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News Article | February 25, 2017
Site: www.techtimes.com

Considerable time has been spent by scientists in analyzing the cause of Chronic Fatigue Syndrome (CFS) or Myalgic Encephalomyelitis. The puzzle, however, persisted without any clue whether it was a psychological or physical illness. There are one million Americans affected by this disease. Complete exhaustion makes people afflicted with CFS incapacitated to work or study. The underlying cause has been eluding discovery with many dismissing it as not a "real disease." However, a new breakthrough is in sight. Thanks to Australian scientists, for the first time the cause of CFS has been traced to a faulty cell receptor in the immune cells. The cell receptor dysfunction was found by researchers from Griffith University who identified patients with CFS/ME as having single nucleotide polymorphisms in the genetic code of some cell receptors. The CFS condition usually manifests with the following symptoms "This discovery is great news for all people living with Chronic Fatigue Syndrome (CFS) and the related Myalgic Encephalomyelitis (ME), as it confirms what people with these conditions have long known - that it is a 'real' illness - not a psychological issue," said Leeanne Enoch, the Science Minister of Queensland. The study has been published in Clinical Experimental Immunology. The research conducted by scientists at the Griffith University's National Centre for Neuroimmunology and Emerging Diseases focused on the abnormalities in the immune cell receptors. "We have discovered and reported for the first time abnormalities of a certain receptor in immune cells of the body and hence it's likely to be in every cell in the body", NCNED Co-Director, Professor Don Staines, said. They zeroed in on the single nucleotide polymorphisms in the genetic code of affected patients. The cell receptor TRPM3 plays a vital role in moving calcium from outside the cell to the system in balancing gene expression and production of proteins. A defect in the receptor stems from the change in gene transcription. It now follows that CFS condition blocks transit of calcium causing pain in the brain, spinal cord, stomach, and the pancreas. Meanwhile, the flu-like CFS condition with heavy fatigue that limits a person's ability to carry out daily life has brought focus on the role of gut bacteria in enhancing the disease. "The key defining feature is actually what's called post-exertional malaise. This involves a flu-like reaction following any form of exertion, trauma or activity that exacerbates stress," noted Chris Armstrong, a researcher at the University of Melbourne's Department of Biochemistry. In the research on CFS, attention is also turning to gut health revealing what causes this condition. Armstrong and other researchers at Melbourne University studied the products of metabolism and gut microbiota in the patients' feces, blood, and urine. A microbial difference was spotted with the gut bacteria showing microbiome abnormality. A study had suggested changes in the composition of the gut bacteria could be adding pressure on the process of metabolism that converts food into energy. "Our food gets broken down by bacteria and these things called short chain fatty acids ... Our study has shown an increase of bacteria that are better at fermenting amino acids to these acids," Armstrong said. The assumption is that the increase in bacteria is causing the abnormal conditions in metabolism. © 2017 Tech Times, All rights reserved. Do not reproduce without permission.


News Article | February 28, 2017
Site: www.prweb.com

City Floor Supply (CFS), the nation’s leading hardwood flooring distributor, is now accepting registrations for “Nailer Day” scheduled for March 16, 2017. The free event – open to all hardwood floor contractors – will be held from 10:00am to 4:00pm at the distributor’s new North American Headquarters in King of Prussia, PA. Representatives from all the top manufacturers will be on hand, and more than $5000 in cash and prizes will be handed out at the event. Hardwood floor contractors can register at cityfloorsuppply.com/nailerday2017. As always, the “Fastest Nailer in the East” contest will be the centerpiece of the event. Sponsored by Aacer Flooring, the contest is a test of skill and speed, as the competitor to nail down 18 square feet of wood in the least amount of time will claim the title and $500 Grand Prize. City Floor will also hand out cash awards to 2nd and 3rd place finishers. The company will also hold a team competition and a friends and family contest to give everyone in attendance an opportunity to try their luck. See video highlights of the 2015 Nailer Day event. According to Mike Glavin, CFS Founder, “We are thrilled to bring back this signature event and host it at our new North American Headquarters.” The company suffered a fire in May 2015 that destroyed their previous facility. “This is truly a milestone event for us. During the rebuild we dreamed of the day when we would be able to reopen our doors and host events such as these.” While City Floor Supply has been reopen for a while now, this will be the company’s first contractor event at the new facility. Nailer Day attendees will have an opportunity to tour the facility and see the company's revolutionary new hardwood floor showroom up close and in person. Representatives from the National Wood Flooring Association (NWFA) will be on hand to offer one lucky winner a free membership, expo registration, and all access pass to the NWFA University online learning platform. Everyone in attendance will receive event-exclusive discounts and have a chance to win tools, equipment and other prizes, including a website design and hosting package. As always, City Floor will offer free labor on nailer repairs that day. For more information on Nailer Day 2017 visit cityfloorsupply.com/nailerday2017 or call 800-737-1786. About City Floor Supply (CFS) City Floor Supply (CFS) is a leading provider of unfinished and prefinished hardwood flooring and accessories including stains, finishes, abrasives, flooring tools, and sanding equipment. Family owned and operated, CFS has been serving hardwood flooring contractors for more than 25 years and provides the expertise needed to install and maintain hardwood floors. The company offers all the top name manufactures including, Aacer, Century, Norton, Lagler, 3M, Clarke, Bona, Basic, Primatech, Bostick, and more. The company’s in-house resources include a top-ranked Machine Repair Center, Rental Center, In-house Chemist, and Gym Floor and Wood Floor Consultants. CFS educates customers via personalized service, online training materials, videos, and free events. Visit the CFS showroom in King of Prussia, PA or shop online at http://www.cityfloorsupply.com. Visit CFS on Facebook and follow the company on Twitter at @CityFloorSupply. For product information and training videos, visit the company’s YouTube channel or Blog. For media inquiries, contact Caran Baxter at caran.baxter(at)cityfloorsupply(dot)com or call 610-940-5757.


MILTON, GA / ACCESSWIRE / February 16, 2017 / Meridian Waste Solutions, Inc. (NASDAQ: MRDN) ("Meridian Waste" or the "Company"), a vertically integrated, non-hazardous solid waste services company, today announced the completed acquisition of The CFS Group, LLC, The CFS Group Disposal & Recycling Services, LLC and RWG5, LLC (collectively, "The CFS Group"). The CFS Group services 30,000+ commercial, industrial and residential customers in the Richmond, VA market area utilizing frontload, roll off and automated side load vehicles, containers and other related equipment, two MSW landfills, one transfer station and one recycling facility all located within central Virginia. Following the transaction, under Meridian Waste's ownership, The CFS Group companies will continue to own and operate all of their existing waste collection and disposal assets with greater access to capital for growth and acquisitions. The transaction marks Meridian Waste's first solid waste acquisition outside the state of Missouri and creates a vertically integrated market for the Company within the Commonwealth of Virginia. In 2016, The CFS Group generated $25 million in revenues. Rob Guidry, a twenty-seven year veteran of the solid waste industry, and all 109 CFS employees join the Meridian Waste family in this transaction and will continue operations in their respective locations. Mr. Guidry will continue in his role as the President of The CFS Group, responsible for managing the business and operations of the companies. "The stock transaction maintains the integrity of our entities while granting us access to greater capital to replace scheduled equipment and systems and invest in new opportunities for expansion. This event will be seamless in the eyes of our customers and stakeholders, as our entire team continues to strive to be the best in the solid waste industry," stated Mr. Guidry. Following the acquisition, Meridian Waste services over 118,500 residential, commercial, industrial and governmental customers with an estimated annual run rate of $58 million in combined revenues. Meridian Waste financed the acquisition with $34.1 million of additional capital provided by current senior lenders and funds from a recently completed equity offering. "Meridian Waste is on the forefront of an explosive period of growth, and I couldn't be more pleased than to have The CFS Group and Rob Guidry lead our expansion into the Commonwealth of Virginia," stated Jeff Cosman, CEO of Meridian Waste. "This acquisition further defines our growth strategy of targeting and expanding within vertically integrated markets and serve as a platform for further growth. Our combined companies will continue the quality environmental services The CFS Group's customers have come to expect, and we know that together we create a stronger company driven by men and women committed to a clean community and environmental excellence. We welcome our newest team members to Meridian Waste and are proud to continue their efforts in providing superior customer service under the Meridian Waste family of companies." Meridian Waste Solutions, Inc. is a company defined by our commitment to servicing our customers with unwavering respect, fairness and care. We are focused on finding and implementing solutions to solid waste needs and challenges within the industry and for our customers. Currently, the company operates in St. Louis, Missouri and Richmond, Virginia servicing over 118,500 residential, commercial, industrial and governmental customers. In addition to a fleet of commercial, residential and roll off trucks, the Company operates four transfer stations, one recycling facility and three municipal solid waste landfills. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve certain risks and uncertainties. The actual results or outcomes of Meridian Waste Solutions, Inc. may differ materially from those anticipated. Although Meridian Waste Solutions, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any such assumptions could prove to be inaccurate. Therefore, Meridian Waste Solutions, Inc. can provide no assurance that any of the forward-looking statements contained in this press release will prove to be accurate. In light of the significant uncertainties and risks inherent in the forward-looking statements included in this press release, such information should not be regarded as a representation by Meridian Waste Solutions, Inc. that its objectives or plans will be achieved. Included in these uncertainties and risks are, among other things, fluctuations in operating results, general economic conditions, uncertainty regarding the results of certain legal proceedings and competition. Forward-looking statements consist of statements other than a recitation of historical fact and can be identified by the use of forward-looking terminology such as "may," "intend," "expect," "will," "anticipate," "estimate" or "continue" or the negatives thereof or other variations thereon or comparable terminology. Because they are forward-looking, such statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Meridian Waste Solutions, Inc.'s most recent Annual and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled "Risk Factors." Meridian Waste Solutions, Inc. does not undertake an obligation to update publicly any of its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.


News Article | February 21, 2017
Site: www.prweb.com

Montano & Associates, a global international investigations firm, is proud to announce an expansion of client services to include corporate, executive and personal protection services with its partnership with Drogue Global Security Systems. With the partnership, Montano & Associates will offer comprehensive security solutions, including close protection services for executives and celebrities, as well as corporate and movie set security detail. The firm will also offer consulting and training in threat assessments and analysis, corporate security and personnel training. Alana Montano, Montano & Associates’ director of investigations assume responsibility for all aspects of brand protection, anti-diversion, and supply chain solutions and investigations. “We are very pleased to be able to bring our clients a full suite of security and investigative options with our new partnership with Drogue,” said Nickolas Montano, Jr., CFE, CFS, CHS III, CII, CPI, CSP, CIP, founder of Montano & Associates. Drogue Security Service Systems is a veteran owned company providing services to a multitude of government, corporate and private entities. Drogue’s leadership team consists of industry professionals from U.S. military special operations, and a range of federal and local law enforcement. Their highly skilled personnel are trained to mitigate risks and respond to the changing local and global threats. For more information, visit http://www.drogueinc.com. Montano & Associates is internationally recognized for its comprehensive range of investigative services, including loss prevention, intellectual property protection, brand protection, due diligence and fraud prevention. Montano & Associates was founded in 1980 by Nickolas Montano, a licensed private investigator and certified fraud examiner. For over 37 years, Montano & Associates has protected some of the world’s most iconic brands, companies and entertainment personalities. For more information, visit http://www.nickmontano.com.


CHICAGO--(BUSINESS WIRE)--St. George Logistics (“STG”), North America’s largest provider of outsourced container freight station (“CFS”) services and a leading provider of value-added warehousing and distribution solutions, announces that its Executive Chairman, Chris Jamroz, will be speaking today on February 22nd 2017 at the “Baird 2017 Private Company Technology and Services Conference” in New York. Jamroz will explain the STG’s strategy and value creation plan. “The US CFS industry has suffered from neglect and underinvestment over the last decade and is now in need of massive rationalization, modernization and consolidation,” said Jamroz. “Increased operating costs and the complexity of the supply chain challenges are further amplified by excess capacity and cyclicality of global LCL freight volumes. Outsourcing is the only path forward and STG is uniquely positioned to capitalize on these global trends.” Last July 2016, St. George was acquired by Wind Point Partners in partnership with Chris Jamroz and Hessel Verhage. Prior to STG, Jamroz served as the President & Chief Operating Officer of Garda Cash Logistics, a C$1.1 billion division of GardaWorld Security Corporation. In October 2016, St. George acquired and merged with AZ CFS, North America’s second largest provider of CFS services with leading share in export-oriented CFS. Wind Point is an active investor in logistics, transportation and route-based businesses with previous investments including Dicom Transportation Group, RailWorks Corporation and AIR-serv Group. St. George offers a wide range of value-added logistics services encompassing ocean and air CFS, contract warehousing, distribution, e-commerce fulfillment and transportation services. St. George operates the largest network of independent CFS facilities in North America and has very close proximity to all major ports and metropolitan areas for ocean or air cargo. The company is also a leading provider of additional logistics services, including distribution, warehousing and transportation within the US. Additional information is available at www.stgusa.com. Wind Point Partners is a private equity investment firm that has raised over $3 billion in commitments since 1984. Wind Point focuses on partnering with top caliber management teams to acquire middle market businesses where it can establish a clear path to value creation. Additional information about Wind Point is available at www.windpointpartners.com.


MILTON, GA / ACCESSWIRE / February 16, 2017 / Meridian Waste Solutions, Inc. (NASDAQ: MRDN) ("Meridian Waste" or the "Company"), a vertically integrated, non-hazardous solid waste services company, today announced the completed acquisition of The CFS Group, LLC, The CFS Group Disposal & Recycling Services, LLC and RWG5, LLC (collectively, "The CFS Group"). The CFS Group services 30,000+ commercial, industrial and residential customers in the Richmond, VA market area utilizing frontload, roll off and automated side load vehicles, containers and other related equipment, two MSW landfills, one transfer station and one recycling facility all located within central Virginia. Following the transaction, under Meridian Waste's ownership, The CFS Group companies will continue to own and operate all of their existing waste collection and disposal assets with greater access to capital for growth and acquisitions. The transaction marks Meridian Waste's first solid waste acquisition outside the state of Missouri and creates a vertically integrated market for the Company within the Commonwealth of Virginia. In 2016, The CFS Group generated $25 million in revenues. Rob Guidry, a twenty-seven year veteran of the solid waste industry, and all 109 CFS employees join the Meridian Waste family in this transaction and will continue operations in their respective locations. Mr. Guidry will continue in his role as the President of The CFS Group, responsible for managing the business and operations of the companies. "The stock transaction maintains the integrity of our entities while granting us access to greater capital to replace scheduled equipment and systems and invest in new opportunities for expansion. This event will be seamless in the eyes of our customers and stakeholders, as our entire team continues to strive to be the best in the solid waste industry," stated Mr. Guidry. Following the acquisition, Meridian Waste services over 118,500 residential, commercial, industrial and governmental customers with an estimated annual run rate of $58 million in combined revenues. Meridian Waste financed the acquisition with $34.1 million of additional capital provided by current senior lenders and funds from a recently completed equity offering. "Meridian Waste is on the forefront of an explosive period of growth, and I couldn't be more pleased than to have The CFS Group and Rob Guidry lead our expansion into the Commonwealth of Virginia," stated Jeff Cosman, CEO of Meridian Waste. "This acquisition further defines our growth strategy of targeting and expanding within vertically integrated markets and serve as a platform for further growth. Our combined companies will continue the quality environmental services The CFS Group's customers have come to expect, and we know that together we create a stronger company driven by men and women committed to a clean community and environmental excellence. We welcome our newest team members to Meridian Waste and are proud to continue their efforts in providing superior customer service under the Meridian Waste family of companies." Meridian Waste Solutions, Inc. is a company defined by our commitment to servicing our customers with unwavering respect, fairness and care. We are focused on finding and implementing solutions to solid waste needs and challenges within the industry and for our customers. Currently, the company operates in St. Louis, Missouri and Richmond, Virginia servicing over 118,500 residential, commercial, industrial and governmental customers. In addition to a fleet of commercial, residential and roll off trucks, the Company operates four transfer stations, one recycling facility and three municipal solid waste landfills. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve certain risks and uncertainties. The actual results or outcomes of Meridian Waste Solutions, Inc. may differ materially from those anticipated. Although Meridian Waste Solutions, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any such assumptions could prove to be inaccurate. Therefore, Meridian Waste Solutions, Inc. can provide no assurance that any of the forward-looking statements contained in this press release will prove to be accurate. In light of the significant uncertainties and risks inherent in the forward-looking statements included in this press release, such information should not be regarded as a representation by Meridian Waste Solutions, Inc. that its objectives or plans will be achieved. Included in these uncertainties and risks are, among other things, fluctuations in operating results, general economic conditions, uncertainty regarding the results of certain legal proceedings and competition. Forward-looking statements consist of statements other than a recitation of historical fact and can be identified by the use of forward-looking terminology such as "may," "intend," "expect," "will," "anticipate," "estimate" or "continue" or the negatives thereof or other variations thereon or comparable terminology. Because they are forward-looking, such statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Meridian Waste Solutions, Inc.'s most recent Annual and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled "Risk Factors." Meridian Waste Solutions, Inc. does not undertake an obligation to update publicly any of its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. MILTON, GA / ACCESSWIRE / February 16, 2017 / Meridian Waste Solutions, Inc. (NASDAQ: MRDN) ("Meridian Waste" or the "Company"), a vertically integrated, non-hazardous solid waste services company, today announced the completed acquisition of The CFS Group, LLC, The CFS Group Disposal & Recycling Services, LLC and RWG5, LLC (collectively, "The CFS Group"). The CFS Group services 30,000+ commercial, industrial and residential customers in the Richmond, VA market area utilizing frontload, roll off and automated side load vehicles, containers and other related equipment, two MSW landfills, one transfer station and one recycling facility all located within central Virginia. Following the transaction, under Meridian Waste's ownership, The CFS Group companies will continue to own and operate all of their existing waste collection and disposal assets with greater access to capital for growth and acquisitions. The transaction marks Meridian Waste's first solid waste acquisition outside the state of Missouri and creates a vertically integrated market for the Company within the Commonwealth of Virginia. In 2016, The CFS Group generated $25 million in revenues. Rob Guidry, a twenty-seven year veteran of the solid waste industry, and all 109 CFS employees join the Meridian Waste family in this transaction and will continue operations in their respective locations. Mr. Guidry will continue in his role as the President of The CFS Group, responsible for managing the business and operations of the companies. "The stock transaction maintains the integrity of our entities while granting us access to greater capital to replace scheduled equipment and systems and invest in new opportunities for expansion. This event will be seamless in the eyes of our customers and stakeholders, as our entire team continues to strive to be the best in the solid waste industry," stated Mr. Guidry. Following the acquisition, Meridian Waste services over 118,500 residential, commercial, industrial and governmental customers with an estimated annual run rate of $58 million in combined revenues. Meridian Waste financed the acquisition with $34.1 million of additional capital provided by current senior lenders and funds from a recently completed equity offering. "Meridian Waste is on the forefront of an explosive period of growth, and I couldn't be more pleased than to have The CFS Group and Rob Guidry lead our expansion into the Commonwealth of Virginia," stated Jeff Cosman, CEO of Meridian Waste. "This acquisition further defines our growth strategy of targeting and expanding within vertically integrated markets and serve as a platform for further growth. Our combined companies will continue the quality environmental services The CFS Group's customers have come to expect, and we know that together we create a stronger company driven by men and women committed to a clean community and environmental excellence. We welcome our newest team members to Meridian Waste and are proud to continue their efforts in providing superior customer service under the Meridian Waste family of companies." Meridian Waste Solutions, Inc. is a company defined by our commitment to servicing our customers with unwavering respect, fairness and care. We are focused on finding and implementing solutions to solid waste needs and challenges within the industry and for our customers. Currently, the company operates in St. Louis, Missouri and Richmond, Virginia servicing over 118,500 residential, commercial, industrial and governmental customers. In addition to a fleet of commercial, residential and roll off trucks, the Company operates four transfer stations, one recycling facility and three municipal solid waste landfills. This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve certain risks and uncertainties. The actual results or outcomes of Meridian Waste Solutions, Inc. may differ materially from those anticipated. Although Meridian Waste Solutions, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any such assumptions could prove to be inaccurate. Therefore, Meridian Waste Solutions, Inc. can provide no assurance that any of the forward-looking statements contained in this press release will prove to be accurate. In light of the significant uncertainties and risks inherent in the forward-looking statements included in this press release, such information should not be regarded as a representation by Meridian Waste Solutions, Inc. that its objectives or plans will be achieved. Included in these uncertainties and risks are, among other things, fluctuations in operating results, general economic conditions, uncertainty regarding the results of certain legal proceedings and competition. Forward-looking statements consist of statements other than a recitation of historical fact and can be identified by the use of forward-looking terminology such as "may," "intend," "expect," "will," "anticipate," "estimate" or "continue" or the negatives thereof or other variations thereon or comparable terminology. Because they are forward-looking, such statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Meridian Waste Solutions, Inc.'s most recent Annual and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled "Risk Factors." Meridian Waste Solutions, Inc. does not undertake an obligation to update publicly any of its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.


News Article | February 16, 2017
Site: globenewswire.com

ELMIRA, N.Y., Feb. 16, 2017 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (Nasdaq:CHMG) announced today that its Board of Directors has approved a quarterly cash dividend of $0.26 per share, payable on April 3, 2017 to common stock shareholders of record as of the close of business on March 20, 2017. Chemung Financial Corporation is a $1.7 billion financial services holding company headquartered in Elmira, New York and operates 33 retail offices through its principal subsidiary, Chemung Canal Trust Company, a full-service community bank with full trust powers.  Established in 1833, Chemung Canal Trust Company is the oldest locally-owned and managed community bank in New York State.  Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services and insurance, and Chemung Risk Management, Inc., a captive insurance company based in the State of Nevada. This press release may be found at www.chemungcanal.com.


News Article | February 16, 2017
Site: globenewswire.com

ELMIRA, N.Y., Feb. 16, 2017 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (Nasdaq:CHMG) announced today that its Board of Directors has approved a quarterly cash dividend of $0.26 per share, payable on April 3, 2017 to common stock shareholders of record as of the close of business on March 20, 2017. Chemung Financial Corporation is a $1.7 billion financial services holding company headquartered in Elmira, New York and operates 33 retail offices through its principal subsidiary, Chemung Canal Trust Company, a full-service community bank with full trust powers.  Established in 1833, Chemung Canal Trust Company is the oldest locally-owned and managed community bank in New York State.  Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services and insurance, and Chemung Risk Management, Inc., a captive insurance company based in the State of Nevada. This press release may be found at www.chemungcanal.com.


News Article | February 16, 2017
Site: globenewswire.com

ELMIRA, N.Y., Feb. 16, 2017 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (Nasdaq:CHMG) announced today that its Board of Directors has approved a quarterly cash dividend of $0.26 per share, payable on April 3, 2017 to common stock shareholders of record as of the close of business on March 20, 2017. Chemung Financial Corporation is a $1.7 billion financial services holding company headquartered in Elmira, New York and operates 33 retail offices through its principal subsidiary, Chemung Canal Trust Company, a full-service community bank with full trust powers.  Established in 1833, Chemung Canal Trust Company is the oldest locally-owned and managed community bank in New York State.  Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services and insurance, and Chemung Risk Management, Inc., a captive insurance company based in the State of Nevada. This press release may be found at www.chemungcanal.com.


*Adjusted for FX, the Community Financial Services (CFS) divestiture and PAY.ON acquisition NAPLES, Fla., March 02, 2017 (GLOBE NEWSWIRE) -- ACI Worldwide (NASDAQ:ACIW), a leading global provider of real-time electronic payment and banking solutions, today announced financial results for the quarter and full year ended December 31, 2016. “We delivered our strongest revenue growth of the year in Q4 and set another bookings record.  We signed three new UP BASE24-eps deals, one new UP Immediate Payments deal and our largest ever Universal Payments contract,” commented Phil Heasley, President and CEO, ACI Worldwide.  “Entering 2017, we are signing some of the largest contracts in our history and we are very optimistic about ACI’s growing opportunity in the rapidly changing payments landscape.” Net new bookings grew 3% and overall bookings, including term extensions, grew 50% after adjusting for foreign currency fluctuations and the CFS divestiture.  Term extension growth was particularly strong, rebounding from earlier in 2016. Revenue in Q4 was $343 million, up 11% from last year.  Adjusting for the CFS divestiture, incremental contribution from the PAY.ON acquisition, and foreign currency fluctuations, Q4 revenue increased 21% from the same quarter last year. Adjusted EBITDA in Q4 grew $50 million to $160 million, an increase of 46%, from $110 million in Q4 2015 excluding the CFS contribution and related costs.  After adjusting for pass through interchange revenues of $39 million and $33 million in 2016 and 2015, respectively, net adjusted EBITDA margin in Q4 was 52% in 2016 versus 44% in Q4 of 2015. Net income in Q4 was $67 million, or $0.56 per diluted share, versus $44 million, or $0.36 per diluted share in Q4 2015. Full year new bookings grew 6% and overall bookings, including term extensions, grew 16% to $1.3 billion, after adjusting for foreign currency fluctuations and the CFS divestiture. We ended the year with a 60-month backlog of $4 billion and a 12-month backlog of $816 million. Excluding the impact of the CFS divestiture and foreign currency movements, our 60-month backlog grew $126 million during 2016. Full year revenue was $1.006 billion, up $39 million, or 4% over 2015, after adjusting for the CFS divestiture, the PAY.ON acquisition, and foreign currency fluctuations. Adjusted EBITDA was $241 million, down $6 million compared to 2015, after adjusting for the CFS divestiture and related costs.  After adjusting for pass through interchange revenues of $144 million and $129 million in 2016 and 2015, respectively, net adjusted EBITDA margin was 28% in 2016 versus 30% in 2015. Net income for the year was $130 million, or $1.09 per diluted share, versus $85 million, or $0.72 per diluted share in 2015.  Operating free cash flow for the year was $72 million, down from $143 million in 2015. Operating free cash flow was impacted by the timing of renewal events resulting in a $61 million higher accounts receivable balance compared to the prior year. Subsequent to year end, accounts receivable has declined $77 million. As of December 31, 2016, we had $76 million in cash on hand, a debt balance of $753 million, and $78 million remaining under our share repurchase authorization. In 2017, we expect to generate revenue in a range of $1.0 billion to $1.025 billion, which represents 2-5% organic growth after adjusting for foreign currency fluctuations and the CFS divestiture.  Adjusted EBITDA is expected to be in a range of $250 million to $255 million, which excludes approximately $14 million in one-time integration related expenses for PAY.ON, the CFS divestiture, and data center and facilities consolidation.  We expect to generate between $215 million and $220 million of revenue in the first quarter, which represents 3-5% organic growth after adjusting for foreign currency fluctuations and the CFS divestiture.  We expect full year 2017 new bookings to grow in the upper single digit range. CONFERENCE CALL TO DISCUSS FINANCIAL RESULTS AND OUTLOOK Management will host a conference call at 8:30 am ET to discuss these results as well as 2017 guidance.  Interested persons may access a real-time audio broadcast of the teleconference at http://investor.aciworldwide.com/ or use the following numbers for dial-in participation:  US/Canada: (866) 914-7436, international:  +1 (817) 385-9117.   Please provide your name, the conference name ACI Worldwide, Inc. and conference code 66612410. There will be a replay of the call available for two weeks on (855) 859-2056 for US/Canada callers and +1 (404) 537-3406 for international participants. ACI Worldwide, the Universal Payments (UP) company, powers electronic payments for more than 5,100 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries as well as thousands of global merchants rely on ACI to execute $14 trillion each day in payments and securities. In addition, myriad organizations utilize our electronic bill presentment and payment services. Through our comprehensive suite of software and SaaS-based solutions, we deliver real-time, immediate payments capabilities and enable the industry’s most complete omni-channel payments experience. To learn more about ACI, please visit www.aciworldwide.com. You can also find us on Twitter @ACI_Worldwide. To supplement our financial results presented on a GAAP basis, we use the non-GAAP measures indicated in the tables, which exclude certain business combination accounting entries, significant transaction-related expenses, as well as other significant non-cash expenses such as depreciation, amortization and stock-based compensation, that we believe are helpful in understanding our past financial performance and our future results.  The presentation of these non-GAAP financial measures should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management generally compensates for limitations in the use of non-GAAP financial measures by relying on comparable GAAP financial measures and providing investors with a reconciliation of non-GAAP financial measures only in addition to and in conjunction with results presented in accordance with GAAP. We believe that these non-GAAP financial measures reflect an additional way to view aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business.  Certain non-GAAP measures include: ACI is also presenting operating free cash flow, which is defined as net cash provided by operating activities, net after-tax payments associated with employee-related actions and facility closures, net after-tax payments associated with significant transaction-related expenses, and less capital expenditures plus European data center and cybersecurity capital expenditures.  Operating free cash flow is considered a non-GAAP financial measure as defined by SEC Regulation G.  We utilize this non-GAAP financial measure, and believe it is useful to investors, as an indicator of cash flow available for debt repayment and other investing activities, such as capital investments and acquisitions. We utilize operating free cash flow as a further indicator of operating performance and for planning investing activities.  Operating free cash flow should be considered in addition to, rather than as a substitute for, net cash provided by operating activities.  A limitation of operating free cash flow is that it does not represent the total increase or decrease in the cash balance for the period. This measure also does not exclude mandatory debt service obligations and, therefore, does not represent the residual cash flow available for discretionary expenditures. We believe that operating free cash flow is useful to investors to provide disclosures of our operating results on the same basis as that used by our management. ACI also includes backlog estimates, which include all license, maintenance, and services specified in executed contracts, as well as revenues from assumed contract renewals to the extent that we believe recognition of the related revenue will occur within the corresponding backlog period.  We have historically included assumed renewals in backlog estimates based upon automatic renewal provisions in the executed contract and our historic experience with customer renewal rates. Backlog is considered a non-GAAP financial measure as defined by SEC Regulation G.  Our 60-month backlog estimate represents expected revenues from existing customers using the following key assumptions: Estimates of future financial results are inherently unreliable. Our backlog estimates require substantial judgment and are based on a number of assumptions as described above. These assumptions may turn out to be inaccurate or wrong, including, but not limited to, reasons outside of management’s control. For example, our customers may attempt to renegotiate or terminate their contracts for a number of reasons, including mergers, changes in their financial condition, or general changes in economic conditions in the customer’s industry or geographic location, or we may experience delays in the development or delivery of products or services specified in customer contracts which may cause the actual renewal rates and amounts to differ from historical experiences.  Changes in foreign currency exchange rates may also impact the amount of revenue actually recognized in future periods.  Accordingly, there can be no assurance that contracts included in backlog estimates will actually generate the specified revenues or that the actual revenues will be generated within the corresponding 60-month period. Backlog should be considered in addition to, rather than as a substitute for, reported revenue and deferred revenue. This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. Generally, forward-looking statements do not relate strictly to historical or current facts and may include words or phrases such as “believes,” “will,” “expects,” “anticipates,” “intends,” and words and phrases of similar impact.  The forward-looking statements are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, but are not limited to, statements regarding: (i) expectations that we are signing some of the largest contracts in our history; (ii) our optimism about ACI’s growing opportunity in the rapidly changing payments landscape; (iii) expectations regarding revenue, adjusted EBITDA, and new bookings growth in 2017; and (iv) expectations regarding revenue in the first quarter of 2017. All of the foregoing forward-looking statements are expressly qualified by the risk factors discussed in our filings with the Securities and Exchange Commission. Such factors include, but are not limited to, increased competition, the success of our Universal Payments strategy, demand for our products, restrictions and other financial covenants in our credit facility, consolidations and failures in the financial services industry, customer reluctance to switch to a new vendor, the accuracy of management’s backlog estimates, the maturity of certain products, our strategy to migrate customers to our next generation products, ratable or deferred recognition of certain revenue associated with customer migrations and the maturity of certain of our products, failure to obtain renewals of customer contracts or to obtain such renewals on favorable terms, delay or cancellation of customer projects or inaccurate project completion estimates, volatility and disruption of the capital and credit markets and adverse changes in the global economy, our existing levels of debt, impairment of our goodwill or intangible assets, litigation, future acquisitions, strategic partnerships and investments, risks related to the expected benefits to be achieved in the transaction with PAY.ON, the complexity of our products and services and the risk that they may contain hidden defects or be subjected to security breaches or viruses, compliance of our products with applicable legislation, governmental regulations and industry standards, our ability to protect customer information from security breaches or attacks, our compliance with privacy regulations, the protection of our intellectual property in intellectual property litigation, exposure to credit or operating risks arising from certain payment funding methods, the cyclical nature of our revenue and earnings and the accuracy of forecasts due to the concentration of revenue-generating activity during the final weeks of each quarter, business interruptions or failure of our information technology and communication systems, our offshore software development activities, risks from operating internationally, including fluctuations in currency exchange rates, exposure to unknown tax liabilities, volatility in our stock price, our pending appeal of the $43 million judgement, plus $2.7 million of attorney fees and costs awarded against us in the BHMI litigation, and potential claims associated with our sale and transition of our CFS assets and liabilities.  For a detailed discussion of these risk factors, parties that are relying on the forward-looking statements should review our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q.

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