A rebound for oil prices will help out Alberta’s treasury, but those working in the industry are still waiting and hoping for a demand for their services to return.
A rebound for oil prices will help out Alberta’s treasury, but those working in the industry are still waiting and hoping for a demand for their services to return.
Robin Lehner is furious the NHL 'lied' about lifting COVID restrictions and for prioritizing competitive balance over the mental health of players.
The Democratic-led House passed legislation Wednesday designed to constrain a president’s power to limit entry to the U.S., a response to former President Donald Trump’s travel ban covering five Muslim-majority countries. President Joe Biden reversed the travel restrictions from the Trump administration in one of his first moves in office, easing limits on Iran, Libya, Somalia, Syria and Yemen, as well as North Korea and some government officials from Venezuela. Rep. Jerrold Nadler, the Democratic chairman of the House Judiciary Committee, said presidents from both parties have used their authority to exclude narrow groups of people from entering the U.S, such as certain North Korean officials.
*Preheats the oven*
A group of Democratic senators re-introduced a bill on Wednesday that would expand Medicare access across the country.
Runbeck Election Services officials say they don’t believe the ballots had print quality issues as each ballot was printed exactly as instructed by the county.
WEST BEND, Wis., April 21, 2021 (GLOBE NEWSWIRE) -- Westbury Bancorp, Inc. (OTCQX: WBBW), the holding company (the “Company”) for Westbury Bank (the “Bank”), today announced net income of $2.4 million, or $0.95 per common share and $5.1 million, or $2.01 per common share, for the three and six months ended March 31, 2021 compared to net income of $1.8 million, or $0.58 per common share and $3.6 million, or $1.16 per common share, for the three and six months ended March 31, 2020. About Westbury Bancorp, Inc. Westbury Bancorp, Inc. is the holding company for Westbury Bank. The Company's common shares are traded on OTCQX under the symbol “WBBW”. Detailed quarterly financial statements for the Company may be found at www.otcmarkets.com/stock/WBBW/disclosure. Westbury Bank is an independent community bank primarily serving communities in Washington and Waukesha Counties through its eight full service offices providing deposit and loan services to individuals, professionals and businesses throughout its markets. Forward-Looking Information Information contained in this press release, other than historical information, may be considered forward-looking in nature and is subject to various risks, uncertainties, and assumptions. Such forward-looking statements in this release are inherently subject to many uncertainties arising in the Company's operations and business environment. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations. Certain tabular presentations may not reconcile because of rounding. ___________________________________ WEBSITE: www.westburybankwi.com Contact: Kirk Emerich - Executive Vice President and CFO Greg Remus - President and CEO 262-335-6037 At or For the Three Months Ended: March 31, 2021December 31, 2020September 30, 2020June 30, 2020March 31, 2020Selected Financial Condition Data: (Dollars in thousands)Total assets$892,363 $906,344 $887,285 $905,170 $817,754 Loans receivable, net641,599 653,485 692,391 680,130 642,790 Allowance for loan losses8,488 8,486 7,908 7,632 7,079 Securities available for sale136,154 106,201 94,875 91,598 87,088 Total liabilities809,734 824,873 808,430 827,847 737,936 Deposits795,687 805,085 776,412 787,825 706,889 Stockholders' equity82,629 81,471 78,855 77,323 79,818 Asset Quality Ratios: Non-performing assets to total assets1.31%1.35%1.33%1.31%1.39%Non-performing loans to total loans1.33%1.34%1.25%1.28%1.29%Total classified assets to total assets1.32%1.43%1.54%1.31%1.39%Allowance for loan losses to non-performing loans98.04%95.99%90.15%86.55%84.69%Allowance for loan losses to total loans1.31%1.28%1.13%1.11%1.09%Net charge-offs (recoveries) to average loans - annualized—%(0.02%)0.16%—%—% Capital Ratios: Average equity to average assets9.30%9.02%8.75%9.08%10.18%Equity to total assets at end of period9.26%8.99%8.89%8.54%9.76%Total capital to risk-weighted assets (Bank only)13.01%13.41%12.98%12.82%12.71%Tier 1 capital to risk-weighted assets (Bank only)11.78%12.17%11.83%11.70%11.67%Tier 1 capital to average assets (Bank only)9.21%9.40%9.03%9.00%9.65%CET1 capital to risk-weighted assets (Bank only)11.78%12.17%11.83%11.70%11.67% Three Months Ended: Six Months Ended: March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Selected Operating Data:(in thousands, except per share data)Interest and dividend income$6,915 $7,692 $14,761 $15,541 Interest expense375 1,303 902 2,833 Net interest income6,540 6,389 13,859 12,708 Provision for loan losses— 90 550 150 Net interest income after provision for loan losses6,540 6,299 13,309 12,558 Service fees on deposit accounts820 847 1,711 1,814 Gain on sale of loans1,169 365 2,417 804 Other non-interest income420 519 1,137 807 Total non-interest income2,409 1,731 5,265 3,425 Compensation and other employee benefits2,990 3,144 6,015 6,367 Occupancy, furniture and equipment639 670 1,230 1,203 Data processing778 795 1,541 1,584 Other non-interest expense1,159 909 2,690 1,754 Total non-interest expense5,566 5,518 11,476 10,908 Income before income tax expense3,383 2,512 7,098 5,075 Income tax expense958 714 1,972 1,440 Net income$2,425 $1,798 $5,126 $3,635 Basic earnings per share$0.95 $0.58 $2.01 $1.16 Diluted earnings per share$0.90 $0.56 $1.93 $1.12 For the Three Months Ended: March 31, 2021December 31, 2020September 30, 2020June 30, 2020March 31, 2020Selected Operating Data:(in thousands, except per share data)Interest and dividend income$6,915 $7,846 $7,226 $7,334 $7,692 Interest expense375 526 778 940 1,303 Net interest income6,540 7,320 6,448 6,394 6,389 Provision for loan losses— 550 574 551 90 Net interest income after provision for loan losses6,540 6,770 5,874 5,843 6,299 Service fees on deposit accounts820 891 910 747 847 Gain on sale of loans1,169 1,249 1,087 766 419 Other non-interest income420 715 598 417 465 Total non-interest income2,409 2,855 2,595 1,930 1,731 Compensation and other employee benefits2,990 3,025 3,141 3,051 3,144 Occupancy, furniture and equipment639 591 596 606 670 Data processing778 763 787 758 795 Other non-interest expense1,159 1,531 1,275 1,076 909 Total non-interest expense5,566 5,910 5,799 5,491 5,518 Income before income tax expense3,383 3,715 2,670 2,282 2,512 Income tax expense958 1,014 738 633 714 Net income$2,425 $2,701 $1,932 $1,649 $1,798 Basic earnings per share$0.95 $1.06 $0.76 $0.58 $0.58 Diluted earnings per share$0.90 $1.03 $0.75 $0.57 $0.56 At or For the Three Months Ended: At or For the Six Months Ended: March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020Selected Financial Performance Ratios: Return on average assets1.11% 0.88% 1.16% 0.87%Return on average equity11.80% 8.60% 12.53% 8.64%Interest rate spread3.20% 3.25% 3.34% 3.18%Net interest margin3.21% 3.29% 3.35% 3.23%Non-interest expense to average total assets2.55% 2.69% 2.59% 2.61%Average interest-earning assets to average interest-bearing liabilities104.13% 106.02% 104.41% 106.22% Per Share and Stock Market Data: Net income per common share$0.95 $0.58 $2.01 $1.16 Basic weighted average shares outstanding2,564,148 3,090,270 2,554,994 3,127,684 Book value per share - excluding unallocated ESOP shares$30.69 $27.09 $30.69 $27.09 Book value per share - including unallocated ESOP shares$29.97 $25.78 $29.97 $25.78 Closing market price$28.75 $21.50 $28.75 $21.50 Price to book ratio - excluding unallocated ESOP shares93.68% 79.37% 93.68% 79.37%Price to book ratio - including unallocated ESOP shares95.93% 83.40% 95.93% 83.40%
TORONTO, April 21, 2021 (GLOBE NEWSWIRE) -- Mitchell Cohen, Chief Executive Officer and President of Urbanfund Corp. (TSX-V: UFC) (“Urbanfund” or the “Company”), confirmed today that the Company has filed its financial statements for the year ended December 31, 2020 (the “Consolidated Financial Statements”) and corresponding Management’s Discussion and Analysis (“MD&A”). BUSINESS OVERVIEW AND STRATEGY Business Overview Urbanfund is an Ontario corporation listed on the TSX Venture Exchange (“TSX-V”) under the symbol UFC. The Company is a reporting issuer in Alberta, British Columbia and Ontario. Urbanfund’s focus is to invest in Canadian real estate and real estate related projects with a focus on a mix of both residential and commercial properties. The Company’s assets are located in Toronto, Brampton, Belleville, Kitchener, London, Ontario, Quebec City and Montreal, Quebec and Dartmouth, Nova Scotia. Operational Highlights Part of Urbanfund’s strength is its ability to attract partners with proven track records with both residential and commercial development expertise. Urbanfund continues to build alliances with its strategic partners, highlights of which are set forth below: 10 Mic Mac Boulevard and 27 Brookdale Crescent – On November 10, 2020, the Company acquired a 20% interest in West Mic Mac Properties Inc, with the remaining 80% interest retained by Westdale Construction Co. Limited. In turn, West Mic Mac Properties Inc. purchased 10 Mic Mac Boulevard and 27 Brookdale Crescent, Dartmouth, Nova Scotia for $17,000,000 plus customary closing costs, funded by a $12,700,000 mortgage and $4,300,000 in equity contributions. This portfolio features three rental apartment buildings containing 110 suites. Steeles Avenue East – In May 2020, Urbanfund, along with its joint venture partners Takol Real Estate Inc. and 2074-2084 Steeles Avenue East Inc., purchased properties located on 2074-2080-2084 Steeles Avenue East, Brampton, Ontario. The properties were purchased for $32,000,000 plus customary closing costs, funded by a $24,000,000 mortgage and $8,000,000 in equity contributions. The Company holds a 25% interest in this joint venture. The purpose of the joint venture is to develop and sell industrial condominium units upon its completion. Alfred Kuehne – In February 2020, Urbanfund sold all remaining units within the 4 Alfred Kuehne, Brampton, Ontario project and received a total distribution of $2,874,228 which included a return of capital of $1,800,000 and a distribution of income of $1,074,228. Bellbrook and Regal Luxury Apartment Portfolio – In November 2019, Urbanfund invested $2,000,000 for a 20% interest in Bellbrook Residential Inc. In turn, Bellbrook Residential Inc. purchased the Bellbrook and Regal Luxury Apartment portfolio for $33,350,000 plus customary closing costs, funded by a $24,000,000 mortgage and $9,350,000 in equity contributions. The Bellbrook and Regal Luxury Apartment Portfolio represents a 3-building luxury portfolio with 145 “condo quality” units in Dartmouth, Nova Scotia. PRESENTATION OF FINANCIAL INFORMATION AND NON-IFRS MEASURES Presentation of Financial Information Unless otherwise specified herein, financial results, including historical comparatives, contained in this press release are based on Urbanfund’s 2020 Annual Consolidated Financial Statements, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the IFRS Interpretations Committee (“IFRIC”). Unless otherwise specified, amounts are in Canadian dollars and percentage changes are calculated using whole numbers. RESULTS FROM OPERATIONS In addition to reported IFRS measures, industry practice is to evaluate real estate entities giving consideration to certain non-IFRS performance measures such as funds from operations, adjusted cash flows from operations and net operating income, as reported below. For further details, please refer to Non-IFRS Measures. Selected Annual Information Year ended December 31, 2020 2019 2018 Operating results Revenue $ 5,307,631 $5,172,805 $5,320,151 Income before taxes 9,693,629 6,759,202 5,462,709 Net income and comprehensive income 8,003,299 6,505,877 4,688,709 Per share basis, attributable to shareholders Basic income per share $ 0.170 $0.140 $0.110 Diluted income per share $ 0.140 $0.120 $0.090 Non-IFRS measures (i) FFO $ 3,179,100 $2,018,111 $3,183,056 ACFO 3,942,028 144,666 2,561,196 As at December 31, 2020 2019 2018 Financial position Total assets $ 124,091,291 $92,080,829 $79,259,420 Total investment properties 92,108,743 67,170,041 57,899,678 Total debt 54,548,405 31,690,190 28,238,845 Non-IFRS measures (i) Debt to total assets 44% 34% 36%Debt to Adjusted EBITDA (ii) 10.27 7.82 4.14 Interest coverage ratio (ii) 4.59 3.29 4.03 Debt service ratio (ii) 2.20 1.62 2.16 (i) Represents non-IFRS measures. For definitions and basis of presentation for non-IFRS measures, refer to Non-IFRS Measures section below.(ii) Calculated on a trailing twelve-month basis Summary of Quarterly Results For the three months ended, RevenueNet income attributable to shareholdersBasic income per shareDiluted income per shareDecember 31, 2020 $ 1,345,118 $ 5,098,151 $ 0.100 $ 0.090 September 30, 2020 1,331,319 584,436 0.012 0.010 June 30, 2020 1,277,095 566,521 0.012 0.010 March 31, 2020 1,354,099 1,754,191 0.037 0.032 December 31, 2019 1,238,328 2,439,650 0.053 0.045 September 30, 2019 1,281,917 1,669,097 0.036 0.031 June 30, 2019 1,368,674 1,548,996 0.033 0.029 March 31, 2019 1,283,886 848,134 0.018 0.016 Funds from Operations (“FFO”) Three months ended December 31,Year ended December 31, 2020 2019 2020 2019 Net income attributable to shareholders $ 5,094,298 $2,439,411 $ 8,003,299 $6,505,877 Add back / (deduct): Gain on disposal of marketable securities - - - (169,177)Deferred income tax expense 1,027,000 (185,000) 1,208,000 128,000 Fair value adjustment on equity accounted investments (794,600) (1,581,737) (1,029,800) (2,483,745)Fair value adjustment on investment properties (5,001,458) (43,901) (4,993,799) (1,953,874)Straight-line of rental revenue (2,200) (2,570) (8,600) (8,970)FFO $ 323,040 $626,203 $ 3,179,100 $2,018,111 Weighted average number of shares - basic 49,271,611 45,801,122 48,468,068 46,597,337 Weighted average number of shares - diluted 56,696,611 53,226,122 55,893,068 54,022,337 FFO per share - basic $ 0.007 $0.014 $ 0.066 $0.043 FFO per share - diluted $ 0.006 $0.012 $ 0.057 $0.037 Adjusted Cash Flows from Operations (“ACFO”) Three months ended December 31,Year ended December 31, 2020 2019 2020 2019 Cash provided by operating activities $ 431,953 $1,513,260 $ 5,597,234 $2,483,709 Adjustments to working capital changes for ACFO (i) 12 (239,957) 144,794 (143,545)Normalized capital expenditures (ii) (600,000) (600,000) (1,800,000) (1,800,000)Non-controlling interests - (395,498) - (395,498)ACFO $ (168,035)$277,805 $ 3,942,028 $144,666 (i) Includes working capital changes that based on REALpac February 2019 whitepaper, are not indicative of sustainable cash flow for distribution. Also includes income taxes not relating to operating activities, tenant deposits, and deferred financing charges.(ii) Normalized capital expenditures are management’s estimate of ongoing capital investment required to maintain the condition of the property and current rental revenues. Refer to Non-IFRS Measures section below. LIQUIDITY AND CAPITAL RESOURCES Urbanfund expects to meet all of its obligations, including dividends to shareholders, property maintenance, capital expenditures and other commitments as they become due. The Company has various financing sources to fund future acquisitions and continues to fund working capital needs from cash flows generated from operating activities. Cash flows from operating activities are dependent on the occupancy levels of our income properties. The following table presents liquidity as a percentage of debt: As at December 31, 2020 December 31, 2019 Cash $ 6,530,044 $7,331,435 Accounts receivable (i) 609,102 662,165 Liquidity $ 7,139,146 $7,993,600 Mortgages payable 54,707,015 33,412,223 Debt $ 54,707,015 $33,412,223 Liquidity expressed as a percentage of debt 13.0% 23.9% (i) As of the date of this MD&A, Urbanfund has collected its outstanding amounts due as at December 31, 2020 and therefore accounts receivable have been factored in Liquidity. The Company’s liquidity will be impacted by contractual commitments as outlined in Urbanfund’s MD&A. Urbanfund’s debt obligations can be funded by the Company’s cash and cash equivalents, marketable securities and rental revenue from property operations. DIVIDEND REINVESTMENT PLAN (“DRIP”) On June 17, 2015, the Company adopted a dividend policy (the “Dividend Policy”) and implemented dividend reinvestment plans for the Company’s common and preferred shareholders (collectively, the “DRIP”). The DRIP is a voluntary program permitting holders of our common and preferred shares to automatically, and without charge, reinvest quarterly dividends to acquire additional common shares at a discount to the volume-weighted average market price as of the date of payment. On June 18, 2018, Urbanfund amended its Dividend Policy to increase the annual dividend rate to $0.02 per common share and $0.02 per Series A preferred share, a 100% increase from the previous year, payable quarterly in the amount of $0.005 per common share and Series A preferred share. On June 18, 2019, Urbanfund amended its Dividend Policy to increase the annual dividend to a rate of $0.03 per common share and $0.03 per preferred share, representing a 50% increase from the previous year, payable quarterly in the amount of $0.0075 per common and preferred shares. During the year ended December 31, 2020, 2,072,513 common shares were issued pursuant to our DRIP resulting in additional equity of $1,329,133. The average participant rate of the DRIP was 78%. The record date for dividends is typically the last business day of each quarter and payment is approximately two weeks from the record date. The following table summarizes our quarterly distributions as at December 31, 2020: Payment dateShareholders of record2019, quarter 4 distribution Jan. 15, 2020Dec. 31, 20192020, quarter 1 distribution Apr. 15, 2020Mar. 31, 20202020, quarter 2 distribution Jul. 15, 2020Jun. 30, 20202020, quarter 3 distribution Oct. 15, 2020Sep. 30, 2020 NON-IFRS MEASURES In addition to reported IFRS measures, industry practice is to evaluate real estate entities giving consideration to certain non-IFRS performance measures such as funds from operations, adjusted cash flows from operations and net operating income. Management believes that these measures are helpful to investors because they are widely recognized measures of Urbanfund’s performance and provide a relevant basis of comparison to other real estate entities. In addition to IFRS results, these measures are also used internally to measure the operating performance of our property portfolio. These measures are not in accordance with IFRS and have no standardized definitions, as such, our computations of these non-IFRS measures may not be comparable to measures by other reporting issuers. The Real Property Association of Canada (“REALpac”) issued a white paper in February 2019 prescribing revised definitions for certain non-IFRS financial measures of cash flow and operating performance commonly used by the Canadian real estate industry. Urbanfund has reviewed these guidelines and adopted certain measures, where appropriate, commencing with our fourth quarter 2017 reporting. Funds From Operations Funds from Operations (“FFO”) is a non-IFRS financial measure of operating performance widely used by the Canadian real estate industry based on a white paper published in April 2014 and subsequently revised in February 2019. In the view of management, FFO better presents operating performance over IFRS net income and comprehensive income, which does not necessarily provide a complete view on performance. IFRS’s net income and comprehensive income includes items such as fair value adjustments on investment properties which are subject to market fluctuations, which is not representative of the Company’s year-over-year operating performance. FFO is computed as IFRS consolidated net income and comprehensive income attributable to Urbanfund’s shareholders adjusted for items such as, but not limited to, fair value adjustments on investment properties, transaction gains and losses and fair market value adjustments on marketable securities. FFO should not be construed as an alternative to net income or cash flows provided by or used in operating activities as determined in accordance with IFRS. A reconciliation of FFO to IFRS net income is presented under Results from Operations section above. Adjusted Cash Flows from Operations In February 2019, REALpac introduced a new non-IFRS measure called Adjusted Cash Flow from Operations (“ACFO”), which is intended to measure sustainable economic cash flow available for distributions. ACFO is used by management as an input, together with FFO to assess Urbanfund’s distribution payout ratios. ACFO is computed as cash provided by or used in operating activities per IFRS plus, but not limited to, adjustments for working capital items not considered to be indicative of sustainable economic cash flows for distributions, such as changes to other assets, indirect taxes payable and income taxes payable, cash distributions from investments, realized gains or losses from available-for-sale marketable securities and deducts capital expenditures. ACFO should not be construed as an alternative to cash flows provided by or used in operating activities as determined in accordance with IFRS. A reconciliation of ACFO to IFRS cash flows from or used in operating activities is presented in the Results from Operations section above. Normalized Capital Expenditures Normalized capital expenditures are an estimate made by management of the amount of ongoing capital investment required to maintain the condition of the physical property and the current rental revenues. Management will consider a number of items in estimating normalized capital expenditures given the age and size of the property portfolio, such as a review of historical capital expenditures and a comparison of budgeted to actual expenditures on a quarterly basis. Urbanfund does not obtain support from independent sources for normalized capital expenditures but relies on management’s expertise in arriving at this estimate. Both the Chief Financial Officer and the Chief Executive Officer of the Company have extensive experience in residential and commercial real estate and in-depth knowledge of the property portfolio. As actual capital expenditures can vary widely from quarter to quarter depending on a number of factors, management believes that normalized capital expenditures are a more relevant input than actual capital expenditures in assessing the Company’s ACFO and for determining appropriate levels of dividends over time. A number of factors affect variations in capital expenditures, including, lease expiries, tenant vacancies, age and location of the properties, and market conditions. Net Operating Income (“NOI”) NOI is a non-IFRS measure and is defined by Urbanfund as rental revenue from income properties less direct property costs such as utilities, property taxes adjusted to normalize the impact of the application requirements of IFRIC 21, Levies, repairs and maintenance, salaries, insurance, bad debt expenses, property management fees and other property specific costs. Management believes that NOI is a meaningful supplementary measure of the income generated from the Company’s income properties and is used in evaluating the portfolio, as well as a key input in determining the value of the income properties. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) Adjusted EBIDTA is a non-IFRS measure used by management as an input in several of the debt metrics to measure Urbanfund’s debt profile in assessing the ability of the Company to satisfy obligations, including servicing of our debt. Adjusted EBITDA is used as an alternative to net income because it excludes major non-cash items such as fair value adjustments to investment properties and unrealized gains or losses on available-for-sale marketable securities, interest costs, current and deferred income tax expenses and recoveries, equity accounted investments and other items that management considers to be non-operating in nature. A reconciliation of Adjusted EBITDA to IFRS net income is presented under the Debt Profile section of the MD&A. Debt to Adjusted EBITDA Debt to Adjusted EBITDA is a non-IFRS measure calculated on a trailing 12-month basis and is defined as the quarterly average total debt (net of cash and cash equivalents) divided by Adjusted EBITDA as is calculated under the Debt Profile section of the MD&A. Debt Service Ratio Debt service ratio is a non-IFRS measure calculated on a trailing 12-month basis and is defined as Adjusted EBITDA divided by the sum of total interest costs (including interest costs capitalized) and scheduled mortgage principal repayments. It measures Urbanfund’s ability to meet debt obligations. The debt service ratio is calculated under the Debt Profile section of the MD&A. Interest Coverage Ratio Interest coverage ratio is a non-IFRS measure calculated on a trailing 12-month basis and is defined as Adjusted EBITDA divided by the sum of total interest costs (including interest costs capitalized) It measures Urbanfund’s ability to meet interest cost obligations. The interest coverage ratio is calculated under the Debt Profile section of the MD&A. FORWARD-LOOKING INFORMATION Certain information included in this press release contains forward-looking information with the meaning of applicable Canadian securities laws. This information includes, but is not limited to, statements made in Business Overview and Strategy, Results from Operations, Liquidity and Capital Resources, and other statements concerning Urbanfund’s objectives, its strategies to achieve those objectives, as well as statements with respect to management’s beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, or similar expressions suggesting future outcomes or events or the negative thereof. Such forward-looking information reflects management’s beliefs and is based on information currently available. All forward-looking information in this press release is qualified by the following cautionary statements. Forward-looking information necessarily involves known and unknown risks and uncertainties, which may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, assumptions may not be correct and objectives, strategic goals and priorities may not be achieved. A variety of factors, many of which are beyond Urbanfund’s control, affect the operations, performance and results of the Company and its subsidiaries, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. A more detailed assessment of the risks that could cause actual results to materially differ from current expectations is contained in the Risks and Uncertainties section of Urbanfund’s MD&A for the year ended December 31, 2020. The forward-looking information included in this press release is made as of the date hereof and should not be relied upon as representing Urbanfund’s views as of any date subsequent to the date hereof. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise. ADDITIONAL INFORMATION For comprehensive disclosure of Urbanfund’s performance, reference should be made to the Consolidated Financial Statements and the notes thereto and the MD&A for the year ended December 31, 2020, which have been filed electronically with the Canadian securities regulators through the System for Electronic Document Analysis and Retrieval (“SEDAR”) and may be accessed through the SEDAR website at www.sedar.com. For further information, please contact: Mitchell CohenPresident, Chief Executive Officer and DirectorUrbanfund Corp.406-703-1877 extension 2025 Neither the TSX Venture Exchange nor its Regulation Service Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Press Release.
First to theaters, then to VOD/DVD, then to Netflix, then to Disney. Don't expect Sony to launch their own streaming service.
Uxbridge resident Eilish Neilly has had a love for Planet Earth from a young age, and she is now heading a cigarette butt cleanup team here in our town. This winter, Neilly found herself out of work, and when a volunteer opportunity with A Greener Future (an organization that works with local communities to promote environmental preservation) came up, she jumped at the chance to join the team. “I love doing work with nonprofits and charities,” says Neilly, “and I was excited to get the role as a communications assistant with A Greener Future.” Neilly studied environmental management at the University of Guelph and has always found volunteering for the environment to be a rewarding activity. When the Butt Blitz project came up, Neilly signed on as a coordinator and based her team out of her hometown of Uxbridge. A Greener Future started the Butt Blitz in 2015, and in its six years running, volunteers have picked up over a million cigarette butts. The collected butts are all sent to an organization called TerraCycle, where they can be properly recycled and used to create industrial items such as park benches and plastic pallets. This year, the organization is taking on its biggest goal yet - to pick up one million butts in the month of April alone. Currently, it has reached a little over a third of its goal, and it’s looking for a strong finish to the month-long cleanup project. Neilly has a team of about 11 volunteers, and so far they have already collected around 30,000 cigarette buts in Uxbridge alone. “Once you start looking for them, you really can’t ever unsee it,” says Neilly. “Although it sometimes feels like your impact is really small, I know that if a lot of people get on it we can make a difference.” The project is usually run as a single day blitz along the shore of Lake Ontario, but as a result of the COVID pandemic, the project was modified this year to a month-long community-based project. With the success of this project, Neilly suspects it might continue in a similar fashion next year. “There’s often a lot of shame that goes along with litter, but with cigarette butts it just seems to be perceived as more normal,” says Neilly. “I think that’s because people don't really know what’s in the butts. There is actually plastic inside the filter, people often think it's cotton or a natural fiber. With that plastic comes a lot of other issues over time when it’s left in our environment.” To learn more about A Greener Future and to stay up to date on its projects, visit agreenerfuture.ca and follow on social media. Justyne Edgell, Local Journalism Initiative Reporter, The Uxbridge Cosmos
CALGARY — The CEO of Canadian Pacific Railway Ltd. says a rival bid for Kansas City Southern by Canadian National Railway Co. carries a bigger price tag but can't win U.S. regulatory approval because of its negative affects on competition. During the Calgary-based company's first-quarter financial results call Wednesday after markets closed, CP CEO Keith Creel listed off a long series of "truths" that suggest CP's offer made last month is better for shippers and investors than CN's competing bid made Tuesday. "So, were my eyes opened yesterday when I read the press release? The truth is yes, the headline number was undeniably eye-opening: 325 bucks (US per share)," Creel said. "But the reality is that only matters if its attainable. Unrealized value is still equal to zero. If you can't do the deal, if it's not doable, you never get there." In response to an analyst's question, Creel said on the call CP is not considering increasing its bid for KCS because it doesn't want to put its balance sheet at risk. On Tuesday, Montreal-based CN announced a cash-and-stock bid valued at US$33.7 billion for Kansas City, Mo.-based KCS, topping one made last month by Calgary-based CP Rail valued at US$25 billion. Earlier on Wednesday, CP said is it is appealing to the U.S. regulator that governs railway mergers to rule on CN's claim that its offer will be assessed in the same way as CP's bid. "Because of the far more serious public interest concerns posed by CN's proposed acquisition of KCS, CN's suggestion that its proposal should be subject to the same regulatory treatment as the CP-KCS transaction is incorrect," CP said in a news release ahead of its annual general meeting. "Whereas a Canadian Pacific transaction raises none of the issues that motivated the new merger rules in 2001, the CN proposal raises all of them, especially competitive and downstream consolidation concerns." CP charges that a CN-KCS merger would "destabilize" the rail network balance in North America that has prevented further consolidation of the six largest railroads for two decades, adding it would leave CP as a disadvantaged "odd-man-out" in a six-railroad North America. CP has asked the U.S. Surface Transportation Board to rule that its combination with KCS qualifies under a waiver the regulator granted to KCS in 2001 from more stringent merger rules adopted to protect competition. It says the STB should make it clear that CN's bid will not qualify for the same exemption. Also Wednesday, CN announced that it has notified the STB that it intends to apply for authority to combine with KCS under current merger rules and also seeking approval of its plan to employ a voting trust so that KCS shareholders can be paid out while awaiting final STB approval. “We believe the STB and our customers will recognize that CN presents the best solution for the continued growth, development and prosperity of the North American economy,” said CEO Jean-Jacques Ruest in a statement. “CN has made a superior proposal and is committed to satisfying the current STB merger rules. CN is confident that the STB will approve the voting trust, which will permit KCS shareholders to crystallize the value of its U.S. and Mexico franchise, and then permit the STB to undertake the careful review process it should take following the closing into the voting trust.” The company said it is confident it can address any reasonable remediation concerns and it supports an STB review under modern rules, as opposed to "rules from four decades ago that have been opposed by virtually every other party to have filed before the STB." KCS's rail assets in Mexico have long made it a desirable takeover target. A CN-KCS combination would be the third-largest Class 1 railroad in North America by revenue, while a CP-KCS merger would remain the smallest of the six remaining railroads. CN noted a combined CN-KCS would be the fifth-largest railway by network length in the United States, behind the four big American Class 1 railroads but ahead of CP. There was only brief mention of the proposed KCS merger at the CP annual meeting on Wednesday morning, where shareholders voted 99 per cent in favour of a share-split resolution to issue five new CP shares for each existing share. After markets closed, CP reported first-quarter net income of $602 million on revenue of $1.959 billion, compared with $409 million on $2.0 billion in the year-earlier period. Analysts had expected net income of $593 million on $1.995 billion in revenue, according to financial data firm Refinitiv. This report by The Canadian Press was first published April 21, 2021. Companies in this story: (TSX:CP, TSX:CNR) Dan Healing, The Canadian Press
Davis said he was worried that he tore his Achilles tendon when he suffered a calf strain in February.
Hello, everyone, and thank you for joining us to discuss Preferred Bank's financial results for the first quarter ended March 31, 2021. With me today from management are Chairman and CEO, Li Yu; President and Chief Operating Officer, Wellington Chen; Chief Financial Officer, Edward Czajka; Chief Credit Officer, Nick Pi; and Deputy Chief Operating Officer, Johnny Hsu. Forward-looking statements are also subject to known and unknown risks, uncertainties and other factors relating to Preferred Bank's operations and business environment, all of which are difficult to predict and many of which are beyond the control of Preferred Bank.
Here are three of my top picks that I'd invite long-term investors to take a close look at right now. The post 3 Top Canadian Stocks to Buy in Spring 2021 appeared first on The Motley Fool Canada.
EXCLUSIVE: Camping alumna Ione Sky is set for a recurring role in NBC’s upcoming drama series La Brea. In La Brea, written by David Appelbaum, when a massive sinkhole mysteriously opens in Los Angeles, it tears a family in half, separating mother (Natalie Zea) and son (Jack Martin) from father (Eoin Macken) and daughter (Zyra […]
The party leaders will look to promote Welsh Labour’s offer to North Wales ahead of the Senedd election
Vancouver, British Columbia--(Newsfile Corp. - April 21, 2021) - Grande Portage Resources Ltd. (TSXV GPG) ("Grande Portage" or "the Company") is pleased to announce that it has arranged, subject to approval from the TSX Venture Exchange, a non-brokered private placement of up to 1,100,000 units for gross proceeds of up to $310,000. The private placement offering will be at $0.28 per unit, and will consist of one common share in the capital of the ...
EDMONTON, Alberta, April 21, 2021 (GLOBE NEWSWIRE) -- BGE Indoor Air Quality Solutions, the leader in providing filtration and indoor air quality (IAQ) solutions throughout Western Canada today announced a strategic partnership with Kaiterra, a global leader in high-accuracy air quality monitors and data solutions for industrial use, businesses, and consumers around the world. The reseller partnership enables BGE to sell Kaiterra’s two signature commercial-grade products, the Sensedge and Sensedge Mini. Commenting on the new strategic business relationship, Ian MacGillivray, VP Sales & Marketing of BGE said, “This partnership with Kaiterra is very exciting for our company as it allows us to build on our pursuit of delivering clean air to organizations and their buildings. By using technology and data, Kaiterra’s solutions allow us to actually measure the levels of contaminants in the air - making the invisible, visible. This in turn provides building owners, operators, tenants and guests a visible display of the quality of the air in their building and a way to diagnose potential IAQ problems.” “As the world continues to combat the COVID-19 pandemic, air quality has never been more important. Now thanks to accurate sensors and monitoring technologies, we can address any potential risks before they start to impact our health and wellbeing,” says Liam Bates, CEO and co-founder of Kaiterra. “At Kaiterra, our goal is to provide a wide range of accurate, reliable, accessible monitoring solutions so that building owners and facility managers can make data-driven decisions to improve their IAQ. We are excited to work with BGE to bring our air quality monitoring solutions to more commercial and industrial customers across Western Canada.” About BGEBGE Indoor Air Quality Solutions provides services and products to organizations that care about clean air. Our suite of filtration and indoor air quality solutions and services enables organizations to build and maintain clean, healthy indoor air environments. Indoor air quality has never been more important, and as thought leaders in the industry, we strive to educate and advise our customers, challenge the status quo and pursue innovative solutions to meet our customers’ evolving air quality and business needs… because clean air matters. For more information, visit https://bgecleanair.com About KaiterraKaiterra creates high-accuracy air quality monitors and data solutions for consumers, businesses, and industrial use, with the goal of better understanding and reducing the world’s air pollution. A global company founded by Swiss entrepreneur and Forbes 30 under 30 member, Liam Bates, Kaiterra devices can be found across the world in use by consumers, the built environment, and local governments. For more information, visit https://kaiterra.com/. Media Contact – BGEKen Wilson, Director of Marketing firstname.lastname@example.org 587-433-6619 Media Contact - KaiterraLaura Lian – Director of Marketinglaura@kaiterra.com(585) 622-7706
Mayville Engineering Company, Inc. ("MEC") today announced that it will release financial results for the first quarter 2021 after market close on Tuesday, May 4th, 2021.
Advantech (stock code: 2395), a leading provider of advanced IoT intelligence systems, is excited to launch its Advantech Connect Online Partner Conference, an online partner conference for global partners, focusing on the theme "Edge-to-Cloud Partnerships Enable Smart City Services with AIoT." The conference sessions will be livestreamed in North America on April 28-30 (UTC-4) and center around six main topics: Intelligent Hospitals, Telehealth & Mobile Solutions, Intelligent Retail, Hospitality, Intelligent Logistics & Fleet Management, and Industrial Tablet Solutions.
Radnor, Pennsylvania--(Newsfile Corp. - April 21, 2021) - The law firm of Kessler Topaz Meltzer & Check, LLP reminds investors of Leidos Holdings, Inc. (NYSE: LDOS) ("Leidos") that a securities class action lawsuit has been filed on behalf of those who purchased or acquired Leidos securities between May 4, 2020 and February 23, 2021, inclusive (the "Class Period").Lead Plaintiff Deadline: May 5, 2021Website: https://www.ktmc.com/leidos-holdings-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=leidos Contact: James Maro, Esq. (484) 270-1453 Adrienne ...