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News Article | April 27, 2017
Site: www.beveragedaily.com

DPS saw Canada Dry and Schweppes grow by 5% and 8%, respectively. The company also registered a 1% sales increase for Dr Pepper and Squirt, as well as 5% growth of Peñafiel for Q1 2017. The gains in some of its carbonated soft drinks brands were offset by declines in the company’s low-calorie TEN portfolio, A&W, and 7UP sodas. Dr Pepper Snapple Group’s non-carbonated beverage portfolio decreased 2% with Snapple leading the declines (-6%) “primarily due to promotional activity timing” and a 2% decline in its Mott’s apple juice brand, according to the company’s quarterly earnings report. Income from operations declined by 9% ($28m) for the quarter largely due to the acquisition of Bai Brands in January 2017 for $1.7bn. The addition of Bai to DPS’ portfolio increased volume sales by 1%, but cost the company an additional $41m including $19m in transaction expenses and $11m of marketing investments that included the Bai Super Bowl commercial featuring Justin Timberlake. However, the company gained $28m in equity from the acquisition and expects Bai to increase its full-year 2017 net sales by 2%, DPS president and CEO, Larry Young, said. DPS’ growth of allied brands, now excluding Bai, grew 33% due to strong distribution gains in BODYARMOR, Core, and FIJI, the company said. “Our allied brand strategy continues to be a solid contributor to growth and our continued development of Rapid Continuous Improvement is making us better every day," Young said.


News Article | April 19, 2017
Site: www.prnewswire.com

Long Island Iced Tea Corp. (NASDAQ: LTEA), a growth-oriented company focused on the non-alcoholic ready-to-drink ("NARTD") segment in the beverage industry, is pleased to announce that it has signed a long-term strategic distribution agreement with Big Geyser, the largest independent non-alcoholic beverage distributor in metro New York. Read this and more news for LTEA at: http://marketnewsupdates.com/news/ltea.html Big Geyser will be the exclusive distributor of the Company's flagship iced tea and lemonade with a splash of tea 18oz bottle products in the metro New York region. The new partnership will become effective on April 24, 2017 and cover the five boroughs of NYC, Westchester, Putnam, Nassau and Suffolk counties. Philip Thomas, Chief Executive Officer of the Company, commented, "Big Geyser is the single strongest distributor in the New York metropolitan market and we are proud to join their dynamic portfolio of iconic brands. This partnership is transformational in having the potential to increase our metro New York footprint by over ten times to 25,000 doors, and allow us to restructure our business and focus on building our brands alongside Big Geyser." In other industry market performances and developments of note: Monster Beverage Corporation (NASDAQ: MNST) closed up slightly on Tuesday at $45.31. Monster Beverage Corporation, through its subsidiaries, develops, markets, sells and distributes energy drink beverages, soda, and its concentrates in the United States and internationally. Dr Pepper Snapple Group, Inc. (NYSE: DPS) also closed up slightly on Tuesday at $98.99. As Americans head to their favorite public park, beach or playground this spring, many will find new recycling bins helping keep those treasured spaces clean, thanks in part to a significant grant by Dr Pepper Snapple Group (DPS) in partnership with national nonprofit Keep America Beautiful. In 2017, the Dr Pepper Snapple Group/Keep America Beautiful Park Recycling Bin Grant Program is funding 914 new recycling bins in public parks across the country in 2017, making recycling more accessible for Americans enjoying the outdoors. PepsiCo's (NYSE: PEP) long-standing commitment to baseball continues to reach new heights with franchised team sponsorships. PepsiCo will manifest the partnership through its Pepsi and Aquafina beverages to treat fans across the country to memorable and unique experiences during the 2017 baseball season. The Coca-Cola Company (NYSE: KO) brand smartwater®, a premium, vapor-distilled water with electrolytes for taste, this month announced the release of a new creative campaign with long-standing brand ambassador, Jennifer Aniston. Beginning in Spring 2017, the highly accomplished actor, director, businesswoman and producer will be featured in ads with her indispensable partner, smartwater. The campaign captures four, real-life candid moments of Jennifer Aniston's forward-moving journey that were captured by noted photographer Tom Munro and feature smartwater as her essential sidekick. Smartwater is Jennifer's hydrating hiking mate as she heads up the canyon with her beloved dog, a companion as she makes a red-carpet entrance and her trusted ally, taking one last sip backstage, before a late night show appearance. In the final image, smartwater sparkling, which launched in 2016, is served as a perfect addition to an intimate dinner party with friends. DISCLAIMER: MarketNewsUpdates.com (MNU) is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. MNU is NOT affiliated in any manner with any company mentioned herein. MNU and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. MNU's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. MNU is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed MNU has been compensated three thousand nine hundred dollars for news coverage of the current press release issued by Long Island Iced Tea Corp. by a non-affiliated third party. MNU HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MNU undertakes no obligation to update such statements.


News Article | April 24, 2017
Site: globenewswire.com

NORWICH, N.Y., April 24, 2017 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT”) (NASDAQ:NBTB) reported net income for the quarter ended March 31, 2017 of $20.3 million, up from $18.9 million from the first quarter of 2016. Earnings per diluted share (“EPS”) for the quarter ended March 31, 2017 was $0.46, up from $0.43 for the first quarter of 2016. “Our results for the first quarter of 2017 were strong, as indicated by our record first quarter EPS of $0.46 per diluted share and net income of $20.3 million supported by healthy loan and deposit growth,” said NBT President and CEO John H. Watt Jr. “NBT is well positioned to benefit from rising rates. After many years of managing our balance sheet to prepare for a more favorable rate environment, we have experienced growth in net interest income and margin expansion. We are prepared to capture additional margin expansion should conditions remain favorable later this year. As we closed the first quarter, we accelerated the growth of our retirement services business line with the acquisition of Downeast Pension Services, Inc. This retirement plan services company, based in New Gloucester, Maine, deepens our position in the defined benefits area and allows us to expand our presence in eastern New England.” Net interest income was $68.5 million for the first quarter of 2017, up $1.1 million from the previous quarter. Fully taxable equivalent (“FTE”) net interest margin was 3.46% for the three months ended March 31, 2017, up from 3.41% for the previous quarter. The increase in net interest margin from the previous quarter was driven by an increase in yields on earning assets primarily due to higher interest rates in the quarter and two fewer days in the first quarter. Average interest earning assets were up $164.3 million, or 2.1%, for the first quarter of 2017 as compared to the prior quarter, primarily driven by a $74.3 million increase in securities available for sale and a $55.1 million increase in loans. Interest expense for the first quarter of 2017 was up $0.3 million from the fourth quarter of 2016 and resulted primarily from an increase in short-term interest rates and a higher level of average short-term borrowings to total interest bearing liabilities as a result of seasonal deposit outflows. Net interest income was $68.5 million for the first quarter of 2017, up $3.9 million from the first quarter of 2016. FTE net interest margin was 3.46% for the three months ended March 31, 2017, down from 3.47% for the first quarter of 2016. Interest income for the first quarter of 2017 was up $4.5 million from the first quarter of 2016 primarily due to 7.4% increase in average interest earning assets. Interest expense for the first quarter of 2017 was up $0.6 million from the same period in 2016 and resulted primarily from increased interest rates and the average balance of interest bearing liabilities. Noninterest income for the three months ended March 31, 2017 was $28.8 million, up $0.7 million from the fourth quarter of 2016 and up $0.4 million from the same period in 2016. The increase from the prior quarter was primarily driven by a $1.1 million seasonal increase in insurance and other financial services revenue. Noninterest expense for the three months ended March 31, 2017 was $61.3 million, up $3.6 million from the previous quarter. The increase from the prior quarter was due primarily to a $2.0 million increase in salaries and benefits due primarily to higher stock-based compensation and employee benefits expenses. Occupancy expense increased from the prior quarter by $1.0 million due to seasonal expenses. In addition, other noninterest expense increased $1.2 million from the previous quarter primarily due to a $1.4 million favorable accrual adjustment recorded in the fourth quarter of 2016. Noninterest expense increased $3.1 million from the first quarter of 2016 due primarily to a $1.1 million increase in salaries and benefits expense due primarily to merit pay increases and higher stock-based compensation expense. During the first quarter of 2017, NBT adopted new accounting guidance for equity-based transactions requiring that all excess tax benefits and tax deficiencies associated with equity-based compensation be recognized as an income tax benefit or expense in the income statement.  Previously, tax effects resulting from changes in NBT’s share price subsequent to the grant date were recorded through stockholders’ equity at the time of vesting or exercise.  The adoption of the accounting guidance resulted in a $1.5 million income tax benefit in the first quarter of 2017, or $0.03 of diluted earnings per share. Income tax expense for the three months ended March 31, 2017 was $8.3 million, down $1.8 million from the prior quarter and $1.4 million from the first quarter of 2016. The effective tax rate of 29.0% for the first quarter of 2017 was down from 34.0% for the prior quarter and the first quarter of 2016 primarily due to the $1.5 million income tax benefit related to the adoption of new accounting guidance in the first quarter of 2017. Excluding the tax benefit of the new accounting guidance the effective tax rate was 34.3% for the first quarter of 2017. Net charge-offs were $6.9 million for the three months ended March 31, 2017, down from $8.6 million for the prior quarter and up from $4.8 million for the same period in 2016. Provision expense was $7.4 million for the three months ended March 31, 2017, as compared with $8.2 million for the prior quarter and $6.1 million for the first quarter of 2016. Annualized net charge-offs to average loans for the first quarter of 2017 was 0.45%, compared with 0.39% for the full year of 2016 and 0.33% for the first quarter of 2016. Nonperforming loans to total loans was 0.56% at March 31, 2017, down from 0.65% at December 31, 2016 and 0.69% at March 31, 2016. Past due loans as a percentage of total loans were 0.54% at March 31, 2017, down from 0.64% at December 31, 2016 and up from 0.50% at March 31, 2016. The allowance for loan losses totaled $65.7 million at March 31, 2017, compared to $65.2 million at December 31, 2016 and $64.3 million at March 31, 2016. The allowance for loan losses as a percentage of loans was 1.05% (1.13% excluding acquired loans) at March 31, 2017, consistent with 1.05% (1.13% excluding acquired loans) at December 31, 2016 and 1.08% (1.18% excluding acquired loans) at March 31, 2016. Total assets were $8.9 billion at March 31, 2017, up $78.2 million, or 0.9% from December 31, 2016. Loans were $6.3 billion at March 31, 2017, up $74.2 million from December 31, 2016, due to growth in the commercial, consumer and residential portfolios. Total deposits were $7.2 billion at March 31, 2017, up $211.4 million, or 3.0%, from December 31, 2016. Stockholders’ equity was $926.8 million, representing a total equity-to-total assets ratio of 10.36% at March 31, 2017, compared with $913.3 million or a total equity-to-total assets ratio of 10.30% at December 31, 2016. The Company did not purchase shares of its common stock during the three months ended March 31, 2017. As of March 31, 2017, there were 1,000,000 shares available for repurchase under a plan authorized on March 28, 2016, which expires on December 31, 2017. On April 3, 2017, NBT Bank, N.A. (“NBT Bank”), the wholly owned national bank subsidiary of NBT, acquired Downeast Pension Services, Inc. (“DPS”). DPS, a 25-year-old retirement plan services company based in New Gloucester, Maine, provides full-service, third-party administration for company-sponsored retirement plans. DPS specializes in the defined contribution area. Services offered by DPS include plan design, plan consulting, valuations, compliance testing, contribution calculations and contract administration. This acquisition supports the continued growth of NBT Bank’s retirement services business line. DPS will have access to the resources of NBT Bank’s long-established national retirement services infrastructure to support enhanced service to its customers. DPS will continue to operate as a stand-alone business, retaining its brand and team of professionals. NBT Bancorp Inc. is a financial holding company headquartered in Norwich, N.Y., with total assets of $8.9 billion at March 31, 2017. The company primarily operates through NBT Bank, N.A., a full-service community bank and through two financial services companies. NBT Bank, N.A. has 154 banking locations with offices in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire and Maine. EPIC Advisors, Inc., based in Rochester, N.Y., is a full-service 401(k) plan recordkeeping firm. NBT-Mang Insurance Agency, based in Norwich, N.Y., is a full-service insurance agency. More information about NBT and its divisions can be found on the Internet at: www.nbtbancorp.com, www.nbtbank.com, www.epic1st.com and www.nbtmang.com. This news release contains forward-looking statements. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of NBT and its subsidiaries and on the information available to management at the time that these statements were made. There are a number of factors, many of which are beyond NBT’s control, that could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) revenues may be lower than expected; (3) changes in the interest rate environment may reduce interest margins; (4) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit; (5) legislative or regulatory changes, including changes in accounting standards and tax laws, may adversely affect the businesses in which NBT is engaged; (6) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than NBT; and (7) adverse changes may occur in the securities markets or with respect to inflation. Forward-looking statements speak only as of the date they are made. Except as required by law, NBT does not update forward-looking statements to reflect subsequent circumstances or events. This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These measures adjust GAAP measures to exclude the effects of acquisition related intangible amortization expense on earnings and equity as well as providing a fully taxable equivalent yield on securities and loans. Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables. Management believes that these non-GAAP measures provided useful information that is important to an understanding of the results of NBT’s core business as well as provide information standard in the financial institution industry. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider NBT’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of NBT.


News Article | April 24, 2017
Site: globenewswire.com

NORWICH, N.Y., April 24, 2017 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT”) (NASDAQ:NBTB) reported net income for the quarter ended March 31, 2017 of $20.3 million, up from $18.9 million from the first quarter of 2016. Earnings per diluted share (“EPS”) for the quarter ended March 31, 2017 was $0.46, up from $0.43 for the first quarter of 2016. “Our results for the first quarter of 2017 were strong, as indicated by our record first quarter EPS of $0.46 per diluted share and net income of $20.3 million supported by healthy loan and deposit growth,” said NBT President and CEO John H. Watt Jr. “NBT is well positioned to benefit from rising rates. After many years of managing our balance sheet to prepare for a more favorable rate environment, we have experienced growth in net interest income and margin expansion. We are prepared to capture additional margin expansion should conditions remain favorable later this year. As we closed the first quarter, we accelerated the growth of our retirement services business line with the acquisition of Downeast Pension Services, Inc. This retirement plan services company, based in New Gloucester, Maine, deepens our position in the defined benefits area and allows us to expand our presence in eastern New England.” Net interest income was $68.5 million for the first quarter of 2017, up $1.1 million from the previous quarter. Fully taxable equivalent (“FTE”) net interest margin was 3.46% for the three months ended March 31, 2017, up from 3.41% for the previous quarter. The increase in net interest margin from the previous quarter was driven by an increase in yields on earning assets primarily due to higher interest rates in the quarter and two fewer days in the first quarter. Average interest earning assets were up $164.3 million, or 2.1%, for the first quarter of 2017 as compared to the prior quarter, primarily driven by a $74.3 million increase in securities available for sale and a $55.1 million increase in loans. Interest expense for the first quarter of 2017 was up $0.3 million from the fourth quarter of 2016 and resulted primarily from an increase in short-term interest rates and a higher level of average short-term borrowings to total interest bearing liabilities as a result of seasonal deposit outflows. Net interest income was $68.5 million for the first quarter of 2017, up $3.9 million from the first quarter of 2016. FTE net interest margin was 3.46% for the three months ended March 31, 2017, down from 3.47% for the first quarter of 2016. Interest income for the first quarter of 2017 was up $4.5 million from the first quarter of 2016 primarily due to 7.4% increase in average interest earning assets. Interest expense for the first quarter of 2017 was up $0.6 million from the same period in 2016 and resulted primarily from increased interest rates and the average balance of interest bearing liabilities. Noninterest income for the three months ended March 31, 2017 was $28.8 million, up $0.7 million from the fourth quarter of 2016 and up $0.4 million from the same period in 2016. The increase from the prior quarter was primarily driven by a $1.1 million seasonal increase in insurance and other financial services revenue. Noninterest expense for the three months ended March 31, 2017 was $61.3 million, up $3.6 million from the previous quarter. The increase from the prior quarter was due primarily to a $2.0 million increase in salaries and benefits due primarily to higher stock-based compensation and employee benefits expenses. Occupancy expense increased from the prior quarter by $1.0 million due to seasonal expenses. In addition, other noninterest expense increased $1.2 million from the previous quarter primarily due to a $1.4 million favorable accrual adjustment recorded in the fourth quarter of 2016. Noninterest expense increased $3.1 million from the first quarter of 2016 due primarily to a $1.1 million increase in salaries and benefits expense due primarily to merit pay increases and higher stock-based compensation expense. During the first quarter of 2017, NBT adopted new accounting guidance for equity-based transactions requiring that all excess tax benefits and tax deficiencies associated with equity-based compensation be recognized as an income tax benefit or expense in the income statement.  Previously, tax effects resulting from changes in NBT’s share price subsequent to the grant date were recorded through stockholders’ equity at the time of vesting or exercise.  The adoption of the accounting guidance resulted in a $1.5 million income tax benefit in the first quarter of 2017, or $0.03 of diluted earnings per share. Income tax expense for the three months ended March 31, 2017 was $8.3 million, down $1.8 million from the prior quarter and $1.4 million from the first quarter of 2016. The effective tax rate of 29.0% for the first quarter of 2017 was down from 34.0% for the prior quarter and the first quarter of 2016 primarily due to the $1.5 million income tax benefit related to the adoption of new accounting guidance in the first quarter of 2017. Excluding the tax benefit of the new accounting guidance the effective tax rate was 34.3% for the first quarter of 2017. Net charge-offs were $6.9 million for the three months ended March 31, 2017, down from $8.6 million for the prior quarter and up from $4.8 million for the same period in 2016. Provision expense was $7.4 million for the three months ended March 31, 2017, as compared with $8.2 million for the prior quarter and $6.1 million for the first quarter of 2016. Annualized net charge-offs to average loans for the first quarter of 2017 was 0.45%, compared with 0.39% for the full year of 2016 and 0.33% for the first quarter of 2016. Nonperforming loans to total loans was 0.56% at March 31, 2017, down from 0.65% at December 31, 2016 and 0.69% at March 31, 2016. Past due loans as a percentage of total loans were 0.54% at March 31, 2017, down from 0.64% at December 31, 2016 and up from 0.50% at March 31, 2016. The allowance for loan losses totaled $65.7 million at March 31, 2017, compared to $65.2 million at December 31, 2016 and $64.3 million at March 31, 2016. The allowance for loan losses as a percentage of loans was 1.05% (1.13% excluding acquired loans) at March 31, 2017, consistent with 1.05% (1.13% excluding acquired loans) at December 31, 2016 and 1.08% (1.18% excluding acquired loans) at March 31, 2016. Total assets were $8.9 billion at March 31, 2017, up $78.2 million, or 0.9% from December 31, 2016. Loans were $6.3 billion at March 31, 2017, up $74.2 million from December 31, 2016, due to growth in the commercial, consumer and residential portfolios. Total deposits were $7.2 billion at March 31, 2017, up $211.4 million, or 3.0%, from December 31, 2016. Stockholders’ equity was $926.8 million, representing a total equity-to-total assets ratio of 10.36% at March 31, 2017, compared with $913.3 million or a total equity-to-total assets ratio of 10.30% at December 31, 2016. The Company did not purchase shares of its common stock during the three months ended March 31, 2017. As of March 31, 2017, there were 1,000,000 shares available for repurchase under a plan authorized on March 28, 2016, which expires on December 31, 2017. On April 3, 2017, NBT Bank, N.A. (“NBT Bank”), the wholly owned national bank subsidiary of NBT, acquired Downeast Pension Services, Inc. (“DPS”). DPS, a 25-year-old retirement plan services company based in New Gloucester, Maine, provides full-service, third-party administration for company-sponsored retirement plans. DPS specializes in the defined contribution area. Services offered by DPS include plan design, plan consulting, valuations, compliance testing, contribution calculations and contract administration. This acquisition supports the continued growth of NBT Bank’s retirement services business line. DPS will have access to the resources of NBT Bank’s long-established national retirement services infrastructure to support enhanced service to its customers. DPS will continue to operate as a stand-alone business, retaining its brand and team of professionals. NBT Bancorp Inc. is a financial holding company headquartered in Norwich, N.Y., with total assets of $8.9 billion at March 31, 2017. The company primarily operates through NBT Bank, N.A., a full-service community bank and through two financial services companies. NBT Bank, N.A. has 154 banking locations with offices in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire and Maine. EPIC Advisors, Inc., based in Rochester, N.Y., is a full-service 401(k) plan recordkeeping firm. NBT-Mang Insurance Agency, based in Norwich, N.Y., is a full-service insurance agency. More information about NBT and its divisions can be found on the Internet at: www.nbtbancorp.com, www.nbtbank.com, www.epic1st.com and www.nbtmang.com. This news release contains forward-looking statements. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of NBT and its subsidiaries and on the information available to management at the time that these statements were made. There are a number of factors, many of which are beyond NBT’s control, that could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) revenues may be lower than expected; (3) changes in the interest rate environment may reduce interest margins; (4) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit; (5) legislative or regulatory changes, including changes in accounting standards and tax laws, may adversely affect the businesses in which NBT is engaged; (6) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than NBT; and (7) adverse changes may occur in the securities markets or with respect to inflation. Forward-looking statements speak only as of the date they are made. Except as required by law, NBT does not update forward-looking statements to reflect subsequent circumstances or events. This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These measures adjust GAAP measures to exclude the effects of acquisition related intangible amortization expense on earnings and equity as well as providing a fully taxable equivalent yield on securities and loans. Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables. Management believes that these non-GAAP measures provided useful information that is important to an understanding of the results of NBT’s core business as well as provide information standard in the financial institution industry. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider NBT’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of NBT.


News Article | April 24, 2017
Site: globenewswire.com

NORWICH, N.Y., April 24, 2017 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT”) (NASDAQ:NBTB) reported net income for the quarter ended March 31, 2017 of $20.3 million, up from $18.9 million from the first quarter of 2016. Earnings per diluted share (“EPS”) for the quarter ended March 31, 2017 was $0.46, up from $0.43 for the first quarter of 2016. “Our results for the first quarter of 2017 were strong, as indicated by our record first quarter EPS of $0.46 per diluted share and net income of $20.3 million supported by healthy loan and deposit growth,” said NBT President and CEO John H. Watt Jr. “NBT is well positioned to benefit from rising rates. After many years of managing our balance sheet to prepare for a more favorable rate environment, we have experienced growth in net interest income and margin expansion. We are prepared to capture additional margin expansion should conditions remain favorable later this year. As we closed the first quarter, we accelerated the growth of our retirement services business line with the acquisition of Downeast Pension Services, Inc. This retirement plan services company, based in New Gloucester, Maine, deepens our position in the defined benefits area and allows us to expand our presence in eastern New England.” Net interest income was $68.5 million for the first quarter of 2017, up $1.1 million from the previous quarter. Fully taxable equivalent (“FTE”) net interest margin was 3.46% for the three months ended March 31, 2017, up from 3.41% for the previous quarter. The increase in net interest margin from the previous quarter was driven by an increase in yields on earning assets primarily due to higher interest rates in the quarter and two fewer days in the first quarter. Average interest earning assets were up $164.3 million, or 2.1%, for the first quarter of 2017 as compared to the prior quarter, primarily driven by a $74.3 million increase in securities available for sale and a $55.1 million increase in loans. Interest expense for the first quarter of 2017 was up $0.3 million from the fourth quarter of 2016 and resulted primarily from an increase in short-term interest rates and a higher level of average short-term borrowings to total interest bearing liabilities as a result of seasonal deposit outflows. Net interest income was $68.5 million for the first quarter of 2017, up $3.9 million from the first quarter of 2016. FTE net interest margin was 3.46% for the three months ended March 31, 2017, down from 3.47% for the first quarter of 2016. Interest income for the first quarter of 2017 was up $4.5 million from the first quarter of 2016 primarily due to 7.4% increase in average interest earning assets. Interest expense for the first quarter of 2017 was up $0.6 million from the same period in 2016 and resulted primarily from increased interest rates and the average balance of interest bearing liabilities. Noninterest income for the three months ended March 31, 2017 was $28.8 million, up $0.7 million from the fourth quarter of 2016 and up $0.4 million from the same period in 2016. The increase from the prior quarter was primarily driven by a $1.1 million seasonal increase in insurance and other financial services revenue. Noninterest expense for the three months ended March 31, 2017 was $61.3 million, up $3.6 million from the previous quarter. The increase from the prior quarter was due primarily to a $2.0 million increase in salaries and benefits due primarily to higher stock-based compensation and employee benefits expenses. Occupancy expense increased from the prior quarter by $1.0 million due to seasonal expenses. In addition, other noninterest expense increased $1.2 million from the previous quarter primarily due to a $1.4 million favorable accrual adjustment recorded in the fourth quarter of 2016. Noninterest expense increased $3.1 million from the first quarter of 2016 due primarily to a $1.1 million increase in salaries and benefits expense due primarily to merit pay increases and higher stock-based compensation expense. During the first quarter of 2017, NBT adopted new accounting guidance for equity-based transactions requiring that all excess tax benefits and tax deficiencies associated with equity-based compensation be recognized as an income tax benefit or expense in the income statement.  Previously, tax effects resulting from changes in NBT’s share price subsequent to the grant date were recorded through stockholders’ equity at the time of vesting or exercise.  The adoption of the accounting guidance resulted in a $1.5 million income tax benefit in the first quarter of 2017, or $0.03 of diluted earnings per share. Income tax expense for the three months ended March 31, 2017 was $8.3 million, down $1.8 million from the prior quarter and $1.4 million from the first quarter of 2016. The effective tax rate of 29.0% for the first quarter of 2017 was down from 34.0% for the prior quarter and the first quarter of 2016 primarily due to the $1.5 million income tax benefit related to the adoption of new accounting guidance in the first quarter of 2017. Excluding the tax benefit of the new accounting guidance the effective tax rate was 34.3% for the first quarter of 2017. Net charge-offs were $6.9 million for the three months ended March 31, 2017, down from $8.6 million for the prior quarter and up from $4.8 million for the same period in 2016. Provision expense was $7.4 million for the three months ended March 31, 2017, as compared with $8.2 million for the prior quarter and $6.1 million for the first quarter of 2016. Annualized net charge-offs to average loans for the first quarter of 2017 was 0.45%, compared with 0.39% for the full year of 2016 and 0.33% for the first quarter of 2016. Nonperforming loans to total loans was 0.56% at March 31, 2017, down from 0.65% at December 31, 2016 and 0.69% at March 31, 2016. Past due loans as a percentage of total loans were 0.54% at March 31, 2017, down from 0.64% at December 31, 2016 and up from 0.50% at March 31, 2016. The allowance for loan losses totaled $65.7 million at March 31, 2017, compared to $65.2 million at December 31, 2016 and $64.3 million at March 31, 2016. The allowance for loan losses as a percentage of loans was 1.05% (1.13% excluding acquired loans) at March 31, 2017, consistent with 1.05% (1.13% excluding acquired loans) at December 31, 2016 and 1.08% (1.18% excluding acquired loans) at March 31, 2016. Total assets were $8.9 billion at March 31, 2017, up $78.2 million, or 0.9% from December 31, 2016. Loans were $6.3 billion at March 31, 2017, up $74.2 million from December 31, 2016, due to growth in the commercial, consumer and residential portfolios. Total deposits were $7.2 billion at March 31, 2017, up $211.4 million, or 3.0%, from December 31, 2016. Stockholders’ equity was $926.8 million, representing a total equity-to-total assets ratio of 10.36% at March 31, 2017, compared with $913.3 million or a total equity-to-total assets ratio of 10.30% at December 31, 2016. The Company did not purchase shares of its common stock during the three months ended March 31, 2017. As of March 31, 2017, there were 1,000,000 shares available for repurchase under a plan authorized on March 28, 2016, which expires on December 31, 2017. On April 3, 2017, NBT Bank, N.A. (“NBT Bank”), the wholly owned national bank subsidiary of NBT, acquired Downeast Pension Services, Inc. (“DPS”). DPS, a 25-year-old retirement plan services company based in New Gloucester, Maine, provides full-service, third-party administration for company-sponsored retirement plans. DPS specializes in the defined contribution area. Services offered by DPS include plan design, plan consulting, valuations, compliance testing, contribution calculations and contract administration. This acquisition supports the continued growth of NBT Bank’s retirement services business line. DPS will have access to the resources of NBT Bank’s long-established national retirement services infrastructure to support enhanced service to its customers. DPS will continue to operate as a stand-alone business, retaining its brand and team of professionals. NBT Bancorp Inc. is a financial holding company headquartered in Norwich, N.Y., with total assets of $8.9 billion at March 31, 2017. The company primarily operates through NBT Bank, N.A., a full-service community bank and through two financial services companies. NBT Bank, N.A. has 154 banking locations with offices in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire and Maine. EPIC Advisors, Inc., based in Rochester, N.Y., is a full-service 401(k) plan recordkeeping firm. NBT-Mang Insurance Agency, based in Norwich, N.Y., is a full-service insurance agency. More information about NBT and its divisions can be found on the Internet at: www.nbtbancorp.com, www.nbtbank.com, www.epic1st.com and www.nbtmang.com. This news release contains forward-looking statements. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of NBT and its subsidiaries and on the information available to management at the time that these statements were made. There are a number of factors, many of which are beyond NBT’s control, that could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) revenues may be lower than expected; (3) changes in the interest rate environment may reduce interest margins; (4) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit; (5) legislative or regulatory changes, including changes in accounting standards and tax laws, may adversely affect the businesses in which NBT is engaged; (6) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than NBT; and (7) adverse changes may occur in the securities markets or with respect to inflation. Forward-looking statements speak only as of the date they are made. Except as required by law, NBT does not update forward-looking statements to reflect subsequent circumstances or events. This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These measures adjust GAAP measures to exclude the effects of acquisition related intangible amortization expense on earnings and equity as well as providing a fully taxable equivalent yield on securities and loans. Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables. Management believes that these non-GAAP measures provided useful information that is important to an understanding of the results of NBT’s core business as well as provide information standard in the financial institution industry. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider NBT’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of NBT.


News Article | April 24, 2017
Site: globenewswire.com

NORWICH, N.Y., April 24, 2017 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT”) (NASDAQ:NBTB) reported net income for the quarter ended March 31, 2017 of $20.3 million, up from $18.9 million from the first quarter of 2016. Earnings per diluted share (“EPS”) for the quarter ended March 31, 2017 was $0.46, up from $0.43 for the first quarter of 2016. “Our results for the first quarter of 2017 were strong, as indicated by our record first quarter EPS of $0.46 per diluted share and net income of $20.3 million supported by healthy loan and deposit growth,” said NBT President and CEO John H. Watt Jr. “NBT is well positioned to benefit from rising rates. After many years of managing our balance sheet to prepare for a more favorable rate environment, we have experienced growth in net interest income and margin expansion. We are prepared to capture additional margin expansion should conditions remain favorable later this year. As we closed the first quarter, we accelerated the growth of our retirement services business line with the acquisition of Downeast Pension Services, Inc. This retirement plan services company, based in New Gloucester, Maine, deepens our position in the defined benefits area and allows us to expand our presence in eastern New England.” Net interest income was $68.5 million for the first quarter of 2017, up $1.1 million from the previous quarter. Fully taxable equivalent (“FTE”) net interest margin was 3.46% for the three months ended March 31, 2017, up from 3.41% for the previous quarter. The increase in net interest margin from the previous quarter was driven by an increase in yields on earning assets primarily due to higher interest rates in the quarter and two fewer days in the first quarter. Average interest earning assets were up $164.3 million, or 2.1%, for the first quarter of 2017 as compared to the prior quarter, primarily driven by a $74.3 million increase in securities available for sale and a $55.1 million increase in loans. Interest expense for the first quarter of 2017 was up $0.3 million from the fourth quarter of 2016 and resulted primarily from an increase in short-term interest rates and a higher level of average short-term borrowings to total interest bearing liabilities as a result of seasonal deposit outflows. Net interest income was $68.5 million for the first quarter of 2017, up $3.9 million from the first quarter of 2016. FTE net interest margin was 3.46% for the three months ended March 31, 2017, down from 3.47% for the first quarter of 2016. Interest income for the first quarter of 2017 was up $4.5 million from the first quarter of 2016 primarily due to 7.4% increase in average interest earning assets. Interest expense for the first quarter of 2017 was up $0.6 million from the same period in 2016 and resulted primarily from increased interest rates and the average balance of interest bearing liabilities. Noninterest income for the three months ended March 31, 2017 was $28.8 million, up $0.7 million from the fourth quarter of 2016 and up $0.4 million from the same period in 2016. The increase from the prior quarter was primarily driven by a $1.1 million seasonal increase in insurance and other financial services revenue. Noninterest expense for the three months ended March 31, 2017 was $61.3 million, up $3.6 million from the previous quarter. The increase from the prior quarter was due primarily to a $2.0 million increase in salaries and benefits due primarily to higher stock-based compensation and employee benefits expenses. Occupancy expense increased from the prior quarter by $1.0 million due to seasonal expenses. In addition, other noninterest expense increased $1.2 million from the previous quarter primarily due to a $1.4 million favorable accrual adjustment recorded in the fourth quarter of 2016. Noninterest expense increased $3.1 million from the first quarter of 2016 due primarily to a $1.1 million increase in salaries and benefits expense due primarily to merit pay increases and higher stock-based compensation expense. During the first quarter of 2017, NBT adopted new accounting guidance for equity-based transactions requiring that all excess tax benefits and tax deficiencies associated with equity-based compensation be recognized as an income tax benefit or expense in the income statement.  Previously, tax effects resulting from changes in NBT’s share price subsequent to the grant date were recorded through stockholders’ equity at the time of vesting or exercise.  The adoption of the accounting guidance resulted in a $1.5 million income tax benefit in the first quarter of 2017, or $0.03 of diluted earnings per share. Income tax expense for the three months ended March 31, 2017 was $8.3 million, down $1.8 million from the prior quarter and $1.4 million from the first quarter of 2016. The effective tax rate of 29.0% for the first quarter of 2017 was down from 34.0% for the prior quarter and the first quarter of 2016 primarily due to the $1.5 million income tax benefit related to the adoption of new accounting guidance in the first quarter of 2017. Excluding the tax benefit of the new accounting guidance the effective tax rate was 34.3% for the first quarter of 2017. Net charge-offs were $6.9 million for the three months ended March 31, 2017, down from $8.6 million for the prior quarter and up from $4.8 million for the same period in 2016. Provision expense was $7.4 million for the three months ended March 31, 2017, as compared with $8.2 million for the prior quarter and $6.1 million for the first quarter of 2016. Annualized net charge-offs to average loans for the first quarter of 2017 was 0.45%, compared with 0.39% for the full year of 2016 and 0.33% for the first quarter of 2016. Nonperforming loans to total loans was 0.56% at March 31, 2017, down from 0.65% at December 31, 2016 and 0.69% at March 31, 2016. Past due loans as a percentage of total loans were 0.54% at March 31, 2017, down from 0.64% at December 31, 2016 and up from 0.50% at March 31, 2016. The allowance for loan losses totaled $65.7 million at March 31, 2017, compared to $65.2 million at December 31, 2016 and $64.3 million at March 31, 2016. The allowance for loan losses as a percentage of loans was 1.05% (1.13% excluding acquired loans) at March 31, 2017, consistent with 1.05% (1.13% excluding acquired loans) at December 31, 2016 and 1.08% (1.18% excluding acquired loans) at March 31, 2016. Total assets were $8.9 billion at March 31, 2017, up $78.2 million, or 0.9% from December 31, 2016. Loans were $6.3 billion at March 31, 2017, up $74.2 million from December 31, 2016, due to growth in the commercial, consumer and residential portfolios. Total deposits were $7.2 billion at March 31, 2017, up $211.4 million, or 3.0%, from December 31, 2016. Stockholders’ equity was $926.8 million, representing a total equity-to-total assets ratio of 10.36% at March 31, 2017, compared with $913.3 million or a total equity-to-total assets ratio of 10.30% at December 31, 2016. The Company did not purchase shares of its common stock during the three months ended March 31, 2017. As of March 31, 2017, there were 1,000,000 shares available for repurchase under a plan authorized on March 28, 2016, which expires on December 31, 2017. On April 3, 2017, NBT Bank, N.A. (“NBT Bank”), the wholly owned national bank subsidiary of NBT, acquired Downeast Pension Services, Inc. (“DPS”). DPS, a 25-year-old retirement plan services company based in New Gloucester, Maine, provides full-service, third-party administration for company-sponsored retirement plans. DPS specializes in the defined contribution area. Services offered by DPS include plan design, plan consulting, valuations, compliance testing, contribution calculations and contract administration. This acquisition supports the continued growth of NBT Bank’s retirement services business line. DPS will have access to the resources of NBT Bank’s long-established national retirement services infrastructure to support enhanced service to its customers. DPS will continue to operate as a stand-alone business, retaining its brand and team of professionals. NBT Bancorp Inc. is a financial holding company headquartered in Norwich, N.Y., with total assets of $8.9 billion at March 31, 2017. The company primarily operates through NBT Bank, N.A., a full-service community bank and through two financial services companies. NBT Bank, N.A. has 154 banking locations with offices in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire and Maine. EPIC Advisors, Inc., based in Rochester, N.Y., is a full-service 401(k) plan recordkeeping firm. NBT-Mang Insurance Agency, based in Norwich, N.Y., is a full-service insurance agency. More information about NBT and its divisions can be found on the Internet at: www.nbtbancorp.com, www.nbtbank.com, www.epic1st.com and www.nbtmang.com. This news release contains forward-looking statements. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of NBT and its subsidiaries and on the information available to management at the time that these statements were made. There are a number of factors, many of which are beyond NBT’s control, that could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) revenues may be lower than expected; (3) changes in the interest rate environment may reduce interest margins; (4) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit; (5) legislative or regulatory changes, including changes in accounting standards and tax laws, may adversely affect the businesses in which NBT is engaged; (6) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than NBT; and (7) adverse changes may occur in the securities markets or with respect to inflation. Forward-looking statements speak only as of the date they are made. Except as required by law, NBT does not update forward-looking statements to reflect subsequent circumstances or events. This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These measures adjust GAAP measures to exclude the effects of acquisition related intangible amortization expense on earnings and equity as well as providing a fully taxable equivalent yield on securities and loans. Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables. Management believes that these non-GAAP measures provided useful information that is important to an understanding of the results of NBT’s core business as well as provide information standard in the financial institution industry. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider NBT’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of NBT.


News Article | April 24, 2017
Site: globenewswire.com

HOUSTON, April 24, 2017 (GLOBE NEWSWIRE) -- Indoor Harvest Corp (OTCQB:INQD) is pleased to announce, with Alamo CBD, LLC (“Alamo”), that on April 20, 2017 both Companies entered into a definitive share exchange agreement (the “Agreement”) to acquire 100% of the member ownership in Alamo. Pursuant to the Agreement, Indoor Harvest will sell, convey, transfer and assign to Alamo, twenty five million two hundred eighty thousand and twenty seven (25,280,027) shares of common stock of Indoor Harvest, par value $0.001, in the aggregate, in exchange for the transfer of such securities by the members of Alamo. Upon completion of the exchange, all of the Alamo interests shall be held by Indoor Harvest and Alamo shall become a wholly-owned subsidiary of Indoor Harvest. On March 31, 2017, Alamo submitted an application under the Texas Compassionate Use Program (“TCUP”) to produce and dispense low-THC cannabis oils for the treatment of intractable epilepsy. Alamo has brought together prominent Texans from the United States military, Healthcare and Biopharmaceutical industries, as well as retired veterans of the Department of Public Safety (“DPS”), each committed to providing low-THC cannabis medicine to intractable epilepsy patients in Texas, while advancing the TCUP by collaborating with DPS officials. If licensed, Alamo would meet and exceed security, compliance, and quality standards set by regulators. The DPS is currently expected to notify those applicants that have been conditionally approved on April 30, 2017. Additionally, on March 23, 2017, Indoor Harvest and Alamo entered into a Contractual Joint Venture Agreement with Vyripharm Enterprises, LLC (“Vyripharm”), pursuant to which the parties agreed to participate in an unincorporated joint venture (the “Joint Venture”) to establish Alamo as a supplier of a variety of low-THC cannabis oil to Vyripharm for Vyripharm’s use in conducting research and development to create novel pharmaceutical and radiopharmaceutical compounds designed to image and treat intractable epilepsy. Under the Joint Venture, Alamo will provide low-THC cannabis oil to Vyripharm using Indoor Harvest’s patent pending HPA platform in order to provide specific chemical expression profiles needed for Vyripharm’s research and patient treatments. The Joint Venture would allow the group to provide a unique ability in the industry, personalized patient medicine, by testing patient efficacy, utilizing the full entourage effect of cannabis, to those suffering from intractable epilepsy in the State of Texas. Vyripharm has extensive patent coverage on its imaging and delivery platforms and was recently granted patent allowance by the United States Patent and Trade Office for its comprehensive medical cannabis and hemp testing methodology platform ["Integrated Systems and Methods of Evaluating Cannabis and Cannabinoid Products for Public Safety, Quality Control and Quality Assurance Purposes," Patent# US20150219610 A1]. Additionally, Vyripharm has entered into sponsored research agreements for its core platforms with the University of Texas Medical Branch Galveston, The University of Texas Health Science Center at Houston – Institute of Molecular Medicine Sponsored Research and The University of Texas M.D. Anderson Cancer Center. There is also an agreement with the National Institute of Drug Abuse and pending agreements with Baylor College of Medicine and the VA Hospital in Houston, TX. In connection with the proposed transaction, the Company will file with the Securities and Exchange Commission (the “SEC”) and furnish to the Company’s stockholders a proxy statement and a shareholder vote will be required to close the transaction. Before making any voting decision, the Company’s stockholders are urged to read the proxy statement in its entirety when it becomes available and any other documents to be filed with the SEC in connection with the proposed acquisition or incorporated by reference in the proxy statement because they will contain important information about the proposed transaction and the parties to the proposed transaction.  Investors and shareholders may obtain a free copy of documents filed by Indoor Harvest Corp with the SEC at the SEC’s website at http://www.sec.gov. In addition, investors and shareholders may obtain a free copy of Indoor Harvest Corp’s filings with the SEC from Indoor Harvest Corp’s website at http://investors.indoorharvest.com/SEC-filings. Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, Indoor Harvest is alerting investors and other members of the general public that Indoor Harvest will provide weekly updates on operations and progress through its social media on Facebook and Twitter. Investors, potential investors and individuals interested in our company are encouraged to keep informed by following us on Twitter or Facebook. Indoor Harvest Corp, through its brand name Indoor Harvest®, is a full service, state of the art design-build engineering firm for the indoor farming industry. Providing production platforms and complete custom-designed build-outs for both greenhouse and building integrated agriculture (BIA) grows, tailored to the specific needs of virtually any cultivar. Our patent pending aeroponic fixtures are based upon a modular concept in which primary components are interchangeable. Visit our website at http://www.indoorharvest.com for more information about our Company. FORWARD LOOKING STATEMENTS             This release contains certain “forward-looking statements” relating to the business of Indoor Harvest and its subsidiary companies, which can be identified by the use of forward-looking terminology such as “estimates,” “believes,” “anticipates,” “intends,” expects” and similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on Indoor Harvest’s current expectations and beliefs concerning future developments and their potential effects on Indoor Harvest. There can be no assurance that future developments affecting Indoor Harvest will be those anticipated by Indoor Harvest. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. Indoor Harvest undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.


News Article | April 24, 2017
Site: globenewswire.com

HOUSTON, April 24, 2017 (GLOBE NEWSWIRE) -- Indoor Harvest Corp (OTCQB:INQD) is pleased to announce, with Alamo CBD, LLC (“Alamo”), that on April 20, 2017 both Companies entered into a definitive share exchange agreement (the “Agreement”) to acquire 100% of the member ownership in Alamo. Pursuant to the Agreement, Indoor Harvest will sell, convey, transfer and assign to Alamo, twenty five million two hundred eighty thousand and twenty seven (25,280,027) shares of common stock of Indoor Harvest, par value $0.001, in the aggregate, in exchange for the transfer of such securities by the members of Alamo. Upon completion of the exchange, all of the Alamo interests shall be held by Indoor Harvest and Alamo shall become a wholly-owned subsidiary of Indoor Harvest. On March 31, 2017, Alamo submitted an application under the Texas Compassionate Use Program (“TCUP”) to produce and dispense low-THC cannabis oils for the treatment of intractable epilepsy. Alamo has brought together prominent Texans from the United States military, Healthcare and Biopharmaceutical industries, as well as retired veterans of the Department of Public Safety (“DPS”), each committed to providing low-THC cannabis medicine to intractable epilepsy patients in Texas, while advancing the TCUP by collaborating with DPS officials. If licensed, Alamo would meet and exceed security, compliance, and quality standards set by regulators. The DPS is currently expected to notify those applicants that have been conditionally approved on April 30, 2017. Additionally, on March 23, 2017, Indoor Harvest and Alamo entered into a Contractual Joint Venture Agreement with Vyripharm Enterprises, LLC (“Vyripharm”), pursuant to which the parties agreed to participate in an unincorporated joint venture (the “Joint Venture”) to establish Alamo as a supplier of a variety of low-THC cannabis oil to Vyripharm for Vyripharm’s use in conducting research and development to create novel pharmaceutical and radiopharmaceutical compounds designed to image and treat intractable epilepsy. Under the Joint Venture, Alamo will provide low-THC cannabis oil to Vyripharm using Indoor Harvest’s patent pending HPA platform in order to provide specific chemical expression profiles needed for Vyripharm’s research and patient treatments. The Joint Venture would allow the group to provide a unique ability in the industry, personalized patient medicine, by testing patient efficacy, utilizing the full entourage effect of cannabis, to those suffering from intractable epilepsy in the State of Texas. Vyripharm has extensive patent coverage on its imaging and delivery platforms and was recently granted patent allowance by the United States Patent and Trade Office for its comprehensive medical cannabis and hemp testing methodology platform ["Integrated Systems and Methods of Evaluating Cannabis and Cannabinoid Products for Public Safety, Quality Control and Quality Assurance Purposes," Patent# US20150219610 A1]. Additionally, Vyripharm has entered into sponsored research agreements for its core platforms with the University of Texas Medical Branch Galveston, The University of Texas Health Science Center at Houston – Institute of Molecular Medicine Sponsored Research and The University of Texas M.D. Anderson Cancer Center. There is also an agreement with the National Institute of Drug Abuse and pending agreements with Baylor College of Medicine and the VA Hospital in Houston, TX. In connection with the proposed transaction, the Company will file with the Securities and Exchange Commission (the “SEC”) and furnish to the Company’s stockholders a proxy statement and a shareholder vote will be required to close the transaction. Before making any voting decision, the Company’s stockholders are urged to read the proxy statement in its entirety when it becomes available and any other documents to be filed with the SEC in connection with the proposed acquisition or incorporated by reference in the proxy statement because they will contain important information about the proposed transaction and the parties to the proposed transaction.  Investors and shareholders may obtain a free copy of documents filed by Indoor Harvest Corp with the SEC at the SEC’s website at http://www.sec.gov. In addition, investors and shareholders may obtain a free copy of Indoor Harvest Corp’s filings with the SEC from Indoor Harvest Corp’s website at http://investors.indoorharvest.com/SEC-filings. Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, Indoor Harvest is alerting investors and other members of the general public that Indoor Harvest will provide weekly updates on operations and progress through its social media on Facebook and Twitter. Investors, potential investors and individuals interested in our company are encouraged to keep informed by following us on Twitter or Facebook. Indoor Harvest Corp, through its brand name Indoor Harvest®, is a full service, state of the art design-build engineering firm for the indoor farming industry. Providing production platforms and complete custom-designed build-outs for both greenhouse and building integrated agriculture (BIA) grows, tailored to the specific needs of virtually any cultivar. Our patent pending aeroponic fixtures are based upon a modular concept in which primary components are interchangeable. Visit our website at http://www.indoorharvest.com for more information about our Company. FORWARD LOOKING STATEMENTS             This release contains certain “forward-looking statements” relating to the business of Indoor Harvest and its subsidiary companies, which can be identified by the use of forward-looking terminology such as “estimates,” “believes,” “anticipates,” “intends,” expects” and similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on Indoor Harvest’s current expectations and beliefs concerning future developments and their potential effects on Indoor Harvest. There can be no assurance that future developments affecting Indoor Harvest will be those anticipated by Indoor Harvest. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. Indoor Harvest undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.


News Article | February 23, 2017
Site: www.prnewswire.co.uk

The global engineering firm to use Deltek to support its new business structure and scale with projected future growth HERNDON, Virginia, Feb. 23, 2017 /PRNewswire/ -- Deltek, the leading global provider of enterprise software and information solutions for project-based businesses, today announced international engineering firm DPS Engineering has chosen to standardise on Deltek's integrated project ERP solution to unify its operations, improve resource management and ensure a future-proof infrastructure for the business. Headquartered in Ireland, DPS Engineering has grown its revenue and workforce significantly over the last four years. DPS now has over 1,200 employees globally across most major regions including Ireland, UK, North America, Middle East and Asia Pacific. Managing the company's operations with this significant growth had become challenging due to disparate systems and manual processes, and the firm required a best-in-class solution to unify all operations, support its new business structure and scale with its projected future growth. Following a comprehensive evaluation of potential solutions, DPS Engineering selected Deltek. Deltek project ERP will help DPS maintain project transparency and control, reduce the duplication of effort and minimise lost opportunities. In addition, the Deltek solution will improve resource management and allow DPS to optimally schedule each of its resources – and highlight in advance where new talent is needed as its project portfolio expands. "We approached Deltek to discuss a number of challenges that we faced from an administrative perspective, and right from the beginning it was clear its team understood our issues and could provide the expertise and technology we were looking for. DPS Engineering had just gone through a full restructure as a result of our significant growth, yet we were still operating predominantly on legacy systems, Excel spreadsheets and manual processes. We needed a business solution that would effectively and efficiently support our entire business – now and in the future – and Deltek delivered just that," said Cathal Farrelly, Group Engineering Director at DPS Engineering. "DPS Engineering has experienced phenomenal growth in the last four years and doesn't show any signs of slowing down. We are very excited that DPS chose Deltek, and we are confident that our industry-leading project ERP solution will deliver the measurable benefits they are expecting, both now and as the firm grows," said Fergus Gilmore, VP and Managing Director at Deltek UK and Central Europe. About Deltek Deltek is the leading global provider of enterprise software and information solutions for government contractors, professional services firms and other project-based businesses. For decades, we have delivered actionable insight that empowers our customers to unlock their business potential. 22,000 organizations and millions of users in over 80 countries around the world rely on Deltek to research and identify opportunities, win new business, recruit and develop talent, optimize resources, streamline operations and deliver more profitable projects. Deltek – Know more. Do more.® www.deltek.com


News Article | February 23, 2017
Site: www.prnewswire.co.uk

DPS, the Irish engineering and project management group, is expanding into the United Kingdom with the acquisition of Alban Technical Recruitment.  Alban has offices in St. Albans and Macclesfield and provides contract engineering personnel for the pharmaceutical, medical device and microelectronics industries in the UK.  The terms of the acquisition have not been disclosed. Commenting on the UK acquisition, DPS CEO Frank Keogh said: "We have a substantial professional outsourcing business in Ireland, Mainland Europe and the United States and expanding into a large market like the UK is a logical step."  He explained that the expansion of the professional outsourcing business in the UK will be followed by establishing an engineering and project management business in the UK, focusing on the pharmaceutical, life sciences and advanced technology sectors. "It has always been part of our long-term strategy to establish a presence in the UK."  He elaborated by saying that DPS had been looking for the right opportunity to enter the market long before last year's Brexit vote and added: "We are delighted with the opportunity to have an established presence in the UK, before the conclusion of Brexit and the UK exit from the EU in 2019." "Alban is a very successful professional outsourcing company and some of its key people have been involved in engineering recruitment for more than 25 years.  We look forward to working with Gary Smith and his team at DPS Alban Technical Ltd., in building up a more significant professional outsourcing operation in the UK in the years ahead." DPS is a leading engineering and construction firm with a focus on the life sciences and semiconductor sectors.  DPS delivers services for clients across the complete engineering and construction value chain including feasibility studies, concepts, architecture, engineering, procurement, construction management, commissioning, qualification and validation. DPS applies its extensive Process Engineering expertise built over 40+years as well as significant Lean Construction experience to assist our clients in high-end process sectors such as pharmaceuticals, biotech, medical devices and semiconductors deliver their manufacturing facilities speedily, safely and cost effectively. What sets us apart are the partnerships we build with our clients through a fundamental understanding of their businesses and our own agility, flexibility, original thinking and our high-calibre people. We have grown substantially in recent years and now employ over 1,200 people in our offices and on client sites in Ireland, Netherlands, Israel, Belgium, Singapore and United States.  For more information, visit http://www.dpsgroupglobal.com. We are specialists in the Technical and Engineering Recruitment market sector. Since its creation in 2010, Alban Technical has gone from strength to strength and as a result of our continued success, 2015 saw the addition of the Northern office near Macclesfield, Cheshire. As we join DPS in 2017, we are looking forward to further organic growth whilst continuing to deliver our bespoke brand of recruitment to the Technical and Engineering recruitment market place. Recruitment has changed dramatically over the years with the introduction of RPO and MSA arrangements driven by Procurement teams which, if not managed correctly, can take the "Personal Touch" out of the Recruitment process. Whilst we are happy to work with the RPO companies, we are proud to still hold relationships with key stakeholders with whom we have dealt with over the years, who, almost without exception, value the flexible, tailored approach that DPS Alban Technical can provide.

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