Accelerating development of its PHA biodegradable biopolymers to replace single-use plastics

SINGAPORE, Oct. 10, 2018 /PRNewswire/ -- Singapore-headquartered biotech start-up RWDC Industries Pte Ltd announced today that it has successfully closed a US$13 million Series A2 round co-led by venture capital firms Vickers Venture Partners and WI Harper Group. Finance firm Ridgevale Enterprises Limited and individual investors also participated in the round.

Vickers Chairman and co-founding partner *Dr. Finian Tan*, along with WI Harper Chairman *Mr. **Peter Liu*, have joined RWDC's board of directors.

RWDC Executive Chairman *Mr. Roland Wee* said: "I am heartened by the trust that WI Harper, Vickers Venture Partners, Ridgevale Enterprises Limited and all our other investors have shown in us. We are a highly capable, passionate, and experienced team of scientists, engineers, financiers and marketers. This team is determined and confident in realising our vision of helping make this planet a greener place for future generations."

Series A2 funds will primarily be used to expand RWDC's PHA (polyhydroxyalkanoate) production capacity in Athens, Georgia (USA), to 2,000 tonnes per year, making it among the world's largest PHA producers by early 2019.

RWDC develops innovative and cost-effective biopolymer material solutions. In particular, the company produces medium-chain-length polyhydroxyalkanoate (mcl-PHA). PHAs are naturally produced by bacterial fermentation of plant-based oils or sugar, and are widely recognized as the world's only commercially viable biodegradable bioplastic due to its versatility^^1.

RWDC's PHA is certified to be fully biodegradable in soil, water and marine conditions (i.e. all potential end-of-life scenarios) by certification agency TUV Austria (formerly Vincotte). It fully biodegrades within weeks with no toxic residue. RWDC's customers will be able to label their products as 100% bio-based, non-toxic and truly biodegradable.

"Over the last few months, we have received strong support from our investors, as well as tremendous interest from potential customers, including major packaging manufacturers and F&B brand owners", *Mr. Wee* said. "We are extremely excited and focused on the expansion of our PHA facility in the US, as this marks our first step towards producing PHA at commercially affordable prices for the global market. We have concrete plans to scale up very quickly from here."

*RWDC Chief Executive Officer Dr. Daniel Carraway* said: "This facility will be a training ground for our staff, provide material for customer trials, and serve as a demonstration of our capabilities. At the same time, we have ambitious plans for the future. We look forward to providing the world with a truly biodegradable, 100% renewable, and highly versatile material."

"PHA will be a major component in sustainable packaging materials of the future, and RWDC offers a comprehensive technical and material resource for brand owners and converters in the food service, food packaging, and consumer goods packaging industries.

*Dr. Finian Tan* said: "Every year, the world produces several hundred metric tonnes of plastic, mostly destined for single-use products that persist in the environment after disposal and creates a huge plastic pollution problem that the world is increasingly acutely aware of."

"While it is unrealistic to curb the massive demand for plastic – especially in emerging markets where consumption is on a constant rise – we can still power innovators such as RWDC to develop a commercially attractive solution to a long-standing socio-ecological problem."

*Chairman of WI Harper Group, Mr. Peter Liu* commented: "From microplastics in the arctic sea ice to once-pristine beaches in Thailand and Philippines being shut down, not only is plastic pollution at a negative tipping point but the world needs solutions and education on this topic. We are extremely excited to partner with RWDC and their dynamic management team. PHA produced at their pilot facility has already shown purity and yield above expectations."

*Mr. Liu *further added, "Recycling is still the preferred choice among governments worldwide, as current biodegradable solutions may produce waste that has little value. There are many lobbyists for recycling in government, but not for biodegradability. We look forward to bringing positive change and social impact in sustainability for the future generations to come."  

In July, RWDC won the inaugural Liveability Challenge, presented by Temasek Foundation Ecosperity, securing S$980,000 in funding for its proposal to make fully biodegradable drinking straws made of PHA. The company is working towards developing drinking straw prototypes by the end of the year and will produce straws in commercial quantities by mid-2019.

^^1 RWDC's PHA is suitable for a broad range of applications, including single-use food service articles (e.g. cutlery, drinking straws and cup lids), paper coatings (e.g. cups, bowls, plates and takeout containers), food and beverage packaging, consumer goods packaging, diapers, wipes and agricultural mulch films.

*About RWDC Industries:*

Founded in 2015 by Mr. Roland Wee and Dr. Daniel Carraway, RWDC Industries Pte Ltd, a biotechnology company, develops innovative and cost-effective biopolymer material solutions. In particular, RWDC produces medium-chain-length polyhydroxyalkanoate
(mcl-PHA) biopolymers that are designed for use across a broad range of applications.

PHAs are linear polyesters naturally produced by bacterial fermentation of plant-based oils or sugar and are widely recognised as the only commercially viable biodegradable bioplastic. RWDC's PHA is certified to be fully biodegradable in soil, water and marine conditions (i.e. all potential end-of-life scenarios) by TUV Austria (formerly Vincotte), fully biodegrading within weeks with no toxic residue. RWDC supports sustainable practices and encourages responsible choice in plastic waste management including recycling so as to best protect our environment.

http://rwdc-industries.com

*About WI Harper Group:*

WI Harper is a pioneer and leading cross-border venture capital firm investing in early and expansion stage companies across Greater China, Asia Pacific and the US. With offices in Beijing, Taipei, and San Francisco, the firm actively oversees more than $1 billion in assets under management. Since inception nearly three decades ago, WI Harper has invested in over 400 startups and has successfully experienced more than 100 IPO and M&A exits.

We look for innovative companies and visionary founders in healthcare and technology fields where there are high synergies and meaningful value added cross selling opportunities. While our healthcare team is presently focused on bioinformatics as well as digital biology, our technology team has a more generalist approach covering big data, analytics, artificial intelligence, AR/VR, IoT, robotics, drones, autonomous driving, as well as digital media and green energy projects.

http://wiharper.com

*About Vickers Venture Partners:*

Vickers Venture Partners is a venture capital firm focused on early-stage investments in Asia and beyond. The firm's portfolio covers life sciences, technology, media, and telecommunications as well as consumer and financial services. Some of its partners have track records that include hits such as Baidu.com, Inc (NASDAQ: BIDU), Focus Media Holding Ltd (NASDAQ: FMCN), Kongzhong Corp (NASDAQ: KONG), Cambridge Real Estate Investment Trust (SGX: CREIT), Sunfun Info Co. (Gretai: 5278) Asian Food Channel (trade sale), UUCUN (trade sale), TWG Tea (trade sale), RTG Asia (trade sale), JJE (trade sale), Hillstone (trade sale), M-Daq (trade sale), Tenfen (trade sale), Kuyun (trade sale) and Mainspring (trade sale). The total market value of the companies that the partners have helped grow exceeds US$90 billion today. Vickers Venture Partners announced in October 2017 that they have raised US $230 million to invest in startups across the world, with a particular focus on Deep Tech across the globe and impact investments in emerging markets.

Vickers Venture Partners was founded by Finian Tan, Khalil Binebine, Jeffrey Chi, Damian Tan, and Linda Li in 2005. It is based in Singapore with offices in Kuala Lumpur, Shanghai, Hong Kong, New York, San Diego with an office opening in San Francisco in 2018.

http://vickersventure.com

View original content:http://www.prnewswire.com/news-releases/biotech-start-up-rwdc-closes-us13-million-series-a2-led-by-vickers-venture-and-wi-harper-to-produce-plastic-alternative-300728362.html

Related Links :

http://wiharper.com Reported by PR Newswire Asia 17 hours ago.

People are hard-wired to respond to stories, but climate-denial narratives can be just as compelling as those that convey the facts about global warming. A new collection, “Confronting Climate Change in the Age of Denial,” publishing 9 October in the open access journal PLOS Biology, explores the challenges and pitfalls of using stories to communicate scientific evidence around climate change, offering both caveats and potential solutions to telling evidence-based climate change stories that can resonate with the public.

Science communicators and educators have long wrestled with the challenges of communicating evidence that contradicts people’s personal, religious, or political beliefs, particularly regarding evolution, vaccine safety, and climate change. A perfect case study of people’s tendency to create their own narratives to explain the seemingly inexplicable is the recent viral response to a photo of a starving polar bear. The photographers had hoped the starving bear could help people grasp what the future may hold for animals who can no longer depend on sea ice for hunting and shelter as global warming continues to melt polar ice sheets. But climate change deniers countered by circulating photos of healthy bears to claim that global warming is a hoax.

The collection features two articles by social scientists who offer different perspectives on enlisting narratives to convey climate change science and one by marine mammal experts who set the record straight on the likely impacts of climate change on Arctic wildlife.

“Marine mammals are ecosystem sentinels, capable of reflecting ocean variability through changes in their ecology and body condition,” argue Sue Moore, a biological oceanographer, and Randall Reeves, a marine mammal biologist, in “Tracking Arctic Marine Mammal Resilience in an Era of Rapid Ecosystem Alteration.” They propose a framework that adds ecological (e.g., geographic range and behavior) and physiological indicators to traditional demographics to provide a more comprehensive view of the health of populations. The authors hope that their framework, which can feed into existing global ocean surveys, offers “a path toward sustainability through improved prediction, more precaution, and wiser policy in this era of global environmental change.”

In “Climate Communication for Biologists: When a Picture Can Tell a Thousand Words,” psychologists Stephan Lewandowsky and Lorraine Whitmarsh examine strategies for using the anecdotes and images that satisfy our need for narrative without sacrificing scientific accuracy.

Science communication experts Michael Dahlstrom and Dietram Scheufele explore another dimension of the peril and promise of using stories to communicate science in “(Escaping) the Paradox of Scientific Storytelling.” Rather than telling stories to simply impart knowledge–which may prove unsuccessful, they say, since increased scientific literacy does not lead to greater acceptance of science–it may be better to tell stories about how scientific knowledge is produced. “In the end, using storytelling to primarily build scientific support through knowledge, attitude, or behavior goals without also engaging scientific reasoning might not help science in the long run.”

In publishing this collection, PLOS Biology editors hope that everyone who values unbiased scientific evidence thinks about ways to harness storytelling to help people grasp this complex but very real threat to our planet. We need to reclaim the storyline before it’s too late. Reported by Eurasia Review 16 hours ago.

Marit Solberg, COO Farming Canada, Scotland, Ireland and the Faroes, has decided to retire effective 1 November 2018. For more than three decades Marit Solberg has served in several key roles in Marine Harvest, and we would like to thank her for her extensive contributions through all these years. Following Marit Solberg's retirement Marine Harvest has decided to return to its original management team structure of having one COO Farming position with global responsibility. 

Per-Roar Gjerde has been appointed new COO Farming for all farming operations. Per-Roar Gjerde has been COO Farming for Norway and Chile since 1 January 2017.

Per-Roar Gjerde, born in 1967, is a graduate from the Norwegian School of Economics and Business Administration (NHH), and has completed executive management courses at Solstrand in Norway and Insead in France. He has extensive experience within salmon farming and sales. He started his career as a salesperson with Domstein Salmon. In 2002 Gjerde became controller for farming at Fjord Seafood Norway, which became part of Marine Harvest in 2006. In 2007 Per-Roar Gjerde was appointed Regional Director for Region West, one of the four business units of Marine Harvest Norway at that time. In January 2016 he moved to Chile, was appointed Managing Director for Marine Harvest Chile and led the business restructuring process there.

Marine Harvest's Group management team, effective 1 November 2018, is as follows:

· CEO: Alf-Helge Aarskog
· CFO: Ivan Vindheim
· COO Farming: Per-Roar Gjerde
· COO Sales & Marketing: Ola Brattvoll
· COO Fish Feed: Ben Hadfield
· Global Director R&D: Øyvind Oaland
· Chief Strategy Officer: Glenn Flanders
· Global Director HR: Anne Lorgen Riise
· Communication Director: Kristine Gramstad Wedler

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Reported by GlobeNewswire 16 hours ago.

The Commission has proposed Total Allowable Catches (TAC) for a number of species for 2019 and 2020, in an effort to restore deep-sea fish stocks in the North-East Atlantic. Based on scientific advice, these new measures will enable stocks to gradually rebuild to sustainable levels.

“Our proposal invites Member States to apply a precautionary approach to reverse the worrying situation of declining deep-sea fish stocks”, said Commissioner Karmenu Vella, responsible for the Environment, Maritime Affairs and Fisheries. “It is in our shared interest to ensure that we have healthy fish stocks in deep-sea waters, for the sake of our fishermen and coastal communities, their livelihoods and for our marine ecosystems. Evidence also shows that sustainable fish stocks go hand in hand with a thriving industry.”

The majority of deep-sea species are highly vulnerable and take a long time to mature. The Commission’s proposal is based on precautionary scientific advice from the International Council for the Exploration of the Seas (ICES), and takes into account the obligation for fishermen to bring to land all catches as of 1st January 2019. The proposal reduces the catch limits in seven fish management areas compared to 2017-2018 levels, including for alfonsinos and black scabbardfish. Fishing for orange roughy will remain prohibited.

At the same time, positive scientific advice concerning red seabream around the Azores and roundnose grenadier in South Western waters, has allowed the Commission to propose increased quotas for these species over the next two years.

The Commission also proposes to cancel the TAC management system for three species (greater forkbeard in the North-East Atlantic, roundnose grenadier in the North Sea and black scabbardfish in the North Sea and Skagerrak), as they are fished in small quantity which does not prevent them from reproducing.

The scientific advice for deep-sea sharks was delivered on 5 October and is currently being analysed. The Commission will complete the current proposal in view of its adoption by EU Member States in the Council, currently scheduled for 19-20 November.

Deep-sea fisheries account for less than 1% of all fish caught in the North-East Atlantic. Over the years, fishing activity and associated jobs have been declining together with deep-sea stocks. At the same time, data on the structure of the stocks, age classes or frequency of young fish recruitment are often difficult to gather because of the deep-sea marine environment. Scientific advice recommends applying the precautionary approach to these stocks. The goal is to improve the state of stocks and allow for fishing at Maximum Sustainable Yield (MSY), the level that allows the fishing industry to take the highest amount of fish from the sea while keeping fish stocks healthy. Reported by Eurasia Review 16 hours ago.

DGAP-News: AKASOL AG / Key word(s): Incoming Orders

10.10.2018 / 07:25
The issuer is solely responsible for the content of this announcement.
--------------------

*AKASOL AG wins strategically important order* *in the field of charging infrastructure for e-mobility applications*

· *Customer is a large, leading German automotive and commercial vehicle manufacturer*
· **AKASOL supplies battery-supported quick-charging stations for ***e-mobility applications*
· **Order valued in the mid-single-digit million-euro range**
· ***Sales forecast for fiscal year 2018 unchanged at EUR 22 million to EUR 24 million***

*Darmstadt, October 10, 2018 - AKASOL AG ("AKASOL"; ISIN DE000A2JNWZ9), a leading German producer of high-performance lithium-ion battery systems for buses, commercial, rail and industrial vehicles, ships and stationary applications, has received the largest order in company history in the field of charging infrastructure with energy storage devices for e-mobility applications.*

The customer is a large, leading German automotive and commercial vehicle manufacturer, not previously part of the company's customer portfolio. AKASOL will supply battery-supported, self-sufficient quick-charging stations for e-mobility applications to be set up as charging infrastructure in a regionally limited pilot project. The order amounts to a mid-single-digit million-euro value. The project is currently being launched and is expected to run until mid-2019. Following this project, the contract partners will examine the large-scale international application of the new quick-charging technology.

The system's special feature is that it can be operated both on the electricity grid and autonomously. Parallel charging with 2x100kW and 2x23kW is also possible without requiring a network extension. This is made possible by more than 200kWh battery capacity per charging station, high enough efficiency to deliver the required electrical power for the duration of an electric vehicle's charging process. Once charging is complete, the charging station can be charged from a normal grid connection available for the next quick charge.

Felix von Borck, Managing Director of AKASOL: "The short-term development of a flexible, network-independent quick-charging infrastructure is one of the most important prerequisites for helping e-mobility breakthrough on the market. We are very pleased to have been awarded the contract to supply an important pilot project with a solution for charging stations based on our automotive traction battery technology. We expect this to provide us with important insights into the opportunities that could open up for AKASOL in the field of charging infrastructure in the future."

The forecast from the Management Board of AKASOL AG remains unchanged for fiscal year 2018, expecting sales of EUR 22 million to EUR 24 million.*Contact:*

cometis AG, Georg Grießmann

Phone: +49 - (0)611 - 20 58 55 61 | Email: griessmann@cometis.de*About AKASOL*

AKASOL is a leading German manufacturer of high-performance lithium-ion battery systems for buses, commercial vehicles, rail vehicles, industrial vehicles, marine and stationary applications. Building on nearly 30 years of experience, AKASOL is a pioneer in developing, testing and manufacturing certified battery systems for the commercial transport sector. AKASOL AG's shares are traded on the Prime Standard segment of the Frankfurt Stock Exchange since June 29, 2018.

Based in Germany, AKASOL operates a facility in Langen with an annual capacity of up to 300 MWh which is planned to be expanded to 600 MWh by 2020. To AKASOL's knowledge, this is Europe's largest production plant for commercial vehicle lithium-ion battery systems, currently capable of producing high-performance battery systems for up to 1,500 fully electric buses or up to 6,000 commercial vehicles per year, depending on battery size. AKASOL's systems are manufactured to the industry standards demanded by leading OEM clients. Current clients include Daimler, a Scandinavian bus and truck manufacturer, Alstom, Bombardier, Rolls-Royce Power Systems (MTU Friedrichshafen) and Medatech. AKASOL boasts a technology-independent product portfolio. This allows the Company to choose the best battery cells and battery chemistry according to the clients' individual needs.*DISCLAIMER*

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.
--------------------

10.10.2018 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 AG
Landwehrstrasse 55
64293 Darmstadt
Germany
Phone: +49 6151/800 500
E-mail: info@akasol.com
Internet: www.akasol.com
ISIN: DE000A2JNWZ9
WKN: A2JNWZ
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange
 
End of News DGAP News Service Reported by EQS Group 16 hours ago.

Polar bears likely survived past warm periods in the Arctic, when sea ice cover was low, by scavenging on the carcasses of stranded large whales. This food source sustained the bears when they were largely restricted to land, unable to roam the ice in search of seals to hunt.

A new study led by the University of Washington found that although dead whales are still valuable sources of fat and protein for some polar bears, this resource will likely not be enough to sustain most bear populations in the future when the Arctic becomes ice-free in summers, which is likely to occur by 2040 due to climate change. The results were published online in the journal Frontiers in Ecology and the Environment.

“If the rate of sea ice loss and warming continues unmitigated, what is going to happen to polar bear habitat will exceed anything documented over the last million years. The extremely rapid pace of this change makes it almost impossible for us to use history to predict the future,” said lead author Kristin Laidre, a marine biologist at the UW’s Polar Science Center and associate professor in the School of Aquatic and Fishery Sciences.

Polar bears need sea ice to survive because it is an essential platform for hunting seals, their main food source. They travel over the ice, searching for breathing holes or seal birth dens. When the ice breaks up in late spring, polar bears in some populations will fast on land, waiting for the ice to re-form so they can resume hunting.

Still, polar bears are opportunistic feeders and have been observed in multiple locations eating the carcasses of whales that died at sea and washed ashore. The bears can quickly consume and store large amounts of fat, which works in their favor. In some cases, between 40 and 60 different polar bears have been observed feeding on large bowhead and gray whale carcasses and, in 2017, more than 180 bears were seen scavenging on a single dead bowhead whale. Individual bears frequently return to the same carcass over multiple years.

The authors drew upon years of observations in the field to assess the potential importance of whale carcasses and how they might help polar bears survive an ice-free Arctic. It is clear that polar bears persisted through low-ice interglacial periods in the past that resulted from naturally occurring climate cycles. The researchers hypothesized that, to a significant degree, the bears likely survived by scavenging on whale carcasses, storing large amounts of fats when hunting seals was not an option.

“I think this is likely one of the most probable explanations for how polar bears made it through previous warm interglacial periods,” said co-author Ian Stirling, former research scientist with the Canadian Department of Environment and an adjunct professor at the University of Alberta, who has studied polar bears for 45 years.

“But when we look at the situation now, ecologically, with respect to food sources, it’s a very different picture,” Stirling added. “The potential of whale carcasses to bail bears out may still be important in a few areas but, quite simply, their overall availability is going to be substantially less than before humans invaded the Arctic.”

The researchers wanted to determine whether enough large whales dying and washing ashore each year could replace seals as a food source for polar bears in some areas. They first calculated how much blubber and meat an average population of 1,000 polar bears would need as a food source each year.

Then, they looked at the abundance of gray and bowhead whale populations — focusing on the coasts of Chukotka and Alaska — and estimated the number of potential strandings, factoring in that about 10 percent of whales that die will float to the surface, and only some of those end up on land that is accessible to bears.

Their analysis found that during ice-free summer months, a hypothetical population of 1,000 polar bears would need to eat about eight whales, and during the springtime feast when bears eat more, about 20 whales would be needed to satisfy the same 1,000 bears. In the Chukchi Sea, long-term data collected in Russia indicate that enough whales die and float to shore each year to potentially meet this need, the authors found.

But feeding on dead whales, while possibly critical in historical times, seems unlikely to help most polar bear populations survive a rapidly warming Arctic. The Arctic is home to 19 subpopulations of polar bears, but not every region sees large whales strand and die as regularly as the Chukchi Sea. Additionally, though whale carcasses likely helped polar bears survive in past low-ice periods, the Arctic landscape has changed drastically since then. Present-day whale populations are much smaller due to past human exploitation, and recent human activity in the region such as shipping, coastal communities and offshore industrial activity can further impact polar bears, whales, and the ability of bears to make use of whale carcasses.

“Scavenging on large whale carcasses is probably important for bears in some areas and may buffer them from sea ice loss,” Laidre said. “However, carcasses of large whales are not expected to replace seals as nutritional resources as we move towards an ice-free Arctic. In most regions, the environmental changes are too large and the whale carcasses are too few.” Reported by Eurasia Review 15 hours ago.

*MEXICO CITY, MEXICO / ACCESSWIRE / October 10, 2018 / *Genoil (OTC PINK: GNOLF) announced that it has dramatically improved overall performance and capabilities of its heavy to light crude oil upgrading technology ''Genoil GHU Technology.'' This further proves the GHU Upgrader's flexibility and high profitability for conversion of Pemex crude oil. Converted high quality GHU crude oil can be exported from Mexico at a substantially higher price, with an estimated profitability of over $50.00 per barrel at today's oil prices. The GHU is a cutting edge advanced hydroconversion technology which is based on a common refining process utilized globally to remove sulfur and other impurities in a variety of feedstocks. Genoil is using new and improved catalyst that considerably increases performance and reduces operating costs.

At the wellhead, Genoil provides a complete standalone upstream solution for oil producers to substantially increase the value of crude oil through upgrading and sulfur reduction and reduced transportation costs. GHU Technology increases profit margins by eliminating the need for very costly blending or diluents for transport and virtually eliminates the need for natural gas for steam generation for thermal recovery. With International Maritime Organization's 2020 legislation just around the corner and the price of crude oil rising drastically in recent months, which is forecasted to go much higher, Genoil is perfectly positioned to take advantage of these market trends.

Genoil anticipates two more upcoming tests in the near future, one for a leading provider of compliance, consultancy service and classification to the marine industry who will dispatch personnel to UFA to witness the processing of fuel oil in UFA. The second for a national oil company which currently has over one million barrels per day of heavy oil production. Data collected for Petróleos Mexicanos (PEMEX) will support the engineering and design of commercial GHU heavy to light crude oil upgrader.

At the demonstration facility, heavy Pemex crude oil was converted by Genoil's GHU Technology to a much lighter crude oil with demonstrations conducted at both normal throughput (100%) capacity and increased throughput (200%) capacity.

At 100% throughput the feedstock was 10 API and was increased to 29 API. Sulfur content was 3.56 % wt. and was reduced to a level of 0.28%. When the throughput was increased with a process run at 200% capacity and much lower temperatures results were also good, feedstock of 10 API was increased to 20.1 API. The sulfur content was 3.56 % wt. and was reduced to 0.71% wt. These demonstration runs help position Genoil for full-scale heavy oil operations in Mexico and in other countries who have similar heavy oil characteristics.

Founded in 1996 as an oil Exploration and Production company, Genoil Inc. is an independent, international oil company focused on heavy oil development and oil production using cutting edge advanced technologies, including its proprietary, patented heavy crude oil to light oil upgrading process ''Genoil GHU Process.'' Core operations are in Canada, New York, China, Russia and the Middle East, with business development opportunities worldwide. Genoil's shares trade on the Over The Counter exchange in New York.

*Pemex crude oil demonstration results summary at normal capacity load.*

Temperature

385 ^^оC

Raw material

% wt.

Products

% wt.

Crude oil

100,0

Gases C1-C4

*5,84*

Crude oil upgraded stabilized

*94,16*

Total

*100,0*

390 ^^оC

Crude oil

100,0

Gases C1-C4

*6,47*

Crude oil upgraded stabilized

*93,53*

Total

*100,0*

Properties

Crude oil

Crude oil upgraded and stabilized

Process T = 385 ^оC

Process T = 390 ^оC

Density at 15 ^оC, kg/m3

*994,8*

*897,1*

*880,7*

API

*10,45*

*25,9*

*28,8*

Viscosity at 50 ^оC, cSt

*388,0*

*11,8*

*7,1*

Sulfur, % wt

*3,56*

*0,35*

*0,28*

Coke Conradson, % wt.

*5,40*

*1,41*

*1,01*

Pour point, ^оC

*+15*

*
*
Water content, % wt.

*18,7*

*absence*

*absence*

Mechanical impurities, % wt.

*0,12*

*absence*

*absence*

Salts, mg/l

*155,80*

*-*

*-*

Asphaltens, % wt

*6,20*

*1,22*

*0,85*

Distillation:
IBP
10%
50%
FBP
Yield, %

*119*
*316*
*-*
*350*
*25*

*31*
*217*
*372*
*515*
*76*

*29*
*194*
*331*
*510*
*88 *

*Pemex crude oil demonstration results summary at 200% capacity load and low temperature.*

Temperature

375 ^оC

Raw material

% wt.

Products

% wt.

Crude oil

100,0

Gases C1-C4

*4,14*

Crude oil upgraded stabilized

*95,86*

Total

*100,0*

380 ^оC

Crude oil

100,0

Gases C1-C4

*4,86*

Crude oil upgraded stabilized

*95,14*

Total

*100,0*

Properties

Crude oil

Crude oil upgraded and stabilized

Process T = 375 ^оC

Process T = 380 ^оC

Density at 15 ^оC, kg/m3

*994,8*

*934,2*

*931,4*

API

*10,45*

*19,64*

*20,10*

Viscosity at 50 ^оC, cSt

*388,0*

*158,1*

*114,0*

Sulfur, % wt

*3,56*

*0,89*

*0,71*

Coke Conradson, % wt.

*5,40*

*3,19*

*3,00*

Pour point, ^оC

*+15*

*-3*

*-8*

Water content, % wt.

*18,7*

*absence*

*absence*

Mechanical impurities, % wt.

*0,12*

*absence*

*absence*

Salts, mg/l

*155,80*

*0,13*

*0,14*

Asphaltens, % wt

*6,20*

*3,23*

*2,95*

Distillation:
IBP
10%
50%
FBP
Yield, %

*119*
*316*
*-*
*350*
*25*

*33*
*267*
*522*
*545*
*51*

*27*
*264*
*487*
*548*
*58*

*About The Genoil Hydroconversion Upgrader:*

The Genoil Hydroconversion Upgrader (GHU®), is an advanced upgrading and desulfurization technology, which converts heavy or sour crude oil into much more valuable light low sulphur oil for a very low cost. The GHU achieves 96% pitch conversion and 95% desulfurization with an operating cost of up to 75% less than the competition. For Conoco Canada Ltd, Genoil converted their bitumen of 6-8.5 API and converted it to 24.5 API. We also removed 92% of the sulphur reducing the amount from 5.14 % to below 0.24%. These results were taken by Conoco Canada Ltd, who had them analysed by Core Laboratories, one of the largest service providers of core and fluid analysis in the petroleum industry.

*About:** **The UFA Scientific Research Institute of Petroleum Refining and Petrochemistry*:

The State Unitary Enterprise ''Institute of Petroleum Refining and Petrochemistry of Republic of Bashkortostan '' is located in the Republic of Bashkortostan, Russian Federation. The state of the art Institute has more than 60-years' experience in the field of hydrocarbon processing technologies and well recognized by the Industry. UFA is the only 100% governmentally owned institute specializing in refining and heavy residue processing. 03.07.2018 on the basis of the Order of the Ministry of Land and Property Relations of the Republic of Bashkortostan No. 218 of 02.03.2018 the State unitary enterprise "Institute of Petroleum Refining and Petrochemistry of the Republic of Bashkortostan" is transformed to Joint-stock company Institute of Petroleum Refining and Petrochemistry (JSC INKhP).

*About: Beijing Petrochemical Engineering Company*:

Genoil Partner EPC Company BPEC was founded in 1979 and is a first-class engineering company based in Beijing and its parent company is the fourth largest Chinese oil company, Shaanxi Yanchang Petroleum Group Corp Ltd. BPEC currently has about 1200 employees and holds a class A qualification of engineering consulting and engineering design. The company has been mainly engaged in engineering consulting, engineering design, EPC, engineering technology development and other related business in the fields of refining, petrochemical, coal-chemical, natural-gas-chemical, oil and gas fields, storage and transportation, etc.

*About: Shaanxi Yanchang Petroleum Group Corp. Ltd**:*

Formerly ''Yanchang Oil Plant'' founded by the Qing regime in Yan'an in 1905, Yanchang Petroleum is China's only century-old oil enterprise and the driller of the first oil well on the Chinese continent. Shaanxi Province where Yanchang Petroleum is located in an emerging key oil & gas province in China, with rapid growth of 5 million tons oil & gas equivalent on average every year since the beginning of the ''twelfth five-year'' period. In 2012, Shaanxi province became China's largest oil & gas-producing province with oil & gas equivalent of over 60 million tons. They are also one of the largest producers of coal in China with 18 billion tons of coal reserves, and 300,000 bpd of oil production.

*About: OJS ''VNIIUS'' Institute in Kazan:*

VNIIUS is one of the leading research institutes in Russia in the field of production and consumption of hydrocarbon feed. With 50-years of experience in practical work allows us to render assistance to oil and gas producing companies, to oil and gas processing companies and also to companies of deep oil processing and sulfur recovery. VNIIUS has cooperated with Chevron and over one hundred different companies from around the world.

*FORWARD LOOKING STATEMENTS:* Certain information regarding Genoil, including availability of capital and other sources of funds and future plans may constitute forward-looking statements under applicable securities law. Forward-looking statements are often, but not always, identified by the use of words such as ''seek,'' ''anticipate,'' ''hope,'' ''plan,'' ''continue,'' ''estimate,'' ''expect,'' ''may,'' ''will,'' ''intend,'' ''could,'' ''might,'' ''should,'' ''believe'' and similar expressions. Forward-looking statements are based upon the opinions, expectations and estimates of management as at the date the statements are made and, in some cases, information received from or disseminated by third parties, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Forward looking statements contained in this release necessarily involve risks and uncertainties associated with an oil and gas technology development and engineering corporation. As a consequence, actual results may differ materially from those anticipated. Accordingly, readers should not place undue reliance upon forward-looking information contained herein. Although Genoil believes that the assumptions underlying such forward looking statements are reasonable given current market conditions, and information received or disseminated by third parties is reliable, it can give no assurance that such expectations will prove to have been correct. Genoil does not assume responsibility for the accuracy and completeness of the forward-looking statements and such forward-looking statements should not be taken as guarantees of future outcomes. Subject to applicable securities laws, Genoil does not undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. The forward-looking statements contained in this press release are expressly qualified, in their entirety, by this cautionary statement. Additionally, statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Further information on potential risk factors that could affect Genoil's financial results can be found in Genoil's disclosure materials filed on SEDAR at www.sedar.com and with the Securities Exchange Commission available at www.sec.gov.

*For more information please contact:*

David Lifschultz
Tel: 212 688 8868
Email: dklifschultz@Genoil.com

*SOURCE: *Genoil
View source version on accesswire.com:
https://www.accesswire.com/513783/Genoil-Successfully-Upgrades-Petrleos-Mexicanos-Pemex-Crude-Oil Reported by Accesswire 15 hours ago.

Transformational Business Combination Establishes Strong International Growth Platform; SOL’s Simpson Group to Own 9.9% of Parkland

CALGARY, Alberta, Oct. 10, 2018 (GLOBE NEWSWIRE) -- Parkland Fuel Corporation (“*Parkland*”, “*We*”, “*Our*” or “*Us*”), (TSX:PKI) Canada's largest and one of North America's fastest growing independent marketers of fuel and petroleum products and a leading convenience store operator, and SOL Limited have entered into an agreement to complete a business combination (the “*Business Combination*” or “*Transaction*”) between Parkland and SOL Investments Limited (“*SIL*”) and its subsidiaries (collectively, “*SOL*”).  A privately-held company owned by the Simpson Group, SOL is the largest independent fuel marketer in the Caribbean and a wholly-owned subsidiary of SOL Limited.SOL supplies and markets a total of 4.8 billion liters of fuel volume annually across 23 countries in the Caribbean and generated US$215 million (approximately C$280 million^i) in adjusted earnings before taxes, depreciation and amortization (“*Adjusted EBITDA*”) in the 12-month period ending June 2018. 

The Transaction will result in Parkland acquiring 75% of the issued and outstanding shares in the capital of SIL (the “*SIL Shares*”) for total consideration of US$1.21 billion (approximately C$1.57 billion) plus customary post-closing adjustments on a cash-free and debt-free basis (the “*Purchase Price*”), and SOL Limited acquiring 12.16 million common shares in the capital of Parkland (the “*Parkland Shares*”).  This equates to a purchase price multiple on the 75% equity interest in SOL of approximately 7.5x Adjusted EBITDA, excluding working capital. Upon closing the Simpson Group, through its ownership in SOL Limited, will own approximately 9.9% of the issued and outstanding shares in Parkland and its intention is to remain a long-term investor in Parkland. The Transaction is expected to be immediately accretive to Parkland’s distributable cash flow per share by approximately 17% (pre-synergies).

The remaining 25% of the shares outstanding in SIL are subject to the Minority Purchase/Sale Right (as defined below) pursuant to which Parkland may elect to acquire or SOL Limited may elect to sell the remaining shares in the capital of SIL. Based on SOL’s Adjusted EBITDA for the 12-month period ending June 2018, the Adjusted EBITDA attributable to Parkland from the 75% ownership stake in SOL would have been US$161 million (approximately C$210 million), representing 75% of SOL’s Adjusted EBITDA for the period.

Parkland President and CEO Bob Espey said, “The addition of SOL will extend our global supply reach and enable us to continue to build our supply advantage to benefit our entire business. With its integrated supply chain backed by an extensive distribution network, fortress assets, a premier brand portfolio and an exceptional team, SOL has built a strong market position with unparalleled regional scale.  Together, Parkland and SOL create a significant North American and Caribbean growth platform. We are delighted to partner with the Simpson Group and welcome the opportunity to work with SOL’s strong management team to optimize and grow SOL’s industry leading retail and supply network through our combined scale and expertise.”

Sir Kyffin Simpson, CBE, Founder of SOL Limited said, “I am exceptionally pleased to announce the coming together (Business Combination) of Parkland and SOL, which will ensure an exciting and dynamic future for everyone.  With a desire to continue to develop and grow the business through expansion in new areas, I am extremely blessed to bring in our good friends Parkland of Canada to the Caribbean.  I have long admired Parkland as a company with their futuristic vision and energy, and I have been tremendously impressed with Bob Espey’s strong leadership along with his exceptional management team.”

“I am truly confident that this coming together with the fantastic team at SOL will be a complementary blend of cultures, ideas, technology and innovation.  I am convinced that Parkland and SOL are perfectly matched to develop new and exciting opportunities, with renewed energy that will provide excellent avenues for the development of our people that will in turn enhance our customer experience and open new doors for great synergies and improved logistics.  With forty-three million people and a GDP of more than US$200 billion, this is the perfect time to take advantage of the tremendous opportunities that abound in the Caribbean.”

“This coming together will also provide a big boost of confidence for regional investment opportunities and we are happy to do our part in this regard.  Please therefore join with me in welcoming this wonderful team and organization to the region.   I pray God’s richest blessings on this coming together and I look forward to what the future has in store for us all.”

Chief Financial Officer Mike McMillan said, "The scale of the pro-forma business combined with the strong cash flow from operations and operational synergies expected from SOL will further strengthen Parkland’s balance sheet and capital structure.  The financing for the Transaction will enable Parkland’s pro forma total leverage ratio to remain below 3.5x.  In addition, Parkland will be in a strong position from a balance sheet and capital structure perspective to continue to execute on our growth strategies.”

*Key Highlights *

· The addition of stable earnings from 526 retail stations (266 company-owned or company-leased sites and 260 dealer owned and operated sites);
· Provides an opportunity to roll out Parkland’s private label, loyalty and enhanced food offer;
· Positions Parkland to access supply at scale in the US Gulf Coast, creating future growth opportunities and supply advantage in the US Gulf and Atlantic coasts for Parkland USA (in addition to our continued focus on the US Northern Tier and Rocky Mountain regions);
· Total identified annual run-rate synergies of approximately 20% of SOL’s Adjusted EBITDA over the next three years;
· Pro forma net debt to Parkland Adjusted EBITDA of approximately 3.2x on a consolidated basis with a strong deleveraging profile; and
· The SOL operating brands will remain in place, and the SOL business will retain key management and continue to be managed from the Caribbean.

Parkland and SOL Limited, the sole shareholder of SIL, will enter into a shareholders agreement that grants a call right for Parkland and put right for SOL Limited (collectively, the “*Minority Purchase/Sale Right*”), pursuant to which Parkland may elect to acquire or SOL Limited may elect to sell the remaining 25% portion of the issued and outstanding shares in the capital of SOL (the “*Remaining Shares*”) at a value of 8.5x the Adjusted EBITDA of SOL based on the then current audited financial statements.  The Minority Purchase/Sale Right will be exercisable by either party for a period of 90 days following the release by Parkland of its audited financial statements for the fiscal year ended December 31, 2020 (or December 31, 2021 in the event that closing does not occur on or before December 31, 2018).  The Minority Purchase/Sale Right will be exercisable annually thereafter by either party for a period of 90 days following the release by Parkland of its audited annual financial statements.

The Transaction is subject to the receipt of customary third-party consents and regulatory approvals, including approval of the Toronto Stock Exchange.  Closing of the Transaction is expected to occur in late Q4 2018.

*Strategic Rationale *

· Through strategic acquisitions and organic growth, SOL has built ‘fortress assets’ in stable markets across the region;
· SOL is the largest independent fuel marketer and convenience store operator in the Caribbean region, with more than 4.8 billion liters of annual volume and approximately US$215 million (approximately C$280 million) in estimated Adjusted EBITDA (excluding expected synergies);
· Provides comprehensive and key infrastructure in the Caribbean region to extend and enhance Parkland’s supply advantage and expertise;
· Adds significant scale to Parkland’s retail and supply businesses;
· Provides increased exposure to stable earnings across multiple lines of business;
· Provides diversification from the North American market;
· Significantly contributes to Parkland’s US dollar cash flows;
· Positions Parkland to access supply at scale in the US Gulf Coast, creating future growth opportunities and supply advantage in the US Gulf and Atlantic coasts for Parkland USA;
· Supports acquisition and expansion opportunities in the Caribbean region and broader Americas; and
· Opens Parkland’s business to global supply advantages to benefit existing and future business opportunities.*SOL Retail Business*

· Represents approximately 2.0 billion liters of annual volume with operations in 20 countries;
· Includes 526 retail stations (266 company owned or company leased sites and 260 dealer owned and operated sites); and
· Operates 197 Shell-branded retail stations and 163 ESSO-branded retail stations and enjoys a long-standing relationship with both premier retail brands in the Caribbean.  SIL also operates 93 SOL-branded stations, which enjoy excellent recognition in the Caribbean.

*SOL Supply and Distribution Business*

· SOL’s infrastructure assets include 32 import terminals, 7 pipelines, 3 marine berths and 10 charter ships;
· Enables SOL to achieve superior supply economics in the Caribbean region as it is the largest fuels marketer with an integrated supply chain;
· Primary objective is to supply the SOL marketing business and any spare capacity is sold to third parties;
· Chartered vessel fleet provides SOL with inter-island transportation and distribution capabilities;
· Owned and leased terminals enable intermediate storage for large fuel cargoes across the region;
· Geographically close to US Gulf Coast supply, one of the longest refined product markets in the world;
· Ownership of 29% non-operating financial stake in the entity that owns and operates the SARA Refinery located in Fort-de-France, Martinique (the “*SARA Refinery*”).  The capacity of the SARA Refinery is 16,000 thousand barrels per day; and
· SARA Refinery owns and operates all the pipelines, ships and terminals required to supply refined products to Guadeloupe, French Guiana and Martinique.

*SOL Commercial and Industrial Business*

· Represents approximately 1.8 billion liters of annual volume with operations in 21 countries;
· Supplies gasoline, diesel, fuel oil, LPG (propane) and other petroleum products to commercial and industrial customers in the mining, power generation, manufacturing, construction, transport and hospitality industries;
· Lubricants segment represents 21 million liters of annual volume and operations in 18 countries;
· Distributes Shell and Pennzoil-branded lubricants and is the largest licensed distributor of Shell-branded lubricants in the Caribbean;
· LPG (propane) segment represents 47 million liters of annual volume and operations in 10 countries;
· Distributes LPG (propane) direct to customers under the highly recognizable SOL Energy brand; and
· Distributes LPG (propane) to other distributors and governments under various supply agreements.

*SOL Aviation Business*

· Represents approximately 600 million liters of annual volume with operations in 13 countries;
· Operates in most countries through joint ventures with various third parties.  Joint ventures are structured to enable maximum utilization of high cost fixed assets; and
· Jointly owns airport terminals and infrastructure in several markets.

*Parkland Financing *

The Transaction and related fees and expenses will be financed by Parkland with a fully underwritten financing package:

· Debt financing of approximately C$1.1B underwritten by Canadian Imperial Bank of Commerce and National Bank of Canada as Co-Lead Arrangers and Bookrunners consisting of:
      • C$470 million of senior secured bank debt, a US$250 million (approximately C$325M million) term loan and a term facility of C$300 million.
· SOL Limited will provide approximately C$518 million of equity financing through its investment in Parkland:
      • Parkland will issue 12.16 million Parkland shares to SOL Limited from treasury as partial consideration for the Business Combination at a price of approximately C$42.62 per share, representing the 5-day volume-weighted average price of Parkland’s common shares on the Toronto Stock Exchange as of market close on October 9, 2018.  After closing, SOL Limited will own approximately 9.9% of the issued and outstanding common shares in Parkland.

Parkland expects to replace the term facility with alternative longer-term debt prior to the closing of the Transaction.

*Investor Event and Conference Call Information*

Parkland will host a webcast and conference call at 6:30 AM MT (8:30 AM ET) on October 10, 2018 to discuss the Transaction.  Parkland’s Senior Leadership Team will be available to take questions from securities analysts and investors following their formal comments.

Please log into the webcast slide presentation 10 minutes prior to start time at:

Webcast: https://edge.media-server.com/m6/p/gxyt5yny

To access the conference call by telephone, dial toll-free (844) 889-7784.  International callers should use (661) 378-9928, Conference ID: 1558797.  Please connect approximately 10 minutes before the beginning of the call. The webcast will be available for replay one hour after the conference call ends. It will remain available at the link above for one year and will be posted to www.parkland.ca.

A link to the live webcast and investor presentation will be available on the Investors section of Parkland’s website at  http://www.parkland.ca/investors/.

If you are unable to participate in the call, a replay will be available by dialing (855) 859-2056, Conference ID: 1558797 (Canada and USA toll-free). For international callers, please dial (404) 537-3406, Conference ID: 1558797.  A transcript of the broadcast will be posted on the website once it becomes available.

*About Parkland *

Parkland is Canada's largest and one of North America's fastest growing independent suppliers and marketers of fuel and petroleum products and a leading convenience store operator.  Parkland services customers through three channels: Retail, Commercial and Wholesale.  Parkland optimizes its fuel supply across these three channels by operating the Parkland Burnaby Refinery, and leveraging a growing portfolio of supply relationships and storage infrastructure.  Parkland provides trusted and locally relevant fuel brands and convenience store offerings, including its On the Run/Marché Express banners, in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully.  At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

*About SOL *

By providing fuels, lubricants, LPG products and an extensive network of service stations, SOL enables the energy that keeps the heart of our region beating. SOL is the largest independent petroleum marketing company in the Caribbean region and is committed to supporting and empowering the communities in which it operates.

With operations spanning across twenty-three territories, SOL’s highly qualified team reflects the talent, spirit and diversity of the region. SOL serves a wide range of commercial customers who are involved in shipping, luxury boating, aviation, mining, trucking and fleet operations, as well as families and individuals – hard working men and women who need a reliable partner to fuel their vehicles, homes and lives.

*Advisors*

Deloitte provided transaction services in respect of the Business Combination.

National Bank Financial Inc. served as financial advisor to Parkland.

*Forward-Looking Statements *

Certain statements contained in this news release constitute forward-looking information and statements ("collectively, "forward-looking statements"). Many of these forward-looking statements can be identified by words such as “believe”, “expects”, “expected”, “will”, “intends”, “projects”, “projected”, “anticipates”, “estimates”, “continues”, "objective" or similar expressions and include, but are not limited to, statements regarding Parkland’s expectation of its future financial position, business and growth strategies and objectives, sources of growth, capital expenditures, financial results, future financing and the terms thereof, future transactions and the efficiencies to be derived therefrom, the successful completion of the Transaction and the timing thereof, the accretive impact of the Transaction (including the expected impact to Parkland's distributable cash flow per share), the expected benefits resulting from the Transaction including Parkland's leverage pro forma following the Transaction, Adjusted EBITDA of the business acquired in the Transaction, the Simpson Group’s intentions with respect to its ownership of Parkland, future projections of Adjusted EBITDA, the contribution to EBITDA and/or Adjusted EBITDA from the Transaction, volumes and gross margins expected to be derived from the Transaction, expected synergies and growth opportunities (including geographic areas of potential growth) resulting from the Transaction, the number of Parkland Shares to be issued as partial consideration for the Transaction, expected exercise of the Minority Purchase/Sale Right and the terms thereof, sources of financing for the Transaction, the ability of Parkland to refinance indebtedness under its term facility, Parkland's expected pro forma total leverage, strength of Parkland's balance sheet and capital structure pro forma the Transaction and Parkland's continued ability to execute on its growth strategies. Parkland believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The forward-looking statements contained herein are based upon certain assumptions and factors including, without limitation: historical trends, current and future economic and financial conditions, and expected future developments. Parkland believes such assumptions and factors are reasonably accurate at the time of preparing this press release. However, forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties some of which are described in Parkland’s Annual Information Form dated March 9, 2018 ("AIF") and other continuous disclosure documents. Such forward-looking statements necessarily involve known and unknown risks and uncertainties and other factors, which may cause Parkland’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors include, but are not limited to, risks associated with: the failure to achieve the anticipated benefits of the Transaction, the aggregate amount of any adjustments to the Purchase Price, the ability to secure funding to finance the consideration payable upon the exercise of the Minority Purchase/Sale Right, expansion of Parkland's business into the Caribbean, the ability of suppliers to meet commitments, failure to retain key management, failure to execute on plans to deleverage the combined Parkland business, failure to obtain necessary regulatory or other third party consents and approvals required to complete the Transaction, failure to complete the Transaction, failure to secure alternative sources of funding to the term facility on terms acceptable to Parkland, failure to meet financial, operational and strategic objectives and plans, general economic, market and business conditions, industry capacity, failure to realize anticipated synergies from the Transaction, the operations of Parkland’s assets, competitive action by other companies, actions by governmental authorities and other regulators including increases in taxes, changes and developments in environmental and other regulations, and other factors, many of which are beyond the control of Parkland. There is a specific risk that Parkland may be unable to complete the Transaction in the manner described in this press release or at all. If Parkland is unable to complete the Transaction, there could be a material adverse impact on Parkland and on the value of its securities. Any forward-looking statements are made as of the date hereof and Parkland does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Readers are directed to, and are encouraged to read the risks and uncertainties described in “Forward-Looking Statements” and “Risk Factors” included in Parkland's AIF and in “Forward-Looking Statements” and “Risk Factors” included in Parkland's management discussion and analysis for the year ended December 31, 2017 (the "MD&A") and for the three and six months ended June 30, 2018 (the “Q2 2018 MD&A”), as such information is incorporated by reference herein, each as filed on SEDAR at www.sedar.com and available on the Parkland website at www.parkland.ca.

Non-GAAP Financial Measures

This press release refers to certain financial measures that are not determined in accordance with International Financial Reporting Standards (“IFRS”). Net debt to Adjusted EBITDA and distributable cash flow per share are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS.  Other issuers may calculate these non-GAAP measures differently.  Parkland considers these to be important supplemental measures of Parkland’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in its industries.

In reference to Parkland’s Adjusted EBITDA, Adjusted EBITDA is a measure of segment profit and is considered to be forward-looking information in this document. See Section 12 of the Q2 2018 MD&A and Note 14 of the Interim Condensed Consolidated Financial Statements for a reconciliation of this measure of segment profit. 

In reference to SOL’s Adjusted EBITDA, Adjusted EBITDA refers to the agreed-upon normalized earnings before income taxes, depreciation and amortization of SOL for the purposes of this Transaction, is considered to be forward-looking information in this document, and does not represent Parkland’s definition of Adjusted EBITDA.

Investors are encouraged to evaluate each adjustment and the reasons Parkland considers it appropriate for supplemental analysis.  Readers are cautioned, however, that these measures should not be construed as an alternative to net income determined in accordance with IFRS as an indication of performance. The financial measures that are not determined in accordance with IFRS in this press release are expressly qualified by this cautionary statement. Parkland believes these financial measures based are on such information that is reasonable but no assurance can be given that these expectations will prove to be correct and such figures should not be unduly relied upon.

*For Further Information*

*Investor and Media Inquiries – French and English*

Investor Inquiries
Ben Brooks
Vice President, Treasury and Risk Management
1-403-567-2534
Ben.Brooks@parkland.ca Media Inquiries
Leroy McKinnon
Senior Specialist, Corporate Communications
1-403-567-2573
Leroy.McKinnon@parkland.ca

To sign up for Parkland news alerts, please go to *https://goo.gl/mNY2zj* or visit *www.parkland.ca*.

___________________________

^i All figures converted between USD and CAD using an exchange rate of US$1.0 = C$1.3 Reported by GlobeNewswire 11 hours ago.

PHOENIX, Oct. 10, 2018 (GLOBE NEWSWIRE) -- INSYS Therapeutics, Inc. (NASDAQ: INSY), a leader in the development, manufacture and commercialization of pharmaceutical cannabinoids and spray technology, today announced the addition of Mark Nance to its senior management team as chief legal officer and general counsel.“As we continue to transform the company and advance the pipeline strategically and with agility, Mark’s addition will be critical to our executive leadership team,” said Saeed Motahari, president and chief executive officer of INSYS Therapeutics. “Mark brings to this position extensive experience in corporate legal strategy, an in-depth understanding of the pharmaceutical industry and an international perspective on business development that are essential to our long-term success.”

Nance joins INSYS with nearly 20 years in general counsel roles at both public and private companies in the pharmaceutical, healthcare and technology sectors. He was recently the general counsel for Mylan, N.V., a global pharmaceutical leader. Previously he led the legal teams at G.E. Healthcare Medical Diagnostics and G.E. Healthcare Life Sciences.

Nance also worked in the Office of Policy Planning at the U.S. Federal Trade Commission and prior to attending law school served as a commissioned officer in the U.S. Marine Corps.  He holds a J.D. from Cornell Law School and a B.A. in Political Science from the University of Missouri.

Franc Del Fosse, the company’s current general counsel, will transition to a new position as senior vice president of corporate affairs and will work closely with Nance to ensure a seamless transition.

*About INSYS*

INSYS Therapeutics is a specialty pharmaceutical company that develops and commercializes innovative drugs and novel drug delivery systems of therapeutic molecules that improve patients’ quality of life. Using proprietary spray technology and capabilities to develop pharmaceutical cannabinoids, INSYS is developing a pipeline of products intended to address unmet medical needs and the clinical shortcomings of existing commercial products. INSYS is committed to developing medications for potentially treating anaphylaxis, epilepsy, Prader-Willi syndrome, opioid addiction and overdose, and other disease areas with a significant unmet need. 

*Forward-Looking Statements *

This press release contains forward-looking statements regarding our belief that Mark Nance’s broad industry experience and his expertise in legal strategy will contribute to our overall business strategy and execution. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release; actual results may differ materially from those in these forward-looking statements as a result of various factors, many of which are beyond our control. These factors include, but are not limited to risk factors described in our filings with the United States Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017 and subsequent updates that may occur in our Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date of this press release and we undertake no obligation to publicly update or revise these statements, except as may be required by law.

NOTE: All trademarks and registered trademarks are the property of their respective owners.

*CONTACT:* *Corporate Communications* *Investor Relations*
  Joe McGrath Jackie Marcus or Chris Hodges
  INSYS Therapeutics Alpha IR Group
  480-500-3101 312-445-2870
  jmcgrath@insysrx.com INSY@alpha-ir.com Reported by GlobeNewswire 11 hours ago.

Seattle WA (SPX) Oct 10, 2018

About a quarter of the world's seafood caught in the ocean comes from bottom trawling, a method that involves dragging a net along the ocean's shelves and slopes to scoop up shrimp, cod, rockfish, sole and other kinds of bottom-dwelling fish and shellfish. The technique impacts these seafloor ecosystems, because other marine life and habitats can be killed or disturbed unintentionally as nets sw Reported by Terra Daily 9 hours ago.

Reported by RIA Nov. 9 hours ago.

Researchers in Australia say they have discovered a volcanic lost world attracting a variety of marine life.

 
 
 
 
 
 
  Reported by USATODAY.com 9 hours ago.

Dublin, Oct. 10, 2018 (GLOBE NEWSWIRE) -- The "The Titanium Age: Markets, Opportunities and New Technologies, 2019" report has been added to *ResearchAndMarkets.com's* offering.This report analyzes current markets in titanium, pricing and supply issues in a range of titanium products like scrap, sponge, ingot, plate, etc., and effects of current economic, supply and demand conditions. The report also discusses emerging market opportunities through the maturing of technologies that promise to reduce the cost of titanium extraction, manufacturing, machining and welding. Forecasts are provided for both traditional and potential new titanium markets in a number of key sectors.

Titanium, an abundant resource with enormous potential in a large number of markets, has been hobbled by high costs, unstable volatile prices, processing difficulties, supply issues and industrywide inefficiencies. Titanium has the highest strength-to-density ratio of any metal, is essentially nonmagnetic, and is highly resistant to corrosion, even in hostile environments like salt water. Furthermore, it is highly biocompatible. Titanium has become well established in aerospace, trucks and heavy vehicles, medicine, chemical processing and general industry.

In recent years titanium suppliers have worked hard to bring the benefits of titanium to new applications, but just as new markets for titanium have opened up, the supply of titanium has fluctuated considerably, with notable effects on prices. Much of the constricting of supply was attributable to sharply rising aerospace demand as well as greater use in steel production, which reduced the supply of available scrap. These factors have led, in the past, led to extraordinary runups in prices, where some more than doubled in a single year, and some users were simply unable to obtain the titanium they needed. The volatility dampened enthusiasm for titanium in new markets where it could offer substantial long term cost savings and the instability often made it impossible to cultivate new markets.

In the last decade, suppliers of titanium sponge and other products rapidly expanded their output, only to see demand and prices drop with the recession. Today, after several years of sluggish demand for many commodities, titanium is rebounding and as the aerospace sector has worked through its stockpiled titanium, demand has been restored to reasonably healthy levels as the capacity for most products has leveled off. Emerging markets, particularly medical, are even outpacing traditional markets.

Throughout all this, a number of low cost processing and manufacturing technologies have continued development that promises titanium (commercially pure and alloyed), potentially at greatly reduced cost. These processes, some of which are already commercialized, will significantly reduce costs in extraction, machining, welding and manufacture of titanium while relieving supply issues that have plagued users in the past.

The promise of supply stability and lower prices can be expected to create an opening whereby new markets can be captured, bringing titanium to a broad range of new applications. Low cost production processes could provide a substantial investment opportunity.*Market segments:*

· Aerospace

· Engines
· Airframe
· New aircraft

· Industrial

· Chemical processing
· Power generation
· Desalinization
· Automotive
· Cars
· Trucks and heavy vehicles

· Medical

· Implants
· Surgical instruments

· Military

· Aerospace
· Marine
· Land-based

· Consumer

*Emerging Markets and Latent Demand:*

· Effect of new processes

· Extraction (Armstrong, MER, etc.)
· Fabrication
· Manufacture
· Welding
· Machining

· Aerospace markets
· Automotive markets
· Industrial markets
· Medical
· Consumer

*Key Topics Covered:**Executive Summary*E1 Introduction
E2 Background: Titanium
E3 The Titanium Industry Today
E4 Supply and Capacity Issues
E5 Price Trends
E6 Demand Outlook
E7 Commercialization of Low-Cost Titanium Processes
E8 Effect of a New Low-Cost Player
E9 Latent Demand

*Part I Background on Titanium*1.1 Overview
1.2 Titanium in Industry
1.3 History
1.4 Titanium Production
1.5 Issues with Titanium

*Part II Industry Landscape*2.1 The Demand Side
2.1.1 The Aerospace Sector
2.1.1.1 Titanium Deployment in Aircraft
2.1.1.2 The Evolving Aerospace Market
2.1.1.3 Regulations and Certification
2.1.2 Industry, Chemical Processing, etc
2.1.2.1 Industrial Markets
2.1.3 Medical Applications
2.1.4 Consumer Markets
2.1.5 Automotive Applications
2.1.5.1 Passenger Cars
2.1.5.2 Trucks and Heavy Vehicles
2.2 The Supply Side
2.2.1 Titanium Supply, Demand and Price Dynamics
2.2.2 Pre-Melt: Sponge and Scrap
2.2.2.1 Sponge
2.2.2.2 Scrap
2.2.3 Melt Products
2.2.4 Mill Products
2.2.5 Capacity Today
2.3 Demand Drivers, Effects on Prices
2.3.1 The Aerospace Factor
2.3.2 Other Factors in Supply
2.3.3 The Effect on New Markets
2.4 Industry Contracts, Agreements and Price Negotiations*Part III Cost Issues, Lead Times and Today's Market Outlook*3.1 Effects of Price Volatility and Industry Structure
3.2 Price Behavior and Forecasts
3.2.1 Sponge3.2.2 Scrap
3.2.3 Melt Products
3.2.3.1 Slab
3.2.3.2 Ingot
3.2.3.3 Plate
3.3 Today's Market Outlook
3.3.1 Post-Recession Factors
3.3.2 Recovery of the Titanium Industry
3.4 Lead Times
3.5 Effects of Trade Wars, Sanctions, etc

*Part IV Commercialization of Low-Cost Titanium*
4.1 Introduction
4.2 Raw Material Issues
4.3 Composition and Alloying
4.4 Quality, Purity, Performance
4.5 Ore-To-Metal Processes
4.5.1 MER/DuPont
4.5.2 Rio Tinto
4.5.3 UTRS, Inc
4.6 The Powder Advantage
4.6.1 Introduction
4.6.2 MMS-Scanpac
4.6.3 University of Utah
4.6.4 ADMA Products
4.6.5 ITP/Cristal Metals
4.6.6 Metalysis
4.6.7 Oak Ridge/Boeing
4.6.8 Powder Applications, Demand & Pricing
4.6.9 MIM
4.6.10 3-D Printing/Additive Manufacturing
4.7 Manufacture & Fabrication
4.7.1 American Titanium Works
4.7.2 Ti Squared Technologies
4.8 Machining
4.9 Welding
4.10 Titanium Process Commercialization
4.11 Effect of a New, Low-Cost Player

*Part V Latent Demand and Market Opportunities*5.1 Current Market Outlook: Conventional and Latent Demand
5.2 Consumer Markets
5.2.1 Established Consumer Applications
5.2.1.1 Sporting Goods
5.2.1.2 Jewelry
5.2.1.3 Architecture
5.2.1.4 Marine Markets
5.2.1.5 Price and Supply Issues
5.2.1.6 Latent Consumer Demand
5.3 Automotive Markets
5.3.1 Trucks and Commercial Vehicles
5.3.1.1 Turbocharger Compressor Wheels
5.3.1.2 Valve Train
5.3.1.3 Connecting Rods
5.3.1.4 Exhaust Systems
5.3.1.5 Suspensions
5.3.2 Opportunities in Mass Market Autos
5.3.2.1 Valve Train, Valves, Valve Springs
5.3.2.2 Connecting Rods
5.3.2.3 Exhaust Systems
5.3.2.4 Suspensions
5.3.3 Racing, Motorcycles and Other Small Vehicles
5.3.4 Regulations and Fuel Economy
5.3.5 Economics
5.3.6 Latent Automotive Demand
5.4 General Industry, Oil & Gas, Mining, etc
5.4.1 Chemical Processing, Pharmaceuticals, etc
5.4.2 Oil & Gas, Mining
5.4.3 Power Generation
5.4.4 Pulp & Paper
5.4.5 Desalination
5.4.6 Latent Industrial Demand
5.5 Aerospace
5.6 Defense
5.6.1 Armor
5.6.1.1 Armoring Vehicles
5.6.1.2 Non-Vehicle Armor
5.6.1.3 Fuel Economy
5.6.1.4 Procurement Issues
5.6.2 Naval Applications
5.6.3 Latent Defense Demand
5.7 Medical Markets
5.7.1 Orthopedic Devices: Implants, Trauma Fixtures, etc
5.7.2 Surgical Instruments
5.7.3 Latent Medical Demand

For more information about this report visit https://www.researchandmarkets.com/research/vcxtkx/global_titanium?w=12

Did you know that we also offer Custom Research? Visit our Custom Research page to learn more and schedule a meeting with our Custom Research Manager.

CONTACT:
CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Non Ferrous Metals Reported by GlobeNewswire 10 hours ago.

The new state backing will help the flag carrier finance a new order for megaships as the container shipping line struggles to stay afloat. Reported by Wall Street Journal 8 hours ago.

New name and brand reflect the speed, power and flexibility of its enterprise-grade, no-code workflow application platform

FREDERICK, Md. (PRWEB) October 10, 2018

In celebration of its 15th anniversary, Swift Software, the pioneer of Lean BPM solutions, announced today that the company is changing its corporate name to HighGear – along with the name of its flagship JobTraQ software – to better reflect the speed, power and flexibility of its enterprise-grade, workflow platform that dramatically streamlines business operations and accelerates digital transformation.

“The strength of the name HighGear fully embodies our brand promise to empower everyday business users to rapidly build enterprise-grade workflow applications without knowing how to code,” said Vaughn Thurman, CEO of HighGear. “The world’s leading companies depend on HighGear to manage work, improve efficiency and gain real-time visibility into the status of operations across the entire enterprise.”

HighGear’s intuitive, no-code workflow platform enables business analysts to easily create forms, automate workflows and publish custom, line-of-business applications, all by themselves, without adding to the IT department’s backlog for homegrown software solutions. Business teams use these applications to quickly assign tasks, manage work, track progress and report the status of activity across dozens of departments in real-time, without searching through paper forms, e-mail and spreadsheets.

“Unlike expensive BPM solutions that take months for consultants to implement or low-code frameworks that still require software developers, HighGear is built for business users, trusted by management and approved by IT,” said Josh Yeager, COO of HighGear. “Our no-code workflow platform allows business administrators to use visual, drag-and-drop tools to design, automate and customize simple-to-complex business processes on-demand, in minutes not months, without programming.”

HighGear also released the most powerful version of its workflow automation platform to date, delivering significant performance, ease-of-use and productivity enhancements, including:· Visually-enhanced, color-coded workflow sections that make workflows easier to monitor and understand;
· At-a-glance, workflow analytics that provide unprecedented visibility into the performance of each stage of a workflow;
· Intuitive process mapping and publishing capabilities that simplify the documentation and creation of operational procedures and functional business workflows;
· And a customizable library of more than 40 new workflow templates that accelerate the development of real-world business applications for various enterprises or industries.

“Everything is controlled in HighGear. More than 12,000 tasks are workflow-generated each month. There is no way we could manage that volume by hand,” according to Sammye Kline, Operations System Specialist with LSC Communications Publisher Service and the 2018 recipient of HighGear’s annual Workflow Champion award. “I am excited for all of the new workflow analytics, process mapping and template libraries available in HighGear Version 8.”

HighGear is available as an IT-ready, on-premise solution or a hosted, cloud-based SaaS subscription and is accessible to anyone, anywhere on a laptop, desktop or mobile device. HighGear easily integrates with ERP, CRM and other IT systems and meets the enterprise-grade security requirements of organizations such as NASA, the U.S. Army, the U.S. Marine Corps, the Defense and Logistics Agency, Leidos, Raytheon, Lockheed Martin and others.

To learn more about HighGear’s no-code workflow platform, schedule a product demo or join HighGear’s global customer community, please visit https://www.HighGear.com or follow us on Twitter @gohighgear.

About HighGear:

HighGear is the leading, intuitive no-code platform for business analysts to rapidly build enterprise-grade workflow applications. It is the only enterprise-grade workflow application that allows teams of everyday business users to quickly assign tasks, manage work, track progress and report the status of activity that flows across dozens of departments in real-time. HighGear provides business unit managers with real-time visibility into the status of operations to dramatically improve efficiency, increase productivity and quickly respond to changing market conditions to accelerate digital transformation. Whether HighGear is installed on-premise or hosted in the cloud, IT departments can easily control authentication and integrate with internal or external systems, while meeting enterprise-grade security requirements. HighGear has been trusted by leading enterprises worldwide for more than 15 years to power mission-critical processes for companies in regulated industries while meeting complex compliance requirements for customers that include NASA, Baillie Gifford, TransCanada, Fifth Third Bank and more.

### Reported by PRWeb 8 hours ago.

Closure of 13th farm latest milestone in fight to end dog meat trade – media invited to greet dogs landing at Toronto Pearson International Airport

MONTREAL, Oct. 10, 2018 (GLOBE NEWSWIRE) -- HSI/Canada, together with our international affiliates, will rescue nearly 200 dogs from a horrendous dog meat farm in South Korea – Humane Society International’s 13^th to date.Rescuers and campaign experts are available for comment (email or call media contact below).

Media is invited to view the arrival of the rescued dogs at Pearson International Airport on October 11^th, visit the rescued dogs at the HSI/Canada temporary shelter in Cambridge, Ontario on October 10^th and 11^th, and observe the arrival of 86 of the rescued dogs at our Montreal emergency shelter on October 12^th.

*WHAT:*

· Closure of a large scale dog meat farm in South Korea.
· Arrival of rescued dogs at Pearson International Airport.
· Arrival of rescued dogs at the HSI/Canada temporary shelter in Cambridge, Ontario.
· Arrival of rescued dogs at the HSI/Canada emergency shelter in Montreal.

*WHERE, WHEN:*

· Dog meat farm closure: Namyangju, South Korea. OCTOBER 4^th TO 11^th.
· HSI/Canada temporary shelter, Cambridge, Ontario. OCTOBER 10^th & 11^th. Call media contact below to schedule an appointment.
· Air Canada Cargo: 2580 Britannia Road East, Mississauga, Ont. L4W 2P7. *UPDATED DATE AND TIME* *OCTOBER 11th*, *8:30pm*. Click here for the Google Map.
· HSI/Canada Montreal emergency shelter: 7314 Mountain Sights Ave (south of Jean-Talon West), Montreal, Quebec H4P 2A6. Click here for the Google Map. OCTOBER 12^th, evening (time TBC).

*WHO:* HSI/Canada rescue workers and campaign experts.

High-resolution photos and video are available here.

*Media Contact:* Michael Bernard – c: 613-371-5170, email: mbernard@hsi.org

Humane Society International/Canada is a leading force for animal protection, with active programs in companion animals, wildlife and habitat protection, marine mammal preservation, farm animal welfare and animals in research. HSI/Canada is proud to be a part of Humane Society International which, together with its partners, constitutes one of the world's largest animal protection organizations. Celebrating animals and confronting cruelty worldwide - on the Web at www.hsicanada.ca Reported by GlobeNewswire 8 hours ago.

In an effort to teach Canadian youth about the ocean, Halifax’s Dalhousie University has launched a new interactive program that allows students to dive deep into the marine world using immersive and innovative technology. Reported by CTV News 7 hours ago.

KEMP, Texas, Oct. 10, 2018 (GLOBE NEWSWIRE) -- Industrial lighting leader, Larson Electronics LLC, has released a hazardous location fan forced heater compatible with 240V single phase connections, that provides active heating in hazardous locations and cold-temperature work sites. This portable fan heater is mounted on a skid cart for easy on-the-go applications in chemical processing plants, farming, and other agricultural operations.The EPH-FH-CD-T3B-3KW-240V.1P from Larson Electronics is a 3,000-watt portable fan forced heater for hazardous locations that is operable in Class I, Division 1 and 2, Class II, Division 1 and 2 worksites. This 14.8-amp rated heater operates on 240-volt single phase with 24-volt control voltage and supports an airflow rate of 580 CFM. This fan forced heater can throw air 24 feet, making it ideal for heating smaller applications. The fan features guard shields to protect the internal moving parts and is T3B temperature rated.

This hazardous location heater is fan forced and NEMA 7 rated for indoor and outdoor applications. The housing is constructed of durable 14-guage steel with aluminum and stainless steel/aluminum pressure relief valves. Operators can control the direction of the airflow in real-time with convenient louvers. A disconnect switch, pilot light, thermostat and male/female plug are included. The EPH-FH-CD-T3B-3KW-240V.1P is mounted on a skid cart with forklift pockets, allowing operators to easily lift and transport the heater. Anti-static wheels are included to prevent static discharge.

“This fan forced heater is explosion proof, great for heating cold-location worksites and indoor locations where hazardous materials and environments exist,” said Rob Bresnahan, CEO of Larson Electronics LLC. “Wheels and forklift pockets allow operators to move the unit where needed without much effort.”

*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

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/79d66e2c-a515-45bd-a5ae-da21e3dcd7af Reported by GlobeNewswire 7 hours ago.

LEWISTON, Maine (AP) — Democrat Jared Golden, who served in the Marines in Iraq and Afghanistan, wields a bolt-action rifle in a television ad in his campaign against two-term Republican Rep. Bruce Poliquin.Golden accuses Poliquin... Reported by New Zealand Herald 6 hours ago.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN*.*HAMILTON, Bermuda, Oct. 10, 2018 (GLOBE NEWSWIRE) -- FLEX LNG Ltd. (the “*Company*”) is contemplating to enter into a transaction (the “*Transaction*”) for the acquisition of five 5^th generation LNG newbuildings comprising three high-end MEGI LNG carriers currently under construction at Daewoo Shipbuilding and Marine Engineering Co. Ltd. (“*DSME*”) with scheduled delivery in 2020 and two high-end X-DF LNG carriers currently under construction at Hyundai Samho Heavy Industries Co., Ltd. (“*HHI*”) with scheduled delivery in 2021 (collectively the “*Vessels*”), from affiliates of Geveran Trading Co. Ltd. (“*Geveran*”), the Company’s largest shareholder.

The Vessels will be acquired at a purchase price of USD 180 million per Vessel on a delivered basis, including supervision costs, plus USD 6 million for each of the DSME Vessels for the addition of Full Reliquifaction Systems. 30% of the purchase price is payable within three days from the receipt of the proceeds from the Private Placement (as described below) and the remaining part of the purchase price is payable upon delivery of the respective Vessel. The acquisitions of the Vessels are subject to the Private Placement being completed.

In connection with the Transaction, the Company is contemplating a private placement (the “*Private Placement*”) of new ordinary shares (the “*Offer Shares*”) for gross proceeds of the NOK equivalent of USD 300,000,000. The subscription price for the Offer Shares will be determined by the Board of the Company based on an accelerated bookbuilding process. The Private Placement is directed towards investors subject to, and in compliance with, applicable exemptions from relevant prospectus or registration requirements. The Company has retained DNB Markets, a part of DNB Bank ASA, Pareto Securities AS, ABN AMRO Bank N.V., Arctic Securities AS, Fearnley Securities AS and Skandinaviska Enskilda Banken AB (publ.) (Oslo Branch) as managers in the Private Placement (collectively the “*Managers*”). The net proceeds from the Private Placement will be used to partially fund instalments on the acquired Vessels and for working capital and general corporate purposes.

The bookbuilding period for the Private Placement will start today, 10 October 2018 at 16:30 (CET) and will close on 11 October 2018 at 08:00 (CET). The Company reserves the right to close or extend the application period at any time at its sole discretion and without notice. The minimum order size and allocation in the Private Placement will be the NOK equivalent of EUR 100,000, provided that the Company may, at its sole discretion, offer and allocate an amount below EUR 100,000, pursuant to any applicable exemptions from the prospectus requirement being available. Geveran has guaranteed that the Private Placement will be fully subscribed.

Allocation of Offer Shares will be made at the discretion of the Company’s Board of Directors in consultation with the Managers, shortly after the end of the bookbuilding period.

Completion of the Private Placement is conditional upon the necessary corporate resolutions in the Company being made and the Offer Shares having been fully paid and validly issued. The Private Placement will be cancelled if the conditions are not fulfilled, and may be cancelled by the Company in its sole discretion for any other reason.

In order to facilitate timely delivery of already listed shares, delivery of Offer Shares allocated in the Private Placement is expected to be made by delivery of existing shares in the Company borrowed by the Managers from Geveran. The shares delivered to investors in the Private Placement will thus be tradable on Oslo Børs immediately after allocation. The Managers will settle the share loan from Geveran with the new shares issued in connection with the Private Placement. The new shares will be registered under a separate ISIN pending approval of a listing prospectus by the Financial Supervisory Authority of Norway, and will not be listed or tradable on Oslo Børs until the listing prospectus has been approved, expected during December 2018.

Advokatfirmaet BAHR AS acts as legal advisor in connection with the Private Placement.

Contacts:

Øystein M Kalleklev, CEO
Tel.: +47 23 11 40 58

Additional information about the Company can be found at: http://www.flexlng.com/   

Important information:
The release is not for publication or distribution, in whole or in part directly or indirectly, in or into Australia, Canada, Japan or the United States (including its territories and possessions, any state of the United States and the District of Columbia) and in any other jurisdictions where such publication or distribution is unlawful.

This release is an announcement issued pursuant to legal information obligations, and is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued for information purposes only, and does not constitute or form part of any offer or solicitation to purchase or subscribe for securities, in the United States or in any other jurisdiction. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "US Securities Act"). The securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the US Securities Act. The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into Australia, Canada, Japan or the United States. The issue, exercise, purchase or sale of subscription rights and the subscription or purchase of shares in the Company are subject to specific legal or regulatory restrictions in certain jurisdictions. Neither the Company nor the Managers assumes any responsibility in the event there is a violation by any person of such restrictions.

The distribution of this release may in certain jurisdictions be restricted by law. Persons into whose possession this release comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. The Managers are acting for the Company and no one else in connection with the Private Placement and will not be responsible to anyone other than the Company providing the protections afforded to their respective clients or for providing advice in relation to the Private Placement and/or any other matter referred to in this release.

Forward-looking statements:
This release and any materials distributed in connection with this release may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. Reported by GlobeNewswire 6 hours ago.