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News Article | May 4, 2017
Site: www.prnewswire.com

Full Story: Dell EMC today announces Dell EMC Cloud for Microsoft Azure Stack, a new, turnkey, hybrid cloud platform that offers a simple and fast path for implementing and sustaining a hybrid cloud based on Microsoft Azure Stack. The new platform helps organizations standardizing on the Microsoft Azure ecosystem to accelerate their digital transformation with automated IT service delivery for traditional and cloud-native applications. As a result, organizations can better engage with their customers, reduce time to market for new services, and free-up resources to focus on adding business value. "Cloud is an operating model, not a place, and adopting a hybrid model has become the clear choice," said Peter Cutts, senior vice president, Hybrid Cloud Platforms, Dell EMC. "Making hybrid cloud platforms simple and turnkey enables businesses to rapidly develop and deploy new applications, optimize resources, control costs and deliver the best possible customer experiences." The new Dell EMC Cloud for Microsoft Azure Stack combines Dell EMC's leadership in worldwide cloud infrastructure with its long history of partnering with Microsoft, which includes shipping the industry's first Microsoft-based hybrid cloud in October 2015. According to IDC, Dell EMC was No. 1 in the worldwide cloud infrastructure market for 2016 with $5.7 billion in revenue and 17.6% market share.1 The new offering complements turnkey platforms Dell EMC Enterprise Hybrid Cloud, introduced more than three years ago, and Dell EMC Native Hybrid Cloud that integrate hardware, software and automation to simplify IT service delivery and reduce time to market for customers around the globe. Interoperability between public and private cloud resources has quickly become a top requirement for many organizations' IT infrastructures. The turnkey Dell EMC Cloud for Microsoft Azure Stack delivers a consistent experience across Azure public cloud and private with Azure Stack. It is engineered with industry leading Dell EMC PowerEdge servers and Dell EMC Networking. As a Hybrid Cloud Platform, it is built, sustained and supported as a singular platform with a turnkey stack. Dell EMC Cloud for Microsoft Azure Stack offers a true hybrid cloud that speeds application development and deployment by providing a consistent programming surface between Azure and Azure Stack. As a result, organizations can cost-effectively access, create and share traditional and cloud-native application services securely in Azure and Azure Stack to ensure business results, without sacrificing security, protection, service quality and availability. Integrations with Dell EMC best-in-class backup and encryption technologies provide a consistent means of protecting and securing data across customers' Azure-based public and on premises cloud environments. Furthermore, the adoption of Pivotal Cloud Foundry® on Azure will extend to Dell EMC Cloud for Microsoft Azure Stack, continuing to deliver the promise of hybrid models with consistent services, APIs and consumption models for on- and off-premises. Dell EMC services are available for every step of the journey—from strategic planning through implementation, operations and ongoing support. Dell EMC experts provide hands-on guidance to optimize and expand the customer's hybrid cloud platform to meet business objectives. These activities include developing and customizing service catalogs, enabling identity and access management systems, and extending monitoring and metering systems to Azure Stack. Dell EMC provides support throughout the lifecycle of the platform with each component backed by automated proactive, predictive tools and a dedicated Technical Account Manager with ProSupport Plus. With Hybrid Cloud Platforms backed by Dell EMC Services, organizations can focus on delivering differentiated application services rather than building and managing their infrastructure. To understand how companies are transforming business and to analyze the benefits, costs and drivers associated with the use of cloud deployment models, Dell EMC commissioned analyst firm IDC to conduct a global survey of 1,000 mid- to large-sized organizations that are using and/or evaluating private and public cloud. This IDC Cloudview Survey finds that 79.7% of large organizations (with 1,000 or more employees) report they already have a hybrid cloud strategy. In addition, 51.4% already use both public and private cloud infrastructure resources with an additional 29.2% expecting to in the next year.2 The survey results, published in the IDC White Paper, The Power of Hybrid Cloud, also reveal that total cost of ownership is one of the top drivers of cloud adoption. Other criteria for future IT infrastructure decisions on workloads supported by cloud environments includes physical and data security (34%) and operation flexibility (33%) in addition to flexibility of economic models. This study underscores the value of turnkey hybrid cloud, which balances the pros and cons of different cloud deployment models. Availability: Dell EMC Cloud for Microsoft Azure Stack is expected to be available direct and from partners worldwide in the second half of calendar year 2017. Partner and Customer Quotes: Mike Neil, corporate vice president, Enterprise Cloud, Microsoft Corp. "Microsoft and Dell EMC are continuing our longtime alliance by investing in Microsoft Azure Stack on Dell EMC infrastructure to meet rising customer expectations for solutions that deliver a top-quality public and on-premises cloud experience, to rapidly transform, and innovate through applications built for the cloud. With Dell EMC Cloud for Microsoft Azure Stack, our shared customers have the support and solutions to enable them to be more efficient and innovative with a best-in-class, hybrid cloud platform." Peter Pluim, Executive Vice President IDM, Atos "Our Atos Hybrid Cloud for Microsoft Azure Stack, based on the DELL EMC Cloud for Microsoft Azure Stack platform, provides a secure yet flexible cloud foundation, on which businesses can pivot their business models, respond swiftly to the market and create exceptional customer experiences. Like our partner Dell EMC, we believe digital is a fundamental part of an organization's strategy. With this offering, we further increase our ability to support our customers in their digital transformation, providing a complete end-to-end cloud offering, and continue to be a trusted partner in their ongoing digital journeys." Tomoshiro Takemoto, Senior Managing Director, Cloud Computing Service Division, Nomura Research Institute, Ltd. (NRI) "Dell EMC Cloud for Microsoft Azure Stack is the best enterprise-ready hybrid cloud because it has strong competitive advantages including security and reliability features, on top of Azure Stack, to support real world digital transformation. Many customers need this type of enterprise hybrid cloud for their agile innovation while maintaining traditional IT systems. By combining our 'mPLAT Suite' that realizes integrated management of the multi-cloud environment with Dell EMC technology, we can provide customers with the best hybrid cloud solutions to solve issues, such as cloud silos, through rapid modernization." Analyst Quote: Laura DuBois, Group Vice President, Enterprise Storage, Servers and Infrastructure Software, IDC "Interoperability enables organizations to adopt new cloud solutions with minimal changes to process, tools and staff, which enhances the ability to lead and drive IT and digital transformations. Turnkey solutions, like Dell EMC Cloud for Microsoft Azure Stack, address the current challenges with private and public cloud adoption, including consistency with current tooling, access to value added services, and ongoing lifecycle assurance for the platform." Dell EMC Dell EMC, a part of Dell Technologies, enables organizations to modernize, automate and transform their data center using industry-leading converged infrastructure, servers, storage and data protection technologies. This provides a trusted foundation for businesses to transform IT, through the creation of a hybrid cloud, and transform their business through the creation of cloud-native applications and big data solutions. Dell EMC services customers across 180 countries – including 98% of the Fortune 500 – with the industry's most comprehensive and innovative portfolio from edge to core to cloud. Dell EMC World Join us May 8-11 at Dell EMC World in Las Vegas, Dell Technologies' flagship event bringing together technology and business professionals to network, share ideas and help co-create a better future. This is the first time the Dell Technologies family of brands will be all in one place, at one conference. Meet our experts and more than 12,000 IT practitioners and business leaders who are making Digital Transformation a reality. Learn more at www.dellemcworld.com and follow #DellEMCWorld on Twitter. 1 2016 IDC "Worldwide Quarterly Cloud IT Infrastructure Tracker," published April 2017. 2 IDC White Paper, sponsored by Dell EMC, The Power of Hybrid Cloud, May 2017 Copyright © 2017 Dell Inc. or its subsidiaries. All Rights Reserved. Dell, EMC and other trademarks are trademarks of Dell Inc. or its subsidiaries. Other trademarks may be trademarks of their respective owners. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/dell-emc-unveils-new-cloud-platform-for-microsoft-azure-stack-300451393.html


LONDON, UK / ACCESSWIRE / April 24, 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 Drug Manufacturers industry. Companies recently under review include Valeant Pharma, Knight Therapeutics, Merus Labs International, and Nuvo Pharma. Get all of our free research reports by signing up at: On Friday, April 21, 2017, at the end of trading session, the Toronto Exchange Composite index ended the day at 15,614.48, 0.07% lower, with a total volume of 291,134,661 shares. Additionally, the Healthcare index was slightly down by 1.15%, ending the session at 63.00. Active Wall St. has initiated research reports on the following equities: Valeant Pharmaceuticals International Inc. (TSX: VRX), Knight Therapeutics Inc. (TSX: GUD), Merus Labs International Inc. (TSX: MSL), and Nuvo Pharmaceuticals Inc. (TSX: NRI). Register with us now for your free membership and research reports at: Laval, Canada headquartered Valeant Pharmaceuticals International Inc.'s stock fell 4.42%, to finish Friday's session at $11.45 with a total volume of 1.38 million shares traded. Shares of the Company, which operates as a pharmaceutical and medical device company worldwide, are trading below its 50-day and 200-day moving averages. Valeant Pharmaceuticals International's 200-day moving average of $20.27 is above its 50-day moving average of $14.07. See our research report on VRX.TO at: On Friday, shares in Montreal, Canada headquartered Knight Therapeutics Inc. recorded a trading volume of 78,899 shares. The stock ended the day flat at $10.25. Knight Therapeutics' stock has advanced 3.22% in the last one month and 1.99% in the previous three months. Furthermore, the stock has gained 24.54% in the past one year. The Company's shares are trading above its 200-day moving average. The stock's 50-day moving average of $10.26 is above its 200-day moving average of $10.08. Shares of the Company, which engages in developing, acquiring, in-licensing, out-licensing, marketing, and distributing pharmaceutical products, consumer health products, and medical devices in Canada and internationally, are trading at PE ratio of 68.33. The complimentary research report on GUD.TO at: On Friday, shares in Toronto, Canada headquartered Merus Labs International Inc. ended the session 3.88% higher at $1.07 with a total volume of 492,904 shares traded. Merus Labs International's shares have advanced 1.90% in the past three months. Shares of the company, which owns, markets, and distributes pharmaceutical products primarily in Europe and Canada, are trading below its 50-day and 200-day moving averages. Register for free and access the latest research report on MSL.TO at: Mississauga, Canada headquartered Nuvo Pharmaceuticals Inc.'s stock closed the day 1.51% lower at $5.21. The stock recorded a trading volume of 6,295 shares. Shares of the company, which produces and sells pharmaceutical products in the US, Canada, and Europe, are trading below their 50-day and 200-day moving averages. Moreover, the stock's 200-day moving average of $5.75 is greater than its 50-day moving average of $5.43. The Company's shares are trading at a PE ratio of 14.55. Get free access to your research report on NRI.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 [email protected]. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. 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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. SOURCE: Active Wall Street


LAFAYETTE, La., May 03, 2017 (GLOBE NEWSWIRE) -- PetroQuest Energy, Inc. (NYSE:PQ) (the "Company") today announced results for the first quarter ended March 31, 2017.  The following are recent Company highlights: Loss available to common stockholders for the quarter ended March 31, 2017 totaled $4,918,000, or $0.23 per share, compared to first quarter 2016 loss available to common stockholders of $39,137,000, or $2.31 per share. Discretionary cash flow for the first quarter of 2017 was $9,206,000, as compared to $(2,210,000) for the comparable 2016 period, and $3,591,000 for the fourth quarter of 2016.  See the attached schedule for a reconciliation of net cash flow provided by operating activities to discretionary cash flow. Production for the first quarter of 2017 was 5.2 Bcfe, compared to 7.6 Bcfe for the comparable period of 2016. The reduction in production volumes during the 2017 period is primarily attributable to the sale of the remainder of the Company's Arkoma assets in April 2016, as well as a significant reduction in capital spending during 2016. Stated on an Mcfe basis, unit prices including the effects of hedges for the first quarter of 2017 were $3.98  per Mcfe, as compared to $2.27 per Mcfe in the first quarter of 2016. Despite lower production, as a result of 75% higher realized pricing on an Mcfe basis, oil and gas sales during the first quarter of 2017 increased 20% to $20,772,000, as compared to $17,320,000 in the first quarter of 2016. Lease operating expenses (“LOE”) for the first quarter of 2017 decreased to $7,076,000, as compared to $8,177,000 in the first quarter of 2016. LOE per Mcfe was $1.35 for the first quarter of 2017, as compared to $1.07 in the first quarter of 2016. The increase in per unit lease operating expenses is primarily due to the Arkoma asset sale, which included properties with a lower relative per unit cost, as well as the impact of lower production resulting from reduced capital expenditures during 2016. Depreciation, depletion and amortization (“DD&A”) on oil and gas properties for the first quarter of 2017 was $1.15 per Mcfe, as compared to $1.30 per Mcfe in the first quarter of 2016. The decrease in the per unit DD&A rate is primarily the result of recent ceiling test write-downs in 2016. Interest expense for the first quarter of 2017 decreased to $7,258,000, as compared to $8,257,000 in the first quarter of 2016. During the three month period ended March 31, 2017, capitalized interest totaled $305,000, as compared to $309,000 during the 2016 period. The decrease in interest expense during the 2017 period is primarily attributable to a lower debt balance after the completion of the Company's debt exchange in February 2016. General and administrative expenses for the quarter ended March 31, 2017 totaled $3,153,000, as compared to $8,599,000 for the comparable 2016 period. Capitalized general and administrative expenses during the quarter ended March 31, 2017 totaled $1,334,000, as compared to $1,489,000 during the comparable 2016 period. The decrease in general and administrative expenses during the quarter ended March 31, 2017 is primarily due to lower employee related expenses and approximately $4,740,000 of expenses related to the issuance of the Company's 2021 Secured Senior  Notes during the first quarter of 2016. The following table sets forth certain information with respect to the oil and gas operations of the Company for the three month periods ended March 31, 2017 and 2016: The above sales and average sales prices include increases (decreases) to revenues related to the settlement of gas hedges of ($321,000) and $1,032,000 for the three months ended March 31, 2017 and 2016, respectively. Second and Third Quarter Production Guidance The Company expects to begin completion operations on a three well pad in East Texas within one week with initial flowback expected in early June.  In the Gulf Coast, the Company had planned to recomplete a well at its Ship Shoal 72 field in May with initial production expected in June.  Due to timing of rig availability, this recompletion is now scheduled for June with initial production in July.  As a result of the limited impact that these operations will have on second quarter production, the Company is guiding production for the second quarter of 2017 at 62-65 MMcfe/d. With a full quarter of production expected from the three well Cotton Valley pad, along with the anticipated impact of the Ship Shoal 72 recompletion, the Company is guiding production for the third quarter of 2017 at 80-84 MMcfe/d (72% gas,  11% oil and  17% NGL).  The mid-point of the third quarter 2017 production guidance would represent a 64% increase from the average daily production for the fourth quarter of 2016. The following provides guidance for the second quarter of 2017: After executing the above transaction, the Company has approximately 9.2 Bcf and 3.2 Bcf of gas volumes hedged for 2017 and the first quarter of 2018, respectively, with average floor prices of approximately $3.22 per Mcf and $3.24 per Mcf, respectively. Operations Update In East Texas, the Company recently established production on its PQ #22 well (NRI 39%), which is located on the PQ/CVX acreage.  The well achieved a maximum 24 hour rate of approximately 11,000 Mcfe/d (7,000 Mcf/d of gas, 530 Bbls/d of natural gas liquids and 70 Bbls/d of oil).  The Company estimates the drilling and completion cost of PQ#22 was  approximately $800/lateral foot. The Company recently reached total depth on the final well of a three well pad (PQ #23-25 - avg WI 75%).  The middle well (PQ #24) will test a secondary Cotton Valley bench (E-Sand).  In addition, the Company plans to obtain micro-seismic data as well as utilize varying sizes of proppant per well in connection with this upcoming three well program. The micro-seismic work should provide significant data on frack heights and propagation in order to benefit future completion operations.  The Company expects to drill and complete 8 wells in East Texas during 2017 and plans to have a three well pad in progress at the end of the year. In South Louisiana, the Company's Thunder Bayou well is currently flowing at approximately 61,000 Mcfe/d (NRI - 37%). The production mix consists of approximately 39,000 Mcf/d of gas, 1,500 Bbls/d of oil and 2,200 Bbls/d of natural gas liquids. The Company estimates that Thunder Bayou generated approximately $2.3 million in field level cash flow, net to the Company, during March 2017 after be completed in February 2017. Management’s Comment “Our accelerating cash flow and production profiles during the first quarter of 2017 clearly indicate we have returned to growth as we reported sequential quarterly increases of 156% and 13%, respectively,” said Charles T. Goodson, Chairman, Chief Executive Officer and President. “Since the first quarter of 2016, we have refinanced or repaid all of our $350 million of 10% Senior Notes due 2017, secured an East Texas joint venture, commenced our Cotton Valley drilling program and recompleted Thunder Bayou resulting in a 61 MMcfe/d current production rate.  These milestones were made possible due to the quality of our assets and people and the flexibility exhibited by our stakeholders.” About the Company PetroQuest Energy, Inc. is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Texas, Louisiana and the shallow waters of the Gulf of Mexico.  PetroQuest’s common stock trades on the New York Stock Exchange under the ticker PQ. Forward-Looking Statements This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this news release are forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, these statements are based upon assumptions and anticipated results that are subject to numerous uncertainties and risks. Actual results may vary significantly from those anticipated due to many factors, including the volatility of oil and natural gas prices and significantly depressed oil prices since the end of 2014; our indebtedness and the significant amount of cash required to service our indebtedness; our estimate of the sufficiency of our existing capital sources, including availability under our new multi-draw term loan facility; our ability to post additional collateral to satisfy our offshore decommissioning obligations; our ability to execute our 2017 drilling and recompletion program as planned and to increase our production; our ability to hedge future production to reduce our exposure to price volatility in the current commodity pricing market; our ability to find, develop and produce oil and natural gas reserves that are economically recoverable and to replace reserves and sustain and/or increase production; ceiling test write-downs resulting, and that could result in the future, from lower oil and natural gas prices; our ability to raise additional capital to fund cash requirements for future operations; limits on our growth and our ability to finance our operations, fund our capital needs and respond to changing conditions imposed by our multi-draw term loan facility and restrictive debt covenants; approximately 50% of our production being exposed to the additional risk of severe weather, including hurricanes, tropical storms and flooding, and natural disasters; losses and liabilities from uninsured or underinsured drilling and operating activities; changes in laws and governmental regulations as they relate to our operations; the operating hazards attendant to the oil and gas business; the volatility of our stock price; and our ability to continue to meet the continued listing standards of the New York Stock Exchange with respect to our common stock or to cure any deficiency with respect thereto. In particular, careful consideration should be given to cautionary statements made in the various reports the Company has filed with the SEC. The Company undertakes no duty to update or revise these forward-looking statements. Click here for more information: “http://www.petroquest.com/news.html?=BizID=1690&1=1” Note: Management believes that discretionary cash flow is relevant and useful information, which is commonly used by analysts, investors and other interested parties in the oil and gas industry as a financial indicator of an oil and gas company’s ability to generate cash used to internally fund exploration and development activities and to service debt.  Discretionary cash flow is not a measure of financial performance prepared in accordance with generally accepted accounting principles (“GAAP”) and should not be considered in isolation or as an alternative to net cash flow provided by operating activities.  In addition, since discretionary cash flow is not a term defined by GAAP, it might not be comparable to similarly titled measures used by other companies.


LAFAYETTE, La., May 03, 2017 (GLOBE NEWSWIRE) -- PetroQuest Energy, Inc. (NYSE:PQ) (the "Company") today announced results for the first quarter ended March 31, 2017.  The following are recent Company highlights: Loss available to common stockholders for the quarter ended March 31, 2017 totaled $4,918,000, or $0.23 per share, compared to first quarter 2016 loss available to common stockholders of $39,137,000, or $2.31 per share. Discretionary cash flow for the first quarter of 2017 was $9,206,000, as compared to $(2,210,000) for the comparable 2016 period, and $3,591,000 for the fourth quarter of 2016.  See the attached schedule for a reconciliation of net cash flow provided by operating activities to discretionary cash flow. Production for the first quarter of 2017 was 5.2 Bcfe, compared to 7.6 Bcfe for the comparable period of 2016. The reduction in production volumes during the 2017 period is primarily attributable to the sale of the remainder of the Company's Arkoma assets in April 2016, as well as a significant reduction in capital spending during 2016. Stated on an Mcfe basis, unit prices including the effects of hedges for the first quarter of 2017 were $3.98  per Mcfe, as compared to $2.27 per Mcfe in the first quarter of 2016. Despite lower production, as a result of 75% higher realized pricing on an Mcfe basis, oil and gas sales during the first quarter of 2017 increased 20% to $20,772,000, as compared to $17,320,000 in the first quarter of 2016. Lease operating expenses (“LOE”) for the first quarter of 2017 decreased to $7,076,000, as compared to $8,177,000 in the first quarter of 2016. LOE per Mcfe was $1.35 for the first quarter of 2017, as compared to $1.07 in the first quarter of 2016. The increase in per unit lease operating expenses is primarily due to the Arkoma asset sale, which included properties with a lower relative per unit cost, as well as the impact of lower production resulting from reduced capital expenditures during 2016. Depreciation, depletion and amortization (“DD&A”) on oil and gas properties for the first quarter of 2017 was $1.15 per Mcfe, as compared to $1.30 per Mcfe in the first quarter of 2016. The decrease in the per unit DD&A rate is primarily the result of recent ceiling test write-downs in 2016. Interest expense for the first quarter of 2017 decreased to $7,258,000, as compared to $8,257,000 in the first quarter of 2016. During the three month period ended March 31, 2017, capitalized interest totaled $305,000, as compared to $309,000 during the 2016 period. The decrease in interest expense during the 2017 period is primarily attributable to a lower debt balance after the completion of the Company's debt exchange in February 2016. General and administrative expenses for the quarter ended March 31, 2017 totaled $3,153,000, as compared to $8,599,000 for the comparable 2016 period. Capitalized general and administrative expenses during the quarter ended March 31, 2017 totaled $1,334,000, as compared to $1,489,000 during the comparable 2016 period. The decrease in general and administrative expenses during the quarter ended March 31, 2017 is primarily due to lower employee related expenses and approximately $4,740,000 of expenses related to the issuance of the Company's 2021 Secured Senior  Notes during the first quarter of 2016. The following table sets forth certain information with respect to the oil and gas operations of the Company for the three month periods ended March 31, 2017 and 2016: The above sales and average sales prices include increases (decreases) to revenues related to the settlement of gas hedges of ($321,000) and $1,032,000 for the three months ended March 31, 2017 and 2016, respectively. Second and Third Quarter Production Guidance The Company expects to begin completion operations on a three well pad in East Texas within one week with initial flowback expected in early June.  In the Gulf Coast, the Company had planned to recomplete a well at its Ship Shoal 72 field in May with initial production expected in June.  Due to timing of rig availability, this recompletion is now scheduled for June with initial production in July.  As a result of the limited impact that these operations will have on second quarter production, the Company is guiding production for the second quarter of 2017 at 62-65 MMcfe/d. With a full quarter of production expected from the three well Cotton Valley pad, along with the anticipated impact of the Ship Shoal 72 recompletion, the Company is guiding production for the third quarter of 2017 at 80-84 MMcfe/d (72% gas,  11% oil and  17% NGL).  The mid-point of the third quarter 2017 production guidance would represent a 64% increase from the average daily production for the fourth quarter of 2016. The following provides guidance for the second quarter of 2017: After executing the above transaction, the Company has approximately 9.2 Bcf and 3.2 Bcf of gas volumes hedged for 2017 and the first quarter of 2018, respectively, with average floor prices of approximately $3.22 per Mcf and $3.24 per Mcf, respectively. Operations Update In East Texas, the Company recently established production on its PQ #22 well (NRI 39%), which is located on the PQ/CVX acreage.  The well achieved a maximum 24 hour rate of approximately 11,000 Mcfe/d (7,000 Mcf/d of gas, 530 Bbls/d of natural gas liquids and 70 Bbls/d of oil).  The Company estimates the drilling and completion cost of PQ#22 was  approximately $800/lateral foot. The Company recently reached total depth on the final well of a three well pad (PQ #23-25 - avg WI 75%).  The middle well (PQ #24) will test a secondary Cotton Valley bench (E-Sand).  In addition, the Company plans to obtain micro-seismic data as well as utilize varying sizes of proppant per well in connection with this upcoming three well program. The micro-seismic work should provide significant data on frack heights and propagation in order to benefit future completion operations.  The Company expects to drill and complete 8 wells in East Texas during 2017 and plans to have a three well pad in progress at the end of the year. In South Louisiana, the Company's Thunder Bayou well is currently flowing at approximately 61,000 Mcfe/d (NRI - 37%). The production mix consists of approximately 39,000 Mcf/d of gas, 1,500 Bbls/d of oil and 2,200 Bbls/d of natural gas liquids. The Company estimates that Thunder Bayou generated approximately $2.3 million in field level cash flow, net to the Company, during March 2017 after be completed in February 2017. Management’s Comment “Our accelerating cash flow and production profiles during the first quarter of 2017 clearly indicate we have returned to growth as we reported sequential quarterly increases of 156% and 13%, respectively,” said Charles T. Goodson, Chairman, Chief Executive Officer and President. “Since the first quarter of 2016, we have refinanced or repaid all of our $350 million of 10% Senior Notes due 2017, secured an East Texas joint venture, commenced our Cotton Valley drilling program and recompleted Thunder Bayou resulting in a 61 MMcfe/d current production rate.  These milestones were made possible due to the quality of our assets and people and the flexibility exhibited by our stakeholders.” About the Company PetroQuest Energy, Inc. is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Texas, Louisiana and the shallow waters of the Gulf of Mexico.  PetroQuest’s common stock trades on the New York Stock Exchange under the ticker PQ. Forward-Looking Statements This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this news release are forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, these statements are based upon assumptions and anticipated results that are subject to numerous uncertainties and risks. Actual results may vary significantly from those anticipated due to many factors, including the volatility of oil and natural gas prices and significantly depressed oil prices since the end of 2014; our indebtedness and the significant amount of cash required to service our indebtedness; our estimate of the sufficiency of our existing capital sources, including availability under our new multi-draw term loan facility; our ability to post additional collateral to satisfy our offshore decommissioning obligations; our ability to execute our 2017 drilling and recompletion program as planned and to increase our production; our ability to hedge future production to reduce our exposure to price volatility in the current commodity pricing market; our ability to find, develop and produce oil and natural gas reserves that are economically recoverable and to replace reserves and sustain and/or increase production; ceiling test write-downs resulting, and that could result in the future, from lower oil and natural gas prices; our ability to raise additional capital to fund cash requirements for future operations; limits on our growth and our ability to finance our operations, fund our capital needs and respond to changing conditions imposed by our multi-draw term loan facility and restrictive debt covenants; approximately 50% of our production being exposed to the additional risk of severe weather, including hurricanes, tropical storms and flooding, and natural disasters; losses and liabilities from uninsured or underinsured drilling and operating activities; changes in laws and governmental regulations as they relate to our operations; the operating hazards attendant to the oil and gas business; the volatility of our stock price; and our ability to continue to meet the continued listing standards of the New York Stock Exchange with respect to our common stock or to cure any deficiency with respect thereto. In particular, careful consideration should be given to cautionary statements made in the various reports the Company has filed with the SEC. The Company undertakes no duty to update or revise these forward-looking statements. Click here for more information: “http://www.petroquest.com/news.html?=BizID=1690&1=1” Note: Management believes that discretionary cash flow is relevant and useful information, which is commonly used by analysts, investors and other interested parties in the oil and gas industry as a financial indicator of an oil and gas company’s ability to generate cash used to internally fund exploration and development activities and to service debt.  Discretionary cash flow is not a measure of financial performance prepared in accordance with generally accepted accounting principles (“GAAP”) and should not be considered in isolation or as an alternative to net cash flow provided by operating activities.  In addition, since discretionary cash flow is not a term defined by GAAP, it might not be comparable to similarly titled measures used by other companies.


LAFAYETTE, La., May 03, 2017 (GLOBE NEWSWIRE) -- PetroQuest Energy, Inc. (NYSE:PQ) (the "Company") today announced results for the first quarter ended March 31, 2017.  The following are recent Company highlights: Loss available to common stockholders for the quarter ended March 31, 2017 totaled $4,918,000, or $0.23 per share, compared to first quarter 2016 loss available to common stockholders of $39,137,000, or $2.31 per share. Discretionary cash flow for the first quarter of 2017 was $9,206,000, as compared to $(2,210,000) for the comparable 2016 period, and $3,591,000 for the fourth quarter of 2016.  See the attached schedule for a reconciliation of net cash flow provided by operating activities to discretionary cash flow. Production for the first quarter of 2017 was 5.2 Bcfe, compared to 7.6 Bcfe for the comparable period of 2016. The reduction in production volumes during the 2017 period is primarily attributable to the sale of the remainder of the Company's Arkoma assets in April 2016, as well as a significant reduction in capital spending during 2016. Stated on an Mcfe basis, unit prices including the effects of hedges for the first quarter of 2017 were $3.98  per Mcfe, as compared to $2.27 per Mcfe in the first quarter of 2016. Despite lower production, as a result of 75% higher realized pricing on an Mcfe basis, oil and gas sales during the first quarter of 2017 increased 20% to $20,772,000, as compared to $17,320,000 in the first quarter of 2016. Lease operating expenses (“LOE”) for the first quarter of 2017 decreased to $7,076,000, as compared to $8,177,000 in the first quarter of 2016. LOE per Mcfe was $1.35 for the first quarter of 2017, as compared to $1.07 in the first quarter of 2016. The increase in per unit lease operating expenses is primarily due to the Arkoma asset sale, which included properties with a lower relative per unit cost, as well as the impact of lower production resulting from reduced capital expenditures during 2016. Depreciation, depletion and amortization (“DD&A”) on oil and gas properties for the first quarter of 2017 was $1.15 per Mcfe, as compared to $1.30 per Mcfe in the first quarter of 2016. The decrease in the per unit DD&A rate is primarily the result of recent ceiling test write-downs in 2016. Interest expense for the first quarter of 2017 decreased to $7,258,000, as compared to $8,257,000 in the first quarter of 2016. During the three month period ended March 31, 2017, capitalized interest totaled $305,000, as compared to $309,000 during the 2016 period. The decrease in interest expense during the 2017 period is primarily attributable to a lower debt balance after the completion of the Company's debt exchange in February 2016. General and administrative expenses for the quarter ended March 31, 2017 totaled $3,153,000, as compared to $8,599,000 for the comparable 2016 period. Capitalized general and administrative expenses during the quarter ended March 31, 2017 totaled $1,334,000, as compared to $1,489,000 during the comparable 2016 period. The decrease in general and administrative expenses during the quarter ended March 31, 2017 is primarily due to lower employee related expenses and approximately $4,740,000 of expenses related to the issuance of the Company's 2021 Secured Senior  Notes during the first quarter of 2016. The following table sets forth certain information with respect to the oil and gas operations of the Company for the three month periods ended March 31, 2017 and 2016: The above sales and average sales prices include increases (decreases) to revenues related to the settlement of gas hedges of ($321,000) and $1,032,000 for the three months ended March 31, 2017 and 2016, respectively. Second and Third Quarter Production Guidance The Company expects to begin completion operations on a three well pad in East Texas within one week with initial flowback expected in early June.  In the Gulf Coast, the Company had planned to recomplete a well at its Ship Shoal 72 field in May with initial production expected in June.  Due to timing of rig availability, this recompletion is now scheduled for June with initial production in July.  As a result of the limited impact that these operations will have on second quarter production, the Company is guiding production for the second quarter of 2017 at 62-65 MMcfe/d. With a full quarter of production expected from the three well Cotton Valley pad, along with the anticipated impact of the Ship Shoal 72 recompletion, the Company is guiding production for the third quarter of 2017 at 80-84 MMcfe/d (72% gas,  11% oil and  17% NGL).  The mid-point of the third quarter 2017 production guidance would represent a 64% increase from the average daily production for the fourth quarter of 2016. The following provides guidance for the second quarter of 2017: After executing the above transaction, the Company has approximately 9.2 Bcf and 3.2 Bcf of gas volumes hedged for 2017 and the first quarter of 2018, respectively, with average floor prices of approximately $3.22 per Mcf and $3.24 per Mcf, respectively. Operations Update In East Texas, the Company recently established production on its PQ #22 well (NRI 39%), which is located on the PQ/CVX acreage.  The well achieved a maximum 24 hour rate of approximately 11,000 Mcfe/d (7,000 Mcf/d of gas, 530 Bbls/d of natural gas liquids and 70 Bbls/d of oil).  The Company estimates the drilling and completion cost of PQ#22 was  approximately $800/lateral foot. The Company recently reached total depth on the final well of a three well pad (PQ #23-25 - avg WI 75%).  The middle well (PQ #24) will test a secondary Cotton Valley bench (E-Sand).  In addition, the Company plans to obtain micro-seismic data as well as utilize varying sizes of proppant per well in connection with this upcoming three well program. The micro-seismic work should provide significant data on frack heights and propagation in order to benefit future completion operations.  The Company expects to drill and complete 8 wells in East Texas during 2017 and plans to have a three well pad in progress at the end of the year. In South Louisiana, the Company's Thunder Bayou well is currently flowing at approximately 61,000 Mcfe/d (NRI - 37%). The production mix consists of approximately 39,000 Mcf/d of gas, 1,500 Bbls/d of oil and 2,200 Bbls/d of natural gas liquids. The Company estimates that Thunder Bayou generated approximately $2.3 million in field level cash flow, net to the Company, during March 2017 after be completed in February 2017. Management’s Comment “Our accelerating cash flow and production profiles during the first quarter of 2017 clearly indicate we have returned to growth as we reported sequential quarterly increases of 156% and 13%, respectively,” said Charles T. Goodson, Chairman, Chief Executive Officer and President. “Since the first quarter of 2016, we have refinanced or repaid all of our $350 million of 10% Senior Notes due 2017, secured an East Texas joint venture, commenced our Cotton Valley drilling program and recompleted Thunder Bayou resulting in a 61 MMcfe/d current production rate.  These milestones were made possible due to the quality of our assets and people and the flexibility exhibited by our stakeholders.” About the Company PetroQuest Energy, Inc. is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Texas, Louisiana and the shallow waters of the Gulf of Mexico.  PetroQuest’s common stock trades on the New York Stock Exchange under the ticker PQ. Forward-Looking Statements This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this news release are forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, these statements are based upon assumptions and anticipated results that are subject to numerous uncertainties and risks. Actual results may vary significantly from those anticipated due to many factors, including the volatility of oil and natural gas prices and significantly depressed oil prices since the end of 2014; our indebtedness and the significant amount of cash required to service our indebtedness; our estimate of the sufficiency of our existing capital sources, including availability under our new multi-draw term loan facility; our ability to post additional collateral to satisfy our offshore decommissioning obligations; our ability to execute our 2017 drilling and recompletion program as planned and to increase our production; our ability to hedge future production to reduce our exposure to price volatility in the current commodity pricing market; our ability to find, develop and produce oil and natural gas reserves that are economically recoverable and to replace reserves and sustain and/or increase production; ceiling test write-downs resulting, and that could result in the future, from lower oil and natural gas prices; our ability to raise additional capital to fund cash requirements for future operations; limits on our growth and our ability to finance our operations, fund our capital needs and respond to changing conditions imposed by our multi-draw term loan facility and restrictive debt covenants; approximately 50% of our production being exposed to the additional risk of severe weather, including hurricanes, tropical storms and flooding, and natural disasters; losses and liabilities from uninsured or underinsured drilling and operating activities; changes in laws and governmental regulations as they relate to our operations; the operating hazards attendant to the oil and gas business; the volatility of our stock price; and our ability to continue to meet the continued listing standards of the New York Stock Exchange with respect to our common stock or to cure any deficiency with respect thereto. In particular, careful consideration should be given to cautionary statements made in the various reports the Company has filed with the SEC. The Company undertakes no duty to update or revise these forward-looking statements. Click here for more information: “http://www.petroquest.com/news.html?=BizID=1690&1=1” Note: Management believes that discretionary cash flow is relevant and useful information, which is commonly used by analysts, investors and other interested parties in the oil and gas industry as a financial indicator of an oil and gas company’s ability to generate cash used to internally fund exploration and development activities and to service debt.  Discretionary cash flow is not a measure of financial performance prepared in accordance with generally accepted accounting principles (“GAAP”) and should not be considered in isolation or as an alternative to net cash flow provided by operating activities.  In addition, since discretionary cash flow is not a term defined by GAAP, it might not be comparable to similarly titled measures used by other companies.


LONDON, UK / ACCESSWIRE / February 16, 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 Drug Manufacturers industry. Companies recently under review include Nuvo Pharmaceuticals, Acerus Pharmaceuticals, and Avivagen. Get all of our free research reports by signing up at: On Wednesday, February 15, 2017, the Toronto Exchange Composite Index was up 0.37%, finishing the day at 15,844.95. The TSX Venture Composite Index, on the other hand, closed at 838.14, up 0.34%. Additionally, the Healthcare index was up by 3.22%, ending the session at 77.28. Active Wall St. has initiated research reports on the following equities: Nuvo Pharmaceuticals Inc. (TSX: NRI), Acerus Pharmaceuticals Corporation (TSX: ASP), and Avivagen Inc. (TSXV: VIV). Register with us now for your free membership and research reports at: On Wednesday, shares in Mississauga, Canada-based Nuvo Pharmaceuticals Inc. recorded a trading volume of 26,248 shares, which was higher than their three months' average volume of 11,539 shares. The stock ended the day 1.60% lower at $5.54. Nuvo Pharma's stock has advanced 1.47% in the last one month and 12.80% in the previous one year. The Company's shares are trading above its 50-day moving average. The stock's 200-day moving average of $6.31 is above its 50-day moving average of $5.51. Shares of the Company, which operates as a life sciences company, are trading at PE ratio of 1,108.00. See our research report on NRI.TO at: Mississauga, Canada headquartered Acerus Pharmaceuticals Corp.'s stock finished Wednesday's session flat at $0.13 with a total volume of 462,169 shares traded. Over the last one month and the previous three months, Acerus Pharma's shares have rallied 6,971.43% and 7,515.38%, respectively. Furthermore, the stock has rallied 2,202.33% in the past one year. The Company's shares are trading below its 50-day and 200-day moving averages. Acerus Pharma' 50-day moving average of $1.29 is above its 200-day moving average of $0.44. Shares of the Company, which focuses on developing, manufacturing, marketing, and distributing pharmaceutical products for male hypogonadism, women's hormone replacement therapy, and female sexual dysfunction in Canada, are trading at a PE ratio of 9.29. The complimentary research report on ASP.TO at: Ottawa, Canada headquartered Avivagen Inc.'s stock closed the day 4.55% lower at $0.10. The stock recorded a trading volume of 510,000 shares, which was above its three months' average volume of 372,163 shares. Shares of the company, which develops and commercializes various products to replace antibiotics in livestock feeds to optimize the health and growth of the animals by supporting the animal's own health defenses, are trading below their 50-day and 200-day moving averages. Moreover, the stock's 200-day moving average of $0.15 is greater than its 50-day moving average of $0.12. Get free access to your research report on VIV.V 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 [email protected]. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. 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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. 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Cutter Associates, the leading provider of operations and technology expertise to the investment management industry, recently completed a benchmarking study on vendor management in the asset management community. Of participating investment management firms, 74% cited keeping pace with the growing number of providers among their top three challenges, and one third cited the same concern as their number one challenge. Angela Centeno, Senior Research Analyst and co-author of the report, noted, “With the proliferation of vendors and service providers that investment managers are using, firms are finding increased requirements for monitoring and tracking risk and service levels. We are seeing a meaningful increase in the use of outsource providers for a variety of functions.” Of the firms surveyed, 63% outsource key business functions to third party providers, and the back office is the area outsourced most often. “Firms that outsource business or IT functionality actually appear to be better at managing their vendors than those firms that outsource fewer functions,” said Centeno. The study found that 82% of firms outsourcing key business functions use formalized questionnaires and risk reports to evaluate vendors, but only 60% of firms use formalized questionnaires and risk reports who do not outsource these functions. “The firms outsourcing key business functions, such as their middle or back office, tend to have better vendor management practices in place, including formalized processes and programs for monitoring service levels.” The more mature vendor management programs also tend to monitor a wide array of vendor metrics, including contracts, costs, service level agreements, risk, and renewals. Many participants also cited low adoption of supporting technology as an issue for vendor management, with 70% of respondents still tracking and reporting on vendor service metrics using spreadsheets and ad hoc approaches. Despite the IT department often being the de-facto vendor manager when a firm adopts new tools, the use of technology for the actual vendor management process to track and report metrics is still in its infancy. “Investment managers have opportunities to update and better manage their processes,” said Centeno, “but growing demands for due diligence from regulators, clients, and senior management might mean that one tool may no longer cover everything.” The study was conducted in October 2016, with 27 global firms participating, including asset managers, pension funds, and insurance companies with a broad range of assets under management. Cutter Associates will be delving more deeply into the topic this spring, with new research on Managing Vendors and Service Providers. About Cutter Associates Cutter Associates, LLC serves the operational and technology needs of the global asset management industry, providing clients the tools and services they need to be successful. By leveraging multi-faceted expertise and an unrivaled knowledgebase, Cutter Associates provides clients truly independent research, exclusive member-only events, custom operations benchmarking, and a global consultancy for strategic advice on and delivery of operational and technology excellence. Cutter Associates works with the world’s leading asset managers, providers, and servicers. Headquartered in Hingham, MA, Cutter Associates has subsidiaries in Canada and the UK, and is on the Web at http://www.cutterassociates.com. Cutter Associates is a wholly-owned subsidiary of Nomura Research Institute (NRI), headquartered in Tokyo, Japan.


News Article | March 1, 2017
Site: www.prnewswire.com

- Reports 32% Year-Over-Year Revenue Growth - - Nuvo to Host Conference Call/Audio Webcast March 2 at 8:00 a.m. ET - MISSISSAUGA, ON, March 1, 2017 /PRNewswire/ - Nuvo Pharmaceuticals Inc. (Nuvo or the Company) (TSX:NRI), a commercial healthcare company with a portfolio of...


NEW YORK, NY / ACCESSWIRE / February 15, 2017 / Nomura Research Institute (OTC PINK: NRILY), a leading provider of consulting services and system solutions, today announced its Valuable OTC Products and Liquidity Control System (VOLCS) has been awarded the Best Utilities Technology at the 2017 Fund Technology and WSL Awards. NRI's VOLCS offering provides a multipurpose management system for financial institutions, specifically establishing strong due-date management for structured bonds and OTC derivatives and cash management. While designed for financial institutions, the solution can also be separated and utilized individually by non-financial firms. Most recently, structured bonds and OTC derivatives have been receiving more attention due to the effects of stock price changes and Japan's negative interest rates. Both financial products are complicated and require detailed calculation and settlement day management, causing a major operational and financial burden to financial institutions. VOLCS enables its users to reduce the operational burden significantly, resulting in increased trading volume, as well as provides the option to reallocate their resources from due day management to strategic division for more sales power. A couple of major financial institutions have already adopted VOLCS since its launch in June of 2016. "Financial institutions across the globe are looking to drive efficiencies in their day-to-day operations with innovative technologies to lower their cost burden, ease management challenges and increase their bottom line," said Minoru Yokote, Senior Managing Director of NRI. "NRI is committed to distributing our system solutions and consulting services that are industry-leading in Japan across the global marketplace to address these key challenges, and it is an honor to be recognized for our contribution." The Fund Technology and WSL Awards recognize technology solution and providers catering to asset managers and institutional traders that have demonstrated exceptional customer service and innovative product development over the past year. 2017's event has been expanded to recognize the efforts of technology providers, data specialists and exchanges meeting the needs of the wider asset management community, particularly mutual funds. Founded in 1965, NRI is a leading global provider of system solutions and consulting services with annual sales above $3.7 billion. NRI offers clients holistic support of all aspects of operations from back- to front-office, with NRI's research expertise and innovative solutions as well as understanding of operational challenges faced by financial services firms. The clients include broker-dealers, asset managers, banks and insurance providers. NRI has 35 offices globally including New York, London, Tokyo, Hong Kong and Singapore, and over 10,000 employees.


Valuable OTC Products and Liquidity Control System (VOLCS) has been awarded the Best Utilities Technology at the 2017 Fund Technology and WSL Awards. NRI's VOLCS offering provides a multipurpose management system for financial institutions, specifically establishing strong due-date management for structured bonds and OTC derivatives and cash management. While designed for financial institutions, the solution can also be separated and utilized individually by non-financial firms. Most recently, structured bonds and OTC derivatives have been receiving more attention due to the effects of stock price changes and Japan's negative interest rates. Both financial products are complicated and require detailed calculation and settlement day management, causing a major operational and financial burden to financial institutions. VOLCS enables its users to reduce the operational burden significantly, resulting in increased trading volume, as well as provides the option to reallocate their resources from due day management to strategic division for more sales power. A couple of major financial institutions have already adopted VOLCS since its launch in June of 2016. "Financial institutions across the globe are looking to drive efficiencies in their day-to-day operations with innovative technologies to lower their cost burden, ease management challenges and increase their bottom line," said Minoru Yokote, Senior Managing Director of NRI. "NRI is committed to distributing our system solutions and consulting services that are industry-leading in Japan across the global marketplace to address these key challenges, and it is an honor to be recognized for our contribution." The Fund Technology and WSL Awards recognize technology solution and providers catering to asset managers and institutional traders that have demonstrated exceptional customer service and innovative product development over the past year. 2017's event has been expanded to recognize the efforts of technology providers, data specialists and exchanges meeting the needs of the wider asset management community, particularly mutual funds. Founded in 1965, NRI is a leading global provider of system solutions and consulting services with annual sales above $3.7 billion. NRI offers clients holistic support of all aspects of operations from back- to front-office, with NRI's research expertise and innovative solutions as well as understanding of operational challenges faced by financial services firms. The clients include broker-dealers, asset managers, banks and insurance providers. NRI has 35 offices globally including New York, London, Tokyo, Hong Kong and Singapore, and over 10,000 employees.

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