News Article | April 8, 2017
Ebola - What You Should Know World Health Day celebrated on April 7 under the auspices of the United Nations has been a window to many health issues. This year, the event set the focus on depression as a big health risk. The yearlong campaign: "Depression: let's talk" rightly highlighted the plight of more than 300 million people living with the mental illness and languishing in depression. The campaign highlighted the destabilizing role depression plays in general healthcare and its rise as a major source of disability. Trauma is compounded when the skewed access to mental health services and the social stigma are taken into account. Depression significantly affects the families of the sufferers. The brunt of the sporadic mood swings and irritability of depressed people take a toll on the peace and harmony in families. This calls for behavioral and psychiatric therapies to liberate people from the pits of depression. "At worst, depression can lead to suicide, now the second leading cause of death among 15-29-year olds," says WHO. In the last decade, between 2005 and 2015, depression grew by 18 percent and became the major cause of disability. The worst affected are people from low- to middle-income countries. The suicide rate is too high in many low- and middle-income countries among young people in the age group of 20-25. A study by WHO shows more suicides among men compared to women. In clinical terms, depression has been described as a serious mood disorder that affects feelings, thought process, and constraints daily activities including sleeping, eating, and working. Though the real cause of depression is unknown, many reasons are being cited. Some of the common factors that increase depression are: Depression can also come over as a scar or mental shock from the departure of a loved one and the feeling of helplessness. Medical science has identified many types of depression based on symptoms. Persistent depressive disorder or dysthymia is something that lasts for at least two years. Depressive feelings are generally characterized by melancholic mood, anxiety, and exhaustion. There are also seasonal depressions such as the one found during winter months when natural sunlight is low. But seasonal depression will vanish with the onset of spring and summer. Depression is curable with treatment if there is the right diagnosis. In the early phase, depression is treated with medications and psychotherapy, or a mix of both. If such treatments do not subside the symptoms, electroconvulsive therapy (ECT) and other brain stimulation therapies are resorted to. To some extent, antidepressants improve the mood swings or stress levels. There are different types of antidepressant medicines and they take two to four weeks to work. According to experts, depression takes many disguises. The silver lining is that better tools of diagnosis and treatments are available now. The important point about battling depression is having a realistic approach. Denial of Depression: Denial of depressive symptoms will be an escape from reality. Taking small steps consistently will help in confronting the reality and opens up the pathway to wellness. One of the easiest cures for depression is exercise. The basic exercise is walking 30 minutes a day to alleviate the symptoms. That is why therapists take clients for a walk and reduce the couch time. © 2017 Tech Times, All rights reserved. Do not reproduce without permission.
News Article | May 2, 2017
TORONTO, ONTARIO--(Marketwired - May 1, 2017) - Ellipsiz Communications Ltd. (formerly NXA Inc.) (TSX VENTURE:ECT) (the "Company" or "ECL") wishes to announce Mr. Eric Kwok-Hung Chan is being appointed Chief Financial Officer and Corporate Secretary of ECL effective May 1, 2017. Mr. Chan is Chief Financial Officer of MBMI Resources Inc. and prior to that was a partner for over twenty-one years at Cuningham LLP, a public accounting firm. Mr. Chan holds both a CPA and CA certification. The Board welcomes Mr. Chan to the management team and looks forward to working with him. Mr. Harvey McKenzie has tendered his resignation as Chief Financial Officer but will continue to provide consulting services to ECL. The Board of Directors would like to take this opportunity to thank Mr. McKenzie for his hard work and dedication as CFO and look forward to his continued insight and experience with ECL. Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
News Article | February 10, 2017
Wilmington, Delaware & Tel Aviv, Israel , Feb. 10, 2017 (GLOBE NEWSWIRE) -- NeuroRx, a clinical stage biopharma company developing the first oral therapy for Acute Suicidal Ideation and Behavior (ASIB), today announced that Jonathan Javitt, Ph.D., M.D., Chief Executive Officer, will provide a corporate overview at BIO CEO & Investor Conference, being held on February 13-14, 2017 at the Waldorf Astoria in New York City. In addition, the company is available to conduct one-on-one meetings with registered attendees of the conference; meetings can be requested through the Bio partnering system. Bipolar disorder, which affects 5.7 million Americans, is characterized by significant changes in mood, from mania or hypomania, to depression, often quite severe. The depressive phase, which is called “bipolar depression” and is distinct from the unipolar depression of major depressive disorder, can trigger thoughts of suicide (suicide ideation). For some patients, these thoughts can become strong, creating an urge to develop a plan and/or act upon them, making Acute Suicidal Ideation and Behavior (ASIB) in bipolar depression a uniquely lethal disease. Bipolar patients experiencing acute suicidal crisis, as classified by FDA-recognized scales, have a 33% chance of death within six months. Many patients do seek medical care, or are brought to care by families and physicians, yet there is no approved medicine for the treatment of acute suicidal crisis. Standard of care consists of hospitalized observation and electroconvulsive therapy (ECT). In fact, most commonly used antidepressants bear an FDA-mandated warning label identifying the potential to increase the risk of suicide. Studies show that patients are at continued high-risk for suicide after hospitalization for a suicide attempt. Each day, approximately 100 Americans, and more than 2,100 people worldwide, end their lives by suicide, according to American Foundation for Suicide Prevention (AFSP) and the World Health Organization (WHO). NeuroRx estimates that more than half of all suicides may be related to bipolar disorder. NRX-101 is a potentially rapid-onset and sustained oral treatment regimen in a phase 2b/3 pending clinical trial for Acute Suicidal Ideation and Behavior (ASIB) in patients with bipolar depression. The treatment, which is currently investigational, is a patented, oral, fixed-dose combination of two FDA-approved drugs: d-cycloserine, a N-methyl-D-aspartate (NMDA) receptor modulator, and lurasidone, a 5-HT2a receptor antagonist. NeuroRx’s investigational treatment approach begins with a single dose of ketamine, an FDA-approved anesthetic, for initial stabilization, followed by approximately six weeks of daily oral NRX-101. Results from two Phase II clinical studies, involving 26 and 8 patients respectively, have been published in peer-reviewed journals. Findings showed a 50% reduction in symptoms of depression and a 75% reduction in suicidal ideation in bipolar patients who were on background antidepressant therapy and then treated with d-cycloserine, one of the active ingredients in NRX-101. NeuroRx, Inc. is developing NRX-101, the first oral therapeutic for the treatment of Acute Suicidal Ideation and Behavior (ASIB) in bipolar depression. There is no approved drug for patients with suicidal ideation / behavior. Most antidepressants, including the SSRI class, carry an FDA black box warning for increased risk of suicide, leaving hospitalization and electroshock therapy (ECT) as the standard of care for bipolar patients experiencing a suicidal episode. NeuroRx draws upon 30 years of basic science and clinical expertise in the role of the N-methyl-D-aspartate (NMDA), a receptor that regulates human thought processes, particularly depression and suicidality. NeuroRx is currently initiating a Phase 2b/3 clinical trial of NRX-101 for the treatment of Acute Suicidal Ideation & Behavior (ASIB) in patients with bipolar depression, the depressive phase of bipolar disorder in which most suicide attempts occur.
News Article | February 21, 2017
SAN FRANCISCO, CA, February 21, 2017-- TMS Health Solutions announced today the launch of its newly revamped website, www.tmshealthsolutions.com . Key features of the site include a fresh, new look, a more mobile-friendly design with better, engaging user experience, and further information on the comprehensive services offered by the company as new locations open. The site also includes extensive information to help potential patients understand depression and the potential and benefits of Transcranial Magnetic Stimulation (TMS) therapy, a highly effective, FDA-cleared treatment for those who do not respond to treatment and/or medication.The website now includes a robust resource center and has links to nationally recognized mental health organizations, where patients can learn more about depression, and friends and family too can better understand treatment-resistant depression (TRD) and the potential path towards wellness. In coming months, TMS Health Solutions plans to have their nationally recognized practitioners contribute articles on clinical depression and finding a treatment plan that can help people lead healthier, happier lives."Our patient research and discussions with friends and family of patients drove decisions for the content and design features as we strive to provide useful, helpful, easily accessible information for people with clinical depression and other mental health conditions," Brad Hummel, CEO of TMS Health Partners, the business management company for TMS Health Solutions. "Our practice is committed to providing a patient-centered experience and we believe our website is an excellent place for sharing resources and information and learning about treatments, especially for those experiencing treatment-resistant depression."Cleared by the FDA in 2008, TMS is a drug-free, non-invasive therapy for patients who suffer from treatment-resistant depression. It is administered in a physician's office in an outpatient setting. By using an MRI-strength magnetic field to stimulate the prefrontal cortex of the brain, the core symptoms of major depression can be relieved. Unlike antidepressants or Electroconvulsive Therapy (ECT), patients undergoing TMS therapy experience minimal side effects.Headquartered in San Francisco, California, and with additional offices in Sacramento, Oakland, El Dorado Hills and Roseville, TMS Health Solutions clinics specialize in the delivery of TMS therapy for patients suffering from treatment-resistant depression. Additionally, the clinics provide traditional treatment for mood disorders. TMS Health Solutions is led by Dr. Richard Bermudes and Dr. Karl Lanocha, two of the nation's leading experts on using TMS therapy as an innovative treatment for depression.
News Article | March 2, 2017
Guernsey, 2 March 2017 - Eurocastle Investment Limited ("Eurocastle" or the "Company") today announces that it will release its financial results for the twelve months ended 31 December 2016 on Thursday, 16 March 2017 before the market opens. In addition, management will host an earnings conference call at 2:00 P.M. London time (9:00 A.M. New York time) later that day. All interested parties are welcome to participate on the live call. You can access the conference call by dialing first +1-800-215-5243 (from within the U.S.) or +1-330-863-8154 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference "Eurocastle Fourth Quarter 2016 Earnings Call or conference ID number 4446819" A webcast of the conference call will be available to the public on a listen-only basis at www.eurocastleinv.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the webcast will be available for three months following the call. For those who are not available to listen to the live call, a replay will be available until 11:59 P.M. New York time on Sunday, 16 April 2017 by dialing +1-855-859-2056 (from within the U.S.) or +1-404- 537-3406 (from outside of the U.S.); please reference access code "4446819" Eurocastle Investment Limited is a publicly traded closed-ended investment company that focuses on investing in performing and non-performing loans and other real estate related assets primarily in Italy. The Company is Euro denominated and is listed on Euronext Amsterdam under the symbol "ECT". Eurocastle is managed by an affiliate of Fortress Investment Group LLC, a leading global investment manager. For more information regarding Eurocastle Investment Limited and to be added to our email distribution list, please visit www.eurocastleinv.com.
News Article | February 28, 2017
NEW YORK--(BUSINESS WIRE)--Fortress Investment Group LLC (NYSE:FIG) (“Fortress” or the “Company”) today reported its fourth quarter and year end 2016 financial results. Fortress’s business model is highly diversified, and management believes that this positions the Company to capitalize on opportunities for investing, capital formation and harvesting profits that can occur at different points in any cycle for our individual businesses. Fortress’s business model generates stable and predictable management fees, which is a function of the majority of Fortress’s alternative AUM residing in long-term investment structures. Fortress’s alternative investment businesses also generate variable incentive income based on performance, and this incentive income can contribute meaningfully to financial results. Balance sheet investments represent a third component of Fortress’s business model, and the Company has built substantial value in these investments, which are made in Fortress funds alongside the funds’ limited partners. The table below summarizes Fortress’s operating results for the three months ended December 31, 2016. The condensed consolidated GAAP statement of operations and balance sheet are presented on pages 11-12 of this press release. Fortress recorded GAAP net income of $165 million, or $0.33 per diluted Class A share, for the fourth quarter of 2016, compared to GAAP net income of $116 million, or $0.20 per diluted Class A share, for the fourth quarter of 2015. Our diluted earnings per share includes the income tax effects to net income (loss) attributable to Class A shareholders from the assumed conversion of Fortress Operating Group units to Class A shares in periods when the effect is dilutive. The year-over-year increase in Fortress’s fourth quarter 2016 GAAP net income was primarily driven by a $41 million increase in other income and a $24 million increase in revenues, partially offset by a $38 million increase in expenses. Other income in the fourth quarter of 2016 totaled $23 million, up from a loss of $18 million in the fourth quarter of 2015. The year-over-year increase was primarily due to net realized and unrealized gains in the fair value of derivatives, primarily related to Japanese Yen foreign exchange contracts, and net realized and unrealized gains in the fair value of our direct investments, including options held in our publicly traded permanent capital vehicles. The $24 million increase in revenues was primarily attributable to higher incentive income, partially offset by lower management fees. The $38 million increase in expenses was primarily related to higher compensation and benefits expense. This section provides information about each of Fortress’s businesses: (i) Credit Hedge Funds and Credit PE Funds, (ii) Private Equity Funds and Permanent Capital Vehicles, (iii) Liquid Hedge Funds, and (iv) Logan Circle. Fortress uses DE as the primary metric to manage its businesses and gauge the Company’s performance, and it uses DE exclusively to report segment results. All DE figures are presented on a pre-tax basis. Consolidated segment results are non-GAAP information and are not presented as a substitute for Fortress’s GAAP results. Fortress urges you to read “Non-GAAP Information” below. Pre-tax DE was $107 million in the fourth quarter of 2016, down 18% from $130 million in the fourth quarter of 2015, primarily due to lower management fees, lower net investment income and higher operating expenses, partially offset by higher earnings from Affiliated Manager. Pre-tax DE was $362 million in the full year of 2016, down from $391 million in full year 2015, primarily due to lower management fees, lower net investment income and higher profit sharing expenses, partially offset by higher incentive income, lower operating expenses and higher earnings from Affiliated Manager. Management fees were $133 million in the fourth quarter of 2016, down from $148 million in the fourth quarter of 2015. The decrease was primarily due to lower management fees from the Liquid Hedge Funds and Private Equity Funds, partially offset by higher management fees from the Permanent Capital Vehicles. Management fees were $551 million in the full year of 2016, down from $582 million in the full year of 2015. The decrease was primarily due to lower management fees from the Liquid Hedge Funds and Private Equity Funds, partially offset by higher management fees from the Credit Hedge Funds, Credit PE Funds and Permanent Capital Vehicles. Incentive income in the fourth quarter of 2016 totaled $133 million, up from $132 million in the fourth quarter of 2015, primarily due to higher incentive income from the Credit Hedge Funds and Permanent Capital Vehicles, partially offset by lower incentive income from the Credit PE Funds. Incentive income in the full year of 2016 totaled $441 million, up from $436 million in the full year of 2015. The year-over-year increase was primarily due to higher incentive income from the Credit Hedge Funds, partially offset by lower incentive income from the Permanent Capital Vehicles. Earnings from Affiliated Manager totaled $10 million and $15 million in the fourth quarter and full year of 2016, respectively, up from a $1 million loss and $9 million in the fourth quarter and full year of 2015, respectively. The Company’s segment revenues and distributable earnings will fluctuate materially depending upon the performance of its funds and the realization events within its private equity businesses, as well as other factors. Accordingly, the revenues and distributable earnings in any particular period should not be expected to be indicative of future results. As of December 31, 2016, AUM totaled $69.6 billion, down slightly compared to the previous quarter. As of year end, approximately 87% of alternative AUM was in funds with long-term investment structures. During the quarter, Fortress’s AUM decreased primarily due to (i) $1.6 billion of net market-driven valuation declines, (ii) $0.5 billion of capital distributions to investors, and (iii) $0.1 billion in distributions to investors in redeeming capital accounts. These decreases to AUM were partially offset by (i) $1.0 billion of net client inflows for Logan Circle, (ii) a $0.6 billion increase in invested capital, and (iii) $0.1 billion of equity raised that was directly added to AUM. As of December 31, 2016, the Credit Funds and Private Equity Funds had $6.3 billion and $0.6 billion of uncalled capital, respectively, that will become AUM if called. Uncalled capital or dry powder – capital committed to the funds but not invested and generating management fees – includes $2.7 billion that is only available for follow-on investments, management fees and other fund expenses. Below is a discussion of fourth quarter and full year 2016 segment results and business highlights. The Credit business, which includes our Credit PE Funds and Credit Hedge Funds, generated pre-tax DE of $55 million in the fourth quarter of 2016, down from $76 million in the fourth quarter of 2015. The year-over-year decrease in DE was primarily driven by lower incentive income and higher operating expenses, partially offset by lower profit sharing expense. The Credit Hedge Funds generated pre-tax DE of $35 million for the quarter, up from $14 million in the fourth quarter of 2015, primarily due to higher incentive income. Fortress’s flagship credit hedge fund, DBSO LP, had net returns of 3.3% for the quarter and full year net returns of 9.7% as of December 31, 2016. The Credit PE Funds generated pre-tax DE of $20 million in the quarter, down from $62 million in the fourth quarter of 2015, primarily due to lower incentive income. Over the last twelve months, the Credit PE Funds have recognized $241 million of gross incentive income, while gross unrecognized Credit PE incentive income has increased $63 million year-over-year to $930 million as of December 31, 2016. The Private Equity business recorded pre-tax DE of $47 million in the fourth quarter of 2016, including $32 million for the Permanent Capital Vehicles and $15 million for the Private Equity Funds, down from $58 million in the fourth quarter of 2015. The year-over-year decrease was primarily driven by lower management fees for the Private Equity Funds, partially offset by higher incentive income for the Permanent Capital Vehicles. During the quarter, the Permanent Capital Vehicles generated $41 million of incentive income, including contributions from New Residential, New Media Investment Group Inc. (NYSE: NEWM), New Senior Investment Group Inc. (NYSE: SNR) and Eurocastle Investment Limited (Euronext Amsterdam: ECT). Logan Circle, our traditional asset management business, recorded a pre-tax DE loss of $1 million for the fourth quarter of 2016, flat compared to the fourth quarter of 2015. For the full year of 2016, Logan Circle recorded pre-tax DE of $4 million, up from a $2 million pre-tax DE loss in 2015, primarily due to higher management fees. Logan Circle ended the year with $33.4 billion in AUM, up 7% compared to the previous year, primarily due to $2.4 billion of market-driven valuation gains. For the quarter and year ended December 31, 2016, all 16 Logan Circle fixed income strategies outperformed their respective benchmarks. Since inception, 15 of 16 Logan Circle fixed income strategies have outperformed their respective benchmarks and eight were ranked in the top quartile of performance for their competitor universe. The Liquid Hedge Funds recorded pre-tax DE of $7 million in the fourth quarter of 2016, up from a $2 million pre-tax DE loss in the fourth quarter of 2015. The year-over-year increase was primarily due to higher earnings from the Affiliated Manager, partially offset by lower management fees. The Liquid Hedge Funds had $4.6 billion of AUM at quarter end, including $4.4 billion related to the Affiliated Manager. As of December 31, 2016, Fortress had cash and cash equivalents of $397 million and debt obligations of $183 million. As of December 31, 2016, Fortress had approximately $0.9 billion of investments in Fortress funds and options in publicly traded permanent capital vehicles and a total of $143 million in outstanding commitments to its funds. In addition, the NAV of Fortress’s investments in its own funds exceeded its segment cost basis by $433 million at quarter end, representing net unrealized gains that have not yet been recognized for segment reporting purposes. Fortress’s Board of Directors declared a cash dividend of $0.09 per dividend paying share. The dividend is payable on March 21, 2017 to Class A shareholders of record as of the close of business on March 15, 2017. Please see below for information on the U.S. federal income tax implications of the dividend. In connection with the proposed merger between Fortress and an affiliate of SoftBank, each Fortress Class A shareholder may also receive a dividend in an amount not to exceed $0.09 per share with respect to the quarterly period ended March 31, 2017, if closing does not occur prior to the applicable payment date. In connection with the merger, Fortress has contractually agreed that it will not pay dividends for the quarterly period ended March 31, 2017 in any amount greater than $0.09 per share, and that it will not pay any dividends with respect to periods ending after that while the merger agreement remains in effect. Fortress Class A shareholders should therefore not anticipate receiving a dividend with respect to the quarterly periods ended June 30, 2017 or September 30, 2017, even if the merger has not yet been consummated at the time of the customary dividend payment dates for such periods. DE is a supplemental metric used by management to measure Fortress’s operating performance. DE is a measure that management uses to manage, and thus report on, Fortress’s segments, namely: Private Equity, Permanent Capital Vehicles, Credit Hedge Funds, Credit PE Funds, Liquid Hedge Funds and Logan Circle. DE differs from GAAP net income in a number of material ways. For a detailed description of the calculation of pre-tax DE and fund management DE, see Exhibit 3 to this release and note 11 to the financial statements included in the Company’s most recent annual report on Form 10-K. Fortress aggregates its segment results to report consolidated segment results, as shown in the table under “Summary Financial Results” and in the “Total” column of the table under “Consolidated Segment Results (Non-GAAP).” The consolidated segment results are non-GAAP financial information. Management believes that consolidated segment results provide a meaningful basis for comparison among present and future periods. However, consolidated segment results should not be considered a substitute for Fortress’s consolidated GAAP results. The exhibits to this release contain reconciliations of the components of Fortress’s consolidated segment results to the comparable GAAP measures, and Fortress urges you to review these exhibits. Fortress also uses weighted average dividend paying shares and units outstanding (used to calculate pre-tax DE per dividend paying share) and net cash and investments. The exhibits to this release contain reconciliations of these measures to the comparable GAAP measures, and Fortress urges you to review these exhibits. Fortress Investment Group LLC is a leading, highly diversified global investment firm with $69.6 billion in assets under management as of December 31, 2016. Founded in 1998, Fortress manages assets on behalf of over 1,750 institutional clients and private investors worldwide across a range of credit and real estate, private equity and traditional asset management strategies. Fortress is publicly traded on the New York Stock Exchange (NYSE:FIG). For more information regarding Fortress Investment Group LLC or to be added to its e-mail distribution list, please visit www.fortress.com. Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are generally identified by the use of words such as “outlook,” “believe,” “expect,” “potential,” “continue,” “may,” “will,” “should,” “could,” “would,” “seek,” “approximately,” “predict,” “intend,” “plan,” “estimate,” “anticipate,” “opportunity,” “pipeline,” “comfortable,” “assume,” “remain,” “maintain,” “sustain,” “achieve” or the negative version of those words or other comparable words. Forward-looking statements are not historical facts, but instead represent only Fortress’s beliefs as of the date of this communication regarding future events, many of which, by their nature, are inherently uncertain and outside of Fortress’s control. Numerous factors could cause actual events to differ from these forward-looking statements, and any such differences could cause our actual results to differ materially from the results expressed or implied by these forward-looking statements. Such factors include but are not limited to the following: (1) Fortress may be unable to obtain shareholder approval as required for the proposed merger; (2) conditions to the closing of the merger, including the obtaining of required regulatory approvals, may not be satisfied; (3) the merger may involve unexpected costs, liabilities or delays; (4) the business of Fortress may suffer as a result of uncertainty surrounding the merger; (5) the outcome of any legal proceedings related to the merger; (6) Fortress may be adversely affected by other economic, business, and/or competitive factors, including the net asset value of assets in certain of Fortress’s funds; (7) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; (8) risks that the merger disrupts current plans and operations and the potential difficulties in employee retention as a result of the merger; (9) other risks to consummation of the merger, including the risk that the merger will not be consummated within the expected time period or at all; and (10) the risks described from time to time in Fortress’s reports filed with the SEC under the heading “Risk Factors,” including the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and in other of Fortress’s filings with the SEC. In addition, new risks and uncertainties emerge from time to time, and it is not possible for Fortress to predict or assess the impact of every factor that may cause its actual results to differ from those expressed or implied in any forward-looking statements. Accordingly, you should not place undue reliance on any forward-looking statements contained in this communication, and you should not regard any forward-looking statement as a representation by Fortress or any other person that the future plans, estimates or expectations currently contemplated by Fortress will be achieved. Fortress can give no assurance that the expectations of any forward-looking statement will be obtained. Such forward-looking statements speak only as of the date of this communication. Fortress expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Fortress’s expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based. This announcement is intended to be a qualified notice as provided in the Internal Revenue Code (the “Code”) and the Regulations thereunder. For U.S. federal income tax purposes, the dividend declared in March 2017 will be treated as a partnership distribution. The per share distribution components are as follows: "Distributable earnings" is Fortress’s supplemental measure of operating performance used by management in analyzing segment and overall results. As compared to generally accepted accounting principles ("GAAP") net income, distributable earnings excludes the effects of unrealized gains (or losses) on illiquid investments, reflects contingent revenue which has been received as income to the extent it is not expected to be reversed, and disregards expenses which do not require an outlay of assets, whether currently or on an accrued basis. Distributable earnings is reflected on an unconsolidated and pre-tax basis, and, therefore, the interests in consolidated subsidiaries related to Fortress Operating Group units (held by the principals) and income tax expense are added back in its calculation. Distributable earnings is not a measure of cash generated by operations which is available for distribution nor should it be considered in isolation or as an alternative to cash flow or net income in accordance with GAAP and it is not necessarily indicative of liquidity or cash available to fund the Company’s operations. For a complete discussion of distributable earnings and its reconciliation to GAAP, as well as an explanation of the calculation of distributable earnings impairment, see note 11 to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Growing distributable earnings is a key component to the Company’s business strategy and distributable earnings is the supplemental measure used by management to evaluate the economic profitability of each of the Company’s businesses and total operations. Therefore, Fortress believes that it provides useful information to investors in evaluating its operating performance. Fortress’s definition of distributable earnings is not based on any definition contained in its amended and restated operating agreement. “Fund management DE” is equal to pre-tax distributable earnings excluding our direct investment-related results. Fund management DE is comprised of “Pre-tax Distributable Earnings” excluding “Investment Loss (Income)” and “Interest Expense.” Fund management DE and its components are used by management to analyze and measure the performance of our investment management business on a stand-alone basis. Fortress defines segment operating margin to be equal to fund management DE divided by segment revenues. The Company believes that it is useful to provide investors with the opportunity to review our investment management business using the same metrics. Fund management DE and its components are subject to the same limitations as pre-tax distributable earnings, as described above. “Dividend paying shares and units” represents the number of shares and units outstanding at the end of the period which were entitled to receive dividends or related distributions. The Company believes it is useful for investors in computing the aggregate amount of cash required to make a current per share distribution of a given amount per share. It excludes certain potentially dilutive equity instruments, primarily non-dividend paying restricted Class A share units, and, therefore, is limited in its usefulness in computing per share amounts. Accordingly, dividend paying shares and units should be considered only as a supplement and not an alternative to GAAP basic and diluted shares outstanding. The Company’s calculation of dividend paying shares and units may be different from the calculation used by other companies and, therefore, comparability may be limited. Net cash and investments represents cash and cash equivalents plus investments less debt outstanding. The Company believes that net cash and investments is a useful supplemental measure because it provides investors with information regarding the Company’s net investment assets. Net cash and investments excludes certain assets (investments in options, due from affiliates, deferred tax asset, other assets) and liabilities (due to affiliates, accrued compensation and benefits, deferred incentive income and other liabilities) and its utility as a measure of financial position is limited. Accordingly, net cash and investments should be considered only as a supplement and not an alternative to GAAP book value as a measure of the Company’s financial position. The Company’s calculation of net cash and investments may be different from the calculation used by other companies and, therefore, comparability may be limited.
News Article | February 28, 2017
On January 2, 1979, Dr. Rafael Osheroff was admitted to Chestnut Lodge, an inpatient psychiatric hospital in Maryland. Osheroff had a bustling nephrology practice. He was married with three children, two from a previous marriage. Everything had been going well except his mood. For the previous two years, Osheroff had suffered from bouts of anxiety and depression. Dr. Nathan Kline, a prominent psychopharmacologist in New York City, had begun Osheroff on a tricyclic antidepressant and, according to Kline’s notes—which were later revealed in court—he improved. But then Osheroff decided, against Kline’s advice, to change his dose. He got worse. So much worse that he was brought to Chestnut Lodge. For the next seven months, Osheroff was treated with intensive psychotherapy for narcissistic personality disorder and depression. It didn’t help. He lost 40 pounds, suffered from excruciating insomnia, and began pacing the floor so incessantly that his feet became swollen and blistered. Osheroff’s family, distressed by the progressive unraveling of his mind, hired a psychiatrist in Washington D.C. to intervene. In response, Chestnut Lodge held a clinical case conference yet decided to not change treatment. Importantly, they decided to not begin medications but to continue psychotherapy. They considered themselves “traditional psychiatrists”—practitioners of psychodynamic psychotherapy, the technique used by Sigmund Freud and other pioneers. At the end of seven months, in a worse state yet, Osheroff’s family had him transferred from Chestnut Lodge to Silver Hill in Connecticut. Silver Hill’s doctors immediately diagnosed him as having a psychotic depressive episode and began him on a combination of phenothiazine and tricyclic antidepressants—a combination that recent clinical trials had shown to be effective. “Within weeks after his transfer,” Dr. Alan Stone later wrote in the New England Journal of Medicine, “biological treatment with antidepressants [produced] a dramatic recovery.” Three months after his transfer, Osheroff left Silver Hill with a diagnosis of manic-depression, an early name for bipolar disorder. A quick turn-around. Yet the previous year had destroyed Osheroff’s life. Kidney patients cannot wait a year to be seen, so Osheroff lost his lucrative medical practice. Concerned about her children, Osheroff’s ex-wife gained custody of two of his children. His reputation in the community was shattered. Osheroff sued Chestnut Lodge for not providing the latest, evidence-based treatment. He sued “for negligence, because the staff failed to prescribe drugs and instead treated him according to the psychodynamic and social model.” As Dr. Gerald Klerman described in the American Journal of Psychiatry: at the time, there was no evidence for psychodynamic therapy for psychotic depression. “In contrast, there are numerous randomized, controlled trials of the efficacy of ECT and the combination of tricyclic and neuroleptic medications in the treatment of psychotic depression.” Klerman later notes Chestnut Lodge’s “strange clinical logic to ignore available evidence in favor of a conjecture based on doctrine.” Osheroff won the lawsuit and, on appeal, settled with Chestnut Lodge outside of court. (Chestnut Lodge, a lovely historical landmark, eventually folded, was converted to upscale condos, and subsequently burned to the ground.) The case sparked a decades-long debate—one with “considerable spunk”—that captured the attention of the psychiatric community: “Has psychiatry reached the point where use of the psychodynamic model is viewed as malpractice when it is the exclusive treatment for serious mental disorders?” Stone asked. Another clinician questioned, “Are psychoanalysis and medical psychiatry compatible?” Data showing one therapy was effective could evidently legally compel clinicians to change practice to avoid claims of negligence. Furthermore, if theories about the etiology of brain diseases like depression were demonstrated and generally accepted, clinicians who guide therapy with “traditional,” nonscientific theories could also be considered negligent. Recall that since Osheroff’s 1980s case, tens of thousands of papers and scores of books have described our ever-deepening knowledge of the neuroscience of mental illness, fixing psychiatry squarely as a medical specialty, as a specialty of brains. Yet, as Dr. Sophia Vinogradov, Chief of Psychiatry at the University of Minnesota Medical School, recently wrote in Nature Human Behavior, “There's a secret that we psychiatrists do not like to talk about: the abysmally primitive state of how we assess, understand, and treat mental illness.” But many have great hope this will change. Last year, The Lancet Psychiatry published a joint study between The University of Texas Southwestern and Yale University used a machine-learning algorithm to see which of 164 clinical measures were most predictive of treatment success with the antidepressant citalopram. The clinical measures included well-validated scales like the Quick Inventory of Depression Symptomatology (QIDS) and the Hamilton Depression Rating scale as well as sociodemographic features, previous diagnoses and antidepressants the patient had taken, and the first 100 items on a psychiatric diagnostic symptom questionnaire. The three best predictors of treatment success were current employment, years of education, and loss of insight into their depressive condition. The three best predictors of treatment failure were baseline depression severity, feeling restless, and reduced energy level. The tool predicted treatment outcome with 60 percent accuracy in an independent data sample—far better than clinicians. The research group has published an online tool to predict a patient’s likelihood of success with citalopram. This single tool is unlikely to be the answer, but it is a harbinger of data science for psychiatry. We are beginning to approach the brain as a computational organ, one to be evaluated with measurements and calculations. Calculators of disease risk are regularly used in medicine—if you have atrial fibrillation and go to a cardiologist, she will use multiple datapoints to calculate your risk of stroke, known as a CHAD-VASC score. Depending on your risk, she might prescribe you an anticoagulant like Coumadin. The CHAD-VASC calculator is freely available online and does not pretend to be a perfect assessment of risk. It is sometimes wrong. But it is our medical community’s best approximation of your stroke risk if you have atrial fibrillation. The calculator is not a vote of no confidence in the cardiologist’s ability. Rather, like all empirical tests, it signifies that decisions based on more data are better than those based on less. Psychiatry remains an outlier in the medical profession regarding the use of data; even after the rigorous Osheroff v. Chestnut Lodge debate, the importance of data in practice remains unsettled. In particular, objective data and data science remain underutilized by the psychiatric community. Has your therapist ever used a predictive algorithm to guide your treatment? As Harvard Psychiatrists John Torous and Justin Baker recently wrote in JAMA Psychiatry, “Data science and technology can provide a nearly limitless set of decision-support and self-monitoring tools. However, without individual psychiatrists and the field at large making a concerted push to drive the technology forward…these advances will likely fail to transform our troubled system of care.” The concern is that psychiatry lacks the will to apply what is known to what is practiced. Osheroff all over again. “The scientific knowledge base is alreadyin place to radically improve the clinical practice of psychiatry,” Vinogradov asserted, “what we need next is the collective vision.”
News Article | February 15, 2017
Azul's Deputy CTO and Java Champion Simon Ritter to give insights into how to best use Azul Zing JVM with Docker to build and deploy applications that have the fastest, pauseless performance SUNNYVALE, CA--(Marketwired - February 13, 2017) - Azul Systems (Azul), the award-winning leader in Java runtime solutions, today announced that Simon Ritter, Deputy CTO of Azul Systems and officially recognized Java Champion will be conducting a webinar, taking place on February 15, 2017 at 11:00 a.m. pacific/ 2:00 p.m. eastern, as well as February 15, 2017 10:00 GMT/11:00 ECT for audiences in EMEA: WHAT: Live Webinar: Performant Java Microservices with Docker and Zing Azul Zing JVM combined with Docker can be used to build and deploy applications that have excellent performance, eliminating the problems of long garbage collection pauses. Zing can also deliver fast adaptive compilation warm-up using ReadyNow. This 30-minute webinar will review: Azul Systems, the industry's only company exclusively focused on Java and the Java Virtual Machine (JVM), builds fully supported, certified standards-compliant Java runtime solutions that bring the power of Java to the enterprise, the embedded community and the IoT. Zing is a JVM designed for enterprise Java applications and workloads that require any combination of low latency, high transaction rates, large working memory, and/or consistent response times. Zulu is Azul's certified, freely available open source build of OpenJDK with a variety of flexible enterprise and embedded support options, including custom configurations for embedded and IoT use cases. For additional information, visit www.azul.com. Azul Systems, the Azul Systems logo, Zulu, Zing and ReadyNow! are registered trademarks. Java and OpenJDK are trademarks of Oracle Corporation and/or its affiliated companies in the United States and other countries. All other trademarks are the property of their respective holders.
News Article | February 17, 2017
Enbridge Income Fund Holdings Inc. (the Company or ENF) (TSX:ENF) announced fourth quarter earnings of $67 million, or $0.54 per common share, and annual earnings for 2016 of $252 million, or $2.18 per common share. Fourth quarter earnings per share grew by 14.9% and full year earnings per share grew by 17.2% over the comparable periods of 2015. The Company holds a 56.9% ordinary trust unit (Fund Unit) interest in Enbridge Income Fund (the Fund) and an approximate 16.4% overall economic interest in the Fund Group. The Fund Group is comprised of the Fund, Enbridge Commercial Trust (ECT), Enbridge Income Partners LP (EIPLP) and the subsidiaries and investees of EIPLP. EIPLP holds the operating entities of the Fund Group and grew significantly in scope and scale after the transformative acquisition of certain Canadian liquids pipelines, storage and renewable energy assets from Enbridge Inc. (Enbridge) in September 2015 (the 2015 Transaction), which was valued at $30.4 billion plus incentive distribution and performance rights. Fund Group adjusted cash flow from operations (ACFFO) was $491 million and $1,837 million for the three and twelve months ended December 31, 2016, respectively, representing a notable increase over the annual period of 2015. The increased scale and scope of the Fund Group's operations due to the 2015 Transaction as well as new system expansion projects that subsequently came into service significantly bolstered annual ACFFO. Strong contributions from Alliance Pipeline's new services framework and operational efficiencies also contributed to the increase in Fund Group ACFFO for the year. Fourth quarter Fund Group ACFFO was relatively unchanged year over year, due to various offsetting factors. "We are pleased with the results for the quarter and the year which reflect the strength and resilience of our business model," said Company President Perry Schuldhaus. "Despite the impact of the northeastern Alberta wildfires on our Liquids Pipelines mainline performance in the second quarter, strong contributions from Liquids Pipelines over the balance of the year and Gas Pipelines throughout the year enabled us to deliver Fund Group ACFFO well within our 2016 guidance range. Our mainline volumes rebounded following the wildfires and reached a record 2.6 million barrels per day ex-Gretna in December." In November 2016, the Canadian Federal Government approved the Canadian portion of the Line 3 Replacement Program. The approval marks an important milestone for this project that will contribute to the continued safe and reliable delivery of Canada's energy resources to market. The anticipated in service date is 2019, pending Minnesota Public Utilities Commission regulatory approvals. During the quarter, the Company announced that a subsidiary within the Fund Group closed the sale of the South Prairie Region Liquids Pipeline assets for $1.08 billion in cash. The proceeds from the sale will be reinvested into organic growth projects, including the Wood Buffalo Extension, Athabasca Twin and Norlite projects which are scheduled for service in 2017 and will satisfy the Fund's currently anticipated equity capital requirements through 2017. Approximately $3.7 billion of the Company's remaining $9 billion in secured growth projects are expected to come into service in 2017, the largest being the Regional Oil Sands Optimization Project. In January 2017, the first component of this project, the Athabasca Pipeline Twin was placed into service, which entailed twinning the southern section of the Athabasca Pipeline with a 36-inch diameter pipeline from Kirby Lake, Alberta to the Hardisty crude oil hub. The second component of the project which connects the Wood Buffalo Extension to the Athabasca Pipeline Twin is now expected to be in service in December 2017 to align with the primary shipper's anticipated production profile. Based on updated projections, the Company expects that the Fund Group will generate ACFFO between $1.9 billion and $2.1 billion in 2017. Contributing factors to the 2017 guidance range include continued strength within the Liquids Pipelines segment and new capital projects coming into service. Canadian Mainline performance is expected to remain very strong in 2017 driven by mainline throughput and an increase in the Canadian residual toll starting in the second quarter of 2017. The $3.7 billion of new projects that are expected to come into service in 2017, discussed above, will also contribute incremental cash flow. Partially offsetting these positive factors is the sale of the South Prairie Region assets which pre-funded 2017 equity requirements, as well as the revised in-service date of the Wood Buffalo Extension. The December 1, 2017 in-service date for the Wood Buffalo Extension is not expected to impact the project return. "We entered 2017 with a solid foundation consisting of a portfolio of highly reliable and low risk businesses. Our 2017 Fund Group ACFFO guidance reflects the projected cash flow growth from our existing assets supplemented by growth from the secured projects coming into service in 2017. We remain well positioned to provide solid returns to our shareholders and are confident that we will continue delivering 10% annual dividend increases through 2019," said Mr. Schuldhaus. The Company previously announced a 10% increase in the monthly dividend to $0.1711 per common share, commencing with the dividend payable in respect of January 2017. The Company's Board of Directors also declared a cash dividend of $0.1711 per common share to be paid on March 15, 2017 to shareholders of record at the close of business on February 28, 2017. These dividends are designated eligible dividends for Canadian tax purposes which qualify for the enhanced dividend tax credit. Eligible shareholders may elect to participate in the Company's Dividend Reinvestment and Share Purchase Plan (DRIP), where they may automatically reinvest their dividends in additional shares at a 2% discount to the share price without brokerage fees. Details of the DRIP are available on the Company's website. Shareholders who wish to participate in the DRIP should contact their investment dealer for further information and to enroll. This news release contains references to adjusted earnings before interest and taxes (EBIT) and ACFFO. Adjusted EBIT represents EIPLP EBIT, adjusted for unusual, non-recurring or non-operating factors on both a consolidated and segmented basis. These factors, referred to as adjusting items, are reconciled and discussed in the financial results sections of this news release. Fund Group ACFFO consists of adjusted EBIT further adjusted for non-cash items, representing cash flow from the Fund Group's underlying businesses, less deductions for maintenance capital expenditures, interest expense, and applicable taxes and further adjusted for unusual, non-recurring or non-operating factors not indicative of the underlying or sustainable cash flows of the business. ACFFO is important to unitholders as the Fund Group's objective is to provide a predictable flow of distributions to unitholders. ACFFO represents the Fund Group's cash available to fund distributions to unitholders, as well as for debt repayments and reserves. Management believes the presentation of adjusted EBIT and ACFFO are useful to investors and unitholders as they provide increased transparency and insight into the performance of the Company and the Fund Group. Management uses adjusted EBIT and ACFFO to set targets, including the distribution payout target, and to assess the performance of the Company and the Fund Group. Adjusted EBIT and ACFFO are not measures that have standardized meanings prescribed by generally accepted accounting principles in the United States of America (U.S. GAAP) and are not U.S. GAAP measures. Therefore, these measures may not be comparable with similar measures presented by other issuers. Please see the tables in the Fourth Quarter and Year End 2016 Performance Overview section which summarize the reconciliations of the GAAP and non-GAAP measures. For more information on the operating results of the Company, the Fund and EIPLP, please see the respective Management's Discussion and Analysis on the Company's website at http://www.enbridgeincomefund.com/Find-Shareholder-Information/Reports-and-Filings/English.aspx. The documents are also filed on SEDAR under Enbridge Income Fund Holding Inc.'s profile for the Company and under Enbridge Income Fund's profile for the Fund and EIPLP. EIPLP EBIT was $3,096 million for the year ended December 31, 2016 compared to $448 million for the year ended December 31, 2015. EIPLP has continued to deliver strong earnings growth from operations over the past two years. However, the comparability of EIPLP's results was impacted by a number of unusual, non-recurring or non-operating factors, including changes in unrealized derivative fair value gains and losses. EIPLP has a comprehensive long-term economic hedging program to mitigate interest rate, foreign exchange and commodity price risks that create volatility in short-term earnings. Over the long term, EIPLP believes its hedging program supports reliable cash flows. EIPLP EBIT also included an $850 million gain on disposal of the South Prairie Region assets in December 2016. Excluding the impact of unusual, non-recurring or non-operating factors, EIPLP EBIT increased in 2016 primarily as a result of stronger contributions from the Liquids Pipelines and Gas Pipelines segments. The Canadian Mainline contribution increased primarily due to higher throughput that resulted from strong oil sands production in western Canada enabled by pipeline capacity expansion projects placed into service in 2015. EBIT growth was partially offset by the impact of extreme wildfires in northeastern Alberta and the combination of a lower average International Joint Tariff (IJT) Residual Benchmark Toll, which decreased effective April 1, 2016, and a lower foreign exchange hedge rate used to record Canadian Mainline revenues in 2016. The Gas Pipelines contribution increased relative to the prior year due to improved operational efficiencies and enhanced asset performance that was driven by strong demand for seasonal firm service under Alliance Pipeline's new services framework that commenced in the fourth quarter of 2015. EIPLP EBIT for the fourth quarter of 2016 was $1,215 million compared to $387 million for the same quarter of 2015, and includes an $850 million gain related to the disposition of the South Prairie Region assets. Excluding the impact of the gain on disposition and other non-recurring or non-operating factors, performance drivers were largely consistent with the year-to-date trend of strong throughput in Liquids Pipelines and Gas Pipelines, including a record month of throughput achieved on the Canadian Mainline in December 2016. EIPLP adjusted EBIT was $1,887 million for the year ended December 31, 2016 compared to $933 million for the year ended December 31, 2015. The increase in adjusted EBIT is attributable to the substantial increase of EIPLP's asset base following the 2015 Transaction. The most notable assets contributing incremental adjusted EBIT were the Canadian Mainline, due to expansion, as well as the reversal and expansion of Line 9B in the fourth quarter of 2015 and the Regional Oil Sands System, which benefitted from assets placed into service late in 2015. Also bolstering adjusted EBIT were higher contributions from the Gas Pipelines segment as discussed above. EIPLP adjusted EBIT for the fourth quarter of 2016 was $472 million compared to $478 million over the same period of 2015, reflecting increased volumes and the impact of the reversal and expansion of Line 9B, which were offset by a decrease in the Canadian Mainline IJT Residual Benchmark Toll and lower foreign exchange hedge rate over the prior year, as discussed above. The IJT Residual Benchmark Toll is reset on an annual basis, effective April 1 of each year. Fund Group ACFFO underpins the Fund Group's ability to pay distributions to holders of Fund Units, including the Company. The Fund Group's ACFFO increased to $491 million and $1,837 million for the three and twelve months ended December 31, 2016, respectively, from $456 million and $834 million over the comparable periods of 2015. Similar to adjusted EBIT, the year-over-year increase in ACFFO was driven by the significant increase of EIPLP's asset base following the 2015 Transaction as well as stronger contributions from EIPLP's investment in Alliance Pipeline and lower current income taxes due to the optimization of tax deductions within the Fund Group. The increase was partially offset by higher maintenance capital expenditures and higher interest expense, both resulting from increased business activity associated with the increased asset base. ACFFO in 2016 was also negatively impacted by approximately $36 million as a result of the northeastern Alberta wildfires in the second quarter of 2016. The fourth quarter of 2016 reflected similar operational trends as noted in the discussion on adjusted EBIT. The Company's distribution income represents substantially all of the Company's earnings and cash flows and is derived from the Fund Unit distributions paid to the Company. For the quarter and year ended December 31, 2016, distribution income increased significantly over the comparable periods of 2015. The increase reflects the Company's additional investments in the Fund Group in late 2015 and the first half of 2016 combined with an increase in the distribution rate on Fund Units, which is underpinned by growth in Fund Group ACFFO. The following table summarizes the dividend rate and total dividends declared by the Company for the years ended December 31, 2016 and 2015, and the quarters therein. The Company will hold a joint conference call with Enbridge on Friday, February 17, 2017 at 9 a.m. Eastern Time (7 a.m. Mountain Time) to discuss the 2016 annual results. Analysts, members of the media and other interested parties can access the call toll-free at 1-866-215-5508 or outside North America at 1-514-841-2157 using the access code of 44103871#. The call will be audio webcast live at http://edge.media-server.com/m/p/9npceoa2. A webcast replay and podcast will be available approximately two hours after the conclusion of the event and a transcript will be posted to the website within approximately 24 hours. An audio replay will be available for seven days after the call at toll-free 1-888-843-7419 or outside North America at 1-630-652-3042 using the replay passcode 44103871#. The conference call will begin with presentations by Enbridge's President and Chief Executive Officer and the Chief Financial Officer, followed by a question and answer period with Enbridge and ENF management for investment analysts. A question and answer period for members of the media will immediately follow thereafter. Enbridge Income Fund Holdings Inc. is a publicly traded corporation. The Company, through its investment in Enbridge Income Fund, indirectly holds high quality, low risk energy infrastructure assets. The Fund's indirectly owned assets consist of a portfolio of Canadian liquids transportation and storage businesses, including the 2,306-kilometre Canadian segment of the Mainline System (the largest conduit of oil into the United States), the Regional Oil Sands System, the Canadian segment of the Southern Lights Pipeline, Class A units entitling the holder to receive defined cash flows from the United States segment of the Southern Lights Pipeline, a 50% interest in the Alliance Pipeline, which transports natural gas from Canada to the United States, and interests in more than 1,400 megawatts of renewable and alternative power generation capacity. Enbridge Income Fund Holdings Inc. shares trade on the Toronto Stock Exchange under the symbol ENF. Information about Enbridge Income Fund Holdings Inc. is available on the Company's website at www.enbridgeincomefund.com. None of the information contained in, or connected to, the Company's website is incorporated in or otherwise forms part of this news release. Forward-looking information, or forward-looking statements, have been included in this news release to provide information about the Company and its investee, the Fund, and the Fund's direct and indirect investments and joint ventures (collectively, the Fund Group), including management's assessment of future plans and operations of the Company and the Fund Group. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as "anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "target", "believe", "likely" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to the following: mainline system throughput; expected or target ACFFO; cash flows; equity capital requirements; in-service dates of projects; safety and reliability of pipeline systems; regulatory approvals; impact of the hedging program; shareholder returns; future dividends and distributions by the Fund; and dividend increases. Although the Company and the Fund Group believe these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the following: the expected supply, demand and prices for crude oil, natural gas, natural gas liquids (NGL) and renewable energy; exchange rates; completion of growth projects; inflation; interest rates; availability and price of labour and construction materials; operational reliability; customer and regulatory approvals; maintenance of support and regulatory approvals for the Fund Group's projects; anticipated in-service dates; weather; the impact of the dividend policy on the Company's or the Fund Group's future cash flows; capital project funding; the Fund Group's credit ratings; EBIT or adjusted EBIT; earnings/(loss) or adjusted earnings/(loss); earnings/(loss) per share; future cash flows and future ACFFO; and dividends or distributions. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements. These factors are relevant to all forward-looking statements as they may impact current and future levels of demand for the Fund Group's services. Similarly, exchange rates, inflation and interest rates impact the economies and business environments in which the Company and the Fund Group operate and may impact levels of demand for the Fund Group's services and cost of inputs, and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty, particularly with respect to earnings/(loss), adjusted EBIT, ACFFO and associated per share amounts or dividends or distributions. The most relevant assumptions associated with forward-looking statements on projects under construction, including completion dates and capital expenditures include the following: the availability and price of labour and construction materials; the effects of inflation and foreign exchange rates on labour and material costs; the effects of interest rates on borrowing costs; the impact of weather; and customer and regulatory approvals on construction and in-service schedules. The Company's and the Fund Group's forward-looking statements are subject to risks and uncertainties pertaining to ACFFO guidance, operating performance, regulatory parameters, project approval and support, weather, economic and competitive conditions, public opinion, changes in tax laws and tax rates, exchange rates, interest rates, commodity prices and supply of and demand for commodities, including but not limited to those risks and uncertainties discussed in this news release and in the Company's and the Fund Group's other filings with Canadian securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and the Company's or the Fund Group's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, the Company and the Fund Group assume no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to the Company or the Fund Group or persons acting on the Company's or the Fund Group's behalf, are expressly qualified in their entirety by these cautionary statements.
News Article | February 22, 2017
East Coast Transport is now part of CargoNet, the cargo theft prevention and recovery network. Paulsboro, NJ, February 22, 2017 --( What Does CargoNet Mean for East Coast Transport Customers ECT is part of a network that provides a proactive service that let’s it be ahead of the game. East Coast can inform its customers of particular areas with high thefts rates and warn them that certain cargo types are being targeted. This added layer of protection provides customers with the following coverage and services: Prevention training Cargo theft recovery assistance An extensive law enforcement communication platform Cargo theft trend analytics Demonstrations to assure customers’ freights are secure CargoNet identifies patterns, define trends, and coordinates information globally among all types of law enforcement agencies. It also works with businesses in a variety of industries from insurance firms and retailers to warehouses and distribution centers. It reports and follows up on incidents, as well as helps locate hijacked cargo. East Coast Transport looks forward to seeing the benefits CargoNet will provide customers. To contact East Coast Transport, please email email@example.com or call 800-257-7877. Paulsboro, NJ, February 22, 2017 --( PR.com )-- East Coast Transport has recently joined CargoNet, the cargo theft prevention and recovery network. East Coast strives to make continuous investments in new technologies and services to further improve our customers’ experiences in working with ECT as their logistics provider. One of ECT’s goals is to ensure freight security to prevent cargo theft.What Does CargoNet Mean for East Coast Transport CustomersECT is part of a network that provides a proactive service that let’s it be ahead of the game. East Coast can inform its customers of particular areas with high thefts rates and warn them that certain cargo types are being targeted.This added layer of protection provides customers with the following coverage and services:Prevention trainingCargo theft recovery assistanceAn extensive law enforcement communication platformCargo theft trend analyticsDemonstrations to assure customers’ freights are secureCargoNet identifies patterns, define trends, and coordinates information globally among all types of law enforcement agencies. It also works with businesses in a variety of industries from insurance firms and retailers to warehouses and distribution centers. It reports and follows up on incidents, as well as helps locate hijacked cargo.East Coast Transport looks forward to seeing the benefits CargoNet will provide customers. To contact East Coast Transport, please email firstname.lastname@example.org or call 800-257-7877. Click here to view the list of recent Press Releases from East Coast Transport, LLC