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News Article | May 12, 2017
Site: www.businesswire.com

COLUMBIA, Md.--(BUSINESS WIRE)--Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) has executed two long-term leases with a subsidiary of an investment-grade Fortune 500 company to deliver two, 148,600-square foot buildings on land the Company acquired in Ashburn, VA (“Paragon Park”). The Company expects to deliver one building in the fourth quarter of 2017, and the second building in the first quarter of 2018. Including this transaction, the Company has completed 355,000 square feet of development leasing, or approximately half of its 2017 goal of 700,000 square feet. COPT is an office REIT that owns, manages, develops and selectively acquires office and data center properties in locations that support the United States Government and its contractors, most of whom are engaged in national security, defense and information technology (“IT”) related activities servicing priority missions (“Defense/IT Locations”). We also own a portfolio of office properties located in select urban/urban-like submarkets within our regional footprint with durable Class-A office fundamentals and characteristics (“Regional Office Properties”). As of March 31, 2017, we derived 87% of core portfolio annualized revenue from Defense/IT Locations and 13% from our Regional Office Properties. As of March 31, 2017, and including six buildings owned through an unconsolidated joint venture, our core portfolio of 152 office properties, encompassed 16.3 million square feet and was 94.2% leased. As of the same date, we also owned one wholesale data center with a critical load of 19.25 megawatts. This press release may contain “forward-looking” statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are based on the Company’s current expectations, estimates and projections about future events and financial trends affecting the Company. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Accordingly, the Company can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements. Important factors that may affect these expectations, estimates, and projections include, but are not limited to: The Company undertakes no obligation to update or supplement any forward-looking statements. For further information, please refer to the Company’s filings with the Securities and Exchange Commission, particularly the section entitled “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.


COLUMBIA, Md.--(BUSINESS WIRE)--The Board of Trustees of Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) declared a quarterly dividend of $0.275 per Common Share of beneficial interest for the second quarter of 2017, payable on July 17, 2017, to shareholders of record on June 30, 2017. The Board of Trustees called to redeem all 6.9 million shares of the Company’s 7.375% Series L Cumulative Preferred Shares (the “Series L Preferred Shares”) (NYSE: OFCPrL), at a price of $25.3687 per Series L Preferred Share, which includes accrued and unpaid dividends up to but not including the date of redemption (the “Series L Redemption Price”). The redemption date for the Series L Preferred Shares will be June 27, 2017 (the “Redemption Date”). From and after the Redemption Date, dividends on the Series L Preferred Shares shall cease to accrue and holders of the Series L Preferred Shares will have no rights as such holders other than the right to receive the Series L Redemption Price, without interest, upon surrender of the Series L Preferred Shares. The Notice of Redemption and related materials will be mailed to holders of record of the Series L Preferred Shares. Wells Fargo Shareowner Services is acting as the redemption agent. Requests for additional copies of the materials should be directed to COPT’s Investor Relations Department at ir@copt.com. The Company’s full year and second quarter 2017 guidance for diluted earnings per share (“EPS”) and diluted FFO per share (“FFOPS”), as defined by NAREIT, already assumes the $7.0 million write-off of the original issuance costs associated with the Series L Preferred Shares. Accordingly, there is no change to the Company’s existing guidance resulting from this redemption. COPT is an office REIT that owns, manages, develops and selectively acquires office and data center properties in locations that support the United States Government and its contractors, most of whom are engaged in national security, defense and information technology (“IT”) related activities servicing priority missions (“Defense/IT Locations”). We also own a portfolio of office properties located in select urban/urban-like submarkets within our regional footprint with durable Class-A office fundamentals and characteristics (“Regional Office Properties”). As of March 31, 2017, we derived 87% of core portfolio annualized revenue from Defense/IT Locations and 13% from our Regional Office Properties. As of March 31, 2017, and including six buildings that are owned through an unconsolidated joint venture, our core portfolio of 152 office properties, encompassed 16.3 million square feet and was 94.2% leased. As of the same date, we also owned one wholesale data center with a critical load of 19.25 megawatts. This press release may contain “forward-looking” statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are based on the Company’s current expectations, estimates and projections about future events and financial trends affecting the Company. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Accordingly, the Company can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements. Important factors that may affect these expectations, estimates, and projections include, but are not limited to: The Company undertakes no obligation to update or supplement any forward-looking statements. For further information, please refer to the Company’s filings with the Securities and Exchange Commission, particularly the section entitled “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.


News Article | May 2, 2017
Site: www.businesswire.com

DALLAS--(BUSINESS WIRE)--CF Real Estate Services, a leading provider of multifamily and student housing, has expanded with the opening of its first location in the Southwest, a regional office in Dallas. From its new regional office, CF Real Estate Services will manage its expanding portfolio of properties in Texas and the western U.S., as well as acquire and develop apartment communities throughout Texas. “We have an opportunity to expand our footprint by leveraging an effective and forward-thinking platform in development, acquisition and property management services,” said Tom Lamberth, regional partner for CF Real Estate Services, who has been named to head Southwest initiatives. “We will work hard to provide best-in-class services to our clients, investors and partners. We will also strive to maintain our culture as a firm that is nimble, innovative and informed on trends in the multifamily industry ahead of our competition, in addition to fostering the continued growth of the talented professionals who carry out the mission of CF Real Estate Services.” CF Real Estate Services has staffed its regional office in Dallas with industry veterans who have proven experience in the multifamily industry, including: CF Real Estate Services Dallas Regional Office is located at 10210 N Central Expressway, Suite 425, in Dallas. To reach a member of the CF Real Estate Services team, please call the office at (214) 817-1161. Headquartered in Atlanta, GA, CF Real Estate Services is a vertically integrated multifamily real estate firm. With decades of multifamily industry experience, the team has evolved into a leading provider of multifamily services including property management, asset management, and consulting. CF Real Estate Services serves clients in 14 states. With expertise in affordable, conventional and student housing, CF Real Estate Services successfully manages various holdings in multiple arenas of real estate.


RE/MAX Northern Illinois Honors Its Network Members Who Helped Raise $184 Million for Children’s Miracle Network Hospitals in 2016 The RE/MAX Northern Illinois real estate network raised nearly $184,000 for Children's Miracle Network Hospitals in 2016. Chicago, IL, March 01, 2017 --( RE/MAX Northern Illinois has contributed more than $3 million to CMNH since 1992. Most funds raised by the network go to Lurie Children’s Hospital in Chicago. However, donations from offices in the far western portion of the RE/MAX Northern Illinois region benefit the University of Iowa Stead Family Children’s Hospital in Iowa City, Iowa. At its 40th Annual Awards Ceremony, held Feb. 17 at Navy Pier, RE/MAX honored the brokers and offices that were leading contributors to that effort in 2016. The awards they received featured artwork created by young patients at Lurie Children’s Hospital. Five companies received a CMNH Outstanding Citizen Award as the top fundraisers. As a group, the contributions of these companies accounted for 52 percent of the total donated to CMNH by RE/MAX Northern Illinois last year. The 64 offices honored as Miracle Offices reached that status by meeting a minimum donation requirement to CMNH during 2016. Those offices accounted for 61 percent of RE/MAX offices in the northern Illinois region, a new record for office participation. Angie Lotz of RE/MAX All Pro in Bloomingdale, Ill., was saluted as the 2016 Top Miracle Agent for donating $3,750 to CMNH. The Becker Group of RE/MAX Advantage Realty, Antioch, Ill., was named 2016 Top Miracle Team after donating $8,100. The following are the RE/MAX companies honored as Outstanding Citizens for their generous donations to CMNH, all of which benefited Lurie Children’s Hospital. They are listed in order based on the size of their donation, with the largest contributor first: RE/MAX Suburban, with offices in Arlington Heights, Buffalo Grove, Glen Ellyn, Libertyville, Mt. Prospect, Schaumburg and Wheaton. RE/MAX Unlimited Northwest, with offices in Algonquin, Bartlett, Crystal Lake, Huntley, Lake Zurich and Palatine. RE/MAX Advantage Realty of Antioch. RE/MAX Showcase, with offices in Gurnee, Long Grove and Waukegan. RE/MAX All Pro of Bloomingdale, Sugar Grove and St. Charles. The 64 RE/MAX Northern Illinois Miracle Offices for 2016 are listed below, grouped by the county in which the office is located: Cook County RE/MAX 10, Chicago Lincoln Park; RE/MAX 10, Chicago Midway; RE/MAX 10, Oak Lawn; RE/MAX 10, Palos Park; RE/MAX 1st Service, Orland Park; RE/MAX All Stars, Niles; RE/MAX Central, Roselle; RE/MAX City, Chicago; RE/MAX Exclusive Properties, Chicago; RE/MAX in the Village, Realtors®, Oak Park; RE/MAX Market, Willow Springs; RE/MAX NorthCoast, Chicago; RE/MAX of Barrington, Barrington; RE/MAX Partners, Berwyn; RE/MAX Properties, Western Springs; RE/MAX Suburban, Arlington Heights; RE/MAX Suburban, Mt. Prospect; RE/MAX Suburban, Roselle Road, Schaumburg; RE/MAX Suburban, Schaumburg Road, Schaumburg; RE/MAX Synergy, Chicago; RE/MAX Synergy, Flossmoor; RE/MAX Unlimited Northwest, Bartlett; RE/MAX Unlimited Northwest, Palatine. DuPage County RE/MAX Action, Lisle; RE/MAX All Pro, Bloomingdale; RE/MAX Professionals, Burr Ridge; RE/MAX Professionals Select, Naperville; RE/MAX Signature Homes, Hinsdale; RE/MAX Suburban, Glen Ellyn; RE/MAX Suburban, Wheaton. Grundy County RE/MAX Hometown Properties, Channahon. Kane County RE/MAX All Pro, St. Charles; RE/MAX All Pro, Sugar Grove; RE/MAX Deal Makers, Hampshire; RE/MAX Excels, Geneva; RE/MAX Northern Illinois Regional Office, Elgin; RE/MAX Town and Country, Aurora. Lake County RE/MAX Advantage Realty, Antioch; RE/MAX Center, Grayslake; RE/MAX NOW, Lake Barrington; RE/MAX Plaza, Wauconda; RE/MAX Prestige, Long Grove; RE/MAX Showcase, Gurnee; RE/MAX Showcase, Long Grove; RE/MAX Showcase, Waukegan; RE/MAX Suburban, Buffalo Grove; RE/MAX Suburban, Libertyville; RE/MAX Unlimited Northwest, Lake Zurich. LaSalle County RE/MAX 1st Choice, Ottawa. McHenry County RE/MAX Connections II, Marengo; RE/MAX Plaza, McHenry; RE/MAX Plaza, Richmond; RE/MAX Plaza, Woodstock; RE/MAX Unlimited Northwest, Algonquin; RE/MAX Unlimited Northwest, Crystal Lake; RE/MAX Unlimited Northwest, Huntley. Mercer County RE/MAX Country Crossroads, Viola. Ogle County RE/MAX of Rock Valley, Oregon; RE/MAX Professional Advantage, Byron. Rock Island County RE/MAX Elite Homes, Moline. Will County RE/MAX 10, New Lenox; RE/MAX Professionals, Bolingbrook; RE/MAX Ultimate Professionals, Plainfield; RE/MAX Ultimate Professionals, Shorewood. RE/MAX agents consistently rank among the most productive in the industry. In 2016, RE/MAX Northern Illinois agents averaged 18 transaction sides. RE/MAX has been the leader in the northern Illinois real estate market since 1989 and is continually growing. The RE/MAX Northern Illinois network, with headquarters in Elgin, Ill., consists of more than 2,250 sales associates and 103 independently owned and operated RE/MAX offices that provide a full range of residential and commercial brokerage services. Its mobile real estate app, available for download at www.illinoisproperty.com, provides comprehensive information about residential and commercial property for sale in the region. The northern Illinois network is part of RE/MAX, a global real estate organization with 110,000+ sales associates in 100+ nations. Chicago, IL, March 01, 2017 --( PR.com )-- The RE/MAX Northern Illinois network has long been a leading supporter of Children’s Miracle Network Hospitals (CMNH). Recently the network honored those members who led its fundraising efforts in 2016 when nearly $184,000 was donated to CMNH. That was an increase of more than $25,000 over the 2015 total.RE/MAX Northern Illinois has contributed more than $3 million to CMNH since 1992.Most funds raised by the network go to Lurie Children’s Hospital in Chicago. However, donations from offices in the far western portion of the RE/MAX Northern Illinois region benefit the University of Iowa Stead Family Children’s Hospital in Iowa City, Iowa.At its 40th Annual Awards Ceremony, held Feb. 17 at Navy Pier, RE/MAX honored the brokers and offices that were leading contributors to that effort in 2016. The awards they received featured artwork created by young patients at Lurie Children’s Hospital. Five companies received a CMNH Outstanding Citizen Award as the top fundraisers. As a group, the contributions of these companies accounted for 52 percent of the total donated to CMNH by RE/MAX Northern Illinois last year.The 64 offices honored as Miracle Offices reached that status by meeting a minimum donation requirement to CMNH during 2016. Those offices accounted for 61 percent of RE/MAX offices in the northern Illinois region, a new record for office participation.Angie Lotz of RE/MAX All Pro in Bloomingdale, Ill., was saluted as the 2016 Top Miracle Agent for donating $3,750 to CMNH. The Becker Group of RE/MAX Advantage Realty, Antioch, Ill., was named 2016 Top Miracle Team after donating $8,100.The following are the RE/MAX companies honored as Outstanding Citizens for their generous donations to CMNH, all of which benefited Lurie Children’s Hospital. They are listed in order based on the size of their donation, with the largest contributor first:RE/MAX Suburban, with offices in Arlington Heights, Buffalo Grove, Glen Ellyn, Libertyville, Mt. Prospect, Schaumburg and Wheaton.RE/MAX Unlimited Northwest, with offices in Algonquin, Bartlett, Crystal Lake, Huntley, Lake Zurich and Palatine.RE/MAX Advantage Realty of Antioch.RE/MAX Showcase, with offices in Gurnee, Long Grove and Waukegan.RE/MAX All Pro of Bloomingdale, Sugar Grove and St. Charles.The 64 RE/MAX Northern Illinois Miracle Offices for 2016 are listed below, grouped by the county in which the office is located:Cook CountyRE/MAX 10, Chicago Lincoln Park;RE/MAX 10, Chicago Midway;RE/MAX 10, Oak Lawn;RE/MAX 10, Palos Park;RE/MAX 1st Service, Orland Park;RE/MAX All Stars, Niles;RE/MAX Central, Roselle;RE/MAX City, Chicago;RE/MAX Exclusive Properties, Chicago;RE/MAX in the Village, Realtors®, Oak Park;RE/MAX Market, Willow Springs;RE/MAX NorthCoast, Chicago;RE/MAX of Barrington, Barrington;RE/MAX Partners, Berwyn;RE/MAX Properties, Western Springs;RE/MAX Suburban, Arlington Heights; RE/MAX Suburban, Mt. Prospect;RE/MAX Suburban, Roselle Road, Schaumburg;RE/MAX Suburban, Schaumburg Road, Schaumburg;RE/MAX Synergy, Chicago;RE/MAX Synergy, Flossmoor;RE/MAX Unlimited Northwest, Bartlett;RE/MAX Unlimited Northwest, Palatine.DuPage CountyRE/MAX Action, Lisle;RE/MAX All Pro, Bloomingdale;RE/MAX Professionals, Burr Ridge;RE/MAX Professionals Select, Naperville;RE/MAX Signature Homes, Hinsdale;RE/MAX Suburban, Glen Ellyn;RE/MAX Suburban, Wheaton.Grundy CountyRE/MAX Hometown Properties, Channahon.Kane CountyRE/MAX All Pro, St. Charles;RE/MAX All Pro, Sugar Grove;RE/MAX Deal Makers, Hampshire;RE/MAX Excels, Geneva;RE/MAX Northern Illinois Regional Office, Elgin;RE/MAX Town and Country, Aurora.Lake CountyRE/MAX Advantage Realty, Antioch;RE/MAX Center, Grayslake;RE/MAX NOW, Lake Barrington;RE/MAX Plaza, Wauconda;RE/MAX Prestige, Long Grove;RE/MAX Showcase, Gurnee;RE/MAX Showcase, Long Grove;RE/MAX Showcase, Waukegan;RE/MAX Suburban, Buffalo Grove;RE/MAX Suburban, Libertyville;RE/MAX Unlimited Northwest, Lake Zurich.LaSalle CountyRE/MAX 1st Choice, Ottawa.McHenry CountyRE/MAX Connections II, Marengo;RE/MAX Plaza, McHenry;RE/MAX Plaza, Richmond;RE/MAX Plaza, Woodstock;RE/MAX Unlimited Northwest, Algonquin;RE/MAX Unlimited Northwest, Crystal Lake;RE/MAX Unlimited Northwest, Huntley.Mercer CountyRE/MAX Country Crossroads, Viola.Ogle CountyRE/MAX of Rock Valley, Oregon;RE/MAX Professional Advantage, Byron.Rock Island CountyRE/MAX Elite Homes, Moline.Will CountyRE/MAX 10, New Lenox;RE/MAX Professionals, Bolingbrook;RE/MAX Ultimate Professionals, Plainfield;RE/MAX Ultimate Professionals, Shorewood.RE/MAX agents consistently rank among the most productive in the industry. In 2016, RE/MAX Northern Illinois agents averaged 18 transaction sides. RE/MAX has been the leader in the northern Illinois real estate market since 1989 and is continually growing. The RE/MAX Northern Illinois network, with headquarters in Elgin, Ill., consists of more than 2,250 sales associates and 103 independently owned and operated RE/MAX offices that provide a full range of residential and commercial brokerage services. Its mobile real estate app, available for download at www.illinoisproperty.com, provides comprehensive information about residential and commercial property for sale in the region. The northern Illinois network is part of RE/MAX, a global real estate organization with 110,000+ sales associates in 100+ nations. Click here to view the list of recent Press Releases from RE/MAX Northern Illinois


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

COLUMBIA, Md.--(BUSINESS WIRE)--Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) recently sold $53 million of suburban assets in Northern Virginia. In mid-January, the Company sold 5.3 acres of land for $14 million and, last week, completed the sale of 3120 Fairview Park Drive in the Merrifield submarket of Falls Church, Virginia, for $39 million. The approximate 190,500 square foot building was 87% occupied at December 31, 2016. The Company has an additional $10 million of asset sales under contract and $37-$47 million in contract negotiations, all of which are expected to close during 2017. COPT is an office REIT that owns, manages, develops and selectively acquires office and data center properties in locations that support United States Government agencies and their contractors, most of whom are engaged in national security, defense and information technology (“IT”) related activities servicing priority missions (“Defense/IT Locations”). We also own a portfolio of Class-A office properties located in select urban/urban-like submarkets within our regional footprint (“Regional Office Properties”). As of December 31, 2016, we derived 87% of core portfolio annualized revenue from Defense/IT Locations and 13% from our Regional Office Properties. As of December 31, 2016, our core portfolio of 152 office properties encompassed 16.3 million square feet and was 94.4% leased. This press release may contain “forward-looking” statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are based on the Company’s current expectations, estimates and projections about future events and financial trends affecting the Company. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Accordingly, the Company can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements. Important factors that may affect these expectations, estimates, and projections include, but are not limited to: The Company undertakes no obligation to update or supplement any forward-looking statements. For further information, please refer to the Company’s filings with the Securities and Exchange Commission, particularly the section entitled “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.


CHARLESTON, W. Va.--(BUSINESS WIRE)--DMV customers needing to renew their West Virginia driver’s license or vehicle registration may now do so at one of three self-service kiosks in place across the state, with more locations coming soon. Commissioner Pat Reed announced today at the Beckley Sheetz on Eisenhower Drive that the kiosk featured there will help customers “Skip the Line” and conduct two of the DMV’s most popular transactions. “We are thrilled to offer the citizens of West Virginia quick and efficient transaction opportunities,” said Reed. “The three kiosks, located in Beckley, the Star City Sheetz, and outside the Kanawha City DMV, will help you renew your driver’s license and vehicle registration in just minutes.” To access the driver’s license renewal process, simply bring your current or expiring driver’s license, renewal form with pin number, and credit card to one of the three kiosk locations. Once at the machine, you will be able to process your transaction in just minutes, and receive a receipt to keep with you until your hard copy comes in the mail. Renewing your vehicle registration card can be even faster. Your decal and registration card are printed immediately at the kiosk. Customers with driver’s license changes, including name or address change, will still need to visit their local DMV Regional Office for service. For additional information, please contact the WV DMV at 1-800-642-9066, or visit the DMV website at www.dmv.wv.gov. WV.gov is the official website of the state of West Virginia (http://www.wv.gov) and is the result of an innovative public-private partnership between the state and West Virginia Interactive. West Virginia Interactive works with state and local government agencies to build and manage interactive online services and is a subsidiary of digital government firm NIC (NASDAQ: EGOV). Founded in 1992, NIC Inc. (NASDAQ: EGOV) is celebrating 25 years as the nation’s premier provider of innovative digital government solutions and secure payment processing, which help make government interactions more accessible for everyone through technology. The family of NIC companies has developed a library of more than 12,000 digital government services for more than 4,500 federal, state, and local government agencies. Among these solutions is the ground-breaking digital government personal assistant, Gov2Go, delivering citizens personalized reminders and a single access point for government interactions. More information is available at www.egov.com.


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

MDO Managing Partner to Moderate Two All-Star Panels at iLaw 2017 Miami, FL, February 21, 2017 --( The first panel moderated by Mr. Montes de Oca is titled: “Foreign Corrupt Practices Act 2017: Will the Regulatory Force Continue?” This panel will address recent FCPA enforcement actions and trends, the Department of Justice Pilot Program, the impact of President Donald Trump and his new administration on FCPA issues, whistleblowers and their bounties. Panelists will include Jacqueline Arango, Chair of Akerman's White Collar Crime & Government Investigations Practice; Eric Bustillo, Regional Director of the Securities and Exchange Commission’s Miami Regional Office; Kendall Coffey, Partner at Coffey Burlington; and Michael Sherwin, Assistant U.S. Attorney, U.S. Southern District of Florida. Mr. Montes de Oca will also moderate the closing plenary session titled: “International In-house Counsel Challenges: Managing the Intersection of Business, Law and Ethics.” This panel will discuss real-world conflicts and challenges for in-house counsel and practical methods for resolving them successfully. They will also discuss strategies for making viable recommendations to help clients make ultimate decision in the face of ethical dilemmas and adversity. Panelists will include Alena Brenner, Deputy General Counsel at Ryder System Inc.; Dainira Falk, Head of Legal, AMC Networks International; Jenny Schaffer, Attorney at UPS; and Catherine Smith, Senior Vice President, General Counsel and Chief Administrative Officer at Brightstar Corp. “iLaw is one of the premier international law conferences in the country, featuring trending topics and prominent speakers in international law,” said Mr. Montes de Oca. “It is a privilege to be moderating these interesting panels with such distinguished speakers in very important areas such as FCPA and ethical dilemmas for in-house counsel.” For more information and to register for iLaw 2017, please visit: internationallawsection.org/ilaw2017 About MDO Partners MDO Partners is a boutique law firm that focuses on Corporate, International, and Real Estate and Law, as well as Global Compliance and Business Ethics. The firm is comprised of a solid team of attorneys and advisors with over 100 years of experience who are committed to the business goals and best interests of our clients. The firm delivers value-added services of the highest caliber, and serve as a trusted advisor to their clients through their practical and business-savvy approach. About International Law Section of The Florida Bar International Law Section of The Florida Bar (ILS) was founded in 1981 to provide an organization for members in good standing who have an interest in the field of international law. The ILS is a forum for the communication and exchange of hot-button, need-to-know information for the specialty, including legislative developments that significantly and immediately impact the practice of international law. It is also a forum for the sharing of knowledge, experience, and “best practices” that may improve the administration and application of the statutes, rules and regulations of international law and enhance the proficiency of practitioners. Miami, FL, February 21, 2017 --( PR.com )-- MDO Partners is pleased to announce that Richard Montes de Oca, Managing Partner of MDO Partners, will be moderating two all-star panels at iLaw 2017: The Global Forum on International Law, organized by the International Law Section of the Florida Bar at the Conrad Hotel in Miami, Florida on February 17, 2017.The first panel moderated by Mr. Montes de Oca is titled: “Foreign Corrupt Practices Act 2017: Will the Regulatory Force Continue?” This panel will address recent FCPA enforcement actions and trends, the Department of Justice Pilot Program, the impact of President Donald Trump and his new administration on FCPA issues, whistleblowers and their bounties. Panelists will include Jacqueline Arango, Chair of Akerman's White Collar Crime & Government Investigations Practice; Eric Bustillo, Regional Director of the Securities and Exchange Commission’s Miami Regional Office; Kendall Coffey, Partner at Coffey Burlington; and Michael Sherwin, Assistant U.S. Attorney, U.S. Southern District of Florida.Mr. Montes de Oca will also moderate the closing plenary session titled: “International In-house Counsel Challenges: Managing the Intersection of Business, Law and Ethics.” This panel will discuss real-world conflicts and challenges for in-house counsel and practical methods for resolving them successfully. They will also discuss strategies for making viable recommendations to help clients make ultimate decision in the face of ethical dilemmas and adversity. Panelists will include Alena Brenner, Deputy General Counsel at Ryder System Inc.; Dainira Falk, Head of Legal, AMC Networks International; Jenny Schaffer, Attorney at UPS; and Catherine Smith, Senior Vice President, General Counsel and Chief Administrative Officer at Brightstar Corp.“iLaw is one of the premier international law conferences in the country, featuring trending topics and prominent speakers in international law,” said Mr. Montes de Oca. “It is a privilege to be moderating these interesting panels with such distinguished speakers in very important areas such as FCPA and ethical dilemmas for in-house counsel.”For more information and to register for iLaw 2017, please visit: internationallawsection.org/ilaw2017About MDO PartnersMDO Partners is a boutique law firm that focuses on Corporate, International, and Real Estate and Law, as well as Global Compliance and Business Ethics. The firm is comprised of a solid team of attorneys and advisors with over 100 years of experience who are committed to the business goals and best interests of our clients. The firm delivers value-added services of the highest caliber, and serve as a trusted advisor to their clients through their practical and business-savvy approach.About International Law Section of The Florida BarInternational Law Section of The Florida Bar (ILS) was founded in 1981 to provide an organization for members in good standing who have an interest in the field of international law. The ILS is a forum for the communication and exchange of hot-button, need-to-know information for the specialty, including legislative developments that significantly and immediately impact the practice of international law. It is also a forum for the sharing of knowledge, experience, and “best practices” that may improve the administration and application of the statutes, rules and regulations of international law and enhance the proficiency of practitioners. MDO Managing Partner to Moderate Two All-Star Panels at iLaw 2017 MDO Partners is pleased to announce that Richard Montes de Oca, Managing Partner of MDO Partners, will be moderating two all-star panels at iLaw 2017: The Global Forum on International Law, organized by the International Law Section of the Florida Bar at the Conrad Hotel in Miami, Florida. Filename: MDONewsiLawPanels.pdf Click here to view the list of recent Press Releases from MDO Partners


​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​While they get to take home six figured salaries for faking and falsifying data, VA leaders around the country continue to terminate lower wage salaried employees – many of whom are Veterans - because of management's own failures and inability to properly execute the claims processing environment. Rather than effectively implement a strategy that balances workload management and performance expectations, the Veterans Benefits Administration (VBA) Newark, New Jersey Regional Office chose to manipulate data and ignore blatant infractions to give an appearance of success while at the same time hide a failing workforce due to no fault of its own.  Employees working in the claims processing environment have been forced to work under arbitrary and capricious performance standards that the VA’s top salaried employees have spent years on attempting to correct at its central office in Washington, D.C. By imposing autocratic and inconstant performance standards on its claims processing employees - many of whom are Veterans - the Newark VA Regional Office management team decided not to comply with the mandated national goals by shifting them from one fiscal year quarter to another at the detriment of the services it provides to Veterans, at the detriment of keeping a skilled workforce, and at the detriment of reporting false data to its stakeholders. The local union at the Newark VA Regional Office raised concerns over 2 years ago about the fickle performance standards and suggested that until a realistic national standard rolled out,  the Newark VA leadership team implement a proven mitigation model strategy working in one other regional office that it had been made aware of.  Instead, however, the management team chose to put claims processing employees on performance improvement plans for not meeting performance standards which serve only to advance the failing of those employees because the work that was "selectively" assigned by their supervisors was disseminated in a way that did not allow them to meet their individual performance goals. The late Reverend, Dr. Martin Luther King, Jr. said, “there comes a time when one must take a position that is neither safe, nor politic, nor popular, but he must take it because conscience tells him it is right.” According to Yetta Armstrong, President of AFGE Local 2442 union at the Newark VA Regional Office (VARO) and a Veteran herself, terminated last Friday by the Newark VARO, her local did the right thing by exposing one of the many failures in VBA which contribute to a failing workforce constructed by management, high employee turnover, and inadequate services to Veterans as the high number of appeals suggest. Ms. Armstrong said she was of the opinion that former VA Secretaries Shinseki and McDonald would have eventually fixed the longstanding problems that prevent the VA from reaching its peak of success, but because there were so many other pressing matters looming at the VA’s Health Administration and because of the continuous "backlog" of claims at its Benefits Administration, developing realistic performance standards for its claims processors was delayed.  Ms. Armstrong said she is convinced overall claims processing quality and services to Veterans will dramatically improve once sensible and pragmatic performance standards are implemented.


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

WESTCHESTER, Ill., Feb. 21, 2017 (GLOBE NEWSWIRE) -- Fenix Parts, Inc. (Nasdaq:FENX), a leading recycler and reseller of original equipment manufacturer (“OEM”) automotive products, today announced second quarter 2016 results. Net Revenues Consolidated net revenues of Fenix Parts were $34.2 million for the second quarter of 2016 compared to $32.2 million in the first quarter of 2016 and $32.0 million on a combined pro forma basis in the second quarter of 2015. Sales of recycled OEM products were $28.8 million for the second quarter of 2016, up from $28.2 million in the first quarter of 2016 and $27.4 million on a combined pro forma basis in the second quarter of 2015, including sales contributed by Ocean County, Butler and Tri-City (acquired during the second half of 2015) during both comparative periods. Sales from other ancillary products, representing the sale of commodities including scrap metal, were $5.4 million in the second quarter of 2016 compared to $4.0 million in the first quarter of 2016 and $4.6 million in the second quarter of 2015 on a combined pro forma basis. Sales from the Company’s Canadian operations were $3.8 million in the second quarter of 2016 compared to $3.1 million for the first quarter of 2016 and $3.8 million in the second quarter of 2015. The following table provides a breakdown of net revenues to show the impact of parts sales, foreign operations, subsequent acquisitions and commodities for the second quarter of 2016 compared to the first quarter of 2016 and combined pro forma revenue for the second quarter of 2015: * Subsequent to reporting First Quarter 2016 results, the Company determined that an additional $0.6 million in intercompany sales should have been eliminated in consolidation. This omission, which has been corrected in the table above, also impacts Cost of Goods Sold, but has no impact on Gross Profit or Net Income. Kent Robertson, CEO of Fenix Parts, said, “The Company’s revenues improved in the second quarter of 2016 and were the highest quarterly total that we have achieved in our brief history, as we experienced growth in parts sold to repair shop customers and increased commodity revenue. The higher revenues and improved pricing for scrap metals also led to sequential improvement in Adjusted Operating Income.” Operating Income Reported Operating Income for the second quarter of 2016 was $1.5 million. After net adjustments of $0.7 million for the period, Adjusted Operating Income was $2.2 million for the second quarter of 2016. The adjustments, and their effect on reported Operating Income, is demonstrated in the Non-GAAP Reconciliation Table below: While included in non-cash items on the Company’s statement of cash flows for the current period, several items above, such as settlement of contingent consideration liabilities, could have a cash flow impact in the future. The Company’s reported results were impacted by audit, legal and other professional service fees of $1.2 million in the second quarter of 2016, as compared to $2.2 million of these costs in the first quarter of 2016 and $9.1 million during the year ended December 31, 2015. For additional information regarding the items mentioned above, please see the notes to the condensed consolidated financial statements and MD&A sections of the Company’s Form 10-Q filing for the quarter ended June 30, 2016. Delay In Filing Second Quarter Results As previously announced, the Company changed its independent registered public accounting firm in July 2016, and the Company’s Quarterly Report on Form 10-Q for the second quarter of 2016 was delayed in order to complete quarterly review and first-time-through procedures. This delay was largely attributable to the complexity of accounting for the Company’s multiple business combinations, the coordination of the transition of responsibilities between the Company’s prior and new independent registered public accounting firms, and the application of additional audit procedures on purchase accounting and inventory valuation following the Company’s receipt of a subpoena from the Chicago Regional Office of the SEC in September 2016 requiring the production of various documents. Those requested documents were all provided to the SEC in December 2016 and January 2017. During the course of the review of second quarter financial results, certain immaterial errors in reporting first quarter 2016 results were detected and corrected, as explained in Note 2 of notes to the unaudited condensed consolidated financial statements in the Form 10-Q. None of these items impacted the financial results previously reported for the year ended December 31, 2015. Mr. Robertson added, “The Company has expended a great deal of money, time, effort and resources working to complete our 2016 second quarter 10-Q filing. This process took considerably longer than anticipated. As expected, the review reaffirmed our historic financial reporting in all material respects and we are currently working diligently, in conjunction with our audit firm, to complete the third quarter and annual filings.” Subsequent Operating Results and Default Under Credit Facility The Company’s failure to file its second and third quarter reports on a timely basis and its failure to comply with certain financial covenants as of June 30, 2016 and September 30, 2016, have triggered defaults under the Credit Facility with BMO Harris Bank N.A. as discussed in more detail below and in Note 4 of notes to the condensed consolidated financial statements in the Company’s Form 10-Q filing for the quarter ended June 30, 2016.  As a result, the Company is required to reflect all of its Credit Facility debt of approximately $22 million (before capitalized debt issuance costs) as a current liability in the attached balance sheet as of June 30, 2016. The Company’s failure to comply with the Credit Facility’s financial covenants as of June 30, 2016 and September 30, 2016 was due primarily to (i) lower asset values as a result of reductions during 2016 to the aggregate estimated fair value of acquired inventory, which reduced the Company’s borrowing base, (ii) limits on certain non-cash adjustments to calculate EBITDA for covenant compliance, and (iii) lower than forecasted EBITDA during the third quarter of 2016 because of a decline of approximately 5% in quarterly net revenues (as compared to a Company record level of net revenues for the quarter ended June 30, 2016) and higher operating expenses, including significant accounting, legal and other fees primarily as a result of the transition to a new public accounting firm beginning in July 2016 and the previously reported SEC inquiry.  Management has been and remains highly focused on maximizing cash flows from operations and, to the extent possible, minimizing the cost of outsourced professional fees.  Scrap metal prices, which declined by more than 20% on average from the second to the third quarter of 2016, have increased since September 30, 2016, and the Company’s expectation is that the current high level of professional fees should decline after the first quarter of 2017. The Company’s Board of Directors and management continue to evaluate alternative strategies and capital structures, but there are no guarantees these discussions or negotiations will be successful. If the Company is unable to reach agreement with its lender, obtain waivers, find acceptable alternative financing or obtain equity contributions, its lender could elect to declare some or all of the amounts outstanding under the Credit Facility to be immediately due and payable. If this happens, the Company does not currently have sufficient liquidity to pay the then current portion of the Credit Facility. In addition, the Company has significant obligations under contingent consideration agreements related to certain acquired companies, and it will need access to additional credit to be able to satisfy these obligations. As a result of the above, substantial doubt exists regarding the ability of the Company to continue as a going concern. Nasdaq Listing On February 14, 2017, the Company received a determination letter from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) advising that, because the Company remains noncompliant with requirements for continued listing under Nasdaq Listing Rule 5250(c)(1) (the “Rule”) due to the Company’s delay in filing the Quarterly Reports on Form 10-Q for the quarters ended June 30, 2016 and September 30, 2016 with the U.S. Securities and Exchange Commission (the “SEC”), trading of the Company’s common stock is subject to suspension and the stock is subject to delisting, unless the Company requests a hearing before a Hearings Panel (the “Panel”) pursuant to the procedures set forth in Nasdaq listing rules. The Company has now filed its quarterly report as of June 30, 2016 and intends to timely request a hearing before the Panel, at which the Company will present its plan to achieve compliance with the Rule. A hearing request will automatically stay the suspension and delisting of the Company’s common stock for a period of 15 days.  The stay may be extended at the option of Nasdaq upon the Company’s request. Concurrent with the hearing request, the Company intends to ask the Panel for an extension pending the issuance of the Panel’s decision following the hearing. Under the Nasdaq Listing Rules, the Panel may, in its discretion, determine to continue the Company’s listing pursuant to an exception for a maximum of 180 calendar days from the date of the Nasdaq delisting notice. There can be no assurance that the Panel will grant the Company an extension of time to achieve compliance with the Rule. Outlook Mr. Robertson commented, “Continued high professional fees and the inability to borrow under our existing credit facility have put a strain on our liquidity. We are working through these challenges and remain focused on executing our business plan.” Company management will not be hosting a conference call to discuss second quarter 2016 results. However, the Company plans to host a conference call after filing its Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, which it expects to complete in the near future. About Fenix Parts Fenix Parts is a leading recycler and reseller of original equipment manufacturer (“OEM”) automotive products.  The company’s primary business is auto recycling, which is the recovery and resale of OEM parts, components and systems reclaimed from damaged, totaled or low value vehicles.  Customers include collision repair shops (body shops), mechanical repair shops, auto dealerships and individual retail customers. Fenix provides its customers with high-quality recycled OEM products, extensive inventory and product availability, responsive customer service and fast delivery. Fenix was founded in 2014 to create a network that offers sales, fulfillment and distribution in key regional markets in the United States and Canada.  The Fenix companies have been in business an average of more than 25 years and currently operate from 16 locations throughout the Eastern U.S. and in Ontario, Canada. Forward-Looking Statements This press release contains forward-looking statements that are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected, expressed, or implied by such forward-looking statements.  In some cases, you can identify forward-looking statements by use of words such as "may, will, should, anticipates, believes, expects, plans, future, intends, could, estimate, predict, projects, targeting, potential or contingent," the negative of these terms or other similar expressions.  Our actual results could differ materially from those discussed or implied herein. We caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results.  All forward-looking statements are expressly qualified in their entirety by these cautionary statements.  You should evaluate all forward-looking statements made in this press release in the context of the risks and uncertainties disclosed in our SEC filings.  These filings are available online at www.sec.gov, www.fenixparts.com or upon request from Fenix Parts. We caution you that the important factors referenced above may not contain all of the factors that are important to you.  In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences we anticipate or affect us or our operations in the way we expect.  The forward-looking statements included in this press release are made only as of the date hereof.  We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.  If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.  We qualify all of our forward-looking statements by these cautionary statements. Use of Non-GAAP Financial Measures Fenix Parts, Inc. provides investors with the non-GAAP financial measure of adjusted operating income (loss) in addition to the traditional GAAP operating performance measure of operating income (loss) as part of its overall assessment of its performance. A reconciliation of operating income (loss) to adjusted operating income (loss) is included in the table above.


News Article | March 2, 2017
Site: www.businesswire.com

COLUMBIA, Md.--(BUSINESS WIRE)--Corporate Office Properties Trust (“COPT” or the Company) (NYSE: OFC) announced that its President & CEO, Stephen E. Budorick, will provide an overview of the Company and participate in a question and answer session at Citi’s 2017 Global Property CEO Conference. The presentation will be held on March 6, 2017 at 1:35 p.m. Eastern Time at The Diplomat Resort & Spa in Hollywood, Florida. A live audio webcast of the presentation and materials encompassing the information provided during the presentation and conference will be available in the ‘Investors’ section of the Company’s website, www.copt.com. The replay of the presentation will be available until 11:59 p.m. Eastern Time on March 20, 2017. COPT is an office REIT that owns, manages, develops and selectively acquires office and data center properties in locations that support United States Government agencies and their contractors, most of whom are engaged in national security, defense and information technology (“IT”) related activities servicing priority missions (“Defense/IT Locations”). We also own a portfolio of Class-A office properties located in select urban/urban-like submarkets within our regional footprint (“Regional Office Properties”). As of December 31, 2016, we derived 87% of core portfolio annualized revenue from Defense/IT Locations and 13% from our Regional Office Properties. As of December 31, 2016, our core portfolio of 152 office properties encompassed 16.3 million square feet and was 94.4% leased. This press release may contain “forward-looking” statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are based on the Company’s current expectations, estimates and projections about future events and financial trends affecting the Company. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Accordingly, the Company can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements. Important factors that may affect these expectations, estimates, and projections include, but are not limited to: The Company undertakes no obligation to update or supplement any forward-looking statements. For further information, please refer to the Company’s filings with the Securities and Exchange Commission, particularly the section entitled “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

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