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Visit One News Page for Marine news from around the world, aggregated from leading sources including newswires, newspapers and broadcast media. Search millions of archived news headlines. This feed provides the Marine news headlines.

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    Rapid, Low-Cost Development of New Products to Address Customer Demand

    Initiatives to Strengthen Industry Reach and Further Revenue Generation

    MONROE TOWNSHIP, N.J., Nov. 06, 2018 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NASDAQ: OPTT), a leader in innovative and cost-effective ocean energy solutions, today announced the expansion of their suite of complimentary products that leverage the core technology of the PowerBuoy™, which include subsea batteries and a hybrid (liquid-fueled) PowerBuoy™.

    George H. Kirby, President and Chief Executive Officer of OPT, commented, “Our team has been working diligently to identify opportunities to leverage our technologies to address the needs of current and potential customers in subsea environments. These new product offerings provide OPT with the means to better serve customers by expanding its product and service offerings. In addition, this allows us the opportunity to have broader discussions during each customer visit, providing more comprehensive solutions and further establishing our credibility and our ability to address each unique market.

    “Our new products, subsea batteries and the hybrid PowerBuoy™, along with our existing PB3 PowerBuoy™ and backed by our existing support services, provide more comprehensive solutions that can meet the needs of more customers requiring reliable power and communications in their subsea work across the globe.”
    Subsea Batteries*
    OPT’s entry into the subsea battery market presents a complementary product to the PB3. Given OPT’s expertise in offshore energy storage systems from existing PB3 technology, the subsea batteries will provide an opportunity for OPT to differentiate through technical, cost and delivery leadership. The specialized knowledge required of pressure regulated battery solutions can create a significant barrier to entry, thus potentially making the probability of new entrants quite low.

    Subsea batteries create a sea floor energy storage solution for remote offshore operations. These subsea batteries use lithium ion batteries (often replacing traditional lead acid batteries) to supply power that can enable subsea equipment, sensors, communications and autonomous underwater vehicles (AUV) and electric remotely operated vehicles (eROV) recharge. OPT’s PB3 PowerBuoy™ is complimentary to subsea batteries by providing a means for recharging during longer term deployments, or the batteries can be used independently for shorter term deployments. Ideal for many remote offshore customer applications, these subsea batteries are anticipated to be high performance, cost-efficient, and quickly deployable. Although OPT’s subsea battery solutions are currently under development, OPT has already begun marketing its subsea battery solutions to potential customers around the world and anticipates quoting to customers as early as the first quarter of calendar year 2019. For more information on our subsea battery technology, please visit in the coming weeks for details.

    *Hybrid PowerBuoy™*
    The hybrid PowerBuoy™ will be a smaller liquid-fueled surface buoy, with significant energy storage and capable of providing reliable power in remote offshore locations. This product is to be highly complementary to the PB3 PowerBuoy™ by providing OPT the opportunity to address a broader spectrum of customer deployment needs, with the potential for greater OPT integration within each customer project. It is primarily intended for shorter term deployment applications such as eROV and AUV inspections and short-term maintenance, topside surveillance and communications, and subsea equipment power purposes. 

    The hybrid PowerBuoy™ will be a light weight and quickly deployable option specially designed as a cost-effective solution. It will have a high payload capacity for communications and surveillance, with the capability of being tethered to subsea payloads and battery packs, and/or PB3 PowerBuoys™, or with a conventional anchor mooring system. The hybrid PowerBuoy™ will be designed to outperform traditional diesel buoys, which we believe have more frequent service and refueling intervals. We believe the hybrid PowerBuoy™ will be able to operate for years without service, with no internal combustion engine, using environmentally safer and more robust fuels, while operating in a wider temperature range than diesel buoys. Although OPT’s hybrid PowerBuoy™ is currently being developed, OPT has already begun marketing it to potential customers around the world and anticipates quoting to customers as early as the first half of calendar year 2019. For more information on our hybrid PowerBuoy™, please visit in the coming weeks for details.

    *Support Services*
    OPT continues to offer customers a comprehensive range of support services that meet their specific needs, with a focus on lowering operational costs and improving efficiency. These support services include innovation services, remote monitoring, extended service agreements, customization and pre-packaged payload options, engineering-design-testing services, mooring design, and marine services.  These same support services will be extended to the new subsea battery solution and hybrid PowerBuoy™ products.

    *About Ocean Power Technologies*

    Headquartered in Monroe Township, New Jersey, Ocean Power Technologies aspires to transform the world through durable, innovative and cost-effective ocean energy solutions. Its PB3 PowerBuoy™ uses ocean waves to provide clean and reliable electric power and real-time data communications for remote offshore applications in markets such as oil and gas, defense and security, science and research, and communications. To learn more, visit

    *Forward-Looking Statements*

    This release may contain "forward-looking statements" that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Forms 10-Q and 10-K and subsequent filings with the SEC for a further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.

    *Investor Relations Contact**:*
    Michael Porter, President
    Porter, LeVay & Rose
    Phone: 212-564-4700

    *Business Development Contact:*
    Matthew May
    Vice President, Global Business Development
    Phone: 609-730-0400 Reported by GlobeNewswire 12 hours ago.

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    Founding members to establish a digital baseline for the future of global shipping

    SHANGHAI, China and SAN JOSE, Calif., Nov. 06, 2018 (GLOBE NEWSWIRE) -- Nine leading ocean carriers and terminal operators today signed a formal statement of intent for a Memorandum of Understanding (MOU) to form a consortium to develop the Global Shipping Business Network (GSBN), an open digital platform based on distributed ledger technology. The participants include ocean carriers CMA CGM, COSCO SHIPPING Lines, Evergreen Marine, OOCL, and Yang Ming; terminal operators DP World, Hutchison Ports, PSA International Pte Ltd, and Shanghai International Port; and software solutions provider CargoSmart. The new platform will establish a digital baseline that aims to connect all stakeholders, including carriers, terminal operators, customs agencies, shippers, and logistics service providers to enable collaborative innovation and digital transformation in the supply chain.The container shipping industry is often characterized by disparate processes that take place across both physical and digital domains. Companies are increasingly looking towards digital technologies to resolve siloed shipment management procedures and disruptive information gaps. The consortium will offer a forum to address these challenges, explore cross-industry opportunities, and empower future innovation and insights. The consortium’s leading members intend to collaboratively develop the platform and establish standards to facilitate the seamless sharing of documents and data across all stages of the shipping lifecycle.

    The GSBN will enable the shipping industry to digitally transform and to prepare for innovative supply chains. Based on blockchain technology, the new platform will offer the following benefits:

    · *Open and Extensible* – A cooperative network enables members to develop applications and connect to other consortium networks to increase the speed of data integration and improve business performance.
    · *Transparency and Instant Validation* – Peer-to-peer networking allows data owners to share immutable records to other shipment stakeholders, enabling them to take quick action regarding critical milestones and to keep cargo moving throughout the supply chain.
    · *Digital Baseline for Standards* – An industry-wide common, trusted, and expansive digital model provides a foundation for highly collaborative initiatives and market intelligence.

    *CargoSmart Leading the Consortium Formation*
    Building upon 18 years of experience providing solutions that connect carriers, terminals, shippers, and forwarders, CargoSmart initiated the formation of the blockchain consortium to revolutionize information exchange in the shipping industry. CargoSmart is leveraging its deep shipping domain knowledge, big data analytics, and expertise in developing software applications with artificial intelligence (AI), Internet of Things (IoT) and blockchain technologies to help network participants improve their shipping and logistics operations.

    *Pilot Application Planned for Documentation*
    The GSBN provides the foundation for new applications that can transform documentation flow for shipment management including dangerous goods documents, invoices, and cargo release. The first planned application will allow shippers to digitize and organize their dangerous goods documents and automatically connect with relevant parties to streamline the approval process. The application is scheduled to be available in December 2018.

    “The GSBN blockchain consortium has the potential to enable faster, more accurate processing of cargo information and more transparency of terminal operations to cargo owners,” said Yan Jun, president of Shanghai International Port. “We look forward to using the latest technologies for optimizing shipping processes and collaboration.”

    “With the vision of a truly open blockchain platform for the industry, the GSBN will be key to the success of establishing a sustainable blockchain ecosystem for all stakeholders in the supply chain. OOCL is very excited to be a part of this highly collaborative environment that can facilitate the cross-pollination of ideas towards even more innovative business models and solutions for our customers,” said Andy Tung, co-chief executive officer of Orient Overseas Container Line Ltd.

    “As a founding member of the GSBN consortium, Hutchison Ports recognises the potential of blockchain technology to be the key game changer with far-reaching impact on global supply chains, bringing immense benefits to all aspects of operations and end-to-end visibility throughout the entire supply chain. This collaboration brings together major industry players who strive to develop an open digital platform that will deliver efficiency gains and reduce costs of transactions,” said Ivor Chow, director - Corporate Finance & Business Development of Hutchison Ports.

    “We are pleased to provide an industry-wide forum for collaboration based on blockchain technologies to transform the shipping and logistics industry and elevate supply chain processes,” said Steve Siu, chief executive officer of CargoSmart.

    *Shipping Industry Executives Sign the Declaration of Intent at CIIE*
    The following executives signed the Declaration of Intent at a signing ceremony at the China International Import Expo ( in Shanghai on November 6, 2018:

    Rodolphe Saadé, Chief Executive Officer and Chairman, CMA CGM
    Wang Haimin, Managing Director, COSCO SHIPPING Lines Co., Ltd.
    Matthew Leech, Chief Operating Officer, Port and Terminals, DP World
    Lawrence Lee, President, Evergreen Marine Corporation
    Ivor Chow, Director - Corporate Finance & Business Development, Hutchison Ports
    Andy Tung, Co-Chief Executive Officer, Orient Overseas Container Line Ltd.
    Tan Chong Meng, Group Chief Executive Officer, PSA International Pte Ltd
    Yan Jun, President, Shanghai International Port (Group) Co., Ltd.
    Bronson Hsieh, Chairman, Yang Ming Marine Transport Corporation
    Steve Siu, Chief Executive Officer, CargoSmart Ltd.

    *About CargoSmart*
    CargoSmart Limited empowers companies to digitally transform their global supply chains. Leveraging technologies including artificial intelligence, Internet of Things, blockchain, and a deep understanding of ocean shipping, CargoSmart provides innovative solutions for transportation and logistics teams to collaborate, increase visibility, and gain insights to optimize supply chain planning and operations. Founded in 2000 and headquartered in Hong Kong, CargoSmart has helped over 160,000 professionals increase delivery reliability, lower transportation costs, and streamline operations. For more information, please visit


    Alan Yip
    CargoSmart Limited

    Christine Deihl
    CargoSmart Limited

    A photo accompanying this announcement is available at Reported by GlobeNewswire 12 hours ago.

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    Bring your new, unwrapped toy to a participating Valvoline Instant Oil Change location between Nov. 5th and Dec. 10th and receive $5 off your oil change!

    BALTIMORE, Md. (PRWEB) November 06, 2018

    Henley Enterprises, Inc., the largest franchisee of Valvoline Instant Oil ChangeSM is partnering with Toys for Tots this holiday season to deliver hope to young children in the communities they serve. Twenty-six participating Valvoline Instant Oil Change locations in Delaware, Maryland, New Jersey, Pennsylvania, and Virginia will be official drop off sites for the program.

    “We are so excited to work with Toys for Tots this holiday season”, said Cindy Hudson, Marketing and Sales Manager for Henley Enterprises. “The mission of the Marine for Tots Program is to collect new, unwrapped toys during October, November and December each year, and distribute those toys as Christmas gifts to less fortunate children in the community in which the campaign is conducted.”

    Valvoline Instant Oil Change customers and community members, are asked to bring a new, unwrapped toy to one of the 26 participating locations between November 5th and December 10th. Those who drop off toys, will receive a coupon for $5 off their oil change as a thank you for their generosity. Toys for Tots has been delivering hope to children since 1947 with 548 million toys distributed and 251 million children supported through their efforts. Visit to see a list of participating locations.

    About Valvoline Instant Oil ChangeSM
    Valvoline Inc. (NYSE: VVV) is a leading worldwide marketer and supplier of premium branded lubricants and automotive services. Its service brand, Valvoline Instant Oil Change (VIOC), is the No. 2 quick-lube chain by number of stores in the United States with more than 1,150 Valvoline Instant Oil Change centers and the No. 3 quick-lube chain by number of stores in Canada with more than 70 Great Canadian Oil Change locations. Centers let customers to stay in their cars and watch VIOC’s certified technicians perform the service. In addition to full-service oil changes done in about 15 minutes, centers offer a wide range of preventive maintenance services for most vehicle makes and models, including luxury, diesel, and hybrid. Visit to learn more.
    TM Trademark, Valvoline or its subsidiaries, registered in various countries
    SM Service mark, Valvoline or its subsidiaries, registered in various countries

    About Marine Toys for Tots
    Toys for Tots, a 71-year national charitable program run by the U.S. Marine Corps Reserve, provides happiness and hope to disadvantaged children during each Christmas holiday season. The toys, books and other gifts collected and distributed by the Marines offer these children recognition, confidence and a positive memory for a lifetime. It is such experiences that help children become responsible citizens and caring members of their community. Last year the Marine Toys for Tots Program fulfilled the holiday hopes and dreams of 7 million less fortunate children in 800 communities nationwide. Since 1947 over 251 million children have been assisted. The Marine Toys for Tots Foundation is a not for profit organization authorized by the U.S. Marine Corps and the Department of Defense to provide fundraising and other necessary support for the annual Marine Corps Reserve Toys for Tots Program. For more information, visit

    About Henley Enterprises, Inc. Henley Enterprises, Inc. founded in 1989, is the largest Valvoline Instant Oil Change franchisee. They operate over 175 service centers across twelve states including: California, Delaware, Florida, Massachusetts, Maryland, New Hampshire, New Jersey, Pennsylvania, Rhode Island, and Virginia. Reported by PRWeb 11 hours ago.

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    Company introduces modern color palette and new weaves in popular high-performance collection

    POMPANO BEACH, Fla. (PRWEB) November 06, 2018

    Serge Ferrari has launched its 2019 collection for two of its sling mesh fabrics: Batyline® Duo and Batyline® Iso. The company consulted with European designers and color experts to produce a more sophisticated and trend-setting color palette compatible with all design styles. The 28 colors of the Batyline Duo range and the 31 colors of the Batyline Iso range are now stocked and available in the Pompano Beach, Florida warehouse.

    Batyline Iso is Serge Ferrari’s original sling fabric and a standard in the industry for the last 30 years. Coated high-tenacity polyester yarns are threaded one in warp and one in weft for a square-weave pragmatic construction. Most fabrics in the Batyline Iso range continue to use a single color in the weave to further accentuate the simplicity. The 2019 collection is the first launch in the range to offer a two-color weave. Raffia, in green and white, and Mist, in blue and white, offer a checkered pattern within a simple construction.

    Batyline Duo provides a fabric with more complexity and artistry. Colorists carefully chose two or three colors per fabric and these coated high-tenacity polyester yarns are woven one thread in warp and two in weft. The result is a distinctive, more complex look with three dimensional depth. The Twist range creates even more interest and depth by twisting the threads for a random weave, speckled effect. Serge Ferrari has pushed the envelope to create unique works of art: Duck combines brown, blue and teal; Avocado combines both a light and dark green with beige; Cruise combines blue and dark grey.

    “Designers and furniture manufacturers that have previewed this collection are very excited”, says Laurent Pellequer, Market Manager for Furniture and Hospitality. “Innovative designers are asking for innovative fabrics. Our team has worked hard to deliver this.”


    About Serge Ferrari
    Serge Ferrari is a leading manufacturer of flexible composite membranes used globally for the solar protection, architectural, building facade, acoustics, modular structure, marine, furniture and visual communication markets. For the last 40 years, Serge Ferrari has paved the way for sustainable construction, energy control, protection and renewal of natural resources and design through its cutting edge technology, including its patented Precontraint® technology that ensures exceptional long term durability through dimensional stability, and Texyloop®, its exclusive recycling program. Serge Ferrari North America is based in Pompano Beach, Florida. For more information visit the company’s website: Reported by PRWeb 11 hours ago.

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    *Revenue increased 56%, Gross Profit rose 113%*

    *Gross Profit Margin was 15.8%, EBITDA improved 157% from prior year *

    *Conference call to be held today at 9:00 A.M. EST*

    HOUSTON, Nov. 06, 2018 (GLOBE NEWSWIRE) -- In a release issued earlier today under the same headline by Vertex Energy, Inc. (VTNR), please note the first table in the release has been updated. Complete corrected text follows:

    Vertex Energy, Inc. (VTNR), a specialty refiner and marketer of high-quality hydrocarbon products, announced today its financial results for the three months and nine months ended September 30, 2018.


    · Consolidated revenue increased to $50.6 million, a 56% increase from the third quarter of 2017.
    · Gross profit was $8.0 million, an increase of 113% from the same period in 2017.
    · Gross profit margin was 15.8%.
    · Total overall volume was up 6%.
    · Consolidated per barrel margin increased 100%, compared to the same period in 2017.
    · Net loss available to common shareholders was $4.6 million, or loss of $0.13 per share.
    · Income from operations was $0.6 million.


    · Consolidated revenue increased to $138.9 million, a 33% improvement from the same period in 2017.
    · Gross profit was $24.5 million, an increase of approximately 84% from the same period in 2017.
    · Gross profit margin was 17.6%.
    · Total overall volume decreased 2%.
    · Consolidated per barrel margin rose 87%, compared to the same period in 2017.
    · Net loss available to common shareholders was $6.7 million, or loss of $0.20 per share.
    · Income from operations was $2.6 million.

    Benjamin P. Cowart, Chairman and CEO of Vertex Energy, Inc., stated, "We reported improved quarterly revenue and EBITDA. Our revenue for the quarter rose approximately 56 percent to 50.6 million dollars, gross profit grew 113 percent to 8.0 million dollars, and our EBITDA was 0.3 million dollars."

    Mr. Cowart added, "We are happy with the operational performance of our business. Our cost effective strategy of building a regional collection and aggregation system has proven successful. We anticipate that our system, along with the capital investments we have been making, will continue to benefit our operating performance moving forward. In addition, we plan to continue to grow our collections through acquisitions and organic growth."

    Mr. Cowart concluded, "There are additional catalysts for our business that we believe can lead to long-term positive returns. First, the shift of our production to the Marine Fuel Market is expected to allow us to leverage our low sulfur fuel for ships when IMO 2020 regulations begin to transition into effect in 2019. Second, we currently anticipate entering into a transaction by the end of 2018 in order to raise capital for our Heartland and Myrtle Grove facilities." 


    Management will host a conference call on November 6, 2018 at 9 A.M. EST. Those who wish to participate in the conference call may telephone 1-877-869-3847 from the U.S. and International callers may telephone 1-201-689-8261, approximately 15 minutes before the call. A webcast will also be available under the Investor Relations section at 

    A digital replay will be available by telephone approximately two hours after the completion of the call until March 31, 2019, and may be accessed by dialing 1-877-660-6853 from the U.S. or 1-201-612-7415 for international callers, using conference ID #13683687.


    Vertex Energy, Inc. (NASDAQ: VTNR) is a specialty refiner of alternative feedstocks and marketer of high-purity petroleum products. With its headquarters in Houston, Texas, Vertex is one of the largest processors of used motor oil in the U.S. and has processing capacity of over 115 million gallons annually with operations located in Houston and Port Arthur (TX), Marrero (LA), and Columbus (OH). Vertex also has a facility, Myrtle Grove, located on a 41 acre industrial complex along the Gulf Coast in Belle Chasse, LA, with existing hydroprocessing and plant infrastructure assets, that include nine million gallons of storage. Vertex has implemented a cost-effective strategy for building its feedstock supply by establishing a successful self-collection and aggregation system. The Company has built a reputation as a key supplier of Group II+ and Group III base oils to the lubricant manufacturing industry in North America. For more information on Vertex Energy please contact Porter, LeVay & Rose, Inc.'s investor relations representative Marlon Nurse, D.M. at 212-564-4700 or visit our website at 

    *Forward-Looking Statements*

    This press release may contain forward-looking statements, including information about management’s view of Vertex Energy’s future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the “Act”). In particular, when used in the preceding discussion, the words “believes,” “hopes,” “expects,” “intends,” “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Vertex Energy, its divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents Vertex Energy files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Vertex Energy’s future results. The forward-looking statements included in this press release are made only as of the date hereof. Vertex Energy cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Vertex Energy undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Vertex Energy.

    *Vertex Energy, Inc.*
    *Reconciliation of Net Income (Loss) attributable to Vertex Energy, Inc., to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA**

        *For the Three Months Ended*   *For the Nine Months Ended*
        *September 30,
    2018*   *September 30,
    2017*   *September 30,
    2018*   *September 30,
    Net (loss) income              
    attributable to Vertex Energy, Inc.   $ (2,287,880 )   $ (2,983,932 )   $ (2,016,434 )   $ (8,047,846 )
    Add (deduct):              
    Interest Income     -       (1,519 )     (659 )     (5,748 )
    Interest Expense     798,880       733,459       2,448,771       2,688,394  
    Depreciation and amortization     1,806,839       1,697,821       5,234,014       4,942,911  
    Tax (expense) benefit                
    *EBITDA**     *317,759*       *(554,171* *)*     *5,665,692 *       *(422,289* *)*
    Add (deduct):                
    Gain loss on change in value of derivative warrant liability     2,169,133       (1,371,461 )     2,124,971       (2,676,902 )
    Add (deduct): Stock-Based compensation     165,057       163,002       494,779       460,475  
    *Adjusted EBITDA*   *$* * **  **2,651,949 *     *$* * **  **(1,762,630* *)*   *$* * **  **8,285,442 *     *$* * **  **(2,638,716* *)*

    * EBITDA and adjusted EBITDA are non-GAAP financial measures. These measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance.EBITDA represents net income before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before stock-based compensation expense and gain (loss) on change in value of derivative warrant liability. EBITDA and adjusted EBITDA are presented because we believe they provide additional useful information to investors due to the various noncash items during the period. EBITDA and adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are:

    · EBITDA and adjusted EBITDA do not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments;
    · EBITDA and adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs;
    · EBITDA and adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt or cash income tax payments;
    · Although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and adjusted EBITDA do not reflect any cash requirements for such replacements; and
    · Other companies in this industry may calculate EBITDA and adjusted EBITDA differently than Vertex Energy does, limiting its usefulness as a comparative measure.


      *September 30,
     2018*   *December 31,
    Current assets      
    Cash and cash equivalents $ 1,840,345     $ 1,105,787  
    Accounts receivable, net 14,380,264     11,288,991  
    Federal income tax receivable 137,212     —  
    Inventory 6,646,171     6,304,842  
    Prepaid expenses 3,973,105     1,771,832  
    Total current assets 26,977,097     20,471,452  
    Noncurrent assets      
    Fixed assets, at cost 66,781,807     65,237,652  
    Less accumulated depreciation (18,671,219 )   (16,617,824 )
    Fixed assets, net 48,110,588     48,619,828  
    Goodwill and other intangible assets, net 13,210,821     14,499,354  
    Federal income tax receivable
    137,211     274,423  
    Other assets 694,059     440,417  
    TOTAL ASSETS $ 89,129,776     $ 84,305,474  
    Current liabilities      
    Accounts payable and accrued expenses $ 9,805,852     $ 10,318,738  
    Dividends payable 479,311     420,713  
    Capital leases-current 92,900     —  
    Current portion of long-term debt, net of unamortized finance costs 2,167,171     1,616,926  
    Derivative commodity liability 601,534     —  
    Revolving note 5,999,733     4,591,527  
    * *Total current liabilities 19,146,501     16,947,904  
    Long-term liabilities      
      Long-term debt, net of unamortized finance costs 14,483,702     13,531,179  
    Capital leases-long-term 322,538     —  
    Contingent consideration 108,564     236,680  
    Derivative warrant liability 4,370,379     2,245,408  
    Total liabilities 38,431,684     32,961,171  
    Series B Convertible Preferred Stock, $0.001 par value per share;10,000,000 shares designated, 3,551,549 and 3,427,597 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively with a liquidation preference of $11,009,802 and $10,625,551 at September 30, 2018 and December 31, 2017, respectively. 8,432,160     7,190,467  
    Series B1 Convertible Preferred Stock, $0.001 par value per share;17,000,000 shares designated, 11,074,331 and 13,151,989 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively with a liquidation preference of $17,275,956 and $20,517,103 at September 30, 2018 and December 31, 2017, respectively. 14,387,804     15,769,478  
    Total Temporary Equity 22,819,964     22,959,945  
    50,000,000 of total Preferred shares authorized:      
    Series A Convertible Preferred Stock, $0.001 par value; 5,000,000 shares designated, 419,859 and 453,567 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively with a liquidation preference of $625,590 and $675,815 at September 30, 2018 and December 31, 2017, respectively. 420     454  
    Series C Convertible Preferred Stock, $0.001 par value; 44,000 shares designated, 31,568 shares issued and outstanding at December 31, 2017, with a liquidation preference of $3,156,800 at December 31, 2017. —     32  
    Common stock, $0.001 par value per share; 750,000,000 shares authorized; 38,840,890 and 32,658,176 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively. 38,841     32,658  
    Additional paid-in capital 72,974,146     67,768,509  
    Accumulated deficit (45,508,871 )   (39,816,300 )
    Total Vertex Energy, Inc. stockholders' equity 27,504,536     27,985,353  
    Non-controlling interest 373,592     399,005  
    Total Equity 27,878,128     28,384,358  
    TOTAL LIABILITIES, TEMPORARY EQUITY, AND EQUITY $ 89,129,776     $ 84,305,474  



        *Three Months Ended September 30,*   *Nine Months Ended September 30,*
        *2018*   *2017*   *2018*   *2017*
    Revenues   $ 50,632,948     $ 32,470,451     $ 138,918,913     $ 104,153,844  
    Cost of revenues (exclusive of depreciation and amortization shown separately below)   42,593,367     28,696,461     114,434,776     90,864,044  
    Gross profit   8,039,581     3,773,990     24,484,137     13,289,800  
    Operating expenses:                
    Selling, general and administrative expenses   5,658,659     5,690,761     16,668,692     16,280,495  
    Depreciation and amortization   1,806,839     1,697,821     5,234,014     4,942,911  
    Total operating expenses   7,465,498     7,388,582     21,902,706     21,223,406  
    Income (loss) from operations   574,083     (3,614,592 )   2,581,431     (7,933,606 )
    Other income (expense):                
    Interest income   —     1,519     659     5,748  
    Gain (loss) on sale of assets   —     25,693     51,523     (13,806 )
    Gain (loss) on change in value of derivative warrant liability   (2,169,133 )   1,371,461     (2,124,971 )   2,676,902  
    Interest expense   (798,800 )   (733,459 )   (2,448,771 )   (2,688,394 )
    Total other income (expense)   (2,967,933 )   665,214     (4,521,560 )   (19,550 )
    Income (loss) before income tax   (2,393,850 )   (2,949,378 )   (1,940,129 )   (7,953,156 )
    Income tax benefit (expense)   —     —     —     —  
    Net income (loss)   (2,393,850 )   (2,949,378 )   (1,940,129 )   (7,953,156 )
    Net income (loss) attributable to non-controlling interest   (105,970 )   34,554     76,305     94,690  
    Net income (loss) attributable to Vertex Energy, Inc.   (2,287,880 )   (2,983,932 )   (2,016,434 )   (8,047,846 )
    Accretion of discount on Series B and B-1 Preferred Stock   (515,698 )   (424,480 )   (1,444,376 )   (1,267,778 )
    Accrual of dividends on Series B and B-1 Preferred Stock   (1,831,794 )   (420,713 )   (3,191,217 )   (1,256,921 )
    Net income (loss) available to common shareholders   $ (4,635,372 )   $ (3,829,125 )   $ (6,652,027 )   $ (10,572,545 )
    Income (loss) per common share                
    Basic   $ (0.13 )   $ (0.12 )   $ (0.20 )   $ (0.32 )
    Diluted   $ (0.13 )   $ (0.12 )   $ (0.20 )   $ (0.32 )
    Shares used in computing earnings per share                
    Basic   35,144,113     32,655,135     33,843,721     32,651,961  
    Diluted   35,144,113     32,655,135     33,843,721     32,651,961  



      *Nine Months Ended*
      *September 30,
     2018*   *September 30,
    Cash flows from operating activities      
    Net loss $ (1,940,129 )   $ (7,953,156 )
     Adjustments to reconcile net loss to cash provided by (used in) operating activities      
    Stock based compensation expense 494,779     460,475  
    Depreciation and amortization 5,234,014     4,942,911  
    (Gain) loss on sale of assets (51,523 )   13,806  
    (Increase) decrease in fair value of derivative warrant liability 2,124,971     (2,676,902 )
    Loss on commodity derivative contracts 1,859,234     —  
    Net cash settlements on commodity derivatives (2,386,897 )   —  
    Amortization of debt discount and deferred costs 474,360     571,635  
    Changes in operating assets and liabilities      
    Accounts receivable (3,091,273 )   2,054,774  
    Inventory (341,329 )   (195,977 )
    Prepaid expenses (1,072,076 )   (65,603 )
    Accounts payable, accrued expenses, and other liabilities (641,003 )   329,959  
    Other assets (253,642 )   129,500  
    Net cash provided by (used in) operating activities 409,486     (2,388,578 )
    Cash flows from investing activities      
    Acquisition of SES (269,826 )   —  
    Acquisition of Acadiana —     (710,350 )
    Acquisition of Nickco —     (1,126,730 )
    Acquisition of Ygriega —     (162,500 )
    Purchase of fixed assets (1,813,904 )   (1,842,237 )
    Proceeds from sale of  fixed assets 6,848     297,718  
    Net cash used in investing activities (2,076,882 )   (3,544,099 )
    Cash flows from financing activities      
    Payments on capital leases (34,660 )   —  
    Payment of debt issuance costs —     (1,718,090 )
    Line of credit (payments) proceeds, net 1,408,206     1,012,444  
    Proceeds from note payable 4,024,964     16,570,929  
    Payments on note payable (2,996,556 )   (12,013,925 )
    Net cash provided by financing activities 2,401,954     3,851,358  
    Net change in cash, cash equivalents and restricted cash 734,558     (2,081,319 )
    Cash, cash equivalents, and restricted cash at beginning of the period 1,105,787     3,206,158  
    Cash, cash equivalents, and restricted cash at end of period $ 1,840,345     $ 1,124,839  

    Cash paid for interest $ 2,034,275     $ 1,328,401  
    Cash paid for taxes $ —     $ —  
    Conversion of Series A Preferred Stock into common stock $ 34     $ 36  
    Conversion of Series B-1 Preferred Stock into common stock $ 4,616,354     $ 119,440  
    Accretion of discount on Series B and B-1 Preferred Stock $ 1,444,376     $ 1,267,778  
    Dividends-in-kind  accrued on Series B and B-1 Preferred Stock $ 3,191,217     $ 1,256,920  
    Equipment acquired under capital leases $ 450,098     $ —  
    Contingent consideration on Nickco acquisition $ —     $ 236,680  
    Common restricted shares for Nickco acquisition $ —     $ 474,000  
    Return of common shares for sale escrow $ —     $ 1,109  

    Investor Relations Contact:
    Marlon Nurse, D.M.
    Senior Vice President
    212-564-4700 Reported by GlobeNewswire 10 hours ago.

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    KEMP, Texas, Nov. 06, 2018 (GLOBE NEWSWIRE) -- Larson Electronics, a Texas-based company with over 40 years of experience spearheading the industrial lighting sector, announced the release of an explosion proof low bay LED light fixture that operates on 12V DC or 24V DC and produces 6,250 lumens of light. This 50-watt LED fixture is Class I Divisions 1 & 2 Groups C & D, Class II Divisions 1 & 2 Groups E, F & G, and Class III Divisions 1 & 2 rated for hazardous areas. This unit is listed for worldwide use, including the US and Canada.The EPL-HB-50LED-RT-JB2-V224V-12.3-150 is an explosion proof LED light featuring a junction box on the back for wiring and an extended adjustable trunnion mount, allowing for the light to be tilted. This light fixture produces 6,250 lumens of light with 3000K, 4500K and 5600K color temperature options. This light produces a flood pattern with a 60˚ or 125˚ beam. This IP67-rated light fixture is dust proof and protected against high pressure jets and temporary submersion. The body is made of cast aluminum with a housing specifically designed to dissipate heat.

    This light system comes with 150 feet of 12/3 SOOW cord with a blunt-cut end (no cord cap). The cord is made of stranded soft-drawn bare copper conductor per ASTM B3 and B174, with color-coded ethylene propylene diene monomer EPDM insulation. This SOOW cord is approved for use in hazardous locations. The LED light fixture is supported by an adjustable trunnion mount with an extended bracket for full rotation and clearance over the wiring box. This fixture is ideal for industrial work that requires gloves.

    *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

    A photo accompanying this announcement is available at Reported by GlobeNewswire 10 hours ago.

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    Dublin, Nov. 06, 2018 (GLOBE NEWSWIRE) -- The "Military Drones Market by Type, Application (ISRT, Delivery and Transportation, Combat Operations, Battle Damage Management), Range (VLOS, EVLOS, BLOS), Propulsion Type, Launching Mode, Endurance, MTOW, Region - Global Forecast to 2025" report has been added to *'s* offering.The military drones market is projected to grow from USD 12.1 billion in 2018 to USD 26.8 billion by 2025, at a CAGR of 12.00% during the forecast period.Unmanned Aerial Vehicles (UAVs), are increasingly being used in the defense sector for a number of applications such as border surveillance, monitoring, surveying and mapping, combat operations, and product delivery. The rising use of drones in military applications is fueling the growth of the military drones market across the globe. The European and Latin American regions are expected to be the new revenue-generating markets for unmanned aerial vehicles. Rising defense budgets and increasing adoption of UAVs in various military applications are contributing to the growth of the military drones market across the globe.

    Based on type, the fixed-wing segment is expected to lead the military drones market in 2018. Fixed-wing drones have longer endurance as compared to other types of UAVs, thereby making them suitable for use in military applications. Fixed-wing drones can cover longer distances as compared to rotary-wing drones. These drones generally use gas engines as power sources, which also provide them with endurance to cover long distances. Several fixed-wing drones can fly for over 15 hours without the need to land for refueling. These drones are used in Intelligence, Surveillance, and Reconnaissance (ISR) operations to record information about potential targets that are otherwise difficult to detect.

    Based on application, the Intelligence, Surveillance, Reconnaissance, and Target Acquisition (ISRT) segment is expected to lead the military drones market in 2018. The growth of this segment can be attributed to the increasing transnational and regional instability across the globe due to rising instances of terrorist activities.

    The North American region is expected to lead the military drones market in 2018. The US and Canada are key countries considered for the market analysis in this region. Increase in defense expenditures of the US and Canada and the presence of major UAV manufacturers in North America are key factors contributing to the growth of the military drones market in this region.Key players operating in the military drones market include General Atomics Aeronautical Systems, Inc. (GA-ASI) (US), Northrop Grumman Corporation (US), Elbit Systems Ltd. (Israel), Israel Aerospace Industries Ltd. (Israel), AeroVironment, Inc. (US), Lockheed Martin Corporation (US), Thales Group (France), and Boeing (US).*Key Topics Covered:*1 Introduction

    2 Research Methodology

    3 Executive Summary

    4 Premium Insights
    4.1 Attractive Growth Opportunities In The Military Drones Market
    4.2 Military Drones Market, By Launching Mode
    4.3 Asia Pacific Military Drones Market, By Type And By Country
    4.4 Military Drones Market, By Propulsion Type
    4.5 Europe Military Drones Market Share, By Type

    5 Market Overview
    5.1 Introduction
    5.2 Market Dynamics
    5.2.1 Drivers Increasing Use Of UAVs In Life-Threatening Military Missions Increasing Preference For Modern Warfare Techniques Increasing Use Of UAVs By Defense Forces As Loitering Munition Increasing Use Of UAVs For Marine Border Patrolling Growing Use Of UAVs To Combat Terrorism
    5.2.2 Opportunities Increasing Defense Budgets Of Emerging Economies Technological Developments In The Field Of Drone Payloads Use Of UAVs For Cargo Delivery In Military Operations
    5.2.3 Challenges Political And Social Acceptability Of UAVs Lack Of Skilled And Trained Personnel For Operating Military UAVs Issues With The Safety And Security Of UAVs

    6 Industry Trends
    6.1 Introduction
    6.2 Technology Trends
    6.2.1 Artificial Intelligence
    6.2.2 3D Printing
    6.2.3 Use Of Advanced Materials
    6.2.4 Multi-Sensor Data Fusion For UAV Navigation
    6.2.5 Use Of Sense & Avoid Technology
    6.2.6 Cloud Computing-Based Services For Military UAVs
    6.2.7 Endurance
    6.2.8 Development Of Advanced Computing Technologies For Military UAVs
    6.2.9 Technological Advancements In Drone Payloads
    6.3 Product Innovations
    6.3.1 Mid-Air Refueling Of Drones
    6.3.2 Automated Ground Control Stations
    6.3.3 Swarm Drones
    6.3.4 Spy Drones
    6.3.5 Unmanned Combat Aerial Vehicles
    6.3.6 Inflatable Drones
    6.3.7 Anti-UAV Defense Systems
    6.4 Maturity Mapping Of Drone Technologies
    6.5 Patent Analysis

    7 Military Drones Market, By Application
    7.1 Introduction
    7.2 Intelligence, Surveillance, Reconnaissance, And Target Acquisition
    7.2.1 The Military Drones Market Is Expected To Witness High Growth In The Military Sector Due To The High Surveillance Capability Of Military Drones
    7.3 Battle Damage Management
    7.3.1 The Increasing Demand To Provide Real Time Images Is Boosting Battle Damage Management Application
    7.4 Combat Operations
    7.4.1 The Militaries Worldwide Are Procuring Drones To Support Their Combat Missions
    7.5 Delivery And Transportation
    7.5.1 Delivery And Transportation Is The Fastest Growing Application In Military Drones Market

    8 Military Drones Market, By Type
    8.1 Introduction
    8.2 Fixed-Wing
    8.2.1 Fixed-Wing Drones Can Cover Longer Distances As Compared To Rotary-Wing Drones
    8.3 Rotary-Wing
    8.3.1 Demand For Rotary-Wing Drones Is Increasing Across The Globe
    8.4 Hybrid/Transitional
    8.4.1 Hybrid/ Transitional Drones Are Capable Of Carrying Heavy Payloads

    9 Military Drones Market, By Propulsion Type
    9.1 Introduction
    9.2 Battery Powered
    9.2.1 Battery-Powered Military Drones Use Batteries To Store Energy
    9.3 Fuel Cell
    9.3.1 Fuel Cell Powered Military Drones Are More Efficient Than Battery-Powered Military Drones
    9.4 Hybrid Cell
    9.4.1 Hybrid Cell Powered Drones Are The Latest Technological Development In Drones

    10 Military Drones Market, By Endurance
    10.1 Introduction
    10.2 10.2.1 Desert Hawk Iii, Vector Hawk, Coyote, And Spy'arrow, Among Others, Are Drones With An Endurance Of 10.3 2-6 Hours
    10.3.1 Ranger, Rotary Bat, Skeldar V-200 Maritime, And Spy'ranger, Among Others, Are Drones With An Endurance Of 2 To 6 Hours
    10.4 >6 Hours
    10.4.1 Hermes 900, Gray Eagle, Predator B, Heron, Global Hawk, Aerosonde, And Mq-4C Triton, Among Others Are Drones With An Endurance Of >6 Hours

    11 Military Drones Market, By Mtow
    11.1 Introduction
    11.2 11.2.1 11.3 25-150 Kilograms
    11.3.1 Close-Range UAVs And Short-Range UAVs Have Maximum Takeoff Weight Between 25 Kilograms And 150 Kilograms
    11.4 >150 Kilograms
    11.4.1 Male, Hale, And UAVs Weigh More Than 150 Kilograms

    12 Military Drones Market, By Launching Mode
    12.1 Introduction
    12.2 Automatic Take-Off And Landing
    12.2.1 Increasing Demand For Hale And Male Has Resulted In The Growth Of Automatic Take-Off And Landing Segment
    12.3 Catapult Launcher
    12.3.1 Increasing Use Of Small Drones For Isr Activities Has Resulted In The Growth Of The Catapult Launcher Segment
    12.4 Hand Launched
    12.4.1 Growing Use Of Mini And Nano Drones By Troops Deployed In Hazardous Areas Has Resulted In The Growth Of The Hand Launched Segment
    12.5 Vertical Take-Off
    12.5.1 Growing Use Of Rotary-Wing Drones Has Resulted In The Growth Of The Vertical Take-Off Segment

    13 Military Drones Market, By Range
    13.1 Introduction
    13.2 Visual Line Of Sight (Vlos)
    13.3 Extended Visual Line Of Sight (Evlos)
    13.4 Beyond Line Of Sight (Blos)

    14 Regional Analysis
    14.1 Introduction
    14.2 North America
    14.2.1 US Increasing R&D And Venture Capitalist Activities In The Field Of UAVs Aid The Growth Of The Military Drones Market In The US
    14.2.2 Canada Developments In The Field Of UAVs Are Expected To Fuel The Growth Of The Canada Military Drones Market
    14.3 Europe
    14.3.1 UK Technological Developments In The Field Of Drones Are Expected To Drive The Growth Of The UK Military Drones Market
    14.3.2 France Bae Systems Plc (UK And Dassault Aviation (France) Are Key Manufacturers Of Drones Contributing To The Development Of Drones In France
    14.3.3 Germany Increase In The Procurement Of Drones By The Armed Forces Of Country Is Expected To Drive The Growth Of The German Military Drones Market
    14.3.4 Italy Italy Plans To Procure Advanced Components For The Development Of Technologically-Advanced Male Drones
    14.3.5 Russia The Russian Military Is Procuring And Developing Drones To Carry Out Near Real-Time Combat Assessment, Along With Special Reconnaissance Operations And Communication Relays
    14.3.6 Sweden Rotary-Wing Segment Of The Market Is Projected To Grow At The Highest CAGR
    14.4 Asia Pacific
    14.4.1 China The Chinese Military Is Focusing On The Development Of Advanced Weaponry To Ensure The Security Of Its Borders
    14.4.2 Japan Japan Developed UAVs That Are Based On Advanced Technologies And Are Primarily Used For Ballistic Missile Tracking
    14.4.3 India India And The US Collaborated To Develop Raven, An Advanced Hand-Launched Drone
    14.4.4 South Korea South Korea Has Increased Its Defense Spending To Strengthen The Missile And Combat Capabilities Of Its UAVs
    14.4.5 Australia Australia Is A Lucrative Market For Military Drones
    14.5 Middle East
    14.5.1 Saudi Arabia The Rotary-Wing Segment Of The Market Is Projected To Grow At The Highest CAGR In Saudi Arabia
    14.5.2 Israel Israel Is The Largest Exporter Of UAVs For The Civil And Military Sectors Across The Globe
    14.5.3 Turkey The Growth Of The Military Drones Market In Turkey Can Be Attributed To The Increased Deployment Of UAVs And Their Subsystems
    14.5.4 Uae Increased Procurement Of UAVs In The Uae Is Expected To Drive The Military Drones Market In The Uae
    14.6 Latin America
    14.6.1 Brazil The Brazilian Air Force Is Procuring UAVs To Carry Out Its Safety And Security Missions As Well As Gather Advanced Intelligence
    14.6.2 Argentina The Government Of Argentina Is Adopting UAVs To Carry Out Surveillance Activities
    14.6.3 Mexico Mexico Plans To Develop Drones To Monitor And Curb Forest Fires
    14.7 Africa

    15 Competitive Landscape
    15.1 Introduction
    15.2 Competitive Analysis
    15.3 Market Ranking Analysis
    15.4 Competitive Scenario
    15.4.1 Contracts
    15.4.2 New Product Launches
    15.4.3 Agreements, Acquisitions, Collaborations, Partnerships, And Joint Ventures
    15.4.4 Other Strategies

    16 Company Profiles· Aeronautics
    · Aerovironment
    · Bae Systems
    · Boeing
    · China Aerospace Science And Technology Corporation
    · Elbit Systems
    · General Atomics Aeronautical Systems, Inc
    · Israel Aerospace Industries
    · Leonardo S.P.A
    · Lockheed Martin
    · Northrop Grumman
    · Raytheon
    · Saab
    · Textron
    · Thales Group

    For more information about this report visit

    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.

    Laura Wood, Senior Press Manager
    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: Unmanned Aerial Vehicles (UAVs) - Drones, Military Unmanned Systems Reported by GlobeNewswire 10 hours ago.

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    SAN JUAN, Puerto Rico, Nov. 06, 2018 (GLOBE NEWSWIRE) -- Today marked the opening of the FCCA Cruise Conference & Trade Show, the largest and only official cruise tourism conference and trade show in the Caribbean. Taking place until Nov. 9, the event has gathered over 1,000 attendees and the most executives from FCCA Member Lines in the event’s 25-year history, more than 150 total and over 10 presidents and above, for a series of meetings, workshops and exhibiting and networking opportunities to foster understanding, relationships and business.“There are plenty of reasons for excitement this year, with historic opportunities to build business and relationships with the cruise industry,” said Michele Paige, president, FCCA, when opening the event. “We are so grateful to all throughout Puerto Rico for making it possible to not only have this event, but also all the enchanting options and the charming long-term partnership between the destination and cruise industry.”

    “This is a valuable opportunity for regional destinations and operators to learn how they are being affected by and can take advantage of the industry’s latest developments,” said Adam Goldstein, vice chairman of Royal Caribbean Cruises Ltd. and chairman of the FCCA. “The information exchanged and relationships developed over the next few days will help pave the way for the cruise lines’ and stakeholders’ mutual success.”

    Goldstein also helped launch the event with remarks at the Opening Ceremony praising the partnership displayed between the industry and destinations, especially over the last year, before welcoming other speakers to help further honor that partnership and commemorate the historic event: Hon. Luis Rivera Marin, lieutenant governor of Puerto Rico; Carla Campos, executive director of Puerto Rico Tourism Company (PRTC); and Hon. Allen Chastanet, Prime Minister of Saint Lucia and Chairman of Organisation of Eastern Caribbean States (OECS).

    Pierfrancesco Vago, executive chairman of MSC Cruises, delivered the keynote address, with an emphasis on partnership and challenging the status quo.

    “Thanks to the FCCA, this week cruise lines and destinations have the unique opportunity to engage in meaningful conversations and together ensure our future in the Caribbean region is prosperous,” said Vago. “We know that by working in partnership we can achieve remarkable things, and it’s up to all of us to continue to evolve and together ensure we’re delivering the best possible customer experience, both on board and ashore.”

    With the event now completely open, so are attendees’ opportunities to develop mutual understanding and success with the historic cruise executive delegation through an agenda balancing business and fun, from meetings to social functions.

    Meetings will take place throughout the event, ranging from the Heads of State forum between high-ranking government officials and top-level FCCA Member Line executives, to pre-selected one-on-one meetings for Delegates, where they can give a pitch and receive everything from individualized input to business opportunities from executives who decide where ships call, what sells on board and how to invest in products and infrastructure.  

    The Trade Show has expanded the target to capture the attention of the influential audience. Any booth will put a product, company or destination on participants’ and executives’ minds, but special pavilion options will make the greatest impact with grand sizes, prime locations and the opportunity to showcase a destination or company as a team and even host private meetings with high-level executives directly in their pavilion.

    All participants also can meet and mingle with the executives at unique networking functions giving a taste of what Puerto Rico has to see, do and eat. Alongside informal gatherings and lunches throughout the meetings, workshops, Trade Show and VIP room, the event features nightly social receptions. Open to all attendees and participating executives, they will mix the group to create or grow relationships that lead to mutual understanding and success – all while being enchanted by some of Puerto Rico’s local sights, sounds and flavors. With Casa Bacardí, Vivo Beach Club, Bella Vista Terrace and the Trade Show floor itself hosting the events, features include live music, cultural dancing and other local tastes like food stations from roast pork to ice cream and buffets with salads, artisan breads and local delicacies from chicken and cheese to pineapple kebabs with sauce from Bacardi rum.

    There will even be tours available for all participants and executives. Launching the morning of Friday, Nov. 9 and wrapping the event, the tours will provide an unforgettable opportunity to develop relationships and business. While spelunking in Cueva Ventana and discovering the local Taíno culture, getting a different taste of culture through the Bacardi rum tasting tour or walking food tour in San Juan’s newest dining destination, La Calle Loíza, or shopping ‘til they drop at the Mall of San Juan, attendees and executives will learn more about both Puerto Rico and each other.

    Additionally, lessons about the industry’s inner workings and building mutual success will form the curriculum of workshops led by expert panels of executives and destination representatives. The participating chairmen of FCCA Member Lines—Micky Arison, chairman, Carnival Corporation & plc; Richard Fain, chairman and CEO, Royal Caribbean Cruises Ltd.; and Pierfrancesco Vago, executive chairman, MSC Cruises—took the wheel following the Opening Ceremony. During their *“Chair Talk,”* they are shining the spotlight on trends and developments driving the industry’s record success and future growth, along with how it all relates to specific topics, and can grow business, for the stakeholders in attendance.

    Presidents and CEOs will take the stage later this afternoon. Michael Bayley, president and CEO, Royal Caribbean International; Christine Duffy, president, Carnival Cruise Line; Roberto Fusaro, president, MSC Cruises (USA); Jason Montague, president and CEO, Regent Seven Seas Cruises; and Andrew Stuart, president and CEO, Norwegian Cruise Line, will join the moderator and FCCA president, Michele Paige. They will deliver the *“Presidential Address,”* discussing some of the differentiations and innovations driving the unique cruise brands that are going all in to stand out and appeal to their target markets both on board and on land – and how and why working together with destinations and stakeholders leads to benefits for all.

    High-level executives representing numerous sectors throughout the industry will get the floor tomorrow. Carlos Torres de Navarra, vice president, global port and destination development, Carnival Corporation & plc, and chairman of the FCCA Operations Committee, will moderate *"Creating Great Destinations: From Demand to Experiences, Ports to Tours"* with a panel including Russell Benford, vice president, government relations, Americas, Royal Caribbean Cruises Ltd.; Russell Daya, executive director, marine and port operations, port developments and itinerary planning, Disney Cruise Line; Albino Di Lorenzo, vice president, cruise operations, MSC Cruises USA; and Chrstine Manjencic, vice president, destination service operations, Norwegian Cruise Line Holdings Ltd. They will share what draws passengers to destinations and creates unforgettable memories once there, revealing how to increase both demand and guest satisfaction from an overarching destination level to individual port, tour and transportation options.

    The final workshop will take place on Thursday, Nov. 8 and gather top representatives from both the cruise line and destination sides, including Adam Goldstein, vice chairman, Royal Caribbean Cruises Ltd., and chairman, FCCA; Richard Sasso, chairman, MSC Cruises USA; Giora Israel, senior vice president, global port development, Carnival Corporation & plc; Beverly Nicholson-Doty, commissioner of tourism, United States Virgin Islands; and Carla Campos, executive director of Puerto Rico Tourism Company (PRTC). In *“Investing in Your Future,”* they will review ways in which both parties are preparing for their long-term futures, and how those plans often involve partnership with each other, from port and destination developments, new attractions and even agreements preserving natural elements, to business continuity, emergency plans and best practices.

    Overall, the blend of business sessions and casual interaction will create the perfect forum to exchange information and industry trends, share ideas and proposals, and cultivate valuable relationships—and an expected ratio of about one cruise executive per seven attendees will offer great odds to meet and gain insight from the prominent executives.

    For coverage of the event, including live features of the workshops, stay tuned to the FCCA’s Facebook, @FCCAupdates.  

    *About the Florida-Caribbean Cruise Association
    *Created in 1972, the FCCA is a not-for-profit trade organization that provides a forum for discussion on tourism development, ports, safety, security, and other cruise industry issues and builds bilateral relationships with destinations’ private and public sectors. By fostering an understanding of the cruise industry and its operating practices, the FCCA works with governments, ports and private sector representatives to maximize cruise passenger, crew and cruise line spending, as well as enhance the destination experience and increase the amount of cruise passengers returning as stay-over visitors. For more information, visit and @FCCAupdates on Facebook and Twitter.

    A photo accompanying this announcement is available at

    CONTACT: Mike Hicks
    Lou Hammond Group
    561-655-3836 Reported by GlobeNewswire 10 hours ago.

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    In a new article, researchers are calling for a rethink on tropical marine conservation efforts, as people who previously relied on coral reefs for food and income are increasingly looking to alternative habitats which is putting pressure on the animals that inhabit seagrass meadows. Reported by Science Daily 6 hours ago.

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    Shipping fuel trader to restructure before putting itself up for sale Reported by 8 hours ago.

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    VANCOUVER, British Columbia, Nov. 06, 2018 (GLOBE NEWSWIRE) -- Acuva Technologies, a global leader in UVC-LED drinking water disinfection technology, has launched *Strike*, a platform of compact customizable modules designed specifically for integration into OEM appliances. Acuva’s globally patented UVC-LED disinfection technology is the most precise, reliable and consistent water disinfection system available. Strike’s stainless-steel module design is robust, economical, requires no maintenance, and is mercury-free.Acuva’s Strike modules are designed to create a controlled optical environment that matches water velocity with UV irradiance to optimize microbial disinfection. Acuva’s innovative technology maximizes available UVC-LED power through optical lensing to deliver an intense collimated beam of UV energy directly into water, while reducing energy consumption and extending LED life with automatic on/off activation.

    The slim and compact form-factor of Acuva’s Strike enables integration into a vast array of consumer and commercial appliances that was simply impossible before. This includes water coolers/dispensers/fountains, beverage dispensers, ice/coffee makers and lab water equipment. Furthermore, Strike’s modular design is easily scalable and offers full customization to meet OEM flow rate and disinfection performance requirements.

    Acuva’s intelligent, energy efficient self-cooling system is designed to be virtually maintenance‑free as it contains no moving parts and provides hassle-free uninterrupted usage. Additionally, Acuva’s patented technology prevents mineral scaling and eliminates needs for cleaning and frequent replacement, unlike UV lamps.

    Acuva provides comprehensive support through every stage of product integration including appliance integration engineering, testing and end-user support.

    Acuva’s mercury-free technology is also compliant with the Minamata Convention, the UN Environmental Programme, whose mandate is to encourage the phasing out of mercury by 2020. Acuva’s superior disinfection performance, plus minimal energy and maintenance requirements, offer an unbeatable value proposition for the appliance industry.  The return on investment for Acuva *Strike* modules are as clear as purified water. For more information about Acuva products, including the new Strike module, please visit

    Link to Product Images:

    *For more information, media inquiries or to book an interview please contact:*
    Acuva Technologies
    Toll Free 1-800-980-8810

    For business and investment inquiries, please contact:
    Manoj Singh, CEO

    Acuva Technologies is a global leader in the design and manufacture of UV LED drinking water disinfection technology for OEM appliance integration, as well as complete systems for home, off-grid, marine and recreation vehicle use. For more information visit Reported by GlobeNewswire 8 hours ago.

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    See the new dust collection filters at FABTECH 2018 – Booth # B5840

    LAFOX, Ill., Nov. 06, 2018 (GLOBE NEWSWIRE) -- Richardson Electronics, Ltd. (NASDAQ: RELL) announces the launch of new dust collection filters that can be used as a drop-in aftermarket replacement for Trumpf® filter elements number 2260691. These filter plates are used in Handte / Camfil dust collection system models MF-8.4, 8.5 and 8.6 that are used in newer fiber lasers. The unique design allows the filter to be installed using existing system hardware along with new retaining bars that are included with each filter where necessary.The key attributes of this new product include:

    · Polyester filter media with PTFE coating (Teflon) that exceeds HEPA filtration ratings required by the highest laser processing standards with at least 99.995% of particles being filtered.
    · Made in Germany - where the best filtration technology originated and has been perfected.
    · Tip-to-tip gluing of filter media provides maximum strength during the system purge cycles, thereby providing longer life than filters manufactured using other technologies.
    · Includes gasket providing a leak-proof seal.
    · Can be installed alongside original Trumpf® filter elements*.

    * We recommend replacement of ALL filters in the dust collection system at the same time to achieve optimal filtration results, for overall longer filter life and for a cleaner, healthier working environment.

    With this new product introduction, Richardson Electronics continues to offer the widest range of replacement dust collection filters for use in TRUMPF® and other laser systems, from traditional CO[2] to the newest fiber lasers. These laser consumables are available worldwide. Our experienced sales team is ready to advise you on which filters work best for your lasers and provide you with the most aggressive pricing. For more information on this new product and our extensive line of laser consumables, visit our website at

    The Richardson Electronics’ - Power & Microwave Technologies team will be displaying the new dust collection filters at the FABTECH 2018 show in Atlanta, GA from November 6^th – 8^th.  Visit us at booth number B5840.

    Trumpf® and Handte® and Camfil® are registered trademarks of TRUMPF GmbH + Co. KG., and HANDTE Umwelttechnik GmbH and The Camfil Group respectively. Richardson Electronics, Ltd. is not associated with TRUMPF GmbH + Co. KG. or HANDTE Umwelttechnik GmbH or The Camfil Group, and the use of the Trumpf, Handte and Camfil names, trademarks and part numbers are for identification and compatibility purposes only.  All parts advertised for sale are made for and/or by Richardson Electronics, Ltd.

    *About Richardson Electronics, Ltd.*

    Richardson Electronics, Ltd. is a leading global provider of engineered solutions, power grid and microwave tubes and related consumables; power conversion and RF and microwave components, flat panel detector solutions and replacement parts for diagnostic imaging equipment; and customized display solutions.  We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available at

    Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

    *About Richardson Electronics – Power & Microwave Technologies*

    For 70 years, Richardson Electronics has been your industry-leading global provider of engineered solutions, RF & microwave and power products. With the launch of the Power & Microwave Technologies group, we continue this legacy and complement it with new products from the world’s most innovative technology partners. Richardson Electronics’ Power & Microwave Technologies group focuses on what we do best: identify and design disruptive technologies, introduce new products on a global basis, develop solutions for our customers, and provide exceptional worldwide support. As a global company, we provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair—all through our existing global infrastructure. More information is available at:

    *For Details Contact:*
    Karina Macholz
    Marketing Manager
    Phone: (630) 208-2618 Reported by GlobeNewswire 8 hours ago.

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    Stock Exchange Notice
    Date: 6 November August 2018

    *GC Rieber Shipping - Third quarter results 2018 and invitation to webcast*

    GC Rieber Shipping ASA had a fleet utilisation of 99 % in the third quarter of 2018 despite continued challenging market conditions. The subsea and ice/support vessels have contract coverage of 92% for the remainder of 2018, and two of Shearwater GeoServices's active vessels are booked for the same period.

    In the third quarter, Shearwater GeoServices announced an agreement to acquire the marine seismic acquisition assets and operations of WesternGeco, the geophysical services product line of Schlumberger, forming a global market-leading geophysical company.

    GC Rieber Shipping had operating income of NOK 69.6 million in the third quarter of 2018, compared with NOK 80.9 million in the corresponding period of 2017. EBITDA was negative NOK 6.5 million in the third quarter of 2018, compared with positive NOK 63.7 million in the third quarter of 2017. The reduction in EBITDA from 2017 is mainly related to loss from joint ventures.

    "We are pleased to report continued high utilisation in a quarter with challenging market conditions. There are signs of improvement in the offshore market, but this has yet to impact market rates which remain under pressure.", says GC Rieber Shipping's acting CEO, Einar Ytredal.

    Please find the report and presentation for the third quarter 2018 enclosed.

    A presentation via webcast of the company's results will be held on GC Rieber Shipping's website,, 7 November at 8:30 CET. A recorded version of the presentation will be available on the website after the webcast is finished.

    *For further information, please contact:*

    Einar Ytredal, acting CEO, phone: +47 975 20 184

    *About GC Rieber Shipping:*

    GC Rieber Shipping's business within offshore/shipping includes ownership in specialized vessels, high quality marine ship management and project development within the segments subsea, ice/support and marine seismic. The group has a specialized competence in offshore operations in harsh environments as well as design, development and maritime operation of offshore vessels.

    GC Rieber Shipping currently operates and has direct and indirect ownership in 11 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments.The company has its headquarter and a ship management office in Bergen, and an additional ship management company in Yuzhno-Sakhalinsk (Russia). The company is listed on Oslo Børs with ticker RISH.

    Further information is available on the company's website 

    This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.


    · Q3 2018 Report.pdf
    · Q3 2018 Presentation.pdf Reported by GlobeNewswire 8 hours ago.

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    A bleached fringe of dead marine algae, strung along the coastlines of two islands off the coast of Chile, offers a unique glimpse at how the land rose during the 2016 magnitude 7.6 Chiloé earthquake, according to a new study. Reported by Science Daily 4 hours ago.

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    Stock Exchange Notice
    Date: 06 November 2018

    *GC Rieber Shipping: NOK 246 million fully underwritten rights issue*


    As announced on 22 August 2018, Shearwater GeoServices Holding AS ("Shearwater"), the 50/50 joint venture between GC Rieber Shipping ASA ("GC Rieber Shipping" or the "Company") and Rasmussengruppen AS ("Rasmussengruppen"), has entered into a definitive agreement for Shearwater to acquire the marine seismic acquisition assets and operations (the "Acquisition") of WesternGeco, the geophysical services product line of Schlumberger. The Acquisition will be financed partly by new equity from Rasmussengruppen and GC Rieber Shipping. For more details on the Acquisition and related financing, see the detailed stock exchange announcement published on 22 August 2018.

    The Board of Directors of GC Rieber Shipping has today resolved to call for an extraordinary general meeting in the Company and proposed that the general meeting resolves to issue 28,941,177 new shares in the Company in a rights issue with gross proceeds of approximately NOK 246 million (the "Rights Issue") at a subscription price of NOK 8.50 per share.

    The shareholders of the Company will receive tradable rights to subscribe for new shares in the Company in connection with the Rights Issue.

    GC Rieber Shipping has committed to provide USD 28.5 million of new equity to Shearwater in connection with the Acquisition, and has entered into a short-term shareholder loan at market terms with GC Rieber AS, GC Rieber Shipping`s largest shareholder, to facilitate settlement. It is expected that the shareholder loan will be fully refinanced by the Rights Issue.

    GC Rieber AS has fully underwritten the Rights Issue and will minimum subscribe in full for its pro rata shareholding of 70.4%.

    Completion of the Rights Issue will be subject to approval by GC Rieber Shipping's general meeting. The extraordinary general meeting in the Company will be held on Wednesday 28 November 2018 at 14:00 hours (CET) in the Company's address at Solheimsgaten 15 (Beddingen), Bergen. The notice is attached to this stock exchange announcement. Documents concerning items on the agenda that shall be resolved by the general meeting have been made available at the Company's website (, in accordance with article 5 in the Company's articles of association.

    SpareBank 1 Markets AS acts as Manager and Receiving Agent for the Rights Issue.

    *For further information, please contact:*

    Einar Ytredal, CEO (act.), phone: +47 975 20 184

    *About GC Rieber Shipping:*

    GC Rieber Shipping's business within offshore/shipping includes ownership in specialized vessels, high quality marine ship management and project development within the segments subsea, ice/support and marine seismic.

    The group has a specialized competence in offshore operations in harsh environments as well as design, development and maritime operation of offshore vessels. GC Rieber Shipping currently operates and has direct and indirect ownership in 11 advanced special purpose vessels for defined markets within the subsea, ice/support and marine seismic segments.

    The company has its headquarter and a ship management office in Bergen, and an additional ship management company in Yuzhno-Sakhalinsk (Russia). The company is listed on Oslo Børs with ticker RISH.

    Further information is available on the company's website


    This communication may not be published, distributed or transmitted in or into the United States, Canada, Australia or Japan. These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities of the Company in the United States, Norway or any other jurisdiction. The securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). The securities of the Company have not been, and will not be, registered under the U.S. Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to "qualified institutional buyers" as defined in Rule 144A under the U.S. Securities Act and to "major U.S. institutional investors" under SEC Rule 15a-6 to the United States Exchange Act of 1934. No public offering of the securities will be made in the United States.

    In any EEA Member State that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU, to the extent implemented in any relevant Member State) and includes any relevant implementing measure in the relevant Member State.

    In the United Kingdom, this communication is only addressed to and is only directed at Qualified Investors who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as "Relevant Persons"). These materials are directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this announcement relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

    Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.

    This announcement is made by and, and is the responsibility of, the Company. SpareBank 1 Markets AS (the "Manager") is acting exclusively for the Company and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients, or for advice in relation to the contents of this announcement or any of the matters referred to herein.

    Neither the Manager nor any of its affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.

    This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. Neither the Manager nor any of its affiliates accepts any liability arising from the use of this announcement.

    Each of the Company, the Manager and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any statement contained in this announcement whether as a result of new information, future developments or otherwise.

    This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.


    · Notice of extraordinary general meeting.pdf Reported by GlobeNewswire 5 hours ago.

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    Computer algorithms are playing a growing role in analyzing hydrophone audio data when monitoring marine life, but human listeners can complement and enhance these algorithms. A project known as Orcasound has produced a web application that will enable citizen scientists to listen to livestreaming audio from hydrophones near the San Juan Islands. Reported by Science Daily 3 hours ago.

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    KEMP, Texas, Nov. 06, 2018 (GLOBE NEWSWIRE) -- Larson Electronics, a Texas-based company with over 40 years of experience spearheading the industrial lighting and equipment sectors, announced the release of a single-phase buck and boost step-up transformer. This unit increases 208 volts to 230 volts with a 4.77 KVA rating using a maximum of 22.9 amps on the primary side and 20.8 amps on the secondary side. This unit is used in situations where the line-voltage is lower than the required voltage for the equipment.The MT-BBT-208V-230V-20.8A bust and buck step-up transformer has a core made of non-aging, cold-rolled silicon steel laminations and high-quality aluminum wire that is used for the winding. Each core is coated to prevent moisture from entering the unit and are electrically balanced to minimize axial forces during short circuits. The transformer is encapsulated in silica sand and resin with a NEMA 3R painted steel enclosure. NEMA 4, NEMA 4X and NEMA 12 are also available upon request.

    This transformer by Larson Electronics is ideal for both indoor and outdoor applications. This unit can be wall or floor mounted and features integrated wall mountings for easy installation. A wiring diagram comes with the transformer and a front access cover provides easy access to the eight lead wires. This transformer is suitable for use with air conditioners, lighting systems, heating elements, motor applications and other applications where power loads may differ from the available voltage.

    "Our buck and boost transformers are designed to help applications maximize performance and maintain a longer lifespan," said Rob Bresnahan, CEO of Larson Electronics LLC. "This technology was designed with the operator in mind, so they can run their equipment safely while saving on energy cost."

    *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

    Photos accompanying this announcement are available at Reported by GlobeNewswire 3 hours ago.

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    *Improved growth in revenue and operating income in all core businesses**Net sales up 9 percent; Operating income up 15 percent; Operating income before restructuring charge up 32 percent **GAAP EPS down 12 percent; Adjusted EPS up 20 percent; Strong cash generation has reduced leverage **Dividend for 2018 increased by 15 percent; New share repurchase plan of $100 million*

    ENGLEWOOD, Colo., Nov. 06, 2018 (GLOBE NEWSWIRE) -- Innospec Inc. (NASDAQ: IOSP) today announced its financial results for the third quarter ended September 30, 2018. At the same time, the Company announced that it has declared a semi-annual dividend of $0.45 per common share for the second half of 2018, which will be paid on November 29, 2018 to shareholders of record as of November 19, 2018. This brings the annual dividend to $0.89 per share, a 15 percent increase over 2017. The Company also announced that the Board had approved the repurchase of up to $100 million of Innospec stock over the next three years.Total net sales for the third quarter were $363.1 million, up 9 percent from the $332.4 million reported in the corresponding quarter last year. Net income was $20.6 million, or $0.84 per diluted share, compared to $23.3 million, or $0.95 per diluted share, recorded a year ago. Adjusted EBITDA for the quarter was $44.7 million compared to $44.5 million in 2017’s third quarter.

    Results for this quarter include several special items, which are summarized in the table below. Excluding these special items, adjusted non-GAAP EPS was $1.20 per diluted share, compared to $1.00 per diluted share a year ago. Innospec closed the quarter with net debt of $136.8 million, down substantially from $162.2 million at the end of the second quarter. Cash generation in the quarter was strong, with net cash provided by operating activities of $34.8 million before capital expenditures of $9.5 million.

    Adjusted EBITDA, income before income taxes and net income excluding special items, and related per-share amounts are non-GAAP financial measures that are defined and reconciled with GAAP results herein and in the schedules below.

        *Quarter ended September 30, 2018*   *Quarter ended September 30, 2017*
    *(in millions, except share and per share data)* * * *Income
    taxes* * * *Net*
    *income* * * *Diluted
    EPS*   *Income
    taxes* * * *Net*
    *income* * * *Diluted
    * *   * *   * *   * *   * *   * *   * *
    *Reported GAAP amounts* $ *30.4* $ *20.6* $ *0.84* $ *29.9* $ *23.3*   $ *0.95*
    Restructuring charge   4.8   3.9   0.16   -   -     -
    Amortization of acquired intangible assets   4.7   3.7   0.15   5.0   3.2     0.13
    Foreign currency exchange losses/(gains)   2.5   1.7   0.07   (1.8)   (1.4)     (0.06)
    Adjustment of income tax provisions   -   (0.6)   (0.02)   -   (0.5)     (0.02)
    * *   12.0   8.7   0.36   3.2   1.3     0.05
    * *   * *   * *   * *   * *   * *     * *
    *Adjusted non-GAAP amounts* $ *42.4* $ *29.3* $ *1.20* $ *33.1* $ *24.6*   $ *1.00*

    Commenting on the third quarter results, Patrick S. Williams, President and Chief Executive Officer, said,

    “This has been an excellent quarter for Innospec. The results are entirely in line with the direction we indicated last quarter, indicating that our strategy is a strong foundation for continued success. All of our core businesses showed sales and margin improvements which combined with careful cost control has driven outstanding operating income improvements. Overall, revenue is up 9 percent and operating income before restructuring charges is up 32 percent on the same quarter last year, which gives us great confidence in our business.”

    “We have also delivered much improved cash generation, in line with the indications we gave last quarter.”

    “Fuel Specialties has combined solid volume growth with an expansion of margins back to the higher end of our expected range, as customers in automotive, marine and power applications continued to value our exceptional technology and service.”

    “Performance Chemicals built on its strong performance in the first half of the year, delivering 4 percent sales growth in the third quarter and a significant improvement in gross margins which has helped drive a 28 percent increase in operating income. We feel that continued new product launches are underpinning a steady expansion of our portfolio, which is resonating well with our personal and homecare customers.”

    “We have been very clear about our priorities in Oilfield Services and that focus is clearly paying dividends. Not only have we recorded a substantial increase in sales, but margins are now moving sequentially in the right direction, as our recent actions start to come to fruition. We believe that our direction is now well established and that we have further improvement to come.”

    “Octane Additives delivered sales as we had indicated, at a rate slightly lower than the same period last year. Overall, the prognosis for this business remains unchanged.”

    “Even with our Octane Additives segment slightly down on the quarter compared to 2017, we have increased our adjusted EPS by 20 percent, which is a great achievement in a challenging environment.”

    “In our results, we have included a provision for the redundancy costs associated with the closure of our site at Everberg, Belgium, which we announced on October 16, 2018.”

    Net sales in Fuel Specialties for the quarter were $134.9 million, a 4 percent increase from $130.1 million last year. Volumes increased by 3 percent, combined with a positive price/mix of 1 percent. Gross margins in the segment were 36.2 percent, towards the higher end of our expected range, moving up by 3.0 percentage points sequentially, and 1.9 percentage points above the same period last year. Operating income for the quarter was $28.8 million, up 15 percent from last year’s $25.1 million.

    In Performance Chemicals, net sales of $114.8 million were up 4 percent on last year driven by volume growth of 3 percent and a favorable price/mix of 1 percent. As anticipated, the segment’s gross margin improved to 22.0 percent in the quarter, up from 18.8 percent in the same period last year and up 2.0 percentage points sequentially. Operating income of $12.4 million for the quarter was up 28 percent compared to the $9.7 million recorded a year ago.

    Sales in Oilfield Services were $104.2 million, up 27 percent on the third quarter of 2017, driven by an improvement in customer activity. Volumes were up by 24 percent and there was a positive price/mix impact of 3 percent. Gross margins improved sequentially to 32.1 percent from 30.1 percent in the second quarter, but were down from 34.8 percent in the same period last year, as we continue to work to recover inflationary costs. Operating income of $7.0 million in the quarter was almost 4 times higher than the $1.8 million reported in the same period last year.

    In Octane Additives, net sales for the quarter were $9.2 million, with the current order being fulfilled as expected. Gross margin was 37.0 percent reflecting lower production volume and operating income of $2.7 million was down compared to the $4.4 million recorded a year ago.

    Corporate costs were $12.7 million and within our expected range, up from $12.0 million a year ago.  The effective tax rate for the quarter was 32.2 percent compared to 22.1 percent in 2017 as a consequence of the geographical location of profits.

    Net cash provided by operating activities in the quarter was $34.8 million, compared to $46.1 million a year ago. As of September 30, 2018, Innospec had $91.4 million in cash and cash equivalents, and total debt of $228.2 million. 

    Mr. Williams concluded,

    “We continue to see the benefits of our strategy in our improved performance and we have delivered excellent financial results.”

    “We have shown that we can drive sustainable growth and improve margins in line with the expectations we set in previous quarters. There are still many opportunities for improving the quality of our business that we believe we can deliver in the coming years.”

    “Our cash flow has improved from the first half of the year and we will continue to focus on key actions which we believe will further enhance cash generation in the final quarter.”

    “We remain engaged with a number of acquisition opportunities, which we expect would enhance our business. However, it’s important to note that we have several significant organic growth opportunities available to us and any further acquisitions are not imperative in any of our business units. We will remain disciplined in our approach.”

    “The continued successful delivery of our strategy has allowed the Board to approve further returns of shareholder value. We are increasing our dividend again and the total dividend of 89 cents for 2018 is 15 percent up on last year. At the same time, the Board has approved a new stock repurchase program allowing the buyback of $100 million of stock over the next three years. This is a further demonstration that our business model will continue to deliver shareholder benefits in the future.”

    *Use of Non-GAAP Financial Measures *

    The information presented in this press release includes financial measures that are not calculated or presented in accordance with Generally Accepted Accounting Principles in the United States (GAAP).  These non-GAAP financial measures comprise adjusted EBITDA, income before income taxes excluding special items, net income excluding special items and related per share amounts together with net debt.  Adjusted EBITDA is net income per our consolidated financial statements adjusted for the exclusion of charges for interest expense, net, income taxes, depreciation, amortization and acquisition fair value adjustments.  Income before income taxes, net income and diluted EPS, excluding special items, per our consolidated financial statements are adjusted for the exclusion of restructuring charge, amortization of acquired intangible assets, foreign currency exchange losses/(gains) and adjustment of income tax provisions. Net debt is total debt less cash and cash equivalents. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided herein and in the schedules below.  The Company believes that such non-GAAP financial measures provide useful information to investors and may assist them in evaluating the Company’s underlying performance and identifying operating trends.  In addition, these non-GAAP measures address questions the Company routinely receives from analysts and investors and the Company has determined that it is appropriate to make this data available to all investors.  While the Company believes that such measures are useful in evaluating the Company’s performance, investors should not consider them to be a substitute for financial measures prepared in accordance with GAAP.  In addition, these non-GAAP financial measures may differ from similarly-titled non-GAAP financial measures used by other companies and do not provide a comparable view of the Company’s performance relative to other companies in similar industries.  Management uses adjusted EPS (the most directly comparable GAAP financial measure for which is GAAP EPS) and adjusted net income and adjusted EBITDA (the most directly comparable GAAP financial measure for which is GAAP net income) to allocate resources and evaluate the performance of the Company’s operations.  Management believes the most directly comparable GAAP financial measure is GAAP net income and has provided a reconciliation of adjusted EBITDA and net income excluding special items, and related per share amounts, to GAAP net income herein and in the schedules below.

    *About Innospec Inc. *

    Innospec Inc. is an international specialty chemicals company with approximately 1900 employees in 23 countries. Innospec manufactures and supplies a wide range of specialty chemicals to markets in the Americas, Europe, the Middle East, Africa and Asia-Pacific.  The Fuel Specialties business specializes in manufacturing and supplying fuel additives that improve fuel efficiency, boost engine performance and reduce harmful emissions. Oilfield Services provides specialty chemicals to all elements of the oil & gas exploration and production industry.  The Performance Chemicals business creates innovative technology-based solutions for our customers in the Personal Care, Home Care, Agrochemical, Mining and Industrial markets.  Octane Additives produces octane improvers to enhance gasoline.

    *Forward-Looking Statements *

    This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements.  Such forward-looking statements include statements (covered by words like “expects,” “estimates,” “anticipates,” “may,” “believes,” “feels” or similar words or expressions, for example) which relate to earnings, growth potential, operating performance, events or developments that we expect or anticipate will or may occur in the future.  Although forward-looking statements are believed by management to be reasonable when made, they are subject to certain risks, uncertainties and assumptions, and our actual performance or results may differ materially from these forward-looking statements.  Additional information regarding risks, uncertainties and assumptions relating to Innospec and affecting our business operations and prospects are described in Innospec’s Annual Report on Form 10-K for the year ended December 31, 2017 and other reports filed with the U.S. Securities and Exchange Commission.  You are urged to review our discussion of risks and uncertainties that could cause actual results to differ from forward-looking statements under the heading "Risk Factors” in such reports.  Innospec undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    *Contacts: *

    Brian Watt
    Innospec Inc.

    Schedule 1  
        *Three Months Ended
    September 30**
    *   *Nine Months Ended 
    **September 30**
    *(in millions, except share and per share data)*   *2018*
      *2017*    *2018*    *2017* 
    Net sales $ 363.1   $ 332.4   $ 1,081.9   $ 953.0  
    Cost of goods sold   (252.1 )   (233.6 )   (763.6 )   (658.2 )
    Gross profit   111.0     98.8     318.3     294.8  
    Operating expenses:                  
    Selling, general and administrative   (64.7 )   (61.9 )   (197.8 )   (180.4 )
    Research and development   (8.1 )   (7.9 )   (25.1 )   (23.8 )
    Restructuring charge   (4.8 )   -     (4.8 )   -  
    Loss on disposal of subsidiary   -     -     -     (1.0 )
    Foreign exchange loss on liquidation of subsidiary   -     -     -     (1.8 )
    Total operating expenses   (77.6 )   (69.8 )   (227.7 )   (207.0 )
    Operating income   33.4     29.0     90.6     87.8  
    Other (expense)/income, net   (1.2 )   3.0     4.3     6.4  
    Interest expense, net   (1.8 )   (2.1 )   (5.3 )   (6.3 )
    Income before income taxes   30.4     29.9     89.6     87.9  
    Income taxes   (9.8 )   (6.6 )   (25.0 )   (21.3 )
    Net income $ 20.6   $ 23.3   $ 64.6   $ 66.6  
    Earnings per share:                  
    Basic $ 0.84   $ 0.97   $ 2.65   $ 2.76  
    Diluted $ 0.84   $ 0.95   $ 2.63   $ 2.71  
    Weighted average shares outstanding (in thousands):                  
    Basic   24,419     24,137     24,399     24,119  
    Diluted   24,597     24,565     24,580     24,569  


    Schedule 2A
    *SEGMENTAL ANALYSIS OF RESULTS* * * *Three Months Ended
    September 30* * * *Nine Months Ended*
    *September 30*
    *(in millions)* * * *2018* * * *2017* * * *2018* * * *2017*
        * *            
    Net sales:   * *            
    Fuel Specialties $ 134.9   $ 130.1   $ 412.5   $ 377.8  
    Performance Chemicals   114.8     110.3     357.7     309.7  
    Oilfield Services   104.2     81.9     292.1     224.5  
    Octane Additives   9.2     10.1     19.6     41.0  
        363.1     332.4     1,081.9     953.0  
        * *            
    Gross profit:   * *   * *   * *    
    Fuel Specialties   48.8     44.6     141.8     135.9  
    Performance Chemicals   25.3     20.7     74.5     54.8  
    Oilfield Services   33.5     28.5     93.5     82.9  
    Octane Additives   3.4     5.0     8.5     21.2  
        111.0     98.8     318.3     294.8  
        * *            
    Operating income:   * *            
    Fuel Specialties   28.8     25.1     80.7     76.0  
    Performance Chemicals   12.4     9.7     34.2     22.2  
    Oilfield Services   7.0     1.8     14.1     8.5  
    Octane Additives   2.7     4.4     6.5     19.2  
    Corporate costs   (12.7 )   (12.0 )   (40.1 )   (35.3 )
        38.2     29.0     95.4     90.6  
    Restructuring charge   (4.8 )   -     (4.8 )   -  
    Loss on disposal of subsidiary   -     -     -     (1.0 )
    Foreign exchange loss on liquidation of subsidiary   -     -     -     (1.8 )
    Total operating income $ 33.4   $ 29.0   $ 90.6   $ 87.8  

    *                                     *    

    Schedule 2B
    *NON-GAAP MEASURES* * * *Three Months Ended  
    September 30* * * *Nine Months Ended *
    *September 30*
    *(in millions)* * * *2018*
    * * *2017*
    * * *2018*
    * * *2017*

    Net income $ 20.6   $ 23.3   $ 64.6   $ 66.6  
    Interest expense, net   1.8     2.1     5.3     6.3  
    Income taxes   9.8     6.6     25.0     21.3  
    Depreciation and amortization:                
    Fuel Specialties   1.0     1.2     2.9     3.6  
    Performance Chemicals   4.9     4.4     14.6     12.6  
    Oilfield Services   4.2     4.5     12.7     13.7  
    Octane Additives   0.3     0.2     0.9     0.6  
    Corporate costs   2.1     2.2     6.3     6.2  
    Fair value acquisition accounting   -     -     -     1.7  
    Adjusted EBITDA   44.7     44.5     132.3     132.6  
    Adjusted EBITDA:                
    Fuel Specialties   29.8     26.3     83.6     79.6  
    Performance Chemicals   17.3     14.1     48.8     36.5  
    Oilfield Services   11.2     6.3     26.8     22.2  
    Octane Additives   3.0     4.6     7.4     19.8  
    Corporate costs   (10.6 )   (9.8 )   (33.8 )   (29.1 )
        50.7     41.5     132.8     129.0  
    Restructuring charge   (4.8 )   -     (4.8 )   -  
    Loss on disposal of subsidiary   -     -     -     (1.0 )
    Foreign exchange loss on liquidation of subsidiary   -     -     -     (1.8 )
    Other (expense)/income, net   (1.2 )   3.0     4.3     6.4  
    Adjusted EBITDA $ 44.7   $ 44.5   $ 132.3   $ 132.6  

    Adjusted EBITDA by segment includes operating income relating to the segments, excluding depreciation, amortization and the fair value acquisition accounting relating to Performance Chemicals.

    Schedule 3
    *(in millions)* * * *September 30,*
    *2018* * * *December 31,*
    Current assets:        
    Cash and cash equivalents $ 91.4 $ 90.2
    Trade and other accounts receivable   287.8   244.5
    Inventories   261.9   209.8
    Prepaid expenses   8.4   13.1
    Prepaid income taxes   9.8   2.8
    Other current assets   -   1.1
    Total current assets   659.3   561.5
    Net property, plant and equipment   194.7   196.0
    Goodwill   366.3   361.8
    Other intangible assets   142.3   163.3
    Deferred tax assets   6.2   6.5
    Pension asset   121.4   116.0
    Other non-current assets   6.9   5.1
    Total assets $ 1,497.1 $ 1,410.2
    Liabilities and Stockholders’ Equity        
    Current liabilities:        
    Bank overdraft $ 0.5 $ -
    Accounts payable   127.4   117.9
    Accrued liabilities   122.9   104.1
    Current portion of long-term debt   15.8   15.8
    Current portion of finance leases   2.0   2.7
    Current portion of plant closure provisions   4.0   5.2
    Current portion of accrued income taxes   17.9   15.8
    Total current liabilities   290.5   261.5
    Long-term debt, net of current portion   208.1   202.6
    Finance leases, net of current portion   1.8   3.2
    Plant closure provisions, net of current portion   44.9   40.9
    Accrued income taxes, net of current portion   39.7   41.7
    Unrecognized tax benefits, net of current portion   3.2   2.5
    Deferred tax liabilities   46.7   45.0
    Pension liabilities and post-employment benefits   16.6   16.5
    Other non-current liabilities   5.3   2.0
    Equity   840.3   794.3
    Total liabilities and equity $ 1,497.1 $ 1,410.2

    Schedule 4
      * * *Nine Months Ended*
    *September 30*
    *(in millions)* * * *2018*
    * * *2017*

    Cash Flows from Operating Activities        
    Net income $ 64.6   $ 66.6  
    Adjustments to reconcile net income to cash provided by operating activities:        
    Depreciation and amortization   37.9     37.2  
    Deferred taxes   2.4     3.7  
    Loss on disposal of subsidiary   -     1.0  
    Foreign exchange loss on liquidation of subsidiary   -     1.8  
    Cash contributions to defined benefit pension plans   (0.8 )   (0.8 )
    Non-cash movements on defined benefit pension plans   (3.2 )   (2.7 )
    Stock option compensation   3.0     3.4  
    Changes in working capital   (66.7 )   (69.9 )
    Movements in accrued income taxes   (6.4 )   (2.7 )
    Movements in plant closure provisions   3.0     2.9  
    Movements in unrecognized tax benefits   0.7     (0.5 )
    Movements in other assets and liabilities   0.6     (4.8 )
    Net cash provided by operating activities   35.1     35.2  
    Cash Flows from Investing Activities        
    Capital expenditures   (20.0 )   (16.4 )
    Business combinations, net of cash acquired   (5.4 )   2.6  
    Acquisition of intangible asset   -     (4.2 )
    Internally developed software   (0.8 )   (4.1 )
    Net cash used in investing activities   (26.2 )   (22.1 )
    Cash Flows from Financing Activities        
    Net receipt/(repayment) of revolving credit facility   5.0     (40.0 )
    Receipt of short-term borrowing   0.5     -  
    Net repayment of finance leases   (2.1 )   (1.7 )
    Dividend paid   (10.7 )   (9.2 )
    Issue of treasury stock   1.1     1.0  
    Repurchase of common stock   (1.2 )   (1.0 )
    Net cash used in financing activities   (7.4 )   (50.9 )
    Effect of foreign currency exchange rate changes on cash   (0.3 )   1.4  
    Net change in cash and cash equivalents   1.2     (36.4 )
    Cash and cash equivalents at beginning of period   90.2     101.9  
    Cash and cash equivalents at end of period $ 91.4   $ 65.5  

    Amortization of deferred finance costs of $0.5 million (2017 - $0.5 million) are included in depreciation and amortization in the condensed consolidated statements of cash flows and in interest expense, net in the condensed consolidated statements of income. Reported by GlobeNewswire 3 hours ago.

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    Global Energy Ventures Ltd (ASX:GEV) has received a refundable R&D tax offset rebate of more than $1 million for its work in developing a unique CNG Optimum Ship for transporting compressed natural gas (CNG). GEV’s 2018 income tax return included an application for the R&D tax offset and this has been accepted by the Federal Government. Consequently, the rebate of $1,002,330 has been received by GEV. World-leading design The proprietary CNG Optimum is a world-leading CNG ship design and the result of two decades in the development of marine CNG solutions. READ: Global Energy Ventures passes second critical test in approval process for unique CNG Optimum Ship Last month, the company passed the second of three critical tests which underpin the design of its CNG Optimum Ship with the third and final suite of tests, the ‘Cyclic Fatigue Test’, expected to be completed shortly. The second of the American Bureau of Shipping (ABS) tests, the ‘Bend & Friction Test’, follows passing in August of the first test for ABS Class Approval, the ‘High-Pressure Test’. The aim of the second test was to verify that CNG containment pipes in the hold of the ship can be forced together in such a way that the pipes will not move relative to each other, or relative to the ship, even in extreme seas. This required applying a downwards force on the pipes to reflect what would occur in an Optimum ship’s hold in order to mobilise sufficient friction to prevent relative movement. Cyclic fatigue test nears completion The Cyclic Fatigue Test comprises three sub-tests required by the ABS Rules and Guidelines. Long-term fatigue test: This requires cycling a representative pressure vessel for 10 times the design life of the ship from minimum pressure to the operating pressure. For GEV's 30-year ship life this means that the test must recreate 300 years or 20,000 cycles. This extremely rigorous test began in September with about 50% completed by early October. Notched burst test after fatigue: This requires fatiguing a specimen through three times the design life, or 6,000 cycles, and then bursting the pipe with a machined notch embedded to prove the pipes’ ductility. The test will run after the 20,000-cycle test is complete. Cooled burst test after fatigue: This also requires fatiguing the specimen through three times the design life and then bursting the pipe after it has been cooled to simulate temperatures that would result from the Joule-Thompson cooling effect of gas escaping through a crack. The specimen has been made and this test will be run after the cycling of the notched burst test is complete. Testing is being carried out at the CFER Technologies testing facilities in Edmonton, Alberta, Canada. Proof of Concept achieved GEV’s chairman and CEO Maurice Brand said: “Recent progress was material on many fronts but achieving Proof of Concept for the CNG Optimum 200 ship had removed any uncertainly on the engineering and technical viability for global marine CNG. “GEV is now into the final suite of tests, the 20,000-cycle test being around 50% completed, with the last two 6,000 cycle tests to be completed shortly. “On completion, GEV will receive final ABS Full Class Approval for the design of the CNG Optimum 200 ship.” As well as achieving Proof of Concept, the company has completed all supporting analysis and documentation for ABS Class approval. Shipyards short-listed Four shipyards have also been short-listed with the capability to build multiple CNG Optimum 200 ships. Other recent developments include: - Executed a Heads of Agreement with Indian Oil Corporation Limited (IOC) to negotiate a gas sale agreement to supply gas to the Port of Dehaj on the west coast of India; - Appointed Lewis Affleck as the strategic advisor for Middle East gas supply; - Partnered with Twinza Oil Limited through a Heads of Agreement to evaluate gas commercialisation of the PNG Pasca A field; - Signed a Letter of Intent with Tamarind Resources Pte Ltd to identify, evaluate and pursue opportunities for stranded gas fields in Malaysia; and - Obtained approval for an Advance Overseas Finding for overseas R&D activities. Reported by Proactive Investors 2 hours ago.

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    A key district to watch is in Kentucky — the Lexington-area battle pitting third-term Republican Rep. Andy Barr against Democrat Amy McGrath, a retired Marine fighter pilot Reported by Haaretz 2 hours ago.

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