Category Archives: Caribbean News

Daily regional news summary from Cuba!: The source for the latest news throughout Cuba and Caribbean.

The Caribbean Immigrant Victims Of 9/11

News Americas, NEW YORK, NY, Weds. Sept. 11, 2019: As we mark the 18th anniversary of the September 11th attacks, we put a face to the name of every known Caribbean immigrant victim of 9/11 based on the names and images listed on the September 11th Memorial in New York City. #NeverForget.

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Rapid Response and Recovery Efforts Show Most of The Bahamas Is Open and Affected Areas Will Build Back Better

MIRAMAR, Florida, Sept. 7, 2019 /PRNewswire-HISPANIC PR WIRE/ — While the slow-moving nature of Hurricane Dorian caused unspeakable destruction in Grand Bahama and Abaco, business is fully operational in Nassau – the second-most populated cruise destination in the Caribbean – and a host of private islands, and the rapid response of The Bahamas, neighboring destinations and Member Lines of Florida-Caribbean Cruise Association (FCCA) is helping Bahamians not only recover their livelihoods, but also regain cruise tourism: the lifeblood of their economy. After less than a week since the historic event, FCCA Member Lines have already committed more than $5 million in donations, as well as support including delivering provisions and engaging the local communities to ascertain needs and how to best help. Additionally, destinations around the region are both assisting The Bahamas and evaluating how to best prepare for and then handle similar events moving forward, including relief efforts by Saint Lucia and a site visit by Saint Lucia Prime Minister and CARICOM Chairman Hon. Allen Chastanet.

“Our hearts are with all of those throughout The Bahamas impacted by this historic event, and we hope this support will provide some normalcy to their lives, along with solace in these trying times,” said Michele Paige, president of FCCA. “However, the people of The Bahamas have proven their resiliency time and time again, so there is no question that those affected will build back even better. Fortunately, Nassau and cruise lines’ private islands in The Bahamas are open, fully operational and ready to welcome guests with a smile – and the knowledge that an average cruise call to The Bahamas represents more than $650,000 in local economic benefits.”

Carnival Corporation’s philanthropic arm, Carnival Foundation, and its nine global cruise line brands together with the Micky and Madeleine Arison Family Foundation have pledged to donate $2 million in funding and in-kind support for relief efforts in The Bahamas.

Carnival Foundation and the company’s nine cruise line brands – Carnival Cruise Line, Holland America Line, Princess Cruises, Seabourn, AIDA Cruises, Costa Cruises, Cunard, P&O Cruises (Australia) and P&O Cruises (UK) – are pledging a total of $1 million in monetary and in-kind donations in support of immediate relief and recovery efforts in The Bahamas. Carnival Corporation Chairman Micky Arison and his wife Madeleine are matching the corporation’s commitment with a $1 million donation from the Micky and Madeleine Arison Family Foundation.

A portion of the combined pledge will immediately go to support efforts being managed by Direct Relief, an international humanitarian organization that provides critical medications and supplies during emergency situations. In addition, Carnival Corporation and its brands are working together with local officials, community leaders and key relief and recovery organizations to identify the most timely and urgent relief needs and immediate allocations for additional funds and support.

Separately, the company has launched an effort to collect and deliver food and supplies donated in Broward, Miami-Dade and Palm Beach counties for the people of The Bahamas, through a partnership with Tropical Shipping and The Bahamas National Emergency Management Agency (NEMA).

Norwegian Cruise Line Holdings (NCLH) – including Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises – has relaunched Hope Starts Here, the company’s hurricane relief campaign in partnership with All Hands and Hearts, and pledged a minimum commitment of $1 million dollars toward immediate short-term relief for those affected by Hurricane Dorian. It has also vowed to match donations dollar-for-dollar to assist with rebuilding efforts across the Bahamas, including debris cleanup and removal, and the delivery of supplies and temporary shelters.

NCLH is also coordinating with local Bahamian authorities to bring needed provisions to the affected areas, “as quickly and as humanly possible.” Tomorrow, Norwegian Breakaway will depart Miami with hurricane relief supplies donated by NCLH and its employees, in addition to items collected by the City of Miami, Baptist Health South Florida, the 305 Gives Back foundation, and other Miami-based organizations, to be delivered to Nassau, Great Harbor Cay, the company’s private island Great Stirrup Cay, Bahamas.

Royal Caribbean Cruises Ltd. – including Azamara, Celebrity Cruises and Royal Caribbean International – has committed $1 million to disaster relief for Hurricane Dorian, with an additional $100,000 to be donated by ITM Group, its partner in the Holistica joint venture that is developing the Grand Lucayan resort in Freeport, while also pledging to match donations by guests and employees to PADF and use its ships to deliver supplies such as generators, water, cleaning supplies, clean sheets and towels.

“The Bahamas has always been more than a destination for Royal Caribbean and our guests,” said the line in the announcement. “For more than half a century, we’ve made many friends and many memories. The Bahamas is also home to more than 500 of our colleagues who work at Perfect Day at CocoCay and the Grand Bahama Shipyard.”

The Walt Disney Company, led by Disney Cruise Line, has made a commitment of more than $1 million to help relief and recovery efforts in The Bahamas – including, but not limited to, a $1 million donation to non-profit relief agencies who will be undertaking recovery and rebuilding efforts, as well as the provision of supplies such as food staples and basic construction materials to those in impacted areas. Additionally, Disney employees with immediate needs in The Bahamas will have access to a range of resources. Disney Castaway Cay, Disney’s private island in The Bahamas, employs more than 60 Bahamians from Abaco and Grand Bahama, as well as several employees from other Bahamian islands.

“We stand with the Bahamian people,” said Jeff Vahle, president of Disney Cruise Line. “As the needs in these communities are assessed, we are prepared to aid the relief and recovery efforts through funding, the provision of supplies and by providing support to our Bahamian Crew Members.”

MSC Group – one of the world’s leading container shipping and logistics conglomerates as well as the parent company of MSC Cruises – has pledged support from across all its businesses for Hurricane Dorian relief in The Bahamas. In addition to providing and delivering goods of primary necessity, MSC Group’s efforts will initially focus on semi-permanent prefabricated modular housing for the population as well as making available MSC geared ships for cargo relief service from the U.S to The Bahamas.

A high-level delegation comprised of members of MSC Group’s U.S. senior management team as well as leadership of its philanthropic arm, the MSC Foundation, also scheduled meetings in Nassau with local officials, community leaders and key relief and recovery organizations – with the objective of promptly identifying first-hand and through engagement with local officials, community leaders and key relief and recovery organizations the most timely and urgent relief needs and how the Group can support the immediate and longer-term in-kind and funding needs of the local population and businesses as they look to rebuild in the aftermath of Hurricane Dorian.

Bahamas Paradise Cruise Line (BPCL) has announced a two-fold support initiative following Hurricane Dorian’s impact. The company is accepting monetary donations online through its partner, Mission Resolve, as well as donated supplies at its Riviera Beach warehouse.

“Our hearts go out to all of those impacted, and we felt it was imperative to issue a rapid response, demonstrating our support through action,” said Oneil Khosa, CEO of BPCL, who is engaged in direct communications with the Bahamian government, including Deputy Prime Minister Kevin Peter Turnquest, to determine specific areas of need and serve as a liaison for those looking to assist in the Hurricane Dorian recovery effort.

BPCL has also planned a humanitarian cruise on Grand Celebration, which will be loaded with food, water, and other supplies, as well as first responders and volunteers. Departing this evening, the ship will transport the supplies, volunteers and Bahamian residents who were stranded in South Florida – and will have no cost for any volunteer or Bahamian resident – before its planned return on Sept. 7 with Bahamian residents who wish to evacuate to the U.S. and have proper documentation.

Additionally, countries in the region have provided support. Ms. Dorine Gustave, Acting Director of Saint Lucia’s National Emergency Management Organization (NEMO), said Saint Lucia is in the process of determining how best to help, including finding the best way to transport water, and the the Government of Saint Lucia has set up accounts at selected banks for those that wish to assist with recovery efforts.

Saint Lucia Prime Minister and CARICOM Chairman Hon. Allen Chastanet also traveled to The Bahamas, where he was greeted by Bahamian Prime Minister Hon. Hubert Minnis before heading into a situation briefing with several agencies in order to attain a status update to best plan a course of action in assisting both The Bahamas and the entire region in preparing for and handling similar situations in the future.

About Florida-Caribbean Cruise Association (FCCA)
Created in 1972, FCCA is a not-for-profit trade organization that provides a forum for discussion on tourism development, ports, safety, security, and other cruise industry issues and builds bilateral relationships with destinations’ private and public sectors. By fostering an understanding of the cruise industry and its operating practices, FCCA works with governments, ports and private sector representatives to maximize cruise passenger, crew and cruise line spending, as well as enhance the destination experience and increase the amount of cruise passengers returning as stay-over visitors. For more information, visit F-CCA.com and @FCCAupdates on FacebookInstagram and Twitter.

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Expression Of Support For The Bahamian Community

MIAMI, Sept. 6, 2019 /PRNewswire-HISPANIC PR WIRE/ — In light of the devastating impact of Hurricane Dorian on the Bahamas, Baptist Health South Florida would like to share its deepest sympathy for the Bahamian people.

Baptist Health is taking immediate action to provide support as aid efforts begin. Rose Rahming, Baptist Health’s local representative in the Bahamas, is assisting with the coordination of relief efforts from the National Emergency Operations Centre as well as the Baptist Health International office in Nassau.

Baptist Health South Florida is working with the Bahamian authorities to provide a significant amount of medical supplies to the functioning hospital in the region, Princess Margaret Hospital located in Nassau. Baptist Health has also notified Bahamian authorities that we are prepared to support patient transfers for those affected by the storm.

Locally, we have partnered with South Florida-based Operation Helping Hands, which has been activated by United Way of Miami-Dade, to provide disaster relief to our Bahamian neighbors and friends in this critical time of need.

In the aftermath of a hurricane of this magnitude, financial contributions are critical to providing the most effective help to address the immediate needs of the affected areas. Operation Helping Hands ensures that the funds are used by organizations with the experience and infrastructure to deliver the immediate assistance needed. One hundred percent of the funds raised through Operation Helping Hands will go directly to those affected by Hurricane Dorian in the Bahamas.

For over two decades, Baptist Health has cultivated close friendships with our neighbors in the Bahamas. Although the road to recovery will be long, we stand ready and committed to assist the Bahamian people in the days, weeks, and months ahead.

About Baptist Health South Florida
Baptist Health South Florida is the largest healthcare organization in the region, with 11 hospitals, nearly 23,000 employees, more than 4,000 physicians and more than 100 outpatient centers, urgent care facilities and physician practices spanning Miami-Dade, Monroe, Broward and Palm Beach counties. Baptist Health has internationally renowned centers of excellence in cancer, cardiovascular care, orthopedics and sports medicine, and neurosciences. In addition, it includes Baptist Health Medical Group; Baptist Health Quality Network; and Baptist Health Care On Demand, a virtual health platform. A not-for-profit organization supported by philanthropy and committed to our faith-based charitable mission of medical excellence, Baptist Health has been recognized by Fortune as one of the 100 Best Companies to Work For in America and by Ethisphere as one of the World’s Most Ethical Companies. For more information, visit BaptistHealth.net/Newsroom and connect with us on FacebookInstagramTwitter and LinkedIn.

About Baptist Health International
Baptist Health International is one of the largest hospital-based international programs in the United States. Thousands of people travel to Miami each year from around the world to receive care from the renowned physicians at Baptist Health South Florida facilities. Baptist Health International is dedicated to facilitating comprehensive, high-quality services for international physicians and their patients, including hospital admissions, outpatient services and medical exams, second opinions, physician consultations and concierge services. For more information, visit BaptistHealth.net/International.

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Nexxt Solutions collaborates with Microsoft and Tuya to bring innovative new Smart Home Devices and Home Automation Solutions to Market

MIAMI, Aug. 29, 2019 /PRNewswire-HISPANIC PR WIRE/ — Inspired by this new era of the Internet of Things, where everything is interconnected, Nexxt Solutions is proud to partner with Microsoft and Tuya to power and commercialize its first fully cloud-connected and highly secure portfolio of smart home devices Nexxt Solutions integrated portfolio of devices includes Smart plugs, smart power strips, smart bulbs and complete home security kits that contain window, door and motion sensors all of which can be monitored and managed from anywhere with The Nexxt Solutions Home App that’s powered by Tuya and hosted on Microsoft Azure.

The Nexxt Solutions Home App can run on either a smartphone or tablet, and lets people control all compatible devices, via a Wi-Fi connection, so they can set schedules or control their home appliances from anywhere. The Nexxt Home app is easy to install, does not require a hub to operate and it can be easily shared with family and friends. In addition, its Voice activation feature makes it compatible with Google Assistant and Amazon Alexa for hands-free management of all linked devices.

The Nexxt Solutions smart home devices are currently being sold into retailers in 40 countries, including the US, Mexico, Colombia, Peru and Chile and will be available to consumers from retailers and etailers such as Brandsmart, Best Buy Mexico, Chedraui, Alkosto, Falabella, Distelsa, Intelaf, Hiraoka, Coolbox, Almacenes Siman, Mixup, and others soon to be announced . Demand for products in the smart home category is growing exponentially, and Nexxt Solutions is proactively expanding its portfolio of smart home products to include smart coffee makers, vacuum cleaners, intelligent pet feeders fitted with cameras and more. Nexxt Solutions plans on having more than 40 products under its ecosystem by mid 2020 all working under the same Nexxt Home app.

“The Internet of Things, along with the power of AI, is forever transforming the way we interact with our devices,” said Bruno García, Vice President of Sales and Marketing at Nexxt Solutions. “Home Automation is shaping the future, as devices are no longer simply responding to our commands but are increasingly interacting with us making people’s lives not only easier and more secure, but also environmentally friendly.”

“The future of the smart home is streamlined integration,” adds Alex Yang, COO and co-founder of Tuya. “By combining the operation of several home devices into one app powered by Tuya, Nexxt Solutions is creating a powerful, simple way for people to control their homes and get the most out of them.”

“This strategic collaboration with Tuya and Nexxt Solutions represents an important step in our ongoing commitment to bring highly secure, cloud connected, smart home devices to our customers,” said Mark Linton, General Manager, Devices Portfolio and Solutions, Microsoft. “We are delighted that consumers in 40 countries will be able to purchase Nexxt Solutions smart home devices and solutions, powered by Tuya and Azure, this fall.”

About Nexxt Solutions
Nexxt Solutions is a leading manufacturer of the most comprehensive and competitive line of wireless data and surveillance solutions for networking and connectivity products, known for their performance, reliability as well as for their user-friendly operation and configuration. The brand has recently added a complete line of home automation products and advanced Wi-Fi Mesh Systems designed for creating a fully connected, cloud-based ecosystem. With operations in over 45 countries, Nexxt Solutions products are available through an authorized network of distributors in the United States, Latin America and the Caribbean. For more information on the home automation line, visit https://ww.nexxtsolutions.com/home-automation/FacebookInstagramTwitter, #NexxtLevel

About Tuya
Tuya provides a class-leading AI + IoT platform that brings smart products to life for manufacturers, brands, OEMs, and retail chains. The platform offers hardware access, cloud services, and app development. Tuya also helps brands upgrade their technology and business models so they are able to deliver smart devices to meet consumer demand. The company serves more than 93,000 partners in over 150 countries powering products such as lighting, appliances, environmental, and surveillance equipment. Headquartered in San Jose, California, Tuya now has offices in Silicon Valley and Pasadena, California, Hangzhou and Shenzhen. For more information, please visit Tuya’s WebsiteLinkedInFacebookTwitter or YouTube.

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Sérgio Moro leads speakers at OffshoreAlert Brazil Conference

MIAMI, Aug. 27, 2019 /PRNewswire-HISPANIC PR WIRE/ — Brazil’s Minister for Justice, Sérgio Moro, will give the keynote address at The OffshoreAlert Conference Latin America on Financial Intelligence & Investigations on September 16-17, 2019.

Tickets can be purchased now at oacbrazil.com, where you will also find details about our agenda and speakers.

Attendees will learn how to detect financial crime, recover hidden assets, obtain litigation funding to pursue claims, file whistleblowing claims, evaluate investment opportunities, and increase their chance of success in high-value, cross-border finance. Network with industry leaders in a stunning, five-star setting.

Moro is known internationally for his role as a judge overseeing bribery and corruption cases arising from Operação Lava Jato, a.k.a. Operation Car Wash, including the trial of Brazil’s former president Luís Inácio Lula da Silva.

He is part of a powerful and influential line-up of speakers that also includes Latin American Herald Tribune publisher Russ Dallen, Brazil’s Director of Asset Recovery & International Judicial Cooperation, Erika Marena; judges Paulo Furtado de Oliveira Filho and Moacyr Lobato de Campos Filho, prosecutors Vladimir ArasEronides Aparecido Rodrigues dos Santos, and Pedro Lupera Zerpa, politician Hugo Leal, whistleblower Jonathan Taylor, leading fraud and asset recovery attorneys, insolvency practitioners, journalists, and other experts on serious financial crime.

Sessions include:

  • An Introduction To International Asset Recovery;
  • Asset Recovery Latin America: Tips From The Experts;
  • Litigation Funding: How to Get Your Multi-Million Dollar Claims Funded By Third Parties;
  • How Latin American Whistleblowers Can Make Millions From US Whistleblowing Programs;
  • Brazil’s Whistleblowing Laws: An Analysis of Existing & Proposed Legislation;
  • The Emperor Has No Clothes: The Great Cryptocurrency Scam;
  • Busting the Blockchain: How To Trace & Seize Virtual Assets & Evaluate Risk in a Pseudo-Anonymous World;
  • Data Leaks: What The ICIJ’s Panama & Paradise Papers Revealed About Latin America;
  • Corruption & Asset Recovery: The Brazilian Perspective;
  • Allen Stanford: An Update for Latin American Victims;
  • Bankruptcy Fraud in Brazil: The Duties of Trustees;
  • Inside Venezuela: An Overview of Fraud & Corruption;
  • Cross-Border Insolvencies: Chapter 15 & Latin American Equivalents;
  • Investing in Distressed Assets & Legal Claims: What You Need To Know; and
  • Corruption & Money Laundering in Brazil: Problems & Solutions.

The OffshoreAlert Conference Latin America will be held at the magnificent Palácio Tangará hotel in Sāo PauloBrazil, on September 16-17, 2019. Presentations will be simultaneously interpreted in English, Portuguese, and Spanish.

About OffshoreAlert

Launched in 1997, Miami-based OffshoreAlert is the leading provider of investigative information about individuals and businesses operating in high-value, cross-border finance. We offer a subscription-based news and documents service at www.offshorealert.com and hold annual conferences on financial intelligence and investigations in Miami, Brazil, and London. OffshoreAlert has exposed more than 175 fraudulent schemes and helped prosecutors and regulators punish those responsible. FIFA’s top officials were exposed at our Miami Conference in 2010 – 5 years before they were indicted for corruption.

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Cansortium Announces Opening of its Second Fluent™ Medical Marijuana Dispensary in Puerto Rico

MIAMI, Aug. 12, 2019 /PRNewswire-HISPANIC PR WIRE/ — Cansortium Inc. (“Cansortium” or the “Company”) (CSE: TIUM), a vertically-integrated, global provider of premium-quality medical cannabis operating under the Fluent™ brand, continues to expand its global retail footprint with the July 25 opening of a new Fluent dispensary in a prime location at the San Patricio Town Center in Calle Tabonuco, Guaynabo, Puerto Rico.

Cansortium’s Chief Executive Officer Jose Hidalgo noted, “The opening of our second Fluent dispensary in Puerto Rico is further evidence that we are executing our growth plan by steadily expanding our dispensary network to enhance access to our premium-quality Fluent cannabis products for medical marijuana patients in key markets. Puerto Rico has more than 92,000 certified medical marijuana patients and offers reciprocity to all medical cannabis card holders from any US state.

“In addition to our two dispensaries in Puerto Rico, we operate 15 Fluent dispensaries in Florida with plans to have 30 in operation or secured by the end of 2019, one Fluent dispensary in Pennsylvania with plans to open two more, and we offer home delivery across the entire state of Texas where we are one of only three licensed medical marijuana providers. We are excited to bring our high-quality consistently-formulated Fluent products to more customers in Puerto Rico and other key markets, and to help consumers in those markets become Fluent in the benefits of cannabis.”

The new 2,200 square-foot dispensary is the Company’s second in Puerto Rico, joining the company’s San Juan dispensary that opened in January 2018. Conveniently located in an upscale mall in San Patricio, one of the most exclusive neighborhoods along the northern coast of Puerto Rico, the location is easily accessed from the PR-2, PR-23 and PR-20 highways. In celebration of its opening, the San Patricio dispensary is offering specials during its first several weeks of operation as it builds up its inventory to represent a complete assortment of Fluent-branded products.

The Fluent brand continually strives to set the standard for premium quality, consistently-formulated cannabis products. Each of the Company’s dispensaries will carry a complete assortment of Fluent premium dried flower, and full spectrum concentrates and cartridges, as well as creams, drops, capsules and suppositories. All Fluent products in the Company’s Puerto Rican dispensaries use high-quality cannabis that is cultivated, processed and packaged in our state-of-the-art Puerto Rican facilities in strict compliance with the country’s medical marijuana regulations. For consumers, the sleek, modern dispensaries provide a warm, welcoming, professional environment, with private consultation rooms and knowledgeable staff who carefully guide patients in selecting the right products and carefully safeguard patient privacy.

For a complete list of Fluent dispensary locations, current promotions and rewards programs and hours of operation, or to explore the entire Fluent product line and place an online order for home delivery, visit https://getfluent.com/.

ABOUT CANSORTIUM INC. 
Cansortium is a global medical cannabis company operating in highly populous medical cannabis markets with a mission to deliver the highest standards of cannabis care from nursery to lab to shelf. Headquartered in Miami, FL and operating under the recently-launched Fluent™ brand (formerly Knox Medical), the Company through its subsidiaries operates cultivation, processing and dispensary facilities across Florida, Texas, Puerto Rico and a dispensary license in Pennsylvania. The Company also has licensed cultivation facilities in Colombia and Canada, with licensing pending in Michigan.

Cansortium Inc.’s common shares and warrants trade on the CSE under the symbol “TIUM.U” and “TIUM.WT.U” respectively.

Forward-Looking Information

Certain information in this news release, may constitute forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in the public documents of the Company available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

For information on Cansortium Inc., please visit www.cansortium.com.

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Leclanché and Government of St. Kitts Agree to Build Largest Solar Generation Plus Storage Project in Caribbean

Fully Integrated Solar Photovoltaic and Lithium‐ion Battery Energy Storage System Will Provide Clean and Reliable Energy for Residents of St. Kitts and Nevis 

BASSETERRE, St. Kitts and Nevis, DALLAS and YVERDON LES BAINS, Switzerland, Aug. 7, 2019 /PRNewswire-HISPANIC PR WIRE/ — The largest solar generation plus energy storage project ever to be built in the Caribbean has been announced by the Government of St. Kitts and Nevis, the state-owned St. Kitts Electric Company (SKELEC) and Leclanché SA (SIX: LECN), one of the world’s leading energy storage companies.

The Honorable Ian Patches Liburd, St. Kitts and Nevis Minister of Public Infrastructure, Post, Urban Development and Transport, said: “We are set to embark on this vital solar+storage project as a key part of our renewable energy thrust that is critical to the future development of our country.”

The 35.6 MW solar energy plant and 44.2 MWh battery storage facility will be built on government provided land in the Basseterre Valley, adjacent to the City of Basseterre and the current SKELEC PowerStation on the island of St. Kitts. It will provide the residents of this Caribbean twin-island Federation with a reliable and renewable clean energy source with fixed cost savings compared to the current diesel-generated power system. The system will provide between 25-30% of the nation’s current power generation needs, while displacing the same amount of diesel-generated capacity.

The solar storage project will help solidify the financial strength of SKELEC over the next 20+ years, while substantially reducing the islands’ fuel cost over that period,” said Liburd. “The expected fuel avoidance cost from the installation of the solar farm will not only be beneficial to the energy demand of the Federation but represents that most viable option for securing SKELEC’s financial future.”

Leclanché will serve as the prime engineering, procurement and construction contractor for the installation of both the solar photovoltaic (PV) system and battery energy storage system (BESS).

“We want to thank Prime Minister Timothy Harris, Public Infrastructure Minister Liburd, the Government of St. Kitts-Nevis, and the SKELEC Board and Executive Team for their tremendous vision, cooperation and efforts in support of this exciting project,” said Anil Srivastava, CEO of Leclanché“This project marks the first time a megawatt-scale solar energy system, stabilized by a state-of-the art lithium battery energy storage system, can be utilized to provide true ‘base load’ power for a utility on a Caribbean island. It sends a strong signal to other Caribbean countries, and those around the world, that there is a cleaner, more cost-efficient and viable alternative to diesel power.”

Minister Liburd said“We are pleased to partner with Leclanché, one of the world’s leading energy storage solution providers, in this milestone project for the citizens of St. Kitts and Nevis. The solar and battery storage project represents a giant step forward in the government’s efforts to ensure a clean, safe and affordable energy future for our country. This project offers many benefits for our residents, businesses and the millions of tourists who visit St. Kitts and Nevis each year.”

The government recently approved an allocation of land for the project site which will be provided under a lease between the Government of St. Kitts and Nevis and the project company. SKELEC and Leclanché have already entered into a 20-year Power Purchase Agreement (PPA) which ensures the system will supply essential power capacity for St. Kitts for many years to come.

Leclanché has established a St. Kitts special purpose vehicle (SPV) along with local partner Solrid, to fund, own and operate the facility. Once the energy generation and storage project is completed and delivered, Leclanché will be responsible for the management of all project operations, maintenance and equipment warranties.

“SKELEC’s leadership in this solar generation and storage project is commendable on many levels,” said St. Kitts and Nevis Prime Minister Timothy Sylvester Harris. “This project is an example of the bold thinking and actions being undertaken by our electric utility to ensure a reliable power supply and a cleaner, more sustainable environment for our citizens and tourists.”

“The cost of this project to St. Kitts and Nevis citizens is zero,” said Bryan Urban, Executive Vice President and Head of Leclanché Stationary Business Unit. “It is being fully paid-for over 20 years through the savings created by the switch to clean and reliable solar energy.”

Ground-breaking for the solar and energy storage project is scheduled for mid-October 2019 with an anticipated completion date of September 2020. 

For more information, write to info@leclanche.com or visit www.leclanche.com.

About Leclanché 
Headquartered in Switzerland, Leclanché SA is a leading provider of high-quality energy storage solutions designed to accelerate our progress towards a clean energy future. Leclanché’s history and heritage is rooted in over 100 years of battery and energy storage innovation and the Company is a trusted provider of energy storage solutions globally. This coupled with the Company’s culture of German engineering and Swiss precision and quality, continues to make Leclanché the partner of choice for both disruptors, established companies and governments who are pioneering positive changes in how energy is produced, distributed and consumed around the world. The energy transition is being driven primarily by changes in the management of our electricity networks and the electrification of transport, and these two end markets form the backbone of our strategy and business model. Leclanché is at the heart of the convergence of the electrification of transport and the changes in the distribution network. Leclanché is the only listed pure play energy storage company in the world, organised along three business units: stationary storage solutions, e-Transport solutions and specialty batteries systems. Leclanché is listed on the Swiss Stock Exchange (SIX: LECN).

SIX Swiss Exchange: ticker symbol LECN | ISIN CH 011 030 311 9

Disclaimer 
This press release contains certain forward-looking statements relating to Leclanché’s business, which can be identified by terminology such as “strategic”, “proposes”, “to introduce”, “will”, “planned”, “expected”, “commitment”, “expects”, “set”, “preparing”, “plans”, “estimates”, “aims”, “would”, “potential”, “awaiting”, “estimated”, “proposal”, or similar expressions, or by expressed or implied discussions regarding the ramp up of Leclanché’s production capacity, potential applications for existing products, or regarding potential future revenues from any such products, or potential future sales or earnings of Leclanché or any of its business units. You should not place undue reliance on these statements. Such forward-looking statements reflect the current views of Leclanché regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantee that Leclanché’s products will achieve any particular revenue levels. Nor can there be any guarantee that Leclanché, or any of the business units, will achieve any particular financial results.

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Parkland Fuel Corporation Announces Record 2019 Second Quarter Results and Increases its 2019 Adjusted EBITDA Guidance Range to $1.165 Billion ± 5%

CALGARY, Alberta, Aug. 01, 2019 (GLOBE NEWSWIRE) — Parkland Fuel Corporation (“Parkland”, “We”, the “Company”, or “Our”) (TSX:PKI) announced today the financial and operating results for the three and six months ended June 30, 2019. All financial figures are expressed in Canadian dollars unless otherwise noted.

“The strength of Parkland’s diverse portfolio and integrated assets was on full display in the second quarter, driving outstanding results” said Bob Espey, President and Chief Executive Officer. “Our International, USA and Supply segments underpinned our performance, and we also benefited from further synergy capture including early wins within Sol. Our Canadian Retail business exhibited another quarter of strong volume and convenience store KPI’s, demonstrating the strength of our marketing program and operational execution. Our first half performance and outlook for the base business give us confidence to increase our full-year 2019 Adjusted EBITDA Guidance Range from $1,065 million to $1,165 million (± 5%). Thanks to the entire Parkland team for their hard work and continued focus on safety to deliver another strong quarter.”

Q2 2019 Highlights

  • Second quarter Adjusted EBITDA was $346 million and net earnings attributable to Parkland were $105 million ($0.72 per share, basic). The strong performance was primarily driven by positive contributions from the Sol Transaction, strong Supply results due to refining margins and synergy capture, and continued execution of our US growth strategy. Excluding the impact of IFRS 16, Parkland’s Adjusted EBITDA was $315 million and net earnings were $110 million.
  • Second quarter fuel and petroleum product volume was 5.5 billion litres, compared to 4.2 billion litres in Q2 2018. The increase was primarily driven by volumes from the Sol Transaction.
  • Second quarter adjusted distributable cash flow increased by $17 million to $156 million (increased by $0.01 per share to $1.06 per share), resulting in an adjusted dividend payout ratio of 29%. Adjusted distributable cash flow is a non-GAAP measure, which we have amended to remove the impact of IFRS 16 such that this metric is comparable year over year.
  • Growth capital expenditures attributable to Parkland were $52 million and maintenance capital expenditures attributable to Parkland were $45 million, which reflects the addition of our new International segment and higher Canada Retail and Canada Commercial growth investments.
  • Completed initiatives that are expected to result in run-rate annual synergies of approximately $140 million from the 2017 Ultramar and Chevron acquisitions. We continue to expect that annual run-rate synergies from these acquisitions will reach approximately $180 million by the end of 2020.
  • Total Funded Debt to Credit Facility EBITDA ratio of 2.5 times as at June 30, 2019.
  • Subsequent to the quarter, on July 10, 2019, Parkland closed the private offering (the “2019 offering”) of US$500 million aggregate principal amount of senior unsecured notes due 2027 (the “2019 notes”). The 2019 notes were priced at par and bear interest at a rate of 5.875% per annum, payable semi-annually in arrears beginning January 15, 2020. Parkland used the net proceeds from the offering to: (i) repay in full its US$250 million term loan facility due 2021; and (ii) repay certain outstanding amounts borrowed under its existing revolving credit facilities.
  • Total recordable injury frequency (“TRIF”), calculated on a trailing twelve-month basis, was 1.78 as at June 30, 2019 compared to 1.95 as at June 30, 2018. The reduction in our TRIF demonstrates our culture of care and drive to zero injuries and incidents in our workplace.
  • On January 1, 2019, Parkland adopted IFRS 16 – Leases (“IFRS 16”). The adoption of IFRS 16 increases Adjusted EBITDA by reducing operating costs and increasing depreciation, amortization, and finance and other costs. IFRS 16 also increases Parkland’s assets and liabilities and has no overall impact to cash flow. For further information, refer to the unaudited Q2 2019 Interim Condensed Consolidated Financial Statements (“Q2 2019 FS”) and Q2 2019 Management’s Discussion and Analysis (“Q2 2019 MD&A”) for the three and six months ended June 30, 2019.

Canada Retail Highlights

  • Second quarter Adjusted EBITDA was $63 million (Pre-IFRS 16: $57 million), a decrease of $25 million compared to the same period in 2018, excluding the impact of IFRS 16. The decrease in Adjusted EBITDA is primarily due to weaker retail gasoline margins across Canada, and accelerated, non-recurring marketing, general and administrative costs associated with the development of our loyalty program. Growth in volume and same-store-sales metrics demonstrate our focus on market share, operational excellence and strategic marketing programs.
  • Second quarter Company volume same-store-sales growth (“SSSG”) was 0.7%, despite poor spring weather which reduced customer traffic. The strong results demonstrate the success of our network development planning strategy, strategic marketing, operational execution and promotional efforts in response to the poor weather conditions.
  • Second quarter Company C-Store SSSG was 2.7%, our 14th consecutive quarter of positive Company C-Store SSSG. Growth was seen across all merchandise categories and was attributable to strong field level execution and the successful implementation of the On the Run / Marché Express store concepts, Parkland’s proprietary private label brand 59th Street Food Co., and higher forecourt to backcourt conversion rates despite poor spring weather conditions.
  • Partially offsetting the decrease in Adjusted EBITDA was lower operating costs, driven by continued cost control measures and the conversion of company-owned, company-operated (“COCO”) sites to company-owned, retailer-operated (“CORO”) sites, which lowers store labour costs. We continued to evolve our retail site composition in the quarter, converting approximately 10 additional Ultramar COCO sites to CORO sites. As of June 30, 2019, we have approximately 40 Ultramar sites remaining to convert.
  • Pilot results from our “Journie” loyalty program are very promising. With over six months of data, results are in-line with expectations and support our plans for our Q4 2019 launch.

Canada Commercial Highlights

  • Second quarter Adjusted EBITDA was $10 million (Pre-IFRS 16: $8 million), a decrease of $10 million compared to the same period in 2018, excluding the impact of IFRS 16. The decrease in Adjusted EBITDA is due to the decline in the Alberta oil and gas sector, specifically lower rig activity, extended break-up period and production curtailments. Wet weather conditions in the eastern provinces also impacted volumes in the agricultural, forestry, and construction segments. We continue to build for growth through our regional operations centers (“ROC”) structure, growing our national fueling network and expanding our industrial propane offer. Our cardlock strategy is also evolving to be integrated with our retail network development program and aims to increase fleet card acceptance and reciprocity.
  • Second quarter fuel and petroleum product volume decreased 8% relative to Q2 2018, primarily due to lower volumes from the Alberta oil and gas sector and unfavorable weather conditions in parts of Canada.

USA Highlights

  • Second quarter Adjusted EBITDA was $13 million (Pre-IFRS 16: $12 million), an increase of $7 million compared to the same period in 2018, excluding the impact of IFRS 16. The increase in Adjusted EBITDA is primarily due to acquisition activity, organic growth and synergy realization. The US business also benefited from strong diesel margins by sourcing product from the Canadian market via rail.
  • Parkland closed the acquisition of all the assets of Ken Bettridge Distributing Inc. (“KB Oil”) on June 1, 2019, a bulk fuel and lubricants distributor and operator of fleet fueling, convenience stores and cardlock services in Southwest Utah and Southeast Nevada. With the acquisition, Parkland added two bulk plants with cardlocks, fuel distribution through 23 trucks, nine retail stores and a small lubricants business. The acquisition of KB Oil follows on our U.S. growth strategy by establishing scale through the addition of strong local operators.
  • Second quarter fuel and petroleum product volume was 394 million litres, an increase of 148 million litres compared to the same period in 2018. The increase was primarily due to acquisition activity and organic growth initiatives.

International Highlights

  • Second quarter Adjusted EBITDA was $74 million (Pre-IFRS 16: $60 million), which reflects Parkland’s 75% ownership in Sol. Performance was driven by strong execution across the regions, early synergy capture, wholesale sales and corporate cost savings. We expect to exceed our initial expectations for 2019 Adjusted EBITDA in this segment and are on track to meet our synergy targets by the end of 2021.
  • Second quarter fuel and petroleum product volume was 1,270 million litres, consisting of 469 million litres sold through retail channels and 801 million litres sold through commercial and wholesale channels.

Supply Highlights

  • Second quarter Adjusted EBITDA was $216 million (Pre-IFRS 16: $209 million), an increase of $39 million compared to the same period in 2018, excluding the impact of IFRS 16. The increase in Adjusted EBITDA is primarily due to safe and reliable operations, strong refining crack spreads, higher refinery utilization, crude oil and diesel exports to the United States and import and blending opportunities in eastern Canada. In addition, Parkland continues to capture synergies from prior acquisitions, including the repatriation of previously exported volumes into the British Columbia market, refinery efficiencies, infrastructure optimization, economies of scale benefits and other supply initiatives. Parkland’s recently opened supply and distribution office in Houston enables Parkland to participate more effectively in global markets to support our Caribbean and US business and is integral to our supply advantage. Offsetting the increase in Adjusted EBITDA was slightly higher operating costs at the Burnaby refinery due to a third party natural gas pipeline interruption and pre-spend for the 2020 turnaround.
  • Refining margins in the quarter were driven by strong refining crack spreads and high utilization rates. For the first two months of the quarter, crack spreads were primarily driven by planned and unplanned refinery outages along the west coast of the United States. In addition, Elbow River Marketing was successful in realizing opportunities to increase crude exports to the United States.
  • Refinery utilization, which measures the amount of crude oil processed and converted to products in the Burnaby Refinery, was 94.9% for the second quarter, compared to 90.9% for Q2 2018, which was lower due to the turnaround at the Burnaby refinery.
  • We continue to successfully co-process biofeeds (tallow and canola) at the Burnaby refinery, which helps us meet provincial and federal climate regulations and establishes Parkland as a leader in low-carbon fuel refining.

Corporate Segment Highlights

  • The Corporate segment includes centralized administrative services and expenses incurred to support operations. Second quarter Adjusted EBITDA was negative $30 million (Pre-IFRS 16: negative $31 million). Marketing, general and administrative expenses increased by $2 million compared to Q2 2018, but as a percentage of total adjusted gross profit, favorably decreased to 4.0% (down from 5.3% in Q2 2018). Parkland’s objective is to manage corporate expenses tightly so that they increase at a slower pace than Parkland’s adjusted gross profit.

Consolidated Financial Overview

($ millions, unless otherwise noted) Three months ended June 30, Six months ended June 30,
2019 2018 2017 2019 2018 2017
Financial Summary            
Sales and operating revenue 4,854   3,783   1,806   9,069   7,125   3,591  
Adjusted gross profit(1) 728   513   168   1,425   943   359  
Adjusted EBITDA including non-controlling interest (“NCI”) 370   249   54   709   402   124  
Adjusted EBITDA attributable to NCI 24       48      
Adjusted EBITDA attributable to Parkland (“Adjusted EBITDA”)(1) 346   249   54   661   402   124  
Net earnings (loss) 111   60   (1 ) 202   80   21  
             
Net earnings (loss) attributable to:            
Parkland 105   60   (1 ) 182   80   21  
NCI 6       20      
             
Net earnings (loss) per share ($ per share)            
Per share – basic 0.72   0.45   (0.01 ) 1.25   0.61   0.20  
Per share – diluted 0.70   0.45   (0.01 ) 1.22   0.60   0.20  
             
Distributable cash flow(2) 168   118   23   293   147   61  
Per share(2)(3) 1.14   0.89   0.20   2.01   1.12   0.59  
Adjusted distributable cash flow(2) 156   139   39   293   249   85  
Per share(2)(3) 1.06   1.05   0.35   2.01   1.89   0.82  
Dividends 45   41   33   88   79   61  
Dividends declared per share outstanding 0.2985   0.2934   0.2886   0.5936   0.5836   0.5738  
Dividend payout ratio(2) 27 % 35 % 146 % 30 % 54 % 99 %
Adjusted dividend payout ratio(2) 29 % 29 % 84 % 30 % 32 % 71 %
Total assets 9,104   5,592   4,281   9,104   5,592   4,281  
Total long-term liabilities 4,958   2,533   2,075   4,958   2,533   2,075  
Shares outstanding (millions) 147   132   130   147   132   130  
Weighted average number of common shares (millions) 147   132   111   146   132   104  
             
Operating Summary            
Fuel and petroleum product volume (million litres)(4) 5,525   4,202   2,588   10,861   8,413   5,344  
Fuel and petroleum product adjusted gross profit(2) (cpl)(5)(7)            
Canada Retail 6.75   8.00   5.78   7.15   7.94   5.53  
Canada Commercial(6) 7.29   8.08     9.25   9.05   11.59  
USA 5.08   3.66     4.83   3.66   3.43  
International 10.71       11.27      
Refinery utilization(7) 94.9 % 90.9 % % 93.5 % 62.2 % %

(1) Measure of segment profit. See Section 13 of the Q2 2019 MD&A.
(2) Non-GAAP financial measure. See Section 13 of the Q2 2019 MD&A.
(3) Calculated using the weighted average number of common shares.
(4) Fuel and petroleum product volume represents external volumes only. Intersegment volumes, including volumes produced by the Burnaby Refinery and transferred to the Canada Retail and Canada Commercial segments, are excluded from this reported volume.
(5) “cpl” stands for cents-per-litre and is a key performance indicator. See Section 13 of the Q2 2019 MD&A.
(6)  For comparative purposes, fuel and petroleum product volume, and sales and operating revenue for the three and six months ended June 30, 2018 were restated due to a change in segment presentation, resulting from a reclassification of the wholesale business from the Canada Commercial segment to the Supply segment, reflecting a change in organizational structure in the second quarter of 2019.
(7)  Key performance indicator. See Sections 4 and 13 of the Q2 2019 MD&A.

The following table outlines the impact of IFRS 16 on Adjusted EBITDA as reported for the three and six months ended June 30, 2019:

  Three months ended June 30, Six months ended June 30,
($ millions) 2019 2018 2019 2018
  Adjusted EBITDA as reported IFRS 16 Impact Pre-IFRS 16 Amount(1) Adjusted EBITDA as reported Adjusted EBITDA as reported IFRS 16 Impact Pre-IFRS 16 Amount(1) Adjusted EBITDA as reported
Canada Retail 63   (6 ) 57   82   136   (11 ) 125   151  
Canada Commercial 10   (2 ) 8   18   54   (3 ) 51   56  
USA 13   (1 ) 12   5   24   (1 ) 23   9  
Supply 216   (7 ) 209   170   359   (13 ) 346   241  
International 74   (14 ) 60     145   (28 ) 117    
Corporate (30 ) (1 ) (31 ) (26 ) (57 ) (2 ) (59 ) (55 )
Consolidated 346   (31 ) 315   249   661   (58 ) 603   402  

(1) Pre-IFRS 16 amounts are comparable to the reported information for the respective prior periods which was calculated under IAS 17.

Updated 2019 Outlook & Guidance Range

Parkland will remain focused on its key strategies of organic growth, building a strong supply advantage and acquiring prudently.

Our 2019 Guidance for Adjusted EBITDA attributable to Parkland, which includes the impact of IFRS 16, is increased by $100 million to $1,165 million with an anticipated variance of up to 5% (the “2019 Guidance Range”). The increase in our 2019 Guidance Range reflects our strong performance in the Supply, International and USA segments, continued synergy capture across the portfolio, a conservative outlook for retail fuel margins and lower activity levels for the Commercial segment.

In addition, the Company continues to expect approximately $200 million of growth capital expenditures and $200 million of maintenance capital expenditures in 2019. We have identified additional growth capital opportunities within the Sol business which will be evaluated for investment later in the year.

The 2019 Guidance Range includes some other key assumptions highlighted below:

  • Includes Sol’s Adjusted EBITDA that is attributable to Parkland, now forecast above initial expectations
  • Burnaby refining margins forecast is based on our view of future market conditions
  • The performance of recently acquired businesses, general market conditions, including but not limited to fuel margins and weather, will remain substantially consistent for the remainder of 2019
  • The low end of our 2019 Guidance Range accounts for potential adverse market conditions across our areas of operations, as well as the potential for lower refining margins than currently observable, while the high end of our 2019 Guidance Range accounts for greater than expected contributions from acquisition synergies, refining margins and organic growth

In addition, the factors and assumptions which contribute to Parkland’s assessment of the 2019 Guidance Range are consistent with existing Parkland disclosure and such guidance range is subject to risks and uncertainties inherent in Parkland’s business. Readers are directed to the “Risk Factors” section in the Q2 2019 MD&A and the Annual Information Form for a description of such factors, assumptions, risks and uncertainties.

Conference Call and Webcast Details

Parkland will host a webcast and conference call on Friday, August 2, 2019 at 6:30am MST (8:30am EST) to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:

https://event.on24.com/wcc/r/2050152/33EA5040C6B8F9BB492A319582DB696A

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0605 (toll-free) (Conference ID: 65159943). International participants can call 1-587-880-2175 (toll) (Conference ID: 65159943).

Please connect and log in approximately 10 minutes before the beginning of the call.

The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca

MD&A and Consolidated Financial Statements

The Q2 2019 MD&A and Q2 2019 FS provide a detailed explanation of Parkland’s operating results for the three and six months ended June 30, 2019. An English version of these documents will be available online at www.parkland.ca and SEDAR immediately after the results are released by newswire under Parkland’s profile at www.sedar.com. French Financial Statements and MD&A will be posted to www.parkland.ca and SEDAR as soon as they become available.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, cash flow growth, run-rate synergies, private label program expansion, fuel volume growth, new business objectives, organic growth initiatives, growth of supply and trading business in the U.S. and Caribbean, Adjusted EBITDA Guidance, capital and maintenance expenditure forecasts, contribution of the Sol business and other previous acquisitions, strategic marketing and operational efforts to increase fuel volume, expected launch of marketing and loyalty programs, U.S. growth opportunities, and supply improvement and optimization and plans and objectives of or involving Parkland.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 27, 2019 and in “Forward-Looking Information” and “Risk Factors” in the Q2 2019 MD&A and annual MD&A dated February 28, 2019, each as filed on SEDAR and available on the Parkland website at www.parkland.ca

Non-GAAP Financial Measures

This news release refers to certain non-GAAP financial measures that are not determined in accordance with International Financial Reporting Standards (“IFRS”). Distributable cash flow, distributable cash flow per share, adjusted distributable cash flow, adjusted distributable cash flow per share, total funded debt to credit facility EBITDA ratio, dividend payout ratio and adjusted dividend payout ratio are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Management considers these to be important supplemental measures of Parkland’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. See Section 13 of the Q2 2019 MD&A for a discussion of non-GAAP measures and their reconciliations to the nearest applicable IFRS measure.

Adjusted EBITDA and adjusted gross profit are measures of segment profit. See Section 13 of the Q2 2019 MD&A and Note 20 of the Q2 2019 FS for a reconciliation of these measures of segment profit. Annual synergies is a forecasted annualized measure and is considered to be forward-looking information. See Section 13 of the Q2 2019 MD&A. Investors are encouraged to evaluate each measure and the reasons Parkland considers it appropriate for supplemental analysis.

Investors are cautioned that these measures should not be construed as an alternative to net earnings determined in accordance with IFRS as an indication of Parkland’s performance. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Effective January 1, 2019, Parkland adopted the new accounting standard, IFRS 16 – Leases (“IFRS 16”). The adoption of IFRS 16 has a significant effect on Parkland’s reported results. Due to Parkland’s selected transition method, it has not restated its prior year comparatives. Certain financial statement measures are presented excluding the impact of IFRS 16 (“Pre-IFRS 16 measures”). Refer to the Q2 2019 FS and Q2 2019 MD&A for reconciliations of Pre-IFRS 16 measures.

About Parkland Fuel Corporation

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

The post Parkland Fuel Corporation Announces Record 2019 Second Quarter Results and Increases its 2019 Adjusted EBITDA Guidance Range to $1.165 Billion ± 5% appeared first on Caribbean and Latin America Daily News.

Archipelago International Expands Portfolio in Cuba

JAKARTA, Indonesia, July 29, 2019 /PRNewswire-HISPANIC PR WIRE/ — ArchipelagoInternational, Southeast Asia’s largest independent hotel group, today announced the signing of a Management Contract with Grupo de Turismo Gaviota S.A, for the 5 Star Grand Aston Cayo Las Brujas Beach Resort & Spa in Cuba. The signing ceremony took place recently in Havana, Cuba.

Grand Aston Cayo Las Brujas Beach Resort & Spa is located in the Northern Cayos of Cuba on Las Brujas Island, adjacent to Cayo Santa Maria. The resort is comprised of 727 rooms and suites, family and adult-only areas, five swimming pools, eclectic dining offerings, a ‘Technogym’ equipped fitness center, water sports, tennis, multi-sport areas and Cuba’s only Balinese-themed spa together with its own Pueblo (resort village with even more dining choices, a lively Salsa venue, the island’s most happening beach bar, a bowling alley and a variety of shops). The resort also has its own 3 km long private beach.

Archipelago has been brought in to maximise the potential of this wonderful new resort and will apply its proven operational, technical and training capabilities. The resort will provide guests with a multitude of choices and experiences throughout their stay, and will imbue a sense of our Southeast Asian heritage“, commented Gerard Byrne, Managing Director, Archipelago Overseas.

We are delighted to debut in Cuba and are honoured to be part of Grupo de Turismo Gaviota’s growing international family. Grand Aston Cayo Las Brujas Beach Resort & Spa is a truly remarkable resort. Cuban hospitality services, combined with international management expertise, will ensure a memorable all-inclusive experience for its guests“, commented John Flood, President & CEO, Archipelago International.

Grand Aston Cayo Las Brujas Beach Resort & Spa is Archipelago’s second project in Cuba. Its first, Grand Aston Varadero Beach Resort, is currently under construction and is expected to open in 2021.

Grand Aston Cayo Las Brujas Beach Resort & Spa is Archipelago’s second project in Cuba. Its first, Grand Aston Varadero Beach Resort, is currently under construction and is expected to open in 2021.

About Archipelago International 
Archipelago International is one of Southeast Asia’s largest operators of hotels, resorts and residences with more than 145 operating hotels (20,000 rooms) and a further 100+ properties under development across Southeast Asia, the Indian Subcontinent, the Middle East and the Caribbean. Its 10 multi award winning brands are Aston, Huxley, Alana, The Aston Heritage Collection, Kamuela, Harper, Quest, Neo, favehotels and Nomad.

The post Archipelago International Expands Portfolio in Cuba appeared first on Caribbean and Latin America Daily News.

Cloud Carib Ranked Among Top Third World’s Most Elite 501 Managed Service Providers

News Americas, BRIDGETOWN, Barbados, July 18, 2019: Cloud Carib has been named as one of the world’s premier managed service providers on the prestigious 12th-annual Channel Futures MSP 501 rankings. Coming in above all other providers in the Caribbean and Latin America, and #160 out of 501 managed service providers worldwide, there’s a lot to be proud of for The Bahamas owned and headquartered company.

Every year, MSPs worldwide complete an extensive survey and application to report their product offerings, growth rates, annual total and recurring revenues, pricing structures, revenue mix and more. MSPs were ranked according to a unique methodology that weights revenue figures according to how well the applicant’s business strategy anticipates trends in the fast-evolving channel ecosystem.

Channel Futures is pleased to name Cloud Carib to the 2019 MSP 501.

“We’re honored to be awarded #160 out of the top 501 MSPs worldwide, and to be the highest rated in both the Caribbean and Latin American regions,” said Scott MacKenzie, CEO, Cloud Carib. “We’re proud to be recognized on a global scale and take it as further evidence that we’re helping transform this region and establishing the Bahamas as a tech hub of the region. Every year more MSPs enter the market and competition gets fiercer, our ranking demonstrates our dedication to our client’s business needs, our thirst for innovation and forward thinking as well as our ability to compete on a global scale”.

In the 12 years since its inception, the MSP 501 has evolved from a competitive ranking list into a vibrant group of service providers, vendors, distributors, consultants and industry analysts working together to define the growing managed service opportunity.

“The 2019 MSP 501 winners are the most elite, innovative and strategic IT service providers on the planet, and they stand as a model of excellence in the industry,” says Kris Blackmon, Content Director of Channel Partners and Channel Futures and lead of the MSP 501 program. “As the MSP 501 Community grows, leagues of managed service providers learn from the successes of these winning companies, gaining insight into the best practices, strategies and technologies that elevate an MSP to the level of the 501 winners. Our heartfelt congratulations to the 2019 winners and gratitude to the thousands of MSPs that have contributed to the continuing growth and success of both the 501 and the thriving managed services sector.”

In addition to deciding the rankings, the survey drives the creation of an annual in-depth study of business and technology trends in the IT channel, released each year at the Channel Partners Evolution conference. The full MSP 501 Report leverages applicant responses, interviews with industry experts and historical data to give a well-rounded picture of the managed services opportunity.

The complete 2019 MSP 501 list is available at Channel Futures.

About Cloud Carib
Cloud Carib is the region’s premier provider of managed cloud services founded upon the principles of delivering quality, agility, and value for every client. Solutions range from complex bespoke dedicated private cloud offerings to hybrid cloud services. Every solution provides clients with controlled costs, unrivaled levels of service, and unparalleled levels of data protection and privacy – when and where privacy matters.

The post Cloud Carib Ranked Among Top Third World’s Most Elite 501 Managed Service Providers appeared first on Caribbean and Latin America Daily News.