Calgary, Canada
Calgary, Canada

Imperial Oil Limited is a Canadian petroleum company. It is Canada's second-biggest integrated oil company. Exxon Mobil Corp. had a 69.6 percent ownership stake in the company as of December 31, 2012. It is a significant producer of crude oil and natural gas, Canada’s major petroleum refiner, a key petrochemical producer and a national marketer with coast-to-coast supply and retail networks. Its retail operations include Esso-brand service stations and On the Run/Marché Express and Tiger Express-brand convenience stores. It is also known for its holdings in the Alberta Oil Sands. Imperial owns 25 percent of Syncrude, which is one of the world’s largest oil sands operations.Currently headquartered in Calgary, Alberta, Imperial Oil was based in Toronto, Ontario, until 2005. Imperial Oil maintains major corporate offices in Calgary, Toronto and Montreal.Most of Imperial's production is from its vast natural resource holdings in Alberta and the Northwest Territories. Wikipedia.


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NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR DISSEMINATION IN THE UNITED STATES Blackbird Energy Inc. (TSX VENTURE:BBI) ("Blackbird" or the "Company") is pleased to announce that it has entered into a non-binding letter of nomination (the "Nomination") with a premier midstream company (the "Midstream Company") for the transportation and processing of natural gas and condensate produced from certain of Blackbird's Pipestone / Elmworth lands. Blackbird is also pleased to announce initial Pipestone / Elmworth production figures and team additions commensurate with Blackbird's growth plans. Non-Binding Nomination for 90 MMCF/D of Processing Capacity by 2021 The Nomination contemplates that the Midstream Company will transport Blackbird's natural gas and condensate produced from certain of its lands located both north and south of the Wapiti River to the Midstream Company's proposed gas plant (the "Plant") located south of the Wapiti River, where it will then be processed to market specification. Blackbird and the Midstream Company have agreed that they will work in good faith towards executing a binding gas handling agreement ("GHA") in the coming months. The GHA will be conditional on: (i) the Midstream Company sanctioning the construction of the Plant, (ii) the Midstream Company building a pipeline gathering and compression system from the Plant to certain of Blackbird's lands both north and south of the Wapiti River, and (iii) on Blackbird obtaining coinciding take-away service from the Plant. The natural gas processing volumes contemplated in the Nomination are as follows: Garth Braun, Blackbird's Chairman, Chief Executive Officer and President stated: "The Nomination secures material processing capacity for Blackbird and allows us to work towards a binding GHA with a premier Midstream Company. Upon execution of the GHA, Blackbird will have the ability to achieve significant production growth over the coming years. Blackbird will also continue to work diligently to access additional processing capacity in the near-term in order to achieve additional cash-flow and to accelerate our development plan moving forward." As previously announced, Blackbird achieved initial production from its Elmworth / Pipestone Montney asset on January 30, 2017. On and following January 30, 2017, Blackbird began to phase-in the production from its wells located at 05-26-070-07 W6M ("5-26"), 02-20-070-07 W6M ("2-20"), 02/2-20-070-07 W6M ("102/2-20"), and 06-26-070-07 W6M ("6-26") (the "Ramp-Up Period"). On February 13, 2017, the third party facility that processes Blackbird's natural gas was temporarily shut-down due to a mechanical failure. Due to this failure, Blackbird's Ramp-Up Period was suspended. The third party plant is expected to start-up again on approximately February 23, 2017, at which time Blackbird will resume the Ramp-Up Period. Blackbird has limited production data available for its wells on an individual basis because each well was flowing for a varying number of hours per day, each well was choked back to varying degrees per day and per hour, and all wells are still in varying degrees of clean-up. For these reasons, Blackbird believes that providing individual well data at this time would not be reflective of individual well performance over longer production periods. Blackbird will provide individual well performance at such time that IP30s, IP60s, and IP90s are obtained for each well. See Figure 1 below for an approximation of the number of hours that Blackbird's wells were flowing each day during the initial Ramp-Up Period. Figure 1 - Approximation of Flowing Hours and Days for Each Well Figure 2 below shows the natural gas and condensate produced each day up until the Ramp-Up Period was suspended. Blackbird's February 12, 2017 production was approximately 5.5 mmcf/d of natural gas plus 850 bbls/d of condensate/oil and 171 bbls/d of natural gas liquids, which totals approximately 1,938 boe/d (53% liquids). On the last day prior to suspension of the Ramp-Up Period, H2S levels were at approximately 5.5%, which is under Blackbird's contracted amount of 6.0%. Garth Braun added: "The production achieved during the initial Ramp-Up Period is in-line with our internal expectations, as we believe it will take at least one month to normalize the production of our wells and the operation of our battery and pipeline gathering system. Based on the production achieved during the Ramp-Up Period, it is Blackbird's expectation that the productive capability of the four wells which were produced during the Ramp-Up Period will meet and/or exceed our current processing and take-away capacity. With an average condensate gas ratio during the Ramp-Up Period of approximately 187 bbls/mmcf plus natural gas liquids of approximately 31 bbls/mmcf (for total liquids of 218 bbls/mmcf), we are encouraged by the liquids rates seen during the Ramp-Up Period. We are equally encouraged by the H2S levels, which were at approximately 5.5% on the last day of production. Blackbird looks forward to providing longer-duration production data as soon as it becomes available. With confirmation of liquids content, H2S levels and overall productivity during the Ramp-Up Period, Blackbird has entered into the Nomination and secured the volumes required for growth. We will now work with the Midstream Company to finalize the GHA for the benefit of both parties." Blackbird has hired two key team members to support its long-term business plan. In December, 2016 Blackbird hired Paul Goodman as the Company's Manager, Completions and Production. Paul has over 28 years of experience in stimulation and completions focused on unconventional resource plays. Paul was previously responsible for multi-pad completions programs and the business line aspect of fracturing operations targeting unconventional reservoirs in the Alberta Montney. Paul has been part of teams at Encana, Sanjel and Halliburton. In February, 2017 Blackbird hired David Mills as the Company's Manager, Facilities Engineering. David is a Professional Engineer with over thirty years of varied oil and gas experience. Prior to joining Blackbird, David was responsible for the design, construction and start-up of Mosaic Energy's Kakwa / Jayar 50 mmscf/d sour and liquid stabilization gas plant, gathering system, and wellhead facilities. Prior to Mosaic Energy, David was responsible for the design, construction, start-up and expansion of Crew Energy's Septimus 60 mmscf/d sweet gas plant, gas gathering system and wellhead facilities. Prior to these companies, David held senior positions with Canetic Resources, ConocoPhillips, Imperial Oil and Qatar Liquefied Gas Company. Garth Braun stated: "Paul and David are key additions for Blackbird as we enter the next phase of our development. Paul's expertise in completions will allow Blackbird to execute on large-scale, multi-well pad completion programs while reducing completions costs and maximizing expected ultimate recovery. David's expertise will be invaluable as we expand our pipeline gathering system and infrastructure facilities both north and south of the Wapiti River, thereby unlocking the potential of Blackbird's Pipestone / Elmworth asset." Blackbird Energy Inc. is a highly innovative oil and gas exploration and development company focused on the condensate and liquids-rich Montney fairway at Elmworth, near Grande Prairie, Alberta. For more information please view our Corporate Presentation at www.blackbirdenergyinc.com. This press release contains forward-looking statements or information (collectively referred to herein as "forward-looking statements"). Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of the Company. Such forward-looking statements include but are not limited to statements regarding the execution of a GHA, the sanctioning of the Plant, the construction of a pipeline gathering system to Blackbird's lands, the ability for Blackbird to obtain natural gas take-away coinciding with its processing commitments, the future production of Blackbird's wells, reducing completion costs, maximizing expected ultimate recovery, condensate gas ratios and H2S levels. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates, and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic and business conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with oil and gas exploration, development and production including drilling and completion risks, (3) the price of and demand for oil and gas and their effect on the economics of oil and gas exploration, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems, (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, and (8) other factors beyond the Company's control. Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. Readers are cautioned that the foregoing list of risks, uncertainties, and other factors is not exhaustive. Unpredictable or unknown factors not discussed could also have material adverse effects on forward-looking statements. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent on other factors, and the Company's course of action would depend on its assessment of the future considering all information then available. All forward-looking statements in this press release are expressly qualified in their entirety by these cautionary statements. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change. THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.


News Article | February 21, 2017
Site: globenewswire.com

Paris, February 21, 2017 - Sodexo, world leader in Quality of Life services, announces that as of 18 April 2017, Dianne Salt is appointed Group Chief Brand & Communications Officer. Reporting to Chief Executive Officer Michel Landel, Dianne will be a member of Sodexo's Executive Committee. Dianne joins Sodexo from Royal Bank of Canada where she was Senior Vice President, Communications. She began her career in the public sector and worked as Director of Communications for the Canadian House of Commons and then the Senate before joining Imperial Oil, a subsidiary of Exxon Mobil, as Public Affairs Associate. She joined TD Bank in 2001, where she had various roles including Senior Vice President Corporate & Public Affairs. Since 2013, Dianne was with Royal Bank of Canada where she had global responsibility for internal and external communications. Dianne brings her rich and varied expertise in brand and communications to help Sodexo continue to build a strong brand image and reputation and reinforce the Group's position as a leader in Quality of Life Services.  A Canadian citizen, Dianne is a graduate of Carleton University. Founded in Marseille in 1966 by Pierre Bellon, Sodexo is the global leader in services that improve Quality of Life, an essential factor in individual and organizational performance. Operating in 80 countries, Sodexo serves 75 million consumers each day through its unique combination of On-site Services, Benefits and Rewards Services and Personal and Home Services. Through its more than 100 services, Sodexo provides clients an integrated offering developed over 50 years of experience: from foodservices, reception, maintenance and cleaning, to facilities and equipment management; from Meal Pass, Gift Pass and Mobility Pass benefits for employees to in-home assistance, child care centers and concierge services. Sodexo's success and performance are founded on its independence, its sustainable business model and its ability to continuously develop and engage its 425,000 employees throughout the world. Sodexo is included in the CAC 40 and DJSI indices.


News Article | February 21, 2017
Site: globenewswire.com

Avant de rejoindre Sodexo, Dianne était Vice-Présidente Senior Communication de Royal Bank of Canada. Sa carrière a débuté dans le secteur public au Canada, où elle a occupé les fonctions de Directrice de la Communication de la Chambre des Communes, puis du Sénat, avant de rejoindre Imperial Oil, filiale d'Exxon Mobil, comme Responsable des Affaires Publiques. Dianne rejoint TD Bank en 2001, où elle occupe successivement plusieurs postes jusqu'à celui de Vice-Présidente  Senior Communication du groupe. Depuis 2013, Dianne avait la responsabilité de la communication interne et externe du Groupe Royal Bank of Canada. Dianne apporte toute la richesse et la diversité de son expertise pour accompagner Sodexo sur ses enjeux de marque et de communication, et renforcer le positionnement du Groupe en tant qu'expert des Services de Qualité de Vie. De nationalité canadienne, Dianne est diplômée de Carleton University. Créé en 1966 à Marseille par Pierre Bellon, Sodexo est le leader mondial des services de Qualité de Vie, facteur essentiel de performance des individus et des organisations. Présent dans 80 pays, Sodexo sert chaque jour 75 millions de consommateurs avec une offre unique de Services sur Site, de Services Avantages et Récompenses et de Services aux Particuliers et à Domicile. Avec plus de 100 métiers, Sodexo propose à ses clients une offre intégrée de services, fruit de 50 ans d'expérience : de la restauration à l'accueil, la propreté, l'entretien et la maintenance technique des matériels et installations ; des Pass Repas, Pass Cadeaux et Pass Transports pour les salariés jusqu'aux services d'aide à domicile, de crèches et de conciergerie. La réussite et la performance de Sodexo reposent sur son indépendance, son modèle économique durable, ainsi que sa capacité à assurer le développement et l'engagement de ses 425 000 collaborateurs à travers le monde.


News Article | February 21, 2017
Site: globenewswire.com

Avant de rejoindre Sodexo, Dianne était Vice-Présidente Senior Communication de Royal Bank of Canada. Sa carrière a débuté dans le secteur public au Canada, où elle a occupé les fonctions de Directrice de la Communication de la Chambre des Communes, puis du Sénat, avant de rejoindre Imperial Oil, filiale d'Exxon Mobil, comme Responsable des Affaires Publiques. Dianne rejoint TD Bank en 2001, où elle occupe successivement plusieurs postes jusqu'à celui de Vice-Présidente  Senior Communication du groupe. Depuis 2013, Dianne avait la responsabilité de la communication interne et externe du Groupe Royal Bank of Canada. Dianne apporte toute la richesse et la diversité de son expertise pour accompagner Sodexo sur ses enjeux de marque et de communication, et renforcer le positionnement du Groupe en tant qu'expert des Services de Qualité de Vie. De nationalité canadienne, Dianne est diplômée de Carleton University. Créé en 1966 à Marseille par Pierre Bellon, Sodexo est le leader mondial des services de Qualité de Vie, facteur essentiel de performance des individus et des organisations. Présent dans 80 pays, Sodexo sert chaque jour 75 millions de consommateurs avec une offre unique de Services sur Site, de Services Avantages et Récompenses et de Services aux Particuliers et à Domicile. Avec plus de 100 métiers, Sodexo propose à ses clients une offre intégrée de services, fruit de 50 ans d'expérience : de la restauration à l'accueil, la propreté, l'entretien et la maintenance technique des matériels et installations ; des Pass Repas, Pass Cadeaux et Pass Transports pour les salariés jusqu'aux services d'aide à domicile, de crèches et de conciergerie. La réussite et la performance de Sodexo reposent sur son indépendance, son modèle économique durable, ainsi que sa capacité à assurer le développement et l'engagement de ses 425 000 collaborateurs à travers le monde.


News Article | February 21, 2017
Site: globenewswire.com

Avant de rejoindre Sodexo, Dianne était Vice-Présidente Senior Communication de Royal Bank of Canada. Sa carrière a débuté dans le secteur public au Canada, où elle a occupé les fonctions de Directrice de la Communication de la Chambre des Communes, puis du Sénat, avant de rejoindre Imperial Oil, filiale d'Exxon Mobil, comme Responsable des Affaires Publiques. Dianne rejoint TD Bank en 2001, où elle occupe successivement plusieurs postes jusqu'à celui de Vice-Présidente  Senior Communication du groupe. Depuis 2013, Dianne avait la responsabilité de la communication interne et externe du Groupe Royal Bank of Canada. Dianne apporte toute la richesse et la diversité de son expertise pour accompagner Sodexo sur ses enjeux de marque et de communication, et renforcer le positionnement du Groupe en tant qu'expert des Services de Qualité de Vie. De nationalité canadienne, Dianne est diplômée de Carleton University. Créé en 1966 à Marseille par Pierre Bellon, Sodexo est le leader mondial des services de Qualité de Vie, facteur essentiel de performance des individus et des organisations. Présent dans 80 pays, Sodexo sert chaque jour 75 millions de consommateurs avec une offre unique de Services sur Site, de Services Avantages et Récompenses et de Services aux Particuliers et à Domicile. Avec plus de 100 métiers, Sodexo propose à ses clients une offre intégrée de services, fruit de 50 ans d'expérience : de la restauration à l'accueil, la propreté, l'entretien et la maintenance technique des matériels et installations ; des Pass Repas, Pass Cadeaux et Pass Transports pour les salariés jusqu'aux services d'aide à domicile, de crèches et de conciergerie. La réussite et la performance de Sodexo reposent sur son indépendance, son modèle économique durable, ainsi que sa capacité à assurer le développement et l'engagement de ses 425 000 collaborateurs à travers le monde.


News Article | February 21, 2017
Site: globenewswire.com

Paris, February 21, 2017 - Sodexo, world leader in Quality of Life services, announces that as of 18 April 2017, Dianne Salt is appointed Group Chief Brand & Communications Officer. Reporting to Chief Executive Officer Michel Landel, Dianne will be a member of Sodexo's Executive Committee. Dianne joins Sodexo from Royal Bank of Canada where she was Senior Vice President, Communications. She began her career in the public sector and worked as Director of Communications for the Canadian House of Commons and then the Senate before joining Imperial Oil, a subsidiary of Exxon Mobil, as Public Affairs Associate. She joined TD Bank in 2001, where she had various roles including Senior Vice President Corporate & Public Affairs. Since 2013, Dianne was with Royal Bank of Canada where she had global responsibility for internal and external communications. Dianne brings her rich and varied expertise in brand and communications to help Sodexo continue to build a strong brand image and reputation and reinforce the Group's position as a leader in Quality of Life Services.  A Canadian citizen, Dianne is a graduate of Carleton University. Founded in Marseille in 1966 by Pierre Bellon, Sodexo is the global leader in services that improve Quality of Life, an essential factor in individual and organizational performance. Operating in 80 countries, Sodexo serves 75 million consumers each day through its unique combination of On-site Services, Benefits and Rewards Services and Personal and Home Services. Through its more than 100 services, Sodexo provides clients an integrated offering developed over 50 years of experience: from foodservices, reception, maintenance and cleaning, to facilities and equipment management; from Meal Pass, Gift Pass and Mobility Pass benefits for employees to in-home assistance, child care centers and concierge services. Sodexo's success and performance are founded on its independence, its sustainable business model and its ability to continuously develop and engage its 425,000 employees throughout the world. Sodexo is included in the CAC 40 and DJSI indices.


News Article | February 21, 2017
Site: globenewswire.com

Paris, February 21, 2017 - Sodexo, world leader in Quality of Life services, announces that as of 18 April 2017, Dianne Salt is appointed Group Chief Brand & Communications Officer. Reporting to Chief Executive Officer Michel Landel, Dianne will be a member of Sodexo's Executive Committee. Dianne joins Sodexo from Royal Bank of Canada where she was Senior Vice President, Communications. She began her career in the public sector and worked as Director of Communications for the Canadian House of Commons and then the Senate before joining Imperial Oil, a subsidiary of Exxon Mobil, as Public Affairs Associate. She joined TD Bank in 2001, where she had various roles including Senior Vice President Corporate & Public Affairs. Since 2013, Dianne was with Royal Bank of Canada where she had global responsibility for internal and external communications. Dianne brings her rich and varied expertise in brand and communications to help Sodexo continue to build a strong brand image and reputation and reinforce the Group's position as a leader in Quality of Life Services.  A Canadian citizen, Dianne is a graduate of Carleton University. Founded in Marseille in 1966 by Pierre Bellon, Sodexo is the global leader in services that improve Quality of Life, an essential factor in individual and organizational performance. Operating in 80 countries, Sodexo serves 75 million consumers each day through its unique combination of On-site Services, Benefits and Rewards Services and Personal and Home Services. Through its more than 100 services, Sodexo provides clients an integrated offering developed over 50 years of experience: from foodservices, reception, maintenance and cleaning, to facilities and equipment management; from Meal Pass, Gift Pass and Mobility Pass benefits for employees to in-home assistance, child care centers and concierge services. Sodexo's success and performance are founded on its independence, its sustainable business model and its ability to continuously develop and engage its 425,000 employees throughout the world. Sodexo is included in the CAC 40 and DJSI indices.


This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. DREAM HARD ASSET ALTERNATIVES TRUST (TSX:DRA.UN) ("Dream Alternatives", "we" or the "Trust") today reported its financial results for the three months and year ended December 31, 2016. For the year ended December 31, 2016, the Trust reported AFAD(1) of $0.43 per unit, up 29% or $0.10 per unit from the prior year excluding disposition gains. Including prior year disposition gains, AFAD was up 18.0% or $0.07 per unit from the prior year. For the three months ended December 31, 2016, AFAD of $0.10 per unit was up 11.1% or $0.01 per unit when compared to the same period in the prior year. "We are pleased with our 2016 financial results," said Michael Cooper, Portfolio Manager. "We achieved AFAD of $0.43 per unit, which was in excess of our distributions, even though we have not yet been able to recycle the capital invested in legacy assets that are not producing any return for us currently. When we look ahead to the profits from exceptional development opportunities we have invested in, we expect AFAD per unit to cumulatively exceed our distributions over the next four years with improving prospects from our recent investments in the Lakeshore East and Mississauga development sites, when they begin to contribute to income. We are committed to unlocking the equity in the legacy portfolio so that we can grow our AFAD and net asset value per unit through our strategy of investing in yield and growth assets. Even though we do not have all of the Trust's equity currently producing our target returns, the year over year per unit growth in AFAD achieved in 2016 demonstrates the solid progress that is being made from our active management of the portfolio." Disposition Strategy for Office Properties: Earlier in 2016, Dream Office REIT (TSX:D.UN) announced a strategic plan which involved a target to sell at least $1.2 billion of non-core assets that they believed would realize attractive pricing in the private markets relative to IFRS values. To date, Dream Office REIT has successfully sold or has under contract approximately $1.5 billion of properties with the intent to sell more assets over and above this, to concentrate on operating its highest and best quality properties. The Trust is of a similar view and a portion of the future disposition pool identified by Dream Office REIT includes some of the Trust's co-owned office assets located in the suburban Greater Toronto Area ("GTA"), Ontario and single co-owned office assets held in smaller cities or secondary markets across Canada that are fairly liquid but do not fit the longer term objectives or targeted returns of the Trust. As a result, the Trust has set a target to repatriate approximately $140-150 million of equity from the sale of these non-core co-owned properties over the next two to three years. We intend to work closely with Dream Office REIT to maximize value from the portfolio and will consider all opportunities that benefit the Trust and align with our long term strategy. Given Dream Office REIT's success in 2016 with respect to asset sales, we are optimistic we will be able to achieve our set targets. Net asset value ("NAV")(1) per unit of $9.09 was at December 31, 2016, a 3.7% decrease from $9.44 per unit at September 30, 2016 and 5.7% decline from $9.64 per unit as at December 31, 2015. A decline in the fair value of our co-owned office properties was the largest component of the decline in NAV. During the three months ended December 31, 2016, independent third party appraisals were undertaken with a focus on a select group of assets located within the GTA given the assets' suburban market location and operating performance. The resulting fair value losses reflect changes in various leasing assumptions, and an increase in the discount rates. Income properties with a fair value of approximately $313.0 million were valued by an external appraiser during the year ended December 31, 2016. Of these, approximately $168.0 million related to the aforementioned select group of assets located within the GTA. Management is of the view that the current IFRS values of the co-owned properties at December 31, 2016 are reflective of current market conditions, including factors such as vacancy, time to stabilization and required capital expenditures, before considering transaction costs. Fair value increases within the Trust's Empire residential development holdings were recognized throughout 2016, partially offsetting the aforementioned losses as a result of these developments progressing towards completion and successfully achieving critical project milestones as discussed below. Increased New Investment in Exceptional Development Opportunities to Drive Future NAV Growth: In the three months ended December 31, 2016, the Trust entered into an agreement to purchase a 23.25% ownership interest in a 74-acre waterfront property in Mississauga's Port Credit area, to be redeveloped into a large master-planned residential / mixed-use community. The site is currently a decommissioned oil refinery owned by Imperial Oil. The transaction is expected to close in the first quarter of 2017, at which time more details of the project will be disclosed. Dream Alternatives and its partners intend on working closely with the City of Mississauga to develop a community that will fulfill important city building objectives through positive public engagement, inspirational design and major public realm space. Dream Alternatives expects its share of cash equity commitment upon closing on the property to approximate $19-20 million, conditional upon successfully securing a land loan and finalizing terms of required Letter of Credit commitments, which are currently in progress. As at December 31, 2016, the Trust had funded $1.9 million with respect to the above investment. Additional capital investments into Toronto condominium and mixed-use development projects continued during the three months ended December 31, 2016 as the Trust successfully secured an $11.5 million investment in a development partnership for a 37.5% equity investment in a 5.3 acre waterfront property in downtown Toronto located at 351-369 Lakeshore Boulevard East ("Lakeshore East Development"). The Trust's Asset Manager, who will also act as co-developer, owns a 12.5% equity interest in the development partnership. The Lakeshore East Development represents an exceptional waterfront development site. The property is planned for a mixed-used development with potential for over one million square feet of density across three development blocks bisected by an extension of Queens Quay East to Cherry Street, which will include LRT transportation running through a dedicated centre lane. The site is subject to several policy and planning initiatives designed to shape a new waterfront community for Toronto. Sales programs for two residential condominium development projects, Church/Wood Residences ("Axis Condominiums") and the Mutual Street Development ("IVY Condominiums"), located in downtown Toronto, Ontario in which the Trust invested a total of approximately $7.3 million earlier in the year were launched in late 2016 / early 2017 and the results have been positive. To February 27, 2017, 90% of the 572 units at Axis Condominiums are already sold and 86% of 253 units at IVY Condominiums have been sold. The aforementioned development projects are expected key drivers of future growth with the Trust targeting attractive returns on equity (measured by pre-tax IRR(1)) of between 15-20% and strong future cash flows upon completion. The targeted returns on the development are within the Trust's strategy to pursue NAV accretive opportunities over the long term. Value creation to the Trust is expected to begin to occur as planning milestones such as the completion of re-zoning are met over the next two to three years. The two Empire residential development projects continue to progress well and as at December 31, 2016, were 98.4% sold on an aggregate basis, up from 95.8% last quarter and 87.6% from December 31, 2015. Empire Brampton - Project is Fully Sold Out; 61% of Sales Closed; Cash Flow Expected in 2017 The Empire Brampton low-rise project continues to progress well with all units fully sold out, of which 61% had closed by the end of the quarter. This compares to 91% sold and 30% closed as at December 31, 2015. The project is anticipated to be completed in phases commencing in the first quarter of 2017 with the last phase being scheduled for completion by the third quarter of 2017. Cash distributions from the project to the Trust are expected to commence in the first quarter of 2017. The Empire Lakeshore high-rise condominium development project also continues to progress on schedule, having successfully secured both the construction loan and mezzanine debt financing during 2016. Sales continue to progress exceptionally well with 98% of the 1,285 units sold by the end of the fourth quarter of 2016, compared to 86% as at December 31, 2015. A limited selection of exclusive premium terrace units were released for sale which are selling well and generating higher prices per square foot which is expected to generate higher profit margins. Construction is well underway and the project is expected to be completed in phases from the fourth quarter of 2019 to the second quarter of 2020. The Trust recognized fair value increases for each of the Empire projects during 2016 commensurate with a decrease in the projects' risk profiles as significant milestones were met and as the projects advanced steadily to completion and payout. As at December 31, 2016, approximately $136.1 million of the Trust's assets were advanced to Empire-related development projects or debt representing approximately 13.7% of the Trust's assets in percentage terms. During the quarter, approximately $12.7 million of legacy loans were repaid, resulting in 80% of the total original loan portfolio being repatriated, compared to 69% at the beginning of the year. The overall loan portfolio continues to be very liquid with a weighted average term to maturity at December 31, 2016 of 0.85 years. As at December 31, 2016, the construction of the ten Ontario Ground Mount Solar projects was complete. During 2016, the Trust closed on the first tranche of financing on four of these projects for gross proceeds of approximately $22.1 million of 19.5 year non-recourse debt, representing a loan-to-value ratio of approximately 74%. The impact of the hedge settlement costs associated with this first tranche of term financing resulted in an effective interest rate of 4.9%. Financing for two of the remaining projects was completed subsequent to December 31, 2016 for gross proceeds of $11.1 million, while the financing on the final four projects is expected to be completed by the end of the first quarter in 2017. During 2016, the Trust acquired seven additional wind projects within the U.K. for cash consideration of $3.2 million including transaction costs. As at December 31, 2016, the Trust had $132.8 million of renewable power assets and $48.9 million of related project financing. Construction of all renewable power projects is now complete and upon closing of the final tranches of project term debt financing expected in the first quarter of 2017, the Trust is targeting to achieve a 11% to 12% annual yield on expected stabilized equity(1) of approximately $65 million. Earlier in the year, the Trust sold its 60% interest in 2010 Winston Park Drive in Oakville, Ontario for gross proceeds of $11.8 million and netted $4.2 million of proceeds, after repayment of the associated mortgage. The Trust also committed to a plan of sale of a second income property and accordingly reclassified the property as assets held-for-sale. Subsequent to the year ended December 31, 2016, the Trust acquired from Dream Office REIT, a 40% interest in two co-owned properties, (10 Lower Spadina Ave. and 49 Ontario Street), in which it already held a 60% interest, for gross consideration of $18.4 million. This acquisition effectively increases the Trust's ownership interest in these two properties to 100%. Both properties are located in downtown Toronto and are currently operated as income properties, with a combined in-place and committed occupancy of 100% and a weight average remaining lease term to maturity of 5.5 years and are expected to have considerable redevelopment potential in future years, aligning with the Trust's longer term objectives. Renewable power segment: AFAD for the three months and year ended December 31, 2016 were $0.7 million ($0.01 per unit) and $7.1 million ($0.10 per unit), respectively, and compared to $1.7 million ($0.02 per unit) and $2.5 million ($0.03 per unit), respectively, in the same periods in the prior year. For the three months ended December 31, 2016, and coincident with the commencement of principal payments on the renewable power term debt, AFAD now includes a deduction for the principal portion of the debt service. While this had the effect of decreasing AFAD when compared to the same period in the prior year, the net impact after considering the repatriation of equity, is expected to be an improved return on equity on a total portfolio basis. For the year ended December 31, 2016, the renewable power portfolio benefited from a full year's performance from acquisitions and projects completed late in 2015 and from projects becoming operational throughout 2016. Lending portfolio segment: AFAD for the three months and year ended December 31, 2016 were $3.5 million ($0.05 per unit) and $13.8 million ($0.19 per unit), respectively, compared to the prior year results of $3.4 million ($0.05 per unit) and $12.6 million ($0.17 per unit), respectively. The year over year increase for the year ended December 31, 2016 was driven by a net increase in lender fees from renewals and extensions and lower allocated expense. Development and investment holdings segment: AFAD (excluding any one-time disposition gains) for the three months and year ended December 31, 2016 were $2.2 million ($0.03 per unit) and $8.4 million ($0.12 per unit), respectively, compared to prior year results of $1.4 million ($0.02 per unit) and $5.8 million ($0.09 per unit), respectively. Increased operating cash distributions from additional investment holdings projects becoming operational throughout 2015, interest earned on the additional advance, guarantee fees and the receipt of a one-time lease termination payment from the Bayfield Mill Woods investment, all contributed to the increases. Income properties segment: AFAD for the three months and year ended December 31, 2016 were $3.7 million ($0.05 per unit) and $16.2 million ($0.22 per unit), respectively, down from the comparative prior year results of $4.8 million ($0.07 per unit) and $18.6 million ($0.25 per unit), respectively. The decrease was mainly as a result of lower net operating income(1) from a general year over year decrease in in-place occupancy by 690 basis points, which included 350 bps of expected vacancy at 219 Laurier Ave. W. as certain premises within are readied for future occupancy in the fourth quarter of 2017 and additional vacancy in the GTA suburban market, consistent with general market trends. Trust expenses, net: Year over year improvements for the three months and year ended December 31, 2016 of $0.03 and $0.01 per unit, respectively, resulted primarily from lower current tax expense due to a change in mix of the relative performance amongst the various segments. NCIB: Since the inception of the Trust's NCIB program in December 2014 to February 27, 2017, the Trust has purchased for cancellation 1.9 million units for a total cost of $11.4 million. Since 2014 to February 27, 2017, the Trust's asset manager, DAM has purchased to date an aggregate of 6.3 million units in the open market for its own account, representing approximately 9% of total units outstanding. Selected financial and operating metrics for the three months and year ended December 31, 2016 are summarized below: Senior management will be hosting a conference call. Details are as follows: A taped replay of the call will be available for ninety (90) days. For access details, please go to Dream Alternatives Trust's website at www.dreamalternatives.ca and click on Calendar of Events in the News and Events section. To access the conference call via webcast, please go to Dream Alternatives Trust's website at www.dreamalternatives.ca and click on Calendar of Events in the News and Events section. The webcast will be archived for ninety (90) days. Dream Alternatives provides an opportunity for unitholders to invest in hard asset alternative investments, including real estate, real estate lending, real estate development and infrastructure, including renewable power, managed by an experienced team with a successful track record in these areas. The objectives of the Trust are to provide predictable and sustainable cash distributions to unitholders on a tax efficient basis, and grow and reposition the portfolio to increase both AFAD and NAV per unit over time. For more information, please visit www.dreamalternatives.ca. The Trust's consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain non-IFRS financial measures including annual yield on expected stabilized equity, adjusted total income, net operating income ("NOI"), adjusted EBITDA, adjusted funds available for distribution ("AFAD"), AFAD per unit, segmented AFAD per unit, annualized AFAD return on average Trust net assets, debt-to-gross asset value, net asset value ("NAV") per unit, total contractual debt payable, IRR and stabilized equity as well as other measures discussed elsewhere in this release. These non-IFRS measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. The Trust has presented such non-IFRS measures as Management believes they are relevant measures of our underlying operating performance and debt management. Non-IFRS measures should not be considered as alternatives to net income, total comprehensive income or cash flows generated from operating activities or comparable metrics determined in accordance with IFRS as indicators of the Trust's performance, liquidity, cash flow and profitability. For a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS, please refer to the "Non-IFRS measures and Other Disclosures" in the Trust's Management's Discussion and Analysis for the year ended December 31, 2016. This press release may contain forward-looking information within the meaning of applicable securities legislation, including statements relating to our objectives, strategies to achieve those objectives, our beliefs, plans, estimates, projection and intentions, and similar statement concerning anticipated future events, future growth, results of operations, performance, business prospects and opportunities, as well as statements regarding our plans and proposals for future development projects, including projected sizes, density and uses; development timelines and anticipated returns on current and future development projects; our anticipated investment in future development projects; timing of financing of our renewable power projects; our future AFAD or NAV performance as well as future distributions and future returns on equity; and our disposition targets for office properties. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: general and local economic and business conditions including foreign exchange rates, employment levels, mortgage and interest rates and regulations, regulatory risks, environmental risks, consumer confidence, the financial condition of tenants and borrowers, local real estate conditions, adverse weather conditions and variability in wind conditions and solar irradiation, reliance on key clients, partners and personnel, the uncertainties of acquisitions and new projects, inflation and competition. All forward looking information in this press release speaks as of February 27, 2017. The Trust does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com). These filings are also available at the Trust's website at www.dreamalternatives.ca.


News Article | February 2, 2016
Site: www.greentechmedia.com

The Hawaiian Electric Cos. have more than 77,000 installed solar photovoltaic systems on their grids across the state, which represents 17 percent of all of its customers, an executive from the Honolulu-based company said Thursday at an industry event. The HECO Cos. also have 26,000 more PV systems that were installed or approved in 2015 alone, the most ever in one year, trumping the previous high of 18,000 PV systems. New York Times: Ethanol Mandate, a Boon to Iowa Alone, Faces Rising Resistance A powerful coalition including oil companies, environmentalists, grocery manufacturers, livestock farmers and humanitarian advocates is pushing Congress to weaken or repeal the mandate. As soon as this week, the Senate could vote on a measure to roll back the Renewable Fuel Standard, just days after the Iowa caucuses close and the issue largely goes to rest for another four years. Even here, as Iowa urbanizes and diversifies, ethanol may be losing its once-powerful hold, some political consultants say. Senator Ted Cruz of Texas, one of the Republican front-runners in Iowa, has called for an end to subsidies for all forms of energy, as well as a five-year phasing out of the renewable fuel mandate that created the ethanol economy here. The ruptured well in northwest Los Angeles has been spewing methane into the atmosphere for 100 days as of Sunday -- and counting. Well control specialists may not be able to plug the leak until the end of the month, although the rate of emissions has slowed 65 percent since peaking in late November. How long it’s taking underscores how difficult it can be to stop fossil-fuel-related accidents and leaks, and has drawn attention to aging infrastructure and lax regulations that probably played a role in the well’s failure. The Middle East will launch the procurement of more than 4 GW of solar power in 2016, according to a new report by the Middle East Solar Industry Association (MESIA). With around 3 GW added to the region's pipeline in 2015 and another 4 GW expected this year, the market’s arrival as a gigawatt-scale source of solar demand has been solidified. The 2016 MESIA Market Outlook anticipates the procurement to be led by 2 GW in Algeria, 1,150 MW by the UAE (800 MW in Dubai, 350 MW in Abu Dhabi), as well as a further 250 MW in Egypt, 245 MW in Morocco, Jordan (120 MW), Kuwait (85 MW) and even Saudi Arabia (170 MW). Yale Environment 360: Once Unstoppable, Tar Sands Now Battered From All Sides In the summer of 2014, when oil was selling for $114 per barrel, Alberta’s tar sands industry was still confidently standing by earlier predictions that it would nearly triple production by 2035. Companies such as Suncor, Statoil, Syncrude, Royal Dutch Shell, and Imperial Oil Ltd. were investing hundreds of billions of dollars in new projects to mine the thick, highly polluting bitumen. Eyeing this oil boom, Canadian Prime Minister Stephen Harper said he was certain that the Keystone XL pipeline -- “a no-brainer” in his words -- would be built, with or without President Barack Obama’s approval. Keystone, which would carry tar sands crude from Alberta to refineries along the Gulf of Mexico, was critical if bitumen from new tar sands projects was going to find a way to market. What a difference 18 months makes. The price of oil today has plummeted to around $30 a barrel, well below the break-even point for tar sands producers, and the value of the Canadian dollar has fallen sharply.


LONDON, UK / ACCESSWIRE / February 21, 2017 / Active Wall St. announces the list of stocks for today's research reports. Pre-market the Active Wall St. team provides the technical coverage impacting selected stocks trading on the Toronto Exchange and belonging under the Energy sector. Companies recently under review include Imperial Oil, Northern Blizzard Resources, Secure Energy Services, and Canyon Services Group. Get all of our free research reports by signing up at: On Friday, February 17, 2017, at the end of trading session, the Toronto Exchange Composite index ended the day at 15,838.63, 0.16% lower, on a total volume of 346,395,666 shares. Additionally, the Energy index was slightly down by 0.30%, ending the session at 205.53. Active Wall St. has initiated research reports on the following equities: Imperial Oil Ltd. (TSX: IMO), Northern Blizzard Resources Inc. (TSX: NBZ), Secure Energy Services Inc. (TSX: SES), and Canyon Services Group Inc. (TSX: FRC). Register with us now for your free membership and research reports at: Calgary, Canada headquartered Imperial Oil Ltd.'s stock edged 0.16% lower, to finish Friday's session at $42.87 with a total volume of 483,188 shares traded. Imperial Oil's shares have advanced 0.97% in the past one year. The Company's shares are trading below its 50-day and 200-day moving averages. Imperial Oil's 50-day moving average of $44.01 is above its 200-day moving average of $43.23. Shares of the Company, which explores for, produces, and sells crude oil and natural gas in Canada, are trading at a PE ratio of 122.49. See our research report on IMO.TO at: On Friday, shares in Calgary, Canada headquartered Northern Blizzard Resources Inc. recorded a trading volume of 80,241 shares. The stock ended the day 0.27% lower at $3.63. Northern Blizzard Resources' stock has advanced 1.40% in the previous three months. Shares of the Company, which acquires, explores for, develops, and produces petroleum and natural gas reserves in western Canada, are trading below its 50-day and 200-day moving averages. The complimentary research report on NBZ.TO at: On Friday, shares in Calgary, Canada headquartered Secure Energy Services Inc. ended the session 0.64% lower at $10.95 with a total volume of 367,758 shares traded. Secure Energy Services' shares have surged 28.37% in the last three months and 62.22% in the previous one year. Shares of the Company, which through its subsidiaries, provides specialized services to upstream oil and natural gas companies operating in the Western Canadian Sedimentary Basin and North Dakota, are trading above its 200-day moving average. Furthermore, the stock's 50-day moving average of $11.12 is greater than its 200-day moving average of $9.74. Register for free and access the latest research report on SES.TO at: Calgary, Canada headquartered Canyon Services Group Inc.'s stock closed the day 1.08% higher at $6.55. The stock recorded a trading volume of 217,177 shares. Canyon Services Group's shares have gained 3.64% in the last one month and 22.89% in the past three months. Furthermore, the stock has surged 60.93% in the previous one year. Shares of the company, which provides pressure pumping services and fluid management services for oilfield services industry in Canada, are trading above their 200-day moving average. Moreover, the stock's 50-day moving average of $6.60 is greater than its 200-day moving average of $5.79. Get free access to your research report on FRC.TO at: Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way. AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/. For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at: CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. LONDON, UK / ACCESSWIRE / February 21, 2017 / Active Wall St. announces the list of stocks for today's research reports. Pre-market the Active Wall St. team provides the technical coverage impacting selected stocks trading on the Toronto Exchange and belonging under the Energy sector. Companies recently under review include Imperial Oil, Northern Blizzard Resources, Secure Energy Services, and Canyon Services Group. Get all of our free research reports by signing up at: On Friday, February 17, 2017, at the end of trading session, the Toronto Exchange Composite index ended the day at 15,838.63, 0.16% lower, on a total volume of 346,395,666 shares. Additionally, the Energy index was slightly down by 0.30%, ending the session at 205.53. Active Wall St. has initiated research reports on the following equities: Imperial Oil Ltd. (TSX: IMO), Northern Blizzard Resources Inc. (TSX: NBZ), Secure Energy Services Inc. (TSX: SES), and Canyon Services Group Inc. (TSX: FRC). Register with us now for your free membership and research reports at: Calgary, Canada headquartered Imperial Oil Ltd.'s stock edged 0.16% lower, to finish Friday's session at $42.87 with a total volume of 483,188 shares traded. Imperial Oil's shares have advanced 0.97% in the past one year. The Company's shares are trading below its 50-day and 200-day moving averages. Imperial Oil's 50-day moving average of $44.01 is above its 200-day moving average of $43.23. Shares of the Company, which explores for, produces, and sells crude oil and natural gas in Canada, are trading at a PE ratio of 122.49. See our research report on IMO.TO at: On Friday, shares in Calgary, Canada headquartered Northern Blizzard Resources Inc. recorded a trading volume of 80,241 shares. The stock ended the day 0.27% lower at $3.63. Northern Blizzard Resources' stock has advanced 1.40% in the previous three months. Shares of the Company, which acquires, explores for, develops, and produces petroleum and natural gas reserves in western Canada, are trading below its 50-day and 200-day moving averages. The complimentary research report on NBZ.TO at: On Friday, shares in Calgary, Canada headquartered Secure Energy Services Inc. ended the session 0.64% lower at $10.95 with a total volume of 367,758 shares traded. Secure Energy Services' shares have surged 28.37% in the last three months and 62.22% in the previous one year. Shares of the Company, which through its subsidiaries, provides specialized services to upstream oil and natural gas companies operating in the Western Canadian Sedimentary Basin and North Dakota, are trading above its 200-day moving average. Furthermore, the stock's 50-day moving average of $11.12 is greater than its 200-day moving average of $9.74. Register for free and access the latest research report on SES.TO at: Calgary, Canada headquartered Canyon Services Group Inc.'s stock closed the day 1.08% higher at $6.55. The stock recorded a trading volume of 217,177 shares. Canyon Services Group's shares have gained 3.64% in the last one month and 22.89% in the past three months. Furthermore, the stock has surged 60.93% in the previous one year. Shares of the company, which provides pressure pumping services and fluid management services for oilfield services industry in Canada, are trading above their 200-day moving average. Moreover, the stock's 50-day moving average of $6.60 is greater than its 200-day moving average of $5.79. Get free access to your research report on FRC.TO at: Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way. AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/. For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at: CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

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