WU earnings call for the period ending March 31, 2021.
Jerry Burns spent nearly 25 years with the Vikings as the their offensive coordinator and head coach.
New York, New York--(Newsfile Corp. - May 12, 2021) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Intrusion Inc. (NASDAQ: INTZ) between January 13, 2021 and April 13, 2021, inclusive (the "Class Period"), of the important June 15, 2021 lead plaintiff deadline.SO WHAT: If you purchased Intrusion securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees ...
Caitlyn Jenner wants to be governor of California but she took a pass on voting on some of the state's most critical issues last year, from worker rights to taxes and affordable housing to affirmative action. In the latest example of muddled messaging in Jenner's nascent campaign, she told CNN in an interview broadcast Tuesday that she did not vote in 2020 — for president or down ballot measures. “It was voting day and I thought the only thing out here in California that I worry about, which affects people, is the propositions that were out there,” Jenner said.
CALGARY, Alberta, May 12, 2021 (GLOBE NEWSWIRE) -- STEP Energy Services Ltd. (the “Company” or “STEP”) is pleased to announce its financial and operating results for the three months ended March 31, 2021. The following press release should be read in conjunction with the management’s discussion and analysis (“MD&A”) and unaudited condensed consolidated interim financial statements and notes thereto as at March 31, 2021 (the “Financial Statements”). Readers should also refer to the “Forward-looking information & statements” legal advisory and the section regarding “Non-IFRS Measures” at the end of this press release. All financial amounts and measures are expressed in Canadian dollars unless otherwise indicated. Additional information about STEP is available on the SEDAR website at www.sedar.com, including the Company’s Annual Information Form for the year ended December 31, 2020 dated March 17, 2021 (the “AIF”). CONSOLIDATED HIGHLIGHTS FINANCIAL REVIEW ($000s except percentages and per share amounts) Three months ended March 31 2021 2020 Consolidated revenue $136,812 $194,369 Net (loss) income $(7,944) $(52,203)Per share-basic $(0.12) $(0.78)Per share-diluted $(0.12) $(0.78)Weighted average shares – basic 67,720,318 66,943,938 Weighted average shares – diluted 67,720,318 66,943,938 Adjusted EBITDA (1) $15,960 $22,802 Adjusted EBITDA % (1) 12% 12% (1) See Non-IFRS Measures. “Adjusted EBITDA” is a financial measure not presented in accordance with IFRS and is equal to net (loss) income after finance costs, depreciation and amortization, loss (gain) on disposal of property and equipment, current and deferred income tax provisions and recoveries, share-based compensation, transaction costs, foreign exchange forward contract (gain) loss, foreign exchange (gain) loss, and impairment losses. “Adjusted EBITDA %” is calculated as Adjusted EBITDA divided by revenue. ($000s except shares and per share amounts) March 31,December 31, 2021 2020Cash and cash equivalents $9,455$1,266Working capital (including cash and cash equivalents) (2) $44,411$44,646Total assets $492,828$479,859Total long-term financial liabilities (2) $215,630$216,627Net debt (2) $204,341$208,735Shares outstanding 68,012,550 67,713,824 (2) See Non-IFRS Measures. “Working capital”, “Total long-term financial liabilities” and “Net debt” are financial measures not presented in accordance with IFRS. “Working capital” is equal to total current assets less total current liabilities. “Total long-term financial liabilities” is comprised of Loans and borrowings, Long-term lease obligations and Other liabilities. “Net debt” is equal to loans and borrowings before deferred financing charges less cash and cash equivalents. FIRST QUARTER 2021 OVERVIEWThe first quarter of 2021 saw a broad economic recovery with the beginning of phased relaxation of measures previously implemented to manage the COVID-19 virus, increased government stimulus spending, and the acceleration of vaccinations across the globe. As a result, first quarter 2021 saw strong commodity prices with West Texas Intermediate (“WTI”) crude oil spot pricing averaging $58.09 USD/barrel with a high of $66.08 USD/barrel. On April 22, 2021, the AECO spot price was $2.91 CAD/mmbtu. The 2021 average spot price closing price to April 22, 2021 was $3.090 CAD/mmbtu compared to a 365-day average of $2.542 CAD/mmbtu. The increases in gas pricing led to increased drilling in the WCSB. Average rig counts have recovered 26% over fourth quarter 2020 in the U.S. and 40% in Canada as completion activity recovered from 2020’s unprecedented disruption. Amidst the recovery, the first quarter 2021 saw transitory disruption in the global supply of crude oil and field activity. U.S. operations were significantly impacted by a February winter storm causing widespread disruption in oil production and completions activity primarily in the Southern U.S. Approximately a third of U.S. refining capacity was shutdown because of severe power outages occurring over several days. Additionally, in late March, a blockage in the Suez Canal resulted in temporary interruptions in critical supply routes, causing delayed shipments in the delivery of oil adding to crude oil price volatility. FIRST QUARTER 2021 COMPARED TO FIRST QUARTER 2020During first quarter 2020, STEP was able to complete work programs for its strategic clients just prior to the unprecedented slowdown of activity caused by responses to the COVID-19 pandemic. First quarter 2021 activity improved, relative to fourth quarter 2020, as the vaccine roll out gained momentum, and economic activity lifted providing increased optimism for future activity. However, activity levels in the quarter failed to reach pre-pandemic levels due to continued demand destruction for oil and gas products. Analysts are predicting improved activity through 2021 and into 2022 as the global economy continues to recover. Throughout the first quarter of 2021, STEP achieved strong utilization in Canada and continued to offer quality solutions for STEP clients. During first quarter 2021, U.S. operations were impacted by the winter storm occurring in February which resulted in widespread power outages and forced temporary shutdowns of refineries in the Southern U.S. for several days. The Company’s activity was impacted for several weeks including a period of total shutdown during the worst of the storm however activity levels recovered late in the quarter as the effects of the storm lifted. Financial Position and Liquidity: Cash and cash equivalents of $9.5 million (December 31, 2020 - $1.3 million)Working capital remained positive at $44.4 million (December 31, 2020 - $44.6 million)March 31, 2021, net debt decreased to $204.3 from $208.7 million at December 31, 2020 continuing the downward trend in net debt.STEP complied with all covenants in its Credit Facilities (see Liquidity and Capital Resources – Capital Management – Debt in the Company’s May 12, 2021 MD&A). Consolidated revenue for the three months ended March 31, 2021 of $136.8 million decreased 30% relative to the same quarter in the prior year as activity has not yet reached pre-pandemic levels.Consolidated net loss for the three months ended March 31, 2021 was $7.9 million, compared to a net loss of $52.2 million for the same quarter in 2020. The $52.2 million net loss in first quarter 2020 was primarily the result of the $58.8 million non-cash impairment charge to property and equipment in the Canadian fracturing Cash Generating Unit (“CGU”). No impairments or impairment reversals were recognized during the three months ended March 31, 2021.For the three months ended March 31, 2021, Adjusted EBITDA was $16.0 million compared to $22.8 million in the same quarter in prior year. Adjusted EBITDA margins remained consistent first quarter 2021 over first quarter 2020 at 12%. In the same quarter in the prior year, the Company booked a $2.5 million provision for bad debt and $1.9 million in severance recorded for staff reductions at the end of March 31, 2020 which were not experienced in 2021.During the three months ended March 31, 2021, the Company received $3.8 million in grants under the Canada Emergency Wage Subsidy (“CEWS”) program. $3.5 million was recognized as a reduction in operating expenses and a $0.3 million reduction in selling, general, and administrative expenses. The Company did not qualify for CEWS in the first quarter of 2020. FIRST QUARTER 2021 COMPARED TO FOURTH QUARTER 2020 Actions taken to manage the COVID-19 global pandemic resulted in unprecedented crude oil demand destruction in North America and the world. Demand destruction was further compounded by actions taken by OPEC+ (Organization of Petroleum Exporting Countries (“OPEC”), Russia and certain other oil-producing countries (collectively “OPEC+”) that increased the supply of crude oil. The result was a significant drop in the price of crude oil and natural gas, negatively impacting STEP’s clients’ cash flows and activity, and STEP results throughout most of 2020.Consolidated revenue in the first quarter of 2021 increased to $136.8 million from $71.6 million in fourth quarter 2020. The first quarter saw increased activity levels compared to the previous quarter due to stronger commodity prices and client spending. Consolidated net loss in first quarter 2021 was $7.9 million compared to a net loss of $17.0 million in fourth quarter 2020. The reduced net loss in first quarter 2021 was the result of better operating results and reduced depreciation.Consolidated Adjusted EBITDA improved from $2.4 million or 3% of revenue in fourth quarter 2020 to $16.0 million or 12% of revenue in first quarter 2021 as STEP’s clients returned to work.During first quarter 2021, the Company received $3.8 million in grants under the CEWS program, $3.5 million was recognized as a reduction in operating expenses and $0.3 million in selling, general, and administrative expenses. This compares to fourth quarter 2020, when the Company received $4.1 million in grants under the CEWS program, $3.8 million was recognized as a reduction in operating expenses and $0.3 million in selling, general and administrative expenses. INDUSTRY CONDITIONS & OUTLOOK INDUSTRY CONDITIONS2020 was a difficult year for the North American oil and gas service industry. In 2021 industry outlook and client sentiment are showing positive signs of improvement with a recovering economic outlook. Although the world is still dealing with COVID-19 infection rates and emerging virus variants, vaccination programs and billions of dollars in economic stimulus programs are expected to support a rebound of global economic activity and crude oil demand recovery through the year. Improving economic fundamentals, including recovering global crude oil demand, should further stabilize commodity prices and encourage clients to increase capital spending. We expect clients to continue to exercise capital discipline and to spend within cashflows. Improved cashflows are not expected to be invested entirely in new activity but may also be used to paydown debt and return capital to shareholders. In addition, operators continue to look for ESG friendly options. However, higher service rates will be needed to continue to invest in advanced technologies. North American pressure pumping pricing is showing early signs of recovery. Many industry players have indicated pricing will need to recover before more equipment will be activated. During 2020, large amounts of underutilized equipment was retired, and in some situations, equipment was cannibalized which should reduce the amount of equipment available to the market as activity levels recover. Record crude oil storage levels that amassed due to COVID-19 global demand destruction last year are being depleted. The International Energy Agency (IEA) indicated that the Organization for Economic Co-Operation and Development (OECD) industry stocks fell for seven consecutive months before holding steady for March 2021. The reduction of crude oil storage levels should provide further commodity price support as activity continues to rebound. Despite growing optimism potential headwinds remain. Activity levels both in Canada and the U.S. have increased but have not reached pre-pandemic levels. Since the onset of the pandemic, OPEC+ has worked to manage production levels relative to global demand. Currently it is estimated OPEC+ production levels are approximately 9.3 mb/d below current capabilities. As the global economy grows OPEC+ is largely expected to bring this production to the market. The ability of OPEC+ to match restoration of production levels to energy demand is expected to be a key driver of determining commodity price in this first stage of the recovery. Most recently the surge or third wave of COVID-19 infections impacting a number of countries, including Canada, is creating uncertainty with respect to timing of the economic recovery. SECOND QUARTER 2021 OUTLOOKActivity in Canada in the first quarter of 2021 improved relative to fourth quarter 2020 however equipment reactivations by industry participants kept pace with or slightly exceeded the market recovery. Continued discipline in managing manned equipment levels relative to near term demand will be required to support price recovery and equipment utilization. STEP’s Canadian operations are expected to be active in second quarter but activity is expected to fall relative to first quarter. Second quarter Canadian completions activity is typically impacted by weather which could impact expected activity. STEP’s strong execution and dual-fuel fleet capabilities that improve program efficiencies and support ESG programs remain valuable to our clients. STEP’s U.S. operations were hampered by unprecedented cold weather that was experienced in the Company’s areas of operations in February. This disruption negatively impacted our operating results for the first quarter. However, since March, activity has returned to anticipated levels and is expected to continue to improve as demand for commodities increase with the reopening of the economy. FULL YEAR 2021 OUTLOOKCanadian activity in the second half of 2021 is less clear but is generally expected to continue to recover from 2020 levels. Pricing is expected to remain competitive as service providers work to balance manned equipment relative to demand. STEP’s Canadian operations intend to maintain its existing operating capacity and will continue to monitor and adjust capacity based on industry demand and near-term demand outlook. As indicated in STEP’s Annual 2020 MD&A Outlook, with the recovery in commodity prices, the U.S. industry has been actively engaged in price recovery discussions with customers and STEP is participating in these discussions. STEP is encouraged by the declarations made by several large industry participants who have indicated they will forgo additional equipment remobilization to support a rebalancing of the market and price recovery to sustainable levels for service providers. Activity levels are expected to increase, at least to the level where U.S. operators are replacing declining production. CAPITAL EXPENDITURESAs previously announced, STEP’s capital program remains at $33.7 million based on expected work activity. The approved capital program is comprised of $28.8 million maintenance capital and $4.9 million of optimization capital. The program is roughly split evenly between Canada and the U.S. STEP will continue to evaluate and manage its manned equipment and capital program based on market demand for STEP’s services. SUBSEQUENT EVENTSubsequent to March 31, 2021, the following amendments were made to STEP’s Credit Facilities on May 12, 2021: Minimum quarterly Adjusted Bank EBITDA was amended to be $5,033,000 for the quarter ended June 30, 2021, and $7,869,000 for the quarter ended September 30, 2021.Interest Coverage Ratio was amended to 3:00:1 for the quarter ended March 31, 2022.Funded Debt to Adjusted Bank EBITDA ratio was amended to 4:00:1 for the quarter ended March 31, 2022. CANADIAN FINANCIAL AND OPERATIONS REVIEW STEP has a fleet of 16 coiled tubing units in the WCSB. The Company’s coiled tubing units were designed to service the deepest wells in the WCSB. STEP’s fracturing business primarily focuses on the deeper, more technically challenging plays in Alberta and northeast British Columbia. STEP has 282,500 horsepower (“HP”), of which 15,000 HP will require capital for refurbishment. Approximately 132,500 HP of the available HP has dual - fuel capabilities. The Company deploys or idles coiled tubing units or fracturing horsepower as dictated by the market’s ability to support targeted utilization and economic returns. ($000’s except per day, days, units, proppant pumped and HP)Three months ended March 31, 2021 2020 Revenue: Fracturing$87,829 $83,551 Coiled tubing 21,533 25,199 109,362 108,750 Expenses: Operating expenses 96,126 100,504 Selling, general and administrative 1,764 2,024 Results from operating activities$11,472 $6,222 Add non-cash items: Depreciation 9,239 14,869 Share-based compensation 820 (200)Adjusted EBITDA (1)$21,531 $20,891 Adjusted EBITDA % (1) 20% 19%Sales mix (% of segment revenue) Fracturing 80% 77%Coiled tubing 20% 23%Fracturing services Fracturing revenue per operating day(1)$313,675 $212,058 Number of fracturing operating days (2) 280 394 Proppant pumped (tonnes) 327,000 382,000 Stages completed 3,213 4,524 Proppant pumped per stage 102 84 Horsepower (“HP”) Active pumping HP, end of period 200,000 225,000 Idle pumping HP, end of period 82,500 57,500 Total pumping HP, end of period (3) 282,500 282,500 Coiled tubing services Coiled tubing revenue per operating day(1)$46,709 $43,672 Number of coiled tubing operating days (2) 461 577 Active coiled tubing units, end of period 7 10 Idle coiled tubing units, end of period 9 6 Total coiled tubing units, end of period 16 16 (1) See Non-IFRS Measures.(2) An operating day is defined as any coiled tubing and fracturing work that is performed in a 24-hour period, exclusive of support equipment. (3) Represents total owned HP in Canada, of which 200,000 hp is currently deployed and 15,000 of the remainder requires certain maintenance and refurbishment. FIRST QUARTER 2021 COMPARED TO FIRST QUARTER 2020Total Canadian revenue for the first quarter of 2021 was largely unchanged from the first quarter of 2020 at $109.4 million compared to $108.8 million. The increase in revenue was attributable to the $4.3 million increase in fracturing operations offset by the decline of $3.7 million in coiled tubing revenue, as coiled tubing operations had a slower start to the first quarter of 2021. Adjusted EBITDA for the first quarter of 2021 was $21.5 million (20% of revenue) compared to $20.9 million (19% of revenue) from the first quarter of 2020. First quarter 2020 included $1.3 million in severance costs and no CEWS. First quarter 2021 included $3.6 million in CEWS which was recorded as a reduction in employee wages. After considering the impact of CEWS on 2021 Adjusted EBITDA, the Adjusted EBITDA and Adjusted EBITDA percentage are not as strong as the same quarter in 2020. Part of the margin compression is due to a change in fracturing job types. Large pads with multiple wells are more profitable to STEP than smaller pads where there is increased movement of people and equipment. A large pad moved out of STEP’s first quarter 2021 schedule and into second quarter 2021. The job types that filled in the schedule were smaller programs with two or three wells and some annular fracturing work which reduced margin. Also, the wage reductions that were implemented in the early days of the pandemic were reversed and wages were reinstated to pre-reduction levels effective January 1, 2021. Wage rollbacks were reversed due to competitive pressures and wage restoration underway in the industry. Headcount reductions in SG&A were maintained throughout 2020 and into 2021 resulting in a reduced support cost structure in the first quarter of 2021 compared to the first quarter of 2020. The reduction in costs due to fewer employees was offset somewhat by the reinstatement of wage rollbacks effective January 1, 2021. Fracturing Based on committed job programs for the first quarter of 2021, STEP remobilized one additional fracturing spread late in the fourth quarter of 2020 bringing manned equipment to four spreads compared to six fracturing spreads active during the first quarter of 2020. Fracturing operating days during the first quarter 2021 (280 days) fell compared to the same quarter of 2020 (394 days) reflecting the lower level of manned equipment and industry activity. Although activity has improved significantly from the pandemic lows in second quarter of 2020, activity has not yet returned to pre-pandemic levels. Revenue was higher by $4.2 million comparing first quarter 2021 and the same period in 2020 due to STEP supplying significantly more proppant in first quarter 2021 when compared to first quarter 2020. This is also evident when reviewing the increase in revenue per operating day of $313,675 vs. $212,058 for first quarter 2021 and 2020, respectively. From a direct margin perspective, first quarter 2021 also had higher sand cost of good sold and additional third-party hauling expenses. The increase in STEP supplied proppant more than offset the decline in operating days for the three months ended March 31, 2021 as proppant supplied by the Company increased by 74% over the prior year. STEP capitalizes fluid ends when their estimated useful life exceeds 12 months. Fluid ends are capitalized in Canada based on a review of usage history. However, had the Company expensed fluid ends, the operating expenses for the three months ended March 31, 2021 would have been approximately $1.1 million higher. Coiled Tubing Canadian coiled tubing staffed on average seven coiled tubing units during the first quarter of 2021 as compared to 10 units in the same period of the prior year. Canadian coiled tubing operating days were down 20% for the three months ended March 31, 2021 from 577 in the same quarter in the previous year resulting in a decrease in revenue from $25.1 million in first quarter 2020 to $21.5 million in the first quarter 2021. After a slow start at the beginning of the year, coiled tubing saw a steady uptrend in activity throughout the balance of the quarter and the month of March saw a 36% improvement in operating days over March in the prior year. The total reduction in coiled tubing revenue for the three months ended March 31, 2021 caused by fewer operating days was offset by higher revenue per day of $46,709 in the quarter as compared to $43,672 in the same quarter in the prior year. FIRST QUARTER 2021 COMPARED TO FOURTH QUARTER 2020Total Canadian revenue for the first quarter of 2021 was $109.4 million compared to fourth quarter 2020 revenue of $41.0 million. As discussed earlier the overall economic environment is showing improvement and activity is returning to the oil and gas industry. Increased crude oil and natural gas prices have provided our clients with additional cash flow to invest. The increased revenue was attributable to a $60 million increase in fracturing revenue and an increase of $9 million in coiled tubing revenue. Fourth quarter 2020 revenue and Adjusted EBITDA were also impacted by budget exhaustion on STEP large work programs which exposed the Company to more aggressive spot market pricing competition as the overall level of service demand declined. Adjusted EBITDA for the first quarter of 2021 was $21.5 million (20% of revenue) compared to $5.5 million (14% of revenue) from the fourth quarter of 2020. First quarter 2021 included $3.6 million in CEWS recorded as a reduction in employee wages and fourth quarter of 2020 included $3.8 million in CEWS and $0.1 million in severance. Adjusted EBITDA in the first quarter of 2021 benefitted from higher activity levels than the fourth quarter 2020, as capital budgets were reset early in 2021 which led to the higher activity. Fracturing The Company ran four fracturing spreads in first quarter 2021 compared to three spreads in fourth quarter 2020. Operating days increased 103% from 138 days in the three months ended December 31, 2020 to 280 days in the three months ended March 31, 2020. STEP pumped 134,000 tonnes of proppant and 82 tonnes per stage in fourth quarter 2020 compared to 327,000 tones and 102 tonnes per stage in first quarter 2021. Coiled Tubing The Company ran seven coiled tubing units in first quarter 2021 compared to five units in fourth quarter 2020. Coiled tubing revenue per day remained largely the same in first quarter 2021 and fourth quarter 2020. UNITED STATES FINANCIAL AND OPERATIONS REVIEW STEP’s U.S. business commenced operations in 2015 with coiled tubing services. STEP has a fleet of 13 coiled tubing units in the Permian and Eagle Ford basins in Texas, the Bakken shale in North Dakota, and the Uinta-Piceance and Niobrara-DJ basins in Colorado. STEP entered the U.S. fracturing business in April 2018. The U.S. fracturing business has 207,500 HP, which primarily operates in the Permian and Eagle Ford basins in Texas. Management continues to adjust capacity and regional deployment to optimize utilization, efficiency and returns. ($000’s except per day, days, units, proppant pumped and HP)Three months ended March 31, 2021 2020 Revenue: Fracturing$16,425 $60,442 Coiled tubing 11,025 25,177 27,450 85,619 Expenses: Operating expenses 38,029 86,915 Selling, general and administrative 1,406 2,488 Results from operating activities$(11,985)$(3,784)Add non-cash items: Depreciation 8,691 11,928 Share-based compensation 277 (338)Adjusted EBITDA (1)$(3,017)$7,806 Adjusted EBITDA % (1) (11%) 9%Sales mix (% of segment revenue) Fracturing 60% 71%Coiled tubing 40% 29%Fracturing services Fracturing revenue per operating day(1)$122,575 $296,284 Number of fracturing operating days (2) 134 204 Proppant pumped (tonnes) 189,000 293,000 Stages completed 909 1,379 Proppant pumped per stage 208 212 Horsepower Active pumping HP, end of period 110,000 157,500 Idle pumping HP, end of period 97,500 50,000 Total pumping HP, end of period (3) 207,500 207,500 Coiled tubing services Coiled tubing revenue per operating day(1)$35,000 $45,446 Number of coiled tubing operating days (2) 315 554 Active coiled tubing units, end of period 7 7 Idle coiled tubing units, end of period 6 6 Total coiled tubing units, end of period 13 13 (1) See Non-IFRS Measures.(2) An operating day is defined as any coiled tubing and fracturing work that is performed in a 24-hour period, exclusive of support equipment. (3) Represents total owned HP in the U.S. FIRST QUARTER 2021 COMPARED TO FIRST QUARTER 2020Total U.S. revenue was $27.5 million in the three months ended March 31, 2021 compared to $85.6 million for the three months ended March 31, 2020 a decrease of 68%. Fracturing revenue was $60.4 million in first quarter 2020 compared to $16.4 million in first quarter 2021, a decline of 72%. Coiled tubing revenue was $25.2 million in first quarter 2020 compared to $11.0 million in first quarter 2021, a decline of 56%. Adjusted EBITDA loss was $3.0 million or negative 11% for the three months ended March 31, 2021 compared to Adjusted EBITDA of $7.8 million or 9% for the three months ended March 31, 2020 a decrease of $10.8 million. During first quarter 2021, U.S. operations were impacted by the winter storm that occurred in February which resulted in widespread power outages and forced temporary shutdowns of refineries in the Southern U.S. for several days. Activity was impacted for several weeks including a period of total shutdown during the worst of the storm. Fracturing During the first quarter of 2020, STEP U.S. operated three fracturing spreads and had high utilization. At the onset of the pandemic, STEP scaled back its operating fracturing spreads to one and only added a second fracturing spread in late 2020 as activity began to return. STEP restructured the U.S. business to support a smaller complement of equipment for both fracturing and coiled tubing. The decline in Adjusted EBITDA from first quarter 2020 to first quarter 2021 is primarily related to year over year price erosion and the costs related to inactivity during the February winter storm. The decrease in revenue per day is the result of a change in contract mix as well as higher competitive pressure on pricing. First quarter 2020 work complement included STEP sand supplied contracts with typically higher revenue per day. First quarter 2021 saw a transition to pumping only contracts that removed the revenue associated with the provision of sand. During first quarter 2020 revenue per day was $296,284 compared to first quarter 2021 revenue per day of $122,575. With the increases in commodity prices and additional activity, the industry is in the early stages of price recovery discussions and STEP has been participating in these discussions with its clients. The month of March 2021 met STEP’s expectations and we are cautiously optimistic that the economic recovery will continue. STEP capitalizes fluid ends when it is determined that they have an estimated useful life that exceeds 12 months. Based on a review of usage history in the U.S., fluid ends are expensed. U.S. Fracturing expensed fluid ends for the three months ended March 31, 2021 of $1.1 million (USD $0.8 million) compared to the three months ended March 31, 2020 of $3.0 million (U.S. $2.2 million). Coiled Tubing During the first quarter of 2021, STEP operated seven coiled tubing units consistent with the number of units operated in the first quarter 2021 and one more than fourth quarter 2020. STEP operates coiled tubing units in West Texas, South Texas, North Dakota, and Colorado. In addition to the winter storm in February that impacted the Southern U.S., North Dakota also experienced a cold snap that reduced activity and affected first quarter results. The coiled tubing business has experienced significant pricing pressures with a continued over supply of equipment and aggressive pricing practices as competitors attempt to gain market share. Revenue per day during first quarter 2020 was $45,446 per day compared to $35,000 per day in first quarter 2021. Similar to fracturing STEP has been having discussions with its coiled tubing clients to support price recovery. FIRST QUARTER 2021 COMPARED TO FOURTH QUARTER 2020Total U.S. revenue for the first quarter of 2021 was $27.5 million compared to fourth quarter 2020 revenue of $30.6 million. First quarter 2021 was significantly impacted by the temporary suspension of client programs due to the severe February cold snap. Rolling blackouts forced the shutdown of several refineries, primarily impacting U.S. Texas operations. North Dakota coiled tubing operations were also affected by severe cold weather. The $3.1 million decrease in revenue was composed of $4.3 million in lower fracturing revenue offset by a $1.1 million increase in coiled tubing revenue. Adjusted EBITDA loss for the first quarter of 2021 was $3.0 million or negative 11% compared to an Adjusted EBITDA loss of $1.4 million or negative 5% from the fourth quarter of 2020. Overhead and SG&A cost management measures implemented in 2020 continued through the quarter. Fracturing STEP’s U.S. fracturing operations were completely shutdown for several weeks related to the severe winter storm during the first quarter 2021 which negatively impacted sequential results. STEP reactivated a second fracturing spread in late 2020 in anticipation of an increase in market activity. Coiled Tubing STEP U.S. coiled tubing operating days increased slightly from 292 in fourth quarter of 2020 to 315 in first quarter of 2021. Coiled tubing revenue per day increased from $33,849 per day to $35,000 per day in fourth quarter 2020 and first quarter 2021, respectively. STEP is cautiously optimistic that prices and activity will continue to improve through 2021. CORPORATE FINANCIAL REVIEW The Company’s corporate activities are separated from Canadian and U.S. operations. Corporate operating expenses include expenses related to asset reliability and optimization teams, Corporate Sales, General & Administrative costs include costs associated with the executive team, the Board of Directors, public company costs and other activities that benefit Canadian and U.S. operating segments collectively. ($000’s)Three months ended March 31, 2021 2020 Expenses: Operating expenses$214 $633 Selling, general and administrative 5,205 5,076 Results from operating activities$(5,419)$(5,709)Add non-cash items: Depreciation 173 216 Share-based compensation 2,692 (402)Adjusted EBITDA (1)$(2,554)$(5,895)Adjusted EBITDA % (1,2) (2%) (3%) (1) See Non-IFRS Measures.(2) Adjusted EBITDA percentage calculated using the Consolidated revenue for the period. FIRST QUARTER 2021 COMPARED TO FIRST QUARTER 2020Expenses from corporate activities, excluding depreciation and share-based compensation (“SBC”) related to corporate assets and employees, were $2.6 million for the first quarter of 2021 compared to $5.9 million for the first quarter of 2020. The $3.3 million decrease is primarily due to $0.6 million in severance for employee terminations, $2.5 million in bad debt expense and the reduction in staff count undertaken in second quarter 2020 that was maintained through first quarter 2021. This decrease is offset by $0.2 million in CEWS recorded as a reduction to employee wage expense. FIRST QUARTER 2021 COMPARED TO FOURTH QUARTER 2020Expenses from corporate activities, excluding depreciation and SBC related to corporate assets and employees, were $2.6 million for the first quarter of 2021 compared to $1.7 million for the fourth quarter of 2020. STEP reduced first quarter 2021 employee wage expense by $0.2 million as a result of CEWS. STEP also recorded CEWS of $0.3 million in fourth quarter 2020. The quarter over quarter increase in expense is due to the Company reversing salary cutbacks on January 1, 2021, accruals for short-term incentive plans that were eliminated in 2020 as part of the reduction in expenses and an increase in external legal costs. NON-IFRS MEASURES Please see the discussion in the Non-IFRS Measures section of the MD&A for the reconciliation of non-IFRS items to IFRS measures. FORWARD-LOOKING INFORMATION & STATEMENTS Certain statements contained in this Press Release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”). These statements relate to the expectations of management about future events, results of operations and the Company’s future performance (both operational and financial) and business prospects. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “plan”, “contemplate”, “continue”, “estimate”, “expect”, “intend”, “propose”, “might”, “may”, “will”, “shall”, “project”, “should”, “could”, “would”, “believe”, “predict”, “forecast”, “pursue”, “potential”, “objective” and “capable” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. While the Company believes the expectations reflected in the forward-looking statements included in this Press Release are reasonable, such statements are not guarantees of future performance or outcomes and may prove to be incorrect and should not be unduly relied upon. In particular, but without limitation, this Press Release contains forward-looking statements pertaining to: 2021 industry conditions and outlook, including potential increased activity and the impact thereof on the Company’s equipment reactivation plans, performance, revenue and cash flows; the potential for a global economic recovery; a strengthening commodity price outlook, including its effects on drilling activity levels and pricing for the Company’s services; COVID-19 and related public health measures and their impact on energy demand and the Company’s financial position and business plans; the effect of weather on the Company’s potential Q1 2021 results; client demand for dual – fuel capabilities; supply and demand for oilfield services and industry activity levels, including industry capacity, equipment levels, and utilization levels; the Company’s ability to meet all financial commitments including interest payments over the next twelve months; market uncertainty, and its effect on commodity prices; relaxation of COVID-19 related restrictions, the potential for a third wave of COVID-19 infections, and the resulting impact on crude oil demand and the Company’s operations; the Company’s anticipated business strategies and expected success, including changes to cost structures and cash preservation measures; the Company’s ability to manage its capital structure; pricing received for the Company’s services; the Company’s capital program in 2021 and management’s continued evaluation thereof; planned utilization of government financial support and economic stimulus programs; expected profitability; expected income tax liabilities; adequacy of resources to funds operations, financial obligations and planned capital expenditures in 2021; planned deployment and staffing levels for the Company’s equipment; the Company’s ability to retain its existing clients; the monitoring of industry demand, client capital budgets and market conditions; client credit risk, including the Company’s ability to set credit limits, monitor client payment patterns, and to apply liens; and the Company’s expected compliance with covenants under its Credit Facilities, its ability to continue as a going concern, and its ability to satisfy its financial commitments and obtain relief from the lenders under its Credit Facilities; and the impact of litigation, including the Calfrac litigation, on the Company. The forward-looking information and statements contained in this Press Release reflect several material factors and expectations and assumptions of the Company including, without limitation: the Company will continue to conduct its operations in a manner consistent with past operations; the Company will continue as a going concern; the Company’s ability to manage the effect of the COVID-19 pandemic and OPEC or OPEC+ related market uncertainty on the market for its services; industry and regulatory uncertainty caused by the new U.S. Presidential administration; the general continuance of current or, where applicable, assumed industry conditions; pricing of the Company’s services; the Company’s ability to market successfully to current and new clients; the Company’s ability to utilize its equipment; the Company’s ability to collect on trade and other receivables; the Company’s ability to obtain and retain qualified staff and equipment in a timely and cost effective manner; levels of deployable equipment; future capital expenditures to be made by the Company; future funding sources for the Company’s capital program; the Company’s future debt levels; the availability of unused credit capacity on the Company’s credit lines; the impact of competition on the Company; the Company’s ability to obtain financing on acceptable terms; the Company’s continued compliance with financial covenants and the ability to obtain covenant relief; the amount of available equipment in the marketplace; and client activity levels and spending. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable but no assurance can be given that these factors, expectations and assumptions will prove correct. Actual results could differ materially from those anticipated in these forward‐looking statements due to the risk factors set forth below and elsewhere in this Press Release: volatility of the oil and natural gas industry; global, national, or local health concerns such as the COVID‐19 pandemic and their impact on demand and pricing for the Company’s services, the Company’s supply chain, the continuity of the Company’s operations and the health of the Company’s workforce; competition in the oilfield services industry; restrictions on access to capital; reliance on suppliers of raw materials, diesel fuel and component parts; reliance on equipment suppliers and fabricators; direct and indirect exposure to volatile credit markets; fluctuations in currency exchange rates; fluctuations in interest rates on floating rate loans and borrowings; merger and acquisition activity among the Company’s clients; reduction in the Company’s clients’ cash flows or ability to source debt or equity; federal, provincial or state legislative and regulatory initiatives that could result in increased costs and additional operating restrictions or delays; health, safety and environment laws and regulations may require the Company to make substantial expenditures or cause it to incur substantial liabilities; changes to government financial support and economic stimulus programs implemented to mitigate economic impacts of COVID‐19; loss of a significant client could cause the Company’s revenue to decline substantially; negative cash flows from operating activities; third party credit risk; hazards inherent in the oilfield services industry which may not be covered to the full extent by the Company’s insurance policies; difficulty in retaining, replacing or adding personnel; seasonal volatility due to adverse weather conditions; reliance on a few key employees; legal proceedings involving the Company; failure to maintain the Company’s safety standards and record; failure to continuously improve operating equipment and proprietary fluid chemistries; actual results differing materially from management estimates and assumptions; market uncertainties; and the risk factors set forth under the heading “Risk Factors” in the AIF and under the heading “ Risk Factors and Risk Management” in the Company’s May 12, 2021 MD&A and the Annual MD&A. Any financial outlook or future orientated financial information contained in this Press Release regarding prospective financial performance, financial position or cash flows is based on the assumptions about future events, including economic conditions and proposed courses of action based on management’s assessment of the relevant information that is currently available. Projected operational information, including the Company’s capital program, contains forward looking information and is based on a number of material assumptions and factors, as are set out above. These projections may also be considered to contain future oriented financial information or a financial outlook. The actual results of the Company’s operations will likely vary from the amounts set forth in these projections and such variations may be material. Readers are cautioned that any such financial outlook and future oriented financial information contains herein should not be used for purposes other than those for which it is disclosed herein. The forward-looking information and statements contained in this Press Release speak only as of the date of the document, and none of the Company or its subsidiaries assumes any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws. The reader is cautioned not to place undue reliance on forward-looking information. ABOUT STEP STEP is an oilfield service company that provides stand-alone and fully integrated fracturing, coiled tubing and wireline solutions. Our combination of modern equipment along with our commitment to safety and quality execution has differentiated STEP in plays where wells are deeper, have longer laterals and higher pressures. Founded in 2011 as a specialized deep capacity coiled tubing company, STEP now provides an integrated solution for deep capacity coiled tubing and fracturing services to exploration and production (“E&P”) companies in Canada and the United States (“U.S.”). Our Canadian services are focused in the WCSB, while in the U.S., our services are focused in the Permian and Eagle Ford in Texas, the Uinta-Piceance, and Niobrara-DJ basins in Colorado and the Bakken in North Dakota. Our four core values; Safety, Trust, Execution and Possibilities inspire our team of professionals to provide differentiated levels of service, with a goal of flawless execution and an unwavering focus on safety. For more information please contact: Regan DavisPresident & Chief Executive Officer Michael KellyExecutive Vice President & Chief Financial Officer Telephone: 403-457-1772 Telephone: 403-457-1772 Email: firstname.lastname@example.org Web: www.stepenergyservices.com
Keeping your vaccine card in a case ensures it stays safe, but can still be updated.
Colton Underwood knew he was different at a young age. By the time he was in his early teens, he realized he was attracted to men, but had no idea what that meant for him. After all, he had grown up as a religious, conservative football player, who was always told that being gay is […]
WHITEHORSE, Yukon, May 12, 2021 (GLOBE NEWSWIRE) -- Victoria Gold Corp. (TSX-VGCX) (“Victoria” or the “Company”) announces that a securities class action has been commenced in the Supreme Court of British Columbia, naming as defendants the Company, certain of its directors and officers, and underwriters who participated in a secondary offering of securities of Victoria that was completed in September 2021. The notice of civil claim alleges that certain of Victoria’s public disclosures contained misrepresentations, and advances primary and secondary market claims in relation to the disclosures identified. The Company believes the allegations in the claim are meritless and intends to vigorously defend the action. About the Dublin Gulch PropertyVictoria Gold's 100%-owned Dublin Gulch gold property (the “Property”) is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo. The Property is accessible by road year round, and is connected to Yukon Energy's electrical grid. The Property covers an area of approximately 555 square kilometers, and is the site of the Company's Eagle and Olive Gold Deposits. The Eagle Gold Mine is Yukon's newest operating gold mine. The Eagle and Olive deposits include Proven and Probable Reserves of 3.3 million ounces of gold from 155 million tonnes of ore with a grade of 0.65 grams of gold per tonne, as outlined in a National Instrument 43-101 Technical Report for the Eagle Gold Mine dated December 3, 2019. The Mineral Resource under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) for the Eagle and Olive deposits has been estimated to host 227 million tonnes averaging 0.67 grams of gold per tonne, containing 4.7 million ounces of gold in the “Measured and Indicated” category, inclusive of Proven and Probable Reserves, and a further 28 million tonnes averaging 0.65 grams of gold per tonne, containing 0.6 million ounces of gold in the “Inferred” category. Cautionary Language and Forward-Looking StatementsThis press release includes certain statements that may be deemed “forward-looking statements”. Except for statements of historical fact relating to Victoria, information contained herein constitutes forward-looking information, including any information related to Victoria's strategy, plans or future financial or operating performance. Forward-looking information is characterized by words such as “plan”, “expect”, “budget”, “target”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may”, “will”, “could” or “should” occur, and includes any guidance and forecasts set out herein (including, but not limited to, production and operational guidance of the Corporation). In order to give such forward-looking information, the Corporation has made certain assumptions about the its business, operations, the economy and the mineral exploration industry in general, in particular in light of the impact of the novel coronavirus and the COVID-19 disease (“COVID-19”) on each of the foregoing. In this respect, the Corporation has assumed that production levels will remain consistent with management's expectations, contracted parties provide goods and services on agreed timeframes, equipment works as anticipated, required regulatory approvals are received, no unusual geological or technical problems occur, no material adverse change in the price of gold occurs and no significant events occur outside of the Corporation's normal course of business. Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those described in, or implied by, the forward-looking information. These factors include the impact of general business and economic conditions, risks related to COVID-19 on the Company, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, anticipated metal production, fluctuating metal prices, currency exchange rates, estimated ore grades, possible variations in ore grade or recovery rates, changes in accounting policies, changes in Victoria's corporate resources, changes in project parameters as plans continue to be refined, changes in development and production time frames, the possibility of cost overruns or unanticipated costs and expenses, uncertainty of mineral reserve and mineral resource estimates, higher prices for fuel, steel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, final pricing for metal sales, unanticipated results of future studies, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, requirements for additional capital, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage and timing and possible outcomes of pending litigation and labour disputes, risks related to remote operations and the availability of adequate infrastructure, fluctuations in price and availability of energy and other inputs necessary for mining operations. Although Victoria has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in, or implied by, the forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding Victoria's expected financial and operational performance and Victoria's plans and objectives and may not be appropriate for other purposes. All forward-looking information contained herein is given as of the date hereof, as the case may be, and is based upon the opinions and estimates of management and information available to management of the Corporation as at the date hereof. The Corporation undertakes no obligation to update or revise the forward-looking information contained herein and the documents incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by applicable laws. For Further Information Contact:John McConnellPresident & CEOVictoria Gold CorpTel: email@example.com
Residents age 11 to 20 made up 18% of new cases in the state over the past month. That’s second only to those age 21 to 30, who accounted for 19% of new cases, according to DHEC.
We have a date and timeline for the 2022 Critics Choice Awards. The Critics Choice Association said Wednesday that the 27th annual Critics Choice Awards will air live on The CW Network on Sunday, January 9, 2022 from 7-10 pm ET (delayed PT). The show will continue its combined film and television awards format, honoring […]
Ohio will give away $1 million prizes to 5 adults and 5 full-ride public college scholarships to teens who get vaccinated, Gov. Mike DeWine said.
Mikel Arteta has clarified comments made during his pre-match press conference ahead of Arsenal’s trip to Chelsea and insisted he will always defend his players. Ahead of Arsenal’s match with Chelsea on Wednesday, which the Gunners won 1-0, Arteta spoke about how some players had not given their maximum this season. The Spaniard, speaking after the win at Chelsea, aimed to clarify those comments, insisting he was not criticising his players’ effort or work rate.
Elon Musk said on Wednesday that Tesla would stop accepting Bitcoin in car purchases.
Victor Caratini lined a two-out grand slam in the sixth, powering the virus-depleted San Diego Padres to a 5-3 win over the Colorado Rockies on Wednesday in a doubleheader opener. Second baseman Austin Nola — a catcher pressed into infield duty following a flurry of roster moves — made a game-saving, over-the-shoulder catch in shallow right to close out the game with the bases loaded in the seventh. Caratini's blast to right came on a belt-high fastball from reliever Robert Stephenson, who was summoned after starter Jon Gray (4-3) loaded the bases.
Members of the media are invited to attend an important virtual infrastructure event with the Honourable Catherine McKenna, Minister of Infrastructure and Communities, the Honourable Filomena Tassi, Minister of Labour and Member of Parliament for Hamilton – West – Ancaster – Dundas, and the Honourable Caroline Mulroney, Ontario Minister of Transportation.
OTTAWA, May 12, 2021 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN) (OTC:CTNXF) announces that since April 30, 2021, holders of warrants to purchase common shares of the Company at an exercise price of $2.00 per warrant (the “Warrants”) have exercised an aggregate 2,400,000 Warrants, resulting in aggregate proceeds to the Company of C$4,800,000 and the issuance of 2,400,000 common shares. The Warrants were issued in connection with a May 2016 financing of the Company and expire on May 12, 2021. The Company expects 166,576 Warrants will expire unexercised. About Cornerstone Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including the Cascabel gold-enriched copper porphyry joint venture in northwest Ecuador. Cornerstone has a 20.8% direct and indirect interest in Cascabel comprised of (i) a direct 15% interest in the project financed through to completion of a feasibility study and repayable at Libor plus 2% out of 90% of its share of the earnings or dividends from an operation at Cascabel, plus (ii) an indirect interest comprised of 6.86% of the shares of joint venture partner and project operator SolGold Plc. Exploraciones Novomining S.A. (“ENSA”), an Ecuadoran company owned by SolGold and Cornerstone, holds 100% of the Cascabel concession. Subject to the satisfaction of certain conditions, including SolGold’s fully funding the project through to feasibility, SolGold Plc will own 85% of the equity of ENSA and Cornerstone will own the remaining 15% of ENSA. Investor Inquiries Further information is available on Cornerstone’s website: www.cornerstoneresources.com and on Twitter. For investor, corporate or media inquiries, please contact firstname.lastname@example.org, or: Investor Relations: Mario Drolet; Email: Mario@mi3.ca; Tel. (514) 904-1333 Due to anti-spam laws, many shareholders and others who were previously signed up to receive email updates and who are no longer receiving them may need to re-subscribe at http://www.cornerstoneresources.com/s/InformationRequest.asp Cautionary Notice:This news release may contain ‘Forward-Looking Statements’ that involve risks and uncertainties, such as statements of Cornerstone’s beliefs, plans, objectives, strategies, intentions and expectations. The words “potential”, “anticipate”, “forecast”, “believe”, “estimate”, “intend”, “trends”, “indicate”, “expect”, “may”, “should”, “could”, “will”, “project”, “plan”, or the negative or other variations of these words and similar expressions are intended to be among the statements that identify ‘Forward-Looking Statements’, although not all forward-looking statements contain these words. Examples of forward-looking statements in this news release include, but are not limited to, the Company’s expectation that 166,576 Warrants will expire unexercised. Although Cornerstone believes that its expectations reflected in these ‘Forward-Looking Statements’ are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in our regulatory filings, viewed on the SEDAR website at www.sedar.com. For us, uncertainties arise from the behaviour of financial and metals markets, predicting natural geological phenomena and from numerous other matters of national, regional, and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive, or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our Forward-Looking Statements. Although Cornerstone believes the facts and information contained in this news release to be as correct and current as possible, Cornerstone does not warrant or make any representation as to the accuracy, validity or completeness of any facts or information contained herein and these statements should not be relied upon as representing its views after the date of this news release. While Cornerstone anticipates that subsequent events may cause its views to change, it expressly disclaims any obligation to update the Forward-Looking Statements contained herein except where outcomes have varied materially from the original statements. On Behalf of the Board, Brooke MacdonaldPresident and CEO Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Diego Simeone’s side are four points clear at the top.
Trouble started her business in 1973.
Shareholder rights law firm Robbins LLP announces that it is investigating XL Fleet Corp. (NYSE: XL) to determine whether certain XL Fleet Corp. officers and directors violated the Securities Exchange Act of 1934 and breached their fiduciary duties to the Company. XL Fleet provides vehicle electrification solutions for commercial and municipal fleets in North America. It offers hybrid and plug-in hybrid electric drive systems.
Rite Aid (NYSE: RAD) today announced it is administering COVID-19 vaccines to anyone 12 or older at all locations offering the Pfizer vaccine, following the latest guidance from the Centers for Disease Control and Prevention (CDC).
NEW YORK, May 12, 2021 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Neptune Wellness Solutions Inc. (NASDAQ: NEPT) between July 24, 2019 and February 16, 2021, inclusive (the “Class Period”), of the important May 17, 2021 lead plaintiff deadline. SO WHAT: If you purchased Neptune securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO NEXT: To join the Neptune class action, go to http://www.rosenlegal.com/cases-register-2059.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email email@example.com or firstname.lastname@example.org for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 17, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience or resources. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers. DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the cost of Neptune’s integration of the assets and operations acquired in the SugarLeaf Acquisition would be larger than Neptune had acknowledged, placing significant strain on Neptune’s capital reserves; (2) accordingly, it was reasonably foreseeable that Neptune would need to conduct additional stock offerings to raise more capital; and (3) as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the Neptune class action, go to http://www.rosenlegal.com/cases-register-2059.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email email@example.com or firstname.lastname@example.org for information on the class action. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/. Attorney Advertising. Prior results do not guarantee a similar outcome. ------------------------------- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 email@example.com firstname.lastname@example.org email@example.com www.rosenlegal.com