NEW YORK--(BUSINESS WIRE)--#BankofAmerica--Hess Corporation (NYSE: HES) announced today that John Hess, Chief Executive Officer, will speak at the Bank of America Securities 2021 Global Energy Conference on November 17, 2021 at 9:00 a.m. Eastern Time.

A live audio webcast and a replay of the presentation will be accessible via Hess Corporation’s website.

Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at https://www.hess.com/.

Cautionary Statements

This presentation will contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain risk factors. A discussion of these risk factors is included in the company’s periodic reports filed with the Securities and Exchange Commission.

Investor contact:
Jay Wilson
(212) 536-8940
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Media contact:
Lorrie Hecker
(212) 536-8250
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Investor Conference Call on Friday at 4:30 PM ET

VISTA, Calif.--(BUSINESS WIRE)--$FLUX #EVcharging--Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion battery packs for commercial and industrial equipment, today reported financial results for its first quarter of fiscal year 2022 (Q1’22).

Financial Highlights:

• Q1’22 revenue grew 39% to $6.3M compared to Q1’21 revenue of $4.5M.
• Q1’22 gross profit margin increased to 21.3% compared to 19.4% in Q1’21.

Strategic Highlights:

• Achieved 13^th consecutive quarter of year-over-year revenue growth.
• Increased customer order backlog to a record $28M as of November 10, 2021.
• Closed a registered direct offering priced at-the-market for net proceeds of approximately $14.1M to support growth.

Q1’22 Financial Results

Revenue: Q1’22 revenue increased by 39% to $6.3M compared to $4.5M in Q1’21, driven by sales of packs with higher selling prices and a higher unit volume of packs sold.

Gross Profit: Q1’22 gross profit improved by 53% to $1.3M compared to a gross profit of $873K in Q1’21, primarily attributable to higher unit volume of sales to both new and existing customers, and to improved overall cost of sales efficiencies. However, gross profit was impacted by higher costs for steel, electronic parts, and common off the shelf parts in Q1’22.

Selling & Administrative: Expenses increased to $3.5M in Q1’22 from $2.9M in Q1’21, reflecting increases in outbound shipping costs, personnel related expenses, insurance premiums, and sales & marketing expenses.

Research & Development: Expenses increased to $2.0M in Q1’22, compared to $1.5M in Q1’21, primarily due to new product development activities.

Net Loss: Q1’22 net loss increased slightly to $4.1M from a net loss of $4.0M in Q1’21, principally reflecting increased operating expenses, partially offset by a decrease in interest expense and an increase in gross profit.

Balance Sheet: The balance sheet was strengthened during Q1’22 with a registered direct capital raise of $14.1M in net proceeds, which provided capital to support continued revenue growth and provide an important element to reaching cash flow breakeven. Additionally, in October 2021, the line of credit with Silicon Valley Bank was increased from $4.0M to $6.0M to provide additional resources to manage working capital needs.

Fiscal Year 2022 Outlook

The supply chain disruptions continue, with delivery delays at the ports of Los Angeles and Long Beach. Prices for steel and electrical components have seen dramatic increases, along with shipping costs over the past twelve months. No immediate abatement to these challenges is anticipated within the next several months. A price increase was implemented in October to offset these increases, although there will be limited benefit near term, given pricing in much of the current backlog of orders.

The current backlog of $28M reflects continued strong demand from both new and existing customers. Less than $2M of the current backlog is directly related to supply chain delays.

As the airline industry recovers from the COVID-19 pandemic, there is increasing demand for zero-emission GSE battery packs, which support the many environmental initiatives underway at airlines and airports.

Product development work continues on a new design platform for battery packs to achieve improvements with regard to manufacturing complexity, product cost, and working capital.

“We are not immune to the supply chain disruptions, but we believe we have executed plans to minimize the impact on production,” CEO Ron Dutt stated. “We have a record backlog of orders from new and existing customers which reflects the growing demand for our lithium-ion battery packs.”

Conference Call

Management will host a conference call today, Friday, at 4:30 PM ET. Investors and analysts interested in joining the call are invited to dial (833) 428-8374 or (270) 240-0543. The conference ID is 2915539. A recording of the conference call will be uploaded to the Flux Power website once it is available.

About Flux Power Holdings, Inc. (www.fluxpower.com)

Flux Power designs, develops, manufactures, and sells advanced lithium-ion energy storage solutions for lift trucks, and other industrial equipment including airport ground support equipment (GSE), solar energy storage, and other commercial applications. Our lithium-ion battery packs, including our proprietary battery management system (BMS) and telemetry, provide our customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions.

Cautionary Statement Regarding Forward-Looking Statements

This release contains projections and other "forward-looking statements" relating to Flux Power’s business, that are often identified using "believes," "expects" or similar expressions. Forward-looking statements involve several estimates, assumptions, risks, and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Such forward-looking statements include impact of COVID-19 on Flux Power’s business, results and financial condition; Flux Power’s ability to obtain raw materials and other supplies for its products at competitive prices and on a timely basis, particularly in light of the potential impact of the COVID-19 pandemic on its suppliers and supply chain; the development and success of new products, projected sales, deferral of shipments, Flux Power’s ability to fulfill backlog orders or realize profit from the contracts reflected in backlog sale; Flux Power’s ability to fulfill backlog orders due to changes in orders reflected in backlog sales, Flux Power’s ability to timely obtain UL Listing for its products, Flux Power’s ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance and purchase of current and new products. Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such statements will prove to be correct, and that the Flux Power’s actual results of ‎operations, financial condition and performance will not differ materially from the ‎results of operations, financial condition and performance reflected or implied by these forward-‎looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar. These forward-looking statements are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual results could differ from those projected.

Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.

Follow us at:
Blog: Flux Power Blog
News Flux Power News
Twitter: @FLUXpwr
LinkedIn: Flux Power

Media & Investor Relations:
Justin Forbes
877-505-3589
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COLUMBUS, Ind.--(BUSINESS WIRE)--Today, Cummins Inc. (NYSE: CMI) announced that Steph Disher has been named Vice President – Cummins Filtration, effective November 15.

Disher began leading the Filtration business in August 2020, navigating the business during the global pandemic and related ongoing supply chain constraints. Through these challenges, the business consistently has delivered solid financial performance. Disher has led the business as Cummins explores strategic alternatives for it, a move that was announced as part the Company’s second quarter 2021 results.

“Steph has been asked to step into increasingly challenging roles that are critical to Cummins’ continued success because of her business acumen and commitment to creating environments that foster and further our values both inside and outside of Cummins,” said Jennifer Rumsey, President and Chief Operating Officer. “She truly is a champion of our mission, vision and values, and her leadership, strategic mindset and caring nature have been incredibly important for all Filtration employees and the future opportunities for the business.”

Disher entered Cummins as Director of Finance for the South Pacific region in Australia in 2013. Her leadership capability was quickly recognized, and she was asked to serve as the Director of Operations for the region and then Managing Director – South Pacific in 2017. During her tenure, the business achieved record growth in revenue and profitability in 2019.

Disher has been active in Cummins’ communities, sponsoring the TEC: Technical Education for Communities program in Australia, launching the PRIDE employee resource group in the South Pacific and advocating for the power of diverse teams through her involvement with the Women’s Empowerment network.

Prior to her career with Cummins, Steph excelled in roles across strategy, human resources and finance while working for BP, and as a director with Norman Disney & Young.

Disher earned a bachelor’s degree in Commerce from the University of Western Sydney and a Master of Business Administration from University of Melbourne (Australia). She lives in Nashville, Tennessee (USA), with her husband, Brad, and their three daughters.

About Cummins Inc.

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,800 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $1.8 billion on sales of $19.8 billion in 2020. Learn more at cummins.com.

Jon Mills
Director, External Communications
317-658-4540
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NEW YORK--(BUSINESS WIRE)--Goldman Sachs MLP and Energy Renaissance Fund (the “Fund”) (NYSE: GER) is announcing its quarterly distribution of $0.165 per common share. The distribution is payable on the date noted below.

The distribution schedule is as follows:

Ex-Date: November 22, 2021
Record Date: November 23, 2021
Payable Date: November 30, 2021
Amount: $0.165 per share

It is currently anticipated that a portion of this distribution will be treated for tax purposes as a return of capital, however, the final characterization of such distribution will be made in early 2022 when the Fund can determine its earnings and profits for the full year. The final tax status of the distribution may differ substantially from this preliminary information.

In addition, portfolio holdings as of September 30, 2021, as well as additional information regarding the Fund, can be accessed through the Goldman Sachs Asset Management Closed-End Fund landing page at www.GSAMFUNDS.com/cef.

Goldman Sachs MLP and Energy Renaissance Fund

Goldman Sachs MLP and Energy Renaissance Fund is a non-diversified, closed-end management investment company managed by Goldman Sachs Asset Management’s Energy & Infrastructure Team, which is among the industry’s largest MLP investment groups.

The Fund began trading on the NYSE on September 26, 2014. The reorganization of the Goldman Sachs MLP Income Opportunities Fund with and into the Fund was completed on September 28, 2020. The investment objective, strategies and restrictions of the Fund remain unchanged. The Fund seeks a high level of total return with an emphasis on current distributions to shareholders. The Fund invests primarily in master limited partnerships (“MLPs”) and other energy investments. The Fund currently expects to concentrate its investments in the energy sector, with an emphasis on midstream MLP investments. The Fund invests across the energy value chain, including upstream, midstream and downstream investments.

About Goldman Sachs Asset Management, L.P.

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market – overseeing more than $2 trillion in assets under supervision worldwide as of September 30, 2021¹. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Follow us on LinkedIn.

Disclosures

Shares of closed-end investment companies frequently trade at a discount from their net asset value (“NAV”), which may increase investors’ risk of loss. At the time of sale, an investor’s shares may have a market price that is above or below NAV, and may be worth more or less than the original investment. There is no assurance that the Fund will meet its investment objective. Past performance does not guarantee future results. Investments in securities of MLPs involve risks that differ from investments in common stock, including among others risks related to limited control and limited rights to vote on matters affecting MLPs, potential conflicts of interest risk, cash flow risks, dilution risks and trading risks.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security. The Fund has completed its initial public offering. Investors should consider their investment goals, time horizons and risk tolerance before investing in the Fund. An investment in the Fund is not appropriate for all investors, and the Fund is not intended to be a complete investment program. Investors should carefully review and consider the Fund’s investment objective, risks, charges and expenses before investing.

¹Assets Under Supervision (AUS) includes assets under management and other client assets for which Goldman Sachs does not have full discretion. AUS figure as of September 30, 2021.

Compliance Code: 259046-OTU

Date of First Use: November 12, 2021

Media:
Avery Reed Tel: 212-357-0125
Investors:
Charles Sturges Tel: 212-902-7996

TORONTO--(BUSINESS WIRE)--$NETZ #NETZ--Carbon Streaming Corporation (“Carbon Streaming” or the “Company”) today held its annual general meeting of shareholders (the “Meeting”), where each of the seven nominees proposed as directors and listed in the Company’s management proxy circular dated September 30, 2021 were elected as directors. A total of 38,610,077 common shares were voted in respect of the election of directors at the Meeting, representing approximately 30.61% of the votes attached to all outstanding common shares.

The detailed results of the vote are set out below:

At the Meeting, the shareholders of the Company also approved: (i) the appointment of Baker Tilly WM LLP as auditor and authorized the directors to fix their remuneration; (ii) the Company’s omnibus long-term incentive plan; and (iii) the amendment and restatement of the Company’s articles.

For complete voting results on all matters approved at the Meeting, please see the Company’s Report of Voting Results dated November 12, 2021 available on SEDAR at www.sedar.com.

About Carbon Streaming Corporation:

Carbon Streaming is a unique ESG principled investment vehicle offering investors exposure to carbon credits, a key instrument used by both governments and corporations to achieve their carbon neutral and net-zero climate goals. Our business model is focused on acquiring, managing and growing a high-quality and diversified portfolio of investments in projects and/or companies that generate or are actively involved, directly or indirectly, with voluntary and/or compliance carbon credits.

The Company invests capital through carbon credit streaming arrangements with project developers and owners to accelerate the creation of carbon offset projects by bringing capital to projects that might not otherwise be developed. Many of these projects will have significant social and economic co-benefits in addition to their carbon reduction or removal potential.

To receive corporate updates via e-mail as soon as they are published, please subscribe here.

ON BEHALF OF THE COMPANY:

Justin Cochrane, Chief Executive Officer
Tel: 647.846.7765
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www.carbonstreaming.com

Modest Sequential Improvement in Third Quarter; Company Prepares to Launch nUVo™ Air Disinfectors, First Major Consumer Offerings

Conference Call to be Held Today at 11 a.m. ET

SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable and human-centric lighting (“HCL”) technologies, and developer of a range of UV-C disinfection (“UVCD”) products, today announced financial results for its third quarter ended September 30, 2021.

Third Quarter 2021 Financial Highlights:

• Net sales of $2.7 million, a decrease of 53.9% compared to the third quarter of 2020 and an increase of 32.5% sequentially from the second quarter of 2021, reflecting continued fluctuations in timing of military orders and funding availability, and ongoing COVID-19-related business challenges for its customers and logistics delays.
• Loss from operations of $1.8 million, compared to a loss from operations of $1.0 million in the third quarter of 2020 and sequentially to a loss from operations of $2.2 million in the second quarter of 2021.
• Net loss of $1.1 million, or $(0.22) per basic and diluted share of common stock, compared to a net loss of $1.2 million, or $(0.35) per basic and diluted share of common stock, in the third quarter of 2020. Sequentially, the net loss decreased by $1.3 million compared to net loss of $2.5 million, or $(0.59) per basic and diluted share of common stock in the second quarter of 2021.
• Cash of $0.4 million, included in total availability (as defined under “Non-GAAP Measures” below) of $2.1 million, each as of September 30, 2021, as compared to cash of $1.8 million and total availability of $3.5 million as of December 31, 2020.

“Although revenue for the third quarter came in higher than that of the first and the second quarter, we continued to experience a challenging business environment, including delayed military funding and commercial retrofit projects, as well as ongoing logistics and supply chain dislocations for both our military and commercial LED lighting markets,” commented James Tu, Chairman and CEO of Energy Focus, Inc. “Meanwhile, we continued our aggressive transformation to develop breakthrough human-centric lighting technologies and products to differentiate our commercial products and to expand into the consumer market.”

“We recently obtained independent safety certification for our nUVo^TM Traveler air disinfection device, an important milestone for these powerful UVC disinfection devices, and inventory samples are under evaluation for final release. We anticipate safety certification for nUVo^TM Tower shortly as well,” continued Mr. Tu. “We also recently received third-party validation of our disinfection performances, achieving 94.1%-99.9% pathogen reduction over a half hour in 1,000 cubic feet and 100 cubic feet spaces, respectively. We believe nUVo^TM, which is filter-free, chemical-free and portable, is an ideal solution for effective and constant air disinfection in personal and office spaces in a post-COVID world. We expect these products, including the nUVo^TM Tower for larger spaces, and the nUVo^TM Traveler for in-vehicle and other personal spaces, to be available starting in the fourth quarter 2021.”

“Further, we also expect to launch Suncycle™, our patented circadian lighting control system powered by EnFocus^TM, early in 2022, advancing our mission to make homes and offices more comfortable and productive,” added Mr. Tu. “Suncycle™ recently received “Top Product of the Year” award from Environment + Energy (“E+E”) and “Top Ten Must See Product for LightFair 2021” by Edison Report. We believe Suncycle™ has the potential to vastly enhance the indoor lighting experience and improve the quality of sleep, study and work - at home and in commercial spaces, for both retrofit and new construction - by providing high-quality, dimmable, color tunable and autonomous circadian lighting in an affordable, user-friendly and cyber-secure manner with only simple swaps of wall switches and lamps.”

“While our existing military and commercial lighting retrofit customers continue to be affected by military funding fluctuations and COVID related project delays and logistical challenges, we are not waiting for markets to rebound,” concluded Mr. Tu. “Our organization has adapted and innovated to develop unique technologies and intellectual property to address emerging consumer and commercial lighting market opportunities surrounding human wellness, be it UVC disinfection or circadian lighting, in the new post-COVID landscape. We expect these new, broadly impactful products to contribute to our growth in 2022 and beyond.”

Third Quarter 2021 Financial Results:

Net sales were $2.7 million for the third quarter of 2021, compared to $6.0 million in the third quarter of 2020, a decrease of 53.9%. Net sales from commercial products were $1.5 million, or 55.4% of total net sales, for the third quarter of 2021, flat as compared to $1.5 million, or 24.4% of total net sales, in the third quarter of 2020, reflecting the ongoing impact of the COVID-19 pandemic and continued customer interruptions and project delays. Net sales from military maritime products were $1.2 million, or 44.6% of total net sales, for the third quarter of 2021, compared to $4.5 million, or 75.6% of total net sales, in the third quarter of 2020, primarily due to the availability of government funding and the delayed timing of orders, as well as a large military contract fulfilled during the third quarter of 2020. Sequentially, net sales were up 32.5% compared to $2.1 million in the second quarter of 2021, reflecting primarily the timing of delayed orders from the second quarter of 2021 that were pushed into the third quarter of 2021.

Gross profit was $0.6 million, or 20.5% of net sales, for the third quarter of 2021. This compares with gross profit of $1.4 million, or 23.1% of net sales, in the third quarter of 2020. Sequentially, this compares with gross profit of $0.4 million, or 18.9% of net sales, in the second quarter of 2021. Gross margin for the third quarter of 2021 was positively impacted by favorable price and usage variances for material and labor of $0.1 million and inventory reserves recorded of $0.1 million, partially offset by low sales, which impacted our gross profit rate due the impact of fixed costs.

Adjusted gross margin, as defined under “Non-GAAP Measures” below, was 17.9% for the third quarter of 2021, compared to 24.6% in the third quarter of 2020, primarily driven by low sales in the third quarter of 2021 and product mix in the military maritime product sales during the third quarter of 2021 as compared to the third quarter of 2020. Sequentially, this compares to adjusted gross margin of 17.6% in the second quarter of 2021. The increase was primarily driven by higher sales in the third quarter of 2021 over the second quarter of 2021.

Operating loss was $1.8 million for the third quarter of 2021, compared to an operating loss of $1.0 million in the third quarter of 2020. Sequentially, this compares to an operating loss of $2.2 million in the second quarter of 2021. Net loss was $1.1 million, or $(0.22) per basic and diluted share of common stock, for the third quarter of 2021, compared with a net loss of $1.2 million, or $(0.35) per basic and diluted share of common stock, in the third quarter of 2020. Sequentially, this compares with a net loss of $2.5 million, or $(0.59) per basic and diluted share of common stock, in the second quarter of 2021.

Adjusted EBITDA, as defined under “Non-GAAP Measures” below, was a loss of $1.7 million for the third quarter of 2021, compared with a loss of $0.9 million in the third quarter of 2020 and a loss of $2.0 million in the second quarter of 2021. The increased adjusted EBITDA loss in the third quarter of 2021, as compared to the third quarter of 2020, was primarily due to a combination of gross margin reductions from lower sales.

Cash was $0.4 million as of September 30, 2021. This compares with cash of $1.8 million as of December 31, 2020. As of September 30, 2021, the Company had total availability, as defined under “Non-GAAP Measures” below, of $2.1 million, which consisted of $0.4 million of cash and $1.7 million of additional borrowing availability under its credit facilities. This compares to total availability of $4.9 million as of September 30, 2020 and total availability of $4.1 million as of June 30, 2021. Our net inventory balance of $7.8 million as of September 30, 2021, increased $2.1 million over our net inventory balance as of December 31, 2020. This increase primarily relates to global supply chain challenges, which are impacting our inventory purchasing strategy, leading to a buildup of inventory and inventory components in an effort to manage both shortages of available components and longer lead times in obtaining components, as well as reduced sales leading to longer hold times for inventory.

Earnings Conference Call:

The Company will host a conference call and webcast today, November 12, 2021, at 11 a.m. ET to discuss the third quarter 2021 results, followed by a Q & A session.

You can access the live conference call by dialing the following phone numbers:

• Toll free 1-877-451-6152 or
• International 1-201-389-0879
• Conference ID# 13724408

The conference call will be simultaneously webcast. To listen to the webcast, log onto it at: https://viavid.webcasts.com/starthere.jsp?ei=1506371&tp_key=5124b9c4bb. The webcast will be available at this link through November 26, 2021. Financial information presented on the call, including this earnings press release, will be available on the investors section of Energy Focus’ website, investors.energyfocus.com.

About Energy Focus

Energy Focus is an industry-leading innovator of sustainable light-emitting diode (“LED”) lighting and lighting control technologies and solutions, as well as UV-C Disinfection technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products and controls that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocus^TM lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. In addition, our patent-pending UVCD technologies and products, announced in late 2020, aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’ customers include U.S. and U.S. ally navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes and berth lights, saving more than five million gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com.

Forward-Looking Statements:

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “feels,” “seeks,” “forecasts,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could” or “would” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, capital expenditures, and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made in light of the information currently available to us, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: (i) instability in the U.S. and global economies and business interruptions experienced by us, our customers and our suppliers as a result of the COVID-19 pandemic and related impacts on travel, trade and business operations; (ii) our ability to realize the expected novelty, disinfection effectiveness, affordability and estimated delivery timing of our UVCD products and their appeal compared to other products; (iii) our ability to extend our product portfolio into commercial services and consumer products; (iv) market acceptance of our LED lighting, control and UVCD technologies, services and products; (v) our need for additional financing in the near term to continue our operations; (vi) our ability to refinance or extend maturing debt on acceptable terms or at all; (vii) our ability to continue as a going concern for a reasonable period of time; (viii) our ability to implement plans to increase sales and control expenses; (ix) our reliance on a limited number of customers for a significant portion of our revenue, and our ability to maintain or grow such sales levels; (x) our ability to add new customers to reduce customer concentration; (xi) our reliance on a limited number of third-party suppliers and research and development partners, our ability to manage third-party product development and obtain critical components and finished products from such suppliers on acceptable terms and of acceptable quality despite ongoing global supply chain challenges, and the impact of our fluctuating demand on the stability of such suppliers; (xii) our ability to timely, efficiently and cost-effectively transport products from our third-party suppliers to our facility by ocean marine and other logistics channels despite global supply chain and logistics disruptions; (xiii) our ability to increase demand in our targeted markets and to manage sales cycles that are difficult to predict and may span several quarters; (xiv) the timing of large customer orders, significant expenses and fluctuations between demand and capacity as we invest in growth opportunities; (xv) our ability to compete effectively against companies with lower prices or cost structures, greater resources, or more rapid development capabilities, and new competitors in our target markets; (xvi) our ability to successfully scale our network of sales representatives, agents, distributors and other channel partners to match the sales reach of larger, established competitors; (xvii) our ability to attract, develop and retain qualified personnel, and to do so in a timely manner; (xviii) the impact of any type of legal inquiry, claim or dispute; (xix) the inflationary or deflationary general economic conditions in the United States and in other markets in which we operate or secure products, which could affect our ability to obtain raw materials, component parts, freight, energy, labor, and sourced finished goods in a timely and cost-effective manner; (xx) our dependence on military maritime customers and on the levels and timing of government funding available to such customers, as well as the funding resources of our other customers in the public sector and commercial markets; (xxi) business interruptions resulting from geopolitical actions, including war and terrorism, natural disasters, including earthquakes, typhoons, floods and fires, or from health epidemics, or pandemics or other contagious outbreaks; (xxii) our ability to respond to new lighting technologies and market trends; (xxiii) our ability to fulfill our warranty obligations with safe and reliable products; (xxiv) any delays we may encounter in making new products available or fulfilling customer specifications; (xxv) any flaws or defects in our products or in the manner in which they are used or installed; (xxvi) our ability to protect our intellectual property rights and other confidential information, and manage infringement claims made by others; (xxvii) our compliance with government contracting laws and regulations, through both direct and indirect sale channels, as well as other laws, such as those relating to the environment and health and safety; (xxviii) risks inherent in international markets, such as economic and political uncertainty, changing regulatory and tax requirements and currency fluctuations, including tariffs and other potential barriers to international trade; (xxix) our ability to maintain effective internal controls and otherwise comply with our obligations as a public company; and (xxx) our ability to maintain compliance with the continued listing standards of The Nasdaq Stock Market. For additional factors that could cause our actual results to differ materially from the forward-looking statements, please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.

Investor Contact:
Brett Maas
(646) 536-7331

AUSTIN, Texas--(BUSINESS WIRE)--USA Compression Partners, LP (NYSE: USAC) (“USA Compression”) today announced that its senior management will participate in the RBC Capital Markets Midstream and Energy Infrastructure Conference. Senior management expects to participate in a series of meetings with members of the investment community on November 16, and presentation materials used during these meetings will be posted to USA Compression’s website prior to the investor meetings. Please visit the Investor Relations section of the website at usacompression.com under “Presentations.”

About USA Compression Partners, LP

USA Compression Partners, LP is a growth-oriented Delaware limited partnership that is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USA Compression partners with a broad customer base composed of producers, processors, gatherers and transporters of natural gas and crude oil. USA Compression focuses on providing natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities and transportation applications. More information is available at usacompression.com.

USA Compression Partners, LP
Matthew Liuzzi, CFO
(512) 369-1624
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• The free, one-hour, online event will address key topics about augmented reality capabilities for critical power equipment.
• Participants will learn how augmented reality operations and services improve facility operations.
• Attendees can earn 1.0 PDH Credit.

FLORHAM PARK, N.J.--(BUSINESS WIRE)--As part of its Learning Series Webinar, ASCO Power Technologies will host a webinar on November 30 exploring augmented reality applications for critical power systems. Sixty minutes in length, Benefits of Augmented Reality for Critical Power is a live webinar that will be FREE to power industry professionals, engineers, facility managers, and technicians. During this session, ASCO’s Director of Product Management will explore exciting developments for presenting operational power data using the newest interactive digital technologies.

Reasons to Attend

By participating in the event, attendees will:

• Understand the essential digital interactive technologies that bring operating data to life.
• Identify advantages that augmented reality data brings to facility operations and staff.
• Learn how Augmented Reality enables digital and predictive maintenance services that enhance reliability and performance while streamlining costs.

About the Speaker

Mario Ibrahim – Director of Product Management, ASCO Power Technologies. Mario has nearly two decades of experience with cutting-edge technologies with ASCO Power Technologies, IBM, Bell Labs, and more. His passion for innovation is driven by solving real-world customer problems and pain points, and his experience includes bringing many of ASCO’s newest technology solutions to customers facing critical power challenges. He fills key roles in business development, engineering, product management, and infrastructure security.

Registration Information

The event will be held at 11:00 AM Eastern Daylight Time on November 30, 2021. All interested professionals are encouraged to register now for this free event by visiting www.ascopower.com.

About ASCO Power Technologies

ASCO Power Technologies has provided power reliability solutions for more than 125 years. The firm designs, manufactures, services, and supports automatic transfer switches, power control equipment, load banks, and critical power management appliances. ASCO products serve mission-critical functions in data centers, healthcare facilities, telecommunication networks, commercial buildings, and industrial operations. To learn more about any of ASCO’s premium products and services, call (800) 800 ASCO (2726), email This email address is being protected from spambots. You need JavaScript enabled to view it., or visit www.ascopower.com.

Bhavesh Patel
+ 1 973 966 2746
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More Than 1,300 Weather Stations Provide Detailed Meteorological Data Year- Round

SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) announced today that it has surpassed its 2021 goal of installing 300 weather stations two months ahead of schedule and completed its long-term goal of installing more than 1,300 total, one station for every 20-line miles in high fire-threat areas, across its service territory. As we head into winter and look to continue rainy and wet conditions throughout Northern California, these weather stations are utilized year-round and will help to further improve weather forecasting capabilities.

Data captured by the weather stations such as temperature, wind speed and humidity levels help PG&E meteorologists evaluate where severe weather may be headed and inform utility operational planning. PG&E’s weather stations now provide the company with one weather station for every 20-line miles of electric distribution circuits within Tier 2 and Tier 3 High Fire-Threat Districts, as designated by the California Public Utilities Commission.

“Since 2018 we have installed more than 1,300 weather stations to build one of the largest utility-owned weather stations networks in the world allowing us to track temperature, wind speed and humidity in real-time to better serve our customers and communities,” said Scott Strenfel, PG&E Director of Meteorology and Fire Science. “These weather stations help us to better monitor and forecast severe weather threats and inform our operational decisions.”

These more than 1,300 weather stations across PG&E's service territory are now sending hyperlocal data not only to PG&E meteorologists, but also to analysts and experts in PG&E's Wildfire Safety Operations Center (WSOC). The WSOC is the hub where PG&E detects, evaluates, monitors, and responds to wildfire threats across its service area.

The information from these stations is also viewable by the public at pge.com/weather and is combined with other weather station information and shared with partners through MesoWest.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit www.pge.com/ and http://www.pge.com/about/newsroom/.

MEDIA RELATIONS:
415-973-5930

The Company plans to use the forgivable loan from the city of Durant to rehab the property.

NEW YORK--(BUSINESS WIRE)--SG Blocks, Inc. (NASDAQ: SGBX) (“SG Blocks” or the “Company”), a leading designer, innovator and fabricator of modular structures, announced today that SG ECHO has received a forgivable loan of $750,000 granted by the Durant Industrial Authority, a public trust authority of the City of Durant, to make renovations to the recently announced Waldron facility.

“The Durant Industrial Authority is committed to the economic growth of Durant and the surrounding region,” Lisa Taylor, Executive Director of the Durant Industrial Authority noted. “This loan will provide a portion of the funding needed to allow the rehabilitation and utilization of a recently vacated manufacturing facility in Durant. We look forward to the continued success of SG ECHO, and we wish them much success.”

The property will serve as the second manufacturing site that SG Blocks will operate in Oklahoma under its subsidiary SG ECHO. Working together with the Durant Industrial Authority, as part of the forgivable loan program, SG ECHO plans to hire for 75 newly created jobs.

“We’re excited to help in stimulating economic growth within the city of Durant. It’s a hidden gem with proximity to Dallas, Fort Worth, Oklahoma City and Tulsa, to name a few major hubs,” Paul Galvin, Chairman & CEO of SG Blocks explained. “The city of Durant has been a pleasure to work with and we look forward to adding quality jobs for the local workforce.”

“This new factory allows us to operate three separate manufacturing lines, it’s great news that we can take this forgivable loan from the Durant Industrial Authority and transform this space to a state-of-the-art facility that is efficient, safe, and innovative,” Bill Rogers, COO of SG Blocks noted. “It’s been very rewarding working with the local Durant government.”

The Company anticpate renovations to the property commencing in December 2021. SG Blocks will provide further updates and images as available.

About SG Blocks, Inc.

SG Blocks, Inc. is a premier innovator in advancing and promoting the use of code-engineered cargo shipping containers for safe and sustainable construction. The firm offers a product that exceeds many standard building code requirements, and also supports developers, architects, builders and owners in achieving greener construction, faster execution, and stronger buildings of higher value. Each project starts with GreenSteel™, the structural core and shell of an SG Blocks building, and then customized to client specifications. For more information, visit www.sgblocks.com.

Safe Harbor Statement

Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding renovations to the property commencing in December 2021, plans to hire for 75 newly created jobs and providing further updates and images as available These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to complete renovations to the property as planned, the Company’s ability to provide further updates as planned, the Company’s ability to expand within various verticals as planned, the Company’s ability to position itself for future profitability, the Company’s ability to maintain compliance with the NASDAQ listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

Investors:
Stephen Swett
(203) 682-8377
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Source: SG Blocks, Inc.

The orders cement ACIA’s commitment to leading the decarbonization of regional aviation

LOS ANGELES & DUBLIN--(BUSINESS WIRE)--#aerospace--Universal Hydrogen Co., the company leading the fight to decarbonize aviation through the adoption of hydrogen as a universal fuel, today announced it has signed a letter of intent (LOI) with ACIA Aero Leasing (ACIA), a leading regional aircraft lessor with offices in Ireland, France, Canada, Mauritius, and South Africa. ACIA expects to place 10 firm orders for Universal Hydrogen’s ATR 72 conversion kits with additional purchase rights for 20 more conversion kits of various turboprop types.

As an emerging leader in regional aircraft leasing, ACIA is focusing on long-term sustainability in aviation by working with Universal Hydrogen to decarbonize its fleet of turboprop aircraft. Following the aircraft conversions, Universal Hydrogen and ACIA will collaborate on marketing hydrogen fuel services to ACIA’s leasing customers. Universal Hydrogen will deliver green hydrogen to regional airports worldwide using its modular capsule technology to transport hydrogen over the existing intermodal freight network and using existing airport cargo handling equipment.

“ACIA’s diverse customer base allows us to have a major decarbonization impact on regional aviation globally,” said Paul Eremenko, Universal Hydrogen co-founder and CEO. “ACIA’s passenger and cargo aircraft leasing customers will be able to move to true zero emissions operations as early as the mid 2020s, putting them in the vanguard of clean aviation.”

“Our lessees are actively looking for ways to decrease overall costs and reduce their carbon footprint. Decarbonizing our fleet encourages customers and competitors to follow our lead in advancing the development of carbon-free solutions,” said Mick Mooney, ACIA’s CEO. “Collaborating with Universal Hydrogen will have a lasting impact on the environment encouraging our customers and the communities they touch, to increase efforts towards environmental sustainability.”

“Passengers and operators are increasingly seeing environmental sustainability as an important decision factor in the aviation industry,” said Sameer Adam, ACIA’s SVP Commercial. “Fleet expansion, new market engagements, and the development of our leasing portfolio will need to include a plan for adopting carbon-free and sustainable technologies. This engagement with Universal Hydrogen is just the first major milestone in executing our overall sustainability strategy.”

About Universal Hydrogen

Universal Hydrogen is making hydrogen-powered commercial flight a near-term reality. The company takes a flexible, scalable, and capital-light approach to hydrogen logistics by transporting it in modular capsules over the existing freight network from green production sites to airports around the world. To accelerate market adoption, Universal Hydrogen is also developing a conversion kit to retrofit existing regional airplanes with a hydrogen-electric powertrain compatible with its modular capsule technology.

About ACIA Aero Leasing

ACIA Aero Leasing (“ACIA”), a subsidiary of ACIA Aero Capital, is a leading regional aircraft lessor headquartered in Dublin, Ireland, and with offices in France, Canada, Mauritius, and South Africa. ACIA manages a current aircraft portfolio of over 50 regional passenger and freighter aircraft on lease to operators in more than 18 countries globally. Through our strategic partnerships, ACIA provides airlines with turn-key leasing solutions from dry leasing through to charter operations.

Media Contact
Kate Gundry
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617-797-5174

DUBLIN--(BUSINESS WIRE)--The "India Electric Car Market, By Vehicle (SUV & MPV, Sedan, Hatchback), By Drivetrain (FWD, RWD, AWD), By Battery Capacity (Below 25 KWH, 25KWH-40KWH, Above 40KWH), By Company, By Region, Forecast & Opportunities, FY2028" report has been added to ResearchAndMarkets.com's offering.

India electric car market was valued at USD10,107.18 million in FY2021 and it is projected to grow at a CAGR of 41.02% during the forecast period, to be valued at USD78,190.10 million by FY2027.

Continuous advancements in technology to upgrade the existing infrastructure and new inventions in automotive industry are fueling the demand for electric car market.

Government initiatives to push the improvement of electric charging infrastructure coupled with government's approval for production linked incentive (PLI) scheme for manufacturing advanced chemistry cell (ACC) battery for an estimated budget of Rs.18,100 crore is expected to accelerate the growth of the market.

To promote the Make in India initiative, the National Programme on Advanced Chemistry Cell is expected to attract high foreign and domestic investments. Increase in number of manufacturing hubs for electric cars and rising environmental concerns are aiding the growth in demand for electric cars. Burden of oil imports and rising prices of conventional sources of energy are aiding in changing the preference of consumers to adopt green energy fuels.

High demand for automobiles due to rising population and depleting energy sources are creating lucrative opportunities for electric cars market growth. Owing to the production of battery by domestic manufacturers as well as import of batteries from global manufacturers, the demand for electric car market is expected to witness positive growth.

India electric car market is segmented into vehicle type, drivetrain, battery capacity, regional distribution, and company. Based on vehicle type, the market is further segmented into hatchback, sedan and SUV & MPV. Among all, the hatchback segment is expected to witness the fastest growth due to growing affordability of consumers. Also, the presence of battery manufacturing companies is reducing the cost of batteries used in electric cars thereby lowering the cost to buy automobiles.

Backed by huge population, better employment opportunities and high standard of living, demand for electric cars is extremely high in the south region of the country and is the major contributor to the overall demand for electric cars in the country. Moreover, with the rising infrastructural developments and employment opportunities in the region, the demand for electric cars is further anticipated to grow.

Furthermore, the region's market is anticipated to grow over the forecast period as well, owing to the expanding developments in electric cars which would support the electric car market. South region accounted for over 36% volume share in FY2017, followed by North region.

Major companies are developing advanced technologies and launching new services to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.

Objective of the Study:

• To analyze the historical growth in the market size of India electric car market from FY2017 to FY2020.
• To estimate and forecast the market size of India electric car market from FY2021 to FY2027 and growth rate until FY2027.
• To classify and forecast India electric car market based on vehicle type, drivetrain, battery capacity, regional distribution, and company.
• To identify the dominant region or segment in the India electric car market.
• To identify drivers and challenges for India electric car market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India electric car market.
• To identify and analyze the profile of leading players operating in India electric car market.
• To identify key sustainable strategies adopted by market players in India electric car market.

Key Target Audience:

• Electric car manufacturing companies
• Market research and consulting firms
• Government bodies such as regulating authorities and policy makers
• Organizations, forums and alliances related to electric car market

The major players operating in the India electric car market are

• Mahindra Electric Mobility Limited
• Tata Motors Limited
• Toyota Kirloskar Motor (Toyota)
• Honda Cars India Limited (Honda Cars)
• Renault India Private Limited
• MG Motors India
• Hyundai Motor Company
• Tesla Inc.
• Maruti Suzuki India Limited
• ANI Technologies Pvt. Ltd.

Report Scope:

Years considered for this report:

• Historical Years: FY2017-FY2020
• Base Year: FY2021
• Estimated Year: FY2022
• Forecast Period: FY2023-FY2027

India Electric Car Market, By Vehicle Type:

• SUV & MPV
• Sedan
• Hatchback

India Electric Car Market, By Drivetrain:

• Front Wheel Drive (FWD)
• Rear Wheel Drive (RWD)
• All-Wheel Drive (AWD)

India Electric Car Market, By Battery Capacity:

• Below 25 KWH
• 25KWH-40KWH
• Above 40KWH

India Electric Car Market, By Region:

• North
• South
• East
• West

For more information about this report visit https://www.researchandmarkets.com/r/wfx6jv

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Bioethanol Yeast Market Size, Share & Trends Analysis Report By Product Type (Baker's, Brewer's), By Application (Cleaning & Disinfection, Biofuel), By Region (North America, MEA), And Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

The global bioethanol yeast market size is expected to reach USD 32.67 billion by 2028, registering a CAGR of 14.04% over the forecast period. The market is driven by the rising awareness about sustainable alternatives over petrochemical feedstock, such as biofuels, coupled with the rapidly expanding food and beverages industry.

There is a rising demand for bioethanol yeasts-based disinfection and sanitation products at present owing to the surging requirement to improve hygiene in hospitals, offices, and other public places to inhibit the spread of the infectious COVID-19 disease among staff and patients. The market is also driven by the rising awareness among people about personal hygiene. Furthermore, governments in Europe and North America have implemented stringent regulations for the use of chemical-based formulations, which is expected to boost the product demand, thereby supporting market growth.

However, the product cost is majorly dependent on raw material prices. The costs associated with the procurement of raw materials directly influence the overall cost of bioethanol yeast production. The prices of feedstock, such as corn, gasoline, crude oil, wheat, and soybean oil, are the major factors affecting the product costs. The supply-demand dynamics of the global market are expected to fluctuate owing to the rising demand and shortage of supply. The product is application-specific, which prompts companies to majorly adopt value-based pricing. Bioethanol yeast is composed of similar materials but with different areas of application, it needs to be treated differently as it provides an opportunity for manufacturers to increase their margins without increasing their production costs.

Moreover, the growth of the bakery sector in Europe, especially in Germany, as the country is the largest consumer of rolls and bread in the world, is anticipated to positively impact the product demand over the forecast period. In terms of supply and demand at a global level, manufacturers are inclined toward raw material procurement as the key raw materials used in product manufacturing are crop residues. These products are already in a state of oversupply, they also attract demand from other markets, such as biofuel and biogas generation, which negates the overcapacity of raw material availability.

Bioethanol Yeast Market Report Highlights

• In terms of volume, the baker's yeast product segment accounted for a prominent share in the market in 2020 and is expected to witness steady growth over the forecast period
• The cleaning & disinfection segment is projected to register the fastest CAGR over the forecast period due to the increasing cleaning and disinfection activities amid the COVID-19 pandemic
• In 2020, North America accounted for the highest revenue share of the global market due to increased focus on biofuel production coupled with household hygiene practices
• Increasing mergers & acquisitions and new product development activities by key industry participants are anticipated to pave way for higher product demand worldwide

Companies Mentioned

• Novozymes
• Associated British Foods Plc
• Angelyeast Co., Ltd.
• DSM
• Lallemand Inc.
• Leiber GmbH
• Lesaffre
• Foodchem International Corporation
• Biorigin
• Synergy Flavors
• Ab Mauri
• Omega Yeast Labs, LLC.
• Pak Holding
• Cargill, Incorporated
• lto Ingredients, Inc.
• Chr. Hansen Holding A/S
• Oriental Yeast Co., Ltd.

Key Topics Covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

Chapter 3 Bioethanol Yeast Market: Market Variables, Trends & Scope

3.1 Market lineage outlook

3.1.1 Global bioethanol market outlook

3.1.2 Global bioethanol yeast market outlook

3.2 Penetration & growth prospect mapping

3.3 Industry value chain analysis

3.3.1 Raw material trends

3.3.2 Manufacturing trends

3.3.3 Price trend analysis

3.4 Regulatory framework

3.5 Market dynamics

3.5.1 Market driver analysis

3.5.1.1 Growing demand for bakery products

3.5.1.2 Changing consumer preferences

3.5.2 Market restraint analysis

3.5.2.1 Low profit margins from refineries

3.5.3 Industry challenges

3.6 Impact of COVID-19

3.7 Business environment analysis: bioethanol yeast market

Chapter 4 Bioethanol Yeast Market: Product Type Estimates & Trend Analysis

4.1 Bioethanol yeast type movement analysis & market share, 2020 & 2028 (Kilotons) (USD Million)

4.2 Baker's Yeast

4.3 Brewer's Yeast

Chapter 5 Bioethanol Yeast Market: Application Estimates & Trend Analysis

5.1 Bioethanol yeast application movement analysis & market share, 2020 & 2028 (Kilotons) (USD Million)

5.2 Food

5.3 Animal Feed

5.4 Biofuel

5.5 Cleaning & Disinfection

5.6 Other Applications

Chapter 6 Regional Estimates & Trend Analysis

6.1 Regional movement analysis & market share, 2020 & 2028 (Kilotons) (USD Million)

6.2 Bioethanol yeast market size & forecasts and trend analysis, by regional, 2017 - 2028 (Kilotons) (USD Million)

6.2.1 North America

6.2.2 Europe

6.2.3 Asia Pacific

6.2.4 Central & South America

6.2.5 Middle East & Africa

Chapter 7 Competitive Landscape

7.1 Recent developments & impact analysis, by key market participants

7.2 Company/competition categorization (key innovators, market leaders, emerging players)

7.3 Vendor landscape

7.4 Strategic framework

Chapter 8 Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/ugojlu

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the defense/space, energy/new energy and chemical/petrochemical industries, today announced that Daniel J. Thoren, President and Chief Executive Officer, and Jeffrey F. Glajch, Vice President and Chief Financial Officer, will be presenting at the 2021 Southwest IDEAS Investor Conference on Wednesday, November 17, 2021.

2021 Southwest IDEAS Investor Conference

Wednesday, November 17, 2021
4:00 p.m. Eastern Time
Live webcast link and accompanying slide presentation: www.graham-mfg.com.

ABOUT GRAHAM CORPORATION

Graham is a global business that designs, manufactures and sells critical equipment for the defense/space, energy/new energy and chemical/petrochemical industries. The Graham and Barber-Nichols’ brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenics, and turbomachinery technologies, as well as the Company’s responsive and flexible service and unsurpassed quality.

Graham routinely posts news and other important information on its website, www.graham-mfg.com, where additional comprehensive information on the Company and its subsidiaries can be found.

Jeffrey F. Glajch
Vice President - Finance and CFO
Phone: (585) 343-2216
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Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908
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• Third quarter revenue grew to $3.6 million, up $2.0 million over the prior-year period and up $163 thousand sequentially
• North America revenue was up 172% and International revenue increased 22% over prior-year period on greater market penetration and improving market conditions
• Achieved break-even earnings per diluted share with net loss of $6 thousand compared with net loss of $1.7 million
• Adjusted EBITDA* was $853 thousand or 23.9% as a percent of revenue
• Strengthened balance sheet subsequent to quarter end with $1.7 million of net proceeds from offering

*Adjusted EBITDA is a non-GAAP measure. See comments regarding the use of non-GAAP measures and the reconciliation of GAAP to non-GAAP measures in the tables of this release

VERNAL, Utah--(BUSINESS WIRE)--Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or the “Company”), a designer and manufacturer of drilling tool technologies, today reported financial results for the third quarter of 2021 ended September 30, 2021.

Troy Meier, Chairman and CEO, commented, “Demand for our tools and services is strong and we are working hard to meet our customers’ requirements. We are confident in the value our flagship Drill-N-Ream® well bore conditioning tool brings to the oil & gas production industry. Importantly, our engineering expertise and manufacturing skills are in demand. We are addressing new opportunities to manufacture drilling tools to meet the rising demand and challenging technical requirements of polycrystalline diamond cutters. We believe technical knowledge of drilling technologies, operational strengths and ability to meet demand provide us competitive advantages in these challenging times of severe supply chain constraints and labor shortages.”

Third Quarter 2021 Review ($ in thousands, except per share amounts) (See at “Definitions” the composition of product/service revenue categories.)

Revenue increased sequentially $163 thousand, or 5%, and $2.0 million, or 130%, year-over-year. Improvements over both periods reflects higher demand as oil and gas production markets continued to improve and as the Company gains greater market presence.

For the third quarter 2021, approximately 85% of revenue was from North America and approximately 15% from International markets, all within the Middle East. Revenue in North America grew year-over-year from increased tool sales and rentals as well as higher royalty and repair fees. International revenue growth reflects growing market penetration including increased demand from a new International customer gained in the second quarter. Contract Services revenue improved sequentially and year-over-year, reflecting higher demand for both new drilling tools and refurbishments.

Third Quarter 2021 Operating Costs

Higher costs associated with International sales impacted the cost of revenue. Nonetheless, strong operating leverage from higher volume and continued effective management of costs resulted in a measurable improvement of operating income to $163 thousand, or 4.6% of sales.

Improved operating income and lower tax expense resulted in breakeven results with a net loss of $6 thousand. The decrease in income tax expense from the prior year was due to a decrease in income in foreign jurisdictions. Adjusted EBITDA⁽¹⁾ improved year-over-year to $853 thousand as a result of increased sales and operating leverage gained from higher volume, while Adjusted EBITDA margin expanded to 23.9%.

The Company believes that when used in conjunction with measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), Adjusted EBITDA, which is a non-GAAP measure, helps in the understanding of its operating performance.

Balance Sheet and Liquidity

Cash at the end of the quarter was $2.5 million, up $508 thousand from the end of 2020. Cash provided by operations in the nine months ended September 30, 2021 was $878 thousand. Long-term debt, including the current portion, at quarter-end was $2.6 million, which reflects a principal payment of $750 thousand made on the Hard Rock note during the period. The remaining $750 thousand of principal due on the note is payable on October 5, 2022.

Subsequent to quarter-end, in October 2021, the Company completed an equity offering of 1,739,131 shares of common stock at a price of $1.15 per share. This resulted in net proceeds of approximately $1.7 million to be used for general corporate purposes, which may include capital expenditures, repayment or refinancing of indebtedness, acquisition and repurchases or redemptions of securities.

Definitions and Composition of Product/Service Revenue:

Contract Services Revenue is comprised of repair and manufacturing services for drill bits and other tools or products for customers.

Other Related Tool Revenue is comprised of royalties and fleet maintenance fees.

Tool Sales/Rental revenue is comprised of revenue from either the sale or rent of tools to customers.

Tool Revenue is the sum of Other Related Tool Revenue and Tool Sales/Rental revenue.

Webcast and Conference Call

The Company will host a conference call and live webcast today at 10:00 am MT (12:00 pm ET) to review the results of the quarter and discuss its corporate strategy and outlook. The discussion will be accompanied by a slide presentation that will be made available prior to the conference call on SDP’s website at www.sdpi.com/events. A question-and-answer session will follow the formal presentation.

The conference call can be accessed by calling (201) 689-8470. Alternatively, the webcast can be monitored at www.sdpi.com/events. A telephonic replay will be available from 1:00 p.m. MT (3:00 p.m. ET) the day of the teleconference until Friday, November 19, 2021. To listen to the archived call, please call (412) 317-6671 and enter conference ID number 13723735, or access the webcast replay at www.sdpi.com, where a transcript will be posted once available.

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.

FINANCIAL TABLES FOLLOW.