HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC Pink–ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on May 28, 2021 based on the Trust’s calculation of net profits generated during March 2021 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). If the Trust continues to receive insufficient monthly income from its net profits interests and overriding royalty interest, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.

The Current Month’s distribution calculation for the Developed Properties resulted in operating income of approximately $738,000. Revenues from the Developed Properties were approximately $2.5 million, lease operating expenses including property taxes were approximately $1.68 million, and development costs were approximately $29,000. The average realized price for the Developed Properties was $62.45 per Boe for the Current Month, as compared to $58.51 per Boe in February 2021. Oil prices have continued to rise in recent months, following the sharp decline in the first quarter of 2020, and were higher in the Current Month as compared to March 2020. The cumulative net profits deficit amount for the Developed Properties decreased to approximately $24.6 million in the Current Month compared to approximately $25.2 million in the prior month.

The Current Month’s calculation included approximately $65,000 generated from the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $56.74 per Boe in the Current Month, as compared to $56.39 per Boe in February 2021. The cumulative net profits deficit for the Remaining Properties decreased by approximately $109,000 and was approximately $2.5 million for the Current Month.

The monthly operating and services fee of approximately $95,000 payable to PCEC and Trust general and administrative expenses of approximately $158,000, together exceeded the payment of approximately $65,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $188,000.

PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. As of March 31, 2021, the letter of credit has been fully drawn down. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. As the Trust has fully drawn down the letter of credit, the Trustee has requested a loan from PCEC to pay the expected shortfall of approximately $188,000, which would bring the total amount of outstanding borrowings (not including the amount drawn from the letter of credit) from PCEC to approximately $1,334,000, including interest thereon, related to shortfalls from prior months, which also reflects approximately $675,000 in unpaid monthly operating and services fees that the Trust owes PCEC. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.

Sales Volumes and Prices

The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:

Update on Estimated Asset Retirement Obligations

As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the accounting recognition related to plugging and abandonment obligations that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’s estimated ARO, as of December 31, 2019, is $45,695,643, which is approximately $10.0 million less than the amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflects PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The accrual has resulted in a current cumulative net profits deficit of approximately $28.4 million, which must be recouped from proceeds otherwise payable to the Trust from the Trust’s Net Profits Interests. Therefore, until the net profits deficit is eliminated, the only cash proceeds the Trust will receive are pursuant to the 7.5% overriding royalty interest.

PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC.

Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.

As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020 provided its analysis and recommendations to the Trustee. Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, indicating PCEC’s view that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all action reasonably available to it under the Trust’s governing documents in connection with PCEC’s ARO calculation and therefore has determined not to take further action at this time.

As described in more detail in the Trust’s filings with the SEC, the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and 7.5% overriding royalty interest total less than $2.0 million for each of any two consecutive calendar years. PCEC is deducting estimated ARO, thereby reducing the amounts payable to the Trust. Unless significant market changes were to occur, no payments will be made by PCEC to the Trust for the foreseeable future, which would result in the total proceeds received by the Trust to total less than $2.0 million in each of 2020 and 2021.

Production Update

PCEC has informed the Trustee that production continues to lag compared to historical periods, while PCEC strategically deploys capital to enhance production. Costs associated with returning wells to service must be recovered before cash flow to the Trust can be created. PCEC has informed the Trustee that unless a substantial number of wells return to production, or oil prices improve significantly or both, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses and outstanding debt to PCEC, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.

Overview of Trust Structure

Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit https://royt.q4web.com/home/default.aspx.

Cautionary Statement Regarding Forward-Looking Information

This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders in 2021, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, statements regarding the impact of returning shut-in wells to production, expectations regarding PCEC’s ability to loan funds to the Trust, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which declined significantly during 2020, could decline again and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and actions taken by Russia and the members of the Organization of Petroleum Exporting Countries regarding production levels. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.

Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555

DUBLIN--(BUSINESS WIRE)--The "Hydro Turbine Generator Unit Market - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027" report has been added to ResearchAndMarkets.com's offering.

The global hydro turbine generator unit market is expected to grow significantly during the forecast period, owing to the digitisation of hydro power plants.

The Internet of Things (IoT) has the potential to significantly transform the industrial sector. With the industrial internet of things (IIoT), the hydro power plants of the future will enter auto-pilot mode where subtle changes occur based on real-time and historical data. The IIoT and Industry 4.0 are moving the hydropower market into the future.

The move towards digitisation is changing the way in which hydropower plants are operated and maintained. The International Hydropower Association (IHA) estimates that, by 2030, over half of the world's hydropower plants will be due for upgrade and modernisation or have already been renovated. Digitisation plays a key role in the modernisation of the existing fleet of hydropower facilities.

Therefore, digitisation of hydro power plant will offer various growth opportunities for the global hydro turbine generator unit market during the forecast period. For instance, in June 2019, General Electric signed a contract with Hydro-Quebec, a Canadian government company, to upgrade existing Hydro Quebec's Montagnais substation's protection and control systems.

Among turbine type, Francis turbine segment is expected to exhibit the significant growth during the forecast period. Francis turbines are the most frequently used turbines for hydropower plants. This turbine is used for medium or large scale hydroelectric plants. Therefore, growing demand of Francis turbine is expected to drive growth of the hydro turbine generator unit market.

For instance, in 2019, General Electric signed a contract with Nachtigal Hydro Power Company, jointly owned by the Republic of Cameroon, Electricite de France (EDF), International Finance Corporation, Africa 50, and STOA to provide seven new 60 MW Francis turbines.

Detailed Segmentation

Global Hydro Turbine Generator Unit Market, By Component:

• Turbine
• Generator

Global Hydro Turbine Generator Unit Market, By Turbine Type:

• Pelton Turbine
• Francis Turbine
• Kaplan Turbine
• Turgo Turbine
• Bulb Turbine
• Crossflow Turbine
• Others

Global Hydro Turbine Generator Unit Market, By Generating Unit Capacity:

• < 50MW (Small Hydro)
• 50 - 100MW (Medium Hydro)
• > 100MW (Large Hydro)

Global Hydro Turbine Generator Unit Market, By Technology:

• Impulse Turbines
• Reaction Turbines

Global Hydro Turbine Generator Unit Market, By Product Type:

• Refurbished
• New

Key Topics Covered:

1. Research Objectives and Assumptions

2. Market Purview

3. Market Dynamics, Regulations, and Trends Analysis

4. Global Hydro Turbine Generator Unit Market, By Component, 2017-2027 (US$ Million)

5. Global Hydro Turbine Generator Unit Market, By Turbine Type, 2017-2027 (US$ Million)

6. Global Hydro Turbine Generator Unit Market, By Generating Unit Capacity, 2017-2027 (US$ Million)

7. Global Hydro Turbine Generator Unit Market, By Technology, 2017-2027 (US$ Million)

8. Global Hydro Turbine Generator Unit Market, By Product Type, 2017-2027 (US$ Million)

9. Global Hydro Turbine Generator Unit Market, By Region, 2017-2027 (US$ Million)

10. Competitive Landscape

• Andritz AG
• General Electric
• The Voith Group
• Toshiba Energy Systems & Solutions Corporation
• Harbin Electric International Company Limited
• Dongfeng Electric Machinery Co., Ltd.
• Power Machines
• Hitachi Mitsubishi Hydro Corporation
• IMPSA
• Zhefu Holding Group Co., Ltd.
• Bharat Heavy Electricals Limited (BHEL)
• Gilbert Gilkes & Gordon Ltd.
• Kirloskar Brothers Limited
• WWS Wasserkraft GmbH
• FLOVEL Energy Private Limited
• Litostroj Power

For more information about this report visit https://www.researchandmarkets.com/r/t1wq55

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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ELKHART, Ind.--(BUSINESS WIRE)--LCI Industries (NYSE: LCII), which, through its wholly-owned subsidiary, Lippert Components, Inc. ("Lippert"), supplies a broad array of highly engineered components for the leading original equipment manufacturers ("OEMs") in the recreation and transportation product markets, and the related aftermarkets of those industries, today announced the appointment of Tracy Graham to Chairman of the Company's Board of Directors. Mr. Graham has served on the Board since 2016, including most recently as the Chairman of the Compensation Committee.

Mr. Graham is Chief Executive Officer and Managing Principal of Graham-Allen Partners, a private investment firm focused on investing in technology and technology-enabled companies. Prior to forming Graham-Allen Partners in 2009, he served as Vice President of SMB Technology Services for Cincinnati Bell, one of the nation’s leading regionally-focused local exchange, wireless, and data center providers. Mr. Graham also successfully built and sold three technology companies over a 12-year period, including GramTel USA, Inc., a provider of managed data center and related services to mid-sized businesses, which was sold to Cincinnati Bell.

“We are pleased to name Tracy Chairman of the Board,” said Jim Gero, out-going Chairman of LCI Industries’ Board of Directors. Gero continued, “Tracy has served the Company very well over the last 5 years and will continue to further the Company’s strategic plans in this additional role as Chairman of the Board. His strong leadership skills and strategic experience with growth-oriented companies, coupled with his understanding of the data technology and cybersecurity issues facing businesses today, make him the ideal person for this role.”

“We would also like to express our sincere gratitude for our out-going Chairman, Jim Gero, for his service on the Board since 1992 and for the last 7 years as Chairman,” said Mr. Graham. “Jim provided the guidance and leadership necessary for the Company to capitalize on opportunities presented over the last three decades and has positioned the Company for success in our next phase of growth.”

About LCI Industries

LCI Industries, through its wholly-owned subsidiary, Lippert, supplies, domestically and internationally, a broad array of highly engineered components for the leading OEMs in the recreation and transportation product markets, consisting primarily of recreational vehicles and adjacent industries, including buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; boats; trains; manufactured homes; and modular housing. The Company also supplies engineered components to the related aftermarkets of these industries, primarily by selling to retail dealers, wholesale distributors, and service centers. Lippert's products include steel chassis and related components; axles and suspension solutions; slide-out mechanisms and solutions; thermoformed bath, kitchen, and other products; vinyl, aluminum, and frameless windows; manual, electric, and hydraulic stabilizer and leveling systems; entry, luggage, patio, and ramp doors; furniture and mattresses; electric and manual entry steps; awnings and awning accessories; towing products; truck accessories; electronic components; and other accessories. Additional information about Lippert and its products can be found at www.lci1.com.

Forward-Looking Statements

This press release contains certain "forward-looking statements" with respect to our financial condition, results of operations, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of legal proceedings, and other matters. Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.

Forward-looking statements, including, without limitation, those relating to our future business prospects, net sales, expenses and income (loss), capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand, integration of acquisitions, R&D investments, and industry trends, whenever they occur in this press release are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, the impacts of COVID-19, or other future pandemics, on the global economy and on the Company's customers, suppliers, employees, business and cash flows, pricing pressures due to domestic and foreign competition, costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, interest rates, oil and gasoline prices and availability, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, and in the Company's subsequent filings with the Securities and Exchange Commission. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

Contact: Brian M. Hall, CFO
Phone: (574) 535-1125
E Mail:  This email address is being protected from spambots. You need JavaScript enabled to view it.

Closes Series A with Marc Benioff’s TIME Ventures, Microsoft Climate Innovation Fund and others

Benioff joins NCX Board of Directors

SAN FRANCISCO--(BUSINESS WIRE)--NCX, a venture-backed climate tech company, announced the creation of the largest forest carbon project (by acreage) in the continental United States. Previously known as SilviaTerra, NCX (Natural Capital Exchange) is a data-driven forest carbon marketplace sourcing high-quality forest carbon credits from American landowners of all sizes.

Microsoft, South Pole, and Shell Environmental Products¹ are among the initial participating buyers purchasing carbon credits from NCX, upon listing in the Verra offset registry. Stretching across an area of 1.17 million acres, NCX’s first project included over 100 landowners across 10 states.

“NCX puts carbon on the same economic footing as timber,” said founder and CEO Zack Parisa. “We’ve combined satellite imagery, forest economics, and cutting-edge statistics to build a data-driven marketplace for landowners of all sizes. NCX identifies forested acres that are likely to be harvested and rewards landowners that keep them growing. It’s a solution that connects landowners with net-zero pioneers to create climate impact with unprecedented scale and transparency.”

“Demand for U.S. offsets is continuing to grow, particularly for nature-based solutions. NCX has found an innovative way to overcome the obstacles that have kept small landowners out of the offset market,” said South Pole’s Michael Malara, Senior Business Development & Account Manager, North America. “This solution will increase available offset projects in the U.S. and also make it possible over time for companies to support local offset projects, thus having an impact close to their operations.”

Investing In NCX’s Future

NCX recently raised $20 million in Series A financing led by TIME Ventures, the venture fund of Marc Benioff. Mr. Benioff will be joining the Board of Directors of NCX.

The Microsoft Climate Innovation Fund also invested, deepening NCX’s partnership with Microsoft. Previously, NCX worked with Microsoft AI for Earth to create the first-ever annually updated forest inventory of the United States, covering every acre of the U.S. and accounting for almost 92 billion trees. NCX’s seed investors, Union Square Ventures and Version One Ventures, also participated in the round.

Enrollment for the next NCX cycle is currently open and closes June 8, 2021. Interested landowners and carbon credit buyers should connect with an NCX representative to learn more.

¹ Reference to Shell Environmental Products in this release refers to Shell Energy North America (US), L.P.

About NCX

NCX, previously known as SilviaTerra, is a trusted provider of high-quality forest carbon credits. Using an AI-powered forest Basemap, NCX connects American landowners with net-zero pioneers. Built on a decade of industry-leading precision forestry expertise, NCX takes a data-driven approach to democratizing forest carbon markets. Read more in our recent white paper.

Media Contact:
Cheryl Sansonetti, Marketing Director
NCX
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Company leaders will participate in fireside chats at the Wells Fargo Energy Conference on June 2 and the J.P. Morgan Energy, Power and Renewables Conference on June 22

HOUSTON--(BUSINESS WIRE)--Members of the Phillips 66 (NYSE: PSX) Executive Leadership Team will participate in fireside chats at two upcoming investor conferences: the 2021 Virtual Wells Fargo Energy Conference on Wednesday, June 2, 2021, at 1:20 p.m. EDT and the J.P. Morgan Energy, Power and Renewables Conference on Tuesday, June 22, 2021, at 1:20 p.m. EDT. Both events will be held virtually.

Phillips 66 leaders will discuss value creation in an evolving energy landscape and provide an update on the company’s strategic initiatives, including its commitment to disciplined capital allocation.

To access the webcasts, go to the Events and Presentations section of the Phillips 66 Investors site, https://www.phillips66.com/investors. A replay of the webcasts will be archived on the Events and Presentations page approximately two hours after the event, and a transcript will be available at a later date.

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,200 employees committed to safety and operating excellence. Phillips 66 had $55 billion of assets as of March 31, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

Jeff Dietert (investors)
832-765-2297
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Shannon Holy (investors)
832-765-2297
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Thaddeus Herrick (media)
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DAYTON, Ohio--(BUSINESS WIRE)--REX American Resources Corporation (NYSE: REX) (“REX” or “the Company”) today reported financial results for its fiscal 2021 first quarter (“Q1 ‘21”) ended April 30, 2021. REX management will host a conference call and webcast today at 11:00 a.m. ET.

REX American Resources’ Q1 ‘21 results principally reflect its interests in six ethanol production facilities and its refined coal operation. The One Earth Energy, LLC (“One Earth”) and NuGen Energy, LLC (“NuGen”) ethanol production facilities are consolidated, as is the refined coal entity, while those of its four other ethanol plants are reported as equity in income of unconsolidated ethanol affiliates. The Company reports results for its two business segments as ethanol and by-products, and refined coal.

REX’s Q1 ‘21 net sales and revenue were $164.1 million, compared with $83.3 million in Q1 ‘20. The year-over-year net sales and revenue increase was primarily due to higher ethanol production levels as compared to the prior year levels, which were significantly impacted by the Covid-19 pandemic, as well as higher ethanol and dried distillers grains and modified distillers grains pricing. Primarily reflecting the revenue growth, offset in part by increased input corn pricing, Q1 ‘21 gross profit for the Company’s ethanol and by-products segment increased to $19.5 million, compared with a loss of $8.2 million in Q1 ‘20. As a result, the ethanol and by-products segment had income before income taxes of $11.1 million in Q1 ‘21, compared to a loss of $12.4 million in Q1 ‘20. The Company’s refined coal operation incurred a $1.7 million gross loss and a $1.8 million loss before income taxes in Q1 ‘21, compared to a $1.1 million gross loss and a loss before income taxes of $0.8 million in Q1 ‘20. REX reported Q1 ‘21 income before income taxes and non-controlling interests of $8.4 million, compared with a loss before income taxes and non-controlling interests of $13.7 million in the comparable year ago period. While the refined coal operation negatively impacted gross profit and income before income taxes, it contributed a tax benefit of $2.2 million and $1.0 million for Q1 ‘21 and Q1 ‘20, respectively.

Net income attributable to REX shareholders in Q1 ‘21 was $7.8 million, compared to a net loss of $7.6 million in Q1 ‘20. Q1 ‘21 basic and diluted net income per share attributable to REX common shareholders was $1.30, compared to a net loss per share of $1.21 in Q1 ‘20. Per share results in Q1 ‘21 and Q1 ‘20 are based on 6,010,000 and 6,304,000 diluted weighted average shares outstanding, respectively.

Segment Income Statement Data:

REX American Resources’ Chief Executive Officer, Zafar Rizvi, commented, “The operating environment in the first quarter of fiscal 2021 was markedly better than the challenging environment we experienced throughout most of fiscal 2020, with significant improvements to demand and pricing across our ethanol and by-products segments. With all of our high-quality plants in operation, we were able to leverage our strategic locations across the corn belt and healthy liquidity position to generate first quarter net income of $7.8 million and earnings per share of $1.30.”

Balance Sheet

At April 30, 2021, REX had cash and cash equivalents and short-term investments of $193.0 million, $45.9 million of which was at the parent company, and $147.1 million of which was at its consolidated production facilities. This compares with cash, cash equivalents and short-term investments at January 31, 2021, of $180.7 million, $48.2 million of which was at the parent company, and $132.5 million of which was at its consolidated ethanol production facilities.

The following table summarizes select data related to REX’s
consolidated alternative energy interests:

REX further announced today that it had filed additional supplemental proxy materials related to its Annual Shareholder Meeting to be held on June 16, 2021. The additional information related to the voting requirements of Proposal 3, in particular the treatment of abstentions and broker non-votes. Proposal 3, which is an amendment to the Amended Certificate of Incorporation to authorize a new class of Preferred Stock, requires the affirmative vote of holders of a majority of shares entitled to vote at the Annual Meeting. Therefore, abstentions and broker non-votes will have the effect of a vote against the proposal.

First Quarter Conference Call

REX will host a conference call at 11:00 a.m. ET today. Senior management will discuss the quarterly financial results and host a question-and-answer session. The dial in number for the audio conference call is 212/231-2911 (domestic and international callers).

Participants can also listen to a live webcast of the call on the Company’s website, www.rexamerican.com. A webcast replay will be available for 30 days following the live event.

About REX American Resources Corporation

REX American Resources has interests in six ethanol production facilities, which in aggregate shipped approximately 617 million gallons of ethanol over the twelve-month period ended April 30, 2021. REX’s effective ownership of the trailing twelve-month gallons shipped (for the twelve months ended January 31, 2021) by the ethanol production facilities in which it has ownership interests was approximately 243 million gallons. In addition, the Company acquired a refined coal operation in August 2017. Further information about REX is available at www.rexamerican.com.

This news announcement contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking terminology such as “may,” “expect,” “believe,” “estimate,” “anticipate” or “continue” or the negative thereof or other variations thereon or comparable terminology. Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from those referred to in such forward-looking statements. These risks and uncertainties include the risk factors set forth from time to time in the Company’s filings with the Securities and Exchange Commission and include among other things: the effect of pandemics such as COVID-19 on the Company’s business operations, including impacts on supplies, demand, personnel and other factors, the impact of legislative and regulatory changes, the price volatility and availability of corn, distillers grains, ethanol, non-food grade corn oil, gasoline and natural gas, ethanol and refined coal plants operating efficiently and according to forecasts and projections, changes in the international, national or regional economies, weather, results of income tax audits, changes in income tax laws or regulations, the impact of U.S. foreign trade policy, changes in foreign currency exchange rates and the effects of terrorism or acts of war. The Company does not intend to update publicly any forward-looking statements except as required by law.

- statements of operations follow -

- balance sheets follow -

- statements of cash flows follow -

Douglas Bruggeman
Chief Financial Officer
(937) 276‑3931

Joseph Jaffoni, Norberto Aja
JCIR
(212) 835-8500
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BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical and defense industries, announced that its Board of Directors declared a quarterly cash dividend of $0.11 per common share.

The dividend will be payable on June 23, 2021 to stockholders of record at the close of business on June 9, 2021.

ABOUT GRAHAM CORPORATION

Graham is a global business that designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. Energy markets include oil refining, cogeneration, and alternative power. For the defense industry, the Company’s equipment is used in nuclear propulsion power systems for the U.S. Navy. Graham’s global brand is built upon world-renowned engineering expertise in vacuum and heat transfer technology, responsive and flexible service and unsurpassed quality. Graham designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. Graham’s equipment can also be found in other diverse applications such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. Graham’s reach spans the globe and its equipment is installed in facilities from North and South America to Europe, Asia, Africa and the Middle East.

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

For more information, contact:
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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AI Edge Controller enables energy companies to use machine learning to perform self-optimizing predictive maintenance in operations centers of industrial plants

SAN DIEGO--(BUSINESS WIRE)--Today, Embassy of Things, Inc. (EOT) announced the full release of AI Edge Controller which enables the use of trained machine learning models to perform real-time predictions and anomaly detection at the edge of operation centers and uses closed-loop, event-response operational action to instantly avoid expensive downtime and increase production output.

“EOT is excited to deliver an essential breakthrough for making self-optimizing industrial plants a reality by closing the loop of analyzing operational data in the cloud and operationalizing AI insights at the edge in collaboration with AWS, Xecta, TensorIoT and CTG,” comments Matt Oberdorfer, CEO and President of EOT.

During the training phase of machine learning (ML) models, large data sets of sensors are needed to optimize their prediction quality. This requires significant compute and storage power which is only available in the cloud. However, the need for anomaly detection and self-optimization occurs at the operational edge where there is no compute, storage, or internet connection. EOT’s AI Edge Controller’s patent-pending technology serves as a bridge by delivering the rather small, trained ML models from the cloud to the edge. This is where EOT’s Twin Talk’s Operational Insight Engine streams real-time operational data through the trained ML models to instantly detect equipment abnormalities, diagnose issues, reduce false alerts, self-optimize production and avoid expensive downtime by acting before machine failures occur. To get started with AI Edge Controller and TwinTalk, visit: https://embassyofthings.com/ai-edge-controller.

“We are collaborating with EOT to leverage AI Edge Controller and TwinTalk as a part of the AWS production operations solution suite to support customers in their efforts to add incremental production, visualize and minimize rogue emissions and reduce lease operating expenses," says Sid Bhattacharya, Worldwide Head of Energy Solutions at Amazon Web Services. "EOT’s solution is a significant leap in operational technology modernization – it helps customers make business-critical decisions real-time as opposed to the traditional reactive approach.” AWS’s Production Monitoring and Surveillance solution is a Production Data Lake and Edge Software that liberates operational data from legacy SCADA and Historian infrastructure to deliver real-time production and equipment surveillance, GHG emissions monitoring, and predictive maintenance (https://aws.amazon.com/energy/solutions/production-monitoring-surveillance/).

TensorIoT is an EOT Strategic Alliance Partner delivering complete end-to-end products and solutions in IoT, data engineering, machine learning, and artificial intelligence (https://www.tensoriot.com/). "TensorIoT builds AWS Cloud-based solutions to derive valuable business insights from on-premises historian and SCADA system data," said Ravikumar Raghunathan, CEO of TensorIoT. "Working with EOT and integrating TwinTalk with our solutions expedites the process of bringing value to our customers. We are excited about AI Edge Controller's capability to leverage machine learning at the operator on-premise level."

CTG delivers digital solutions across the oil and gas industry that accelerate digital transformation (https://www.ctg.com/industries/oil-and-gas/). “CTG’s partnership with Embassy of Things reflects our ongoing commitment to deliver digital transformation to the energy sector,” said Barbara Locklair, Managing Director of CTG’s Energy Solutions. “CTG’s deep energy domain experience and IT technical expertise combined with EOT's technologies such as AI Edge Controller and TwinTalk is transforming the energy sector by reducing the carbon footprint, lowering costs, and increasing production.”

Xecta’s cloud-first digital platform utilizes a fusion of AI, domain physics, and modern computing to solve complex engineering problems related to operational optimization at scale that enable energy operators to create extraordinary operational and capital efficiency. “Our customers want to use the next generation of autonomous models that self-calibrate to real-time performance data from a multitude of sensory inputs to optimize asset performance as a whole,” says Sanjay Paranji, CEO at Xecta Digital Labs (https://xecta.com). “We are excited about EOT’s AI Edge Controller and Twin Talk’s Insight Engine. It’s a true milestone for implementing a cognitive twin, because it enables to automate, manage, deploy and use of cloud-trained AI models in closed-loop operation centers.”

About Embassy of Things

Embassy of Things Inc. (EOT) provides secure, scalable, and intelligent ETL++ and Operational Data Management Systems designed to liberate operational data from historians and SCADA systems for cloud analytics and using insights for enabling self-optimizing industrial plants. EOT is helping customers in energy, manufacturing and transportation to capitalize on production, asset and resource optimization and cost savings by enabling event-driven, real-time architectures in the cloud and operational intelligence at the edge. For more information, visit: https://www.embassyofthings.com.

Becky Byrd
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NEW YORK & GREENWICH, Conn.--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (“INSW”) and Diamond S Shipping Inc. (NYSE: DSSI) (“Diamond S”) announced today that the required waiting period has expired under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”) in connection with the proposed stock-for-stock merger transaction between INSW and Diamond S (the “Merger”). The expiration of the waiting period under the HSR Act satisfies one of the conditions to the closing of the Merger. The Merger, which is expected to close in the third quarter of 2021, remains subject to the approval of the shareholders of INSW and Diamond S and other customary closing conditions.

Forward-Looking Statements

This release contains forward-looking statements. In addition, INSW or Diamond S may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by their representatives. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the timing and likelihood of the completion of the proposed transaction or any anticipated synergies or other benefits therefrom, the accounting or tax treatments of the proposed transaction, customer reactions to the proposed transaction, any plans to issue dividends, the parties’ prospects, including statements regarding vessel acquisitions, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the INSW’s and Diamond S’ current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2020 for INSW and Diamond S, INSW’s and Diamond S’ Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, INSW’s Registration Statement on Form S-4 dated May 5, 2021 and in similar sections of other filings made by INSW and Diamond S with the SEC from time to time. Neither INSW nor Diamond S assume any obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to INSW, Diamond S or their respective representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by INSW or Diamond S with the SEC.

Additional Information and Where to Find It

This communication may be deemed to be solicitation material in respect of the proposed transaction between INSW and Diamond S. In connection with the proposed transaction, INSW has filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 that includes a preliminary joint proxy statement of INSW and Diamond S that also constitutes a prospectus of INSW. INSW and Diamond S may also file other documents with the SEC regarding the proposed transaction. This communication is not a substitute for the joint proxy statement/prospectus, Form S-4 or any other document which INSW or Diamond S may file with the SEC. Investors and security holders of INSW and Diamond S are urged to read the joint proxy statement/prospectus, Form S-4 and all other relevant documents filed or to be filed with the SEC carefully when they become available because they will contain important information about INSW, Diamond S, the transaction and related matters. Investors are able to obtain free copies of the joint proxy statement/prospectus and Form S-4 (when available) and other documents filed with the SEC by INSW and Diamond S through the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by INSW will be made available free of charge on INSW’s investor relations website at https://www.intlseas.com/investor-relations. Copies of documents filed with the SEC by Diamond S will be made available free of charge on Diamond S’ investor relations website at https://diamondsshipping.com/investor-relations.

No Offer or Solicitation

This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation

INSW, Diamond S and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of INSW and Diamond S securities in connection with the contemplated transaction. Information regarding these directors and executive officers and a description of their direct and indirect interests, by security holdings or otherwise, is included in the Form S-4 and preliminary joint proxy statement/prospectus regarding the proposed transaction and other relevant materials to be filed with the SEC by INSW and Diamond S. These documents will be available free of charge from the sources indicated above.

Investor Relations & Media Contact:
David Siever, International Seaways, Inc.
(212) 578-1635
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With commitment to divest the small overlapping portion of lines with KCS, CN-KCS combination is now a fully end-to-end merger

Filing details why combination is pro-competitive and addresses each element of voting trust approval

MONTREAL & KANSAS CITY, Mo.--(BUSINESS WIRE)--CN (TSX: CNR) (NYSE: CNI) and Kansas City Southern (NYSE: KSU) (“KCS”) today announced that they have taken the next step on their path to combine to create the premier railway for the 21^st century.

CN and KCS today jointly filed with the Surface Transportation Board (“STB”) a renewed motion for approval of its voting trust that outlines the case for approval of the voting trust to advance the CN-KCS merger that will enhance competition, spur economic growth and realize the benefits of a fully end-to-end transportation network across the continent. The filing highlights that the voting trust protects against premature control of KCS and protects KCS’ financial health, that CN remains financially sound, the substantial benefits to be gained from the transaction by customers and the nearly 1,100 stakeholders who have already supported the transaction.

As part of the application, CN is committing to divesting KCS’ 70-mile line between New Orleans and Baton Rouge, which is less than 0.7 percent of the approximately 27,000 route-miles the two companies operate. This commitment eliminates the sole area of overlap between the CN and KCS networks, thereby making the combination an end-to-end transaction. This commitment, plus CN’s multiple other pro-competitive commitments, including keeping existing gateways open on commercially reasonable terms, addresses any competitive concerns.

“We believe our early commitment to eliminating the minimal rail overlap and to laying out the case for a CN-KCS combination should allow the STB to approve our voting trust. A trust is an essential step so KCS shareholders can receive the full value of their shares while the STB considers our case for a combined, end-to-end rail network and the significant public benefits of connecting the continent. This combination will promote growth and compete with the trucking industry for long-haul movements. It offers more choice for rail customers, port operators, employees, stakeholders and communities.”

- JJ Ruest, president and chief executive officer of CN

“Combining KCS with CN is compelling for our customers, employees, shareholders and the local communities in which we operate. We urge the STB to fully consider the benefits of this combination, and to respect KCS’ judgment about its preferred merger partner, so that we can realize the tremendous public interest advantages of the CN-KCS partnership on behalf of our stakeholders, many of whom have expressed overwhelming support.”

- Patrick J. Ottensmeyer, president and chief executive officer of KCS

The Public Interest Benefits of a Combined CN-KCS Network

New single-line routes and commitment to keep gateways open for customers: A combined CN-KCS will reduce transit times and provide more reliable and timely service, with shorter equipment cycle times, making rail more competitive with truck and barge routes and single-line services offered by other railroads. It will also offer more cost-effective access to Southern markets in the United States and Mexico, accelerating USMCA’s economic benefits.

Specific supply chain benefits: The joint filing includes detailed maps illustrating benefits for six major market segments: (1) grain and grain byproducts; (2) intermodal; (3) importers, exporters and ocean carriers who rely on ports; (4) automobiles and automotive parts; (5) lumber and panel customers; and (6) plastic resins, liquefied petroleum gases and refined petroleum products.

Significant environmental benefits: Moving freight by rail instead of truck lowers greenhouse gas (GHG) emissions by up to 75 percent, on average. A single freight train can remove more than 300 trucks from the road, leading to a significant reduction in GHG emissions. For example, a daily CN-KCS double stack intermodal train from San Luis Potosi to Detroit would result in approximately 260,000 tons of CO2e emissions avoided per year.

Support across broad stakeholder network: CN has so far received well over 1,100 letters detailing the competitive benefits of the transaction including better service, more shipping options and streamlined routing from shippers and customers as well as from local governments, trade associations and business groups. Support from ports and logistics providers demonstrates the significant multi-modal benefits.

CN Application Satisfies Every Aspect of Voting Trust Approval Framework

No unlawful control. Under CN’s proposed voting trust, KCS would maintain complete independence. KCS will continue to be managed by its existing management and board of directors, with a trustee who is a former chief executive of KCS. KCS will remain intact and preserve its ability to pursue its independent business objectives. CN will have no influence over the day-to-day management or operation of KCS.

Public interest benefits. Approval of the voting trust will provide the STB the opportunity to review the substantial public interest benefits of the CN-KCS combination while ensuring KCS shareholders receive the full value of their shares. The CN-KCS combination will provide a safer, faster, cleaner and stronger rail option for customers, port authorities and communities. As reflected by over 1,100 letters supporting the combination, it will result not only in better service, more shipping options and streamlined routing, but also in substantial environmental benefits.

CN will remain financially strong. The Verified Statement of CN’s Chief Financial Officer, Ghislain Houle, included with the STB filing clearly demonstrates that the proposed transaction will not impair CN’s strong financial standing, and sets forth CN’s plan for rapidly paying down the debt it has secured to fund a portion of the KCS purchase. CN has a strong record of investing in its network to provide safe service and is dedicated to applying that same approach to the combined CN-KCS network. CN made its highest capital investments in 2018-2020 on record, which were focused on adding capacity to accommodate growth and resiliency, deploying technology to improve safety and productivity, and investing in railcars and locomotives to serve our customers.

No risk to competition. While the STB will have ample opportunity to review the competitive dynamics of the CN-KCS combination, CN’s commitment to address the approximately 70-mile overlap with KCS in Louisiana indicates that the CN-KCS combination is a vertical, end-to-end merger. An analysis by Bill Rennicke, a transportation executive and a consultant to railroads and motor carriers for more than 40 years, included with the filing addresses specific concerns about competition in Mississippi, finding that CN and KCS’ North/South lines in Mississippi are generally many miles apart and do not serve a single customer in common in this area.

Preserves KCS’ choice of superior partner. Approving CN’s proposed voting trust would ensure the realization of the public interest benefits of a CN-KCS partnership and allow KCS to continue to keep CN’s superior proposal.

The filing made with the STB, as well as additional information about CN’s pro-competitive combination with KCS, is available at www.ConnectedContinent.com.

About CN

CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the U.S. South through a 19,500-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.

About Kansas City Southern

Headquartered in Kansas City, Mo., Kansas City Southern (KCS) (NYSE: KSU) is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS' North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com.

Forward Looking Statements

Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management’s assessment and assumptions and publicly available information with respect to KCS, regarding the proposed transaction between CN and KCS, the expected benefits of the proposed transaction and future opportunities for the combined company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN, or the combined company, to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to: the outcome of the proposed transaction between CN and KCS; the parties’ ability to consummate the proposed transaction; the conditions to the completion of the proposed transaction; that the regulatory approvals required for the proposed transaction may not be obtained on the terms expected or on the anticipated schedule or at all; CN’s indebtedness, including the substantial indebtedness CN expects to incur and assume in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; CN’s ability to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the possibility that CN may be unable to achieve expected synergies and operating efficiencies within the expected time-frames or at all and to successfully integrate KCS’ operations with those of CN; that such integration may be more difficult, time-consuming or costly than expected; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; the retention of certain key employees of KCS may be difficult; the duration and effects of the COVID-19 pandemic, general economic and business conditions, particularly in the context of the COVID-19 pandemic; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; the adverse impact of any termination or revocation by the Mexican government of KCS de México, S.A. de C.V.’s Concession; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; trade restrictions or other changes to international trade arrangements; transportation of hazardous materials; various events which could disrupt operations, including illegal blockades of rail networks, and natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings or other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should also be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors relating to CN. Additional risks that may affect KCS’ results of operations appear in Part I, Item 1A “Risks Related to KCS’s Operations and Business” of KCS’ Annual Report on Form 10-K for the year ended December 31, 2020, and in KCS’ other filings with the U.S. Securities and Exchange Commission (“SEC”).

Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

Non-GAAP Measures

CN reports its financial results in accordance with United States generally accepted accounting principles (GAAP). CN also uses non-GAAP measures in this news release that do not have any standardized meaning prescribed by GAAP. This news release also includes certain forward looking non-GAAP measures or discussions of such measures (EPS, Adjusted Diluted EPS, EBITDA and a leverage ratio being adjusted debt to adjusted EBITDA). It is not practicable to reconcile, without unreasonable efforts, these forward looking measures to the most comparable GAAP measures (diluted EPS, net income and long term debt to net income ratio, respectively), due to unknown variables and uncertainty related to future results. Please see note on Forward Looking Statements above for further discussion.

No Offer or Solicitation

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information and Where to Find It

In connection with the proposed transaction, CN will file with the SEC a registration statement on Form F-4 to register the shares to be issued in connection with the proposed transaction. The registration statement will include a preliminary proxy statement of KCS which, when finalized, will be sent to the stockholders of KCS seeking their approval of the merger-related proposals. This news release is not a substitute for the proxy statement or registration statement or other document CN and/or KCS may file with the SEC or applicable securities regulators in Canada in connection with the proposed transaction.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT(S), REGISTRATION STATEMENT(S), TENDER OFFER STATEMENT, PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC OR APPLICABLE SECURITIES REGULATORS IN CANADA CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CN, KCS AND THE PROPOSED TRANSACTIONS. Any definitive proxy statement(s), registration statement or prospectus(es) and other documents filed by CN and KCS (if and when available) will be mailed to stockholders of CN and/or KCS, as applicable. Investors and security holders will be able to obtain copies of these documents (if and when available) and other documents filed with the SEC and applicable securities regulators in Canada by CN free of charge through at www.sec.gov and www.sedar.com. Copies of the documents filed by CN (if and when available) will also be made available free of charge by accessing CN’s website at www.CN.ca. Copies of the documents filed by KCS (if and when available) will also be made available free of charge at www.investors.kcsouthern.com, upon written request delivered to KCS at 427 West 12th Street, Kansas City, Missouri 64105, Attention: Corporate Secretary, or by calling KCS’s Corporate Secretary’s Office by telephone at 1-888-800-3690 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..

Participants

This news release is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC and applicable securities regulators in Canada. Nonetheless, CN, KCS, and certain of their directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transactions. Information about CN’s executive officers and directors is available in its 2021 Management Information Circular, dated March 9, 2021, as well as its 2020 Annual Report on Form 40-F filed with the SEC on February 1, 2021, in each case available on its website at www.CN.ca/investors/ and at www.sec.gov and www.sedar.com. Information about KCS’ directors and executive officers may be found on its website at www.kcsouthern.com and in its 2020 Annual Report on Form 10-K filed with the SEC on January 29, 2021, available at www.investors.kcsouthern.com and www.sec.gov. Additional information regarding the interests of such potential participants will be included in one or more registration statements, proxy statements, tender offer statements or other documents filed with the SEC and applicable securities regulators in Canada if and when they become available. These documents (if and when available) may be obtained free of charge from the SEC’s website at www.sec.gov and from www.sedar.com, as applicable.

Media: CN
Canada
Mathieu Gaudreault
CN Media Relations & Public Affairs
(514) 249-4735
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Longview Communications & Public Affairs
Martin Cej
(403) 512-5730
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United States
Brunswick Group
Jonathan Doorley / Rebecca Kral
(917) 459-0419 / (917) 818-9002
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Media: KCS
C. Doniele Carlson
KCS Corporate Communications & Community Affairs
(816) 983-1372
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Joele Frank, Wilkinson Brimmer Katcher
Tim Lynch / Ed Trissel
(212) 355-4449

Investment Community: CN
Paul Butcher
Vice-President
Investor Relations
(514) 399-0052
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Investment Community: KCS
Ashley Thorne
Vice President
Investor Relations
(816) 983-1530
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MacKenzie Partners, Inc.
Dan Burch / Laurie Connell
(212) 929-5748 / (212) 378-7071

NEW YORK & GREENWICH, Conn.--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (“INSW”) and Diamond S Shipping Inc. (NYSE: DSSI) (“Diamond S”) announced today that the required waiting period has expired under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”) in connection with the proposed stock-for-stock merger transaction between INSW and Diamond S (the “Merger”). The expiration of the waiting period under the HSR Act satisfies one of the conditions to the closing of the Merger. The Merger, which is expected to close in the third quarter of 2021, remains subject to the approval of the shareholders of INSW and Diamond S and other customary closing conditions.

Forward-Looking Statements

This release contains forward-looking statements. In addition, INSW or Diamond S may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by their representatives. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the timing and likelihood of the completion of the proposed transaction or any anticipated synergies or other benefits therefrom, the accounting or tax treatments of the proposed transaction, customer reactions to the proposed transaction, any plans to issue dividends, the parties’ prospects, including statements regarding vessel acquisitions, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the INSW’s and Diamond S’ current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2020 for INSW and Diamond S, INSW’s and Diamond S’ Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, INSW’s Registration Statement on Form S-4 dated May 5, 2021 and in similar sections of other filings made by INSW and Diamond S with the SEC from time to time. Neither INSW nor Diamond S assume any obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to INSW, Diamond S or their respective representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by INSW or Diamond S with the SEC.

Additional Information and Where to Find It

This communication may be deemed to be solicitation material in respect of the proposed transaction between INSW and Diamond S. In connection with the proposed transaction, INSW has filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 that includes a preliminary joint proxy statement of INSW and Diamond S that also constitutes a prospectus of INSW. INSW and Diamond S may also file other documents with the SEC regarding the proposed transaction. This communication is not a substitute for the joint proxy statement/prospectus, Form S-4 or any other document which INSW or Diamond S may file with the SEC. Investors and security holders of INSW and Diamond S are urged to read the joint proxy statement/prospectus, Form S-4 and all other relevant documents filed or to be filed with the SEC carefully when they become available because they will contain important information about INSW, Diamond S, the transaction and related matters. Investors are able to obtain free copies of the joint proxy statement/prospectus and Form S-4 (when available) and other documents filed with the SEC by INSW and Diamond S through the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by INSW will be made available free of charge on INSW’s investor relations website at https://www.intlseas.com/investor-relations. Copies of documents filed with the SEC by Diamond S will be made available free of charge on Diamond S’ investor relations website at https://diamondsshipping.com/investor-relations.

No Offer or Solicitation

This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation

INSW, Diamond S and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of INSW and Diamond S securities in connection with the contemplated transaction. Information regarding these directors and executive officers and a description of their direct and indirect interests, by security holdings or otherwise, is included in the Form S-4 and preliminary joint proxy statement/prospectus regarding the proposed transaction and other relevant materials to be filed with the SEC by INSW and Diamond S. These documents will be available free of charge from the sources indicated above.

Investor Relations & Media Contact:
David Siever, International Seaways, Inc.
(212) 578-1635
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• Company to detail priority areas of Ford+ plan for growth and value creation based on ‘always-on’ customer relationships and leadership in electric vehicles, connected services
• Expects 40% of Ford global vehicle volume to be all-electric by 2030; raises planned electrification spending to $30+ billion by 2025, including development of IonBoost batteries
• Announces creation of Ford Pro vehicle services and distribution business, fully dedicated to high productivity requirements of commercial and government customers

DEARBORN, Mich.--(BUSINESS WIRE)--Zero-emission electric vehicles and advanced connectivity are transforming commercial and personal transportation, and Ford is leading that revolution – with compelling services and platforms based on cutting-edge electrical architectures and battery technologies.

The company is applying innovation in those and other areas to stand up Ford Pro, making Ford the first auto manufacturer with a fully dedicated commercial vehicle services and distribution business.

And the underlying Ford+ plan for growth promises always-on benefits for customers – along with new ways for investors to think about how they value the company.

Those are expected to be primary takeaways Wednesday when Ford CEO Jim Farley and other senior leaders expand on the company’s customer-focused strategic ambitions and actions in a virtual meeting with financial analysts and other stakeholders.

The Ford event – themed “Delivering Ford+” – will open for registration at 9:15 a.m. EDT today and will start promptly at 9:30 a.m., with access and supporting material at shareholder.ford.com.

“I’m excited about what Ford+ means for our customers, who will get new and better experiences by pairing our iconic, world-class vehicles with connected technology that constantly gets better over time,” said Farley. “We will deliver lower costs, stronger loyalty and greater returns across all our customers.

“This is our biggest opportunity for growth and value creation since Henry Ford started to scale the Model T, and we’re grabbing it with both hands.”

Delivering Ford+

During the event, Farley will relate how Ford is breaking away from the transactional, build-and-sell business model that has typified the auto industry for decades. Instead, Ford+ is characterized by close, enduring customer relationships – enabled by the company’s foundational strengths, improving financial performance, and capabilities and investments in disruptive technologies.

At the core of those capabilities is Blue Oval Intelligence, Ford’s next-generation, cloud-based platform for integrating electrical, power distribution, computing and software systems in connected Ford and Lincoln vehicles.

Presentations will detail where, why and how the company is headed with fully electric vehicles, commercial solutions and connected services – and how customers will benefit. CFO John Lawler said Ford is allocating capital to those priority areas to produce value for customers and shareholders.

“We’re fueling Ford+ by further strengthening our core automotive operations and generating consistently healthy cash flow that will fund growth and create value,” said Lawler.

The company expects to deliver an 8% adjusted EBIT (earnings before interest and taxes) margin in 2023.¹

Today’s event will address how Ford is:

Leading the Electrification Revolution

• Accelerating investments and increasing planned total spending on electrification, including battery development, to more than $30 billion by 2025 – while deriving efficiencies from Ford’s flexible EV architecture and modular technologies.
• Anticipating 40% of Ford’s global vehicle volume to be fully electric by 2030, including from:
  • Mustang Mach-E, which is bringing new customers to Ford – 70% of buyers, to date
  • The F-150 Lightning, an all-electric version of the world’s most popular pickup truck, which has amassed 70,000 customer reservations since it was unveiled one week ago, and
  • E-Transit commercial vans, which will be on the road later this year.
• Investing in battery technology and equipping Ford to design, engineer and manufacture its own batteries, with key developments including:
  • Creating Ford Ion Park, a global center of battery excellence comprising more than 150 experts in battery chemistries, testing, manufacturing and value-chain management who will boost battery range and lower costs to customers and Ford
  • Vertically integrating battery technology with an extensive range of EV batteries – IonBoost lithium ion; IonBoost Pro lithium iron phosphate for commercial vehicles; and long-range, low-cost solid-state batteries based on Ford’s own engineering and know-how from Solid Power, in which the company holds an equity stake, and
  • Forming a joint venture, BlueOvalSK, with SK Innovation to manufacture battery cells and arrays at two plants in the U.S. for future Ford and Lincoln vehicles.

Creating a Business Dedicated to Commercial Customers

• Establishing Ford Pro, a global vehicle services and distribution business within Ford devoted to commercial and government customers, and led by Ted Cannis, who's been named CEO and a corporate officer.
  • Cannis has been head of Ford’s North America CV business and previously managed the Team Edison EV development group.
• Providing customers with greater value and higher productivity through:
  • The industry’s most comprehensive and flexible range of electric and internal-combustion commercial vehicles
  • Digital and physical services that can help optimize and maintain customer fleets
  • Public, depot and employee home charging of EVs for the next day’s work, and
  • Bundled financing of vehicles, services and charging.
• Increasing the commercial market for hardware and adjacent and new services that’s addressable by Ford – with anticipated company revenue of $45 billion by 2025, up from $27 billion in 2019.

Connecting With Customers via Connected Services

• Having about 1 million vehicles that are capable of receiving over-the-air system updates on the road by the end of this year, exceeding Tesla’s volume by July 2022, and scaling to 33 million OTA-enabled Ford and Lincoln vehicles by 2028.
• Strengthening customer relationships with digitally enabled tools like Ford Pass and Lincoln Way, online ordering, simplified financing and renewal options, vehicle pick-up and delivery, and mobile repairs.
• Extending digital lifestyles by fully integrating best-in-class technology from, e.g., Apple, Amazon, Google and Baidu.
• Speeding detection and resolution of quality issues using connected data – helping to raise customer satisfaction and lower warranty costs.
• Deploying distinctive connected functions like Ford’s BlueCruise driver-assist technologies, new features and upgraded software content, and EV charging to improve the user experience – and capitalize on what is projected to be a $20 billion market for such services by 2030.

¹When Ford provides guidance for adjusted EBIT margin, it does not provide guidance for the most comparable GAAP measure because, as described in more detail in “Non-GAAP Financial Measures That Supplement GAAP Measures” in Ford’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, the GAAP measure includes items that are difficult to predict with reasonable certainty.

About Ford Motor Company

Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan. The company designs, manufactures, markets and services a full line of Ford trucks, utility vehicles, and cars – increasingly including electrified versions – and Lincoln luxury vehicles; provides financial services through Ford Motor Credit Company; and is pursuing leadership positions in electrification; mobility solutions, including self-driving services; and connected vehicle services. Ford employs approximately 186,000 people worldwide. For more information regarding Ford, its products and Ford Motor Credit Company, please visit corporate.ford.com.

Cautionary Note on Forward-Looking Statements

Statements included or incorporated by reference herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation:

• Ford and Ford Credit’s financial condition and results of operations have been and may continue to be adversely affected by public health issues, including epidemics or pandemics such as COVID-19;
• Ford is highly dependent on its suppliers to deliver components in accordance with Ford’s production schedule, and a shortage of key components, such as semiconductors, can disrupt Ford’s production of vehicles;
• Ford’s long-term competitiveness depends on the successful execution of its Plan;
• Ford’s vehicles could be affected by defects that result in delays in new model launches, recall campaigns, or increased warranty costs;
• Ford may not realize the anticipated benefits of existing or pending strategic alliances, joint ventures, acquisitions, divestitures, or new business strategies;
• Operational systems, security systems, and vehicles could be affected by cyber incidents and other disruptions;
• Ford’s production, as well as Ford’s suppliers’ production, could be disrupted by labor issues, natural or man-made disasters, financial distress, production difficulties, or other factors;
• Ford’s ability to maintain a competitive cost structure could be affected by labor or other constraints;
• Ford’s ability to attract and retain talented, diverse, and highly skilled employees is critical to its success and competitiveness;
• Ford’s new and existing products and mobility services are subject to market acceptance and face significant competition from existing and new entrants in the automotive and mobility industries;
• Ford’s results are dependent on sales of larger, more profitable vehicles, particularly in the United States;
• With a global footprint, Ford’s results could be adversely affected by economic, geopolitical, protectionist trade policies, or other events, including tariffs;
• Industry sales volume in any of Ford’s key markets can be volatile and could decline if there is a financial crisis, recession, or significant geopolitical event;
• Ford may face increased price competition or a reduction in demand for its products resulting from industry excess capacity, currency fluctuations, competitive actions, or other factors;
• Fluctuations in commodity prices, foreign currency exchange rates, interest rates, and market value of Ford or Ford Credit’s investments can have a significant effect on results;
• Ford and Ford Credit’s access to debt, securitization, or derivative markets around the world at competitive rates or in sufficient amounts could be affected by credit rating downgrades, market volatility, market disruption, regulatory requirements, or other factors;
• Ford’s receipt of government incentives could be subject to reduction, termination, or clawback;
• Ford Credit could experience higher-than-expected credit losses, lower-than-anticipated residual values, or higher-than-expected return volumes for leased vehicles;
• Economic and demographic experience for pension and other postretirement benefit plans (e.g., discount rates or investment returns) could be worse than Ford has assumed;
• Pension and other postretirement liabilities could adversely affect Ford’s liquidity and financial condition;
• Ford could experience unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, perceived environmental impacts, or otherwise;
• Ford may need to substantially modify its product plans to comply with safety, emissions, fuel economy, autonomous vehicle, and other regulations;
• Ford and Ford Credit could be affected by the continued development of more stringent privacy, data use, and data protection laws and regulations as well as consumers’ heightened expectations to safeguard their personal information; and
• Ford Credit could be subject to new or increased credit regulations, consumer protection regulations, or other regulations.

We cannot be certain that any expectation, forecast, or assumption made in preparing forward-looking statements will prove accurate, or that any projection will be realized. It is to be expected that there may be differences between projected and actual results. Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events, or otherwise. For additional discussion, see “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020, as updated by subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Media
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Equity Investment Community
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1.914.485.1150
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DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or the “Company”) today announced that Tom McCormick, President and Chief Executive Officer, and Ken Dodgen, Chief Financial Officer, will participate in the KeyBanc Capital Markets Industrials & Basic Materials Virtual Conference on Wednesday, June 2, 2021.

A copy of the Company’s presentation will be posted to the Company’s Investor Relations section of its website, www.primoriscorp.com, before the opening of trading on the NASDAQ on the same day.

ABOUT PRIMORIS

Founded in 1960, Primoris is one of the leading providers of specialty contracting services operating throughout the United States and Canada. Primoris provides a wide range of specialty construction services, fabrication, maintenance, and engineering services to a diversified base of blue-chip customers. For additional information, please visit www.primoriscorp.com.

Brook Wootton
Vice President, Investor Relations
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NuScale Power and Grant County Public Utility District (Grant PUD) will work together to examine NuScale’s advanced nuclear technology’s ability to deliver an affordable and reliable clean energy future to central Washington

PORTLAND, Ore.--(BUSINESS WIRE)--Today, NuScale Power and Grant County Public Utility District (Grant PUD) announced the signing of a memorandum of understanding (MOU) to evaluate the deployment of NuScale’s advanced nuclear technology in Central Washington. The agreement underscores the increasing demand for innovative small modular reactors (SMRs) to provide communities with reliable and affordable clean energy.

Based in Ephrata, Washington, Grant PUD is a public electric utility with the capacity to generate more than 2,100 megawatts of renewable, carbon-free energy for the Northwest at its hydropower plants. The utility also serves 40,000 retail customers in Grant County, which includes an expanding industrial sector. Grant PUD is a forward-thinking leader in managing and securing affordable, reliable, clean energy for its customers.

“We are proud to partner with an experienced, pioneering utility that has brought reliable, low-cost power to its people by investing in innovative, sustainable energy projects,” said John Hopkins, NuScale Power Chairman and Chief Executive Officer. “As interest in our small modular reactors (SMRs) grows, we welcome this opportunity to emphasize how NuScale’s safer and smarter technology can be the reliable and affordable clean energy solution that communities like Grant County and others across America need.”

“Grant PUD is very excited to be in partnership with NuScale to explore the development of one of its small modular reactor nuclear plants,” said Kevin Nordt, Grant PUD Chief Executive Officer. “NuScale’s dedication to innovation and safety fit well with Grant PUD’s values. We are excited to work towards making nuclear power a key part of a carbon free future in the Pacific Northwest.”

Under this MOU, the two parties will work together to support Grant PUD’s due diligence process in evaluating reliable, carbon-free energy solutions. The deployment of NuScale’s Nuclear Regulatory Commission (NRC)-approved design will support meeting the demands of Grant PUD’s customers and the desired commercial operation timeline with acceptable and affordable cost certainty.

Built upon existing light-water nuclear reactor technology, NuScale’s game-changing small modular reactors (SMRs) design is second-to-none in safety performance, power generation flexibility, and overall performance. Presented during the U.S. NRC Design Certification process, NuScale’s plant design demonstrated its Triple Crown For Nuclear Plant Safety™, meaning reactors will safely shut down and self-cool indefinitely with no need for operator or computer action, AC or DC power, or the addition of water. NuScale’s power plant design is scalable in 77 megawatts electric (MWe) increments up to 924 megawatts (MWe). Modules can be added incrementally as regional load demands increase, offering the customer a new level of flexibility and reduced financial risk. This flexibility also allows for seamless integration with intermittent sources of power utilizing exceptional load following capabilities. These qualities align well with Grant PUD’s long-term objective of providing its customers with reliable, carbon-free energy and are a driving force in the initiation of the due diligence process in order to investigate the applicability of the NuScale technology in Central Washington.

About NuScale Power

NuScale Power has developed a new modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, and other process heat applications. This groundbreaking small modular reactor (SMR) design features a fully factory-fabricated NuScale Power Module™ capable of generating 77 MW of electricity using a safer, smaller, and scalable version of pressurized water reactor technology. NuScale's scalable design—power plants that can house up to four, six, or 12 individual power modules—offers the benefits of carbon-free energy and reduces the financial commitments associated with gigawatt-sized nuclear facilities. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement, and construction company with a 60-year history in commercial nuclear power.

NuScale is headquartered in Portland, OR and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale Power, LLC, LinkedIn: NuScale-Power, and Instagram: nuscale_power. NuScale has a new logo, brand, and website. Watch the short video.

About Grant County PUD

Established by local residents over 80 years ago and based in Ephrata, Washington, Grant PUD generates and delivers energy to millions of customers throughout the Pacific Northwest, and serves more than 40,000 retail power customers in Grant County. For more information visit www.grantpud.org or follow us on Facebook and Twitter.

Diane Hughes, Vice President, Marketing & Communications, NuScale Power
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(C) (503) 270-9329

Grant PUD Public Affairs
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(509) 754-5035

VERNAL, Utah--(BUSINESS WIRE)--Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or the “Company”), a designer and manufacturer of drilling tool technologies, today announced that on May 20, 2021, the Company received notification from the NYSE American LLC (the “NYSE American”) that it had not met compliance standards of Section 1003(a)(ii) as a result of stockholders’ equity falling below $4.0 million and having reported losses in its five most recent fiscal years ended December 31, 2020. Stockholders’ equity was approximately $3.3 million as of March 31, 2021.

SDP has been granted a plan period through May 18, 2022 to regain compliance

SDP’s initial plan for regaining compliance was accepted by the NYSE American on January 28, 2021. SDP subsequently received approval on May 21, 2021 from the NYSE American on its first quarterly update to its plan.

The Company will continue to trade under the symbol “SDPI” on the NYSE American pursuant to this plan period extension. SDP will be subject to ongoing periodic reviews, including quarterly monitoring, for compliance with the plan.

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, achieving the objective provided in the continued listing compliance plan submitted to the NYSE American, 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.

For more information, contact investor relations:
Deborah K. Pawlowski, Kei Advisors LLC
(716) 843-3908, This email address is being protected from spambots. You need JavaScript enabled to view it.

LEMONT, Ill.--(BUSINESS WIRE)--A study conducted by researchers at the U.S. Department of Energy’s Argonne National Laboratory reveals that the use of corn ethanol is reducing the carbon footprint and diminishing greenhouse gases.

The study, recently published in Biofuels Bioproducts and Biorefining, analyzes corn ethanol production in the United States from 2005 to 2019, when production more than quadrupled. Scientists assessed corn ethanol’s greenhouse gas (GHG) emission intensity (sometimes known as carbon intensity, or CI) during that period and found a 23 percent reduction in CI.

Corn ethanol production increased over the period, from 1.6 to 15 billion gallons (6.1 to 57 billion liters). Supportive biofuel policies—such as the Environmental Protection Agency’s Renewable Fuel Standard and California’s Low-Carbon Fuel Standard—helped generate the increase. Both of those federal and state programs evaluate the life-cycle GHG emissions of fuel production pathways to calculate the benefits of using renewable fuels.

To assess emissions, scientists use a process called life-cycle analysis, or LCA—the standard method for comparing relative GHG emission impacts among different fuel production pathways.

“Since the late 1990s, LCA studies have demonstrated the GHG emission reduction benefits of corn ethanol as a gasoline alternative,” noted Argonne senior scientist Michael Wang. “This new study shows the continuous downtrend of corn ethanol GHG emissions.”

“The corn ethanol production pathway—both in terms of corn farming and biorefineries—has evolved greatly since 2005,” observed Argonne analyst Uisung Lee, first author of the study. Lee pointed out that the study relied on comprehensive statistics of corn farming from the U.S. Department of Agriculture and of corn ethanol production from industry benchmark data.

Hoyoung Kwon, a coauthor, stated that U.S. corn grain yields improved by 15 percent, reaching 168 bushels per acre despite fertilizer inputs remaining constant and resulting in a decreased intensity in fertilizer input per bushel of corn harvested: reductions of 7 percent in nitrogen use and 18 percent in potash use.

May Wu, another co-author, added that ethanol yields increased 6.5 percent, with a 24 percent reduction in ethanol plant energy use.

“With the increased total volume and the reduced CI values of corn ethanol between 2005 and 2019, corn ethanol has resulted in a total GHG reduction of more than 500 million tons between 2005 and 2019,” Wang emphasized. “For the United States, biofuels like corn ethanol can play a critical role in reducing our carbon footprint.”

Full story here.

Christopher J. Kramer
Head of Media Relations
Argonne National Laboratory
Office: 630.252.5580
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TULSA, Okla.--(BUSINESS WIRE)--Blueknight Energy Partners, L.P. (“Blueknight” or the “Partnership”) (Nasdaq: BKEP and BKEPP) announced today that it has closed a new four-year, $300.0 million senior secured revolving credit facility (the “New Credit Facility”). The New Credit Facility will replace the previous credit facility which was set to mature in May 2022.

“We are very pleased with the successful execution and outcome of our new credit facility,” said Andrew Woodward, Chief Executive Officer. “The extension represents another critical step forward in Blueknight’s transformation, as it strengthens our liquidity position and enhances our visibility into our cost of capital through May 2025 while maintaining financial flexibility for future growth. We are grateful for the continued support from our existing lending partners and are pleased to welcome several new participants to the lender group.”

The relevant terms and covenants contained in the New Credit Facility are summarized below (as compared to the previous credit facility):

• Credit Facility Size: permits borrowings up to $300.00 million ($50.0 million lower) with a provision to increase total commitments up to aggregate maximum of $450.0 million
• Interest Rate: LIBOR plus applicable margin ranging from 2.00% to 3.25% (no change); based on first quarter 2021 total leverage ratio of 2.12 times, the opening applicable margin remains at 2.00%
• Maximum Total Leverage Ratio Covenant: 4.75 times (no change)
• Minimum Interest Coverage Ratio Covenant: 2.50 times (no change)

Forward-Looking Statements

This release includes forward-looking statements. Statements included in this release that are not historical facts (including, without limitation, any statements about future financial and operating results, guidance, projected or forecasted financial results, objectives, project timing, expectations and intentions and other statements that are not historical facts) are forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties. These risks and uncertainties include, among other things, uncertainties relating to the Partnership’s debt levels and restrictions in its credit agreement, its exposure to the credit risk of our third-party customers, the Partnership’s future cash flows and operations, future market conditions, current and future governmental regulation, future taxation and other factors discussed in the Partnership’s filings with the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The Partnership undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

About Blueknight

Blueknight (Nasdaq: BKEP and BKEPP) is a publicly traded master limited partnership that owns the largest independent asphalt terminalling network in the country. Operations include 8.7 million barrels of liquid asphalt storage capacity across 53 terminals and 26 states throughout the U.S. Blueknight is focused on providing integrated terminalling solutions for tomorrow’s infrastructure and transportation end markets. More information is available at www.bkep.com.

Investor Relations Contact:
Matthew Lewis, Chief Financial Officer
(918) 237-4032
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DUBLIN--(BUSINESS WIRE)--The "Viscosity Reducing Agents Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The market for viscosity reducing agents is expected to grow at a CAGR of about 5% globally during the forecast period.

Companies Mentioned

• Alberta Treating Chemicals LTD.
• ARKEMA Group
• Baker Hughes Company
• BASF SE
• BYK-CHEMIE GMBH
• CHINAFLOC
• Ecolab
• Innospec
• LiquidPower Specialty Products Inc.
• NuGenTecx
• Oil Flux
• Qflo
• The Lubrizol Corporation

Key Market Trends

Growing Demand from the Oil & Gas Industry

• Viscosity reducing agents are widely used in oil & gas industries and is expected to grow rapidly during the forecast period.
• Viscosity reducing agents are often referred to as drag reducing agents in oil & gas industries, they improve the flow by reducing the frictional energy losses by decreasing the turbulence in the pipeline during crude oil transportation, and processing.
• Moreover, they are long-chain hydrocarbons that decrease the pressure drop for the same flow rate and thereby increase the pipeline flow using the same amount of energy.
• Viscosity reducing agents help in the free-flowing of crude oil products, finished products, asphalt-crude, aqueous systems, and multiphase systems. The global petroleum and other petroleum-based liquids are at 100.75 million barrels per day in 2019 from 99.97 million barrels per day in 2018, which shows an increase of about 284.7 million barrels per year and is expected to grow during the forecast period.
• However, due to unprecedented conditions arisen due to the COVID-19 outbreak the consumption of oil & gas will be down by at least 5 million barrels per day due to lockdown in various countries and shut down of travel, tourism, e-commerce, and restaurants are likely to affect the consumption in 2020.
• The growing urbanization and increasing demand for petroleum-based products are expected to drive the market for the viscosity reducing agents during the forecast period.

Asia-Pacific Region to Dominate the Market

• The Asia-Pacific region is expected to dominate the market for viscosity reducing agents during the forecast period due to an increase in demand from countries like China and India.
• The growing crude-oil consumption in countries like India and China is expected to drive the market during the forecast period. Globally, India is the third-largest consumer of crude oil and petroleum products after China and the United States, with the second-largest refinery in Asia after China. The Indian petroleum import value is about USD 112 billion in 2019 with a 27% growth from the financial year 2018. The growing consumption from the transportation sector, and liquified petroleum gas from residential and commercial complexes are expected to drive the market.
• In China, crude oil consumption is at 14.5 million barrels per day in 2019 from about 13.5 million barrels per day in 2018. In addition to that, China's refinery capacity is increased by 1 million barrels per day in 2019. The growing consumption in China is expected to drive the market.
• In paints & coatings, the dispersing agents deflocculates solids, thereby reducing the viscosity of dispersion and increasing the loading of dispersed powder material. The dispersing phase is the most energy consuming stage and dispersing agents help in increasing stability and optimize energy consumption. The growing paints and coatings are expected to drive the market.
• The aforementioned factors, coupled with government support, are contributing to the increasing demand for viscosity reducing agents market in the Asia-Pacific during the forecast period.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Drivers

4.1.1 Growing Demand From the Oil & Gas Industry

4.1.2 Other Drivers

4.2 Restraints

4.2.1 Stringent Environmental Regulations

4.2.2 Unfavourable Conditions Arising Due to the COVID-19 Outbreak

4.3 Industry Value Chain Analysis

4.4 Porters Five Forces Analysis

4.4.1 Bargaining Power of Suppliers

4.4.2 Bargaining Power of Consumers

4.4.3 Threat of New Entrants

4.4.4 Threat of Substitute Products and Services

4.4.5 Degree of Competition

5 MARKET SEGMENTATION

5.1 Type

5.2 End-user Industry

5.3 Geography

6 COMPETITIVE LANDSCAPE

6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Market Share Analysis

6.3 Strategies Adopted by Leading Players

6.4 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

7.1 Growing Demand Due from Emerging Economies

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HAMILTON, Bermuda--(BUSINESS WIRE)--May 26, 2021 – Triton International Limited (NYSE: TRTN) (“Triton” or the “Company”) today announced that its subsidiary Triton Container International Limited (“TCIL”) has priced an offering of $500 million aggregate principal amount of 1.150% Senior Secured Notes due 2024 (the “2024 Notes”) at an offering price of 99.894% of the principal amount thereof and $600 million aggregate principal amount of 3.150% Senior Secured Notes due 2031 (the “2031 Notes”) at an offering price of 99.906% of the principal amount thereof. The 2024 Notes and 2031 Notes ("Notes") will be guaranteed on a senior unsecured basis by the Company.

The offering is expected to close on June 7, 2021, subject to the satisfaction of customary closing conditions. The net proceeds from the offering are expected to be used to repay outstanding borrowings under TCIL’s revolving credit facility and for general corporate purposes, including the expansion of TCIL’s container fleet and repayment of other existing secured debt.

The Notes and the related guarantees have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. The Notes are being offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A of the Securities Act and to non-U.S. persons outside of the United States in compliance with Regulation S of the Securities Act.

This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Important Cautionary Information Regarding Forward-Looking Statements

Certain statements in this release, other than purely historical information, including statements about the offering and the intended use of proceeds of the offering, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “will,” “may,” “would” and similar statements of a future or forward-looking nature may be used to identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond Triton’s control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements.

These factors include, without limitation, those risk factors included in the offering memorandum for the Notes and the impact of COVID-19 on the Company’s business and financial results; decreases in the demand for leased containers; decreases in market leasing rates for containers; difficulties in releasing containers after their initial fixed-term leases; customers’ decisions to buy rather than lease containers; dependence on a limited number of customers and suppliers; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of the Company’s businesses; decreases in demand for international trade; disruption to the Company’s operations resulting from political and economic policies of the United States and other countries, particularly China, including but not limited to, the impact of trade wars, duties and tariffs; disruption to the Company’s operations from failure of, or attacks on, the Company’s information technology systems; disruption to the Company’s operations as a result of natural disasters; compliance with laws and regulations related to economic and trade sanctions, security, anti-terrorism, environmental protection and corruption; ability to obtain sufficient capital to support growth; restrictions imposed by the terms of the Company’s debt agreements; changes in the tax laws in Bermuda, the United States and other countries; and other risks and uncertainties, including those risk factors set forth in the section entitled “Risk Factors” in our Form 10-K filed with the SEC on February 16, 2021. Any forward-looking statements made herein are qualified in their entirety by these cautionary statements. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

About Triton International Limited

Triton International Limited is the world’s largest lessor of intermodal freight containers. Triton operates a container fleet of over six million twenty-foot equivalent units, and its global operations include acquisition, leasing, releasing and subsequent sale of multiple types of intermodal containers and chassis.

Source: Triton International Limited

Andrew Greenberg
Senior Vice President
Business Development & Investor Relations
(914) 697-2900

Leader in decarbonization planning assessed a range of zero-carbon generation projects for SMUD in detailed utility analysis

OVERLAND PARK, Kan.--(BUSINESS WIRE)--Zero-carbon technologies, including carbon capture, energy storage, hydrogen, solar and wind, will allow the Sacramento Municipal Utility District (SMUD) to achieve its goals of zero-carbon emissions in its electricity supply by 2030, finds a recent analysis by decarbonization solutions leader Black & Veatch.

The 2030 Zero Carbon Plan was completed to help the public utility inform its customers and other key stakeholders as to how SMUD will address its goal of eliminating 100-percent of greenhouse gas emissions from all electric generation by 2030. Black & Veatch performed an assessment of zero carbon technologies that included biomass and biogas; carbon sequestration and storage; geothermal energy; long-duration energy storage; onshore and offshore wind; renewable hydrogen and solar PV that will accelerate the energy transition for SMUD’s more than 1.5 million customers.

“Climate change is a critical issue threatening our world, but it’s more than that for us,” said Valentino Tiangco, biomass program lead at SMUD. “Air quality in Sacramento is among the worst in the country. Our Plan will contribute to improving both air quality and greenhouse gas emissions. To support the analyses, we selected Black & Veatch to assess zero-carbon technologies that could provide the sustainability and resilience we need to achieve this aggressive and highly necessary goal.”

The study analyzed the full range of zero-carbon technologies currently available to determine the metrics for potential procurement. The report also evaluated the cost-effectiveness and performance characteristics for each technology; assessed its technical and economic feasibility; estimated the Levelized Cost of Energy (LCOEs); evaluated issues and challenges for the development of each project; and identified and determined the necessary input required for production cost models and scenario analysis.

Other key takeaways from the report include:

• All the studied technologies are expected to be commercially available for SMUD’s use by 2030.
• Solar and onshore wind are the lowest cost of energy options on a levelized basis.
• Due to anticipated advancements in technology, long-duration energy storage – defined as 48 hours to 168 hours of storage – becomes significantly more economical towards the end of the study period. The same can be said for hydrogen.

“Drawing on our deep experience and expertise across an integrated portfolio of power generation, transmission and distribution technologies, our team was able to evaluate a range of options to model the analysis,” said Dave Hallowell, Senior Vice President and leader of Black & Veatch’s Global Renewable Energy business line. “Armed with this information, SMUD can advance towards achieving its zero-carbon goals.”

The report is available for download on the SMUD website.

Editor’s Notes:

• In 2017, the Smart Electric Power Alliance selected Black & Veatch to conduct an in-depth study detailing SMUD’s efforts to create an integrated distributed energy resources (DER) planning process. The report found that consumers could outspend utilities in the adoption of solar, storage, electric vehicles and other DER, making it essential for utilities to track and integrate DER into their planning processes to benefit their customers and the grid.

About Black & Veatch
Black & Veatch is an employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Our revenues in 2020 exceeded US$3.0 billion. Follow us on www.bv.com and on social media.

About SMUD
As the nation’s sixth-largest community-owned electric service provider, SMUD has been providing low-cost, reliable electricity for about 70 years to Sacramento County and small adjoining portions of Placer and Yolo Counties. SMUD is a recognized industry leader and award winner for its innovative energy efficiency programs, renewable power technologies, and for its sustainable solutions for a healthier environment. SMUD’s power mix is about 50 percent non-carbon emitting. For more information, visit smud.org.

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