store commission to 15 percent for small businesses earning up to $1 million per year

CUPERTINO, Calif.–(BUSINESS WIRE)–
Apple® today announced an industry-leading new developer program to accelerate innovation and help small businesses and independent developers propel their businesses forward with the next generation of groundbreaking apps on the App Store®. The new App Store Small Business Program will benefit the vast majority of developers who sell digital goods and services on the store, providing them with a reduced commission on paid apps and in-app purchases. Developers can qualify for the program and a reduced, 15 percent commission if they earned up to $1 million in proceeds during the previous calendar year.

The App Store Small Business Program, which will launch on January 1, 2021, comes at an important time as small and independent developers continue working to innovate and thrive during a period of unprecedented global economic challenge. Apps have taken on new importance as businesses adapt to a virtual world during the pandemic, and many small businesses have launched or dramatically grown their digital presence in order to continue to reach their customers and communities. The program’s reduced commission means small developers and aspiring entrepreneurs will have more resources to invest in and grow their businesses in the App Store ecosystem.

“Small businesses are the backbone of our global economy and the beating heart of innovation and opportunity in communities around the world. We’re launching this program to help small business owners write the next chapter of creativity and prosperity on the App Store, and to build the kind of quality apps our customers love,” said Tim Cook, Apple’s CEO. “The App Store has been an engine of economic growth like none other, creating millions of new jobs and a pathway to entrepreneurship accessible to anyone with a great idea. Our new program carries that progress forward — helping developers fund their small businesses, take risks on new ideas, expand their teams, and continue to make apps that enrich people’s lives.”

While the comprehensive details will be released in early December, the essentials of the program’s participation criteria are easy and streamlined:

Existing developers who made up to $1 million in 2020 for all of their apps, as well as developers new to the App Store, can qualify for the program and the reduced commission.
If a participating developer surpasses the $1 million threshold, the standard commission rate will apply for the remainder of the year.
If a developer’s business falls below the $1 million threshold in a future calendar year, they can requalify for the 15 percent commission the year after.

The App Store’s standard commission rate of 30 percent remains in place for apps selling digital goods and services and making more than $1 million in proceeds, defined as a developer’s post-commission earnings. Earlier this year, an independent study by the Analysis Group found that Apple’s commission structure is in the mainstream for app distribution and gaming platforms.

Small business owners will continue to benefit from Apple’s unparalleled suite of developer tools — including development applications, programming languages, a secure payment interface, and more than 250,000 essential software building blocks called APIs. Apple is committed to giving developers the tools to turn their brightest ideas into apps that change the world. Tools like HealthKit™ give engineers secure access to user health data, ARKit® empowers developers to explore new frontiers of augmented reality, and Core ML® harnesses the speed and intelligence of machine learning to help developers build powerful features with just a few lines of code.

Earning the trust of users and developers has been an important goal of the App Store from the beginning. It’s why every one of the 1.8 million apps on the App Store undergoes a review process that developers and their customers can rely on — one that helps make sure every app is reliable, performs as expected, is free of objectionable content, and upholds the highest standards to protect users’ privacy and security.

Developers of all sizes have built successful businesses while benefitting from the App Store’s global reach encompassing users of the more than 1.5 billion Apple devices around the world in 175 countries and over 40 languages, with more than 180 local payment methods and 45 accepted currencies. In 2019 alone, the App Store ecosystem facilitated $519 billion in commerce worldwide — with over 85 percent of that total accruing solely to third-party developers and businesses of all sizes. The new App Store Small Business Program will build on that progress to generate even more digital commerce and app innovations, support new jobs, and help small and independent developers continue to bring great software to Apple users.

The App Store, which launched in 2008, is the world’s safest and most vibrant app marketplace, currently offering 1.8 million apps and visited by half a billion people each week. It helps creators, dreamers, and learners of all ages and backgrounds connect with the tools and information they need to build a brighter future and a better world.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or call Apple’s Media Helpline at (408) 974-2042.

© 2020 Apple Inc. All rights reserved. Apple, the Apple logo, App Store, HealthKit, ARKit, and Core ML are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201118005376/en/

Apple

Fred Sainz, (669) 227-0492

[email protected]

Katie Clark Alsadder, (408) 974-9976

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Software Technology Mobile/Wireless Internet

MEDIA:

November 18, 2020 6:03 am

Hilltop Holdings Inc. Announces Final Results of Tender Offer

Hilltop Holdings Inc. Announces Final Results of Tender Offer

DALLAS–(BUSINESS WIRE)–
Hilltop Holdings Inc. (NYSE: HTH) (“Hilltop” or the “Company”) announced today the final results of its modified “Dutch auction” tender offer to purchase up to $350.0 million of its common stock for cash at a price per share not less than $21.00 and not greater than $24.00, which expired at 12:00 midnight, New York City time, at the end of the day on November 13, 2020.

Based on the final count by American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, a total of 8,058,947 shares of Hilltop’s common stock, $0.01 par value per share, were properly tendered at or below the purchase price of $24.00 per share and neither properly withdrawn nor tendered conditionally by stockholder with conditions that were not met.

Hilltop has accepted for purchase 8,058,947 shares of its common stock, $0.01 par value per share, at a price of $24.00 per share, for an aggregate cost of approximately $193,414,728, excluding fees and expenses related to the tender offer. These shares represent approximately 8.9 percent of the shares outstanding as of November 17, 2020.

American Stock Transfer & Trust Company, LLC will promptly issue payment for the shares of Hilltop common stock validly tendered and accepted for purchase in the tender offer.

The Company may, in the future, decide to purchase additional shares in the open market subject to market conditions and private transactions, tender offers or otherwise subject to applicable law. Any such purchases may be on the same terms as, or on terms that are more or less favorable to stockholders than, the terms of the offer. Whether the Company makes additional repurchases in the future will depend on many factors, including but not limited to its business and financial performance, the business and market conditions at the time, including the price of the shares, and other factors the Company considers relevant.

The information in this press release describing the tender offer is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell shares of common stock in the tender offer. The tender offer was made only pursuant to the Offer to Purchase and the related materials that the Company filed with the SEC, as amended or supplemented. Stockholders who have questions or would like additional information about the tender offer may contact the information agent for the tender offer, D.F. King & Co., Inc., toll-free at (800) 207-3159.

About Hilltop

Hilltop Holdings is a Dallas-based financial holding company. Its primary line of business is to provide business and consumer banking services from offices located throughout Texas through PlainsCapital Bank. PlainsCapital Bank’s wholly owned subsidiary, PrimeLending, provides residential mortgage lending throughout the United States. Hilltop Holdings’ broker-dealer subsidiaries, Hilltop Securities Inc. and Hilltop Securities Independent Network Inc., provide a full complement of securities brokerage, institutional and investment banking services in addition to clearing services and retail financial advisory. At September 30, 2020, Hilltop employed approximately 4,800 people and operated approximately 430 locations in 48 states. Hilltop Holdings’ common stock is listed on the New York Stock Exchange under the symbol “HTH.”

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements anticipated in such statements. Forward-looking statements speak only as of the date they are made and, except as required by law, we do not assume any duty to update forward-looking statements. Such forward-looking statements include, but are not limited to, statements concerning such things as our plans, objectives, strategies, expectations, intentions and other statements that are not statements of historical fact, and may be identified by words such as “anticipates,” “believes,” “building,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “guidance,” “intends,” “may,” “might,” “outlook,” “plan,” “probable,” “projects,” “seeks,” “should,” “target,” “view,” “will” or “would” or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: (i) changes in general economic, market and business conditions in areas or markets where we compete, including changes in the price of crude oil; (ii) the COVID-19 pandemic and the response of governmental authorities to the pandemic, which have caused and are causing significant harm to the global economy and our business; (iii) the credit risks of lending activities, including our ability to estimate credit losses, as well as the effects of, and trends in, loan delinquencies and write-offs; (iv) changes in the interest rate environment; and (v) risks associated with concentration in real estate related loans. For further discussion of such factors, see the risk factors described in our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and other reports that are filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201118005339/en/

Media Contact:

Ben Brooks

214-252-4047

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Investor Relations Contact:

Erik Yohe

214-525-4634

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KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Other Professional Services Professional Services Finance

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November 18, 2020 6:03 am

Colgate-Palmolive Earns Top Scores in 2020 Dow Jones Sustainability Indices & Outlines 2025 Sustainability Goals

Colgate-Palmolive Earns Top Scores in 2020 Dow Jones Sustainability Indices & Outlines 2025 Sustainability Goals

Company Sets Ambitious Targets for Reducing Plastic Waste, Conserving Water and Improving Oral Health

NEW YORK–(BUSINESS WIRE)–
Colgate-Palmolive Company today announced its 2025 Sustainability & Social Impact Strategy – defining its key actions and setting measurable targets for 2025 and beyond.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201118005365/en/

Colgate-Palmolive announces its 2025 Sustainability & Social Impact Strategy, defining key actions & setting measurable targets for 2025 & beyond. (Photo: Business Wire)

Colgate’s 2025 Sustainability & Social Impact Strategy focuses on three ambitions: promoting well-being and inclusivity; helping people develop healthy habits; and preserving and improving the environment. They are supported by actionable targets that uphold Colgate’s continued commitment to building environmental and social consciousness into every decision, which earned the Company recognition on the 2020 Dow Jones Sustainability Indices (DJSI) for the fourth consecutive year. Colgate also was named the top performing Household Products company by the DJSI for the second year in a row and achieved “Industry Best” scores in the Environmental and Social categories.

“Because our Colgate brand is in more homes than any other, we can – and will – create a healthier, more sustainable future for all,” said Noel Wallace, Chairman, President and Chief Executive Officer, Colgate-Palmolive. “We view environmental and social stewardship as enterprise-wide catalysts for growth, and we’re committed to raising the bar and ensuring sustainability is integrated into all aspects of our company – from what we make to how we work to how we go to market.”

Among the company’s social and environmental sustainability actions, key targets are:

Eliminate one third of new plastics as part of the transition to 100% recyclable, reusable, or compostable plastic packaging by 2025
Earn 100% TRUE Zero Waste certification for global operations and build 100% of new manufacturing sites LEED certified by 2025
Source 100% renewable electricity for global operations by 2030
Achieve Net Zero Carbon emissions in global operations by 2040
Promote water conservation awareness to 100% of our global consumers by 2025
Improve oral health for two billion children by 2025, to help create a zero-cavity future
Help 15 million pets find homes through Hill’s Food, Shelter, Love program by 2025

Colgate people are already hard at work pursuing these goals. For example, to reach its plastic targets, the company launched its first-of-its-kind recyclable toothpaste tube on three continents and is sharing that technology to speed the industry’s sustainability transformation. With the company’s global leadership in manual toothbrushes, Colgate aims to build on the successful global launches of its bamboo toothbrushes for adults and children with additional advancements to further reduce plastic in toothbrushes. Colgate also currently has 19 certified TRUE Zero Waste facilities across five continents – more than any other company in the world.

“With Colgate’s global reach, we know we have the responsibility and opportunity to make a difference to boost our ambitions as well as to measure and communicate our progress with more frequency and transparency. This strategy reflects our role as a global consumer products company and is informed by all of our stakeholders, both internal and external,” added Ann Tracy, Chief Sustainability Officer.

This announcement comes during a period of purpose-driven commitments that Colgate has advanced in sustainability and social responsibility. In 2020, Colgate has been helping to combat the spread of COVID-19 by producing, donating and distributing 25 million specially-made bars of soap as well as donating more than $20 million in health and hygiene products to health professionals and underserved communities in need.

In addition, Colgate has earned numerous awards for its ongoing commitment to sustainability. Most recently, the Company was named to the prestigious Fortune’s 2020 Change The World List. Moreover, in the past year alone, Colgate received its 10th consecutiveENERGY STAR® Partner of the Year Award, a U.S. Green Building Council Leadership Award, and recognition on EPA’s Green Power Partnership National Top 100.

To learn more about Colgate’s commitment to sustainability, visit: https://www.colgatepalmolive.com/en-us/core-values/sustainability or https://www.linkedin.com/company/colgate-palmolive/.

About Colgate-Palmolive:

Colgate-Palmolive Company is a caring, innovative growth company reimagining a healthier future for all people, their pets and our planet. Focused on Oral Care, Personal Care, Home Care and Pet Nutrition and reaching more than 200 countries and territories, Colgate teams are developing and selling health and hygiene products and pet nutrition offerings essential to society through brands such as Colgate, Palmolive, elmex, meridol, Tom’s of Maine, hello, Sorriso, Speed Stick, Softsoap, Irish Spring, Protex, Sanex, Filorga, eltaMD, PCA Skin, Ajax, Axion, Fabuloso, Soupline and Suavitel, as well as Hill’s Science Diet and Hill’s Prescription Diet. Colgate seeks to deliver sustainable, profitable growth and superior shareholder returns and to provide Colgate people with an innovative and inclusive work environment. Colgate does this by developing and selling products globally that make people’s lives healthier and more enjoyable and by embracing its sustainability, diversity, equity and inclusion and social responsibility strategies across the organization. For more information about Colgate’s global business, its efforts to improve the oral health of children through its Bright Smiles, Bright Futures program and how the Company is building a future to smile about, visit www.colgatepalmolive.com. CL-C

Cautionary Statement on Forward-Looking Statements:

This press release, including our 2025 Sustainability & Social Impact Strategy, contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission (SEC) in its rules, regulations and releases. These statements are made on the basis of Colgate’s views and assumptions as of this time, and Colgate undertakes no obligation to update these statements except as required by law. Colgate cautions investors that such forward-looking statements are not guarantees of future performance and that actual events or results may differ materially from these statements due to a number of factors. For information about factors that could impact Colgate’s business and cause actual results to differ materially from forward-looking statements, consult our filings with the SEC (including, but not limited to, the information set forth under the captions “Risk Factors” and “Cautionary Statement on Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and subsequent Quarterly Reports on Form 10-Q).

View source version on businesswire.com: https://www.businesswire.com/news/home/20201118005365/en/

Robert Goodfellow

Colgate-Palmolive Company

646-277-1218

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Retail Health Other Retail Environment Alternative Energy Energy Dental

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Colgate-Palmolive announces its 2025 Sustainability & Social Impact Strategy, defining key actions & setting measurable targets for 2025 & beyond. (Photo: Business Wire)

November 18, 2020 6:03 am

Carvana Debuts Flagship Car Vending Machine in Atlanta

Carvana Debuts Flagship Car Vending Machine in Atlanta

Carvana’s 27th Car Vending Machine is the Tallest in the U.S., Standing 12 Stories High

ATLANTA–(BUSINESS WIRE)–Carvana (NYSE: CVNA), a leading e-commerce platform for buying and selling used cars, opened its flagship Car Vending Machine in Atlanta today, the same city Carvana sold its first car in just seven years ago. Atlanta is now home to the tallest Car Vending Machine in the U.S., standing a remarkable 12 stories high with a 43-vehicle capacity. In as little as five minutes, customers can shop more than 20,000 vehicles, finance, purchase, trade in, and schedule as-soon-as-next-day pick up at the new Atlanta Car Vending Machine. Area customers may also choose touchless home delivery.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201118005212/en/

Carvana’s 27th Car Vending Machine has opened in Atlanta. The flagship location is the tallest of its kind in the U.S., standing 12 stories high. (Photo: Business Wire)

Customers who choose Car Vending Machine pickup can set an appointment by selecting a day and time convenient for them. When they arrive, they will be the only customer inside the Car Vending Machine, will be greeted by a Customer Advocate and receive a commemorative Carvana coin to activate the automated vending process. Customers then get an immersive, central view of their vehicle descending through the structure from the heart of the all-glass tower.

All Carvana vehicles come with a 7-day return policy, giving customers the peace of mind and time to ensure the vehicle fits their life. This upgrade to the traditional test drive allows customers to live with their vehicle for a week, whether it’s finding a parking spot at the Beltline or making sure the car seats fit. Customers can also sell their current vehicle to Carvana and receive a real offer in just minutes—even without purchasing a vehicle.

Carvana vehicles are Carvana Certified, having passed a rigorous 150-point inspection, have never been in a reported accident and have no frame damage. Features, imperfections and updated information about open safety recalls are listed on every car’s vehicle description page.

“We launched The New Way to Buy a Car® in Atlanta and sold our first car there in 2013,” said Ernie Garcia, founder and CEO of Carvana. “Seven years after pioneering online car buying, to now bring our patented Car Vending Machine to the city where it all started – it’s fitting that our flagship location is in the community that has supported us from the beginning.”

Area customers are familiar with Carvana’s first iteration of the Car Vending Machine, an interactive, three-bay location in Midtown. In the years since, Carvana has become known for Car Vending Machines featuring all-glass towers. The newest location in Atlanta marks the 27th in the U.S. Additional Car Vending Machines are located in Kentucky, Tennessee, Texas, Florida, Maryland, Arizona, Ohio, Pennsylvania, Indiana, Illinois, Missouri, North Carolina, Oklahoma and California.

The Atlanta Car Vending Machine is located at 166 16th Street NW. Location hours are Monday through Saturday from 9 a.m. to 7 p.m. ET. Vehicle pickup at any of Carvana’s Car Vending Machines is free for all Carvana customers.

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/20201118005212/en/

Carvana

Amy O’Hara

[email protected]

KEYWORDS: Georgia United States North America

INDUSTRY KEYWORDS: Other Consumer Consumer Other Automotive General Automotive Automotive

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Carvana’s 27th Car Vending Machine has opened in Atlanta. The flagship location is the tallest of its kind in the U.S., standing 12 stories high. (Photo: Business Wire)