Category Archives: PR News

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

Newly-Minted Doctor Of Letters Monty Alexander Heads Out On European Tour

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Monty Alexander, CD, receiving the Hon. Doctorate of Letters degree from UWI Mona Campus Chancellor Robert Bermudez at the 2018 graduation ceremonies on Nov. 3, 2018.

Monty Alexander, CD, receiving the Hon. Doctorate of Letters degree from UWI Mona Campus Chancellor Robert Bermudez at the 2018 graduation ceremonies on Nov. 3, 2018.

CaribPR Wire, NEW YORK, NY, Sat. Nov. 17, 2018: Days after receiving an honorary Doctorate of Letters degree from the University of the West Indies Mona Campus, Jamaican-born, international jazz maestro, Monty Alexander, is still beaming with joy as he heads out on a European tour.

“I am so proud to have received another great honor from my beloved native Jamaica,” Alexander, who in 2000 received the Jamaican National Award of Commander of Distinction, (CD) commented. “It fills me with joy but I’m also very humbled.”

Alexander, born Montgomery Bernard Alexander on D-Day in Kingston, Jamaica, was presented with the DLitt distinction on November 3rd, 2018 at the Kingston Jamaica, UWI Mona Campus by Chancellor Robert Bermudez at the 2018 graduation ceremonies. Also honored with the Jamaican musician extraordinaire was actress, singer, model and producer, Grace Jones.

The performer, who has five decades of performances and more than 70 CDs under his belt, began his musical career at age four by playing Christmas carols by ear. He is now most widely known as an upper echelon master of the swinging piano trio function as he has demonstrated with several top-shelf groups, including iconic units with bassist John Clayton and drummer Jeff Hamilton, and with the legendary bassist Ray Brown and guitarist Herb Ellis.

He also performs frequently with Harlem-Kingston Express, a double trio in which he coalesces his love for hard-swinging jazz with musical flavors that reflect his Jamaican heritage, shifting between an acoustic trio and master Jamaican practitioners of electric bass and drums. He debuted the project at Jazz at Lincoln Center in 2009 and documented it both on the Grammy-nominated 2011 CD, Harlem-Kingston Express: LIVE, and its 2014 Soultrain Award nominated follow-up, Harlem Kingston Express 2: The River Rolls On (Motéma).

Alexander headed out on a European tour this month, beginning today Saturday, November 17th in Backnang, Germany. He will then move on to Vienna, Austria on November 19th and Dresden, Germany on November 21st before playing Prague, Czech Republic on November 22nd and the Auditorium de la Seine Musicale in Paris, France on November 23rd. Alexander wraps up the tour on November 25th at the London Jazz Festival in London, UK.

For more on the Monty Alexander and his amazing brand of jazz, visit him on YouTube or at montyalexander.com. You can also like him on Facebook at facebook.com/officialmontyalexander or keep up to date on his performance on Twitter at @montyHKE.

UWI

Established in 1948, UWI is the largest and longest standing higher education provider in the English-speaking Caribbean. In its more than 60 years of existence, UWI has evolved from a fledgling college in the Caribbean island of Jamaica with 33 students to a full-fledged University with over 45,000 students, approximately 9,000 graduates annually and more than 120,000 alumni. The impressive network of UWI alumni includes one Nobel Laureate, dozens of Rhodes Scholars and more than 18 current and former Caribbean prime ministers and heads of state.

MEDIA CONTACT:

Felicia Persaud

Hard Beat Communications

718-476-3616

felicia@caribpr.com

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Cookbook Puts The Spotlight On Weed And Other Exotic Caribbean Curries In Time For The Holidays

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Caribbean Curries by Felicia J. Persaud

Caribbean Curries by Felicia J. Persaud

CaribPR Wire, NEW YORK, NY, Fri. Nov. 16, 2018: The unlikely marriage of weed and curry is among the recipes featured in a new book that encapsulates many of the exotic curries of the Caribbean region and is now available in time for the holiday season.

Tapping into the rich and diverse cultural heritage and cuisine of the Caribbean, Caribbean-American journalist and entrepreneur, Felicia J. Persaud, reveals over two dozen unique curry recipes in her book, ‘Caribbean Curries,’ now available exclusively on Amazon Kindle.

The curry recipes featured are outside of the norm of typical Caribbean curries such as the popular chicken or curry goat curries. It includes the unique Salmon Curry, Crab Curry, Pork Curry, Duck Curry, Beef Curry, Chicken Liver Curry and Eggplant and Potato Curry, to the more bizarre Gilbaka Curry, Katahar Curry, Mango Curry, Hassar Curry, Curry Cow Tongue and Pachownie Curry.

The book also features a Weed Curry Chicken recipe made with Cana oil while delving into a brief history of curry in the Caribbean along with the many health benefits of the spices that are used in making a curry dish.

In addition, the book adds spice outside of the kitchen with model and amateur home cook, the “Spicy Chef,” who also graces the cover.

This cookbook is a perfect gift for the chef in your life this holiday.  Grab it here now.

MEDIA CONTACT:

Kathy Bronson

kbronson@hardbeatcommunications.com

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Cloud Carib Sponsors Grand Bahama Technology Summit

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CaribPR Wire, NASSAU, Bahamas, Nov. 13, 2018: The Bahamas gears up to host its second annual technology summit this week in Grand Bahama, bringing global experts from tech companies and regional entities to the island of Grand Bahama to discuss digital transformation. Under the theme, “The Future is Now,” Cloud Carib has partnered with this year’s committee to invite key players in the field of technology.  This year’s summit promises to inspire IT professionals, developers, innovators and stakeholders both locally and internationally. The conference which runs November 14th – 16th, will cover a breadth of resources, tools, tips and practical advice from experienced professionals in the information and technology industry.

Cloud Carib’s key global technology partners, VMware, Palo Alto, Oracle, Veeam, RedHat, Cybernetica and Cisco will all be in attendance to present at the summit. These technology leaders will be hosting tech talks and workshops, sharing their knowledge and experience in digital transformation and the technology sector. Many of these experts will be sharing insight into the advantages their products and services provide within the government’s journey to digital transformation when paired with the expertise and global reach of a company headquartered in The Bahamas like Cloud Carib.

“We’re thrilled to be a partnering sponsor of this years’ technology summit. Cloud Carib and the Government of the Bahamas have been working together to lay the foundation needed to transform the government’s ICT infrastructure and establishing the Bahamas as a leader in eGovernment. We look forward to seeing The Bahamas emerge as a technology leader regionally and globally,” said Cloud Carib’s CEO, Scott MacKenzie.

Scott MacKenzie, Cloud Carib’s Chief Executive Officer will be participating in a panel discussion on ‘Transforming the Future of Business’ and Reneldo Russell, Cloud Carib’s Client Delivery Executive of the Public Sector, will be involved in a panel on ‘Disruptive Ideas, Emerging Technologies’.

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Scotiabank named 2018 Bank of The Year by LatinFinance

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TORONTO, Nov. 6, 2018 /PRNewswire-HISPANIC PR WIRE/ — Scotiabank is proud to have been named 2018 Bank of the Year by LatinFinance for excellence in retail, commercial and investment banking services for Latin America and the Caribbean.

Scotiabank

Scotiabank is the first Canadian bank to ever receive the Bank of the Year award from LatinFinance. The Bank was recognized for its, “overall strategy, volume and diversity of transactions; innovation and foresight; execution quality and success of transactions; role in particularly complex, innovative or large deals over the years; and quantity of transactions worked on over the year, and compared to previous years,” according to LatinFinance.

“We are honoured to have been recognized by LatinFinance as the 2018 Bank of the Year and would like to thank our customers for their loyalty and our employees for their hard work and dedication to providing an excellent customer experience,” said Ignacio (Nacho) Deschamps, Group Head of International Banking and Digital Transformation at Scotiabank. “This award recognizes Scotiabank for our long history in Latin America as well as our new acquisitions that add scale in the important markets we serve, especially in the Pacific Alliance countries.”

The Bank of the Year is chosen by an editorial panel that reviews financial data and research, considers quantitative and qualitative factors, and weighs analyst opinion. Winners will be honoured at an Awards Ceremony in New York City on December 4, 2018 to celebrate LatinFinance’s 30th anniversary.

LatinFinance is the leading source of intelligence on the financial markets and economies of Latin America and the Caribbean, and has covered banking and capital markets in the region for more than 25 years. It also provides detailed transaction pipelines, underwriting and advisory league tables, polls and awards.

About Scotiabank

Scotiabank is Canada’s international bank and a leading financial services provider in the Americas. We are dedicated to helping our 25 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 96,000 employees and assets of $947 billion (as at July 31, 2018), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.

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DoubleLine UCITS Funds Now Available on Allfunds Bank Platform

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LOS ANGELES, Oct. 24, 2018 /PRNewswire-HISPANIC PR WIRE/ – DoubleLine Capital LP has begun offering its Luxembourg-domiciled UCITS funds on the Allfunds Bank platform, an open architecture, worldwide distributor of mutual funds.

“Allfunds is one of the leading international distribution platforms,” said Ron Redell, executive vice president of DoubleLine. “The availability of DoubleLine Funds (Luxembourg) on this distribution network is strategically important for DoubleLine’s UCITS funds global expansion.”

The term UCITS stands for Undertakings for the Collective Investment of Transferable Securities, an open-end fund vehicle available in Europe, Latin America and many other countries outside the U.S. The sub-funds of the DoubleLine Funds (Luxembourg) UCITS currently include the DoubleLine Shiller Enhanced CAPE® equity sub-fund, which is co-managed by DoubleLine Alternatives LP and DoubleLine Capital LP, and DoubleLine Short Duration fixed income sub-fund, which is managed by DoubleLine Capital LP. Depending on an investor’s country of residence, the sub-funds are available via retail and institutional share classes denominated in various currencies.

Allfunds Bank Group offers integrated fund solutions (operational, analysis and information). Created in 2000, today Allfunds Bank has more than €370 Billion assets under administration and offers more than 64,400 funds from over 1,200 fund managers. Allfunds Bank Group has a local presence in Luxembourg, Switzerland, United Kingdom, Spain, Italy, United Arab Emirates, Singapore, Chile and Colombia and has more than 605 institutional clients, including major commercial banks, private banks, insurance companies, pension funds, fund managers, financial supermarkets, international brokers, and specialist firms from 45 different countries. Allfunds Bank Group operates in Asia through the entity of Allfunds Singapore Branch.

About DoubleLine Capital LP

DoubleLine Capital LP is an investment adviser registered under the Investment Advisers Act of 1940. As of the September 30, 2018 end of the third quarter, DoubleLine Capital and its related companies (”DoubleLine”) managed approximately $123 billion in assets across all vehicles, including open-end mutual funds, collective investment trusts, closed-end funds, exchange-traded funds, hedge funds, variable annuities, UCITS and separate accounts. DoubleLine’s offices can be reached by telephone at (213) 633-8200 or by e-mail at info@doubleline.com. Media can reach DoubleLine by e-mail at media@doubleline.com. DoubleLine® is a registered trademark of DoubleLine Capital LP.

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Must Read Whitepaper, ‘Making Money With Network Slicing’, Hits The Shelves

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Network Slicing Leader Cloudstreet Showcases the Vast Opportunities of this Promising New Mobile Business Model

CaribPR Wire, Espoo, Finland & Berlin, Germany, Oct. 23, 2018: Cloudstreet, ‘The Network Slicing Company’, is pleased to announce the publication of its most recent industry whitepaper, “Making Money with Network Slicing”. A business-forward take on the practice, the paper puts slicing at the very center of the mobile industry’s transition now underway. With a focus on practical, market-ready models, the authors unravel the misconceptions about Network Slicing, exploring its potential to disrupt the cultural and business logjams that have hampered growth.

Less about technology than a new way of doing business, Network Slicing has quickly risen from a mere buzzword to a budget line item, as mobile operators retool for the opportunities to come

“Inherently disruptive, it will create new business ecosystems to support unique and evolving demands that touch quite literally every industry sector and market segment. Like any evolution, it will start small and then scale exponentially as demand grows and the practice becomes more refined. The financial returns will quickly follow and soon become a core top line revenue generator.”

Showcasing several high-value, low-barrier examples including Fixed Wireless, Private LTE, Mobile Gaming and Live User Generated Content, to name a few, the study charts a carrier-friendly course for Network Slicing in today’s 4G networks, and a cogent strategy for staying competitive in what promises to be a highly competitive market in 5G.

“No doubt but that carriers need to lead the way and begin the process of transforming their businesses today” said Mika Skarp, Founder and CEO of Cloudstreet “The next generation of telecom isn’t just about improvements in speed and latency. These are not selling points in and of themselves, but reliability is,” he adds. “There are huge expectations of mobile networks that go well beyond what new antennas and spectrum alone can address. The moment that carriers move on from Best Effort to differentiated Quality-of-Experience and SLA-based business models, the next-generation of mobile will truly begin”

On the occasion of the paper’s publication, Mika Skarp wil be delivering a companion presentation at the Broadband World Forum, Network Slicing Summit, in Berlin Tuesday, October 23rd, 2018.

Analyst firm Arthur D. Little suggests that in meeting these demands, carriers can expect a 34% boost in revenues to 2026. That’s a big jump from today’s annual growth average of about 1%. But as the whitepaper points out, addressing the unique needs of multiple segments, particularly in industry 4.0, means being mission-critical ready, leveraging the power of Network Slicing to deliver virtualized dedicated resources to customers of all stripes. And it’s that special recipe, argue the authors, that will have a positive knock-on disruptive effect.

“Traditional go-to-market cycles will accelerate, mobile operator relationships with enterprise, government and small business will become more strategic, networks will become more efficient, resource allocation more logical and both current and future investments in capacity will show dramatically greater return.”

Drawing on years of experience as the first to deploy a market-ready Network Slicing capability at scale, as well as some of the most advanced PoCs, including a demonstration of End-to-End Network Slicing at the recent Telecom Infra Project’s TIP Summit 18 in London, Cloudstreet provides key insights from across functional groups, to paint a clear picture of this promising, soon-to-be defining feature of mobile networks.

Readers interested in the whitepaper can visit the Cloudstreet web site for their online or printable version. Any Mobile Operators interested in a consulting session with Cloudstreet on how Network Slicing can help them achieve their business objectives are invited to email us at sales@cloudstreet.co


About Cloudstreet

Finland-based Cloudstreet is a US and EU patented Network Slicing innovator dedicated to revolutionizing the mobile experience, empowering user choice and driving new MNO revenues. Leveraging the power of Software Defined Networks and Network Function Virtualization (SDN/NFV), Cloudstreet provides the world’s first in-market, carrier-grade Network Slicing Platform. Tailoring Quality of Experience to user demand and context, Cloudstreet delivers application-aware slices for any use case with SLA-assured performance for capacity, latency and throughput. Awarded the EC’s Horizon 2020 grant and Best Connectivity Solution (WCA16), Cloudstreet’s cost-reducing, revenue-generating platform is deployable in today’s 4G networks for any 5G-envisioned network slicing use cases. Visit us at www.cloudstreet.co.

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Successful Presence of NexusTours in Cancun Travel Mart

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CaribPR Wire, CANCUN, Mexico, Oct. 19, 2018: On Monday, October 8, the Cancun Travel Mart began its 31st edition, inside the Convention Center on the Hotel Zone.

NexusTours took the opportunity to present its wide portfolio of over 4000 products and services in 15 countries with 48 destinations, and strengthen its regional leadership as a B2B distributor with DMC heart, which during 2018 gave attention to more than 2.3 million travelers and through their high standard of quality achieved a high degree of satisfaction.

The trade show allowed last negotiations for the winter season and redefined strategies according to the latest trends, such as the arrival of 19 million 189 thousand 289 passengers at the international airport in Cancun so far this year 2018, according to figures from the Secretary of Tourism of the State.

The meeting was attended by Roberto Bermudez Senior Corporate Director of Distribution & Product and his NexusGlobal team focused on the markets of Latin America, USA & Canada; Juan Derudi Commercial Director Central & LATAM, Javier Vidal Commercial Director USA & Canada and Leticia Gutierrez Corporate Director Tourdesk & Watersports who managed the busy schedule with clients and suppliers with the aim of strengthening relationships and consolidating regional leadership.

ABOUT NEXUSTOURS

We are the leading Destination Management Company in the region, with a presence in more than 15 countries and more than 47 destinations in the Caribbean and Latin America, transporting more than 2 million passengers per year. We are part of Sunwing Travel Group and, backed by more than 20 years of experience, we have a modern fleet of own vehicles for transfers and excursion operations. We offer the most complete service program in destination, both in airports and through our Tour Desk and Hospitality Desk in hotels. Excellence in assistance and service are our greatest commitment; so we offer the most modern customer service channels 24 hours a day, 365 days a year, through our Contact Center, website, Chat-On-Line service, and our App Connect2Nexus, in which, travelers find all the necessary information and allow them to communicate for free with our team of professionals.

In addition to the tour operators of our group, such as Sunwing Vacations, Signature Vacations and Vacation Express, we are honored to have the confidence of more than 500 first-class Tour Operators, leaders in their markets in Latin America, Mexico and Europe, among them, TUI Travel Group.

For more general information visit www.nexustours.com/corporate

Photos accompanying this announcement are available at

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Exitosa Presencia de NexusTours en el Cancun Travel Mart

CaribPR Wire, CANCUN, Mexico, Oct. 19, 2018: El día lunes 8 de octubre inició el Cancún Travel Mart en su edición número 31, dentro del Centro de Convenciones en  Zona Hotelera.

NexusTours aprovechó la importante ocasión para presentar su amplio portafolio de más de 4000 productos y servicios en 15 países con 48 destinos, y fortalecer su liderazgo regional como distribuidor B2B con corazón DMC, que durante 2018 dio atención a más de 2.3 millones de viajeros y gracias al elevado estándar de calidad se alcanzó un alto grado de satisfacción.

La feria permitió últimas negociaciones para la temporada de invierno y redefinir estrategias de acuerdo a las últimas tendencias, como la llegada de 19 millones 189 mil 289 pasajeros al aeropuerto internacional de Cancún en lo que va de este año 2018, de acuerdo a cifras de la Secretaría de Turismo del Estado.

Al encuentro asistieron Roberto Bermudez Senior Corporate Director de Distribution & Product y su equipo de NexusGlobal enfocado en los mercados de Latinoamérica, USA & Canadá; Juan Derudi Comercial Director Central & LATAM, Javier Vidal Comercial Director USA & Canada  y Leticia Gutierrez Corporate Director Tourdesk & Watersports que gestionaron la apretada agenda con clientes y proveedores con el objetivo de fortalecer relaciones y consolidar liderazgo regional.

ACERCA DE NEXUSTOURS

Somos el Destination Management Company líder en la región, con presencia en más de 15 países y más de 47 destinos en el Caribe y América Latina, transportando a más de 2 millones de pasajeros al año. Formamos parte de Sunwing Travel Group y, respaldados por más de 20 años de experiencia, contamos con una moderna flota de vehículos propios para traslados y operación de excursiones. Brindamos el más completo programa de servicios en destino, tanto en aeropuertos como a través de nuestros Tour Desk y Hospitality Desk en los hoteles. La excelencia en la asistencia y el servicio son nuestro mayor compromiso; por lo que ofrecemos los más modernos canales de atención al cliente 24 horas al día, los 365 días del año, a través nuestro Contact Center, sitio web, servicio de Chat-On-Line, y de nuestra App Connect2Nexus, en la cual, los viajeros encuentran toda la información necesaria y les permite comunicarse de manera gratuita con nuestro equipo de profesionales.

Además de los turoperadores de nuestro grupo, como Sunwing Vacations, Signature Vacations y Vacation Express, tenemos el honor de contar con la confianza de más de 500 Tour Operadores de primera línea, líderes en sus mercados de Latinoamérica, México y Europa, entre ellos, TUI Travel Group.

Para obtener información más general, visite www.nexustours.com/corporate

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Grupo Aeroportuario del Pacifico Will Operate the Norman Manley Airport in 2019

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KINGSTON, Jamaica, Oct. 10, 2018 /PRNewswire-HISPANIC PR WIRE/ — The most honorable Andrew Holness, Prime Minister of Jamaica hosted the Norman Manley International Airport Public-Private Partnership Execution of the Concession Agreement to Grupo Aeroportuario del Pacifico (GAP).

The Jamaican authorities, including the Prime Minister, Andrew Holness; during the execution of the concession agreement with the GAP's CEO, Raul Revuelta Musalem

GAP is a Mexican corporation that operates thirteen international airports in large metropolitan areas, industrial centers, and world-class leisure destinations of Mexico and Jamaica. In the last 18 years, the Group has invested over $1.2 billion US Dollars in the airports, positioning itself as one of the fastest growing airport groups of its size in the world. During 2017, the airports of the Group managed 40.7 million of passengers.

In April 2015, Grupo Aeroportuario del Pacifico assumed operational control of Sangster International Airport in Montego Bay, investing over 191 million US Dollars to acquire a 74.5% stake in this airport. This was the largest investment of the Group outside Mexico.

GAP has developed a culture committed to customer service. One of the main objectives of the Group once it takes control of the operations of the Norman Manley International Airport next year, will be to improve the infrastructure and equipment to fulfill passengers’ needs.

Grupo Aeroportuario del Pacifico, manages airports based on establishing strong partnerships with the airport owner, the passengers, the airlines, business developers, members in the air transportation industry and notably, with the local authorities.

“We will collaborate with the government of Jamaica in identifying tourism development opportunities and possible investors from Mexico; as well as explore potential growth for new resorts, tourism facilities and time-share business in parts of the country where the connectivity provided by the airport could be a catalyst”, mentioned Raul Revuelta, Chief Executive Officer of the Group during the ceremony in which participated Hon. Robert Montague, Minister of Transport & Mining.

Grupo Aeroportuario del Pacifico, S.A.B. de C.V. (GAP) is a Mexican company that operates 13 international airports in the Pacific and Central Regions of Mexico and in the Caribbean:

  • Guadalajara and Tijuana, serving the main metropolitan areas.
  • Mexicali, Hermosillo, Los Mochis, Aguascalientes, Guanajuato and Morelia, serving mid-sized and developing cities.
  • La Paz, Los Cabos, Puerto Vallarta, Manzanillo and Montego Bay, serving some of the leading tourist destinations.

In Mexico, the airports are owned by the Mexican government and were assigned 50-year concessions as part of a national initiative to privatize and improve the quality and safety of the country’s airport services. In the last 18 years, GAP has invested over $1.2 billion USD in the airports. During 2017, the airports of the Group managed 40.7 million passengers.

In April 2015, GAP assumed operational control of the Sangster International Airport in Montego Bay.

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Parkland Fuel Corporation to Acquire 75% of SOL, the Largest Independent Fuel Marketer in the Caribbean

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Transformational Business Combination Establishes Strong International Growth Platform; SOL’s Simpson Group to Own 9.9% of Parkland

CaribPR Wire, CALGARY, Alberta, Oct. 10, 2018: Parkland Fuel Corporation (“Parkland”, “We”, “Our” or “Us”), (TSX:PKI) Canada’s largest and one of North America’s fastest growing independent marketers of fuel and petroleum products and a leading convenience store operator, and SOL Limited have entered into an agreement to complete a business combination (the “Business Combination” or “Transaction”) between Parkland and SOL Investments Limited (“SIL”) and its subsidiaries (collectively, “SOL”).  A privately-held company owned by the Simpson Group, SOL is the largest independent fuel marketer in the Caribbean and a wholly-owned subsidiary of SOL Limited.

SOL supplies and markets a total of 4.8 billion liters of fuel volume annually across 23 countries in the Caribbean and generated US$215 million (approximately C$280 millioni) in adjusted earnings before taxes, depreciation and amortization (“Adjusted EBITDA”) in the 12-month period ending June 2018.

The Transaction will result in Parkland acquiring 75% of the issued and outstanding shares in the capital of SIL (the “SIL Shares”) for total consideration of US$1.21 billion (approximately C$1.57 billion) plus customary post-closing adjustments on a cash-free and debt-free basis (the “Purchase Price”), and SOL Limited acquiring 12.16 million common shares in the capital of Parkland (the “Parkland Shares”).  This equates to a purchase price multiple on the 75% equity interest in SOL of approximately 7.5x Adjusted EBITDA, excluding working capital. Upon closing the Simpson Group, through its ownership in SOL Limited, will own approximately 9.9% of the issued and outstanding shares in Parkland and its intention is to remain a long-term investor in Parkland. The Transaction is expected to be immediately accretive to Parkland’s distributable cash flow per share by approximately 17% (pre-synergies).

The remaining 25% of the shares outstanding in SIL are subject to the Minority Purchase/Sale Right (as defined below) pursuant to which Parkland may elect to acquire or SOL Limited may elect to sell the remaining shares in the capital of SIL. Based on SOL’s Adjusted EBITDA for the 12-month period ending June 2018, the Adjusted EBITDA attributable to Parkland from the 75% ownership stake in SOL would have been US$161 million (approximately C$210 million), representing 75% of SOL’s Adjusted EBITDA for the period.

Parkland President and CEO Bob Espey said, “The addition of SOL will extend our global supply reach and enable us to continue to build our supply advantage to benefit our entire business. With its integrated supply chain backed by an extensive distribution network, fortress assets, a premier brand portfolio and an exceptional team, SOL has built a strong market position with unparalleled regional scale.  Together, Parkland and SOL create a significant North American and Caribbean growth platform. We are delighted to partner with the Simpson Group and welcome the opportunity to work with SOL’s strong management team to optimize and grow SOL’s industry leading retail and supply network through our combined scale and expertise.”

Sir Kyffin Simpson, CBE, Founder of SOL Limited said, “I am exceptionally pleased to announce the coming together (Business Combination) of Parkland and SOL, which will ensure an exciting and dynamic future for everyone.  With a desire to continue to develop and grow the business through expansion in new areas, I am extremely blessed to bring in our good friends Parkland of Canada to the Caribbean.  I have long admired Parkland as a company with their futuristic vision and energy, and I have been tremendously impressed with Bob Espey’s strong leadership along with his exceptional management team.”

“I am truly confident that this coming together with the fantastic team at SOL will be a complementary blend of cultures, ideas, technology and innovation.  I am convinced that Parkland and SOL are perfectly matched to develop new and exciting opportunities, with renewed energy that will provide excellent avenues for the development of our people that will in turn enhance our customer experience and open new doors for great synergies and improved logistics.  With forty-three million people and a GDP of more than US$200 billion, this is the perfect time to take advantage of the tremendous opportunities that abound in the Caribbean.”

“This coming together will also provide a big boost of confidence for regional investment opportunities and we are happy to do our part in this regard.  Please therefore join with me in welcoming this wonderful team and organization to the region.   I pray God’s richest blessings on this coming together and I look forward to what the future has in store for us all.”

Chief Financial Officer Mike McMillan said, “The scale of the pro-forma business combined with the strong cash flow from operations and operational synergies expected from SOL will further strengthen Parkland’s balance sheet and capital structure.  The financing for the Transaction will enable Parkland’s pro forma total leverage ratio to remain below 3.5x.  In addition, Parkland will be in a strong position from a balance sheet and capital structure perspective to continue to execute on our growth strategies.”

Key Highlights

  • The addition of stable earnings from 526 retail stations (266 company-owned or company-leased sites and 260 dealer owned and operated sites);
  • Provides an opportunity to roll out Parkland’s private label, loyalty and enhanced food offer;
  • Positions Parkland to access supply at scale in the US Gulf Coast, creating future growth opportunities and supply advantage in the US Gulf and Atlantic coasts for Parkland USA (in addition to our continued focus on the US Northern Tier and Rocky Mountain regions);
  • Total identified annual run-rate synergies of approximately 20% of SOL’s Adjusted EBITDA over the next three years;
  • Pro forma net debt to Parkland Adjusted EBITDA of approximately 3.2x on a consolidated basis with a strong deleveraging profile; and
  • The SOL operating brands will remain in place, and the SOL business will retain key management and continue to be managed from the Caribbean.

Parkland and SOL Limited, the sole shareholder of SIL, will enter into a shareholders agreement that grants a call right for Parkland and put right for SOL Limited (collectively, the “Minority Purchase/Sale Right”), pursuant to which Parkland may elect to acquire or SOL Limited may elect to sell the remaining 25% portion of the issued and outstanding shares in the capital of SOL (the “Remaining Shares”) at a value of 8.5x the Adjusted EBITDA of SOL based on the then current audited financial statements.  The Minority Purchase/Sale Right will be exercisable by either party for a period of 90 days following the release by Parkland of its audited financial statements for the fiscal year ended December 31, 2020 (or December 31, 2021 in the event that closing does not occur on or before December 31, 2018).  The Minority Purchase/Sale Right will be exercisable annually thereafter by either party for a period of 90 days following the release by Parkland of its audited annual financial statements.

The Transaction is subject to the receipt of customary third-party consents and regulatory approvals, including approval of the Toronto Stock Exchange.  Closing of the Transaction is expected to occur in late Q4 2018.

Strategic Rationale

  • Through strategic acquisitions and organic growth, SOL has built ‘fortress assets’ in stable markets across the region;
  • SOL is the largest independent fuel marketer and convenience store operator in the Caribbean region, with more than 4.8 billion liters of annual volume and approximately US$215 million (approximately C$280 million) in estimated Adjusted EBITDA (excluding expected synergies);
  • Provides comprehensive and key infrastructure in the Caribbean region to extend and enhance Parkland’s supply advantage and expertise;
  • Adds significant scale to Parkland’s retail and supply businesses;
  • Provides increased exposure to stable earnings across multiple lines of business;
  • Provides diversification from the North American market;
  • Significantly contributes to Parkland’s US dollar cash flows;
  • Positions Parkland to access supply at scale in the US Gulf Coast, creating future growth opportunities and supply advantage in the US Gulf and Atlantic coasts for Parkland USA;
  • Supports acquisition and expansion opportunities in the Caribbean region and broader Americas; and
  • Opens Parkland’s business to global supply advantages to benefit existing and future business opportunities.

SOL Retail Business

  • Represents approximately 2.0 billion liters of annual volume with operations in 20 countries;
  • Includes 526 retail stations (266 company owned or company leased sites and 260 dealer owned and operated sites); and
  • Operates 197 Shell-branded retail stations and 163 ESSO-branded retail stations and enjoys a long-standing relationship with both premier retail brands in the Caribbean.  SIL also operates 93 SOL-branded stations, which enjoy excellent recognition in the Caribbean.

SOL Supply and Distribution Business

  • SOL’s infrastructure assets include 32 import terminals, 7 pipelines, 3 marine berths and 10 charter ships;
  • Enables SOL to achieve superior supply economics in the Caribbean region as it is the largest fuels marketer with an integrated supply chain;
  • Primary objective is to supply the SOL marketing business and any spare capacity is sold to third parties;
  • Chartered vessel fleet provides SOL with inter-island transportation and distribution capabilities;
  • Owned and leased terminals enable intermediate storage for large fuel cargoes across the region;
  • Geographically close to US Gulf Coast supply, one of the longest refined product markets in the world;
  • Ownership of 29% non-operating financial stake in the entity that owns and operates the SARA Refinery located in Fort-de-France, Martinique (the “SARA Refinery”).  The capacity of the SARA Refinery is 16,000 thousand barrels per day; and
  • SARA Refinery owns and operates all the pipelines, ships and terminals required to supply refined products to Guadeloupe, French Guiana and Martinique.

SOL Commercial and Industrial Business

  • Represents approximately 1.8 billion liters of annual volume with operations in 21 countries;
  • Supplies gasoline, diesel, fuel oil, LPG (propane) and other petroleum products to commercial and industrial customers in the mining, power generation, manufacturing, construction, transport and hospitality industries;
  • Lubricants segment represents 21 million liters of annual volume and operations in 18 countries;
  • Distributes Shell and Pennzoil-branded lubricants and is the largest licensed distributor of Shell-branded lubricants in the Caribbean;
  • LPG (propane) segment represents 47 million liters of annual volume and operations in 10 countries;
  • Distributes LPG (propane) direct to customers under the highly recognizable SOL Energy brand; and
  • Distributes LPG (propane) to other distributors and governments under various supply agreements.

SOL Aviation Business

  • Represents approximately 600 million liters of annual volume with operations in 13 countries;
  • Operates in most countries through joint ventures with various third parties.  Joint ventures are structured to enable maximum utilization of high cost fixed assets; and
  • Jointly owns airport terminals and infrastructure in several markets.

Parkland Financing

The Transaction and related fees and expenses will be financed by Parkland with a fully underwritten financing package:

  • Debt financing of approximately C$1.1B underwritten by Canadian Imperial Bank of Commerce and National Bank of Canada as Co-Lead Arrangers and Bookrunners consisting of:
    • C$470 million of senior secured bank debt, a US$250 million (approximately C$325M million) term loan and a term facility of C$300 million.
  • SOL Limited will provide approximately C$518 million of equity financing through its investment in Parkland:
    • Parkland will issue 12.16 million Parkland shares to SOL Limited from treasury as partial consideration for the Business Combination at a price of approximately C$42.62 per share, representing the 5-day volume-weighted average price of Parkland’s common shares on the Toronto Stock Exchange as of market close on October 9, 2018.  After closing, SOL Limited will own approximately 9.9% of the issued and outstanding common shares in Parkland.

Parkland expects to replace the term facility with alternative longer-term debt prior to the closing of the Transaction.

Investor Event and Conference Call Information

Parkland will host a webcast and conference call at 6:30 AM MT (8:30 AM ET) on October 10, 2018 to discuss the Transaction.  Parkland’s Senior Leadership Team will be available to take questions from securities analysts and investors following their formal comments.

Please log into the webcast slide presentation 10 minutes prior to start time at:

Webcast: https://edge.media-server.com/m6/p/gxyt5yny

To access the conference call by telephone, dial toll-free (844) 889-7784.  International callers should use (661) 378-9928, Conference ID: 1558797.  Please connect approximately 10 minutes before the beginning of the call. The webcast will be available for replay one hour after the conference call ends. It will remain available at the link above for one year and will be posted to www.parkland.ca.

A link to the live webcast and investor presentation will be available on the Investors section of Parkland’s website at  http://www.parkland.ca/investors/.

If you are unable to participate in the call, a replay will be available by dialing (855) 859-2056, Conference ID: 1558797 (Canada and USA toll-free). For international callers, please dial (404) 537-3406, Conference ID: 1558797.  A transcript of the broadcast will be posted on the website once it becomes available.

About Parkland

Parkland is Canada’s largest and one of North America’s fastest growing independent suppliers and marketers of fuel and petroleum products and a leading convenience store operator.  Parkland services customers through three channels: Retail, Commercial and Wholesale.  Parkland optimizes its fuel supply across these three channels by operating the Parkland Burnaby Refinery, and leveraging a growing portfolio of supply relationships and storage infrastructure.  Parkland provides trusted and locally relevant fuel brands and convenience store offerings, including its On the Run/Marché Express banners, 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.

About SOL

By providing fuels, lubricants, LPG products and an extensive network of service stations, SOL enables the energy that keeps the heart of our region beating. SOL is the largest independent petroleum marketing company in the Caribbean region and is committed to supporting and empowering the communities in which it operates.

With operations spanning across twenty-three territories, SOL’s highly qualified team reflects the talent, spirit and diversity of the region. SOL serves a wide range of commercial customers who are involved in shipping, luxury boating, aviation, mining, trucking and fleet operations, as well as families and individuals – hard working men and women who need a reliable partner to fuel their vehicles, homes and lives.

Advisors

Deloitte provided transaction services in respect of the Business Combination.

National Bank Financial Inc. served as financial advisor to Parkland.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (”collectively, “forward-looking statements”). Many of these forward-looking statements can be identified by words such as “believe”, “expects”, “expected”, “will”, “intends”, “projects”, “projected”, “anticipates”, “estimates”, “continues”, “objective” or similar expressions and include, but are not limited to, statements regarding Parkland’s expectation of its future financial position, business and growth strategies and objectives, sources of growth, capital expenditures, financial results, future financing and the terms thereof, future transactions and the efficiencies to be derived therefrom, the successful completion of the Transaction and the timing thereof, the accretive impact of the Transaction (including the expected impact to Parkland’s distributable cash flow per share), the expected benefits resulting from the Transaction including Parkland’s leverage pro forma following the Transaction, Adjusted EBITDA of the business acquired in the Transaction, the Simpson Group’s intentions with respect to its ownership of Parkland, future projections of Adjusted EBITDA, the contribution to EBITDA and/or Adjusted EBITDA from the Transaction, volumes and gross margins expected to be derived from the Transaction, expected synergies and growth opportunities (including geographic areas of potential growth) resulting from the Transaction, the number of Parkland Shares to be issued as partial consideration for the Transaction, expected exercise of the Minority Purchase/Sale Right and the terms thereof, sources of financing for the Transaction, the ability of Parkland to refinance indebtedness under its term facility, Parkland’s expected pro forma total leverage, strength of Parkland’s balance sheet and capital structure pro forma the Transaction and Parkland’s continued ability to execute on its growth strategies. Parkland believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The forward-looking statements contained herein are based upon certain assumptions and factors including, without limitation: historical trends, current and future economic and financial conditions, and expected future developments. Parkland believes such assumptions and factors are reasonably accurate at the time of preparing this press release. However, forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties some of which are described in Parkland’s Annual Information Form dated March 9, 2018 (”AIF”) and other continuous disclosure documents. Such forward-looking statements necessarily involve known and unknown risks and uncertainties and other factors, which may cause Parkland’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors include, but are not limited to, risks associated with: the failure to achieve the anticipated benefits of the Transaction, the aggregate amount of any adjustments to the Purchase Price, the ability to secure funding to finance the consideration payable upon the exercise of the Minority Purchase/Sale Right, expansion of Parkland’s business into the Caribbean, the ability of suppliers to meet commitments, failure to retain key management, failure to execute on plans to deleverage the combined Parkland business, failure to obtain necessary regulatory or other third party consents and approvals required to complete the Transaction, failure to complete the Transaction, failure to secure alternative sources of funding to the term facility on terms acceptable to Parkland, failure to meet financial, operational and strategic objectives and plans, general economic, market and business conditions, industry capacity, failure to realize anticipated synergies from the Transaction, the operations of Parkland’s assets, competitive action by other companies, actions by governmental authorities and other regulators including increases in taxes, changes and developments in environmental and other regulations, and other factors, many of which are beyond the control of Parkland. There is a specific risk that Parkland may be unable to complete the Transaction in the manner described in this press release or at all. If Parkland is unable to complete the Transaction, there could be a material adverse impact on Parkland and on the value of its securities. Any forward-looking statements are made as of the date hereof and Parkland does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Readers are directed to, and are encouraged to read the risks and uncertainties described in “Forward-Looking Statements” and “Risk Factors” included in Parkland’s AIF and in “Forward-Looking Statements” and “Risk Factors” included in Parkland’s management discussion and analysis for the year ended December 31, 2017 (the “MD&A”) and for the three and six months ended June 30, 2018 (the “Q2 2018 MD&A”), as such information is incorporated by reference herein, each as filed on SEDAR at www.sedar.com and available on the Parkland website at www.parkland.ca.

Non-GAAP Financial Measures

This press release refers to certain financial measures that are not determined in accordance with International Financial Reporting Standards (“IFRS”). Net debt to Adjusted EBITDA and distributable cash flow per share are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS.  Other issuers may calculate these non-GAAP measures differently.  Parkland 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 its industries.

In reference to Parkland’s Adjusted EBITDA, Adjusted EBITDA is a measure of segment profit and is considered to be forward-looking information in this document. See Section 12 of the Q2 2018 MD&A and Note 14 of the Interim Condensed Consolidated Financial Statements for a reconciliation of this measure of segment profit.

In reference to SOL’s Adjusted EBITDA, Adjusted EBITDA refers to the agreed-upon normalized earnings before income taxes, depreciation and amortization of SOL for the purposes of this Transaction, is considered to be forward-looking information in this document, and does not represent Parkland’s definition of Adjusted EBITDA.

Investors are encouraged to evaluate each adjustment and the reasons Parkland considers it appropriate for supplemental analysis.  Readers are cautioned, however, that these measures should not be construed as an alternative to net income determined in accordance with IFRS as an indication of performance. The financial measures that are not determined in accordance with IFRS in this press release are expressly qualified by this cautionary statement. Parkland believes these financial measures based are on such information that is reasonable but no assurance can be given that these expectations will prove to be correct and such figures should not be unduly relied upon.

To sign up for Parkland news alerts, please go to https://goo.gl/mNY2zj or visit www.parkland.ca.

___________________________

i All figures converted between USD and CAD using an exchange rate of US$1.0 = C$1.3

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Sunwing Travel Group and Rex Resorts announce strategic alliance

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CaribPR Wire, TORONTO, Oct. 02, 2018: Sunwing Travel Group announced today that the Group’s hotel division would begin operating six of Rex Resorts’ Caribbean hotels as part of a newly formed strategic alliance, effective December 01, 2018. As part of this landmark agreement, Sunwing’s growing hotel division plans to make significant improvements to each of the resorts over the coming years.

“We are excited to be entering into this partnership which reflects our commitment to the CARICOM countries of the Lesser Antilles.” said Stephen Hunter, President & CEO of Sunwing Travel Group. He added, “We look forward to increasing tourism in Grenada, Tobago and Barbados as we have recently done in St. Lucia and Antigua.”

Alison Palin of Rex Resorts also welcomed the news, “This strategic alliance will enable us to rejuvenate and further enhance these popular resorts which are all situated in prime beach locations. Leveraging Sunwing’s distribution and scale will allow us to boost our occupancy and tighten our operational costs and ultimately position these properties to provide even more value to our guests. We look forward to the continued support of our valued employees, local suppliers and tour operators as we finalize this exciting and transformational agreement.”

The six Rex Resorts will be absorbed within two of the hotel division’s brands: the new luxury boutique hotel collection, Mystique Resorts and the popular mid-market chain, Starfish Resorts. Mystique Royal St. Lucia will be the second addition to the Mystique Resorts brand, with the first opening later this month in Holbox, Mexico. The Starfish Resorts brand will see five new additions: Starfish Discovery Bay Resort, Barbados; Starfish Halcyon Cove Resort, Antigua; Starfish St. Lucia Resort, St. Lucia; Starfish Grenada Resort, Grenada and Starfish Tobago Resort, Tobago.

For the latest news and more information, visit www.sunwingtravelgroup.com

About Sunwing Travel Group

The largest integrated travel company in North America, Sunwing Travel Group is comprised of two leading leisure tour operators, Sunwing Vacations and Vacation Express; Sunwing Airlines, Canada’s premier leisure airline; SunwingJets, a luxury private jet charter service; together with the Group’s own travel retail businesses, SellOffVacations.com and Luxe Destination Weddings. Blue Diamond Resorts is the Group’s hotel division, an innovative organization that operates popular resort brands including Planet Hollywood Hotels & Resorts, Royalton Luxury Resorts, CHIC by Royalton Luxury Resorts, Memories Resorts & Spa, Starfish Resorts and Mystique Resorts across the Caribbean and Mexico; while NexusTours is a full-service destination management company offering affordably priced and reliable ground transportation, popular tours and excursions, as well as other travel management services.

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