News Article | April 25, 2017
The US Food and Drug Administration (FDA) and the Australian Department of Agriculture and Water Resources have signed an agreement to enable Australian exporters to become preferred food product suppliers to the US. The government anticipates that the bilateral food safety recognition agreement would strengthen Australian exports. Australia Department of Agriculture and Water Resources exports head Greg Read said that the agreement was the third one undertaken by the US with a trading partner. It will also allow the two countries to recognise one another’s food safety and regulatory systems. “Just as Australia does, the US continues to regulate foods such as meat, egg products, shellfish and dietary supplements and more stringent requirements continue to apply.” Read said: “The upshot is that this will greatly simplify Australian exports to the US through greater reliance on our national food control systems that ensure the production of safe food. “This is good for our businesses, as it positions Australia as a safe source of food supply for the US market that will place our exporters in a position of benefit compared with other exporting countries that don’t have this agreement.” The agreement covers only products such as canned foods, seafood, dairy products, fresh fruit and vegetables, fruit juices, confectionery and baked goods. Read added: “Just as Australia does, the US continues to regulate foods such as meat, egg products, shellfish and dietary supplements and more stringent requirements continue to apply.” Image: The agreement covers products such as fresh fruit and vegetables, fruit juices, confectionery and baked goods. Photo: courtesy of stockimages via freedigitalphotos.net.
News Article | April 25, 2017
"Official reports released Monday say the catastrophic damage to Oroville Dam’s main spillway probably stemmed from swift water flows under the concrete chute, which was cracked and of uneven thickness. The observations, contained in consultants’ reports prepared for the state Department of Water Resources, echo much of an independent assessment made for UC Berkeley’s Center for Catastrophic Risk Management. An official verdict on the cause is not due until the fall, when a separate forensics team investigating the February spillway break will submit its report."
News Article | April 17, 2017
The post-drought good news continued Friday as the State Water Project announced that it was boosting deliveries to the highest levels in 11 years. Most agencies, including the Metropolitan Water District of Southern California, will get 85% of the amount they request. Water districts north of the Sacramento-San Joaquin Delta will get 100%. Earlier this week, the federal Central Valley Project, which provides irrigation water to valley growers, said all of its contractors will get their full contract supply for the first time since 2006. The increases came the same week that Northern California broke its 1983 precipitation record. And the April 1 state snowpack, a key water supply index, was the seventh heaviest on record. The 85% allocation may not be the last word. “We’re hopeful we’ll be able to increase deliveries even more as we monitor conditions,” said Bill Croyle, acting director of the Department of Water Resources, which operates the state project. Damage to the spillways at the state project’s primary reservoir, Lake Oroville, figures into the allocation because officials have to carefully manage lake levels and releases as they embark on repairs. Earlier this week Croyle said his department probably would not make a final allocation call until late May or early June. The San Luis Reservoir, where the federal and state projects park supplies destined for Southern California and San Joaquin growers, filled earlier this spring for the first time in years. That is allowing Metropolitan, the state project’s biggest customer, to rapidly rebuild its depleted regional reserves with deliveries from Northern California. “This could end up being the highest increase in regional storage we’ve ever seen,” Deven Upadhyay, the agency’s water resource manager, said last month.
News Article | May 2, 2017
President Trump has appointed Daniel Simmons, a conservative scholar who sharply questioned the value of promoting renewable energy sources and curbs on greenhouse gas emissions, to oversee the Energy Department’s Office of Energy Efficiency and Renewable Energy (EERE), according to an email distributed to department employees. The selection marks one of several recent Trump appointments to top energy and environmental posts, which appear to repudiate the Obama administration’s policies aimed at shifting the nation to low-carbon sources of electricity. Last week, Trump nominated David Bernhardt, a lobbyist who served at the Interior Department under George W. Bush, as Interior’s deputy secretary. And Alex Herrgott, who had served as majority deputy staff director at the Senate Environment and Public Works Committee, has joined the White House Council on Environmental Quality to serve as associate director for infrastructure. Though no official announcement has been made, the acting head of the office, Steve Chalk, sent an email to DOE employees Monday saying that Simmons, a member of the Trump transition team, will become the principal deputy assistant secretary for EERE. Simmons will serve as acting assistant secretary until someone is confirmed by the Senate for the post, Chalk added. “Daniel has been with us through the transition and we look forward to his continued leadership and insights moving forward,” Chalk wrote. Simmons’s appointment was first reported by E&E News. EERE’s primary mission is to foster the development of renewable and energy-efficient technologies. That includes investments in electric vehicles; solar, geothermal and wind energy; and technologies to reduce energy use in U.S. buildings. [New EPA documents reveal even deeper proposed cuts to staff and programs] Before Trump was elected, Simmons served as vice president for policy at the Institute for Energy Research, a conservative think tank that espouses fossil fuel use and opposes the international climate agreement that nearly 200 countries struck in Paris in late 2015. The institute’s president, Thomas J. Pyle, headed the transition team for the Energy Department but has returned to his post in the private sector. “I applaud President Trump and Secretary Perry for selecting Daniel for a leadership role at the Department of Energy,” Pyle said of Simmons’ appointment. “His years of experience in energy and environmental policy and appreciation for the power of free markets and consumer choice will bring a fresh perspective to the agency.” Testifying before Congress in July, Simmons criticized federal financial support for the Ivanpah power plant, an industrial-scale solar plant in California’s Mojave Desert. “It is unseemly that the American taxpayer has contributed billions of dollars to these facilities,” Simmons said of the project, which is sponsored by Google and other private companies. In a 2013 podcast with the Heartland Institute, a libertarian public policy think tank, Simmons argued that pursuing renewable energy could harm people’s pocketbooks. “The most simple of all points is that no matter what the renewable guys say, what they will admit is that their type of power — the wind and solar — is more expensive and will increase the price of electricity,” he said. “And in an economy that is struggling, it is critical that we do everything we can to keep prices low.” At a Politico energy forum last year, he was direct about his disdain for federal subsidies for renewable energy. “I think that everything should be treated equally across the board,” Simmons said. “We have to look at the track record of the oil and gas industry [which is] producing low-cost, reliable energy, particularly when the alternative is much, much higher prices.” Simmons’s appointment is likely to spark criticism from the same environmentalists who were quick to decry Bernhardt’s nomination. In his capacity as a partner at Brownstein, Hyatt, Farber and Schreck, Bernhardt represented oil and gas firms, mining companies and agricultural interests. “Appointing a lobbyist like Bernhardt shows just how empty Donald Trump’s promise to drain the swamp was,” said Brett Hartl, government affairs director at the Center for Biological Diversity, an advocacy group. “From Scott Pruitt to Bernhardt, President Trump has assembled the most anti-environmental administration in history.” Herrgott’s appointment, by contrast, is likely to be less controversial. While Herrgott worked for Sen. James M. Inhofe (R-Okla.), who has been a leading skeptic of climate science and an opponent of Obama administration plans to cut carbon emissions, he also worked with union officials and Democrats on the Hill to help ensure passage of key infrastructure measures, such as the 2015 Fixing America’s Surface Transportation (FAST) Act and the 2016 reauthorization of the Water Resources Development Act. Americans for Transportation Mobility executive director Ed Mortimer, whose U.S. Chamber of Commerce-led group is made up of both business and labor interests, praised Herrgott’s selection. “The ATM coalition is glad to see someone like Alex, who has experience with and an understanding of transportation issues, join the administration as it gears up to formulate a plan to modernize America’s infrastructure.” Mortimer said in a statement.
News Article | May 2, 2017
VANCOUVER, BC--(Marketwired - May 02, 2017) - I-Minerals lnc. (TSX VENTURE: IMA) ( : IMAHF) ( : 61M) (the "Company") is pleased to announce that further to its press release of April 5, 2017 wherein the company reported it had re-filed its Operation and Reclamation Plan ("ORP") with the Idaho Department of Lands (the "IDL"), the amended ORP has been accepted by the IDL. The approval of the ORP, together with the recently received water permit from the Idaho Department of Water Resources ("IDWR") positions the Company to be able to begin construction, subject to financing and certain bonding requirements. "This is an exceptional achievement for I-Minerals and the result of many months of hard work, by our staff and our environmental engineering consultant HDR Engineering, Inc.," stated Thomas Conway, President and CEO of I-Minerals Inc. "Few exploration companies ever get their projects to the full feasibility stage and those that do often face long permitting challenges, particularly in US jurisdictions. I-Minerals completed the Feasibility and Permitting tasks in just over two years, which speaks volumes to the quality of our project, our team and the abilities of the permitting agencies to recognize that the Bovill Kaolin Project, which will be a non-metal mine, has less impacts than most mines. Plus, we have gone above and beyond what otherwise might be required through good environmental stewardship methodologies such as dry stacking of the tailings and a zero water discharge operation." The ORP was approved subject to standard terms including: 1. All refuse, chemical and petroleum products to be stored in designated location at least 100 feet from any surface water; 2. State water quality standards to be maintained at all times during the life of the operation 3. Erosions and non-point source pollution shall be minimized by careful design and implementing Best Management practices 4. A reclamation bond of approximately $3,000,000 being submitted to, approved by and maintained by the IDL prior to conducting any mining activities. 5. Obtaining all other necessary permits and approvals from state and federal authorities (e.g. Storm Water Pollution Prevention Plan; air quality, consultation with fisheries and US Army Corp of Engineers 404 Permit and Stream Channel Alteration Permits) as required for each production process. "With this very important milestone having been successfully achieved we are anxious to finish the last few stages of our ongoing strategic market studies and continue to advance the project as expeditiously as possible," continued Thomas Conway. "This is a relatively easy mine to build with a short construction time frame and we are reviewing opportunities to shorten the time to production by starting work on the FEED study and detailed engineering advance of securing all funds necessary for the CAPEX." The Company would like to thank the Idaho Department of Lands and the Idaho Land Board for their diligence in reviewing our permitting documentation and the attention to detail with timely responses. Based upon the March 2016 Feasibility Study by GBM Engineers, the Bovill Kaolin Project is expected to create 100 jobs in the construction phase and 90 full time jobs over the 25+ year mine life. The project is expected to make an appreciable contribution to Latah County and generate additional revenue for the State of Idaho. "With respect to mineral marketing, we are very pleased with the way markets for our products are firming up," noted Thomas Conway. "As we have seen in recent press releases, high value applications for our halloysite developing in Europe in life science and gas absorption technologies. Our pilot plant work indicates K-spar is poised to be the highest K O- feldspar available, and there is a pronounced shortage of fly ash as a pozzolan in the western cement markets that bodes well for our metakaolin. We have never felt better about our Bovill Kaolin Project." A. Lamar Long, CPG, is a qualified person ("QP") for I-Minerals Inc. and has reviewed and approved the contents of this release. I-Minerals is developing multiple deposits of high purity, high value halloysite, quartz, potassium feldspar and kaolin at its strategically located Helmer-Bovill property in north Idaho. A 2016 Feasibility Study on the Bovill Kaolin Deposit led by GBM Engineers LLC, who were responsible for overall project management and the process plant and infrastructure design, including OPEX and CAPEX calculated an After Tax NPV of US$249.8 million with a 25.8% After Tax IRR. Initial CAPEX was estimated at $108.3 million with a 3.7 year After Tax payback. Other engineering services were provided by HDR Engineering, Inc. (all environmental components; hydrology / hydrogeology; road design); Tetra Tech, Inc. (tailings storage facility design); Mine Development Associates (mine modelling; ore scheduling; mineral reserve estimation); and SRK Consulting (U.S.) Inc. (mineral resource estimation). Permitting work with the State of Idaho is well underway. This News Release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. Actual results could differ materially from those projected as a result of the following factors, among others: changes in the world wide price of mineral market conditions, risks inherent in mineral exploration, risk associated with development, construction and mining operations, the uncertainty of future profitability and uncertainty of access to additional capital. 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 NEWS RELEASE
News Article | May 12, 2014
According to various headlines this weekend, we Brits use so much cocaine that traces of the drug have been found in our water supply. A study by the Drinking Water Inspectorate (DWI) aimed at assessing the danger from pharmaceutical compounds in drinking water revealed that even after intensive purification treatment, minute quantities of benzoylecgonine – the metabolised form of cocaine – were found at four sites in Britain. So are we a nation of coke-heads? And does the presence of something related to a class-A drug in the water we drink actually matter? The answer to the first question, says Sue Pennison of DWI, the independent body that ensures the water companies supply water fit to drink, is not clear. Benzoylecgonine, she notes, "is also an ingredient in a popular muscle-rub, and there's no way of telling which it came from". The answer to the second question is clearer: it is no – at least, not in these concentrations. Traces of all sorts of things can be found in our drinking water, but as long as they are below the levels laid down by the Water Resources Act, which introduced the EU Drinking Water Directive into UK law, the water is deemed safe for human consumption. Those levels are strict: lower – sometimes by as much as 20 times – than those of the World Health Organisation's guidelines, which are themselves set to ensure there would be "no potential risk if the contaminant was absorbed continuously over a person's lifetime". Thus in a report last year, Public Health England said traces of six pharmaceutical compounds had been found in drinking water: benzoylecgonine, the painkillers ibuprofen and naproxen; carbamazapine, used in treating epilepsy, and its metabolised form carbamazapine epoxide; and caffeine. But, it noted, their median concentrations – which ranged from less than one to 11 nanogrammes per litre – were "at least thousands of times below doses seen to produce adverse effects in animals, and hundreds of thousands below human therapeutic doses. The detected pharmaceuticals are unlikely to present a risk to health." Scrutinised and audited by DWI, the water companies follow a strictly controlled methodology to test for a total of 39 parameters in UK drinking water, broadly divided into microorganisms (such as viruses, protozoa and bacteria), chemicals, and physical measures like the pH level and total organic content. New contaminants are discovered all the time: a Brunel University study in 2011, for example, raised the alarm about the presence of the dishwasher detergent chemicals benzotriazole and tolytriazole in UK drinking water. Some, it has to be said, do sound rather alarming: among the chemical contaminants tested for are antimony, arsenic, benzene, cadmium, cyanide, lead, mercury, nickel, pesticides, tetrachloroethene and vinyl chloride. But the point, Pennison says, is that the tests "are there to make sure there's not an issue." And even if the testing programme lets something nasty by, there's a catch-all provision: by law, "water companies cannot supply anything that would cause potential danger to human health." In her latest letter to the government summarising the findings of the DWI's 2013 report on drinking water quality in England, the Chief Inspector of Drinking Water, Professor Jeni Colbourne, confirmed that fully 99.96% of all tests carried out on public drinking water in England in 2012 satisfied EU and national standards. You may, it seems, swallow safely.
News Article | May 3, 2017
Energy Storage, Oroville Emergency Response in Focus May 9-12 at ACWA Event MONTEREY, CA--(Marketwired - May 03, 2017) - California's shared vision -- and shared challenges -- in the statewide and local water arenas will be the focus of the Association of California Water Agencies' (ACWA) 2017 Spring Conference & Exhibition in Monterey May 9 - 12. More than 1,600 local water leaders will gather at the four-day event -- titled "One Water, One Future" -- to attend an array of panel discussions, forums, presentations and keynote addresses. California's current water challenges as well as leaders' long-term vision for the state's water future will be explored. A broad spectrum of water policy experts will address attendees, including: Susan Kennedy, chief executive officer & founder of Advanced Microgrid Solutions, Inc.; William Croyle, acting director of the California Department of Water Resources; and Scott Cameron, special assistant for water and science at the U.S Department of the Interior. The conference takes place following the state's release of its long-term water conservation policy, and as decisions loom on the California WaterFix. The conference program is available here. WHAT: ACWA's 2017 Spring Conference & Exhibition WHEN: Tuesday, May 9 - Friday, May 12 WHERE: Monterey Marriott and Portola Hotel, Monterey ACWA is a statewide association of public agencies whose more than 430 members are responsible for about 90% of the water delivered in California. For more information, visit www.acwa.com.
News Article | April 17, 2017
State officials said Thursday that they hope to sign a contract for reconstruction of the heavily damaged Lake Oroville spillway by April 17. “We’re working very fast,” said Bill Croyle, acting director of the Department of Water Resources, which is under intense pressure to get the spillway in shape before the start of next winter’s rainy season. Although Croyle said the department has to conduct in nine months design and construction work that would normally take several years to complete, he expressed confidence that it was possible. “This is standard stuff that has been used very recently here in California,” Croyle said. “They can get this done.” At a briefing in Oroville, department officials outlined preliminary design plans for rebuilding the upper part of the broken main spillway as well as measures for strengthening the eroded emergency spillway that came close to unleashing a disastrous torrent of water in February. The state does not yet know the cost of the repairs, which is likely to be higher than the $100-million to $200-million estimate officials made earlier this year. The reconstruction plans, which must be approved by federal regulators, are evolving as crews take rock core samples from the spillway hillside. In some places, Croyle said, the samples have found several feet of concrete beneath the spillway, revealing “a more robust structure” than anticipated. In February, a huge crater developed in the long concrete chute that serves as the reservoir’s main spillway, prompting dam managers to reduce releases. That caused lake levels to rise so high that water started to wash over the unpaved emergency spillway for the first time in Oroville’s history. The next day, erosion beneath the lip of the emergency spillway threatened to eat a hole in the side of the overflowing reservoir, prompting the downstream evacuation of more than 100,000 people. Repair plans call for contractors to replace portions of the upper, intact main gated spillway by Nov. 1. The new chute would be designed to handle flows of 270,000 cubic feet of water per second. That is somewhat less than the capacity of the damaged spillway but far more than historic spillway releases. A type of concrete that is pressed into place with heavy rollers would be used to fill areas of eroded rock near the lower chute, which would be partially rebuilt this year to accommodate releases of 100,000 cfs. Any flows above that threshold next winter would tumble down the eroded channel next to the chute. Work would be finished in 2018. Repair options for the emergency spillway include buttressing the cement weir at its head with roller-compacted concrete and laying an apron of the same material that would extend partway down the hillside. To prevent erosion of the head, a concrete wall would be poured underground and anchored into bedrock. The wall, considered the most critical part of the emergency spillway repair, would be constructed this year, and the other parts could be finished in 2018.
News Article | May 2, 2017
"It's been said that water is the new oil, and if we want to ensure that future generations have adequate supplies, we have to understand the intimate connection between land and water," said George W. "Mac" McCarthy, president and CEO of the Lincoln Institute. "It's a two-way street: how we plan and use land has an impact on water, and water availability has an increasing impact on how we can use land. We seek to bridge these two worlds to better meet the needs of people, agriculture, and nature." The Babbitt Center will gather data, develop indicators, and build and test new tools for fair, efficient, and sustainable management of water resources. An initial activity will be to develop a map, using satellite imagery, for selected tributaries of the Colorado River Basin. The aim is to provide a foundation – potentially scaled up to the entire basin, serving seven states and some 30 million people – that illustrates the relationship between land and water, and can be used for better projections, modeling, and scenario planning. "We hope that conversations with communities and decision-makers throughout the basin might bring together stakeholders who don't necessarily talk to each other," said McCarthy. "We seek to help state and local officials integrate land and water policies across an entire geography, to imagine better futures." At the same time the Babbitt Center is launched, the longstanding joint program between the Lincoln Institute and the Sonoran Institute, previously known as Western Lands and Communities and now renamed Resilient Communities and Watersheds, will aim to better integrate land use planning and water management at the local level. The partnership with the Sonoran Institute will be an important part of the work of the Center. Ultimately, it is hoped that the Babbitt Center will become a hub that connects the people and practices of the arid American West to people and practices in the rest of the world. By 2025, the United Nations predicts that 1.8 billion people – nearly one-quarter of the planet's population by that time – will be living in regions with severe water scarcity. The Center will become part of the emerging global footprint of the Lincoln Institute, from Beijing, where long aqueducts are planned as the sprawling city confronts rapidly draining aquifers, to the megacities of Latin America, which struggle to provide water to citizens through cycles of drought and floods. "I am honored to be associated with this initiative and vision," said Bruce Babbitt, who is currently advising state government in California on water issues. "The Lincoln Institute has emphasized the importance of land and land policy in addressing the world's toughest problems, and the stewardship of water resources is at the top of the list. We all need to be aware of the connection between water and land." "We are optimistic as we all share the goal of ensuring water for future generations," said Holway, formerly director of the Lincoln Institute-Sonoran Institute joint program and assistant director of the Arizona Department of Water Resources, who currently serves on the board of the Central Arizona Project. The Lincoln Institute of Land Policy is an independent, nonpartisan organization whose mission is to help solve global economic, social, and environmental challenges to improve the quality of life through creative approaches to the use, taxation, and stewardship of land. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lincoln-institute-launches-babbitt-center-for-land-and-water-policy-300449707.html
News Article | May 3, 2017
OAK BROOK, Ill., May 03, 2017 (GLOBE NEWSWIRE) -- Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), the largest provider of dredging services in the United States and a major provider of environmental and infrastructure services, today reported financial results for the quarter ended March 31, 2017. For the three months ended March 31, 2017, Great Lakes reported revenue of $170.6 million, net loss from continuing operations of $3.7 million and Adjusted EBITDA from continuing operations of $14.2 million. Chief Financial Officer Mark Marinko commented, “The Company’s first quarter 2017 results were in line with our expectations. The Dredging segment’s performance was solid despite some softness in the international market and delays on some domestic projects. Keep in mind that the first quarter in 2016 was quite strong for the Dredging segment, driven by robust performances on several coastal protection and capital projects. We continued to see the benefits of our realigned and refocused Environmental & infrastructure (E&I) segment, with a marked improvement in results compared to the first quarter of 2016, though still at a loss due to the seasonality of the business.” Chief Executive Officer Lasse Petterson, added, “I am pleased to have recently taken over as Chief Executive Officer at Great Lakes. My appointment to the Board of Directors at the end of last year has allowed me to begin to build a foundation of knowledge on the Company’s business and has enabled me to hit the ground running as CEO. I look forward to the future opportunities at GLDD, particularly our expectation that our new ATB hopper dredge, the Ellis Island, will be operational in the third quarter of this year. I’d like to thank Mark for his willingness to step in as interim CEO while my U.S. citizenship was finalized. His steady leadership is much appreciated.” Commentary Mr. Marinko concluded, “The domestic dredging bid market totaled $178 million during the first quarter of 2017. Our dredging segment won 63% of our addressable bid market, which is above the average combined dredging bid market share over the prior three years. The $88 million MSCIP Barrier Island capital restoration project in Mississippi is a significant portion of our awards during the first quarter. "Subsequent to quarter-end, we were awarded the $17 million Corps of Engineers West Coast Regional Contract that has approximately $3 million in additional options. In addition, we were low bid on a $10 million project in the Gulf of Mexico. We expect this contract to be awarded soon. “Internationally, we continued to work on two projects in the Middle East during the first quarter. Work on these projects is expected to end later this year. We are tracking several opportunities in the Middle East, which is encouraging given the recent softness in the market. “During the first quarter, our E&I segment was awarded $33 million in new work. The awarded work is at attractive margins within our risk criteria, which we believe positions the segment well for the year. “In Washington, D.C., Congress recently agreed to a budget for fiscal year 2017. We expect it to be sent to President Trump for his signature later this week or next. Despite the delay, we are quite pleased that Congress has reached an agreement as it provides for a record budget for the Army Corps of $6 billion and exceeds the increase in Harbor Maintenance Trust Fund spending for maintenance dredging as required by the 2014 Water Resources and Development Act. We continue to monitor progress on President Trump’s infrastructure bill and remain optimistic that port and coastal infrastructure will be included in the eventual bill.” The Company will be holding a conference call at 9:00 a.m. C.D.T. today where we will further discuss these results. Information on this conference call can be found below. The Company will conduct a quarterly conference call, which will be held on Wednesday, May 3, 2017 at 9:00 a.m. C.D.T. (10:00 a.m. E.D.T.). The call in number is 877-377-7553 and Conference ID is 8769880. The conference call will be available by replay until Thursday, May 4, 2017, by calling 855-859-2056 and providing Conference ID 8769880. The live call and replay can also be heard on the Company’s website, www.gldd.com, under Events & Presentations on the investor relations page. Information related to the conference call will also be available on the investor relations page of the Company’s website. Use of Adjusted EBITDA from continuing operations Adjusted EBITDA from continuing operations, as provided herein, represents net income attributable to common stockholders of Great Lakes Dredge & Dock Corporation, Adjusted for net interest expense, income taxes, depreciation and amortization expense, debt extinguishment, accelerated maintenance expense for new international deployments, goodwill or asset impairments and gains on bargain purchase acquisitions. Adjusted EBITDA from continuing operations is not a measure derived in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company presents Adjusted EBITDA from continuing operations as an additional measure by which to evaluate the Company's operating trends. The Company believes that Adjusted EBITDA from continuing operations is a measure frequently used to evaluate performance of companies with substantial leverage and that the Company's primary stakeholders (i.e., its stockholders, bondholders and banks) use Adjusted EBITDA from continuing operations to evaluate the Company's period to period performance. Additionally, management believes that Adjusted EBITDA from continuing operations provides a transparent measure of the Company's recurring operating performance and allows management to readily view operating trends, perform analytical comparisons and identify strategies to improve operating performance. For this reason, the Company uses a measure based upon Adjusted EBITDA from continuing operations to assess performance for purposes of determining compensation under the Company's incentive plan. Adjusted EBITDA from continuing operations should not be considered an alternative to, or more meaningful than, amounts determined in accordance with GAAP including: (a) operating income as an indicator of operating performance; or (b) cash flows from operations as a measure of liquidity. As such, the Company's use of Adjusted EBITDA from continuing operations, instead of a GAAP measure, has limitations as an analytical tool, including the inability to determine profitability or liquidity due to the exclusion of accelerated maintenance expense for new international deployments, goodwill or asset impairments, gains on bargain purchase acquisitions, interest and income tax expense and the associated significant cash requirements and the exclusion of depreciation and amortization, which represent significant and unavoidable operating costs given the level of indebtedness and capital expenditures needed to maintain the Company's business. For these reasons, the Company uses operating income to measure the Company's operating performance and uses Adjusted EBITDA from continuing operations only as a supplement. Adjusted EBITDA from continuing operations is reconciled to net income (loss) attributable to common stockholders of Great Lakes Dredge & Dock Corporation in the table of financial results. For further explanation, please refer to the Company's SEC filings. Great Lakes Dredge & Dock Corporation ("Great Lakes" or the "Company") is the largest provider of dredging services in the United States and the only U.S. dredging company with significant international operations. The Company is also a significant provider of environmental and infrastructure services on land and water. The Company employs civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 127-year history, the Company has never failed to complete a marine project. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. Great Lakes also owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of over 200 specialized vessels. Certain statements in this press release may constitute "forward-looking" statements as defined in Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the "PSLRA") or in releases made by the Securities and Exchange Commission (the "SEC"), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words "plan," "believe," "expect," "anticipate," "intend," "estimate," "project," "may," "would," "could," "should," "seeks," or "scheduled to," or other similar words, or the negative of these terms or other variations of these terms or comparable language, or by discussion of strategy or intentions. These cautionary statements are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining the benefits of the "safe harbor" provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements with respect to Great Lakes, include, but are not limited to: our ability to obtain federal government dredging and other contracts; our ability to qualify as an eligible bidder under government contract criteria and to compete successfully against other qualified bidders; risks associated with cost over-runs, operating cost inflation and potential claims for liquidated damages, particularly with respect to our fixed cost contracts; the timing of our performance on contracts; significant liabilities that could be imposed were we to fail to comply with government contracting regulations; risks related to international dredging operations, including instability in the Middle East; a significant negative change to large, single customer contracts from which a significant portion of our international revenue is derived; changes in previously-recorded revenue and profit due to our use of the percentage-of-completion method of accounting; consequences of any lapse in disclosure controls and procedures or internal control over financial reporting; changes in the amount of our estimated backlog; our ability to obtain bonding or letters of credit and risks associated with draws by the surety on outstanding bonds or calls by the beneficiary on outstanding letters of credit; increasing costs to operate and maintain aging vessels; equipment or mechanical failures; acquisition integration and consolidation risks; liabilities related to our historical demolition business; impacts of legal and regulatory proceedings; unforeseen delays and cost overruns related to the construction of new vessels; our becoming liable for the obligations of joint ventures, partners and subcontractors; capital and operational costs due to environmental regulations; unionized labor force work stoppages; maintaining an adequate level of insurance coverage; information technology security breaches; our substantial amount of indebtedness; restrictions imposed by financing covenants; the impact of adverse capital and credit market conditions; limitations on our hedging strategy imposed by new statutory and regulatory requirements for derivative transactions; foreign exchange risks; changes in macroeconomic indicators and the overall business climate; and losses attributable to our investments in privately financed projects. For additional information on these and other risks and uncertainties, please see Item 1A. "Risk Factors" of Great Lakes' Annual Report on Form 10-K for the year ended December 31, 2016, and in other securities filings by Great Lakes with the SEC. Although Great Lakes believes that its plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, actual results could differ materially from a projection or assumption in any forward-looking statements. Great Lakes' future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.