Believes Voting for Transaction is in Best Interests of QEP Shareholders

CISCO, Texas--(BUSINESS WIRE)--THRC Holdings L.P. (“THRC”), a QEP Resources (NYSE: QEP) shareholder owning 5.84% of total shares outstanding, today issued the following statement announcing its public support of the pending acquisition of QEP by Diamondback Energy, Inc. (NYSE: FANG):

“We have felt for some time that consolidation in this market has been necessary to shore up companies’ balance sheets. We also believe that, while QEP has great management and assets, leverage is a real issue that would have to be addressed. To that end, this transaction provides a number of synergies that are hard for us to ignore and we believe the combined production along with the decreased leverage created in this transaction will allow a successful path forward for the combined company.

“THRC has always sought out opportunities in which we could invest for the long haul. Put simply, this is not a trade for us, rather we firmly believe there is long-term value here for the shareholders. For that reason, we are excited to support the proposed acquisition of QEP by Diamondback and are voting FOR this transaction,” said Matt Wilks, VP Investments for Wilks Brothers, LLC.

On December 21, 2020, QEP announced that it had entered into a definitive agreement to be acquired by Diamondback in an all-stock transaction. THRC Holdings will vote in support of the transaction ahead of QEP’s Special Meeting on March 16, 2021, at 8:00 a.m. MT.

About THRC Holdings L.P.

THRC Holdings L.P. is an investment portfolio managed by the Wilks Brothers, LLC family office.

Matt Wilks
Wilks Brothers, LLC
817-850-5350

DUBLIN--(BUSINESS WIRE)--The "Water And Sewage Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global water and sewage market as it emerges from the COVID-19 shut down.

The global water and sewage market is expected to grow from $501.78 billion in 2020 to $529.5 billion in 2021 at a compound annual growth rate (CAGR) of 5.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $711.11 billion in 2025 at a CAGR of 8%.

Companies Mentioned

• SUEZ SA
• SABESP
• Nalco Champion
• American Water Works
• United Utilities

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market research findings.
• Benchmark performance against key competitors.
• Utilize the relationships between key data sets for superior strategizing.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis.

Asia Pacific was the largest region in the global water and sewage market, accounting for 33% of the market in 2020. North America was the second largest region accounting for 28% of the global water and sewage market. Africa was the smallest region in the global water and sewage market.

Conventional wastewater treatment plants are using advanced technologies to treat micro pollutants. Micro-pollutants are contaminants originating from pharmaceutical residues, household chemicals, personal care products and pesticides. Technologies such as moving bed biofilm reactors (MBBR), ozone-based advanced oxidation, adsorption and powdered activated carbon (PAC) are being used to remove micro-pollutants from wastewater. There has been a growing focus on removing micro-pollutants from wastewater streams in European countries such as Germany and Switzerland. In Germany, advanced technologies such as GE's membrane bioreactor and powdered activated carbon technology are proving to be a cost-effective way of removing micro-pollutants from wastewater. For instance, some of the major companies using advanced technologies to treat micro-pollutants include Suez Group, Arvia, and Novartis.

Water treatment plants are using energy efficient technologies to reduce energy consumption in their plants. Energy-efficient technologies such as membrane aerated biofilm reactors (MABR) and advanced anaerobic digesters are helpful in water resource recovery. Advanced digesters are used to create biogas, and reciprocating gas engines turn that biogas into electricity, thus enabling plants to become energy neutral.

Key Topics Covered:

1. Executive Summary

2. Report Structure

3. Water And Sewage Market Characteristics

4. Water And Sewage Market Product Analysis

4.1. Leading Products/ Services

4.2. Key Features and Differentiators

4.3. Development Products

5. Water And Sewage Market Supply Chain

5.1. Supply Chain

5.2. Distribution

5.3. End Customers

6. Water And Sewage Market Customer Information

6.1. Customer Preferences

6.2. End Use Market Size and Growth

7. Water And Sewage Market Trends And Strategies

8. Impact Of COVID-19 On Water And Sewage

9. Water And Sewage Market Size And Growth

9.1. Market Size

9.2. Historic Market Growth, Value ($ Billion)

9.3. Forecast Market Growth, Value ($ Billion)

10. Water And Sewage Market Regional Analysis

10.1. Global Water And Sewage Market, 2020, By Region, Value ($ Billion)

10.2. Global Water And Sewage Market, 2015-2020, 2020-2025F, 2030F, Historic And Forecast, By Region

10.3. Global Water And Sewage Market, Growth And Market Share Comparison, By Region

11. Water And Sewage Market Segmentation

11.1. Global Water And Sewage Market, Segmentation By Type

11.2. Global Water And Sewage Market, Segmentation By End-User

11.3. Global Water And Sewage Market, Segmentation By Type of Operator

12. Water And Sewage Market Segments

12.1. Global Water Supply & Irrigation Systems Market, Segmentation By Type, 2015-2020, 2020-2025F, 2030F, Value ($ Billion)

12.2. Global Sewage Treatment Facilities Market, Segmentation By Type, 2015-2020, 2020-2025F, 2030F, Value ($ Billion)

12.3. Global Steam & Air-Conditioning Supply Market, Segmentation By Type, 2015-2020, 2020-2025F, 2030F, Value ($ Billion)

13. Water And Sewage Market Metrics

13.1. Water And Sewage Market Size, Percentage Of GDP, 2015-2025, Global

13.2. Per Capita Average Water And Sewage Market Expenditure, 2015-2025, Global

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) announced today that Brad Barron, President and Chief Executive Officer; Tom Shoaf, Executive Vice President and Chief Financial Officer; Danny Oliver, Executive Vice President of Business Development & Engineering; Amy Perry, Executive Vice President of Strategic Development; Pam Schmidt, Vice President of Investor Relations, and other members of management will participate in virtual meetings with members of the investment community at the Fifth Annual Mizuho Energy Summit on Monday, March 15, 2021. The materials to be discussed in the meetings will be available on the partnership’s website at 10:30 a.m. Eastern Time, Monday, March 15, 2021.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 73 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids. The partnership’s combined system has approximately 72 million barrels of storage capacity, and the partnership has operations in the United States, Canada and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com.

NuStar Energy, L.P., San Antonio
Investors, Tim Delagarza, Manager, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314
website: http://www.nustarenergy.com

CANONSBURG, Pa.--(BUSINESS WIRE)--#ETRN--EQM Midstream Partners, LP (previously NYSE: EQM), a wholly owned subsidiary of Equitrans Midstream Corporation (NYSE: ETRN), announced that its 2020 unitholder tax package is now available online. Mailing of EQM tax packages is expected to begin on March 11, 2021. Information for accessing EQM tax packages online is as follows:

• Former EQM investors can access their tax package and Schedule K-1 at www.taxpackagesupport.com/eqm or by visiting the Investors page of the Equitrans Midstream website at https://ir.equitransmidstream.com.
• For additional information, former investors may call Tax Package Support toll free at 1-855-886-9763 (8am – 5pm CT; Monday – Friday).

About Equitrans Midstream Corporation:
Equitrans Midstream Corporation (ETRN) has a premier asset footprint in the Appalachian Basin and, as the parent company of EQM Midstream Partners, is one of the largest natural gas gatherers in the United States. Through its strategically located assets in the Marcellus and Utica regions, ETRN has an operational focus on gas transmission and storage systems, gas gathering systems, and water services that support natural gas development and production across the Basin. With a rich 135-year history in the energy industry, ETRN was launched as a standalone company in 2018 with the vision to be the premier midstream services provider in North America. ETRN is helping to meet America’s growing need for clean-burning energy, while also providing a rewarding workplace and enriching the communities where its employees live and work.

For more information on Equitrans Midstream Corporation, visit www.equitransmidstream.com; and to learn more about our environmental, social, and governance practices visit ETRN Sustainability Reporting.

Source: Equitrans Midstream Corporation

Analyst inquiries:
Nate Tetlow – Vice President, Corporate Development and Investor Relations
412.553.5834
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media inquiries:
Natalie A. Cox – Communications and Corporate Affairs
412.395.3941
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SULLIVAN, Mo.--(BUSINESS WIRE)--#americantrucker--EnviroCool is the latest truck parts manufacturing brand from innovator George Sturmon. Since 1987 George has engineered unique products for the aftermarket, founding both ATRO and Steer King which were recently acquired in early 2021.

TRADITIONAL COOLING SYSTEM CLEANING METHODS HAVE NOT ADVANCED FOR DECADES. It is well known that over 50% of engine failures originate in cooling systems. In turn, it is no surprise that over 40% of all engine downtime is cooling system related maintenance.

EnviroCool’s Coolant Cleaner Filter safely and completely removes corrosion in the radiator and throughout the entire system - while driving. Contaminants are collected by the high performance 10-micron filter which is landfillable. No other product completely cleans the cooling system while the vehicle is operating on the road.

“The data from our seven-year field study on a diesel fleet of 650 busses running 25 million miles each year makes it absolutely obvious to the value of a clean cooling system in terms of effective cooling,” George Sturmon says. “No matter what new products or methods are used, it’s irrefutable that cooling systems must be clean and kept clean to do their job effectively. Without doubt the EnviroCool Coolant Cleaner Filter has outperformed other cooling system cleaning methods, and using it annually will help ensure engines stay efficient while fleets save in maintenance costs and prevent heat related part failures."

Eliminating the need to drain and flush coolant, thousands of dollars can be saved while protecting the vehicle from heat related parts failures or catastrophic engine damage. EnviroCool Filters are a specialized alkaline formula that safely and thoroughly maintains the entire system in order to fully realize increased performance.

EnviroCool Filters work in two steps. Spinning on the cleaner filter in place of the traditional coolant filter and driving for 10,000 miles. Then, replacing the cleaner with the inhibitor and driving for 100,000 miles. OEM’s recommend cleaning the cooling system every year in order to keep it operating efficiently. Annual use of EnviroCool Filters enhances and protects the cooling system so vehicles can stay on the road, not in the shop.

To Order Direct or learn more about EnvroCool’s advanced cooling system solutions and the only “Cleans While You Drive” Coolant Filter visit EnviroCoolTech.com.

Joshua Medling
This email address is being protected from spambots. You need JavaScript enabled to view it.
573-828-7320
101 Industrial Park Dr.
Sullivan, MO 63080

•  Fourth quarter revenue of $1.5 million unchanged from trailing third quarter
• For the year, International revenue increased 43% to $1.9 million as the Company executed on its strategy to diversify its markets
• North America markets improved sequentially
• Improvement in North America market conditions demonstrated by $225 thousand order received in late December for new Drill-N-Ream® (“DNR”) patented well bore conditioning tools; additional $270 thousand in North America orders received through February 2021 for new DNRs
• Operating expenses reduced to cash breakeven level entering 2021

VERNAL, Utah--(BUSINESS WIRE)--Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or the “Company”), a designer and manufacturer of drilling tool technologies, today reported financial results for the fourth quarter and full year ended December 31, 2020.

Troy Meier, Chairman and CEO, commented, “We are realizing the impact of the improvement in the industry as we add back variable costs to address improving demand. As we advanced through the fourth quarter and into 2021, we have had more activity in North America than we have seen since before the pandemic. It is encouraging to see the market improve, but more importantly, we are optimistic given the growing recognition with more operators of the Drill-N-Ream® (“DNR”), our unique, patented well bore conditioning tool. While International markets were challenged with the pandemic which restricted customers’ operations, we nonetheless continued to build market share and expanded the markets we serve. The production efficiencies which the DNR can deliver are measurable. We believe in this environment of cash conservation, the use of tools that can enhance productivity becomes an imperative for our customers. We were successful in reducing our cost structure to cash break even as we entered 2021 and expect revenue to sequentially improve from here.”

Reduced global demand for oil due to the social and economic impacts of the pandemic resulted in revenue declining $2.8 million, or 64%, when compared with the prior-year period. As global oil markets bottomed in the latter half of the year and slowly began to recover, fourth quarter revenue was unchanged sequentially. Specifically, the market in North America has begun to improve from its lows in the summer of 2020. Revenue in North America increased 8% sequentially on higher Contract Services from an increasing rig count, while International markets have lagged in the recovery.

⁽¹⁾ Adjusted EBITDA is a non-GAAP measure defined as earnings before interest, taxes, depreciation and amortization, non-cash stock compensation expense and unusual items. See the attached tables for important disclosures regarding SDP’s use of Adjusted EBITDA, as well as a reconciliation of net loss to Adjusted EBITDA.

The cost of revenue declined approximately $1.2 million over the prior-year period reflecting lower material costs from lower volume and reduced fixed and other variable costs, specifically labor. The decline in costs was the result of actions taken to align operations with lower demand resulting from the impact of the COVID-19 pandemic. As a percentage of revenue, cost of sales was 53% compared with 48% for the prior-year period. The increase reflects lower absorption of overhead costs on reduced volume. Sequentially, on similar revenue, the cost of sales improved to 53.3% as a result of continued cost management and improved mix of products.

The 22% decline in selling, general and administrative expense (SG&A), which includes research and development projects, was primarily due to cost reduction measures related to the pandemic initiated in April 2020. The 3% decline sequentially reflected the third phase of similar cost reductions initiated in October 2020.

Net loss for the quarter was $0.6 million, showing improvement from a net loss of $1.7 million in the trailing third quarter of 2020, but down compared with fourth quarter 2019. Adjusted EBITDA⁽¹⁾ improved sequentially as a result of the additional cost saving measures.

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

Revenue in the year ended 2020 was $10.5 million, compared with $19.0 million in 2019. Lower revenue was driven by the unfavorable impacts of COVID-19 on the demand for oil and the geopolitically driven imbalance of supply and demand in the global oil market, which resulted in a significant reduction in drilling activity globally.

Despite the decline in drilling activity, international revenue increased 43% as the DNR gained market share. Tool revenue was $7.1 million, down 42%, or $5.1 million, from the prior-year period. Contract Services revenue decreased approximately $3.5 million, or 50%, to $3.4 million for the year.

Aggressive cost reduction efforts in 2020 resulted in a $5.6 million, or 28%, decline in total operating costs compared with 2019. These measures included headcount reductions, salary reductions and the deferral of new product development initiatives.

Additionally, the Company recognized $933 thousand of loan forgiveness in 2020. Approximately $892 thousand was related to the Company’s PPP Loan and $41 thousand related to an SBA equipment loan that was forgiven as part of the CARES Act.

2020 net loss was $3.4 million, or $(0.13) per diluted share. Adjusted EBITDA⁽¹⁾ was near breakeven for the year at $(0.1) million, or (1.3)% of sales in 2020.

Balance Sheet and Liquidity

Cash at the end of the year was $2.0 million, up from $1.2 million at the end of 2019. Cash used in operations in the fourth quarter of 2020 was $694 thousand, whereas for the full year 2020 the Company generated $575 thousand in cash from operations. During the fourth quarter, the Company completed a sale-leaseback transaction of its Vernal, UT property realizing net proceeds after fees of $4.2 million, of which $2.6 million was used to pay the total outstanding balance of the mortgage on the property. Long-term debt, including the current portion at December 31, 2020, was $2.8 million. The sale-leaseback transaction included a repurchase option and as a result, the Company recognized at year end a $4.2 million financial obligation related to the minimum 15-year lease of the Vernal, Utah property.

Strategy and outlook

Mr. Meier concluded, “We expect that we will grow through 2021 as global market conditions in the oil and gas industry improve. We are seeing the slow and steady rebound in the market in North America now and believe the opportunities in the International market will also gradually improve as we move through 2021. Although we do not expect that the global drill rig count will return to what it was prior to the pandemic, primarily as operators become more efficient with their production practices and are more disciplined in capital deployment, we do expect that we will continue to add new customers and further the market penetration of the DNR around the world.”

Definitions and Composition of Product/Service Revenue:

Contract Services Revenue is comprised of drill bit and other repair and manufacturing services.

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

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

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

Webcast and Conference Call

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

The conference call can be accessed by calling (201) 689-8470. Alternatively, the webcast can be monitored at www.sdpi.com/events. A telephonic replay will be available from 1:00 p.m. MT (3:00 p.m. ET) the day of the teleconference until Thursday, March 18, 2021. To listen to the archived call, please call (412) 317-6671 and enter conference ID number 13715002, or access the webcast replay at www.sdpi.com, where a transcript will be posted once available.

About Superior Drilling Products, Inc.

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

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

Safe Harbor Regarding Forward Looking Statements

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

FINANCIAL TABLES FOLLOW.

⁽¹⁾ Adjusted EBITDA represents net income adjusted for income taxes, interest, depreciation and amortization and other items as noted in the reconciliation table. The Company believes Adjusted EBITDA is an important supplemental measure of operating performance and uses it to assess performance and inform operating decisions. However, Adjusted EBITDA is not a GAAP financial measure. The Company’s calculation of Adjusted EBITDA should not be used as a substitute for GAAP measures of performance, including net cash provided by operations, operating income and net income. The Company’s method of calculating Adjusted EBITDA may vary substantially from the methods used by other companies and investors are cautioned not to rely unduly on it.

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.

TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) announced today that its wholly-owned subsidiaries, Superior Plus LP (“Superior LP”) and Superior General Partner Inc. (together with Superior LP, the “Issuers”) have closed the previously announced private placement (the “Offering”) of US$600 million principal amount of 4.500% Senior Unsecured Notes due March 15, 2029 (the “Notes”). The Notes were issued at par.

The Notes have been guaranteed by Superior and certain of its wholly-owned subsidiaries.

Superior also announced today that the Issuers have completed the redemption in full of their 7.000% senior unsecured notes due July 15, 2026 at a redemption price of 107.444% of the outstanding principal amount, plus accrued and unpaid interest to, but excluding, the redemption date.

The Offering was made solely by means of a private placement either to persons reasonably believed to be qualified institutional buyers in the United States, as defined in Rule 144A promulgated under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or to certain non-U.S. persons in offshore transactions pursuant to Regulation S under the U.S. Securities Act. The notes have not been, and will not be, registered under the U.S. Securities Act, or the securities laws of any state or jurisdiction thereof, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and the rules promulgated thereunder and applicable securities law. In Canada, the notes were offered and sold on a private placement basis to certain accredited investors in certain provinces of Canada. The notes have not been and will not be qualified under the securities laws of any province or territory of Canada for distribution to the public and may not be offered or sold directly or indirectly in Canada or to or for the benefit of any resident of Canada except pursuant to applicable prospectus exemptions.

About Superior Plus Corp.
Superior currently consists of two primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and supply portfolio management; and Specialty Chemicals includes the production and sale of specialty chemicals. On February 18, 2021, Superior announced that the Issuers have entered into a definitive agreement to sell the Specialty Chemicals business.

For further information about Superior, please visit Superior’s website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).

Beth Summers, Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
or
Rob Dorran, Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Toll Free: 1-866-490-PLUS (7587)

Vessels to Enter Seven-Year Time Charters With Shell Upon Delivery in 2023

NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, today announced that it has entered into an agreement to build three dual-fuel LNG VLCCs. The three vessels will be constructed at leading South Korean shipyard DSME and are expected to deliver in 2023.

Upon delivery, the three vessels will commence seven-year time charters with Shell. The Company expects to fund the construction costs with cash and long-term financing.

“We are pleased to partner with market leading counterparty Shell on these three dual-fuel LNG VLCCs,” said Lois K. Zabrocky, International Seaways’ President and CEO. “In addition to generating strong, stable cash flows for seven years, with added upside due to profit sharing above the base rate, we are once again renewing our fleet at very attractive levels. Importantly, we expect these tankers to be well suited to adhere to future environmental regulation throughout their life, as they meet both today’s IMO Energy Efficiency Design Index (“EEDI”) and also exceed the 2025 Phase III EEDI targets by about eight percent. Their significant environmental benefits, including substantially reducing our carbon footprint, are in keeping with Seaways’ commitment to ESG-focused corporate citizenship, and we are proud to continue to be at the forefront of sustainability initiatives in the maritime sector.”

About International Seaways, Inc.
International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 36 vessels, including 11 VLCCs, two Suezmaxes, four Aframaxes/LR2s, 13 Panamaxes/LR1s and 4 MR tankers. Through joint ventures, it has ownership interests in two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.

Forward-Looking Statements
This release contains forward-looking statements. In addition, the Company 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 representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the Company’s plans to issue dividends, its 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 Company’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 the Company, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its 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 the Company with the SEC.

Investor Relations & Media:
International Seaways, Inc.
David Siever, 212-578-1635
This email address is being protected from spambots. You need JavaScript enabled to view it.

COLUMBIA, Md.--(BUSINESS WIRE)--GSE Systems, Inc. (“GSE Solutions” or “GSE”) (Nasdaq: GVP), a leader in delivering and supporting engineering, compliance, simulation, training and workforce solutions that support decarbonization of the power industry, today announced that it will issue its financial results press release for the fourth quarter ended December 31, 2020 on Wednesday, March 31, 2021 after the close of the stock market. Management will host a conference call that day at 4:30 p.m. Eastern Time to discuss the results.

Interested parties may participate in the call by dialing:

• (877) 407-9753 (Domestic)
• (201) 493-6739 (International)

The conference call also will be accessible via the following link:
https://78449.themediaframe.com/dataconf/productusers/gvp/mediaframe/44080/indexl.html

ABOUT GSE SOLUTIONS

We are the future of operational excellence in the power industry. As a collective group, GSE Solutions leverages top skills, expertise, and technology to provide highly specialized solutions that allow customers to achieve the performance they imagine. Our experts deliver and support end-to-end training, engineering, compliance, simulation, and workforce solutions that help the power industry reduce risk and optimize plant operations. GSE is proven, with over four decades of experience, more than 1,100 installations, and hundreds of customers in over 50 countries spanning the globe. www.gses.com

Company Contact
GSE Solutions
Kyle Loudermilk, Chief Executive Officer
(410) 970-7800

Investor Contact
The Equity Group
Kalle Ahl, CFA
(212) 836-9614
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LED installation enables Glenwood Valley Farms to increase light intensity without raising overall facility temperature

AUSTIN, Texas & LANGLEY CITY, British Columbia--(BUSINESS WIRE)--Fluence by OSRAM (Fluence), a leading global provider of energy-efficient LED lighting solutions for commercial cannabis and food production, and Glenwood Valley Farms (Glenwood), a British Columbia-based greenhouse grower, announced the successful installation of Fluence’s broad-spectrum LED technology across one hectare of Glenwood’s cucumber greenhouse.

Glenwood—located in one of the most prominent regions in North America for greenhouse farming—grows tomatoes, cucumbers and various fruits year-round and distributes produce to local grocery stores and retailers through its strategic partnership with BC Hot House, a division of The Star Group. Herb Schlacht, the farm’s president and CEO, founded Glenwood more than 30 years ago. A progressive grower in constant search of innovative cultivation solutions, Schlacht is already recording greater crop yields following the first harvests under Fluence’s LEDs.

“Our partnership with Fluence is producing great results after just one crop cycle,” Schlacht said. “Together, I’m confident we will exceed our goals to grow bigger, more beautiful and tasty crops without sacrificing energy usage.”

Schlacht also noted a key advantage LEDs offer in comparison to high-pressure sodium (HPS) fixtures: the ability to increase light intensity by decoupling light and heat parameters. Decoupling reduces the risk of overheating the facility and ensures control over environmental conditions, resulting in better plant morphology and production response. Specifically, Schlacht achieved a photosynthetic photon flux density (PPFD) of 275 μmol/m²/s with Fluence’s LED technology—about a 50 percent increase over Glenwood’s HPS PPFD of 180 μmol/m²/s.

“Our greenhouse is four and a half meters tall. It would be impossible for us to reach that high of a light level with conventional HPS technology—we simply do not have an adequate buffer above our crop. Our Fluence fixtures allow us to grow in our existing greenhouse without risking excessive heat output,” Schlacht added.

“The possibilities for optimized energy efficiency and increased crop yields through LED technology are endless,” said Ron DeKok, senior vice president of North American sales for Fluence. “Our partnership with Glenwood Valley Farms demonstrates how Fluence is bringing market-leading, science-based solutions to growers that optimize production opportunities throughout the grow cycle. Herb’s early success also reinforces how LEDs are best suited to meet changing grocer and consumer demand for locally sourced, sustainably grown food year-round.”

For more information on Fluence, visit www.fluence.science.

About Fluence by OSRAM
Fluence Bioengineering, Inc., a wholly-owned subsidiary of OSRAM, creates powerful and energy-efficient LED lighting solutions for commercial crop production and research applications. Fluence is a leading LED lighting supplier in the global cannabis market and is committed to enabling more efficient crop production with the world’s top vertical farms and greenhouse produce growers. Fluence global headquarters are based in Austin, Texas, with its EMEA headquarters in Rotterdam, Netherlands. For more information about Fluence, visit https://fluence.science.

About Glenwood Valley Farms
Glenwood Valley Farms is committed to growing Long English and mini cucumbers using the high-wire method. Our focus is on growing year-round using the latest technologies, in particular, focusing on LED lighting. We have a long-term strategic partnership with The Star Group and BC Hot House, focusing on quality produce for our end consumer. For more information on Glenwood Valley Farms, visit https://www.theglenwoodvalleyfarms.com/.

Media Contact:
For Fluence
Alex Bacon
This email address is being protected from spambots. You need JavaScript enabled to view it.
512-960-6027

Boulder Valley School District is the first district in the state to operate an electric school bus, powered by Blue Bird

BOULDER, Colo.--(BUSINESS WIRE)--Colorado is the latest state to add a zero-emissions school bus to its fleet. Blue Bird Corporation, the #1 provider of electric-powered school buses, delivered the state’s first electric school bus to the Boulder Valley School District on March 4^th.

“By adding Blue Bird’s electric bus to our fleet, the Boulder Valley School District is prioritizing and improving the health of our students and drivers, as well as investing in our community’s future,” said BVSD superintendent Dr. Rob Anderson. “We have a reputation as a leader in Colorado and it’s our job to ensure our students have the opportunity to succeed, starting with a clean, safe ride to school.”

An ALT Fuels Colorado grant helped cover the cost of the school district’s electric school bus, as well as a level two charging station.

The school district’s Blue Bird electric school bus prioritizes easy maintenance because it does not require typical oil changes, fuel or air filters, transmission service or additional fluids. It only requires coolant, allowing the transportation department to achieve savings in their budget.

“Blue Bird is committed to safer and cleaner student transportation, and that is evident with more than 400 electric school buses on the road this year in North America and we expect that number to grow to over 1,000 next year,” said David Bercik, senior vice president of sales and marketing. “We are helping school districts save thousands of dollars each year on fuel and maintenance, and prioritize safety. This electric school bus ensures a quiet ride for those on the bus, limiting driver distraction and increasing their ability to hear passengers while improving human and environmental health by eliminating emissions.”

Maintenance for the electric bus is supported by multiple service centers in Colorado with trained experts. “We’ve been serving this area for 34 years and will continue to assist our school districts as they pave the way toward a clean transportation future,” said Jeffrey Koza, owner of Colorado/West Equipment and a Blue Bird dealer. “We’re proud to connect Boulder Valley School District with its first Blue Bird electric school bus and Colorado’s first electric school bus.”

For more information on Blue Bird’s electric school buses, please visit www.blue-bird.com/electric.

About Blue Bird Corporation: Blue Bird (NASDAQ: BLBD) is the leading independent designer and manufacturer of school buses, with more than 550,000 buses sold since its formation in 1927 and approximately 180,000 buses in operation today. Blue Bird’s longevity and reputation in the school bus industry have made it an iconic American brand. Blue Bird distinguishes itself from its principal competitors by its singular focus on the design, engineering, manufacture and sale of school buses and related parts. As the only manufacturer of chassis and body production specifically designed for school bus applications, Blue Bird is recognized as an industry leader for school bus innovation, safety, product quality/reliability/durability, operating costs and drivability. Blue Bird has a rich history of bringing new technology to the school bus space and is the undisputed leader in alternative-power school buses, having more than 20,000 low and zero emission buses on the road. Blue Bird manufactures school buses at two facilities in Fort Valley, Georgia. Its Micro Bird joint venture operates a manufacturing facility in Drummondville, Quebec, Canada. Service and after-market parts are distributed from Blue Bird’s parts distribution center located in Delaware, Ohio. For more information on Blue Bird’s complete line of buses, visit www.blue-bird.com.

About Boulder Valley School District: Boulder Valley School District stands as a leader in academic excellence with outstanding classroom teachers, exemplary schools, and programs that support student achievement. The district, which consists of 56 schools, consistently ranks among the top three of Colorado’s large Front Range school districts – and often as the TOP district – as measured by state and national academic rankings. To learn more, visit bvsd.org.

About Colorado/West Equipment, Inc: Serving Colorado and Nebraska for over 34 years, Colorado/West Equipment, Inc. and Nebraska/Central Equipment, Inc. are committed to providing quality buses along with unsurpassed service and parts support. The Company has delivered in excess of 6,000 new buses during its tenure. Its reputation remains strong with the Blue Bird product and aftermarket support, and employs a well-trained and experienced staff. To learn more, visit cowest.net.

Marketing
Justyne Lobello | Blue Bird Corporation
478-396-3487 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations
Mark Benfield | Blue Bird Corporation
478-822-2315 | This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP) today announced the early tender results as of 5:00 p.m., New York City time, on March 10, 2021 (the “Early Tender Deadline”) of its previously announced tender offer to purchase for cash any and all of its outstanding 5.250% Notes due 2025 (the “Notes”) and solicitation of consents (the “Consents”) from holders of the Notes (the “consent solicitation”) to the proposed amendment to the indenture with respect to the Notes.

The terms and conditions of the tender offer and consent solicitation are described in an Offer to Purchase and Consent Solicitation Statement, dated February 25, 2021.

The aggregate principal amount of Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline (the "Early Tender Notes"), as well as the percent of the aggregate principal amount of Notes outstanding constituting Early Tender Notes, is set forth in the table below. The consideration being offered for any such Early Tender Notes accepted for purchase in the tender offer and consent solicitation is also set forth in the table below:

The tender offer and consent solicitation will expire at 12:01 a.m., New York City time, on March 24, 2021, unless extended, earlier expired or terminated by Cheniere Partners (such time and date, as the same may be extended, earlier expired or terminated by Cheniere Partners in its sole discretion, subject to applicable law, the “Expiration Date”). No tenders submitted after the Expiration Date will be valid. Subject to the terms and conditions of the tender offer and consent solicitation, holders of the Early Tender Notes will receive the total consideration, which includes the early tender premium for the Notes of $1,027.27 per $1,000 principal amount of Notes tendered. Holders who validly tender their Notes and deliver their Consents after the Early Tender Deadline and at or prior to the Expiration Date will be eligible to receive only the tender consideration, as set forth in the table above. Accrued and unpaid interest will be paid on all Notes validly tendered and accepted for purchase from the last interest payment date up to, but not including, the applicable settlement date.

The Early Settlement Date (as defined in the Offer to Purchase and Consent Solicitation Statement) for the Early Tender Notes is expected to be on March 11, 2021. Any Notes validly tendered and related Consents validly delivered after the Early Tender Deadline may not be withdrawn or revoked, except as required by law. Subject to the satisfaction or waiver of the conditions to the tender offer and consent solicitation, Cheniere Partners expects to accept for purchase any remaining Notes that have been validly tendered and not validly withdrawn after the Early Tender Deadline and at or prior to the Expiration Date promptly following the Expiration Date on the Final Settlement Date (as defined in the Offer to Purchase and Consent Solicitation Statement), which is expected to occur promptly following the Expiration Date.

In addition, holders of all Notes validly tendered and accepted for purchase pursuant to the tender offer and consent solicitation will receive accrued and unpaid interest on such Notes from the last interest payment date with respect to such Notes to, but not including, the Early Settlement Date or the Final Settlement Date, as applicable.

Cheniere Partners’ obligations to accept Notes and Consents on the Early Settlement Date or the Final Settlement Date, as applicable, are subject to, and conditioned upon, the satisfaction or waiver of certain conditions described in the Offer to Purchase and Consent Solicitation Statement, including, among others, Cheniere Partners consummating the Financing Condition (as defined in the Offer to Purchase and Consent Solicitation Statement) on terms satisfactory to it, and having funds available therefrom that will allow it to purchase the Notes pursuant to the tender offer and consent solicitation.

Cheniere Partners has retained J.P. Morgan Securities LLC to act as the dealer manager and solicitation agent and Ipreo LLC to act as the tender and information agent for the tender offer and consent solicitation. For additional information regarding the terms of the tender offer and consent solicitation, please contact J.P. Morgan Securities LLC collect at (212) 834-2045 or toll-free at (866) 834-4666. Requests for copies of the Offer to Purchase and Consent Solicitation Statement and questions regarding the tendering of notes and delivery of consents may be directed to Ipreo LLC at (212) 849-3880 (for banks and brokers) or (888) 593-9546 (all others, toll-free) or email This email address is being protected from spambots. You need JavaScript enabled to view it..

This press release is for informational purposes only and does not constitute an offer to purchase securities or a solicitation of an offer to sell any securities or an offer to sell or the solicitation of an offer to purchase any securities nor does it constitute an offer or solicitation in any jurisdiction in which such offer or solicitation is unlawful.

None of Cheniere Partners, the tender and information agent, the dealer manager and solicitation agent or the trustee (nor any of their respective directors, officers, employees or affiliates) makes any recommendation as to whether holders should tender their Notes pursuant to the tender offer and deliver any related consents, and no one has been authorized by any of them to make such a recommendation. Holders must make their own decisions as to whether to tender their Notes, and, if so, the principal amount of Notes to tender.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, statements regarding Cheniere Partners’ business strategy, plans and objectives, including statements regarding the intended conduct, timing and terms of the tender offer and consent solicitation, related financing plans and any future actions by Cheniere Partners in respect of the Notes. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners’ actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners’ periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.

Cheniere Partners Contacts
Investors
Randy Bhatia, 713-375-5479
Megan Light, 713-375-5492
Media Relations
Eben Burnham-Snyder, 713-375-5764
Jenna Palfrey, 713-375-5491

DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE:PXD) today announced that Chief Executive Officer Scott Sheffield, will present at Evercore ISI Elite Energy Summit Virtual Conference on Tuesday, March 16, at 11:40 a.m. ET.

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit Pioneer’s website at www.pxd.com.

Pioneer Natural Resources Contacts:

Investors-
Neal Shah – 972-969-3900
Tom Fitter – 972-969-1821
Michael McNamara – 972-969-3592
Greg Wright – 972-969-1770

Media and Public Affairs-
Tadd Owens – 972-969-5760

TORONTO--(BUSINESS WIRE)--Bluma Wellness Inc. (the “Company” or “Bluma Wellness”) (CSE: BWEL.U) (OTCQX:BMWLF) announces today the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”), as amended, in respect of the pending acquisition of all of the issued and outstanding common shares of the Company by Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs”) by way of a plan of arrangement under Division 5 of Part 9 of the Business Corporations Act (British Columbia) (the “Transaction”). The waiting period expired without the issuance of a so-called “second request” by the United States Department of Justice Antitrust Division (the “DOJ”). The Transaction is anticipated to close in the second quarter of 2021, subject to the receipt of all required court, shareholder, third-party, stock exchange and regulatory approvals, including approval from the State of Florida Department of Health Office of Medical Marijuana Use, and the satisfaction or waiver of all applicable conditions to closing.

“We are excited to be one step closer to bringing the Cresco Labs and Bluma Wellness teams together to execute on our aggressive expansion plans in Florida,” said Brady Cobb, CEO of Bluma Wellness. “We look forward to completing the remaining steps required to close the Transaction.”

About Bluma Wellness Inc.

Bluma Wellness Inc. owns and operates a vertically-integrated, licensed medical cannabis company in the State of Florida doing business as “One Plant Florida.” One Plant Florida cultivates, processes, dispenses and retails medical cannabis to qualified patients in the State of Florida through multiple retail dispensaries and an innovative next-day door-to-door e-commerce home delivery service, thereby offering convenient access for its customers and meeting the demands of an evolving retail landscape. Bluma Wellness plans to continue expanding its cultivation and distribution operations as the Florida market grows.

Additional Information

The Company’s securities have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States or to a U.S. Person absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws including information relating to the Transaction, the anticipated timing of closing of the Transaction and the Company’s strategic business plans. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements due to a variety of known and unknown risks and uncertainties including, without limitation: the ability of Bluma Wellness and Cresco Labs to receive, in a timely manner, the court, shareholder, third-party, stock exchange and regulatory approvals necessary to consummate the Arrangement; actions taken by government entities or others seeking to prevent or alter the terms of the Arrangement; risks relating to cannabis being illegal under US federal law and risks of US federal enforcement actions related to cannabis activities; the Company's ability to comply with all applicable governmental regulations in a highly regulated business; negative changes in the political environment or in the regulation of medical cannabis in the state of Florida; the risk of any disruptions to the Company’s business and operations as a result of the COVID-19 pandemic; negative shifts in public opinion and perception of the cannabis industry and cannabis consumption; increasing competition in the industry; risks of product liability and other safety-related liability as a result of usage of the Company’s cannabis products; the Company’s limited operating history with no assurance of profitability; the ability of the Company to access future financing if needed or on terms acceptable to the Company; the risk of defaulting on its existing debt; risk of shortages of or price increases in key inputs, suppliers and skilled labor; the risks inherent in running agricultural operations such as pests and crop failure; loss of licenses; reliance on key personnel; cybersecurity risks; constraints on marketing products; fraudulent activity by employees, contractors and consultants; tax and insurance related risks and risk of litigation.

The forward-looking information in this press release are made as of the date of this release. The Company does not undertake any obligation to update forward-looking information except as required by applicable securities laws.

For additional information on the Company:

Brady Cobb
Chief Executive Officer
Telephone: (877) 308-3344
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

For Media Inquiries and Investor Relations:

Daniel Nussbaum
AMW PR
Telephone: (917) 232-8960
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

SANTA CLARITA, Calif.--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC), an independent California-based oil and natural gas exploration and production company, today reported fourth quarter and full year 2020 results. Operational and financial highlights were as follows:

2020 Fourth Quarter and Full Year Highlights

• For the full year of 2020, CRC reported net income of $1,871 million and an adjusted net loss attributable to common stock¹ of $257 million, excluding unusual and infrequent items primarily related to CRC’s bankruptcy proceedings and asset impairments
• For the full year of 2020, reported net cash provided by operating activities of $106 million while generating free cash flow¹ of $172 million, excluding $113 million of one time bankruptcy related fees
• For the full year of 2020, reported adjusted EBITDAX¹ of $489 million with an adjusted EBITDAX margin¹ of 28%
• For the fourth quarter of 2020, produced an average of 103,000 net barrels of oil equivalent (BOE) per day, including 63,000 barrels per day of oil and an average of 111,000 net BOE per day, including 69,000 barrels per day of oil for the full year 2020
• Exited 2020 with an average daily net production of 102,000 BOE per day, including 63,000 barrels per day of oil
• Decreased operating costs, on a per BOE basis, by 19% to $15.45 in 2020 from $19.16 in 2019
• Published third annual Sustainability Report showcasing positive progress on CRC's 2030 Sustainability Goals and secured a top score at CDP’s Leadership Level
• Completed a financial restructuring and emerged from Chapter 11 bankruptcy with a simplified balance sheet and ample liquidity

Other Highlights

• In January 2021, CRC further simplified its balance sheet by completing an offering of $600 million of 7.125% senior unsecured notes due 2026. The net proceeds of $590 million were used to repay in full CRC's Second Lien Term Loan and senior secured notes issued by its subsidiary Elk Hills Power, LLC. The remaining proceeds were used to pay down a portion of CRC's Revolving Credit Facility
• Consistent with the Company’s new strategic direction and low-cost operator focus, CRC has implemented a number of personnel-related cost reduction initiatives to further optimize its organizational structure. Excluding one-time severance charges, these personnel related changes are expected to reduce the compensation expense component of CRC’s 2021 operating expenses by approximately $15 million per year and general and administrative expenses by approximately $50 million per year from its 2020 levels

Mac McFarland, CRC's Chairman and Interim Chief Executive Officer, commented, "We continued our strategic repositioning efforts, making progress on sustainable cost reductions and resuming prudent capital and maintenance spending. CRC will host a Strategy Day on March 18, 2021, and we look forward to providing further details of our full-scale business review and our strategic re-alignment at that time."

Fresh Start Accounting and Predecessor and Successor Periods

Upon emergence from Chapter 11 bankruptcy proceedings on October 27, 2020, CRC adopted and applied the relevant guidance with respect to the accounting and financial reporting for entities that have emerged from bankruptcy proceedings. Under fresh start accounting, the reorganized entity is considered a new reporting entity. CRC applied fresh start accounting as of October 31, 2020, an accounting convenience date, and the reorganization value of the emerging entity was assigned to individual assets and liabilities based on their estimated relative fair values. As such, fresh start accounting was reflected on the Company's consolidated balance sheet as of October 31, 2020. As a result of the application of fresh start accounting and the effects of the implementation of the Plan of Reorganization, the financial statements after October 31, 2020 may not be comparable to the financial statements prior to that date. References to "Predecessor” refer to the Company for periods ended on or prior to October 31, 2020 and references to “Successor” refer to the Company for periods subsequent to October 31, 2020.

Fourth Quarter 2020 Results

Full Year 2020 Results

Review of Operating and Financial Results

Total daily net production volumes decreased 16% from 123,000 BOE per day for the fourth quarter of 2019 to 103,000 BOE per day for the fourth quarter of 2020. The decrease from the same prior-year period over CRC's low to mid-teens natural decline rate was primarily due to 2,000 BOE per day of shut-in production driven by the collapse in commodity prices and power outages, lower capital investment, and reduction of well repair work. On an annual basis, total daily net production volumes decreased 13% year-over-year, from 128,000 BOE per day in 2019 to 111,000 BOE per day in 2020. The decrease from the same prior-year period was primarily due a reduced capital program, approximately 3,000 BOE per day of shut-in production, the full year impact of the Lost Hills divestiture and reduction of well repair work. Production sharing contracts in our Long Beach assets increased CRC's share of oil production by approximately 2,100 and 2,700 barrels per day in the fourth quarter and full year of 2020 compared to the same prior-year periods, respectively. CRC exited 2020 with average daily net production of 102,000 BOE per day, including 63,000 barrels per day of oil. See Attachment 2 for further information on production information.

Realized crude oil prices, including the effect of settled hedges, decreased by $25.82 per barrel from $70.21 in the fourth quarter of 2019 to $44.39 per barrel in the fourth quarter of 2020. On an annual basis, realized crude oil prices, including the effect of settled hedges, decreased by $25.12 per barrel from $68.65 in 2019 to $43.53 per barrel. Brent realized prices were lower in 2020 compared to the same prior-year period due to the combination of the supply increase caused by the Saudi-Russia price war that began earlier in the year and the continuation of severe demand decline caused by shelter-in-place orders related to the COVID-19 pandemic. Nevertheless, in 2020, CRC's oil realizations continued to favorably benefit from Brent linked pricing as compared to other U.S. benchmarks. See Attachment 5 for further information on realizations.

Adjusted EBITDAX¹ for the fourth quarter of 2020 was $116 million and cash used in operating activities was $35 million. On an annual basis, adjusted EBITDAX¹ was $489 million and cash provided by operating activities was $106 million. For the fourth quarter of 2020, free cash flow¹ was ($6) million, excluding $39 million of one-time costs incurred relating to CRC's bankruptcy, after taking into account CRC's internally funded capital of $10 million. For the full year, free cash flow¹ was $172 million, excluding $113 million of one-time bankruptcy related fees, after taking into account CRC's internally funded capital of $47 million.

Operating costs for the fourth quarter of 2020 were $165 million, compared to $211 million for the fourth quarter of 2019. For the full year 2020, operating costs were $625 million, compared to $895 million in 2019. The decrease was primarily due to efficiencies and streamlining of operations, reduced operating costs from shut-in wells as well as lower activity levels, such as downhole maintenance. Operating costs per BOE are presented below:

G&A expenses were $59 million for the fourth quarter of 2020, compared to $62 million in the same prior-year period. For the full year of 2020, G&A expenses were $252 million, compared to $290 million in 2019. The decrease in G&A expenses resulted from workforce reductions, cost saving efforts and a decline in spending across a number of cost categories. These savings were partially offset by the cost of obtaining additional directors and officers insurance related to the Chapter 11 cases, lower capitalized salary costs as a result of suspending the capital program beginning in March 2020 as well a slight increase in employee incentive awards due to changes to the variable portion of the incentive compensation program in May 2020, which had the effect of increasing CRC's cash-settled awards to target and achieving a higher target payout on performance metrics.

CRC reported taxes other than on income of $23 million for the fourth quarter of 2020, compared to $38 million for the same prior-year period. For the full year of 2020, CRC reported taxes other than on income of $144 million, compared to $157 million in 2019. The decrease primarily resulted from reduced emissions in 2020 as compared to 2019 due to lower activity levels, including shut-in wells, and better than expected market pricing on the purchase of greenhouse gas emissions credits. Exploration expense was $2 million and $11 million for the fourth quarter of 2020 and for the whole year, respectively, mostly due to limited exploration activity in 2020 as a result of the lower commodity price environment.

Total internally funded capital invested during the fourth quarter of 2020 was $10 million. For the full year of 2020, total capital invested was $140 million, of which $47 million was internally funded by CRC. CRC's JV partners Macquarie Infrastructure and Real Assets Inc. (MIRA) and Alpine Energy Capital, LLC (Alpine) invested an additional $1 million and $92 million, respectively, which are excluded from CRC's consolidated results.

Balance Sheet and Liquidity Update

In January 2021, CRC completed an offering of $600 million of 7.125% senior unsecured notes due 2026. The net proceeds of $590 million were used to repay in full the second lien term loan and all outstanding senior secured notes due 2027 issued by CRC's subsidiary Elk Hills Power, LLC, with the remaining $90 million used to pay down a portion of the Revolving Credit Facility. As of December 31, 2020, CRC had liquidity of $335 million, which consisted of $28 million in unrestricted cash and $307 million of available borrowing capacity under its Revolving Credit Facility. After giving effect to the January 2021 debt issuance discussed above, CRC would have had, on a pro forma basis, liquidity of $425 million as of December 31, 2020, which consisted of $28 million in unrestricted cash and $397 million of available borrowing capacity under its Revolving Credit Facility. As of March 01, 2021, CRC had an undrawn revolving credit facility, $125 million in letters of credit outstanding and liquidity of approximately $475 million.

Organization Changes

During the second half of 2020, CRC implemented organizational changes that resulted in a 12% reduction of overall headcount to approximately 1,100 employees. Subsequent to the quarter-end, CRC took steps to further align the cost structure with the objective to focus around core assets and cost performance. This included decisions to reduce the size of its management team and to realign several functions which resulted in further headcount and cost reductions. During the first quarter of 2021, CRC further reduced its headcount by an additional 9% to approximately 1,000 employees.

Excluding one-time severance charges, these personnel related changes are expected to reduce the compensation expense component of CRC’s 2021 operating expenses by approximately $15 million per year and general and administrative expenses by approximately $50 million per year from its 2020 levels.

Operational Update

In the fourth quarter of 2020, CRC operated no drilling rigs. The San Joaquin basin produced 74,000 net BOE per day. The Los Angeles basin produced 23,000 net BOE per day, the Ventura basin produced 3,000 net BOE per day and the Sacramento basin produced 3,000 net BOE per day.

2021 Capital Budget

CRC's capital program will be dynamic in response to oil market volatility while focusing on maintaining strong liquidity and maximizing free cash flow. The 2021 capital program will target reinvestment of approximately 50% of anticipated available cash flow from operations at current commodity prices. CRC's 2021 capital program is anticipated to be between $200 and $225 million, including approximately $40 million of mechanical integrity and midstream turnaround activities deferred from 2020 to 2021. The current plan anticipates CRC to gradually raise quarterly investment throughout the year if the commodity environment continues to strengthen. CRC will maintain the flexibility to adjust its capital program in response to declining market conditions.

Reserves

As of December 31, 2020, CRC had estimated proved reserves totaling 442 million BOE, of which 382 million BOE was proved developed and 60 million BOE was proved undeveloped. The estimated future net cash flows of our proved reserve volumes had a PV-10 value of $2.43 billion. These estimates were based on SEC pricing and the average realized prices for estimating CRC's proved reserves were $42.35 per barrel for oil, $26.42 per barrel for NGLs and $2.28 per Mcf for natural gas.

Based on average realized prices of $55 per barrel of oil and $2.50 per Mcf for natural gas, CRC's estimated proved reserves would be 515 million BOE, including 441 million BOE of proved developed and 74 million BOE of proved undeveloped reserves. Management's internal estimate of PV-10 value at these prices would be approximately $4.75 billion².

ESG Update

As a dependable and reliable energy producer in the State of California, in 2020, CRC maintained the highest CDP ranking among all U.S. oil and gas companies, tying for first with one other U.S.-based E&P with global operations, and released the third annual Sustainability report with expanded disclosures. Underscoring the Company's commitment to safe and responsible production, CRC's ESG performance and progress on its 2030 Sustainability Goals, which align with California’s climate goals toward carbon neutrality in accordance with the Paris Climate Accord, continue to be directly tied to the performance-based compensation of its executives, senior managers and employees. The new Board of Directors will continue to highlight, monitor and provide guidance on CRC ESG efforts, including a strong commitment to sustainability, HSE and community engagement.

Hedging Update as of February 28, 2021

CRC will utilize its hedging program to ensure strong cash flows in nearly any commodity price environment and will target approximately 80% of anticipated production. The current strategy includes a mix of swaps and options to ensure CRC’s ability to generate free cash flow and is also aligned with CRC’s reserve-based lending (RBL) requirements. See Attachment 7 for further information on CRC's current hedges.

2021 Strategy Day

On March 18, 2021, at 1 p.m. Eastern Time/10 a.m. Pacific Time, CRC will host a virtual Strategy Day to review the Company’s strategic repositioning, expected outcomes of the new strategic alignment and 2021 guidance. Participants can preregister here for the live webcast or access in the Investor Relations section of CRC.com the day of the event. A digital replay of the event will be archived for approximately 90 days and supplemental slides for the event will also be available in the Investor Relations section on www.crc.com.

About California Resources Corporation

California Resources Corporation (CRC) is an independent oil and natural gas exploration and production company, applying complementary and integrated infrastructure to gather, process and market its production. Using advanced technology, CRC focuses on safely and responsibly supplying affordable energy.

Forward-Looking Statements

The information included herein contains forward-looking statements that involve risks and uncertainties that could materially affect CRC's expected results of operations, liquidity, cash flows and business prospects. Such statements include those regarding CRC's expectations as to its future:

• financial position, liquidity, cash flows and results of operations
• business prospects
• transactions and projects
• operating costs
• operations and operational results including production, hedging and capital investment
• budgets and maintenance capital requirements
• reserves
• type curves
• expected synergies from acquisitions and joint ventures

Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. While CRC believes assumptions or bases underlying its expectations are reasonable and make them in good faith, they almost always vary from actual results, sometimes materially. CRC also believes third-party statements it cites are accurate but have not independently verified them and do not warrant their accuracy or completeness. Factors (but not necessarily all the factors) that could cause results to differ include:

• CRC's ability to execute its business plan post-emergence
• the volatility of commodity prices and the potential for sustained low oil, natural gas and natural gas liquids prices
• impact of CRC's recent emergence from bankruptcy on its business and relationships
• debt limitations on CRC's financial flexibility
• insufficient cash flow to fund plan

Joanna Park (Investor Relations)
818-661-3731
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Richard Venn (Media)
818-661-6014
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JACKSONVILLE, Fla.--(BUSINESS WIRE)--#logistics--CG Railway (CGR) today announced the launch of the first of two new rail ferries. Part of a joint venture between subsidiaries of Genesee & Wyoming Inc. (G&W) and SEACOR Holdings Inc. (NYSE: CKH), CGR operates a U.S. Class III freight railroad transporting approximately 10,000 annual carloads of diversified commodities across the Gulf of Mexico.

The newly launched vessel is expected to begin operations in the second quarter of 2021, with the second new vessel expected in the third quarter. They will replace CGR’s two existing vessels, which have transported over 200,000 railcars in more than 1,400 sailings between Mobile, Alabama, and Coatzacoalcos, Mexico, since 2001. The trip across the Gulf currently takes approximately five days, or half the time required for the overland route. The new, 590-foot-long ferries are designed to carry 135 railcars each, up from 115 railcars on the existing ferries, with an expected top speed of 14 knots, up from seven knots. With their additional capacity, and faster speed enabling more sailings per month, the new vessels increase CGR’s potential annual carload capacity by 40 percent.

“These innovative new vessels are purpose-built to provide increased reliability, speed and fuel efficiency and will materially expand the number of annual railcar spaces we can offer customers,” says CGR President Hoffman Lijeron. “Their capacity, efficient hull design, articulated rudders and modern, slow-speed engines will significantly reduce the vessels’ environmental footprint. In fact, compared with a traditional all-rail route from Mobile to Mexico City, shipping via the new CGR vessels and Ferromex is expected to provide a 44% reduction in CO₂ emissions per ton/mile versus the all-rail route.”

After launch from CSSC Huangpu Wenchong Shipbuilding Company in China, the vessels will be thoroughly tested, including undergoing sea trials to ensure all systems are operating as designed, before departing for the United States. The new ships are likely the first built with features designed to cope with a pandemic, including segregated passageways for local pilots and other visitors, as well as spaces with separate HVAC systems to quarantine crew. “We’re trying to anticipate all the potential scenarios we could have in the next 20 to 30 years,” Lijeron explains. “If there is anything we’ve learned from the past year, it’s the value of protecting our customers’ supply chains from potential disruptions.

“CGR offers tremendous potential for customers – connecting five Class I railroads and a G&W short line in Mobile to Ferromex in Coatzacoalcos – and I’m excited to lead its growth as a much faster alternative to the traditional land route,” Lijeron continues. “Our investment in constructing these two state-of-the-art vessels is a clear indication of our commitment to becoming the premium freight transportation provider between the United States, Canada and central and southern Mexico.”

About CGR

Established in 2000, CG Railway operates a U.S. Class III freight railroad that currently transports approximately 10,000 carloads of diversified commodities annually across the Gulf of Mexico, with long-term agreements to operate purpose-built rail-ferry terminals in the ports of Mobile, Alabama, and Coatzacoalcos, Mexico. G&W and SEACOR Holdings formed the rail-ferry joint venture that includes CG Railway LLC in 2017, combining the two companies’ unmatched experience in rail and marine transportation and logistics services.

For additional information, visit www.cgrailway.com.

About Genesee & Wyoming

G&W owns or leases 116 freight railroads organized in locally managed operating regions with 7,300 employees serving 3,000 customers.

• G&W’s four North American regions serve 42 U.S. states and four Canadian provinces and include 113 short line and regional freight railroads with more than 13,000 track-miles.
• G&W’s UK/Europe Region includes the U.K.’s largest rail maritime intermodal operator and second-largest freight rail provider, as well as regional rail services in Continental Europe.

G&W subsidiaries and joint ventures also provide rail service at more than 30 major ports, rail-ferry service between the U.S. Southeast and Mexico, transload services, and industrial railcar switching and repair.

About SEACOR Holdings

SEACOR Holdings Inc. is a diversified holding company with interests in domestic and international transportation and logistics, crisis and emergency management, and clean fuel and power solutions. SEACOR is publicly traded on the New York Stock Exchange under the symbol CKH.

Certain statements discussed in this release concerning SEACOR Holdings constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by management of the Company. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including, but not limited to, the risks discussed in Item 1A. (Risk Factors) of the Company’s Annual report on Form 10-K and other reports filed by the Company with the Securities and Exchange Commission (“SEC”). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made.

Todd Biscan, Vice President of Sales and Marketing, (904) 440-7080

ANAHEIM, Calif.--(BUSINESS WIRE)--$WLDN--Willdan Group, Inc. (NASDAQ: WLDN) today announced that Pueblo County School District 70 (Pueblo D70) has selected Willdan as the design-build lead for facility improvements totaling up to $76 million. This is a progressive design-build contract that will be paid as a series of fees and executed amendments. Pueblo D70 has committed a first fee of $1.4 million to pay for design and pre-construction work up until the execution of the first amendment. Willdan will provide engineering and construction management to update 19 schools and four district buildings.

Willdan helped the Pueblo D70 secure a BEST grant and a voter-approved bond measure which will be used to fund these latest upgrades. A majority of the funds will go toward major mechanical, electrical, and plumbing upgrades, and $6.3 million will be devoted to infection control, COVID-19 mitigation measures, and districtwide security upgrades.

These projects are scheduled to begin in the summer of 2021. Scopes of work include minor to major sitework on parking lots, sidewalks, and drainage; roof replacements and repairs; new windows and doors; and classroom remodels and improvements such as new ceilings or flooring.

“The District took an important step when we created a facility master plan together,” said Tom Brisbin, Willdan’s CEO and Chairman. “We’re pleased to be here now, turning that plan into real projects that will benefit local students and teachers for years to come.”

Willdan began working with Pueblo D70 in 2016 to support the development of a district-wide, 15-year master plan. In 2018, Willdan delivered energy-efficient upgrades to fund core infrastructure needs for the district through an energy performance contract.

About Pueblo County School District 70

Pueblo County School District 70 is located in Pueblo, Colorado. It was consolidated from 34 smaller school districts in 1950 and is the second largest (by geographical size) school district in the state of Colorado. Pueblo D70 educates over 8,000 students from all over Pueblo County. For more information, visit https://www.district70.org/ or follow Pueblo D70 on Facebook.

About Willdan

Willdan is a nationwide provider of professional technical and consulting services to utilities, government agencies, and private industry. Willdan’s service offerings span a broad set of complementary disciplines that include electric grid solutions, energy efficiency and sustainability, engineering and planning, and municipal financial consulting. For additional information, visit Willdan's website at www.willdan.com.

Forward-Looking Statements

Statements in this press release that are not purely historical, including statements regarding Willdan’s intentions, hopes, beliefs, expectations, representations, projections, estimates, plans, or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including, but not limited to, the risk that Willdan will not be able to reduce costs and preserve liquidity to maintain its operations during the continuation of this pandemic nor be able to resume its growth trajectory once pandemic-related restrictions are lifted and the economy begins to recover. It is important to note that Willdan’s actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the ultimate impact of the COVID-19 pandemic on Willdan’s results, prospects, and opportunities; Willdan’s ability to adequately complete projects in a timely manner; Willdan’s ability to compete successfully in the highly competitive energy efficiency services market; changes in state, local, and regional economies and government budgets; Willdan’s ability to win new contracts, to renew existing contracts, and to compete effectively for contract awards through bidding processes; and Willdan’s ability to successfully integrate its acquisitions and execute on its growth strategy. Willdan’s business could be affected by a number of other factors, including the risk factors listed from time to time in Willdan’s reports filed with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K filed for the year ended December 27, 2019 and Quarterly Report on Form 10-Q filed for the quarter ended April 3, 2020. Willdan cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Willdan disclaims any obligation to, and does not undertake to, update or revise any forward-looking statements in this press release.

Stacy McLaughlin
Chief Financial Officer
714-940-6300
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Al Kaschalk
VP Investor Relations
310-922-5643
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Coastal Cargo will implement Octopi to enhance customer experience and overall operations with cloud-based TOS

OAKLAND, Calif.--(BUSINESS WIRE)--Octopi, part of Navis and Cargotec Corporation, the provider of operational technologies and services that unlock greater performance and efficiency for leading organizations throughout the global shipping industry, announced today that Coastal Cargo Company has signed a subscription agreement for Octopi by Navis for its terminal in New Orleans. Coastal Cargo Company selected Octopi to better handle its general cargo operations with a flexible, cloud-based solution.

With an annual throughput of one million metric tons, Coastal Cargo operates with stevedoring and port terminal operations capabilities to handle a mix of cargo at its facility. The terminal has ample berth and warehousing space on-site and also provides easy access to rail and the interstate highway system, which gives it a competitive edge over other terminals in the region. As Coastal Cargo had plans to upgrade to a more modern TOS to support their changing business needs, Octopi was the natural choice because it’s easy to implement without additional IT costs and provides training options for its terminal operators with both virtual and in-person experiences.

“The ocean shipping market is constantly evolving, and to remain competitive in the industry and provide the best customer service, we selected Octopi by Navis to support our operations here in New Orleans,” Mark G. Galjour, Chief Financial Officer at Coastal Cargo Company. “Octopi by Navis will be leveraged to increase our staff’s productivity as we strive to continue to provide outstanding customer service and improve operations.”

“At Navis, we are still seeing an increasing need for cloud-based solutions to help terminals provide visibility, fill operational needs and create a seamless customer experience at terminals across the globe,” said Martin Bardi, Vice President of Global Sales, Octopi by Navis. “We are thrilled that Coastal Cargo Company has signed a subscription agreement with Octopi and hope to be a key partner to them to drive success at their terminal.”

For more information visit www.navis.com and www.octopi.co.

About Octopi

Octopi is the leading developer of cloud based software solutions for port terminal operators. The Octopi Terminal Operating System (TOS) helps seaport terminal operators manage their operations, track their cargo, and communicate electronically and in real-time with their commercial partners. The Octopi TOS provides small terminal operators the agility and adaptability required to modernize and efficiently run their operational ecosystem. www.octopi.co

About Navis, LLC

Navis, a part of Cargotec Corporation, is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the cargo supply chain. Navis combines industry best practices with innovative technology and world-class services, to enable our customers, regardless of cargo type, to maximize performance and reduce risk. Through its holistic approach to operational optimization, Navis customers benefit from improved visibility, velocity and measurable business results. Whether tracking cargo through a terminal, improving vessel safety and cargo capacity, optimizing rail network planning and asset utilization, automating equipment operations, or managing multiple terminals through an integrated, centralized solution, Navis helps all customers streamline operations. www.navis.com

About Cargotec Corporation

Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec has signed United Nations Global Compact’s Business Ambition for 1.5°C. The company’s sales in 2020 totalled approximately EUR 3.3 billion and it employs around 11,500 people. www.cargotec.com

Jennifer Grinold
Navis, LLC
T+1 510 267 5002
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Geena Pickering
Affect
T+1 212 398 9680
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~Company delivers record revenue in Q4 2020 up 167% from Q4 2019 along with continued sales order backlog expansion; FY2020 revenue up over 100% and sets its sights on further rapid growth in 2021~

VANCOUVER, British Columbia--(BUSINESS WIRE)--$GRN #ESG--Greenlane Renewables Inc. (“Greenlane” or the “Company”) (TSX: GRN / FSE: 52G / OTC: GRNWF), today announced financial results for the fourth quarter and fiscal year ended December 31, 2020. For further information on these results please see the Company’s Audited Consolidated Financial Statements and Management’s Discussion and Analysis filed on SEDAR at www.sedar.com. All amounts are in Canadian dollars unless otherwise stated and in accordance with IFRS.

Fourth Quarter Highlights Include:

• Record revenue of $8.8 million, an increase of 167% over the $3.3 million reported in the fourth quarter of 2019,
• Gross margin¹ of $2.4 million (27% of revenue),
• Positive Adjusted EBITDA of $0.2 million²,
• Net loss of $1.2 million (or $0.01 per share),
• Record sales order backlog³ of $45.7 million at year end, an increase of over 180% from the $16.2 million reported as at December 31, 2019,
• Sales pipeline⁴, valued at over $720 million as at December 31, 2020 versus $680 million as at December 31, 2019, reflects both the increase of more than $89 million in new opportunities and the movement of $49.1 million in signed contracts into the sales order backlog. Greenlane has visibility to more than 180 new projects globally,
• Multiple contract wins totalling $18 million: The Company announced in the quarter a new $7.7 million pressure swing adsorption system supply contract for a multi-site dairy farm renewable natural gas (“RNG”) project in Florida as part of the Chevron U.S.A and Brightmark LLC joint venture and a $10 million membrane separation system supply contract for a new RNG project in the United States owned by an international energy company.

Fiscal Year 2020 Highlights Include:

• Record revenue of $22.5 million, an increase of 147%, compared to the $9.1 million of revenue generated in 2019 since the PT Biogas acquisition on June 3, 2019. Revenue increased 101% over 2019, after giving effect to the acquisition of the biogas business as if it had occurred on January 1, 2019,
• Gross margin¹ of $6.4 million (29% of revenue),
• Adjusted EBITDA loss of $1.7 million²,
• Net loss of $2.5 million (or $0.03 per share),
• Cash and cash equivalents at year end 2020 of $16.4 million,
• Nearly $50 million in new contracts signed: During the year ended December 31, 2020, the Company signed $49.1 million in new system supply contracts, including a $17.1 million system supply contract for an RNG project at a multi-location dairy farm cluster in California and the first commercial scale pipeline injection RNG project in the Brazilian sugarcane industry,
• Advancement of Build, Own and Operate business model: The Company signed a definitive joint venture agreement with SWEN Impact Fund for Transition which enables Greenlane to provide “Upgrading-as-a-Service” to developers and owners of RNG projects in Europe by offering potential customers the opportunity to replace the initial capital outlay for the biogas upgrading equipment, with a monthly fee under long-term contract.

Subsequent To December 31st:

• The Company increased its cash balance with a $26.5 million bought deal offering,
• The Company successfully uplisted to the TSX Exchange from the TSX Venture,
• The Company further strengthened its balance sheet through the early repayment in full, including principal and interest, of its outstanding promissory note in the amount of $6.0 million using funds received from the exercise of warrants.

“Our record revenue in 2020 and continued positive outlook for the business in 2021 is backed by a marked increase in sales activity and the emergence and increased scale of market participants in the RNG sector,” said Brad Douville, President and CEO of Greenlane. “We continue to see large energy companies entering the sector seeking to secure supplies of RNG and, as a result, investing in new projects and buying biogas upgrading equipment. Our sales order backlog, which ultimately ends up in revenue, has grown to a record level that is up over 180% year-over-year, in part, because of this trend. Furthermore, we’ve seen consistent growth in revenue every quarter throughout 2020 and successfully achieved positive Adjusted EBITDA in the fourth quarter. The RNG market, and Greenlane’s unique position in it with our product offerings made up of multiple core upgrading technologies, remains robust.”

“We’ve taken great strides to strengthen our balance sheet and position for growth. With over $16 million in cash at December 31st, a bought deal financing closed at the end of January for more than $26 million in gross proceeds, and in February repayment in full of the Company’s outstanding promissory note using funds received from the exercise of warrants, we will focus on investing in our next phase of growth. These investments include adding new employees to keep up with demand for our products, engaging in the development of and investment in new RNG projects, as well as evaluating a number of strategic opportunities that we believe may add to the growth of the Company. These opportunities may include but are not limited to pursuing attractive acquisition opportunities as the industry consolidates, adding system capabilities for hydrogen production as markets develop, and creating new strategic alliances to expand upon the Company’s upgrading technology solutions.”

“Beyond financial results, these last twelve months have reinforced the climate change challenge that we face as a global community and the growing shift in attitudes towards action. There is no doubt that the positive momentum around providing green solutions will continue to increase as the world looks to decarbonize. RNG has a critical role in decarbonizing two of the most difficult sectors to decarbonize - transportation and the gas grid and we are positioning ourselves to take a leadership role.”

The Market Outlook

2020 marked a year of uncertainty as the COVID-19 pandemic surfaced and resulted in severe lock downs as health authorities and governments around the world moved to contain the spread of the virus, devastating global markets and economies. As the world now cautiously moves to recovery, what has emerged is the firm foundation of an energy transition rooted in decarbonization, as companies and governments across the globe set net zero emission targets by 2050 or sooner in the effort to combat climate change.

The Biden administration in the U.S. has embarked on its mission to fight climate change, signing executive orders aimed at focusing the climate crisis on foreign policy and national security while shifting the country away from its reliance on fossil fuels toward sources of low or no carbon energy, which is positive for the RNG industry. Despite a volatile year due to the pandemic, the total number of RNG production facilities in the United States increased by over 40% in 2020 according to a recent assessment completed for the U.S. Department of Energy. Strong capacity growth in the U.S. is anticipated to continue this year and into the future, as an estimated 155 new projects are either under construction or in the planning stages.

The transportation industry, one of the most challenging sectors to decarbonize, continues to focus on low carbon fuel sources. Amazon recently announced that it has ordered more than 1,000 compressed natural gas engines, which can operate on both renewable and non-renewable natural gas, as part of its strategy to introduce new sustainable solutions for freight transportation. According to recent data released by the U.S. Environmental Protection Agency, more than 500 million gallons (ethanol equivalent) of RNG were produced for transportation use in 2020, a 25% increase over 2019 volumes. The use of biofuels in marine transportation is beginning to gain traction as well, as the European Commission is launching a legislative proposal on maritime fuels that aims to increase the use of sustainable alternative fuels, including liquefied biomethane, in European shipping and ports. Less than 1% of the world maritime fleet runs on alternative fuels and liquefied biomethane can provide a decarbonization tool for the sector today.

We continue to see the world’s largest oil and gas producers shift to net zero emission targets and low carbon energy portfolios. Corporate strategies differ in approach, although a common theme that is emerging is the necessity to increase exposure to low carbon energy sources, including RNG. Chevron, one of the world’s leading integrated energy companies, is choosing to concentrate on certain initiatives to achieve a lower carbon intensity where it has existing core competencies and competitive advantages on large, complex projects that it can scale, one of which it believes is RNG. Chevron U.S.A. and Brightmark LLC, an RNG project developer, recently announced an expansion of their RNG joint venture. European supermajor Royal Dutch Shell recently outlined the details of its near and long term cleaner energy transition plans, stating that its oil production and carbon emissions have already peaked and it is now aiming to reduce its net carbon intensity by 100% by 2050. Shell has highlighted a growing focus on RNG and decarbonizing transportation emissions through its Marketing and Integrated Gas segments.

Natural gas utilities in the United States continue to introduce RNG into their grids for residential and commercial customers. Utilities in Minnesota, Michigan and Florida recently announced plans to offer RNG to customers after RNG service tariffs were approved by state utility commissions, a trend that will continue to support the growth of local RNG development and production. RNG is rapidly shifting from a niche fuel to a mainstream substitute for fossil natural gas, allowing natural gas utilities to offer a net zero carbon intensity energy option to customers while remaining competitive with the electric grid.

Conference Call

The public is invited to listen to the conference call in real time by telephone at 2 pm PT (5 pm ET) today, March 11th. To access the conference call by telephone, please dial: 1-800-319-4610 (Canada & USA toll-free) or 604-638-5340. Callers should dial in 5-10 minutes prior to the scheduled start time and ask to join the Greenlane Renewables conference call.

Shortly after the conference call, the replay will be archived on the Greenlane Renewables website and replay will be available in streaming audio and a downloadable MP3 file.

NON-IFRS FINANCIAL MEASURES

Management evaluates the Company’s performance using a variety of measures, including “Adjusted EBITDA”, “sales pipeline” and “sales order backlog”. The non-IFRS measures should not be considered as an alternative to or more meaningful than revenue or net loss. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. The Company believes these non-GAAP financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the Company. Management uses these and other non-IFRS financial measures to exclude the impact of certain expenses and income that must be recognized under IFRS when analyzing consolidated underlying operating performance, as the excluded items are not necessarily reflective of the Company’s underlying operating performance and make comparisons of underlying financial performance between periods difficult. From time to time, the Company may exclude additional items if it believes doing so would result in a more effective analysis of underlying operating performance. The exclusion of certain items does not imply that they are non-recurring.

Note 1 - Gross margin does not include depreciation and amortization

Note 2 - Reconciliation of net loss to Adjusted EBITDA

*Reflects adjustment to record the annual bonus accrual and employee related expenses throughout 2020. The accrual was recorded in the fourth quarter when targets were achieved and costs could be estimated reliably, the costs were incurred through 2020 and have been reflected in the quarterly Adjusted EBITDA reported.

Note 3 - Sales order backlog refers to the balance of unrecognized revenue from contracted projects, where such revenue is recognized over time as completion of projects progress.

Note 4 - Greenlane maintains a sales pipeline of prospective projects that it updates regularly based on quote activity to ensure that it is reflective of sales opportunities that can convert into orders within approximately a rolling 24 month time horizon. Not all of these potential projects will proceed or proceed within the expected timeframe and not all of the projects that do proceed will be awarded to Greenlane. Additions to the amount in the sales pipeline come from situations where the Company provides a quote on a prospective project and reductions to the sales pipeline arise when the Company loses a prospective project to a competitor, a project does not proceed or, where a quote in the pipeline is converted to Greenlane’s sales order backlog.

All filings related to the fourth quarter and fiscal year ended December 31, 2020 are available on SEDAR at www.sedar.com.

About Greenlane Renewables

Greenlane Renewables is a leading global provider of biogas upgrading systems that are helping decarbonize natural gas. Our systems produce clean, low-carbon and carbon-negative renewable natural gas from organic waste sources including landfills, wastewater treatment plants, dairy farms, and food waste, suitable for either injection into the natural gas grid or for direct use as vehicle fuel. Greenlane is the only biogas upgrading company offering the three main technologies: water wash, pressure swing adsorption, and membrane separation. With multiple core technologies, more than 110 biogas upgrading systems delivered into 18 countries and counting, 30+ years of industry experience and patented proprietary technology, Greenlane is inspired by a commitment to helping waste producers improve their environmental impact, green credentials, and bottom line. For further information, please visit www.greenlanerenewables.com.

FORWARD-LOOKING INFORMATION – This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as “may”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen. The forward-looking information contained in this press release, includes, but is not limited to, Greenlane’s expected financial performance for 2021, increase investment of large oil and gas producers in RNG projects and its impact on Greenlane’s sales order backlog, Greenlane’s role in countries’ efforts to stimulate their economies while tackling climate change and moving toward a decarbonized future, the role of RNG in decarbonizing transportation sector and gas grid, Greenlane’s position to capture a growing share of the RNG value chain as leading industry provider of biogas upgrading and project development solutions, strong capacity growth of US RNG production facilities to continue this year and the future; the transportation sector will focus on low carbon fuel sources, large oil and gas producers will aim to reduce its net carbon intensity and Greenlane’s order backlog and sales pipeline. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made, including management's perceptions of future growth, results of operations, operational matters, historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond Greenlane’s control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation: risks relating to Greenlane’s financial performance of 2021, Greenlane having a role in economies working towards combating climate change, large oil and gas producers not investing in the RNG industry as expected, RNG not impacting the transportation sector and gas grid as expected, Greenlane’s market outlook, Greenlane’s market share of the RNG value chain, Greenlane as a leading biogas upgrading and project development solutions provider, US RNG production facilities not having the strong capacity growth as expected; the transportation sector not focusing on low carbon fuel sources as anticipated, large oil and gas producers not aiming to reduce their net carbon intensity as anticipated, Greenlane’s order backlog not being recognized in revenue and Greenlane’s sales pipeline not resulting in orders. Additional risk factors can also be found in the Company's Annual Information Form, which has been filed under the Company's SEDAR profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

FINANCIAL OUTLOOK INFORMATION – This news release contains “financial outlook information” regarding Greenlane’s prospective revenue and results, which is subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above. Revenue and other estimates contained in this news release were made by Greenlane management as of the date of this news release and are provided for the purpose of describing anticipated changes, and are not an estimate of profitability or any other measure of financial performance. Investors are cautioned that the financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein. The Company’s revenues are largely derived from a relatively small number of biogas upgrader orders accounted for on a stage of completion basis over typically a nine to eighteen-month period. Timing of new contract awards varies due to customer-related factors such as finalizing technical specifications and securing project funding, permits and RNG off-take and feedstock agreements. Some projects have built-in pause periods to allow customers to complete concurrent activities such as civil work. As a result, the Company’s revenue varies from month to month and quarter-to-quarter. THE COMPANY QUALIFIES ALL THE FORWARD LOOKING STATEMENTS AND FINANCIAL OUTLOOK INFORMATION CONTAINED IN THIS NEWS RELEASE BY THE FOREGOING CAUTIONARY STATEMENTS.

Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this news release.

Incite Capital Markets
Eric Negraeff / Darren Seed
Greenlane Renewables Inc.
Brad Douville, President & CEO,
Ph: 604.493.2004
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