– Ravishankar will lead GreyOrange’s new Customer Success division focused on elevating the customer experience and driving long-term business value to customers – Abhi Ravishankar, VP of Customer Success, GreyOrange Abhi Ravishankar, VP of Customer Success, GreyOrange ATLANTA, Aug. 27, 2021 (GLOBE NEWSWIRE) -- GreyOrange, a global provider of solutions that modernize fulfillment operations, today announced the appointment of Abhi Ravishankar as Vice President of Customer Success. Leading this new division, Ravishankar will expand the company’s customer-first strategy, building a global team and practices that enhance how GreyOrange serves as a trusted partner to its customers. “We operate more AI software and robots at-scale than any other company in the market outside of Amazon,” said Samay Kohli, Co-founder and CEO of GreyOrange. “As our global presence grows, our established customers continue to expand with sophisticated deployments. Abhi brings a proven global track record from his time with BCG and Schlumberger of helping customers achieve transformative business outcomes. GreyOrange already delivers 20% year-over-year value to our customers through our platform. With Abhi joining us, his leadership and experience strengthens our ability to provide exceptional customer success that multiplies the return we create for the companies that deploy our fulfillment solutions.” The GreyOrange Customer Success team will drive the post-sale customer experience across its rapidly growing global customer base. The division will leverage GreyOrange’s industry experience to ensure the best business outcomes for customers and deliver a world-class customer experience through professional services and support teams led by Ravishankar. Taking GreyOrange’s already outstanding customer service practices even further, the team will closely partner with customers to develop a deep understanding of their business, anticipate future needs and deliver value additions that empower customers to compete and grow their business. “As an industry leader in automated fulfillment, GreyOrange is uniquely positioned to advise customers on transformative solutions to help optimize their operations and meet pressing fulfillment needs,” said Ravishankar. “I look forward to partnering with GreyOrange customers and helping them unlock maximum business value, quickly and sustainably, from applying our robust automation solutions.” Ravishankar has over 12 years of leadership and engineering experience both as an advisor to C-suite executives and as an operator driving rapid growth. He joins GreyOrange from the Boston Consulting Group (BCG) where he served as Managing Director and Partner in their San Francisco office. His work at BCG covered high-impact transformational changes, fast-growth initiatives, go-to-market strategy and scaling operations in high-growth markets. Prior to BCG, he managed operations in the Middle East for Schlumberger, a leading oilfield services and technology company. He is an alumnus of the UC Berkeley Haas School of Business and BITS Pilani. About GreyOrange For more information, please visit www.greyorange.com. Media Contact: Sidney Miller LeadCoverage [email protected] A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/73f80a6b-56c6-4e16-a17d-aaaf94e028d9
EINDHOVEN, The Netherlands, Aug. 27, 2021 (GLOBE NEWSWIRE) -- NXP Semiconductors N.V. (NASDAQ: NXPI) today announced participation at the following events with the financial community: August 31, 2021, Jefferies Semiconductor, IT Hardware Communications Infrastructure Summit (Virtual Event, by Invitation Only) September 9, 2021, at 8:10AM PST, Deutsche Bank Technology Conference (Virtual Event) September 22, 2021, at 8:45AM PST, Evercore Auto/AI Forum (Virtual Event) Interested parties can listen to the live audio webcasts of the events from the NXP Investor Relations website https://investors.nxp.com. Webcast replays will be available within 24 hours. About NXP Semiconductors NXP Semiconductors N.V. (NASDAQ: NXPI) enables secure connections for a smarter world, advancing solutions that make lives easier, better, and safer. As the world leader in secure connectivity solutions for embedded applications, NXP is driving innovation in the automotive, industrial & IoT, mobile, and communication infrastructure markets. Built on more than 60 years of combined experience and expertise, the company has approximately 29,000 employees in more than 30 countries and posted revenue of $8.61 billion in 2020. Find out more at www.nxp.com. Forward-looking Statements This document includes forward-looking statements which include statements regarding NXP’s business strategy, financial condition, results of operations, and market data, as well as any other statements which are not historical facts. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties include the following: the duration and spread of the COVID-19 outbreak, its severity, the actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume; market demand and semiconductor industry conditions; the ability to successfully introduce new technologies and products; the demand for the goods into which NXP’s products are incorporated; trade disputes between the U.S. and China, potential increase of barriers to international trade and resulting disruptions to NXP's established supply chains; the ability to generate sufficient cash, raise sufficient capital or refinance corporate debt at or before maturity to meet both NXP's debt service and research and development and capital investment requirements; the ability to accurately estimate demand and match manufacturing production capacity accordingly or obtain supplies from third-party producers; the potential impact of the outbreak of COVID-19 on NXP's business, operations, results of operations, financial condition, workforce or the operations or decisions of customers, suppliers or business customers; the access to production capacity from third-party outsourcing partners and any events that might affect their business or NXP’s relationship with them including the outbreak of COVID-19 or the requirements to suspend activities with customers or suppliers because of changing import and export regulations; the ability to secure adequate and timely supply of equipment and materials from suppliers; the ability to avoid operational problems and product defects and, if such issues were to arise, to correct them quickly; the ability to form strategic partnerships and joint ventures and to successfully cooperate with alliance partners; the ability to win competitive bid selection processes; the ability to develop products for use in customers’ equipment and products; the ability to successfully hire and retain key management and senior product engineers; and, the ability to maintain good relationships with NXP's suppliers. In addition, this document contains information concerning the semiconductor industry and NXP’s market and business segments generally, which is forward-looking in nature and is based on a variety of assumptions regarding the ways in which the semiconductor industry and NXP's market and business segments may develop. NXP has based these assumptions on information currently available, if any one or more of these assumptions turn out to be incorrect, actual results may differ from those predicted. While NXP does not know what impact any such differences may have on its business, if there are such differences, its future results of operations and its financial condition could be materially adversely affected. There can be no assurances that a pandemic, epidemic or outbreak of a contagious diseases, such as COVID-19, will not have a material and adverse impact on our business, operating results and financial condition in the future. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made. Except for any ongoing obligation to disclose material information as required by the United States federal securities laws, NXP does not have any intention or obligation to publicly update or revise any forward-looking statements after we distribute this document, whether to reflect any future events or circumstances or otherwise. For a discussion of potential risks and uncertainties, please refer to the risk factors listed in our SEC filings. Copies of our SEC filings are available on our Investor Relations website, www.nxp.com/investor or from the SEC website, www.sec.gov. For further information, please contact: Investors: Media: Jeff PalmerJacey Zuniga [email protected]@nxp.com +1 408 518 5411 +1 512 895 7398 NXP-CORP
Nokia Corporation Managers’ transactions 27 August 2021 at 10:00 EET Nokia Corporation - Managers' transactions Transaction notification under Article 19 of EU Market Abuse Regulation. ____________________________________________ Person subject to the notification requirement Name: Uitto, Tommi Position: Other senior manager Issuer: Nokia Corporation LEI: 549300A0JPRWG1KI7U06 Notification type: INITIAL NOTIFICATION Reference number: 549300A0JPRWG1KI7U06_20210826163517_2 ____________________________________________ Transaction date: 2021-08-25 Venue not applicable Instrument type: SHARE ISIN: FI0009000681 Nature of the transaction: RECEIPT OF A SHARE-BASED INCENTIVE OR REMUNERATION Transaction details (1): Volume: 67 Unit price: N/A Aggregated transactions (1): Volume: 67 Volume weighted average price: N/A About Nokia At Nokia, we create technology that helps the world act together. As a trusted partner for critical networks, we are committed to innovation and technology leadership across mobile, fixed and cloud networks. We create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs. Adhering to the highest standards of integrity and security, we help build the capabilities needed for a more productive, sustainable and inclusive world. Inquiries: Nokia Communications Tel. +358 10 448 4900 Email: [email protected] Katja Antila, Head of Media Relations
Automated system for flat or notched wafers; multiple orders to ship during third quarter of 2021 FREMONT, Calif., Aug. 25, 2021 (GLOBE NEWSWIRE) -- ACM Research, Inc. (ACM) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging (WLP) applications, today announced the launch of ACM’s Ultra ECP GIII plating tool to support WLP for compound semiconductors, with product offerings for silicon carbide (SiC), gallium nitride (GaN) and gallium arsenide (GaAs). The tool is also capable of plating gold (Au) into backside deep hole processes with greater uniformity and better step coverage. The tool features a fully-automated platform to support high volume manufacturing that accommodates both flat and notched 6-inch wafers, and incorporates ACM’s proprietary second anode power and paddle technologies for optimal performance. “The compound semiconductor market is growing rapidly with strong demand from electric vehicles, 5G communication, and RF and AI applications,” said David Wang, ACM’s Chief Executive Officer and President. “Historically, compound semiconductor manufacturing processes have seen limited levels of automation, and have been subject to restricted production volumes. Further, most plating has been performed by vertical-type plating tools with poor uniformity performance. ACM’s new Ultra ECP GIII plating tool overcomes these challenges to meet the growing volume and advanced performance demands for compound semiconductors.” ACM’s Ultra ECP GIII tool leverages two key technologies to achieve performance benefits: ACM’s second anode and ACM’s paddle technology. ACM’s second anode technology delivers superior uniformity control by effectively tuning wafer-level plating performance to overcome issues created by electrical field distribution differences. It can be used to optimize big die at wafer edge area patterns and notch area to achieve plating uniformity within 3%. ACM’s paddle technology achieves stronger agitation to enhance mass transfer, resulting in significantly better step coverage in deep holes. Improved step coverage enables a reduction in Au film thickness, achieving cost savings for the customer. ACM has received two orders for the Ultra ECP GIII from China-based compound semiconductor manufacturers. The first order was delivered in July 2021 to support wafer level packaging with copper–nickel–tin-silver plating modules using second anode technology, and was integrated with a vacuum pre-wet chamber and a post-clean chamber. The second order, scheduled to be delivered later in the quarter ending September 30, 2021, is for a gold (Au) plating system. Contact ACM to learn more about its Ultra ECP GIII tool and supported applications. About ACM Research, Inc. ACM develops, manufactures and sells semiconductor process equipment for single-wafer or batch wet cleaning, electroplating, stress-free polishing and thermal processes that is critical to advanced semiconductor device manufacturing as well as wafer-level packaging. The company is committed to delivering customized, high-performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. The ACM Research logo is a trademark of ACM Research, Inc. For convenience, this trademark appears in this press release without a ™ symbol, but that practice does not mean ACM will not assert, to the fullest extent under applicable law, its rights to the trademark. Media Contact:Company Contacts: Jillian CarapellaU.S. KiterocketRobert Metter +1-646-402-2408ACM Research, Inc. [email protected]+1-503-367-9753 Europe Sally-Ann Henry ACM Research, Inc. +43-660-7769721 China Xi Wang ACM Research (Shanghai), Inc. +86-21-50808868 Korea YY Kim ACM Research (Korea), Inc. +82-10-41415171 Subsidiary Contacts: Singapore Adrian Ong +65-8813-1107 Taiwan David Chang +886-921-999-884
CALGARY, Alberta, Aug. 27, 2021 (GLOBE NEWSWIRE) -- Razor Energy Corp. (“Razor” or the “Company”) (TSXV: RZE) announces its second quarter 2021 financial and operating results. Selected financial, operational and reserves information is outlined below and should be read in conjunction with Razor’s unaudited condensed consolidated interim financial statements and management’s discussion and analysis for the quarter ended June 30, 2021 which are available on SEDAR at www.sedar.com and the Company’s website www.razor-energy.com. HIGHLIGHTS Acquisition On August 12, 2021, the Company completed an agreement to acquire certain non-operated working interest assets in its Swan Hills, Alberta core region for a total purchase price of $5 million cash, subject to certain closing adjustments. The Assets consist of Swan Hills Unit No.1, Judy Creek Gas Plant and South Swan Hills Unit Gas Gathering System at 32.5%, 8.6% and 27.6% working interest, respectively. Financing The August 12, 2021, acquisition was funded by Arena Investors, LP. Razor has signed an amended term loan agreement (“Amended Term Loan”) with Arena for an increase of US$8.8 million (CAD $11.0 million) resulting in an amended total principal amount of US$18.1 million (CAD $22.7 million). The Amended Term Loan will be amortized and repaid over a total of 37 months and will conclude in April 2024. The increase in principal will fund the purchase of the Assets, associated joint account liability and interim purchase price adjustments. The funded principal amount, after the original issuer discount is US$8.0 million (CAD $10.0 million) less related fees and expenses. Other terms of the Amended Term Loan are materially unchanged from the initial term loan. Innovation Razor continues to identify opportunities to alternative sources of energy and manage the environmental and social impacts of our business. FutEra Power Corp. (“FutEra”), a subsidiary of Razor, has commenced project execution of its Co-produced Geothermal Power Generation Project in Swan Hills, Alberta (“Geothermal Project”). Stage Gate 1 is fully funded and FutEra is securing additional financing to complete Stage Gate 2. Construction of the power plant has commenced with estimated completion within the first quarter of 2022. Razor operates a new and responsible crypto mining operation in Swan Hills, Alberta. The project is built entirely on pre-existing assets to limit our environmental footprint. The project hosts leading energy-efficient miners and relies on natural gas generators for cleaner and more economic power than is available through the local grid and has 10 Petahash of nameplate hashing capacity. Razor operates a natural gas-powered electricity generation program which allows the Company to reduce its reliance on coal-biased grid electricity and has reduced GHG emissions by 6,000 tCO2 annually and has reduced electricity costs by $7.1 million since the program was implemented in 2018. Razor implemented cost saving measures by internalizing certain oilfield services through its subsidiary, Blade Energy Services Corp. ("Blade"), which provides services such as crude oil hauling, earthworks and environmental services. Blade conducted $1.3 million of services on behalf of Razor during the second quarter of 2021 (Q2 2020 - $0.8 million) and $2.4 million of services during the first six months of 2021 (2020 - $1.1 million). The Company completed construction during Q2 2021 to repurpose certain facilities in Virginia Hills to become a Waste Management Component employing bioremediation to treat hydrocarbon-impacted soils. This Soil Treatment Facility will use naturally occurring microbes to digest hydrocarbons in soils and will be integral to Razor’s Area Based Closure operations in the Virginia Hills area. The facility will begin treating its first soil in Q3 2021. FutEra is developing a pure green power supply solution for the waste management facility. Operating Production volumes in the second quarter of 2021 averaged 3,145 boe/d, down 17% from the production volumes in the same period of 2020. Decreased production volumes in Q2 2021 are largely due to non-operated production temporarily shut-in at Kaybob and Southern Alberta, operated and non-operated facility turnarounds in June, temporary curtailment at South Swan Hills pending a pipeline repair, reduced spending on well reactivations and repairs throughout 2020 and into early 2021, and natural annual base decline. Razor commenced its 2021 operated production enhancement program in February 2021 with funds acquired from the Arena Term Loan. The Company is required to use at least US$6.7 million (CAD$8.4 million) to complete the activities outlined in an agreed upon development plan which resulted in an average production increase during the second quarter 2021 of 638 boe/d and an exit rate production increase as at June 30, 2021 of 637 boe/d. Net revenues were 73% higher compared to the second quarter of 2020. The decline in production in the second quarter of 2021 was offset by a 126% increase in commodity prices as compared to the same period in 2020. Capital Progressed our Geothermal Project, which will be capable of generating 18 MW of grid connected power, of which up to 30 percent will be sustainable clean power generation. Decommissioning In the first six months of 2021, the Company settled $1,208 thousand (twelve months 2020 - $538 thousand) of decommissioning obligations which includes $925 thousand (twelve months 2020 - $198 thousand) related to government grants received for well site rehabilitation through Alberta’s Site Rehabilitation Program (“SRP”). 2021 OUTLOOK Razor Razor continues to look forward and plan for the future while remaining focused on its long-term sustainability. On February 16, 2021, Razor secured an extension to the AIMCo Term Loan, for an amended principal amount of $50.1 million. There were no additional proceeds received from the AIMCo Term Loan. On the same date, a subsidiary of Razor entered into the Arena Term Loan in the principal amount of US$11.0 million (CAD$14.0 million) which was subsequently amended on August 12, 2021, with the principal amount increasing to US$18.1 million ($CAD 22.7 million). The Arena Term Loan amendment on August 12, 2021, was used to fund the acquisition of certain non-operated working interest assets in the Company’s Swan Hills, Alberta core region. Razor has intimate knowledge of the Assets through its existing working interest positions and is excited with the opportunity to consolidate assets in their core region. Razor now owns a 49.7 percent non-operated working interest in the Unit while the Operator, Canadian Natural Resources Ltd., maintains its 41.9 percent working interest. The Company will also benefit from increasing its working interest in critical area infrastructure, including the Plant and Gathering System to 38.1 and 43.9 percent, respectively. The Acquisition enables the Company to cost-effectively add long-life, industry-leading ten percent annual base decline, low-risk, light oil reserves (41o API), production and cash flow underpinned by an improving commodity price environment as crude oil supply/demand returns to balance in the post-COVID era. A portion of the proceeds from the Amended Arena Term Loan will continue to be required to be used to invest US$6.7 million (CAD$8.4 million) in 2021 and 2022 on production enhancement. The Company has an extensive opportunity set of high-quality wells requiring reactivation. Most activities involve repairs and maintenance work which will be expensed for accounting purposes and operating netbacks will be reduced during this timeframe. In aggregate, the annual base decline of these wells is anticipated to be consistent with the Company’s current corporate decline of approximately 12 percent. In its history the Company has reactivated over 60 wells adding approximately 2,000 boe/d and it expects that this program will result in similar favorable metrics. The production enhancement program has resulted in an average production increase during Q2 2021 of 638 boe/d and an exit rate production increase as at June 30, 2021 of 637 boe/d. The Company continues to focus on cost control on its operated properties. In addition to the planned production enhancement program, Razor will take a cautious and case-by-case approach to spending in 2021 and into 2022, focusing on low risk, low investment capital opportunities to increase field and corporate netbacks. FutEra In May 2021 FutEra Power Corp. (“FutEra”), a subsidiary of Razor entered the project execution stage of its Geothermal Project. FutEra expects the total capital cost of the Geothermal Project to be $34 million. Stage Gate 1 is fully funded. Stage Gate 2 requires additional financing which FutEra continues to seek. With both Stage Gate 1 and 2 of the Geothermal Project complete, the total nameplate electricity output will be 18 MW, of which up to 30% will be sustainable clean power generation. FutEra has partnered with provincial and federal government agencies to invigorate the emerging geothermal industry. Provincially, Alberta Innovates (“AI”) and Emissions Reduction Alberta (“ERA”), and federally, Natural Resources Canada (“NRCan”), have provided grants to complete funding. To date, Razor has received $8.6 million in government grants to support this power generation project. FutEra has identified and is in the process of reviewing and capturing additional projects including solar, wind, and well head geothermal. As at June 30, 2021, FutEra has installed and is operating a 10 Petahash Bitcoin mining operation supplying both power generation and the behind-the-fence mining offtake installation. In addition, FutEra is in discussions with an industry resource partner to evaluate its renewable energy options and to develop a long term Environmental, Social and Governance plan. NEAR AND MEDIUM-TERM OBJECTIVES Safely execute our production enhancement program and Geothermal Project. Reduce net debt through continued optimization of capital spending and increased efficiencies to reduce operating and general and administrative costs. Actively identify and consider business combinations with other oil and gas producers as well as service companies. Further analyze ancillary opportunities including power generating projects, oil blending and vertical services integration. SELECT QUARTERLY HIGHLIGHTS The following tables summarizes key financial and operating highlights associated with the Company’s financial performance. Three Months Ended June 30,Six Months Ended June 30, ($000's, except for per share amounts and production)2021 2020 2021 2020 Production Light Oil (bbl/d)1,983 1,996 1,968 2,319 Gas (mcf/d) 13,673 5,528 3,707 4,602 NGL (boe/d)549 865 492 902 Total (boe/d)3,145 3,782 3,077 3,989 Sales volumes Light Oil (bbl/d)2,010 1,971 1,959 2,254 Gas (mcf/d)13,301 4,287 3,382 3,621 NGL (bbl/d)549 865 492 902 Total (boe/d)3,110 3,550 3,014 3,760 Oil inventory volumes (bbls)9,784 21,111 9,784 21,111 Revenue Oil and NGLs sales 15,320 7,896 27,813 20,372 Natural gas sales940 742 1,831 1,366 Blending and processing income776 1,061 2,144 2,674 Other revenue149 (171)552 761 Total revenue17,185 9,528 32,340 25,173 Cash flows from (used in) operating activities403 (540)(3,115)1,714 Per share -basic and diluted0.02 (0.03)(0.15)0.08 Funds flow 2339 1,985 (1,085)(1,673) Per share -basic and diluted0.03 0.09 (0.05)(0.08 Adjusted funds flow 2578 2,010 (285)(1,303) Per share -basic and diluted0.03 0.10 (0.01)(0.06 Net income (loss)(5,544)(4,083)(11,179)(38,311) Per share - basic and diluted (0.26)(0.19)(0.53)(1.82) Dividend paid- - - 263 Dividends per share- - - 0.01 Weighted average number of shares outstanding (basic and diluted)21,064 21,064 21,064 21,064 Capital expenditures4,810 (583)5,669 (133) Netback ($/boe) Oil and gas sales 356.81 25.10 53.22 29.95 Royalties(7.66)(2.53)(6.20)(3.38) Adjusted operating expenses 2 4(37.67)(21.14)(38.08) (26.44) Production enhancement expenses 2(4.94)(0.24)(6.41) (2.18) Transportation and treating(2.04)(1.69)(2.19) (1.72) Operating netback 24.50 (0.50) 0.34 (3.77) Net blending and processing income 20.89 3.34 2.12 3.23 Realized loss on commodity contracts settlement 3(0.18)(2.72)(0.09) (2.41) Unrealized gain/(loss) on commodity risk management(3.43)0.29 (1.61) 0.05 Other revenues2.47 7.02 3.01 4.61 General and administrative(3.45)(2.19)(3.95) (3.66) Other expenses(0.29)(0.02)(0.25) - Impairment- - - (34.08) Interest(5.11)(3.68)(5.33) (3.55) Corporate netback 2(4.60)1.54 (5.76) (39.58) 1) Natural gas production includes internally consumed natural gas primarily used in power generation. 2) Refer to "Non-IFRS measures". 3) Excludes the effects of financial risk management contracts but includes the effects of fixed price physical delivery contracts. 4) Excludes production enhancement expenses incurred in the period. SELECT QUARTERLY HIGHLIGHTS (continued) June 30, December 31, ($000's, except for share amounts)2021 2020 Total assets155,385 163,709 Cash2,710 1,098 Long-term debt (principal)62,678 50,878 Minimum lease obligation2,737 3,469 Net debt 183,260 72,789 Number of shares outstanding21,064,466 21,064,466 1) Refer to "Non-IFRS measures.” OPERATIONAL UPDATE Production volumes in the second quarter of 2021 averaged 3,145 boe/d, down 17% from the production volumes in the same period of 2020. Decreased production volumes in Q2 2021 are largely due to a number of factors including: non-operated production temporarily shut-in at Kaybob (anticipated to resume production in September) and Southern Alberta (anticipated to resume production in the fourth quarter of 2021), operated and non-operated facility turnarounds in June in Swan Hills resulting in an approximate 850 boe/day reduction for the month, temporary curtailment at South Swan Hills pending a pipeline repair anticipated to be completed in early Q4 2021, reduced spending on well and pipeline reactivations and repairs throughout 2020 and into early 2021, and natural annual base decline. Net revenues were 73% higher compared to the second quarter of 2020. The decline in production in the second quarter of 2021 was offset by a 126% increase in commodity prices as compared to the same period in 2020. The Edmonton light sweet crude oil differential to West Texas Intermediate ("WTI") was 5% in the second quarter of 2021 compared to 23% in the same quarter of 2020. Realized NGL prices increased 139% in the second quarter of 2021 from the same period in 2020. During the second quarter of 2021, the Company realized an operating netback of $4.50/boe, a significant improvement from the operating loss of ($0.50)/boe in the second quarter of 2020. Realized prices increased by $31.71/boe, however the impact of increased prices was offset by a significant royalty increase of $5.13/boe which is tied to the higher commodity prices, an increase in adjusted operating expenses of $16.53/boe as well as an increase in production enhancement expenses of $4.70/boe in comparison to the same period in 2020. For the six months ended June 30, 2021, the operating netback was $0.34/boe compared to an operating loss of $3.77/boe for the same period in 2020 mainly as a result of a $23.27/boe increase in realized prices which were up 78%, offset by royalty rate increases of $2.82/boe, increased adjusted operating expenses of $11.64/boe and increased production enhancement expenses of $4.23/boe. Royalty rates averaged 13% in the second quarter of 2021 as compared to 10% for the same period in 2020 due to an increase in the Government of Alberta’s PAR prices used in the calculation of crown royalties in Q2 2021 as compared to Q2 2020 and offset somewhat by lower production in Q2 2021 compared to Q2 2020. For the six months ended June 30, 2021, royalties averaged 12% compared to 11% in the same period in 2020 mainly due to an increase in PAR prices and lower production. Adjusted operating expenses increased $3.5 million or 48% on a total dollar basis but increased 78% on a per boe basis in the second quarter of 2021 compared to the same period in 2020 due to a 17% decrease in production. The increase in the adjusted operating expense per boe was due primarily to surface repairs and maintenance (including non-capitalized turnaround costs) which averaged $5.45/boe in Q2 2021 versus $0.17/boe in Q2 2020, fuel and electricity costs which averaged $12.01/boe in Q2 2021 as compared to $7.61/boe in 2020 and transportation and treating costs which averaged $2.44/boe in Q2 2021 as compared to ($0.10)/boe in 2020. Chemical costs were consistent and averaged $1.17/boe in Q2 2021 as compared to $0.99/boe in 2020. For the six months ended June 30, 2021, adjusted operating expenses increased $2.0 million or 10% on a total dollar basis but increased 44% on a per boe basis primarily driven by a 23% decrease in production compared to the same period in 2020. The Company continued its production enhancement activity in Q2 2021 in response to the stronger commodity price environment. Production enhancement expenses per boe averaged $4.94/boe in the second quarter 2021 as compared to $0.24/boe in 2020. The production enhancement program has resulted in an average production increase during Q2 2021 of 638 boe/d and an exit rate production increase as at June 30, 2021, of 637 boe/d. For the six months ended June 30, 2021, production enhancement expenses averaged $6.41/boe as compared to $2.18/boe for the same period in 2020. Razor has focused on cost control on all expenditures within its operations by implementing a procurement system, internalizing field services and producing its own electricity. Blade Energy Services Corp. ("Blade"), a wholly owned subsidiary of Razor, provides services such as crude oil hauling, earthworks and environmental services. Blade conducted $1.3 million of services on behalf of Razor during Q2 2021 (Q2 2020 - $0.8 million) and $2.4 million of services during the first six months of 2021 (2020 - $1.1 million). The top cost drivers of the adjusted operating expenses consist of fuel and electricity, labour, property taxes, lease rentals, fluid hauling and chemicals pipeline repairs and maintenance and environmental work. The top cost drivers accounted for 54% of the adjusted operating expenses in the second quarter of 2021 (comparable costs in Q2 2020 – 72%). For the six months ended June 30, 2021, the same top cost drivers accounted for 57% of the adjusted operating expenses (comparable costs for the same period in 2020 – 79%). The cost of electricity and fuel increased 31% in Q2 2021 as compared to the same quarter of last year mostly due to a 249% increase in average electricity pool prices which was offset by a 40% decrease in consumption, decreased reliance on non-operated fuel gas and lower production levels. For the six months ended June 30, 2021, the cost of electricity and fuel increased 13% as compared to the same period of last year mostly due to a 110% increase in average electricity pool prices offset by a 37% decrease in consumption. Other revenue and income received during the three months ended June 30, 2021, was $0.7 million which primarily consisted of $0.5 million SRP grant income and a combined $0.2 million of road use, road maintenance and other revenue. For the six months ended June 30, 2021, other revenue and income received was $1.7 million compared to $3.3 million for the same period in 2020. The decrease for the six months is mainly due to insurance proceeds received in 2020 offset somewhat by SRP grant income received in 2021. During the second quarter of 2021, the Company received funds from Canada Emergency Wage Subsidy of $0.3 million. These grants were recognized as a $0.15 million reduction to both general and administrative expense and a reduction of operating expenses. For the six months ended June 30, 2021, the Company received $0.5 million ($0.7 million for six months ended June 2020) and the grants were recognized as a $0.3 million reduction to general and administrative expense and a $0.2 million reduction of operating expenses ($0.5 million and $0.2 million respectively for the six month period ended June 30 2020). CAPITAL PROGRAM During the second quarter of 2021, Razor invested $0.5 million in field equipment for its service company subsidiary, $1.1 million on its Geothermal Project and $0.3 million in its Bitcoin mining project. The company also capitalized $3.9 million of turnaround costs related to operated turnaround activities and non-operated turnaround activities in the quarter. As of June 30, 2021, Razor has received $7.2 million since inception in government grants to support its Geothermal Project, with an additional $1.4 million funding received in July 2021. Razor did not initiate any projects related to finding and development capital and minimal capital reactivations were conducted during this period as the Company’s focus is on investing in its 2021 production enhancement program to increase production and cash flow. RAZOR'S RESPONSE TO COVID-19 Razor is dedicated to ensuring the health, safety and security of its employees, contractors, partners and residents within all of its operating areas and communities. The Company is following all applicable rules and regulations as set out in Alberta Health and Health Canada guidelines to protect the well-being of all stakeholders. About Razor Razor is a publicly traded junior oil and gas development and production company headquartered in Calgary, Alberta, concentrated on acquiring, and subsequently enhancing, and producing oil and gas from properties primarily in Alberta. The Company is led by experienced management and a strong, committed Board of Directors, with a long-term vision of growth focused on efficiency and cost control in all areas of the business. Razor currently trades on TSX Venture Exchange under the ticker “RZE.V”. www.razor-energy.com About FutEra FutEra leverages Alberta’s resource industry innovation and experience to create transitional power and sustainable infrastructure solutions to commercial markets and communities, both in Canada and globally. Currently, it is developing an 18 MW co-produced geothermal and natural gas hybrid power project in Swan Hills, Alberta. www.futerapower.com About Blade Blade Energy Services is a subsidiary of Razor. Operating in west central Alberta, Blade’s primary services include fluid hauling, road maintenance, earth works including well site reclamation and other oilfield services. www.blade-es.com For additional information please contact: Doug Bailey President and Chief Executive Officer Kevin Braun Chief Financial Officer Razor Energy Corp. 800, 500-5th Ave SW Calgary, Alberta T2P 3L5 Telephone: (403) 262-0242 READER ADVISORIES FORWARD-LOOKING STATEMENTS: This press release may contain certain statements that may be deemed to be forward-looking statements. Such statements relate to possible future events, including, but not limited to, the Company’s ability to continue to operate in accordance with developing public health efforts to contain COVID-19, the Company’s objectives, including the Company’s capital program and other activities, including ancillary opportunities such as power generation, oil blending and services integration, restarting wells, future rates of production, anticipated abandonment, reclamation and remediation costs for 2021, possible business combination transactions, assistance from government programs including under the SRP and Canadian Emergency Wage Subsidy, commitments under the ABC program and energy management program and other environmental, social and governance initiatives. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “believe”, "expect", “plan”, “estimate”, “potential”, “will”, “should”, “continue”, “may”, “objective” and similar expressions. The forward-looking statements are based on certain key expectations and assumptions made by the Company, including but not limited to expectations and assumptions concerning the availability of capital, current legislation, receipt of required regulatory approvals, the timely performance by third-parties of contractual obligation, the success of future drilling and development activities, the performance of existing wells, the performance of new wells, the Company’s growth strategy, general economic conditions, availability of required equipment and services prevailing commodity prices, price volatility, price differentials and the actual prices received for the Company's products. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward- looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry and geothermal electricity projects in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; variability in geothermal resources; as the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), electricity and commodity price and exchange rate fluctuations, changes in legislation affecting the oil and gas and geothermal industries and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. In addition, the Company cautions that COVID-19 may continue to have a material adverse effect on global economic activity and worldwide demand for certain commodities, including crude oil, natural gas and NGL, and may continue to result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets, which could continue to affect commodity prices, interest rates, credit ratings, credit risk, inflation, business, financial conditions, results of operations and other factors relevant to the Company. The duration of the current commodity price volatility is uncertain. Please refer to the risk factors identified in the annual information form and management discussion and analysis of the Company which are available on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about Razor's prospective results of operations, sales volumes, including sale of inventory volumes, production and production efficiency, balance sheet, capital spending, cost and net debt reductions, operating efficiencies, investment infrastructure and components thereof, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as a set forth in the above paragraph. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about Razor's future business operations. Razor disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein. NON-IFRS MEASURES: This press release contains the terms "funds flow", "adjusted funds flow", "net blending and processing income", "net debt", "income (loss) on sale of commodities purchased from third parties", "operating netback", "corporate netback", “adjusted operating expenses” and “production enhancement expenses” which do not have standardized meanings prescribed by International Financial Reporting Standards ("IFRS") and therefore may not be comparable with the calculation of similar measures by other companies. Funds flow represents cash generated from operating activities before changes in non-cash working capital. Adjusted funds flow represents cash flow from operating activities before changes in non-cash working capital and decommissioning obligation expenditures incurred. Management uses funds flow and adjusted funds flow to analyze operating performance and leverage, and considers funds flow and adjusted funds flow from operating activities to be key measures as it demonstrates the Company's ability to generate cash necessary to fund future capital investments and repay debt. Net blending and processing income is calculated by adding blending and processing income and deducting blending and processing expense. Net debt is calculated as the sum of the long-term debt and lease obligations, less working capital (or plus working capital deficiency), with working capital excluding mark-to-market risk management contracts. Razor believes that net debt is a useful supplemental measure of the total amount of current and long-term debt of the Company. Income (loss) on sale of commodities purchased from third parties is calculated by adding sales of commodities purchased from third parties and deducting commodities purchased from third parties. Income (loss) on sale of commodities purchased from third parties may not be comparable to similar measures used by other companies. Operating netback equals total petroleum and natural gas sales less royalties and operating costs calculated on a boe basis. Razor considers operating netback as an important measure to evaluate its operational performance as it demonstrates its field level profitability relative to current commodity prices. Corporate netback is calculated by deducting general & administration, acquisition and transaction costs, and interest from operating netback. Razor considers corporate netback as an important measure to evaluate its overall corporate performance. Adjusted operating expenses are regular field or general operating costs that occur throughout the year and do not include production enhancement expenses. Management believes that removing the expenses related to production enhancements from total operating expenses is a useful supplemental measure to analyze regular operating expenses. Adjusted operating expenses may not be comparable to similar measures used by other companies. Production enhancement expenses are expenses made by the company to increase production volumes which are not regular field or general operating costs that occur throughout a year. Management believes that separating the expenses related to production enhancements is a useful supplemental measure to analyze the cost of bringing wells back on production and the related increases in production volumes. Production enhancement expenses may not be comparable to similar measures used by other companies. ADVISORY PRODUCTION INFORMATION: Unless otherwise indicated herein, all production information presented herein is presented on a gross basis, which is the Company's working interest prior to deduction of royalties and without including any royalty interests. BARRELS OF OIL EQUIVALENT: The term "boe" or barrels of oil equivalent may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Additionally, given that the value ratio based on the current price of crude oil, as compared to natural gas, is significantly different from the energy equivalency of 6:1; utilizing a conversion ratio of 6:1 may be misleading as an indication of value. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
DENVER, Aug. 26, 2021 (GLOBE NEWSWIRE) -- DCP Midstream, LP (NYSE: DCP) announced that Wouter van Kempen, chairman, president, and chief executive officer, Sean O’Brien, group vice president and chief financial officer, and William Johnson, group vice president and chief transformation officer, will participate in an ESG roundtable with a focus on discussing the company’s second annual sustainability report: Resiliency and Evolution. This roundtable will be hosted by Evercore ISI on September 1, 2021. The report is available in the Sustainability section of DCP Midstream’s website at www.dcpmidstream.com. ABOUT DCP MIDSTREAM, LP DCP Midstream, LP (NYSE: DCP) is a Fortune 500 midstream master limited partnership headquartered in Denver, Colorado, with a diversified portfolio of gathering, processing, logistics and marketing assets. DCP is one of the largest natural gas liquids producers and marketers and one of the largest natural gas processors in the U.S. The owner of DCP’s general partner is a joint venture between Enbridge and Phillips 66. For more information, visit the DCP Midstream, LP website at www.dcpmidstream.com. DCP Investor Relations Mike Fullman (303) 605-1628
PITTSBURGH, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ: MNTK), a renewable energy company specializing in the management, recovery and conversion of biogas into renewable natural gas (“RNG”), today announced the Company has been awarded patent number US11,097,245, issued by the U.S. Patent & Trademark Office (USPTO), covering 24 unique elements of its Electric-Powered, Closed-Loop, Continuous-Feed, Endothermic Energy-Conversion Systems and Methods (“the System”). The System enables near-zero-emissions conversion of agricultural waste into multiple non-fossil, renewable-fuel alternatives, is capable of producing approximately 10-units of renewable energy for each unit of conventional energy consumed and sequestering approximately 25-tons of greenhouse gas equivalent emissions (CO2e) for every single ton emitted. The System is driven by a continuous-feed, closed loop reactor that can scale modularly to address the environmental challenges of industrial agriculture, regardless of location or size. “We are excited to announce that the US Patent Office has recognized the uniqueness of our technology and granted this patent, which will enable Montauk to continue to pioneer new approaches to address the environmental impacts of industrial agriculture, while further diversifying our product offerings in the renewable energy economy,” said Sean McClain, Montauk Renewables CEO. As previously announced, Montauk intends to initially deploy its newly patented technology through a large-scale development project in North Carolina. The now patented System has the potential to generate expansive growth opportunities through systematic nation-wide deployment and global licensing agreements. About Montauk Renewables, Inc. Montauk Renewables, Inc. (NASDAQ: MNTK) is a renewable energy company specializing in the management, recovery and conversion of biogas into RNG. The Company captures methane, preventing it from being released into the atmosphere, and converts it into either RNG or electrical power for the electrical grid (“Renewable Electricity”). The Company, headquartered in Pittsburgh, Pennsylvania, has more than 30 years of experience in the development, operation and management of landfill methane-fueled renewable energy projects. The Company has current operations at 15 operating projects located in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina and Texas. The Company sells RNG and Renewable Electricity, taking advantage of Environmental Attribute premiums available under federal and state policies that incentivize their use. For more information visit https://ir.montaukrenewables.com Company Contact: John Ciroli Vice President, General Counsel and Secretary [email protected] (412) 747-8700 Investor Relations Contact: Georg Venturatos Gateway Investor Relations [email protected] (949) 574-3860 Safe Harbor Statement This release contains “forward-looking statements” within the meaning of U.S. federal securities laws, that involve substantial risks and uncertainties. All statements other than statements of historical or current fact included in this release are forward-looking statements. Forward-looking statements refer to our financial condition, results of operations, plans, objectives, strategies, future performance, and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “assume,” “believe,” “can have,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “likely,” “may,” “might,” “objective,” “plan,” “predict,” “project,” “potential,” “opportunity,” “seek,” “should,” “target,” “will,” “would,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events. For example, all statements we make related to the expected benefits of the patented System and our plans for future growth, initiatives or strategies are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expect and, therefore, you should not unduly rely on such statements. Forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the Company’s control and are difficult to predict, including, without limitation, risks related to acquisition, financing, construction and development of new projects and project expansions; licensing of technology; infringement on our patent(s); changes in commodity and environmental attribute pricing; changes in governmental economic incentives for renewable energy projects; changes in expected levels of production output for renewable energy projects; and the other risk factors described in more detail in the Company’s most recent Form 10-K annual report and other filings with the U.S. Securities and Exchange Commission at www.sec.gov. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. The forward-looking statements included herein are made only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.
SAN FRANCISCO, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges 360 DigiTech, Inc. (NASDAQ: QFIN) investors with significant losses to submit your losses now. A securities fraud class action has been filed and certain investors may have valuable claims. Class Period: Apr. 30, 2020 – July 7, 2021 Lead Plaintiff Deadline: Sept. 13, 2021 Visit: www.hbsslaw.com/investor-fraud/QFIN Contact An Attorney Now: [email protected] 844-916-0895 360 DigiTech, Inc. (QFIN) Securities Fraud Class Action: The complaint alleges that Defendants falsely claimed that 360 DigiTech protects the privacy of its borrowers and maintains high standards of compliance with People’s Republic of China (“PRC”) regulations, while omitting to disclose material facts. Specifically, Defendants concealed that: (i) the company had been collecting personal information in violation of relevant PRC laws and regulations; and (ii) accordingly, 360 DigiTech was exposed to an increased risk of regulatory scrutiny and/or enforcement action. The truth emerged on July 8, 2021, when reports circulated that 360 DigiTech’s core product (the 360 IOU app) had been removed from major app stores. In addition, media outlets reported that reason for the removal may stem from interviews PRC financial regulators conducted of 360 DigiTech and other major Fintech platforms on Apr. 29, 2021, during which the PRC central bank reportedly pointed out that online platform companies like 360 DigiTech “generally have unlicensed or over-licensed financial services, imperfect corporate governance mechanisms, and regulatory arbitrage, Unfair competition [sic], damage to consumers’ legal rights and other serious violations.” In response, the price of 360 DigiTech American Depositary Shares sharply fell on July 8, 2021. “We’re focused on investors’ losses and proving 360 DigiTech concealed the risk posed by its personal information collection activities,” said Reed Kathrein, the Hagens Berman partner leading the investigation. If you invested in 360 DigiTech and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman. Whistleblowers: Persons with non-public information regarding 360 DigiTech should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected]. About Hagens Berman Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw. Contact: Reed Kathrein, 844-916-0895
LiveTrade, LTD LiveTrade aims to become a financial hub connecting the conventional and digital markets LiveTrade, LTD LiveTrade DApp - A blockchain-based DeFi platform for both digital assets and tokenized stocks The project introduces new concepts that quickly capture the attention of the community and get praised by a famous U.S. Shark Tank investor, marking several notable milestones and pushing the token’s value to 40 times higher after two months. LEWES, Del., Aug. 26, 2021 (GLOBE NEWSWIRE) -- LiveTrade Token (LTD) is minted and utilized on Binance Smart Chain (BEP20 standard) and KardiaChain (KRC20 standard) with thousands of holders at the time of writing. The token was publicly offered to the community at the end of June with an initial cap of only $100K. The current market cap has increased 50 times to roughly $5.5M for 55M tokens in circulation on both chains. LTD is the core of LiveTrade’s ecosystem where it can be used as a payment unit for services and transaction fees or for access to premium features. The ecosystem was established with the goal to connect investors and businesses from both conventional and digital financial markets. Its main products include the Digital Initial Private Offering (DIPO) model, LiveTrade App - a commission-free stock trading mobile application, Digital Asset Banking and a multichain DeFi platform. The idea of a micro capital stock trading app is considered a creative concept that will change the traditional market and even received congratulations from one of the most influencing investors of the generation – Daymond John from Shark Tank U.S. LiveTrade is best known for the DIPO model, a financial solution for businesses and startup projects that allows raising capital by tokenizing real business and assets. A total of $30M has been raised for 9 projects, starting from December 2020. The company has been deploying the model on some of its partnering platforms and plans to expand the scope of operation. DIPO model encourages direct interaction between businesses and investors of all ranges of capital, fostering potential ideas and offering equal investment opportunities to everyone. Another core service that the company offers is Digital Asset Banking, in collaboration with several centralized and decentralized platforms. This is by far an underexploited region, especially in Vietnam, and is expected to work as one of the levers for the growth of the cryptocurrency market worldwide. The service is one of the main resources of income of LiveTrade LTD since its establishment. In addition, the company plans to launch an online stock trading mobile application with zero commission in the fourth quarter of 2021. The LiveTrade App utilizes blockchain technology to tokenize shares of major companies in Vietnam, allowing investment in the stock market with micro-capital. Its lean and simple interface helps everyone to easily learn and invest in the stock market. The launch of the LiveTrade App is also hugely anticipated by the Vietnamese public community. The idea of low-capital stock trading is triggering massive attention of the local media as well as large companies in the field of FinTech. The project has successfully connected with several Vietnamese strategic partners that are leaders in their respective operation fields. LiveTrade’s team also stressed that they would soon integrate U.S. stocks in their portfolio into the application. Furthermore, LiveTrade recently launched a multichain-based DeFi platform at dapp.livetrade.io, aiming to integrate both digital assets and tokenized stocks into a blockchain-based system. The DApp attracted a total value locked (TVL) of over $2.5M just 10 days after the launch. Some upcoming features that can be seen on the DApp are Lending and Repo that are introduced as financial tools for users to earn saving interest or get digital assets-based loans. New farming and staking pools are continuously added to the DApp, promising long-term benefits for holders. Many are expecting stock-earning pools from the project after the announcement of its investment portfolio in large Vietnamese and U.S. corporations. The cryptocurrency market in Vietnam is in an explosive growth period. Increasing crypto holders, growing trading volume, as well as emerging high-quality projects, are the evidence for the potential of the market. This is also the cradle of some super-hot projects recently such as Axie, Coin98, Roseon, etc. which caught huge attention from the international community. LTD seems to be joining the race by continuously announcing its listing on several international exchanges supported by CoinMarketCap and CoinGecko as well as partnering DeFi platforms, showing the team’s effort to increase the liquidity and use cases for the token. Large-scale marketing campaigns targeting a large user base are being conducted, and it seems like the project is still running at its full speed. More about LiveTrade LTD at livetrade.io. Contact Information LiveTrade LTD [email protected] Attachments LiveTrade, LTD LiveTrade, LTD
Pleasanton, CA, Aug. 26, 2021 (GLOBE NEWSWIRE) -- SavvyMoney, the leading provider of a fully integrated credit score solution that provides credit scores, reports, and actionable insights directly from a financial institution’s online and mobile banking platform, today announced the launch of its 500th financial institution partner. By partnering with both digital banking platforms and financial institutions, this fast-growing fintech is leveraging its strengths in the credit score and technology sectors to bring financial education to consumers via their trusted financial institution across the United States. More than 35 digital banking platforms have selected SavvyMoney to seamlessly integrate into digital banking, adding additional value and functionality to end-users. Financial institutions are then able to deliver SavvyMoney’s solution to their end-users via their digital banking platform. The industry-wide adoption of SavvyMoney’s engaging platform highlights the power of the solution. SavvyMoney’s partners share a common goal of elevating their personalized digital banking experience. Each financial institution partner is committed to providing next-level, personal financial wellness. “We are excited that so many financial institutions have trusted SavvyMoney to be their credit score, personalized loan offer, and analytics marketing solution,” said JB Orecchia, CEO and President of SavvyMoney. “Knowing these partners depend on SavvyMoney to push the needle from a technology, credit, and financial wellness perspective fuels us to keep innovating.” “The strong adoption of SavvyMoney’s agile platform highlights the confidence financial institutions have in their solution,” said Jonathan Price, EVP Emerging Businesses, Corporate & Business Development at Q2. “Leveraging Q2’s Innovation Studio, the implementation between our platform and SavvyMoney was quick and easy. We’re proud to offer SavvyMoney to our financial institutions and are excited for their continued growth.” Founders Federal Credit Union, the 500th financial institution partner to go live with the SavvyMoney solution, is a Q2 customer that implemented SavvyMoney via the integration. “Founders Federal Credit Union is honored to be the 500th partner,” says Nicki Nash, Chief Marketing Officer at Founders. “We take pride in offering this cutting-edge technology and look forward to discovering new insights as we examine the data. We plan to launch a digital loan recapture campaign in the coming months and really leverage SavvyMoney analytics for maximum return on our investment.” Further enhancements and exponential growth are expected as SavvyMoney continues to partner with financial institutions to drive deeper relationships and engagement in digital banking through financial wellness. ### About SavvyMoney SavvyMoney is an award-winning fintech company who works with over 675 financial institutions. SavvyMoney provides an integrated credit report and score solution right into financial institutions’ online and mobile banking. Consumers get actionable advice about their credit score, report, and saving opportunities from pre-qualified loan offers. SavvyMoney’s analytics platform provides the financial institution with full visibility to users’ credit scores trends, wallet share analysis, and targeted lending campaigns. www.savvymoney.com @SavvyMoneyTip About Q2 Q2 is a financial experience company dedicated to providing digital banking and lending solutions to banks, credit unions, alternative finance, and fintech companies in the U.S. and internationally. With comprehensive end-to-end solution sets, Q2 enables its partners to provide cohesive, secure, data-driven experiences to every account holder – from consumer to small business and corporate. Headquartered in Austin, Texas, Q2 has offices worldwide and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com. About Founders Federal Credit Union Founders Federal Credit Union is one of the largest and most innovative in the nation. Founded in 1950 in Fort Mill, South Carolina to provide financial services to the employees of Springs Industries, Inc, Founders now serves over 221,000 members and has more than 30 locations across two states. The credit union has over $3 billion in assets. CONTACT: Jessica Friedman SavvyMoney [email protected]
TORONTO, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Abaxx Technologies Inc. (NEO:ABXX) (OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software (fintech) company, majority shareholder of Abaxx Singapore Pte. Ltd. the Abaxx Commodity Exchange (ACX), and producer of the SmarterMarkets™ Podcast, announces that it has reached a milestone towards plans to launch a commodity futures exchange and clearing house. On August 25, 2021 Abaxx was notified that the Approved Clearing House application of Abaxx Clearing Pte. Ltd. was approved in principle (“AIP”), advancing the central clearing house towards launch. Abaxx has advanced discussions with prospective members/launch partners to begin the final stage of commercial preparedness. Regulatory and Operational Milestones: Received AIP as a Recognized Market Operator (“RMO”) September 2020 and as an Approved Clearing House (“ACH”) on August 25, 2021 Abaxx Exchange and Clearing is evaluating access requirements in secondary jurisdictions including Switzerland, UK and the US. Abaxx Exchange and Clearing has successfully recruited the senior executives required for launch and its management team is substantially in place. Target staff levels in the operations, regulatory, risk and tech departments are on track. Remaining operations staff will be scaled up over coming months as the project progresses towards launch. Senior and middle line leadership have developed and completed the necessary training programs for new staff onboarding. “The Approval in Principle (AIP) as an Approved Clearing House has been much anticipated by our shareholders, the marketplace and for Abaxx internally,” said Abaxx Exchange President, Dan McElduff. “With our engineering teams making progress on the development of our technology tools for the Abaxx Exchange, we are in process for onboarding clearing members. This will allow us to begin testing of our risk tools, clearing systems and order execution. With the AIP approval, we can begin this next phase, bringing us one step closer to official launch.” “The formation of a new clearing house is an extremely rigorous and arduous process. Reaching the AIP milestone is a noteworthy accomplishment for our team, our partners, and equally for the prospective members and customers that have guided us to this point,” commented Abaxx Exchange President, Dan McElduff. “Speaking on behalf of the entire Abaxx team, we look forward to working with the commodity trading community to complete the integration tasks necessary for a successful launch.” About Abaxx Technologies Abaxx is a development stage financial software company that has created proprietary technological infrastructure for both global commodity exchanges and the digital marketplace. The Company’s formative technology increases transaction velocity, data security, and facilitates improved risk management for the majority owned, Abaxx Singapore Pte. Ltd. (“ACX”, “Abaxx Commodity Exchange”, or “Abaxx.Exchange”) - a commodity futures exchange that is seeking final regulatory approvals as a Recognized Market Operator (“RMO”) and Approved Clearing House (“ACH”) with the Monetary Authority of Singapore (“MAS”). Abaxx is also the owner of the LabMag and KeMag iron ore assets, resulting from the reverse take-over of New Millennium Iron Corp, and the creator and producer of the SmarterMarkets™ podcast. For more information please visit abaxx.tech, abaxx.exchange and SmarterMarketsPod.com Media and Investor Inquiries: Abaxx Technologies Inc. Paris Golab, Head of Investor Relations Tel: +246 243-3390 E-mail: [email protected] Forward-Looking Statements This News Release includes certain "forward-looking statements" which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx or the Company’s future plans, objectives or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, Abaxx does not provide any assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Abaxx’ objectives, goals or future plans, statements, timing of the commencement of operations and estimates of market conditions. Such factors include, among others: risks relating to the global economic climate; dilution; the Company’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions, protection of intellectual property rights, contractual risk, third party risk; clearinghouse risk, malicious actor risks, third-party software license risk, system failure risk, risk of technological change; dependence of technical infrastructure, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains. Abaxx has also assumed that no significant events occur outside of Abaxx’ normal course of business. Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. When relying on Abaxx forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Abaxx does not undertake to update this information at any particular time except as required in accordance with applicable laws. The NEO Exchange does not accept responsibility for the adequacy or accuracy of this press release.
NEW YORK, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Micro Insurance Company (MIC) and Lofte Kesho are partnering to offer digital solutions to livestock farmers in an effort to improve their economic well-being. Lofte Kesho, an integrated FinTech and AgriTech player, was created to help farmers collateralize animals as assets for financial benefits such as loans, working capital, cow replacement loans, and investment loans. They have also created unique systems for animal identification as well as the process of tokenizing animals using blockchain. Lofte Kesho is partnering with Micro Insurance Company in an effort to strengthen their mission of helping farmers to unlock the financial benefits associated with their livestock. By partnering with MIC, farmers will now be able to insure their livestock, which gives them access to credit opportunities – as they will now be able to use their insured livestock as collateral. This will help improve the financial state for many farmers. Furthermore, MIC is also offering a life and hospitalization cover to the middle and low segment Livestock farmers to safeguard them against many of the risks they face, so when the unexpected happens, they are able to bounce back swiftly. Ms. Wairimu Njoki, Country Manager, Micro Insurance Company, says: “We are pleased to be partnering with Lofte Kesho as they improve the inclusivity of livestock farmers for enhanced access to financial solutions. Farmers have always held assets through their livestock but are often locked out of financial access because historically, financial institutions have not considered livestock as a good form of security. By MIC insuring farmers’ livestock, it has enabled financial institutions to get on board with accepting livestock as a secure asset, and thus, feel confident in accepting it as collateral.” Bernard Njathi, Co-Founder of Lofte Kesho, says: “Our farmers are faced with multiple challenges. According to the World Bank, by the year 2050, food demand will increase by 70%. So what does this really mean? We need to support our farmers – both our Crop and Livestock farmers. This is why Lofte Kesho Kenya Limited acknowledges that our livestock farmers are not necessarily poor but lack a supportive ecosystem that properly promotes and unlocks animal identification, valuation, insurance and animal collateralized loans. As a result, Lofte Kesho is excited to partner with Micro Insurance Company to further our aim of providing value-added services to livestock farmers in the areas of animal health, nutrition, and productivity. Our partnership with MIC will further enhance our ability to offer peace of mind to livestock farmers.” MIC and Lofte Kesho join forces to address both the financial and insurance inclusivity against the marginalized – using the FarmTrek platform as a route to access these services. This partnership combines Lofte Kesho’s knowledge of livestock along with MIC’s expertise in product design to ensure optimal product consideration and adjusted premiums. About Lofte Kesho Founded in 2018 with headquarters in Kenya, Lofte Kesho is an integrated FinTech and AgriTech player offering an animal identification and traceability platform. In partnership with InfoCorp Technologies, Lofte Kesho has rolled out FarmTrek, a solution that brings inclusive financial services to the livestock industry in emerging markets via its blockchain-based platform. Lofte Kesho works with smallholder farmers to unlock financial benefits associated with their animals. For more information, please contact [email protected] or visit: https://www.loftekesho.com/ About Micro Insurance Company Micro Insurance Company (MIC) is a global insurance platform delivering technology, underwriting, policy management, and distribution. MIC provides insurance to platforms, micro & small businesses, and to the 4 billion people on the planet that are currently unserved. Whereas most insurtechs seek to improve existing monoline products and markets, we follow the concept of straight through processing. We do this in order to create highly relevant insurance products that we can offer globally at a very low cost via our platform to support people in their local communities. Micro Insurance Company is the world's first global end-to-end digital microinsurance platform that combines reinsurance capacity, in-country insurance licenses, world class distribution, and market leading AI functionality. For more information, please contact [email protected] or visit: https://microinsurance.com/