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CALGARY, ALBERTA--(Marketwired - March 1, 2017) - Founders Advantage Capital Corp. (TSX VENTURE:FCF) (the "Corporation") is pleased to announce that it has completed its previously announced acquisition of a 52% majority interest (the "Transaction") in Cape Communications International Inc. (which operates as IMPACT Radio Accessories and is referred to herein as "IMPACT") for a total cash purchase price of $12.0 million (the "Purchase Price"), subject to post-closing adjustments. The Transaction was completed between the Corporation, Keith Kostek, IMPACT's President and founder, and Mr. Kostek's related entities (collectively referred to herein as the "IMPACT Founders"). IMPACT designs, manufactures, distributes and retails two-way radio accessories in the land mobile radio industry under the tradename IMPACT Radio Accessories and indirectly through its wholly-owned subsidiary, Threat4 Ltd. IMPACT sells through over 1,000 dealers throughout North America, with its products being used in the field by some of the most recognized names in public safety, military, security, retail, and hospitality (including the RCMP, NYPD, GAP, the Bellagio, Wynn Resorts, Yahoo and Google). More information about IMPACT can be found at www.impactcomms.com. The Transaction provides the Corporation with 52% of after-tax annual cash distributions up to $2.96 million (the "Annual Threshold") paid by IMPACT to its securityholders, with the IMPACT Founders receiving 48% of annual distributions up to such Annual Threshold. All cash distributions by IMPACT to its securityholders will be subject to Board approval and may be adjusted from time to time to pursue expansion or capital initiatives or other corporate purposes. To the extent that any cash distributions paid in a year are in excess of the Annual Threshold, the IMPACT Founders will receive 65% of such excess distributions, with the Corporation receiving 35% of such excess distributions. At Closing, it is anticipated that IMPACT will have excess working capital of approximately $1.47 million (above the normal working capital for the business of approximately $3.1 million). The Corporation has agreed to pay the IMPACT Founders an additional $735,000 as a working capital adjustment within 6 months from the closing date. As part of the Transaction, the Corporation has granted the IMPACT Founders the right to sell the Corporation an additional 22% of IMPACT for a fixed price of $5.1 million (the "Put Option"). The IMPACT Founders may elect to exercise the Put Option at any time between September 30, 2017 and March 31, 2018, provided the TTM EBITDA for IMPACT at the Put Option exercise date exceeds $4.0 million. The Corporation has 90 days to complete such acquisition if the Put Option is exercised. In the event the Put Option is exercised, the Corporation would hold a 74% interest in IMPACT and the IMPACT Founders would hold a 26% interest. Further, in the event the Put Option is exercised, the Corporation would be entitled to 74% of annual cash distributions up to the Annual Threshold and 65% of annual distributions above the Annual Threshold (with the IMPACT Founders entitled to 26% of annual distributions up to the Annual Threshold and 35% of annual distributions above the Annual Threshold). On closing of the Transaction, the IMPACT board of directors was comprised of Keith Kostek, Stephen Reid and James Bell. For further information on the Transaction please refer to the Corporation's press release dated December 22, 2016. Keith Kostek, President and founder of Impact, commented: "As a founder and entrepreneur, the FA Capital model was a perfect fit for me as it allowed me to add a sophisticated partner, enjoy a partial liquidity event and receive a disproportionate share of IMPACT's future growth. The IMPACT team is proud to have the Corporation as our majority shareholder and we look forward to building value for FA Capital's shareholders." Stephen Reid, Chief Executive Officer of the Corporation, commented: "IMPACT is an excellent addition to our portfolio as it has a talented management team, a history of impressive revenue growth and strong free cash flow. IMPACT has earned its extensive customer list through quality products and industry leading service. We believe that IMPACT is well positioned to take advantage of the current geopolitical environment and the increased focus on public safety, military and security. It is my pleasure to welcome Keith and his team to the FA Capital family." Further, the Corporation is pleased to announce that it has entered into an amended credit facility with Alberta Treasury Branches to increase its revolving credit facility from $17.0 million to $28.0 million and to cancel its non-revolving $5.0 million credit facility. As such, the Corporation has increased its available borrowings from $22.0 million to $28.0 million. The Corporation used its available borrowings to fund the Transaction. Toronto-based WCM Capital acted as exclusive corporate finance advisor to IMPACT, arranging the Transaction with the Corporation (for more information visit www.wcmcapital.ca). Toronto-based Wildeboer Dellelce LLP acted as legal advisor to IMPACT (for more information visit www.wildlaw.ca). Bennett Jones LLP, a national law firm, acted as legal advisor to Founders Advantage Capital Corp. (for more information visit www.bennettjones.com). IMPACT, which was formed in 2002, is a world leader in the design and manufacture of unique radio communication products for mission critical public safety, military, security, retail and hospitality applications. Headquartered in British Columbia, with a distribution center in North Carolina, IMPACT has grown to be one of the largest aftermarket brands of two-way radio accessories in North America. The Corporation is listed on the TSX Venture Exchange as an Investment Issuer (Tier 1) and employs a long-term investment approach. The Corporation has developed an investment approach to create long-term value for its shareholders and partner entrepreneurs (investees) by pursuing controlling interest acquisitions of cash flow positive, premium middle-market privately-held entities. The Corporation seeks to win mandates by appealing to the segment of the market which is not aligned with traditional private equity control, royalty monetizations or related structures. The Corporation's innovative platform offers disproportionate incentives (contractually) for growth in favour of our partner entrepreneurs. This unique platform is designed to appeal to entrepreneurs who believe in the growth of their businesses and who want the added ability to continue to manage the business with a long-term partner. The Corporation's common shares are listed on the TSX Venture Exchange under the symbol "FCF". For further information please refer to the Corporation's website at www.advantagecapital.ca. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


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

PARSIPPANY, N.J.--(BUSINESS WIRE)--Wireless Telecom Group, Inc. (NYSE MKT: WTT), a leader in advanced wireless communications solutions, announced today it has acquired CommAgility, Ltd., a privately-held developer of embedded signal processing and RF modules, LTE PHY/stack software for 4G/5G mobile networks and related applications. CommAgility, headquartered in Leicestershire, England, provides proprietary solutions enabling the customization of the LTE standard for small cell and private network applications in a variety of rapidly growing commercial and defense markets, including satellite communications, backhaul and research. Additionally, CommAgility is a critical supplier for leading cellular network validation test systems currently on the market. “ The transaction with CommAgility is directly aligned with our strategy to add transformational growth opportunities to the Company and enhance our scale,” said Tim Whelan, Wireless Telecom’s CEO. “ The combination creates a powerful expansion of the value proposition of our solution set by adding software centric solutions and a combined hardware and software skill set which enhances our product design capability to address large market opportunities. CommAgility also brings world-class engineering talent focused on LTE wireless communications that will allow us to accelerate our innovation to networking trends driven by 5G deployment and IoT development.” “ We are excited and believe that Wireless Telecom is the ideal partner to accelerate our growth initiatives to build upon our successful 10-year history,” said Edward Young, Managing Director and co-founder of CommAgility. “ We share many of the same values including our dedication to innovation and commitment to customer excellence. We both have deep technical skills and incredible industry talent which together, strengthen our market leadership and create value for our customers, employees and shareholders.” Enhances our value proposition across both our Network Solutions and Test & Measurement segments Accelerates expansion into fast growing markets, positions Wireless Telecom to support capacity requirements related to emerging 5G networks Enhances our scale and expands our total addressable market Immediately accretive to margins and earnings, attractive purchase multiple and purchase structure aligned to shareholder interests The combination of Wireless Telecom and CommAgility brings together two complementary companies with common core competencies designing custom and semi-custom RF solutions for overlapping end markets. CommAgility expects continued momentum designing custom LTE network solutions for the U.S. defense market, where Wireless Telecom has an entrenched position with its Boonton and Noisecom businesses. CommAgility also significantly enhances the Company’s Microlab offering for small cell and distributed antenna systems supporting carriers’ ever growing need for network coverage and capacity. The initial purchase price for CommAgility is comprised of $12.5 million in cash and $6.25 million of Wireless Telecom common stock. The total purchase consideration includes up to $12.5 million of additional cash consideration in the form of a 24-month earn-out. The cash portion of the consideration at close was funded from a combination of cash on hand and borrowings from a newly issued senior credit facility from Bank of America, N.A. The Board of Directors of both companies unanimously approved the transaction which closed simultaneously with the execution of the definitive agreement. B. Riley & Co., LLP is serving as exclusive financial advisor to Wireless Telecom Group and Bryan Cave LLP is serving as legal counsel. Convex Capital is serving as financial advisor and Rosenblatt LLP is serving as legal counsel to CommAgility. A presentation further detailing the acquisition has been made available in the investor relations section of the Company’s website. (1) Adjusted EBITDA is a non-GAAP measure. A calculation of the combined pro-forma financials of WTG and CommAgility along with a reconciliation of Net Income to Adjusted EBITDA is set forth at the end of this press release. Except for historical information, the matters discussed in this press release may be considered "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. Such statements include declarations regarding the intent, belief or expectations of the Company and its management and include the statements regarding increased revenues, immediate accretion, improved profitability margins and other financial benefits of the transaction. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results, including, among others, the Company’s ability to successfully integrate CommAgility, the ability to attract and retain key management, engineers and other key personnel of CommAgility, changes in exchange rates between our reporting currency, the dollar, and the British pound sterling, potential risks that arise from operating an multinational business, including compliance with changing regulatory environments, the Foreign Corrupt Practices Act and other similar laws, compliance with changing laws and regulations, potential economic and regulatory impact of the U.K.’s withdrawal from the European Union, the ability of management to successfully implement the Company’s business plan and strategy, product demand and development of competitive technologies in the Company’s or CommAgility’ s market sector, the impact of competitive products and pricing, the loss of any significant customers of the Company or CommAgility, the Company’s ability to protect its and CommAgility’ s property rights, the effects of adoption of newly announced accounting standards, the effects of economic conditions generally and trade, legal and other economic risks, as other risks and uncertainties set forth in the Annual Report on Form 10-K for the year ended December 31, 2015, and other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, as except as required by law. Wireless Telecom Group designs and manufactures radio frequency (RF) and microwave-based products for wireless and advanced communications industries and markets its products and services worldwide under the Boonton, Microlab and Noisecom brands. Its complementary suite of high performance components and instruments includes RF combiners and broadband combiner boxes for in-building distributed antenna systems deployments (DAS), RF power splitters and diplexers, hybrid couplers, peak power meters, signal analyzers, noise modules, precision noise and generators. The Company serves both commercial and government markets with workflow-oriented, WiFi, WiMAX, satellite, cable, radar, avionics, medical, and computing applications. Wireless Telecom Group is headquartered in Parsippany, New Jersey, in the New York City metropolitan area, and maintains a global network of Sales and Service offices for excellent product service and support. Wireless Telecom Group’s website address is http://www.wtcom.com. CommAgility is an award-winning, world-leading developer of embedded signal processing and RF modules and LTE PHY/stack software, for 4G and 5G mobile network and related applications. CommAgility designs the latest DSP, FPGA and RF technologies into compact, powerful, and reliable products based on industry standard architectures. CommAgility’s LTE software for mobile devices and wireless infrastructure includes physical layer and protocol stack for small cells, physical layer and protocol stack for terminals, an advanced scheduler for small cells, and IP development in the areas of advanced PHY algorithms in multi-core SDR platforms. CommAgility’s customers around the world integrate CommAgility products into high performance test equipment, specialized radio and intelligence systems, R&D demonstrators and trial systems. CommAgility is highly flexible and works closely with its key customers to meet their technical needs and to support them through development into volume production. CommAgility was honored with two Queen’s Awards for Enterprise, in Innovation in 2016 and in International Trade in 2013. It appeared in the Sunday Times Hiscox Tech Track 100 list of fastest growing technology companies in 2015, and featured in the Deloitte UK Fast 50 in 2016, 2013, and 2012. See www.commagility.com. Pro-Forma financial information and reconciliation of Adjusted EBITDA to US GAAP Net Income The following table combines the unaudited financial results of WTT for the 12 months ended September 30, 2016 with CommAgility’s 12 months ended September 30, 2016 and also reconciles Net Income to Adjusted EBITDA for the trailing 12 month period ending September 30, 2016: (1) WTT’s unaudited trailing 12 months (TTM) ending 9/30/16 (2) CommAgility’s results for the year ended 9/30/16 (UK GAAP) (3) Adjustments for US GAAP (4) CommAgility’s 9/30/16 audited financial statements in accordance with US GAAP, adjusted for US GAAP(GBP translated at $1.25/£1 avg exchange rate) (5) Combined results do not include effects of purchase accounting or financing


HOUSTON, Feb. 21, 2017 (GLOBE NEWSWIRE) -- Bellicum Pharmaceuticals, Inc. (Nasdaq:BLCM), a leader in developing novel, controllable cellular immunotherapies for cancers and orphan inherited blood disorders, today announced it has dosed the first patient with BPX-601, the first CAR T-cell product candidate to enter clinical studies that is designed to enable control over the expansion and stimulation of the cells. BPX-601 targets solid tumors that express PSCA (prostate stem cell antigen), with an initial indication in non-resectable pancreatic cancer. “We believe the initiation of the BPX-601 clinical study is an important milestone in the advancement of CAR T therapies,” said Rick Fair, Bellicum’s President and CEO. “The ability to control the intensity and duration of a cell-based treatment may help address the limitations that current CAR T therapies face, especially when targeting solid tumors. While our first study is in pancreatic cancer where there is great need for improved treatments, we intend to explore BPX-601 in other tumors known to express PSCA, including prostate, ovarian, bladder, esophageal and gastric cancers.” BPX-601 incorporates GoCAR-TTM, a CAR T-cell modified to include Bellicum’s proprietary dual costimulatory domain MC (inducible MyD88/CD40) activation switch. With GoCAR-T, the level of stimulation and proliferation of BPX-601 cells can be refined by adjusting the administration schedule of rimiducid, a small molecule activator agent. “This clinical trial is an important step in our ongoing research efforts to improve patient outcomes in one of the deadliest forms of cancer,” said Carlos Becerra, MD, Interim Chief of Oncology, Baylor University Medical Center at Dallas and principal investigator of the study. “The pancreatic cancer patients who will be eligible to participate in the study have progressed after standard treatments and have limited options. We hope that this trial will be an important step in developing safe and effective CAR T-cell therapy for solid tumors.” About the BP-012 Study The Phase 1 BP-012 study is an open-label, non-randomized, dose-finding trial designed to evaluate the safety and activity of BPX-601 and rimiducid in up to 30 patients with non-resectable pancreatic adenocarcinoma. Its purpose is to determine the safety of the administration of BPX-601, the safety of the rimiducid infusion and the persistence of the CAR T cells over time. The first of its kind trial for pancreatic cancer patients will take place at Baylor University Medical Center at Dallas, which is home to Baylor Scott & White Research Institute, one of the top translational research centers in the world. To learn more about the trial, visit clinicaltrials.gov. About GoCAR-T Bellicum developed GoCAR-T to increase the efficacy and safety of CAR T-cell therapies in more challenging cancers, including solid tumors. Standard CAR T cells depend on the presence of cancer antigens for activation and proliferation. In GoCAR-T cells, a costimulatory signal is engineered into a rimiducid-controlled switch. This is designed to enable T-cell survival in the absence of antigen signaling, and full activation and proliferation in the presence of cancer antigens. In the event of side effects, the level of activation of GoCAR-T cells may be attenuated by reducing the rimiducid dosing schedule. About Bellicum Pharmaceuticals Bellicum is a leader in developing novel, controllable cellular immunotherapies for cancers and for orphan inherited blood disorders. Bellicum is using its proprietary Chemical Induction of Dimerization (CID) technology platform to engineer and control components of the immune system. Bellicum is developing next-generation product candidates in some of the most important areas of cellular immunotherapy, including hematopoietic stem cell transplantation (HSCT), and CAR T and TCR cell therapies. More information can be found at www.bellicum.com. Forward-Looking Statement This press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Bellicum may, in some cases, use terms such as "predicts," "believes," "potential," "proposed," "continue," “designed,” "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: our research and development activities relating to rimiducid, inducible MyD88/CD40, MC, GoCAR-T, or its TCR programs; the effectiveness of rimiducid, inducible MyD88/CD40, MC, GoCAR-T, or its TCR programs, their possible range of application and potential curative effects and safety in the treatment of diseases; the timing and success of our clinical trials, including the rate and progress of enrollment in our BP-012 clinical trial or in any other clinical trials of BPX-601; the timing of regulatory filings for BPX-601 and for rimiducid; our research and development activities relating to BPX-601; and the potential applications and effectiveness of our product candidate BPX-601, including as compared to other treatment options and competitive therapies. Various factors may cause differences between Bellicum’s expectations and actual results as discussed in greater detail under the heading “Risk Factors” in Bellicum’s filings with the Securities and Exchange Commission, including without limitation our annual report on Form 10-K for the year ended December 31, 2015. Any forward-looking statements that Bellicum makes in this press release speak only as of the date of this press release. Bellicum assumes no obligation to update our forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.


CALGARY, ALBERTA--(Marketwired - March 1, 2017) - Trinidad Drilling Ltd. (TSX:TDG) (Trinidad) announced its fourth quarter and year-end 2016 results today. The impact of improving industry conditions began to be seen in the fourth quarter of 2016; however, year-over-year results were largely lower in 2016 compared to 2015. Trinidad carefully managed its operations in 2016, responding to weak industry conditions in the first half of the year with lower operating costs and reduced general and administrative expenses. As industry conditions and customer demand began to improve gradually in the second half of the year, Trinidad re-activated rigs and increased activity levels, maintaining close attention to rig re-activation costs and keeping capital expenditures to a minimum. Trinidad recorded Adjusted EBITDA1 of $143.0 million in 2016, down 23.4% from the previous year as the impact of lower activity levels was partly offset by higher early termination and standby revenue than in the previous year. In the fourth quarter of 2016, Adjusted EBITDA was $23.8 million, down 49.5% from the same quarter last year as a result of lower activity, lower dayrates and less early termination and standby revenue in the current quarter. The impact of these factors was partly offset by lower general and administrative expenses in the fourth quarter of 2016. Net income2 increased to a loss of $11.8 million in the fourth quarter of 2016 and a loss of $52.5 million for the full year 2016, compared to a loss of $141.5 million and a loss of $218.4 million, respectively, in 2015. Net income improved in the current periods largely as a result of no impairment expense recorded in 2016. "Since industry conditions began to weaken over two years ago, Trinidad has responded quickly by lowering costs across our business to manage through one of the longest and deepest downturns in the industry," said Lyle Whitmarsh, Trinidad's Chief Executive Officer. "Towards the end of 2016, we began to see an improvement in customer demand, and while these were welcome changes, we were careful to continue to closely manage our costs and monitor the profitability of re-activated rigs. We have successfully re-crewed rigs and maintained our strong safety performance as rigs have gone back to work. We are encouraged by ongoing improvements in industry conditions and believe that Trinidad is well positioned with the right rigs, a reputation for high performing operations, and the financial flexibility to benefit from increasing customer demand in the coming year." 1. See Non-GAAP Measures Definitions and Additional GAAP Measures Definitions section of this document for further details. 2. Net (loss) income is net (loss) income attributable to shareholders of Trinidad. A copy of Trinidad's 2016 Management's Discussion and Analysis and the Financial Statements can be found at www.sedar.com and Trinidad's website at www.trinidaddrilling.com/investorrelations/reports.aspx To date in 2017, industry conditions have continued to improve in both Canada and the US, and activity levels have increased from the fourth quarter of 2016. In Canada, activity remains focused in the Montney, Deep Basin, Duvernay and in parts of Saskatchewan. In the US, demand is predominantly centered in the Permian Basin, where just over 80% of the Company's active fleet is operating. In addition to the Permian, Trinidad is also seeing growing interest from customers in the Eagle Ford, Haynesville and the SCOOP/STACK plays. Growing customer interest and improving industry conditions are beginning to drive increased dayrates and requests for longer duration contracts across the Company's operations. To date, Trinidad has successfully crewed rigs as they have returned to work. Since the low in the second quarter of 2016, the Company has increased its employee count by 90% or approximately 850 employees, the majority of which are returning employees. Trinidad remains committed to providing safe, efficient operations for its customers and its crews. The Company's ongoing industry-leading safety statistics and strong operational performance demonstrate its ability to train and recruit some of the best people in the industry. Trinidad currently has 35 rigs or 49% of its Canadian fleet working and 29 rigs or 43% of its US and international fleet working. In the Company's Joint Venture operations, three rigs in Saudi Arabia and one rig in Mexico are operating; one rig in Saudi Arabia and one rig in Mexico are receiving standby revenue. In early 2017, the contracts on the two rigs in Mexico were terminated and Trinidad Drilling International (TDI) expects to receive approximately US$18 million (US$10.8 million at Trinidad's 60% joint venture ownership) in early termination payments for these rigs. Trinidad is currently pursuing several opportunities to put these and other rigs to work in existing and new international locations, both through the joint venture and independently. As activity levels increase, Trinidad is continuing to carefully monitor costs in its operations and in its offices, retaining efficiency gains where possible. Other G&A expenses are expected to remain in line with 2016 and total between $45 million and $50 million in 2017. Trinidad expects to spend $40 million in capital expenditures in 2017, with $18 million directed to maintenance capital and $22 million directed to upgrades of existing equipment. Included in this upgrade program are the addition of 7,500 PSI circulating systems, additional mud pumps, high-torque top drives and bi-fuel kits. Trinidad will continue to monitor customer demand and requests for upgraded equipment and may choose to expand its upgrade program if sufficient demand exists and industry conditions support the additional expenditures. Over the past few months, in response to improving industry conditions, Trinidad has added to its contract base. Trinidad currently has 27 rigs or 18% of its fleet under long-term contracts, with an average term remaining of 1.2 years. There are 12 contracts with expiration dates in 2017; however, if industry conditions continue to improve Trinidad expects to be in a position to renew or add to its contract base over the coming year. The Company is carefully balancing the revenue stability provided by long-term contracts with its exposure to the spot market and improving industry conditions. A number of the Company's long-term contracts provide upside exposure, with the ability to earn higher dayrates through pricing tied to benchmark commodity prices, performance bonuses for specific targets met or exceeded, and pricing that increases as contract terms are extended. In early 2017, Trinidad completed a number of transactions to improve its financial flexibility and lower its leverage, positioning the Company well to take advantage of improving industry conditions. The Company refinanced its US$450 million senior notes (7.875%) that were due in 2019 with the proceeds of a $149.5 million equity offering and a new US$350 million senior note (6.625%) due in 2025. The effect of these transactions is expected to reduce Trinidad's financing costs by approximately US$12.3 million per year, lower overall debt levels, and has extended the maturity of the Company's long-term debt. Trinidad is encouraged by improving customer demand, growing activity levels and slowly increasing dayrates; however, the Company continues to carefully manage its operations. Trinidad is closely monitoring its costs, including repair and maintenance costs, operating costs and administration expenses, to ensure re-activated rigs contribute positively to the Company's profitability. With its improved financial flexibility, high performance fleet and skilled crews, Trinidad is well positioned to benefit from improving industry conditions. During the fourth quarter of 2016, Trinidad recorded operating revenue and operating income of $41.6 million and $15.7 million, respectively, a decrease of 31.8% and 37.8%, respectively, compared to the fourth quarter of 2015. Operating revenue and operating income decreased in the current quarter mainly due to lower activity and lower average dayrates compared to the fourth quarter of 2015. While customer demand increased during the fourth quarter of 2016, conditions did not improve to the extent to drive stronger year-over-year results. Dayrates in the fourth quarter of 2016 decreased by $3,961 per day, compared to the fourth quarter of 2015. Dayrates lowered mainly as result of a change in the active rig mix and increased competition for work. In addition, dayrates in the fourth quarter of 2016 and 2015 were impacted by early termination and standby revenue received to compensate Trinidad for shortfall days. Trinidad received higher early termination and standby revenue in the fourth quarter of 2015, which increased the average dayrate as this revenue is recorded with no operating days. Trinidad received early termination and standby revenue in the current quarter of $0.2 million, compared to $2.8 million recorded in the same quarter of 2015. Excluding early termination and standby revenue, dayrates averaged $20,011 per day in the fourth quarter of 2016, down $2,937 per day from the prior comparable adjusted period. The early termination and standby revenue recorded in the current quarter mainly related to one rig with a contract that would have expired by December 31, 2016 (2015 - 3 rigs with contracts that would have expired by December 31, 2015). An overall change in rig mix, combined with increased competition on pricing, caused lower adjusted dayrates in the fourth quarter of 2016, compared to the same quarter last year. Operating income decreased in the current quarter compared to the prior year largely due to lower activity, lower dayrates, and an increased contribution from lower specification rigs. This was slightly offset by cost mitigation strategies Trinidad had in place. Throughout 2015 and into 2016, Trinidad closely monitored repair and maintenance expenditures, incurring expenses only as rigs return to work. As well, the Company worked with its suppliers to reduce costs in all aspects of its operations. Operating income - net percentage decreased in the current quarter when compared to the same quarter last year as a result of the factors affecting operating income discussed above. Adjusted for early termination and standby revenues recorded, Trinidad recorded a slightly lower operating income - net percentage of 37.1% compared to 38.6% in 2015. Fourth quarter of 2016 versus third quarter of 2016 Improving industry conditions drove stronger results in the fourth quarter of 2016 compared to the third quarter of 2016. Operating revenue and operating income increased in the fourth quarter of 2016 by $15.0 million and $7.8 million, respectively, due to higher activity in the current quarter. In the third quarter of 2016, after spring break-up, Trinidad's customers were reluctant to ramp up development plans, and activity in Canada remained below historical norms. As commodity prices continued to gain strength into the fourth quarter, activity picked up and Trinidad recorded increased operating days. Utilization averaged 31% in the fourth quarter of 2016 compared to 21% in the third quarter. Dayrates also improved in the fourth quarter of 2016, averaging $20,118 per day compared to $18,856 per day in the third quarter due to an increase in seasonal rentals in the current quarter. In the fourth quarter of 2016, Trinidad recorded operating revenue and operating income of $44.8 million and $12.3 million, respectively, a decrease of 33.0% and 61.7%, respectively, from the fourth quarter of 2015. Revenue declined mainly due to lower activity and lower dayrates recorded in the fourth quarter of 2016. As well, lower early termination and standby revenue recorded in the current quarter negatively impacted overall revenue generation. Profitability was further impacted by costs associated with readying rigs to go back to work in 2017, mainly related to transportation costs to redeploy rigs to new plays. While customer demand increased during the fourth quarter of 2016, conditions did not improve to the extent to drive stronger year-over-year results. Trinidad recorded 1,761 operating days in the fourth quarter of 2016, compared to 2,378 operating days in the fourth quarter of 2015. Dayrates lowered in the current quarter compared to the same quarter last year due to lower early termination revenue and an increased number of rigs operating in the spot market. During the current quarter, Trinidad received standby revenue of US$1.6 million, compared to early termination and standby revenue of US$4.6 million in the prior year (of which US$1.0 million related to early termination lump sum payments). Excluding the impact of early termination and standby revenue, dayrates averaged US$18,290 per day in the current quarter compared to US$19,289 per day in 2015. The reduction in dayrates was mainly due to a greater percentage of rigs working in the spot market at highly competitive pricing compared to the prior year when more rigs were under long-term contracts. Operating income - net percentage decreased in the fourth quarter of 2016, compared to the prior year, driven by lower revenue generation, as discussed above. In addition, Trinidad incurred costs of approximately $3.8 million related to transportation and start-up expenses as rigs were readied to return to work. Fourth quarter of 2016 versus third quarter of 2016 When compared to the third quarter of 2016, Trinidad's operating revenue increased by $8.3 million in the fourth quarter of 2016, as a result of higher activity levels. Despite higher operating days in the current quarter, operating income and operating income - net percentage lowered, compared to the third quarter, as a result of rig re-activation costs discussed above. Dayrates in the fourth quarter of 2016 averaged US$19,191 per day, down from US$21,557 per day in the third quarter. Dayrates lowered in the fourth quarter compared to the previous quarter, as a result of less early termination and standby revenue received in the current period and a higher number of rigs working in the spot market as additional rigs returned to work. Trinidad Drilling International (TDI): Amounts below are presented at 100% of the value included in the statement of operations and comprehensive income for Trinidad Drilling International (TDI); Trinidad owns 60% of the shares of TDI. Operating revenue and operating income lowered in the fourth quarter of 2016 compared to the same quarter last year, mainly due to lower activity levels in 2016. Operating days lowered in the current quarter as a result of one idle-but-contracted rig in Saudi Arabia and four in Mexico, compared to all eight rigs active in the fourth quarter of 2015. Dayrates and operating income - net percentage increased in the current quarter over the fourth quarter of 2015 due to more standby revenue recorded in 2016. As this revenue is recorded with minimal operating costs and no operating days, it positively impacts profitability and the dayrate. Fourth quarter of 2016 versus third quarter of 2016 Compared to the third quarter of 2016, TDI recorded slightly higher operating days and operating income in the fourth quarter as one Mexican rig recorded move days during the fourth quarter in order to relocate to start drilling in 2017. Operating income - net percentage increased in the fourth quarter due to higher profitability in TDI's Mexican operations. Towards the end of 2015, due to lower demand for new and upgraded equipment, Trinidad chose to restructure its manufacturing operations, resizing its cost base to better reflect the lower activity levels. As of June 30, 2016, the restructuring of the manufacturing division was complete; therefore, there were no revenue or cost items recorded in the fourth quarter of 2016. In the fourth quarter of 2015, Trinidad's manufacturing division completed upgrade work for the TDI joint venture operations. Trinidad's total long-term debt balance at December 31, 2016 decreased by $103.9 million compared to December 31, 2015. This decrease was largely due to no amounts being drawn on the Canadian or US revolving facilities at December 31, 2016 compared to December 31, 2015 where $65.0 million and US$18.0 million, respectively, were drawn. Additionally, the value of the Senior Notes decreased as a result of foreign currency fluctuations as the Canadian dollar strengthened in value compared to the US dollar at December 31, 2016, closing at 1.3427 compared to 1.3840 at December 31, 2015. As these notes are held in US funds, the Senior Notes are translated at each period end, and as such, their aggregate value fluctuates with the US to Canadian exchange rates. Trinidad has designated the Senior Notes as a net investment hedge of the US and international operations. As a result, unrealized gains and losses on the US dollar Senior Notes are offset against foreign exchange gains and losses arising from the translation of the foreign subsidiaries and included in the cumulative translation account in other comprehensive income. Subsequent to year end, Trinidad announced a refinancing plan to lower its leverage and financing costs, extend its long-term debt maturity and improve its financial flexibility. Refer to the Debt Reduction Transactions for further details. Current financial performance is within the financial ratio covenants under the revolving credit facility as reflected in the table below: At December 31, 2016, Trinidad is in compliance with all of the covenants of the credit facility. Bank EBITDA does not include adjusted EBITDA from investment in the joint ventures. Dividends and distributions paid to Trinidad from the joint ventures are eligible for inclusion in Bank EBITDA in the period that payment occurs. In the first quarter of 2016, the TDI joint venture distributed approximately $36.0 million, of which $21.5 million was paid to Trinidad. The TDI joint venture expects to continue to distribute cash back to Trinidad in future periods. The amount and timing of these distributions will depend on the profitability of the joint venture and the working capital and capital expenditure needs within the joint venture. Readers are cautioned that the ratios noted above do not have standardized meanings under IFRS. Subsequent to year-end, Trinidad announced a refinancing plan to lower its leverage and financing costs, extend its long-term debt maturity and improve its financial flexibility. As part of this plan, Trinidad issued a total of 47,460,317 common shares for gross proceeds of approximately $149.5 million through a bought deal financing agreement. In addition, Trinidad announced a cash tender offer to purchase any and all of the Company's outstanding 7.875% senior unsecured notes due in 2019 (2019 Notes), of which US$450 million aggregate principal amount was outstanding at December 31, 2016. As well, all remaining notes due in 2019 that were not validly tendered will be redeemed on March 10, 2017, at their principal amount plus any accrued and unpaid interest. Additionally, as part of the above refinancing plan, Trinidad also completed a private offering of US$350 million of senior unsecured notes due in 2025(2025 Notes). These notes accrue at a rate of 6.625% per annum payable semi-annually. During the year ended December 31, 2016, Trinidad spent $44.3 million on capital expenditures, compared to $140.0 million in the prior year. Capital expenditures mainly related to upgrading equipment to get rigs ready to work and costs for additional inventory items. In addition to the amounts spent on Trinidad's capital, the Company spent $6.0 million related to its portion of capital spending for the TDI joint venture. The majority of the capital spent in 2016 for the joint venture related to upgrading rigs and investing in capital inventory items. Trinidad is a corporation focused on sustainable growth that trades on the Toronto Stock Exchange under the symbol TDG. Trinidad's divisions currently operate in the drilling sector of the oil and natural gas industry, with operations in Canada, the United States and internationally. In addition, through joint venture arrangements, Trinidad operates drilling rigs in Saudi Arabia and Mexico, and is currently assessing operations in other international markets. Trinidad is focused on providing modern, reliable, expertly designed equipment operated by well-trained and experienced personnel. Trinidad's drilling fleet is one of the most adaptable, technologically advanced and competitive in the industry. Consolidated Statement of Changes in Equity This document contains references to certain financial measures and associated per share data that do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. These financial measures are computed on a consistent basis for each reporting period and include: adjusted EBITDA, adjusted EBITDA from investment in joint ventures, working capital, Senior Debt to Bank EBITDA, Bank EBITDA to Cash Interest Expense, operating days, utilization rate - operating day, and rate per operating day or dayrate. These non-GAAP measures are identified and defined as follows: Adjusted EBITDA is used by management and investors to analyze the Company's profitability based on the Company's principal business activities prior to how these activities are financed, how assets are depreciated and amortized and how the results are taxed in various jurisdictions. Additionally, in order to focus on the core business alone, amounts are removed related to foreign exchange, share-based payment expense, impairment expenses, the sale of assets, and fair value adjustments on financial assets and liabilities, as the Company does not deem these to relate to the core drilling business. Adjusted EBITDA also takes into account the Company's portion of the principal activities of the joint venture arrangements by removing the (gain) loss from investment in joint ventures and including adjusted EBITDA from investment in joint ventures. Adjusted EBITDA is not intended to represent net (loss) income as calculated in accordance with IFRS. Adjusted EBITDA is calculated using 100% of the related amounts from all entities controlled by Trinidad where Trinidad may not hold 100% of the outstanding shares. Adjusted EBITDA is calculated as follows: Adjusted EBITDA from investment in joint ventures is used by management and investors to analyze the results generated by the Company's joint venture operations prior to how these activities are financed, how assets are depreciated and amortized and how the results are taxed in various jurisdictions. Additionally, in order to focus on the core drilling business, amounts related to foreign exchange, share-based payment expense, impairment adjustments to property and equipment as well as preferred shares and the sale of assets are removed. Lastly, amounts recorded for the revaluation on the investment of the TDI joint venture are removed as these are non-cash entries and unrelated to the operations of the business. Adjusted EBITDA from investment in joint ventures is not intended to represent net (loss) income as calculated in accordance with IFRS. Adjusted EBITDA from investment in joint ventures is calculated as follows: Working capital is used by management and the investment community to analyze the operating liquidity available to the Company. Senior Debt to Bank EBITDA is defined as the consolidated balance of the revolving facility and other debt secured by a lien at quarter end to consolidated Bank EBITDA for the trailing 12 months (TTM). Bank EBITDA used in this financial ratio is calculated as net earnings before interest, taxes, depreciation and amortization, plus impairment expense, loss (gain) on sale of assets, loss (gain) from investment in joint ventures, share-based payment expense and unrealized foreign exchange. Bank EBITDA also includes all distributions received from the Company's joint ventures during the period. Bank EBITDA to Cash Interest Expense is defined as the consolidated Bank EBITDA for TTM to the cash interest expense on all debt balances for TTM. Bank EBITDA used in this financial ratio is calculated as net earnings before interest, taxes, depreciation and amortization, plus impairment expense, loss (gain) on sale of assets, loss (gain) from investment in joint ventures, share-based payment expense and unrealized foreign exchange. Bank EBITDA also includes all distributions received from the Company's joint ventures during the period. Operating days is defined as moving days (move in, rig up and tear out) plus drilling days (spud to rig release). Rate per operating day or Dayrate is defined as operating revenue (net of third party costs) divided by operating days (drilling days plus moving days). Utilization rate - operating day is defined as operating days divided by total available rig days. To assess performance, the Company uses certain additional GAAP financial measures within this document that are not defined terms under IFRS. Management believes that these measures provide useful supplemental information to investors, and provide the reader a more accurate reflection of our industry. These financial measures are computed on a consistent basis for each reporting period and include Operating revenue or Revenue, net of third party costs, Funds flow, Operating income, and Operating income - net percentage. These additional GAAP measures are defined as follows: Operating revenue or Revenue, net of third party costs is defined as revenue earned for drilling activities excluding all third party revenues. Third party revenues mainly consist of rental activities and other services provided by third parties for which Trinidad does not earn a mark-up on. This metric is used by analysts and investors to assess the operations of each segment based on the core drilling business alone and more accurately reflects the health of those operations. The operating revenue for each reportable segment is disclosed in the segmented information included in the consolidated financial statements. Funds flow is used by management and investors to analyze the funds generated by Trinidad's principal business activities prior to consideration of working capital, which is primarily made up of highly liquid balances. This balance is reported in the consolidated statements of cash flows included in the cash flows from operating activities section. Operating income is used by management and investors to analyze overall and segmented operating performance. Operating income is not intended to represent an alternative to net (loss) earnings or other measures of financial performance calculated in accordance with IFRS. Operating income is calculated from the consolidated statements of operations and comprehensive income and from the segmented information contained in the notes to the consolidated financial statements. Operating income is defined as revenue less operating expenses. Operating income - net percentage is used by management and investors to analyze overall and segmented operating performance excluding third party recovery and third party costs, as well as inter-segment revenue and inter-segment operating costs, as these revenue and expenses do not have an effect on consolidated net (loss) earnings. Operating income - net percentage is calculated from the consolidated statements of operations and comprehensive income and from the segmented information in the notes to the consolidated financial statements. Operating income - net percentage is defined as operating income less third party G&A expenses divided by revenue net of operating and G&A third party costs. This document contains certain forward-looking statements relating to Trinidad's plans, strategies, objectives, expectations and intentions. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this document. The forward-looking information and statements included in this document are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements. In particular, but without limiting the foregoing, this document may contain forward-looking information and statements pertaining to: Trinidad cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. Additional information on these and other factors that could affect Trinidad's business, operations or financial results are described in reports filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) including but not limited to Trinidad's annual MD&A, financial statements, Annual Information Form and Management Information Circular. The forward-looking information and statements contained in this document speak only as of the date of this document and Trinidad assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.


News Article | November 22, 2016
Site: www.marketwired.com

ANN ARBOR, MI--(Marketwired - November 21, 2016) - University Bancorp, Inc. ( : UNIB) announced that it had an unaudited net income attributable to University Bancorp, Inc. common stock shareholders in 3Q2016 of $1,500,414, $0.294 per share on average shares outstanding of 5,100,899 for the third quarter, versus an unaudited net income of $703,623, $0.138 per share on average shares outstanding of 5,100,899 for 3Q2015. For the third quarter of 2016 minority interest income was $73,318. Unaudited net income attributable to University Bancorp, Inc. common stock shareholders for the first nine months of 2016 was $2,267,451, $0.445 per share on average shares outstanding of 5,100,899 for the first nine months, versus an unaudited net income of $2,955,513, $0.580 per share on average shares outstanding of 5,093,015 for 9M2016. In the first nine months of 2016, net income of the Company was decreased by two large non-recurring, unusual expenses, only partially offset by a seasonal factor, which had an overall negative cumulative impact of $(1,899,004), before tax: Unusual expenses: 1. With the decline in long term mortgage interest rates the valuation of mortgage servicing rights (MSRs) decreased by $2,607,707; 2. Litigation expense related to the Guidance lawsuit and appeal of $358,001. The bank recently won an initial ruling from the appeals court related to the scope of our appeal. We have paid the full amount of the judgment and all legal costs and if the judgment is reduced upon appeal, would receive a recovery. Unusual gains: 3. The value of the hedged mortgage origination pipeline rose $1,066,704 as the amount of locked loans rose over the level at year-end due to seasonal factors and record mortgage production levels. In 9M2015 the net income of the Company was decreased by several non-recurring, unusual losses net of unusual gains, which had an overall negative cumulative impact of $(1,198,686), before tax: Unusual expenses: 1. Legal fees at UIF were $524,000 due to the trial and follow-up motions in 1Q2015 related to the litigation related to a competitor, Guidance. In addition, a reserve of $280,000 for future litigation expense was established in 3Q2015, for total legal expense of $804,000; 2. With the fall in long term mortgage interest rates the valuation of mortgage servicing rights (MSRs) decreased $988,003, including a drop of $1,082,886 in 3Q2015; Unusual gains: 3. The value of the hedged mortgage origination pipeline rose $163,626 as the amount of locked loans rose over the level at year-end, however this amount decreased by $388,813 in 3Q2015 with the usual seasonal moderation of origination volumes; 4. Provision for loan losses fell by $330,552 due to improved asset quality and a lower projection of loan losses estimated by Invictus in the event of a CCAR Test style depression; 5. A recovery of foreclosure expenses advanced in 2010 from FHLMC of $99,139. For 9M2016, the Company had a return on equity attributable to common stock shareholders of 20.4% annualized on initial equity of $14,821,418. Return on equity over the trailing twelve months was 16.8% on initial equity of $14,567,688. Management currently projects budgeted annual net income in 2016 of at least $3,630,000 or $0.71 per share. This forecast takes our actual results for 9M2016, the actual and estimated results in the 3Q2016 plus our original budget for the final quarter of 2016, adjusted for all known major changes. The re-forecast assumes no change in mortgage interest rates from current levels, which would result in a mark to market gain on our mortgage servicing rights estimated to be at least $1,250,000 in December. President Stephen Lange Ranzini noted, "The 9M2016 result for profitability was very good after taking into account the $2.6 million negative mark to market on our mortgage servicing rights. In addition, we had growth in purchase related mortgage originations during the quarter, setting the all-time record for closings of any quarter in the bank's history, and the months of July, August and September were the 5th, 2nd and 4th highest closing months in the bank's history, respectively. Mortgage origination volumes have been ahead of the budget in 4Q2016." With the implementation of the new Basel 3 Capital Rules and a rise in average assets due to increased mortgage originations, the Tier 1 Leverage Capital Ratio rose to 8.94% at 9/30/2016 on net average assets of $171.6 million, from 8.54% at 6/30/2016 on net average assets of $162.5 million, 8.75% at 3/31/2016 on net average assets of $141.2 million, 8.93% at 12/31/2015 on net average assets of $135.4 million, 10.34% at 9/30/2015 on net average assets of $132.7 million, 9.66% at 6/30/2015 on net average assets of $133.4 million, and 10.12% at 3/31/2015 on net average assets of $106.9 million, versus 12.77% at 12/31/2014 on average assets of $104.9 million using the old Basel 2 Capital Rules. We are seeking regulatory approval to count the recently issued Permanent Capital Note in Tier 1 Capital. Due to recent recruitment success in hiring proven mortgage loan originators at ULG, we currently anticipate above budgeted mortgage origination levels in 4Q2016 and higher closings in 2017. Taking into account these actions, the Tier 1 Leverage Capital Ratio is projected to be 10.93% at 12/31/2016, if we achieve our 2016 re-forecasted budget projection. Basel 3 Common Equity Tier 1 Capital at 9/30/2016 was $13,859,000, at 6/30/2016 was $12,420,000, at 3/31/2015 was $10,900,000, at 12/31/2015 was $10,584,000, at 9/30/2015 was $12,258,000, at 6/30/2015 was $11,413,000, and at 3/31/2015 was $9,412,000. Basel 3 Total Risk Weighted Assets at 9/30/2016 were $102,272,000, at 6/30/2016 were $97,416,000, at 3/31/2016 were $82,481,000, at 12/31/2015 were $74,775,000, at 9/30/2015 were $83,210,000, at 6/30/2015 were $90,790,000, and at 3/31/2015 were $86,927,000. The CET1 Risk Weighted Capital Ratio at 9/30/2016 was 13.55%, at 6/30/2016 was 12.75%, at 3/31/2016 was 13.22%, at 12/31/2015 was 14.15%, at 9/30/2015 was 14.73%, at 6/30/2015 was 12.57%, and at 3/31/2015 was 10.83%. Shareholders' equity attributable to University Bancorp, Inc. common stock shareholders was $16,555,242 or $3.25 per share, based on shares outstanding at September 30, 2016 of 5,100,899, after payment of the $0.107 per share dividend in 1Q2016. Excluding goodwill & other intangibles related to the acquisition of Midwest Loan Services and Ann Arbor Insurance Center, net tangible shareholders' equity attributable to University Bancorp, Inc. common stock shareholders was $15,948,245 or $3.127 per share at 9/30/2016. (Please note that we do not see this latter statistic as particularly useful or meaningful because the value of the insurance agency and Midwest Loan Services substantially exceed their carrying value including this goodwill, but we are asked for this number.) Treasury shares as of 9/30/2016 were zero. Total Assets as of 9/30/2016 were $246,524,231 versus $216,976,000 at 6/30/2016, $194,934,000 at 3/31/2016, $182,458,912 at 12/31/2015, $159,769,000 as of 9/30/2015, $166,589,000 as of 6/30/2015, $132,715,000 as of 3/31/2015 and $120,976,779 as of 12/31/2014. Michigan and the Ann Arbor MSA continue to increase employment and as a result, our overall asset quality continues to remain at excellent levels and we are experiencing low loan delinquencies. We had only one foreclosed real estate ORE property at 9/30/2016: a residential home with a carrying value of $71,000, and three substandard loans totaling $881,094 well secured by real estate. The allowance for loan losses stands at $412,292 or 0.62% of the amount of portfolio loans, excluding the loans held for sale. Substandard assets fell 0.1% during 3Q2016 to $952,094, 7.87% of Tier 1 Capital at 9/30/2016. In 9M2016, our residential mortgage origination groups originated $621.9 million of mortgages, of which $407.0 million were originated by our retail origination group, University Lending Group, LLC (ULG), $179.9 million were originated by our UIF unit, and the remainder originated by our credit union and community bank correspondent mortgage origination group. Purchase transactions originated during 9M2016 rose 8% at ULG and rose 16% at UIF over the 9M2015 level and 84% of our ULG originations and 70% of our UIF originations in 9M2016 financed home purchase transactions. The bank's liquidity remains excellent. We also manage an average of $120 million of deposits in an off-balance sheet sweep arrangement through a series of mortgage escrow deposit accounts at the Federal Home Loan Bank of Indianapolis (FHLBI), on which we earn interest at the Fed Funds rate. Other key statistics as of 9/30/2016: *Using Trailing 12 month 1H2016 sales which were $46,411,600, 2015 sales which were $43,644,425 and 2011 sales which were $21,280,296. #Parent company only current assets divided by 12 month projected cash expenses. +Calculated as: (non-interest expense/(net interest income + non-interest income)). xBased on last sale of $7.25 per share and $0.481 per share of net income for the TTM. Shareholders and investors are encouraged to refer to the financial information including the audited financial statements, strategic plan and prior press releases, available on our investor relations web page at: http://www.university-bank.com/bancorp/. Ann Arbor-based University Bancorp owns 100% of University Bank which, together with its Michigan-based subsidiaries, as of 9/30/2016 held and managed a total of over $18.9 billion in financial assets for over 112,000 customers, and our 368 employees made us the 9th largest bank based in Michigan. University Bank is an FDIC-insured, locally owned and managed community bank, and meets the financial needs of its community through its creative and innovative services. Founded in 1890, University Bank® is proud to have been selected as the "Community Bankers of the Year" by American Banker magazine and as the recipient of the American Bankers Association's Community Bank Award. University Bank is a Member FDIC. The members of University Bank's corporate family, ranked by their size of revenues are: CAUTIONARY STATEMENT: This press release contains certain forward-looking statements that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements concerning future changes in assets, pre-tax income, net income and budgeted income levels, the sustainability of past results, and other expectations and/or goals. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, economic, competitive, governmental, technological and legal factors affecting our operations, markets, products, services, interest rates and fees for services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.


News Article | February 15, 2017
Site: www.prweb.com

Imagine Learning, developer of Think Through Math (TTM), the award-winning web-based instruction system for grades 3 and above, announced today that New York City’s Renewal High School students using Think Through Math donated $3,430 to the Food Bank for New York City during the NYC Gives contest. During each Think Through Math lesson, students gain motivational rewards in the form of points. Students from multiple NYC Renewal schools chose to convert those reward points into charitable dollars on behalf of NYC Gives and their local food bank community. Over the past few months, students’ efforts were impressive. Since mid-November, over 4,000 NYC Renewal High School students completed 27,800 math lessons, solved over 972,000 math problems, and spent more than 13,000 hours working on Think Through Math. “We are excited to integrate Think Through Math into mathematics instruction in our high schools,” commented Aimee Horowitz, Executive Superintendent of the New York City Department of Education. “Think Through Math enables our teachers to target the needs of their students and helps students make their mathematical thinking visible. We are already seeing the impact of TTM through improved student achievement, while simultaneously helping our students realize the importance of becoming productive citizens who give to others.” “It’s great to work with the New York City Department of Education in helping students focus on charitable giving,” said Lisa Wise, TTM’s Motivation Manager at Imagine Learning. “Clearly, Renewal High School students were well up to the challenge! By giving back, these students connected to their communities in a whole new way as they saw exactly what these charities tackle every day. In a real way, Think Through Math lessons teach more than just math—students also learn to help others while they help themselves.” An official donation presentation will take place on Wednesday, February 8 at Automotive High School—with representatives from the New York Department of Education, the Food Bank of New York City, and Imagine Learning in attendance. Classes with the highest donations to the food bank will receive special recognition, including a party in their honor. These honors extend to winners from the following NYC Renewal schools: About Imagine Learning and Think Through Math Imagine Learning delivers award-winning language, literacy, and mathematics solutions for K–12 students, revolutionizing the way kids learn reading, language, and math. Students and teachers love Imagine Learning’s innovative products because they are research based, data driven, instructionally differentiated, and incredibly fun to use. The Imagine Learning family is dedicated to changing lives and opening doors of opportunity for kids. Think Through Math, a leader in education technology innovation, is transforming math education in schools throughout the United States. Designed for grades 3 and above, Think Through Math is the only software system that integrates state-certified teachers who tutor struggling students live for greater math understanding. During that process, TTM ignites curiosity about math and helps students learn how to think mathematically. As the newest member of the Imagine Learning family, Think Through Math uses adaptive learning technology to address the needs of all students, including students working at grade level, English language learners (ELLs), those with advanced math aptitude, and students with learning disabilities. For more information, please visit http://www.imaginelearning.com and http://www.thinkthroughmath.com.


News Article | November 18, 2016
Site: globenewswire.com

COSTA MESA, Calif., Nov. 18, 2016 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ:TTMI) ("TTM") announced today that the underwriters of its registered public secondary offering exercised in full their option to purchase an additional 1,800,000 shares of common stock from its largest stockholder, Su Sih (BVI) Ltd. (the “Selling Stockholder”), at the public secondary offering price, less underwriting discounts and commissions.  As a result, the total secondary offering size is 13,800,000 shares of common stock. Closing of the sale of the shares is expected to occur on November 22, 2016. The Selling Stockholder will receive all of the proceeds from the offering. No shares of common stock are being sold by TTM in the offering. The offering is being made pursuant to TTM’s shelf registration statement filed with the Securities and Exchange Commission. J.P. Morgan Securities LLC acted as sole book-running manager in the offering. Needham & Company, LLC and Stifel, Nicolaus & Company, Incorporated acted as co-managers in the offering. The offering of these securities is being made by means of a prospectus supplement and the accompanying prospectus only, copies of which may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by calling toll-free 1-866-803-9204. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About TTM TTM Technologies, Inc. is a major global printed circuit board manufacturer, focusing on quick-turn and technologically advanced PCBs, backplane assemblies and electro-mechanical solutions. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market.


COSTA MESA, Calif., March 01, 2017 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (Nasdaq:TTMI) will be exhibiting at the Electric & Hybrid Vehicle Technology Expo Europe 2017 at Booth B205. The expo runs from April 4-6 and will be held in the backyard of many world-class automotive companies at Sindelfingen, Germany. Technical experts will be available at the booth to answer printed circuit board design, manufacturing, and assembly-related questions. The following samples of key TTM PCB technologies for automotive will also be displayed at the booth: “The Electric & Hybrid Vehicle Technology Expo Europe is a premier event which provides a great opportunity for TTM to showcase our capabilities in manufacturing Automotive PCBs. We understand the importance of quality and reliability and are looking forward to introducing our ONE TTM Solution with ISO/TS16949 certified manufacturing facilities in China and North America to support this end market,” said Jon Pereira, TTM’s President of The Automotive, Medical and Industrial & Instrumentation Business Unit. About the Electric & Hybrid Technology Expo Europe Electric & Hybrid Vehicle Technology Expo Europe is the leading trade fair for electric, hybrid and plugin hybrid vehicle technology, taking place 4-6 April 2017 in Sindelfingen, Stuttgart, Baden-Württemberg, Germany. The free-to-attend exhibition is a showcase of manufacturing and supply chain solutions for passenger, commercial and industrial vehicles, including electrical powertrains and components, battery management systems, materials and equipment. www.evtechexpo.eu About TTM TTM Technologies, Inc. is a leading global printed circuit board (PCB) manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs, backplane assemblies and electro-mechanical solutions. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.


News Article | February 22, 2017
Site: globenewswire.com

COSTA MESA, Calif., Feb. 22, 2017 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ:TTMI), a leading global printed circuit board (PCB) manufacturer, today announced that members of its management team will present at the J.P. Morgan Global High Yield & Leveraged Finance Conference in Miami at the Loews Miami Beach Hotel on February 27th, 2017 at 9:00 am Eastern Time. About TTM TTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs, backplane assemblies and electro-mechanical solutions. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.


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

COSTA MESA, Calif., Feb. 21, 2017 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ:TTMI) celebrated the grand opening of its Denver West Building in Littleton, Colorado with government officials, customers, TTM leaders, and employees. The Denver West Building allows TTM to expand its capacity and capabilities to better support customers. The new building doubles the manufacturing floor space to 55,000 sqft, allowing for critical expansion and technology upgrades over the next two years. These changes are part of TTM’s plan to create a TTM Center of Excellence for satellite manufacturing in Denver. Participants in the Grand Opening included representatives from the US Department of Defense, Deputy Director OEDIT Michelle Hadwiger, on behalf of Governor Hickenlooper, and Harris Corporation Director of Supply Chain Space & Intelligence Systems, Dr. Joseph A. Packard, Ph.D. TTM attendees included Aerospace & Defense / Specialty Business Unit President Phil Titterton and Senior Vice President and General Counsel Dan Weber, along with Denver’s employees. “The expansion of the Denver operations was due to increased demand and TTM is proud to financially support Denver’s growth for our customers’ current and future needs for satellite production,” said Phil Titterton. About TTM TTM Technologies, Inc. is a leading global printed circuit board (“PCB”) manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs, backplane assemblies and electro-mechanical solutions. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.

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