A trucker who saw combat in Iraq as a Marine is being praised for stopping on a Wyoming interstate and pulling a man off a trooper before the man could grab the trooper's gun.
Reported by FOXNews.com 18 hours ago.
Iraq War vet saves Wyoming trooper from man who was attacking him on highway
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Tar Heel Basement Systems Acquires Hutch Home Solutions and Expands to Wilmington and Eastern Raleigh
North Carolina’s Leading Foundation Repair and Waterproofing Company Opens Two New Facilities in Wilmington and Goldsboro, NC to Better Serve Homeowners
WINSTON-SALEM, N.C. (PRWEB) June 04, 2018
Tar Heel Basement Systems (THBS) announced today that it has acquired the assets of Hutch Home Solutions, Inc. formerly a Dr. Energy Saver franchise and opened two additional locations in Wilmington and Goldsboro, NC.
Harry Hutchins, owner of Hutch Home Solutions will join THBS as Operations Manager, Eastern Carolina region. “Hutch”, a Marine Corps Veteran, is a licensed general contractor and brings an extensive background in homebuilding and residential construction. “I’m impressed with what Tar Heel Basement Systems has been doing and look forward to becoming a part of the organization,” Hutch said.
Prior to the acquisition, Tar Heel Basement Systems ran all operations out of Winston-Salem, NC and has been serving customers in the Greensboro and Winston-Salem region since 2003. The company specializes in residential and commercial foundation repair, crawl space encapsulation, basement waterproofing, and concrete leveling.
In late 2017, Tar Heel Basement Systems merged with Groundworks and began operating as a subsidiary of its new parent company. Becoming a part of Groundworks provided the company with additional resources and access to capital, freeing the company from focusing on materials sales. The result has been a newly found ability to focus on growth, allowing the business to expand eastward across the state. Since joining Groundworks, Tar Heel Basement Systems has experienced tremendous growth throughout western North Carolina and especially in the Winston-Salem/Greensboro area.
“The new locations in Wilmington and Goldsboro will allow us to bring our customer focus and world-class solutions to customers in the entire eastern region of our state,” said Pete Burgess, CEO of Tar Heel Basement Systems. “We’ve been helping homeowners in the Winston-Salem / Greensboro area for over 15 years and now have the freedom to bring our expertise to a new part of the state.” Tar Heel Basement Systems was established in 2003 with a mission to help customers protect their greatest asset, their home. “We bring that customer-centric focus directly to Eastern North Carolina. You will never find us pushing materials or products as a “dealer” or franchise. That, I believe, is what truly sets us apart.”
The new locations will include both service and installation staff, increasing coverage and customer service efficiency in the region. “We are excited that this new location will open up dozens of new well-paying local career opportunities. We’re aggressively hiring many new positions right now,” said Garrett Atkinson, General Manager.
Tar Heel Basement Systems is a member of the Wilmington Chamber of Commerce.
About Tar Heel Basement Systems
Tar Heel Basement Systems, established in 2003 and based in Winston-Salem, North Carolina, specializes in residential foundation repair, crawl space encapsulation, basement waterproofing, and concrete lifting. Recently awarded 2017 US Chamber of Commerce Small Business of the Year and ranked on North Carolina’s Fast 40 list, Tar Heel is the largest foundation repair company in North Carolina. Now, a subsidiary of Groundworks, Tar Heel Basement Systems is actively expanding from greater Winston-Salem throughout the entire state of North Carolina. For more information about Tar Heel Basement Systems please visit http://www.tarheelbasementsystems.com
About Groundworks
Groundworks is the nation’s largest foundation repair company with its corporate office headquartered in Virginia Beach, VA. Groundworks is comprised of Mount Valley Foundation Services, Tar Heel Basement Systems, JES Foundation Repair, and Indiana Foundation Service. The combined companies have helped over 70,000 homeowners since 1986. Groundworks operates out of ten offices that serve South Carolina, Georgia, North Carolina, Virginia, Maryland, West Virginia, and Indiana. The company has been named to the Fortune 5000 Fastest Growing Companies, Virginia Chamber of Commerce Fantastic 50, Inside Business Roaring Twenty, and Best Places to Work. For more information about Groundworks, please visit http://www.Groundworkscompanies.com.
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Groundworks Media Contact:
Eric G. Lackey
Public Relations Director 757-754-1058
elackey(at)groundworks(dot)co Reported by PRWeb 19 hours ago.
WINSTON-SALEM, N.C. (PRWEB) June 04, 2018
Tar Heel Basement Systems (THBS) announced today that it has acquired the assets of Hutch Home Solutions, Inc. formerly a Dr. Energy Saver franchise and opened two additional locations in Wilmington and Goldsboro, NC.
Harry Hutchins, owner of Hutch Home Solutions will join THBS as Operations Manager, Eastern Carolina region. “Hutch”, a Marine Corps Veteran, is a licensed general contractor and brings an extensive background in homebuilding and residential construction. “I’m impressed with what Tar Heel Basement Systems has been doing and look forward to becoming a part of the organization,” Hutch said.
Prior to the acquisition, Tar Heel Basement Systems ran all operations out of Winston-Salem, NC and has been serving customers in the Greensboro and Winston-Salem region since 2003. The company specializes in residential and commercial foundation repair, crawl space encapsulation, basement waterproofing, and concrete leveling.
In late 2017, Tar Heel Basement Systems merged with Groundworks and began operating as a subsidiary of its new parent company. Becoming a part of Groundworks provided the company with additional resources and access to capital, freeing the company from focusing on materials sales. The result has been a newly found ability to focus on growth, allowing the business to expand eastward across the state. Since joining Groundworks, Tar Heel Basement Systems has experienced tremendous growth throughout western North Carolina and especially in the Winston-Salem/Greensboro area.
“The new locations in Wilmington and Goldsboro will allow us to bring our customer focus and world-class solutions to customers in the entire eastern region of our state,” said Pete Burgess, CEO of Tar Heel Basement Systems. “We’ve been helping homeowners in the Winston-Salem / Greensboro area for over 15 years and now have the freedom to bring our expertise to a new part of the state.” Tar Heel Basement Systems was established in 2003 with a mission to help customers protect their greatest asset, their home. “We bring that customer-centric focus directly to Eastern North Carolina. You will never find us pushing materials or products as a “dealer” or franchise. That, I believe, is what truly sets us apart.”
The new locations will include both service and installation staff, increasing coverage and customer service efficiency in the region. “We are excited that this new location will open up dozens of new well-paying local career opportunities. We’re aggressively hiring many new positions right now,” said Garrett Atkinson, General Manager.
Tar Heel Basement Systems is a member of the Wilmington Chamber of Commerce.
About Tar Heel Basement Systems
Tar Heel Basement Systems, established in 2003 and based in Winston-Salem, North Carolina, specializes in residential foundation repair, crawl space encapsulation, basement waterproofing, and concrete lifting. Recently awarded 2017 US Chamber of Commerce Small Business of the Year and ranked on North Carolina’s Fast 40 list, Tar Heel is the largest foundation repair company in North Carolina. Now, a subsidiary of Groundworks, Tar Heel Basement Systems is actively expanding from greater Winston-Salem throughout the entire state of North Carolina. For more information about Tar Heel Basement Systems please visit http://www.tarheelbasementsystems.com
About Groundworks
Groundworks is the nation’s largest foundation repair company with its corporate office headquartered in Virginia Beach, VA. Groundworks is comprised of Mount Valley Foundation Services, Tar Heel Basement Systems, JES Foundation Repair, and Indiana Foundation Service. The combined companies have helped over 70,000 homeowners since 1986. Groundworks operates out of ten offices that serve South Carolina, Georgia, North Carolina, Virginia, Maryland, West Virginia, and Indiana. The company has been named to the Fortune 5000 Fastest Growing Companies, Virginia Chamber of Commerce Fantastic 50, Inside Business Roaring Twenty, and Best Places to Work. For more information about Groundworks, please visit http://www.Groundworkscompanies.com.
###
Groundworks Media Contact:
Eric G. Lackey
Public Relations Director 757-754-1058
elackey(at)groundworks(dot)co Reported by PRWeb 19 hours ago.
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Bernard Trainor, 89. General Turned Military Analyst, Is Dead
A Marine combat veteran of the Korean and Vietnam Wars, he collaborated on three books that took a critical view of American policy in the wars with Iraq.
Reported by NYTimes.com 16 hours ago.
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Collaboration leads to two pilot drayage programs at GCT Canada
VANCOUVER, British Columbia, June 04, 2018 (GLOBE NEWSWIRE) -- Following engagement and consultation with supply chain partners, the Vancouver Fraser Port Authority, Transport Canada, the BC Ministry of Transportation and Infrastructure, and OBCCTC^1, with a goal of improving productivity outcomes for the drayage sector and improving gateway efficiency, GCT Canada is moving forward with two pilot programs:1. Normalized truck reservation fee at $35 for all appointments at GCT Deltaport and GCT Vanterm; and
2. Pre-gate operational efficiencies for truckers at GCT Deltaport.
Effective June 1, 2018 and extending to December 31, 2018, the trial programs respond to stakeholder feedback, government, and regulator input to improve gateway efficiency and to smooth transactions for truck drivers.
The Normalized Truck Reservation Fee Pilot Program is intended to increase productivity within a driver’s operating hours, provide operational autonomy to trucking companies, to improve capacity utilization, and to mitigate barriers identified by some stakeholders for increased double-ended container moves. During this pilot period, the weekly day and night appointment availability will remain the same and all truck appointments at GCT Canada will have a normalized fee of $35, regardless of shift.
In our effort to continue improving the service experience for the drayage community, collaborating with the Vancouver Fraser Port Authority, GCT Canada has identified an opportunity to streamline calling GCT Deltaport by piloting the elimination of one step during a truck’s approach.
As such, effective June 1, 2018, container truck operators will no longer be required to enter their appointment number when arriving at the GCT Deltaport Vehicle Access Control System ("VACS") gate for the duration of the pilot. As the VACS gates service only one container terminal, entering the appointment number confirmation has been identified as a redundant step to the GCT Deltaport pre-gate process. This new process is intended to speed container truck turn times while allowing a more efficient arrival to GCT Deltaport.
“Our government is committed to ensuring the stability and competitiveness of Canada’s busiest port and understands the importance of increased efficiency. This collaboration between the BC government and the private sector will promote economic growth and put more money in the pockets of British Columbians,” stated Hon. Claire Trevena, BC Minister of Transport and Infrastructure.
GCT Canada’s tradition of continuous improvement and stakeholder collaboration has led to the terminals having industry-leading truck turn times, with 2017 at an impressive 26 minutes on-terminal average.
“Our truck reservation and extended night gate program maximizes the use of the existing port infrastructure,” said Eric Waltz, President of GCT Canada. “By piloting this next iteration in our reservation system, we are responding to the drayage community’s request to increase operational flexibility, and seek to eliminate bunching at the start of night gate shifts caused previously by the differentiated rates.”
“Reduced idling and truck trips on lower mainland roads translate to reduced road congestion and lower overall emissions in the Vancouver Gateway,” said Peter Xotta, Vice President of Planning and Operations at the Vancouver Fraser Port Authority. “Our joint efforts will go a long way to supporting livability in our region.”
“The UTA has a track record of working with all levels of government, the Commissioner’s Office, and private operators to improve industry fairness as well as competitiveness for all stakeholders,” said Gagan Singh of the United Truckers Association. “These pilot programs demonstrate the UTA’s effective approach to utilizing data, facts, and real-world experience from our members to initiate change.”
“The BC Trucking Association is pleased to work in cooperation with our partners to facilitate feedback on the implementation of the pilots”, said Dave Earle, President and CEO of the BC Trucking Association. “Our goal is to advance the stability and efficiency of the drayage sector. We will be closely examining data from the trials to inform improved outcomes for our members.”
“As a primary logistics provider and key export facility in the Vancouver gateway, we are pleased to provide feedback on our experience with the programs,” said Matthew May President of Coast 2000. “Through ongoing, collective process improvement we will ensure our region remains the gateway of choice for marine trade.”
*About GCT Global Container Terminals Inc.*
Headquartered in Vancouver, BC, GCT Global Container Terminals Inc. operates four Green Marine certified terminals in two principal North American ports. Through GCT USA on the East Coast, the company operates two award-winning facilities: GCT New York on Staten Island, NY and GCT Bayonne in Bayonne, NJ. On the West Coast, GCT Canada operates two gateway terminals: GCT Vanterm and GCT Deltaport in Vancouver and Delta, BC. Visit www.globalterminals.com or follow us @BigShipReady to find out more about GCT.
^1Office of the British Columbia Container Trucking Commissioner (“OBCCTC”).
*For more information:* * * * * * *
Louanne Wong
Global Container Terminals
T +1 604 267 5102
media@globalterminals.com Reported by GlobeNewswire 17 hours ago.
2. Pre-gate operational efficiencies for truckers at GCT Deltaport.
Effective June 1, 2018 and extending to December 31, 2018, the trial programs respond to stakeholder feedback, government, and regulator input to improve gateway efficiency and to smooth transactions for truck drivers.
The Normalized Truck Reservation Fee Pilot Program is intended to increase productivity within a driver’s operating hours, provide operational autonomy to trucking companies, to improve capacity utilization, and to mitigate barriers identified by some stakeholders for increased double-ended container moves. During this pilot period, the weekly day and night appointment availability will remain the same and all truck appointments at GCT Canada will have a normalized fee of $35, regardless of shift.
In our effort to continue improving the service experience for the drayage community, collaborating with the Vancouver Fraser Port Authority, GCT Canada has identified an opportunity to streamline calling GCT Deltaport by piloting the elimination of one step during a truck’s approach.
As such, effective June 1, 2018, container truck operators will no longer be required to enter their appointment number when arriving at the GCT Deltaport Vehicle Access Control System ("VACS") gate for the duration of the pilot. As the VACS gates service only one container terminal, entering the appointment number confirmation has been identified as a redundant step to the GCT Deltaport pre-gate process. This new process is intended to speed container truck turn times while allowing a more efficient arrival to GCT Deltaport.
“Our government is committed to ensuring the stability and competitiveness of Canada’s busiest port and understands the importance of increased efficiency. This collaboration between the BC government and the private sector will promote economic growth and put more money in the pockets of British Columbians,” stated Hon. Claire Trevena, BC Minister of Transport and Infrastructure.
GCT Canada’s tradition of continuous improvement and stakeholder collaboration has led to the terminals having industry-leading truck turn times, with 2017 at an impressive 26 minutes on-terminal average.
“Our truck reservation and extended night gate program maximizes the use of the existing port infrastructure,” said Eric Waltz, President of GCT Canada. “By piloting this next iteration in our reservation system, we are responding to the drayage community’s request to increase operational flexibility, and seek to eliminate bunching at the start of night gate shifts caused previously by the differentiated rates.”
“Reduced idling and truck trips on lower mainland roads translate to reduced road congestion and lower overall emissions in the Vancouver Gateway,” said Peter Xotta, Vice President of Planning and Operations at the Vancouver Fraser Port Authority. “Our joint efforts will go a long way to supporting livability in our region.”
“The UTA has a track record of working with all levels of government, the Commissioner’s Office, and private operators to improve industry fairness as well as competitiveness for all stakeholders,” said Gagan Singh of the United Truckers Association. “These pilot programs demonstrate the UTA’s effective approach to utilizing data, facts, and real-world experience from our members to initiate change.”
“The BC Trucking Association is pleased to work in cooperation with our partners to facilitate feedback on the implementation of the pilots”, said Dave Earle, President and CEO of the BC Trucking Association. “Our goal is to advance the stability and efficiency of the drayage sector. We will be closely examining data from the trials to inform improved outcomes for our members.”
“As a primary logistics provider and key export facility in the Vancouver gateway, we are pleased to provide feedback on our experience with the programs,” said Matthew May President of Coast 2000. “Through ongoing, collective process improvement we will ensure our region remains the gateway of choice for marine trade.”
*About GCT Global Container Terminals Inc.*
Headquartered in Vancouver, BC, GCT Global Container Terminals Inc. operates four Green Marine certified terminals in two principal North American ports. Through GCT USA on the East Coast, the company operates two award-winning facilities: GCT New York on Staten Island, NY and GCT Bayonne in Bayonne, NJ. On the West Coast, GCT Canada operates two gateway terminals: GCT Vanterm and GCT Deltaport in Vancouver and Delta, BC. Visit www.globalterminals.com or follow us @BigShipReady to find out more about GCT.
^1Office of the British Columbia Container Trucking Commissioner (“OBCCTC”).
*For more information:* * * * * * *
Louanne Wong
Global Container Terminals
T +1 604 267 5102
media@globalterminals.com Reported by GlobeNewswire 17 hours ago.
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Larson Electronics LLC Releases 5-Stage Steel Wall Mounted Light Mast
KEMP, Texas, June 04, 2018 (GLOBE NEWSWIRE) -- Industrial lighting expert, Larson Electronics LLC, has announced the release of a wall mounted light mast that can quickly and safely deploy lights, cameras and other equipment up to 20 feet. This 5-stage collapsible light tower has a unique wall mount which keeps the unit off the ground, maximizing floor space. The LM-WM-20-6.5-5S from Larson Electronics is a wall mounted light tower that can deploy LED, HID, halogen and metal halide fixtures, among other various industrial equipment. This telescoping 5-stage light mast extends up to 20 feet and can be collapsed to 6.5 feet in the case of applications that need a smaller light footprint. The mast is elevated via one 1,000-pound manual winch with 3/16” galvanized cable. The addition of a special proprietary mast guidance system helps the tower stand sturdy against high winds up to 125 miles per hour.
This telescoping mast is built with square steel tubing, finished in a powder coating and can support and lift up to 125 pounds of equipment. The LM-WM-20-6.5-5S features a wall mounting bracket near the bottom of the tower, which accepts four bolts for strong and stable wall mounting. This mounting configuration is ideal for applications that need more floor space.
This 5-stage light mast can be custom built to tailor to operator needs with longer mast sections, large mounting plates and an optional electric winch for faster deployment.
“This light mast is best suited for temporary lighting and outdoor industrial work where conditions are dirty and rough,” said Rob Bresnahan, CEO of Larson Electronics LLC. “The telescoping mast can survive winds up to 125 miles per hour and the wall-mount allows operators to get it up and off the floor for more space or less tripping hazard.”
*About Larson Electronics LLC: *Larson Electronics LLC is a manufacturer of industrial lighting equipment and accessories. The company offers an extensive catalog of industry-grade lighting and power distribution products for the following sectors: manufacturing, construction, food processing, oil and gas, military, marine and automobile. Customers can benefit from the company’s hands-on, customized approach to lighting solutions. Larson Electronics provides expedited service for quotes, customer support and shipments.
*For further information, please contact:*
Rob Bresnahan, *President and CEO
*Toll-free: 1-800-369-6671
Phone: 214-616-6180
Fax: 903-498-3364
E-mail: sales@larsonelectronics.com
Photos accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/dc57a3be-c49a-4f2b-9102-a47ab8abd949
http://www.globenewswire.com/NewsRoom/AttachmentNg/7798d7cd-13b6-41f9-8060-4b87f487ab11
http://www.globenewswire.com/NewsRoom/AttachmentNg/1922e692-bbfa-4a7e-b313-a61909d64563 Reported by GlobeNewswire 16 hours ago.
This telescoping mast is built with square steel tubing, finished in a powder coating and can support and lift up to 125 pounds of equipment. The LM-WM-20-6.5-5S features a wall mounting bracket near the bottom of the tower, which accepts four bolts for strong and stable wall mounting. This mounting configuration is ideal for applications that need more floor space.
This 5-stage light mast can be custom built to tailor to operator needs with longer mast sections, large mounting plates and an optional electric winch for faster deployment.
“This light mast is best suited for temporary lighting and outdoor industrial work where conditions are dirty and rough,” said Rob Bresnahan, CEO of Larson Electronics LLC. “The telescoping mast can survive winds up to 125 miles per hour and the wall-mount allows operators to get it up and off the floor for more space or less tripping hazard.”
*About Larson Electronics LLC: *Larson Electronics LLC is a manufacturer of industrial lighting equipment and accessories. The company offers an extensive catalog of industry-grade lighting and power distribution products for the following sectors: manufacturing, construction, food processing, oil and gas, military, marine and automobile. Customers can benefit from the company’s hands-on, customized approach to lighting solutions. Larson Electronics provides expedited service for quotes, customer support and shipments.
*For further information, please contact:*
Rob Bresnahan, *President and CEO
*Toll-free: 1-800-369-6671
Phone: 214-616-6180
Fax: 903-498-3364
E-mail: sales@larsonelectronics.com
Photos accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/dc57a3be-c49a-4f2b-9102-a47ab8abd949
http://www.globenewswire.com/NewsRoom/AttachmentNg/7798d7cd-13b6-41f9-8060-4b87f487ab11
http://www.globenewswire.com/NewsRoom/AttachmentNg/1922e692-bbfa-4a7e-b313-a61909d64563 Reported by GlobeNewswire 16 hours ago.
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Aegean Marine Petroleum Network Inc. Provides Update on Financial Reporting Internal Review
Recomposed Board and Management Team Taking Action to Enhance Transparency, Improve Performance and Maximize Profitability
Company Continues to Focus on Serving Strong Global Customer Base
Comprehensive Strategic and Operational Review Focused on
Maximizing Profitability and Return on Capital
NEW YORK, June 04, 2018 (GLOBE NEWSWIRE) -- Aegean Marine Petroleum Network Inc. (NYSE:ANW) ("Aegean" or the "Company"), a leading international marine fuel logistics company, today provided an update on its ongoing internal review by the audit committee of the Company’s Board of Directors (the “Audit Committee”).
As previously disclosed, Aegean reported in a Form 6-K filed with the U.S. Securities and Exchange Commission (“SEC”) on May 21, 2018 that the Audit Committee, is conducting a review of certain matters relevant to the preparation and completion of the Company’s annual financial statements for the year ended December 31, 2017. The Audit Committee, which is now solely comprised of the three recently elected independent members of the Board, previously retained independent legal counsel to assist with this review.
Based on the preliminary findings of the review, the Audit Committee believes that approximately $200 million of accounts receivable owed to the Company at December 31, 2017 will need to be written off. These amounts are currently due from four counterparties that were reflected in the Company’s financial statements as of December 31, 2017. There was approximately $172 million as of December 31, 2016 and $85 million as of December 31, 2015 due from these four counterparties. The transactions that gave rise to the accounts receivable (“the Transactions”) may have been, in full or in part, without economic substance and improperly accounted for in contravention of the Company’s normal policies and procedures.
At this time, the Company cannot determine the full impact on the financial statements or how this adjustment will be recorded. In addition, there could be other adjustments that result from the Audit Committee’s review that could impact the financial statements.
“Under the guidance of a reinvigorated Board, independent Audit Committee, and refreshed management team, Aegean continues to make progress in working through its annual reporting process and ongoing review of historical financial reporting,” said Donald Moore, Chairman of the Board. “The new Board is taking all necessary actions to improve financial and operating performance and enhance both transparency and corporate governance in order to deliver value to our shareholders and other stakeholders.”
As previously announced, the Board has directed management to conduct a comprehensive strategic and operational review focused on maximizing profitability and return on capital. This includes an evaluation of the Company’s physical assets, existing footprint, and the capital efficiency of every business activity in which the Company is engaged and each port in which it operates.
Mr. Moore continued, “We thank our employees for their continued dedication and our new and existing customers and suppliers for their continued support. We are confident that Aegean is moving toward its goal of being the leader in the physical supply and marketing of marine fuel.”
The Audit Committee is continuing its review and investigation of the Transactions and other matters, with the assistance of independent counsel and forensic accounting advisors, and expects to recommend to the Company that it pursue claims against individuals and entities involved in the Transactions. The Audit Committee is taking all the necessary and appropriate steps to identify weaknesses in the Company’s internal controls and remedy any such weaknesses. A number of individuals employed by the Company across multiple functions who are believed to have been involved in the Transactions have been terminated or placed on administrative leave pending the outcome of the investigation. The Company has reported its preliminary findings to the SEC and the Department of Justice and intends to cooperate with any resulting investigations. The Company does not intend to provide an update on this process until the review is completed.
*About Aegean Marine Petroleum Network Inc.*
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in more than 30 markets and a team of professionals ready to serve its customers wherever they are around the globe. For additional information please visit: www.ampni.com.
*Cautionary Statement Regarding Forward-Looking Statements*
Matters discussed or referenced in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe,""intend,""anticipate,""estimate,""project,""forecast,""plan,""potential,""may,""should,""expect" and similar expressions identify forward-looking statements. Any forward-looking statements made or referenced in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management's examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the Company’s ability to manage growth, the Company’s ability to maintain its business in light of its proposed business and location expansion or other changes in its business, the Company’s ability to obtain double hull secondhand bunkering tankers, the outcome of legal, tax or regulatory proceedings to which the Company may become a party, adverse conditions in the shipping or the marine fuel supply industries, the Company’s ability to retain its key suppliers and key customers, material disruptions in the availability or supply of crude oil or refined petroleum products, changes in the market price of petroleum, including the volatility of spot pricing, increased levels of competition, compliance or lack of compliance with various environmental and other applicable laws and regulations, the Company’s ability to collect accounts receivable, changes in the political, economic or regulatory conditions in the markets in which the Company operates, and the world in general, the Company’s failure to hedge certain financial risks associated with its business, the Company’s ability to maintain its current tax treatments and the Company’s failure to comply with restrictions or covenants in its debt agreements and other factors. Please see the Company’s filings with the SEC for a more complete discussion of these and other risks and uncertainties.
*CONTACTS:*
Investor Relations / Media Advisor
Nicolas Bornozis / Daniela Guerrero
Capital Link, Inc.
Tel. +1-212-661-7566
Email: aegean@capitallink.com
Andy Brimmer / Joseph Sala / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
Tel. +1-212-355-4449 Reported by GlobeNewswire 16 hours ago.
Company Continues to Focus on Serving Strong Global Customer Base
Comprehensive Strategic and Operational Review Focused on
Maximizing Profitability and Return on Capital
NEW YORK, June 04, 2018 (GLOBE NEWSWIRE) -- Aegean Marine Petroleum Network Inc. (NYSE:ANW) ("Aegean" or the "Company"), a leading international marine fuel logistics company, today provided an update on its ongoing internal review by the audit committee of the Company’s Board of Directors (the “Audit Committee”).
As previously disclosed, Aegean reported in a Form 6-K filed with the U.S. Securities and Exchange Commission (“SEC”) on May 21, 2018 that the Audit Committee, is conducting a review of certain matters relevant to the preparation and completion of the Company’s annual financial statements for the year ended December 31, 2017. The Audit Committee, which is now solely comprised of the three recently elected independent members of the Board, previously retained independent legal counsel to assist with this review.
Based on the preliminary findings of the review, the Audit Committee believes that approximately $200 million of accounts receivable owed to the Company at December 31, 2017 will need to be written off. These amounts are currently due from four counterparties that were reflected in the Company’s financial statements as of December 31, 2017. There was approximately $172 million as of December 31, 2016 and $85 million as of December 31, 2015 due from these four counterparties. The transactions that gave rise to the accounts receivable (“the Transactions”) may have been, in full or in part, without economic substance and improperly accounted for in contravention of the Company’s normal policies and procedures.
At this time, the Company cannot determine the full impact on the financial statements or how this adjustment will be recorded. In addition, there could be other adjustments that result from the Audit Committee’s review that could impact the financial statements.
“Under the guidance of a reinvigorated Board, independent Audit Committee, and refreshed management team, Aegean continues to make progress in working through its annual reporting process and ongoing review of historical financial reporting,” said Donald Moore, Chairman of the Board. “The new Board is taking all necessary actions to improve financial and operating performance and enhance both transparency and corporate governance in order to deliver value to our shareholders and other stakeholders.”
As previously announced, the Board has directed management to conduct a comprehensive strategic and operational review focused on maximizing profitability and return on capital. This includes an evaluation of the Company’s physical assets, existing footprint, and the capital efficiency of every business activity in which the Company is engaged and each port in which it operates.
Mr. Moore continued, “We thank our employees for their continued dedication and our new and existing customers and suppliers for their continued support. We are confident that Aegean is moving toward its goal of being the leader in the physical supply and marketing of marine fuel.”
The Audit Committee is continuing its review and investigation of the Transactions and other matters, with the assistance of independent counsel and forensic accounting advisors, and expects to recommend to the Company that it pursue claims against individuals and entities involved in the Transactions. The Audit Committee is taking all the necessary and appropriate steps to identify weaknesses in the Company’s internal controls and remedy any such weaknesses. A number of individuals employed by the Company across multiple functions who are believed to have been involved in the Transactions have been terminated or placed on administrative leave pending the outcome of the investigation. The Company has reported its preliminary findings to the SEC and the Department of Justice and intends to cooperate with any resulting investigations. The Company does not intend to provide an update on this process until the review is completed.
*About Aegean Marine Petroleum Network Inc.*
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in more than 30 markets and a team of professionals ready to serve its customers wherever they are around the globe. For additional information please visit: www.ampni.com.
*Cautionary Statement Regarding Forward-Looking Statements*
Matters discussed or referenced in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe,""intend,""anticipate,""estimate,""project,""forecast,""plan,""potential,""may,""should,""expect" and similar expressions identify forward-looking statements. Any forward-looking statements made or referenced in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management's examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the Company’s ability to manage growth, the Company’s ability to maintain its business in light of its proposed business and location expansion or other changes in its business, the Company’s ability to obtain double hull secondhand bunkering tankers, the outcome of legal, tax or regulatory proceedings to which the Company may become a party, adverse conditions in the shipping or the marine fuel supply industries, the Company’s ability to retain its key suppliers and key customers, material disruptions in the availability or supply of crude oil or refined petroleum products, changes in the market price of petroleum, including the volatility of spot pricing, increased levels of competition, compliance or lack of compliance with various environmental and other applicable laws and regulations, the Company’s ability to collect accounts receivable, changes in the political, economic or regulatory conditions in the markets in which the Company operates, and the world in general, the Company’s failure to hedge certain financial risks associated with its business, the Company’s ability to maintain its current tax treatments and the Company’s failure to comply with restrictions or covenants in its debt agreements and other factors. Please see the Company’s filings with the SEC for a more complete discussion of these and other risks and uncertainties.
*CONTACTS:*
Investor Relations / Media Advisor
Nicolas Bornozis / Daniela Guerrero
Capital Link, Inc.
Tel. +1-212-661-7566
Email: aegean@capitallink.com
Andy Brimmer / Joseph Sala / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
Tel. +1-212-355-4449 Reported by GlobeNewswire 16 hours ago.
↧
Dead whale sparks marine fears
The death of a male short-finned pilot whale with a shocking number of plastic bags in its stomach in Songkhla province has sparked grave concerns about marine debris and the threat it poses to the marine ecological system.
Reported by Bangkok Post 12 hours ago.
↧
Preventable marine deaths
At the very moment Thailand has begun to worry about massive imports of mostly dangerous foreign waste, the most dramatic proof possible exposes one of the country's most dangerous exports. Marine biologists on the weekend released details and highly disturbing photographs of the death last week of a pilot whale in the Gulf off Songkhla province. An autopsy by the Department of Marine and Coastal...
Reported by Bangkok Post 11 hours ago.
↧
Aegean Marine plunges 47% amid write-off of $200M receivable
Reported by SeekingAlpha 14 hours ago.
↧
↧
Trump Appears To Cancel Eagles Visit, Citing Anthem Kneeling
Watch VideoThe White House seemed to say the planned ceremony with the Super Bowl champion Philadelphia Eagles is off. President Donald Trump blamed the apparent cancellation on disagreement over kneeling during the national anthem.The president released a statement Monday evening that said the Eagles "disagree with their President because he insists that they proudly stand for the National Anthem, hand on heart, in honor of the great men and women of our military and the people of our country."
The statement was a little unclear about whether the team would be at the event or not. The president said the Eagles were "unable to come to the White House with their full team." He then said the team "wanted to send a smaller delegation, but the 1,000 fans planning to attend the event deserve better." He ended the statement by saying he would be at the event Tuesday with the fans, the Marine band and the Army chorus "to celebrate America."
Last month, the NFL announced a new policy that would require players to stand during the national anthem if they were on the field, but it left them the option to stay in the locker room. Eagles players were critical of the policy, and the team's chairman and CEO released a statement that seemed to back players who chose to kneel.
The winners of the Super Bowl typically visit the White House. Last year, the New England Patriots visited without a number of their teammates, some of whom cited Trump's politics as their reason for skipping the event.
Some Eagles players had already said they wouldn't attend the event Tuesday for similar reasons. Reported by Newsy 11 hours ago.
↧
Kayne Anderson Energy Development Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at May 31, 2018
HOUSTON, Texas, June 04, 2018 (GLOBE NEWSWIRE) -- Kayne Anderson Energy Development Company (the “Company”) (NYSE:KED) today provided a summary unaudited statement of assets and liabilities and announced its net asset value and asset coverage ratios under the Investment Company Act of 1940 (the “1940 Act”) as of May 31, 2018.As of May 31, 2018, the Company’s net assets were $193 million, and its net asset value per share was $17.86. As of May 31, 2018, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 463% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 327%.
*Kayne Anderson Energy Development Company*
*Statement of Assets and Liabilities*
*May 31, 2018*
*(Unaudited)*
(in millions) Per Share
Investments $ 294.9 $ 27.32
Cash and cash equivalents 3.4 0.31
Accrued income 0.1 0.01
Receivable for securities sold 0.4 0.04
Income tax receivable 0.6 0.05
Other assets 0.3 0.03
Total assets 299.7 27.76
Term loan 60.0 5.56
Unamortized term loan issuance costs (0.3 ) (0.03 )
Preferred stock 25.0 2.32
Unamortized preferred stock issuance costs (0.1 ) (0.01 )
Total leverage 84.6 7.84
Other liabilities 1.9 0.18
Deferred income tax liability 20.4 1.88
Total liabilities 22.3 2.06
Net assets $ 192.8 $ 17.86
The Company had 10,793,733 common shares outstanding as of May 31, 2018.
Long-term investments were comprised of Midstream MLP (80%), Midstream Company (18%) and Shipping MLP (2%).The Company’s ten largest holdings by issuer at May 31, 2018 were:
Units / Shares
(in thousands) Amount
(in millions) Percent of
Long-Term
Investments
1. Energy Transfer Partners, L.P. (Midstream MLP) 1,898 $36.0 12.2%
2. ONEOK, Inc. (Midstream Company) 410 28.0 9.5%
3. Western Gas Partners, LP (Midstream MLP) 512 26.5 9.0%
4. Enterprise Products Partners L.P. (Midstream MLP) 885 25.6 8.7%
5. Williams Partners L.P. (Midstream MLP)* 581 23.1 7.8%
6. Targa Resources Corp. (Midstream Company) 417 20.3 6.9%
7. Buckeye Partners, L.P. (Midstream MLP)** 514 17.6 6.0%
8. MPLX LP (Midstream MLP) 438 15.7 5.3%
9. Tallgrass Energy Partners, LP (Midstream MLP)*** 266 11.6 3.9%
10. Plains GP Holdings, L.P. (Midstream MLP) 415 10.2 3.5%
________________________
* On May 17, 2018, Williams Companies, Inc.(“WMB”) and Williams Partners L.P. (“WPZ”) announced an agreement under which WMB will acquire all common units of WPZ in a stock-for-unit transaction. As of May 31, 2018, the Company did not own any WMB shares.
** Includes 271 common units ($9.8 million) and 243 Class C units ($7.8 million).
*** On March 26, 2018, Tallgrass Energy GP, LP (“TEGP”) and Tallgrass Energy Partners, LP (“TEP”) announced an agreement under which TEGP will acquire all TEP common units in a stock-for-unit merger. As of May 31, 2018, the Company owned 79 common shares ($1.7 million) of TEGP.
Kayne Anderson Energy Development Company is a non-diversified, closed-end investment company registered under the Investment Company Act of 1940. The Company's investment objective is to generate both current income and capital appreciation primarily through equity and debt investments. The Company will seek to achieve this objective by investing at least 80% of its net assets together with the proceeds of any borrowings (its "total assets") in securities of companies that derive the majority of their revenue from activities in the energy industry, including: (a) Midstream Energy Companies, which are businesses that operate assets used to gather, transport, process, treat, terminal and store natural gas, natural gas liquids, propane, crude oil or refined petroleum products; (b) Upstream Energy Companies, which are businesses engaged in the exploration, extraction and production of natural resources, including natural gas, natural gas liquids and crude oil, from onshore and offshore geological reservoirs; and (c) Other Energy Companies, which are businesses engaged in owning, leasing, managing, producing, processing and sale of coal and coal reserves; the marine transportation of crude oil, refined petroleum products, liquefied natural gas, as well as other energy-related natural resources using tank vessels and bulk carriers; and refining, marketing and distributing refined energy products, such as motor gasoline and propane to retail customers and industrial end-users.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe,""expect,""intend,""estimate,""anticipate,""project,""will" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Company's historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; energy industry risk; commodity pricing risk; leverage risk; valuation risk; non-diversification risk; interest rate risk; tax risk; and other risks discussed in the Company's filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company's investment objectives will be attained.
Contact:
KA Fund Advisors, LLC
877-657-3863
http://www.kaynefunds.com/
Reported by GlobeNewswire 10 hours ago.
*Kayne Anderson Energy Development Company*
*Statement of Assets and Liabilities*
*May 31, 2018*
*(Unaudited)*
(in millions) Per Share
Investments $ 294.9 $ 27.32
Cash and cash equivalents 3.4 0.31
Accrued income 0.1 0.01
Receivable for securities sold 0.4 0.04
Income tax receivable 0.6 0.05
Other assets 0.3 0.03
Total assets 299.7 27.76
Term loan 60.0 5.56
Unamortized term loan issuance costs (0.3 ) (0.03 )
Preferred stock 25.0 2.32
Unamortized preferred stock issuance costs (0.1 ) (0.01 )
Total leverage 84.6 7.84
Other liabilities 1.9 0.18
Deferred income tax liability 20.4 1.88
Total liabilities 22.3 2.06
Net assets $ 192.8 $ 17.86
The Company had 10,793,733 common shares outstanding as of May 31, 2018.
Long-term investments were comprised of Midstream MLP (80%), Midstream Company (18%) and Shipping MLP (2%).The Company’s ten largest holdings by issuer at May 31, 2018 were:
Units / Shares
(in thousands) Amount
(in millions) Percent of
Long-Term
Investments
1. Energy Transfer Partners, L.P. (Midstream MLP) 1,898 $36.0 12.2%
2. ONEOK, Inc. (Midstream Company) 410 28.0 9.5%
3. Western Gas Partners, LP (Midstream MLP) 512 26.5 9.0%
4. Enterprise Products Partners L.P. (Midstream MLP) 885 25.6 8.7%
5. Williams Partners L.P. (Midstream MLP)* 581 23.1 7.8%
6. Targa Resources Corp. (Midstream Company) 417 20.3 6.9%
7. Buckeye Partners, L.P. (Midstream MLP)** 514 17.6 6.0%
8. MPLX LP (Midstream MLP) 438 15.7 5.3%
9. Tallgrass Energy Partners, LP (Midstream MLP)*** 266 11.6 3.9%
10. Plains GP Holdings, L.P. (Midstream MLP) 415 10.2 3.5%
________________________
* On May 17, 2018, Williams Companies, Inc.(“WMB”) and Williams Partners L.P. (“WPZ”) announced an agreement under which WMB will acquire all common units of WPZ in a stock-for-unit transaction. As of May 31, 2018, the Company did not own any WMB shares.
** Includes 271 common units ($9.8 million) and 243 Class C units ($7.8 million).
*** On March 26, 2018, Tallgrass Energy GP, LP (“TEGP”) and Tallgrass Energy Partners, LP (“TEP”) announced an agreement under which TEGP will acquire all TEP common units in a stock-for-unit merger. As of May 31, 2018, the Company owned 79 common shares ($1.7 million) of TEGP.
Kayne Anderson Energy Development Company is a non-diversified, closed-end investment company registered under the Investment Company Act of 1940. The Company's investment objective is to generate both current income and capital appreciation primarily through equity and debt investments. The Company will seek to achieve this objective by investing at least 80% of its net assets together with the proceeds of any borrowings (its "total assets") in securities of companies that derive the majority of their revenue from activities in the energy industry, including: (a) Midstream Energy Companies, which are businesses that operate assets used to gather, transport, process, treat, terminal and store natural gas, natural gas liquids, propane, crude oil or refined petroleum products; (b) Upstream Energy Companies, which are businesses engaged in the exploration, extraction and production of natural resources, including natural gas, natural gas liquids and crude oil, from onshore and offshore geological reservoirs; and (c) Other Energy Companies, which are businesses engaged in owning, leasing, managing, producing, processing and sale of coal and coal reserves; the marine transportation of crude oil, refined petroleum products, liquefied natural gas, as well as other energy-related natural resources using tank vessels and bulk carriers; and refining, marketing and distributing refined energy products, such as motor gasoline and propane to retail customers and industrial end-users.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe,""expect,""intend,""estimate,""anticipate,""project,""will" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Company's historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; energy industry risk; commodity pricing risk; leverage risk; valuation risk; non-diversification risk; interest rate risk; tax risk; and other risks discussed in the Company's filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company's investment objectives will be attained.
Contact:
KA Fund Advisors, LLC
877-657-3863
http://www.kaynefunds.com/
Reported by GlobeNewswire 10 hours ago.
↧
How plastic waste is drowning our oceans
As many as 267 species worldwide, including 86% of all sea turtle species, 44% of all seabird species and 43% of all marine mammal species have been suffered due to entanglement and ingestion of plastic debris floating in our oceans.
Reported by IndiaTimes 8 hours ago.
↧
DoJ: Former US Marine Gets 15 Years in Jail for Bid to Aid Daesh
Reported by RIA Nov. 9 hours ago.
↧
↧
Family seeks return of stolen fallen soldier statue
MASHPEE, Mass. (AP) — Police are investigating the theft of a statue set up in a Massachusetts yard as tribute to a Marine that was killed in Iraq. Mashpee Police Chief Scott Carline says the life-size silhouette of a kneeling soldier went missing from the front yard of a Mashpee home Sunday morning. The statue […]
Reported by Seattle Times 6 hours ago.
↧
Italeaf: Softeco Sismat (TerniEnergia Group) leads the Virtus project for a Virtual Power Plant prototype
PRESS RELEASE 5 JUNE 2018
*ITALEAF: Softeco Sismat (TerniEnergia Group) leads the Virtus project for a Virtual Power Plant prototype*
· *The Group's digital company, in cluster with the Department of Electrical, Electronic, Telecommunications and Marine Engineering (DITEN) and with the IEES (Intelligent Electrical Energy System) laboratory of the University of Genoa, the University of Bologna and Yanmar R&D Europe Srl, obtained a loan from the Cassa per i Servizi Energetici e Ambientali (CSEA) of Euro 1.1 million*
· *The development of a Virtual Power Plant (VPP) in an industrial tertiary context is planned, with the objective of validating the value chain in several real industrial and public administration districts*
*TerniEnergia*, smart company listed on MTA of Borsa Italiana and part of the Italeaf Group, announces that Softeco Sismat, the digital company of the Group, leads the VIRTUS project ("VIRTUal Management of distributed energy resourceS") financed by the Ministry of Economic Development through the Cassa per i servizi energetici e ambientali (CSEA, www.csea.it) for a total of Euro 1.1 million, of which Euro 550 thousand as part related to the activities carried out by Softeco.
The project will develop a Virtual Power Plant (VPP) prototype in an industrial tertiary context, with the aim of validating the value chain in several real districts (industrial and public administration) and demonstrating the technical and economic feasibility of synergistic coordination of distributed resources, for local energy optimization and the provision of services dedicated to different actors of the electricity system, regulated and liberalized.
The VIRTUS project is supported by the scientific coordination of the University of Genoa - Department of Electrical, Electronic, Telecommunications and Naval Engineering (DITEN) thanks to the collaboration with the IEES (Intelligent Electrical Energy Systems, http://iees.diten.unige.it) a laboratory coordinated by Prof. Stefano Massucco. The University of Bologna and Yanmar R&D Europe Srl also take part in the cluster.
The project consolidates and enhances the profitable and continuous collaboration between Softeco Sismat and UNIGE-DITEN-IEES in the study of methodologies and development of cutting-edge solutions for smart grids, after the experience of the SmartGen project (Study, development and validation of innovative methods and tools for the management of active distribution networks with generation from renewable sources, www.smartgen.it) and the current PODCAST project (Platform for Optimization of Distribution through the use of data from Electronic Counters and Distribute Storage systems, www.podcast-csea.eu).
With the coordination of the SmartGen, PODCAST and VIRTUS initiatives, Softeco Sismat completes a bouquet of R&D projects in the field of Ricerca di Sistema (www.ricercadisistema.it), confirming its role as a reference for high added value research activities on the smart grid and digital energy issues.
*TERNIENERGIA (TER. MI)*, established in September 2005 and part of the Italeaf Group, is the first Italian global technological enabler, committed to bringing energy solutions and efficient recovery of integrated and sustainable resources to the world. Organized into two strategic business lines (Assets and Smart solutions and services), with about 400 employees and a geographical presence worldwide, with operative and commercial offices, TerniEnergia develops innovative solutions, products and services based on digital and industrial technologies for the energy supply chain, grids, smart mobility, industrial automation and the recovery of marginal resources.
TerniEnergia, also through its subsidiaries (Softeco Sismat, Selesoft Consulting, Greenled Industry, GreenAsm, GreenAsm, Purify, Wisave, Ant Energy), pursues the objectives of increasing energy production from renewable sources, saving energy and reducing emissions and actively participates in the energy revolution of distributed power generation and smart grids, with innovative digital solutions.
TerniEnergia is the ideal partner for large utilities, distribution operators and network operators, energy producers, public administrations, industrial customers and investors who intend to realize large projects for the production of renewable energy, modern systems and plants with high energy efficiency, solutions for the management and maintenance of infrastructure and electrical installations.
TerniEnergia has completed its transformation from a leader in the international photovoltaic market into a smart energy company and technological enabler for the sustainable use of resources through a complete commercial offer of solutions, the development and supply of digital technologies and the creation of "intelligent" services and solutions aimed at public and private customers in emerging sectors.
TerniEnergia is listed on the MTA of Borsa Italiana.
This press release is also available on the Company website: www.italeaf.com
Italeaf SpA is obliged to make public this information pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 6.30 CET on 5 June 2018.
*Certified Adviser*
Mangold Fondkommission AB, +46 (0)8 5030 1550, is the Certified Adviser of Italeaf SpA on Nasdaq First North.
*For further information please contact:** *
Claudio Borgna
CFO - Italeaf S.p.A.
E-mail: borgna@italeaf.com
*Italeaf SpA, *established in December 2010, is a holding company and a business accelerator for companies and startups in the areas of innovation and cleantech. Italeaf operates as a company builder, promoting the creation and development of industrial startups in the fields of cleantech, smart energy and technological innovation. Italeaf has headquarters and plants in Italy at Nera Montoro (Narni), Terni, Milano and Lecce; has international offices in London and Hong Kong.
The company controls TerniEnergia, listed on the STAR segment of the Italian Stock Exchange and active in the fields of renewable energy, energy efficiency and waste management, and Skyrobotic, in the business development and manufacture of civil and commercial drones in mini and micro classes for the professional market, Numanova, operating in the field of innovative metallurgy and additive manufacturing, and Italeaf RE, a real estate company. Italeaf holds a minority stake in Vitruviano LAB, a research center active in the R&D sector for special materials, green chemistry, digital transformation and cleantech.
*Attachment*
· PRESS RELEASE.pdf Reported by GlobeNewswire 7 hours ago.
*ITALEAF: Softeco Sismat (TerniEnergia Group) leads the Virtus project for a Virtual Power Plant prototype*
· *The Group's digital company, in cluster with the Department of Electrical, Electronic, Telecommunications and Marine Engineering (DITEN) and with the IEES (Intelligent Electrical Energy System) laboratory of the University of Genoa, the University of Bologna and Yanmar R&D Europe Srl, obtained a loan from the Cassa per i Servizi Energetici e Ambientali (CSEA) of Euro 1.1 million*
· *The development of a Virtual Power Plant (VPP) in an industrial tertiary context is planned, with the objective of validating the value chain in several real industrial and public administration districts*
*TerniEnergia*, smart company listed on MTA of Borsa Italiana and part of the Italeaf Group, announces that Softeco Sismat, the digital company of the Group, leads the VIRTUS project ("VIRTUal Management of distributed energy resourceS") financed by the Ministry of Economic Development through the Cassa per i servizi energetici e ambientali (CSEA, www.csea.it) for a total of Euro 1.1 million, of which Euro 550 thousand as part related to the activities carried out by Softeco.
The project will develop a Virtual Power Plant (VPP) prototype in an industrial tertiary context, with the aim of validating the value chain in several real districts (industrial and public administration) and demonstrating the technical and economic feasibility of synergistic coordination of distributed resources, for local energy optimization and the provision of services dedicated to different actors of the electricity system, regulated and liberalized.
The VIRTUS project is supported by the scientific coordination of the University of Genoa - Department of Electrical, Electronic, Telecommunications and Naval Engineering (DITEN) thanks to the collaboration with the IEES (Intelligent Electrical Energy Systems, http://iees.diten.unige.it) a laboratory coordinated by Prof. Stefano Massucco. The University of Bologna and Yanmar R&D Europe Srl also take part in the cluster.
The project consolidates and enhances the profitable and continuous collaboration between Softeco Sismat and UNIGE-DITEN-IEES in the study of methodologies and development of cutting-edge solutions for smart grids, after the experience of the SmartGen project (Study, development and validation of innovative methods and tools for the management of active distribution networks with generation from renewable sources, www.smartgen.it) and the current PODCAST project (Platform for Optimization of Distribution through the use of data from Electronic Counters and Distribute Storage systems, www.podcast-csea.eu).
With the coordination of the SmartGen, PODCAST and VIRTUS initiatives, Softeco Sismat completes a bouquet of R&D projects in the field of Ricerca di Sistema (www.ricercadisistema.it), confirming its role as a reference for high added value research activities on the smart grid and digital energy issues.
*TERNIENERGIA (TER. MI)*, established in September 2005 and part of the Italeaf Group, is the first Italian global technological enabler, committed to bringing energy solutions and efficient recovery of integrated and sustainable resources to the world. Organized into two strategic business lines (Assets and Smart solutions and services), with about 400 employees and a geographical presence worldwide, with operative and commercial offices, TerniEnergia develops innovative solutions, products and services based on digital and industrial technologies for the energy supply chain, grids, smart mobility, industrial automation and the recovery of marginal resources.
TerniEnergia, also through its subsidiaries (Softeco Sismat, Selesoft Consulting, Greenled Industry, GreenAsm, GreenAsm, Purify, Wisave, Ant Energy), pursues the objectives of increasing energy production from renewable sources, saving energy and reducing emissions and actively participates in the energy revolution of distributed power generation and smart grids, with innovative digital solutions.
TerniEnergia is the ideal partner for large utilities, distribution operators and network operators, energy producers, public administrations, industrial customers and investors who intend to realize large projects for the production of renewable energy, modern systems and plants with high energy efficiency, solutions for the management and maintenance of infrastructure and electrical installations.
TerniEnergia has completed its transformation from a leader in the international photovoltaic market into a smart energy company and technological enabler for the sustainable use of resources through a complete commercial offer of solutions, the development and supply of digital technologies and the creation of "intelligent" services and solutions aimed at public and private customers in emerging sectors.
TerniEnergia is listed on the MTA of Borsa Italiana.
This press release is also available on the Company website: www.italeaf.com
Italeaf SpA is obliged to make public this information pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 6.30 CET on 5 June 2018.
*Certified Adviser*
Mangold Fondkommission AB, +46 (0)8 5030 1550, is the Certified Adviser of Italeaf SpA on Nasdaq First North.
*For further information please contact:** *
Claudio Borgna
CFO - Italeaf S.p.A.
E-mail: borgna@italeaf.com
*Italeaf SpA, *established in December 2010, is a holding company and a business accelerator for companies and startups in the areas of innovation and cleantech. Italeaf operates as a company builder, promoting the creation and development of industrial startups in the fields of cleantech, smart energy and technological innovation. Italeaf has headquarters and plants in Italy at Nera Montoro (Narni), Terni, Milano and Lecce; has international offices in London and Hong Kong.
The company controls TerniEnergia, listed on the STAR segment of the Italian Stock Exchange and active in the fields of renewable energy, energy efficiency and waste management, and Skyrobotic, in the business development and manufacture of civil and commercial drones in mini and micro classes for the professional market, Numanova, operating in the field of innovative metallurgy and additive manufacturing, and Italeaf RE, a real estate company. Italeaf holds a minority stake in Vitruviano LAB, a research center active in the R&D sector for special materials, green chemistry, digital transformation and cleantech.
*Attachment*
· PRESS RELEASE.pdf Reported by GlobeNewswire 7 hours ago.
↧
AKASOL GmbH: AKASOL prepares for initial public offering
DGAP-News: AKASOL GmbH / Key word(s): IPO
05.06.2018 / 08:00
The issuer is solely responsible for the content of this announcement.
--------------------
*NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN.*
*AKASOL prepares for initial public offering *
· E-mobility industry pioneer paves the way for strong growth in high performance battery systems for e-buses and commercial On- and Off-Highway applications
· Order backlog of EUR 1.45 bn with Daimler, Alstom, Bombardier, Rolls-Royce Power Systems, a Swedish bus and truck manufacturer and other European blue chip clients
· Net proceeds from the offering intended to drive organic growth, to maintain and expand a technologically leading position in e-mobility and to fund targeted M&A
· The listing is planned on the regulated market (Prime Standard) of the Frankfurt Stock Exchange
*Darmstadt, June 5, 2018 - Akasol GmbH, which is to be transformed into a stock corporation under the legal name AKASOL AG soon ("AKASOL"; the "Company"), a leading European developer, manufacturer and distributor of highly-engineered high-performance lithium-ion ("Li-Ion") battery systems for buses, commercial vehicles, rail vehicles, marine, industrial vehicles and stationary applications, is preparing for an initial public offering ("IPO") and the listing of its shares on the regulated market (Prime Standard) of the Frankfurt Stock Exchange. *
Global trends such as population growth, urbanization, emission regulation and consumer demand for environmentally friendly transportation result in a need for electrically powered buses and commercial vehicles. In Germany, regulatory measures to restrict the use of diesel-powered vehicles could become more common. This is illustrated by the first driving ban on older diesel vehicles imposed by the German city of Hamburg at the end of May 2018 and by media reports that cities such as Stuttgart and Berlin do not rule out driving bans for their air pollution control plans. Additionally, parity of total cost of ownership between diesel vehicles and electric buses and commercial vehicles is approaching soon, making the purchase of electrically powered vehicles increasingly attractive - there are early use-cases where TCO parity has already been achieved today. Leading European original equipment manufacturers ("OEMs") of electric buses and commercial vehicles such as Daimler and a globally acting Swedish bus and truck manufacturer are already among AKASOL's clients. The expected start of serial production at AKSAOL's plant in Langen, Germany, in the third quarter of 2018 underpins the promising market environment for battery system manufacturers. By 2020, AKASOL plans to double its production capacity in Langen from 300 MWh to 600 MWh annually and as part of the Company's international expansion, AKASOL intends to open a production facility in Michigan, USA, with an annual capacity of 300 MWh in 2019.
Sven Schulz, CEO and co-founder of AKASOL, comments: "The opportunities of electromobility have been discussed for a long time. From our perspective, the market for high-performance battery systems, especially for buses and commercial vehicles, is now on the threshold towards significant growth in the coming years. AKASOL's business is situated in the sweet spot of the high-performance battery value chain, between cell manufacturers and the e-mobility OEM sector, and we see excellent growth prospects for our company. As of March 31, 2018, our order backlog through 2024 amounted to EUR 1.45 billion."
AKASOL sees itself as a pure play industry pioneer in electric powertrain battery systems technology with nearly 30 years of experience in this field. The roots of the Company go back to a not-for-profit organization named AKASOL e.V. founded by professors and students of the Technical University of Darmstadt in Germany in 1990. In 2008, the Company was incorporated as Akasol Engineering GmbH. AKASOL is part of the Schulz Group, which has supported the Company's development and helped AKASOL to start up its business rapidly.
AKASOL still maintains strong relationships with academic research institutions, especially with the Technical University of Darmstadt. The Company is headquartered in Darmstadt, Germany, and operates its central production facility in Langen, Germany. As of March 31, 2018, AKASOL's headcount amounted to more than 110 employees.*Key Highlights:*
*Mega trends drive demand for high-performance batteries in e-mobility applications *
AKASOL believes that the changing demographic landscape in combination with a higher concentration of people within cities will perpetuate the need for new clean and noise-reduced mobility solutions.
AKASOL is convinced that electrifying commercial vehicles and buses is an important step towards helping countries to meet emission targets while declining battery cell costs are a strong factor in achieving total cost of ownership parity between electric powertrains and conventional internal combustion engine powertrains.
Consumers are also becoming increasingly aware of the environmental impact of depleting traditionally used fossil fuels and the climate change resulting from CO[2] emissions, and are increasingly adopting energy efficient and sustainable alternatives.
Based on the trends described above, a strong pull for high-performance e-mobility applications from transportation authorities and fleet managers is expected. Media reports on the procurement plans for electric buses for major German cities such as Hamburg, Munich, Cologne or Frankfurt as well as internationally for cities such as Paris, Madrid or San Francisco show how concretely the responsible authorities are already dealing with the switch to electric mobility in local public transport.
*Serial production at the Langen site expected to start in Q3 2018*
One of the Company's most important selling points is its flexibility in terms of battery chemistry and battery cell format. AKASOL can provide a variety of battery system solutions for demanding applications as a result of its modular approach that enables the Company to use different kinds of battery cell formats and battery chemistry in accordance with clients' needs. In 2017, the Company inaugurated its first serial production facility in Langen, Germany, with a total annual capacity of up to 300 MWh. Following several years of working closely with the OEMs on developing prototypes, AKASOL has won contracts for serial production from Daimler and a Swedish bus and truck manufacturer which is expected to start at the Langen site in the third quarter of 2018.*Leading European OEMs among AKASOL's clients*
AKASOL conducts its business operations through two business segments, On-Highway and Off-Highway.
In the On-Highway segment, the Company supplies Li-Ion battery systems to manufacturers of buses and commercial vehicles. The clients in this segment are mostly large OEMs, Daimler and a Swedish bus and truck manufacturer, for example.
In the Off-Highway segment, AKASOL supplies OEMs or tier 1 suppliers of rail vehicles, industrial vehicles (including construction vehicles, mining vehicles and logistic vehicles), marine applications (including boats, ships, ferries and submarines) as well as stationary applications for residential and professional installations. As of today, the main clients in this segment are Alstom, Bombardier, Rolls-Royce Power Systems (MTU Friedrichshafen) and Medatech.*International growth strategy: Utilizing established relationships with OEMs*
AKASOL intends to organically grow its international footprint. The planned market entry into North America will increase sales of AKASOL's battery systems and AKASOL plans to leverage already established relationships with European clients, particularly leading global bus and truck OEMs.
AKASOL also is considering selectively acquiring companies with a focus on related business areas or possibly companies involved in business areas complementary to AKASOL's, in order to diversify the business vertically along the value chain.*Order backlog of EUR 1.45 billion through 2024 supports growth course*
In 2017, AKASOL's revenues amounted to EUR 14.5 million and EBIT reached EUR 1.1 million, corresponding to an EBIT margin of 7.7%.
In the first quarter of 2018, AKASOL achieved revenues of EUR 4.5 million, growing 102.0% year-on-year (Q1 2017: EUR 2.2 million). Profitability increased further in the first three months of 2018, with an adjusted EBIT margin (adjusted for IPO costs) of 13.3%.
From 2015 to 2017, AKASOL achieved a positive EBIT each year: EUR 410 thousand in 2015, EUR 1,326 thousand in 2016 and EUR 1,117 thousand in 2017. The EBIT margin rose from 4.7% in 2015 to 7.7% in 2017. With an EBIT of EUR 448 thousand (not adjusted for IPO costs), which corresponds to an EBIT margin of 9.9%, this trend continued in the first quarter of 2018.
In 2018, AKASOL expects revenues of between EUR 22 million and EUR 24 million and an adjusted EBIT margin of approximately 7%.
In the next four to five years, the Company aims to achieve revenue above EUR 300 million with an improvement in the EBIT margin.
Dr. Curt Philipp Lorber, CFO of AKASOL, comments: "Even in the first growth phase and despite preparations for the start of serial production, the company has operated profitably over the past three years. Based on strong sales growth, an asset-light business model and stringent cost management aiming at an efficient organizational structure, we want to deliver attractive returns to investors."*Overview of the planned IPO*
The offering consists of newly issued ordinary bearer shares with no-par value from a capital increase against contributions in cash. It also includes a minor placement of existing shares from the holdings of Schulz Group GmbH, Felix von Borck, Stephen Raiser and Björn Eberleh (the "Selling Shareholders"). Sven Schulz (CEO of AKASOL and owner, directly and indirectly, of 100% of the shares in Schulz Group GmbH), Felix von Borck and Dr. Björn Eberleh founded Akasol Engineering GmbH in 2008. Stephen Raiser joined the Company in 2009.
Today, Schulz Group GmbH holds a participation of 76% in AKASOL. Upon completion of the offering, Schulz Group GmbH will remain the majority shareholder of the Company.
Further ordinary shares will be made available by the selling shareholders pursuant to an over-allotment option. The listing is planned on the regulated market (Prime Standard) of the Frankfurt Stock Exchange.
The Company intends to use the net proceeds resulting from the sale of the new shares to fund its organic growth by expansion of its production footprint in Germany and the US, to fund investments into research and development activities and for potential targeted M&A.
Citigroup and COMMERZBANK are acting as Joint Global Coordinators and together with Bankhaus Lampe as Joint Bookrunners. Lazard is acting as financial adviser to AKASOL.*Contact*
cometis AG, Georg Grießmann
Phone: +49 - (0)611 - 20 58 55 61 | E-Mail: griessmann@cometis.de*DISCLAIMER:*
This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.
In the United Kingdom, this communication is directed only at persons who: (i) are qualified investors within the meaning of the Financial Services and Markets Act 2000 (as amended) and any relevant implementing measures and/or (ii) are outside the United Kingdom or (iii) have professional experience in matters relating to investments and fall within the definition of "investment professionals" contained in article 19 (5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or are persons falling within article 49 (2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Order, or fall within another exemption to the Order (all such persons referred to in (i) to (iii) above together being referred to as "Relevant Persons"). Any person who is not a Relevant Person must not act or rely on this communication or any of its contents. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.
This publication is an advertisement.
This communication constitutes neither an offer to sell nor a solicitation to buy securities. The public offering (in Germany and Luxembourg) will be made solely by means of, and on the basis of, a securities prospectus which is to be published. An investment decision regarding the publicly offered securities of AKASOL AG should only be made on the basis of the securities prospectus. The securities prospectus will be published promptly upon approval by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and notification to the Commission de Surveillance du Secteur Financier (CSSF) and will be available free of charge from AKASOL AG, Landwehrstraße 55, 64293 Darmstadt, Germany or on https://www.akasol.com/investor-relations.
Statements contained herein may constitute "forward-looking statements." Forward-looking statements are generally identifiable by the use of the words "may", "will", "should", "plan", "expect", "anticipate", "estimate,""believe", "intend", "project", "goal" or "target" or the negative of these words or other variations on these words or comparable terminology.
Forward-looking statements are based on current expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Group's or its industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. You should not place undue reliance on forward-looking statements and the Group does not undertake publicly to update or revise any forward-looking statement that may be made herein, whether as a result of new information, future events or otherwise.
--------------------
05.06.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de --------------------
Language: English
Company: AKASOL GmbH
Landwehrstrasse 55
64293 Darmstadt
Germany
E-mail: info@akasol.com
Internet: https://www.akasol.com/de/
End of News DGAP News Service Reported by EQS Group 6 hours ago.
05.06.2018 / 08:00
The issuer is solely responsible for the content of this announcement.
--------------------
*NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN.*
*AKASOL prepares for initial public offering *
· E-mobility industry pioneer paves the way for strong growth in high performance battery systems for e-buses and commercial On- and Off-Highway applications
· Order backlog of EUR 1.45 bn with Daimler, Alstom, Bombardier, Rolls-Royce Power Systems, a Swedish bus and truck manufacturer and other European blue chip clients
· Net proceeds from the offering intended to drive organic growth, to maintain and expand a technologically leading position in e-mobility and to fund targeted M&A
· The listing is planned on the regulated market (Prime Standard) of the Frankfurt Stock Exchange
*Darmstadt, June 5, 2018 - Akasol GmbH, which is to be transformed into a stock corporation under the legal name AKASOL AG soon ("AKASOL"; the "Company"), a leading European developer, manufacturer and distributor of highly-engineered high-performance lithium-ion ("Li-Ion") battery systems for buses, commercial vehicles, rail vehicles, marine, industrial vehicles and stationary applications, is preparing for an initial public offering ("IPO") and the listing of its shares on the regulated market (Prime Standard) of the Frankfurt Stock Exchange. *
Global trends such as population growth, urbanization, emission regulation and consumer demand for environmentally friendly transportation result in a need for electrically powered buses and commercial vehicles. In Germany, regulatory measures to restrict the use of diesel-powered vehicles could become more common. This is illustrated by the first driving ban on older diesel vehicles imposed by the German city of Hamburg at the end of May 2018 and by media reports that cities such as Stuttgart and Berlin do not rule out driving bans for their air pollution control plans. Additionally, parity of total cost of ownership between diesel vehicles and electric buses and commercial vehicles is approaching soon, making the purchase of electrically powered vehicles increasingly attractive - there are early use-cases where TCO parity has already been achieved today. Leading European original equipment manufacturers ("OEMs") of electric buses and commercial vehicles such as Daimler and a globally acting Swedish bus and truck manufacturer are already among AKASOL's clients. The expected start of serial production at AKSAOL's plant in Langen, Germany, in the third quarter of 2018 underpins the promising market environment for battery system manufacturers. By 2020, AKASOL plans to double its production capacity in Langen from 300 MWh to 600 MWh annually and as part of the Company's international expansion, AKASOL intends to open a production facility in Michigan, USA, with an annual capacity of 300 MWh in 2019.
Sven Schulz, CEO and co-founder of AKASOL, comments: "The opportunities of electromobility have been discussed for a long time. From our perspective, the market for high-performance battery systems, especially for buses and commercial vehicles, is now on the threshold towards significant growth in the coming years. AKASOL's business is situated in the sweet spot of the high-performance battery value chain, between cell manufacturers and the e-mobility OEM sector, and we see excellent growth prospects for our company. As of March 31, 2018, our order backlog through 2024 amounted to EUR 1.45 billion."
AKASOL sees itself as a pure play industry pioneer in electric powertrain battery systems technology with nearly 30 years of experience in this field. The roots of the Company go back to a not-for-profit organization named AKASOL e.V. founded by professors and students of the Technical University of Darmstadt in Germany in 1990. In 2008, the Company was incorporated as Akasol Engineering GmbH. AKASOL is part of the Schulz Group, which has supported the Company's development and helped AKASOL to start up its business rapidly.
AKASOL still maintains strong relationships with academic research institutions, especially with the Technical University of Darmstadt. The Company is headquartered in Darmstadt, Germany, and operates its central production facility in Langen, Germany. As of March 31, 2018, AKASOL's headcount amounted to more than 110 employees.*Key Highlights:*
*Mega trends drive demand for high-performance batteries in e-mobility applications *
AKASOL believes that the changing demographic landscape in combination with a higher concentration of people within cities will perpetuate the need for new clean and noise-reduced mobility solutions.
AKASOL is convinced that electrifying commercial vehicles and buses is an important step towards helping countries to meet emission targets while declining battery cell costs are a strong factor in achieving total cost of ownership parity between electric powertrains and conventional internal combustion engine powertrains.
Consumers are also becoming increasingly aware of the environmental impact of depleting traditionally used fossil fuels and the climate change resulting from CO[2] emissions, and are increasingly adopting energy efficient and sustainable alternatives.
Based on the trends described above, a strong pull for high-performance e-mobility applications from transportation authorities and fleet managers is expected. Media reports on the procurement plans for electric buses for major German cities such as Hamburg, Munich, Cologne or Frankfurt as well as internationally for cities such as Paris, Madrid or San Francisco show how concretely the responsible authorities are already dealing with the switch to electric mobility in local public transport.
*Serial production at the Langen site expected to start in Q3 2018*
One of the Company's most important selling points is its flexibility in terms of battery chemistry and battery cell format. AKASOL can provide a variety of battery system solutions for demanding applications as a result of its modular approach that enables the Company to use different kinds of battery cell formats and battery chemistry in accordance with clients' needs. In 2017, the Company inaugurated its first serial production facility in Langen, Germany, with a total annual capacity of up to 300 MWh. Following several years of working closely with the OEMs on developing prototypes, AKASOL has won contracts for serial production from Daimler and a Swedish bus and truck manufacturer which is expected to start at the Langen site in the third quarter of 2018.*Leading European OEMs among AKASOL's clients*
AKASOL conducts its business operations through two business segments, On-Highway and Off-Highway.
In the On-Highway segment, the Company supplies Li-Ion battery systems to manufacturers of buses and commercial vehicles. The clients in this segment are mostly large OEMs, Daimler and a Swedish bus and truck manufacturer, for example.
In the Off-Highway segment, AKASOL supplies OEMs or tier 1 suppliers of rail vehicles, industrial vehicles (including construction vehicles, mining vehicles and logistic vehicles), marine applications (including boats, ships, ferries and submarines) as well as stationary applications for residential and professional installations. As of today, the main clients in this segment are Alstom, Bombardier, Rolls-Royce Power Systems (MTU Friedrichshafen) and Medatech.*International growth strategy: Utilizing established relationships with OEMs*
AKASOL intends to organically grow its international footprint. The planned market entry into North America will increase sales of AKASOL's battery systems and AKASOL plans to leverage already established relationships with European clients, particularly leading global bus and truck OEMs.
AKASOL also is considering selectively acquiring companies with a focus on related business areas or possibly companies involved in business areas complementary to AKASOL's, in order to diversify the business vertically along the value chain.*Order backlog of EUR 1.45 billion through 2024 supports growth course*
In 2017, AKASOL's revenues amounted to EUR 14.5 million and EBIT reached EUR 1.1 million, corresponding to an EBIT margin of 7.7%.
In the first quarter of 2018, AKASOL achieved revenues of EUR 4.5 million, growing 102.0% year-on-year (Q1 2017: EUR 2.2 million). Profitability increased further in the first three months of 2018, with an adjusted EBIT margin (adjusted for IPO costs) of 13.3%.
From 2015 to 2017, AKASOL achieved a positive EBIT each year: EUR 410 thousand in 2015, EUR 1,326 thousand in 2016 and EUR 1,117 thousand in 2017. The EBIT margin rose from 4.7% in 2015 to 7.7% in 2017. With an EBIT of EUR 448 thousand (not adjusted for IPO costs), which corresponds to an EBIT margin of 9.9%, this trend continued in the first quarter of 2018.
In 2018, AKASOL expects revenues of between EUR 22 million and EUR 24 million and an adjusted EBIT margin of approximately 7%.
In the next four to five years, the Company aims to achieve revenue above EUR 300 million with an improvement in the EBIT margin.
Dr. Curt Philipp Lorber, CFO of AKASOL, comments: "Even in the first growth phase and despite preparations for the start of serial production, the company has operated profitably over the past three years. Based on strong sales growth, an asset-light business model and stringent cost management aiming at an efficient organizational structure, we want to deliver attractive returns to investors."*Overview of the planned IPO*
The offering consists of newly issued ordinary bearer shares with no-par value from a capital increase against contributions in cash. It also includes a minor placement of existing shares from the holdings of Schulz Group GmbH, Felix von Borck, Stephen Raiser and Björn Eberleh (the "Selling Shareholders"). Sven Schulz (CEO of AKASOL and owner, directly and indirectly, of 100% of the shares in Schulz Group GmbH), Felix von Borck and Dr. Björn Eberleh founded Akasol Engineering GmbH in 2008. Stephen Raiser joined the Company in 2009.
Today, Schulz Group GmbH holds a participation of 76% in AKASOL. Upon completion of the offering, Schulz Group GmbH will remain the majority shareholder of the Company.
Further ordinary shares will be made available by the selling shareholders pursuant to an over-allotment option. The listing is planned on the regulated market (Prime Standard) of the Frankfurt Stock Exchange.
The Company intends to use the net proceeds resulting from the sale of the new shares to fund its organic growth by expansion of its production footprint in Germany and the US, to fund investments into research and development activities and for potential targeted M&A.
Citigroup and COMMERZBANK are acting as Joint Global Coordinators and together with Bankhaus Lampe as Joint Bookrunners. Lazard is acting as financial adviser to AKASOL.*Contact*
cometis AG, Georg Grießmann
Phone: +49 - (0)611 - 20 58 55 61 | E-Mail: griessmann@cometis.de*DISCLAIMER:*
This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.
In the United Kingdom, this communication is directed only at persons who: (i) are qualified investors within the meaning of the Financial Services and Markets Act 2000 (as amended) and any relevant implementing measures and/or (ii) are outside the United Kingdom or (iii) have professional experience in matters relating to investments and fall within the definition of "investment professionals" contained in article 19 (5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or are persons falling within article 49 (2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Order, or fall within another exemption to the Order (all such persons referred to in (i) to (iii) above together being referred to as "Relevant Persons"). Any person who is not a Relevant Person must not act or rely on this communication or any of its contents. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.
This publication is an advertisement.
This communication constitutes neither an offer to sell nor a solicitation to buy securities. The public offering (in Germany and Luxembourg) will be made solely by means of, and on the basis of, a securities prospectus which is to be published. An investment decision regarding the publicly offered securities of AKASOL AG should only be made on the basis of the securities prospectus. The securities prospectus will be published promptly upon approval by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and notification to the Commission de Surveillance du Secteur Financier (CSSF) and will be available free of charge from AKASOL AG, Landwehrstraße 55, 64293 Darmstadt, Germany or on https://www.akasol.com/investor-relations.
Statements contained herein may constitute "forward-looking statements." Forward-looking statements are generally identifiable by the use of the words "may", "will", "should", "plan", "expect", "anticipate", "estimate,""believe", "intend", "project", "goal" or "target" or the negative of these words or other variations on these words or comparable terminology.
Forward-looking statements are based on current expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Group's or its industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. You should not place undue reliance on forward-looking statements and the Group does not undertake publicly to update or revise any forward-looking statement that may be made herein, whether as a result of new information, future events or otherwise.
--------------------
05.06.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de --------------------
Language: English
Company: AKASOL GmbH
Landwehrstrasse 55
64293 Darmstadt
Germany
E-mail: info@akasol.com
Internet: https://www.akasol.com/de/
End of News DGAP News Service Reported by EQS Group 6 hours ago.
↧
72% of Boskalis shareholders elects stock dividend
Papendrecht, 5 June 2018
Royal Boskalis Westminster N.V. (Boskalis) announces that 72.1% percent of the shareholders will receive a dividend in the form of ordinary shares. As a result, 3,990,974 shares will be distributed as stock dividend.
For the stock dividend, Boskalis will issue 2,026,444 new ordinary shares today. The remaining 1,964,530 shares were repurchased last year through the share buyback program and these shares will be used for the stock dividend.
As per today, 5 June 2018, the total number of ordinary shares of Boskalis is 135,378,338 including 1,310,512 treasury stock. An information document as referred to in articles 5:3 sub clause 2 under d and 5:4 sub clause 1 under e of the Financial Markets Supervision Act (Wet op het financieel toezicht) is simultaneously with this press release made available through the website of Boskalis (www.boskalis.com) and hence no obligation to publish a prospectus in connection with this admission exists.
*Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors. The company provides creative and innovative all-round solutions to infrastructural challenges in the maritime, coastal and delta regions of the world with services including the construction and maintenance of ports and waterways, land reclamation, coastal defense and riverbank protection. In addition, Boskalis offers a wide variety of marine services and contracting for the oil and gas sector and offshore wind industry as well as salvage solutions. Furthermore, Boskalis has a number of strategic partnerships in harbor towage and terminal services (Kotug Smit Towage, Keppel Smit Towage, Saam Smit Towage and Smit Lamnalco). With a versatile fleet of more than 900 vessels and floating equipment and 10,700 employees, including associated companies, Boskalis operates in 90 countries across six continents.*
This press release can also be found on our website www.boskalis.com.
*Attachment*
· pdf version press release.pdf Reported by GlobeNewswire 6 hours ago.
Royal Boskalis Westminster N.V. (Boskalis) announces that 72.1% percent of the shareholders will receive a dividend in the form of ordinary shares. As a result, 3,990,974 shares will be distributed as stock dividend.
For the stock dividend, Boskalis will issue 2,026,444 new ordinary shares today. The remaining 1,964,530 shares were repurchased last year through the share buyback program and these shares will be used for the stock dividend.
As per today, 5 June 2018, the total number of ordinary shares of Boskalis is 135,378,338 including 1,310,512 treasury stock. An information document as referred to in articles 5:3 sub clause 2 under d and 5:4 sub clause 1 under e of the Financial Markets Supervision Act (Wet op het financieel toezicht) is simultaneously with this press release made available through the website of Boskalis (www.boskalis.com) and hence no obligation to publish a prospectus in connection with this admission exists.
*Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors. The company provides creative and innovative all-round solutions to infrastructural challenges in the maritime, coastal and delta regions of the world with services including the construction and maintenance of ports and waterways, land reclamation, coastal defense and riverbank protection. In addition, Boskalis offers a wide variety of marine services and contracting for the oil and gas sector and offshore wind industry as well as salvage solutions. Furthermore, Boskalis has a number of strategic partnerships in harbor towage and terminal services (Kotug Smit Towage, Keppel Smit Towage, Saam Smit Towage and Smit Lamnalco). With a versatile fleet of more than 900 vessels and floating equipment and 10,700 employees, including associated companies, Boskalis operates in 90 countries across six continents.*
This press release can also be found on our website www.boskalis.com.
*Attachment*
· pdf version press release.pdf Reported by GlobeNewswire 6 hours ago.
↧
↧
Almost 20lbs of plastic found in dead whale's stomach
Thailand's marine agency vows to use case to push for change ahead of World Oceans Day
Reported by CBS News 5 hours ago.
↧
'Shocking': Fish stocks in Australian waters drop a third in a decade
Wild fish stocks in Australian waters shrank by about a third in the decade to 2015, declining in all regions except strictly protected marine zones.
Reported by Brisbane Times 4 hours ago.
↧
Local Veteran Pursues Dream of Business Ownership, Opens Window Genie Franchise in Brooklyn Park
Todd Lohstreter’s desire to be his own boss and create a better work-life balance led him to franchising
BROOKLYN PARK, Minn. (PRWEB) June 05, 2018
Window Genie announces the grand opening of its newest location in Brooklyn Park. Local Marine Corps veteran Todd Lohstreter is the owner. Window Genie is a national home service franchise specializing in residential and light commercial window cleaning, window tinting, pressure washing, gutter cleaning and more. Window Genie of Brooklyn Park will service the western Minneapolis areas including Brooklyn Park, Maple Grove, Wayzata, Minnetonka, and the surrounding communities.
Before purchasing his Window Genie franchise, Lohstreter served in the Marines, worked in hockey ministry, and most recently served as an operations manager in distribution for a large retail company. He credits his time in ministry as the inspiration to pursue ownership. He said, “When I was in ministry I got to be part of something that was built from the ground-up. We established an amazing team of people whose efforts and passion created success for the whole group – I want to create that same environment and feel driven more than ever to do so.”
Window Genie’s executive business model will allow Lohstreter to serve as owner, not operator. “I chose Window Genie for a number of reasons, but the ability to create jobs in the community was a major deal to me,” he said. “I want to provide a fun and rewarding place to work, while filling a real need at homes and businesses in the community. I’m also looking forward to the lifestyle this business allows my family. I have two little girls under the age of two, and working from home and controlling my schedule means I don’t have to miss a moment with them.”
Window Genie of Brooklyn Park is officially open for business, booking appointments for the spring cleaning season. All field technicians are fully trained, insured, bonded and have passed a background check. For more information, or a free estimate, contact owner Todd Lohstreter at tlohstreter@windowgenie.com or by calling 763-923-6900. Reported by PRWeb 4 hours ago.
BROOKLYN PARK, Minn. (PRWEB) June 05, 2018
Window Genie announces the grand opening of its newest location in Brooklyn Park. Local Marine Corps veteran Todd Lohstreter is the owner. Window Genie is a national home service franchise specializing in residential and light commercial window cleaning, window tinting, pressure washing, gutter cleaning and more. Window Genie of Brooklyn Park will service the western Minneapolis areas including Brooklyn Park, Maple Grove, Wayzata, Minnetonka, and the surrounding communities.
Before purchasing his Window Genie franchise, Lohstreter served in the Marines, worked in hockey ministry, and most recently served as an operations manager in distribution for a large retail company. He credits his time in ministry as the inspiration to pursue ownership. He said, “When I was in ministry I got to be part of something that was built from the ground-up. We established an amazing team of people whose efforts and passion created success for the whole group – I want to create that same environment and feel driven more than ever to do so.”
Window Genie’s executive business model will allow Lohstreter to serve as owner, not operator. “I chose Window Genie for a number of reasons, but the ability to create jobs in the community was a major deal to me,” he said. “I want to provide a fun and rewarding place to work, while filling a real need at homes and businesses in the community. I’m also looking forward to the lifestyle this business allows my family. I have two little girls under the age of two, and working from home and controlling my schedule means I don’t have to miss a moment with them.”
Window Genie of Brooklyn Park is officially open for business, booking appointments for the spring cleaning season. All field technicians are fully trained, insured, bonded and have passed a background check. For more information, or a free estimate, contact owner Todd Lohstreter at tlohstreter@windowgenie.com or by calling 763-923-6900. Reported by PRWeb 4 hours ago.
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