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

Parkland provides business update related to COVID-19

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CaribPR Wire, CALGARY, Alberta, March 30, 2020: Parkland Fuel Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced today in response to the uncertain economic impact of novel coronavirus (“COVID-19”): a reduction in its 2020 Capital Expenditure program, the withdrawal of its 2020 Adjusted EBITDA guidance, reiteration of the Company’s financial strength and other corporate updates.

“We are responding quickly and prudently to the ongoing COVID-19 pandemic,” commented Bob Espey, President and Chief Executive Officer. “During this unprecedented period of uncertainty, our priority is to protect the health and safety of our employees as they continue to provide an essential service to the communities we serve. We are proud to remain operational through this period and I would like to thank our team for their ongoing commitment to safely meeting our customer’s energy and convenience needs.”

“The agility of our business model is evident by being able to quickly taper our 2020 capital expenditure program and reduce costs to reflect the current business environment. We will maintain the operational flexibility to resume our growth initiatives when conditions improve. Underpinned by our integrated and resilient business model, diverse geographic platform, and extensive product offering, we have a strong track record of growth and expect that to continue once conditions improve.”

2020 Capital Expenditure Program revision

On March 5, 2020, Parkland issued guidance for 2020 Total Capital expenditures of $575 million +/- 5%. Consistent with our priority to maintain financial flexibility and balance sheet strength, we are reducing our 2020 Capital Program by $300 million to $275 million +/- 5%. The capital expenditures included in the reduction can be deferred until an improvement in the current economic environment. Details of our updated 2020 plans are below:

Capital Expenditures ($ millions)
Growth 85
2020 Refinery Turnaround Maintenance 60
Other Maintenance 130
Total Capital Expenditures (1) 275 +/- 5%

(1) the “2020 Capital Program”

We expect to have invested approximately $130 million of total capital expenditures by the end of Q1 2020. Our revised 2020 growth capital still enables Parkland to maintain leadership in low-carbon fuel refining by increasing bio-feed capacity by 250 percent, enhance our supply capability through infrastructure investments and build additional digital capability such as the JOURNIE™ Rewards program.

2020 Adjusted EBITDA Guidance withdrawn

The current COVID-19 situation and associated impact on economic activity is expected to reduce demand for fuel globally. Parkland remains focused on providing essential fuel and convenience services to our customers, however, the extent and duration of the impact is uncertain. As a result, we are withdrawing our 2020 Adjusted EBITDA Guidance Range.

Snapshot of Parkland’s financial strength

Coupled with our actions outlined above, we have a strong financial position with significant liquidity to manage through challenging market environments. As of December 31, 2019, we had liquidity of nearly $1 billion, made up of approximately $750 million of committed credit facility capacity and $250 million of cash. Our existing credit facility has a maturity date of January 8, 2023. Furthermore, our Total Funded Debt to Credit Facility EBITDA ratio was 2.8 times as of December 31, 2019, which has a covenant limit of 5.0 times.

Other corporate updates

  • There is no change to our 2020 Refinery Turnaround Maintenance projections. We are on track to begin startup of the Burnaby refinery in early April and will provide notification when we achieve full operational capability. After startup, optimal utilization rates will be determined based on the demand outlook at the time.
  • Demonstrating the flexibility of our operational platform, we will reduce variable and fixed costs while retaining our core capabilities to ensure we can continue our growth programs when current market conditions change. These measures are designed to preserve cash flow during this period of reduced demand and are also consistent with our long-term goals of building a scalable platform for growth.
  • In support of our cost initiatives, effective April 1, 2020 and for the remainder of 2020, Parkland’s President and CEO will take a 35 percent salary reduction while other members of the leadership team will take a 25 percent reduction. Similarly, Parkland’s Board of Directors will take a 25 percent reduction in cash retainer fees.
  • Parkland’s balance sheet should also benefit from reduced working capital requirements as a result of lower global energy prices.

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: the revised 2020 Capital Program, including expected maintenance and growth capital expenditure estimates and projects; expected Q1 2020 capital expenditures; the expected timing of startup of the Burnaby refinery and the expected utilization rates at the Burnaby refinery upon startup; expected working capital benefits to Parkland due to lower energy prices; and our ability to accelerate growth activity when current market conditions change.

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 and the extent and duration COVID-19 pandemic and its effects on such economic, market and business conditions; the effect on demand for Parkland’s products as a result of the COVID-19 pandemic; the ability of suppliers and other counterparties 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 30, 2020 and in “Forward-Looking Information” and “Risk Factors” in the 2019 annual management’s discussion and analysis dated March 5, 2020 (the “Q4 2019 MD&A”), which are filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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”). Adjusted EBITDA is a measures of segment profit. See Section 13 of the Q4 2019 MD&A and Note 27 of the 2019 annual consolidated financial statements for a reconciliation of this measure of segment profit to the nearest IFRS measure. Management considers this to be an important supplemental measure of Parkland’s performance and believes this measure is used frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. However, Adjusted EBITDA may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. 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. Investors are encouraged to evaluate the measure and the reasons Parkland considers it appropriate for supplemental analysis.

About Parkland

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.

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CaribbeanTales and Director Frances-Anne Solomon Announce Development of Denham Jolly’s Memoir In The Black

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caribbeantalesint

For Immediate Release

CaribPR Wire, TORONTO, Canada, Thurs. March 19, 2020: Toronto-based CaribbeanTales Media Group has announced that it has begun work on a feature film based on the award-winning memoir In the Black by one of Canada’s most respected entrepreneurs, Denham Jolly. The feature development is supported by the Harold Greenberg Fund and the Telefilm Development Program. A short film based on Jolly’s early life is also being produced. His compelling memoir, that won the Toronto Book award in 2017, tells the inspiring story of his journey from Jamaica to Canada in the 1950’s, through his struggles to overcome racism and become an extremely successful businessman, activist, philanthropist, and publisher.

Solomon, the producer and director on this project, will work with screenwriter Andrew Burrows-Trotman and development executive Jamie Gaetz  to recreate the triumphs and trials of  Jolly’s life, the fabric of which is interwoven with Marcus Garvey’s ideals of economic self-empowerment,  music of the time, and the activism of several generations of Black Canadians who are also part of this remarkable story.

“Denham Jolly’s ten-year battle to win a license for Canada’s first black radio station, is the stuff of urban legend. In the Black shows Canada from a unique point of view. It’s the story of Canada herself, through a fresh and important lens. Our audiences are hungry for authentic stories about Canadian life: Real lives of real people who came to this country and made it their home.” says Solomon.

An icon of the Black community in Canada, Jolly is a founding member of the Black Business Professional Association, Harry Jerome Scholarship Fund, Harry Jerome Awards, Black Action Defence Committee and the Harriet Tubman Games, to name just a few organizations his hand has touched. A self-made millionaire, last year he paid off the mortgage for the Jamaican Canadian Centre and continues to be a philanthropist working behind the scenes to support numerous community causes.

“I cannot express how pleased and excited I am to know that my experiences in Canada and the building of the Black community in Toronto will be documented in film. Writing my memoir and receiving tremendous feedback for it has been both gratifying and humbling. Now, future generations will be able to watch my life story on the big screen,” says Jolly. “I trust Frances-Anne Solomon to tell this story with honesty, integrity and the directional creativity she always brings to every project she touches.”

Frances-Anne Solomon is an award-winning filmmaker, producer, curator and entrepreneur.  A 2019 Director member of the Academy of Motion Picture Arts and Sciences, her  third feature film Hero Inspired by the Extraordinary Life and Times of Mr. Ulric Cross has received wide critical acclaim on its worldwide tour, that includes theatrical runs in both Canada and U.K. and the Opening Night sold-out screening at the Pan African Film Festival in Los Angeles.  She is the founder and CEO of the multi-facetted CaribbeanTales Media Group. In 2017 she founded CineFam, to support bold original stories by women of colour creators. Prior to returning to Canada in 2000, Solomon had a successful career as a TV Drama Producer and Executive Producer with the BBC in England.

Andrew Burrows-Trotman is an established Canadian writer. He has been in the writer’s room for Frankie Drake (CBC), Homicide Club (Bell) and Diggstown (CBC).  He is currently working on a dramatic pilot with executive producer and former NBA player Steve Nash called Hardwood, and he is developing a miniseries based on Lawrence Hill’s acclaimed novel The Illegal (Conquering Lion, CBC).

Jamie Gaetz is a story editor and development consultant with extensive experience in the Canadian media industries. As an analyst at Telefilm Canada, she worked with clients across Atlantic Canada and in Quebec., part of  the team that nurtured talent behind many award-winning films, including two shortlisted for Cannes, one Sundance selection, a winner of the Claude Jutra Award, several selected for TIFF and a top download on iTunes.

The CaribbeanTales Media Group produces, markets and sells Caribbean-themed film and television content for global audiences. It includes the CaribbeanTales International Film Festival, CaribbeanTales Incubator Program, CaribbeanTales Worldwide Distribution and CaribbeanTalesFlix.

The Harold Greenberg Fund/Le Fonds Harold Greenberg is a national funding organization that supports the development of Canadian dramatic feature films. Since 1986, it has invested over $85 million in the Canadian film and television industry, which is more than 4, 000 projects.

Peter Williams and Melanie Nicholls-King play Harry Gairey and Violet Williams, respectively, in the short film Violet's Story.

Peter Williams and Melanie Nicholls-King play Harry Gairey and Violet Williams, respectively, in the short film Violet’s Story.

Denham Jolly

Denham Jolly

Director Frances-Anne Solomon

Director Frances-Anne Solomon

For more information:

www.caribbeantales.org

https://www.bellmedia.ca/harold-greenberg-fund/

Media Contact: Fennella Bruce|FKB Media Solutions|Fennella@fkbmedia.com|647.290.7610

More photos and B-roll available upon request.

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Royal Caribbean Announces Global Suspension Of Cruising

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MIAMI, March 14, 2020 /PRNewswire-HISPANIC PR WIRE/ — Given global public health circumstances, Royal Caribbean Cruises Ltd. has decided to suspend the sailings of our fleet globally at midnight tonight.

We will conclude all current sailings as scheduled and assist our guests with their safe return home.

As with our announcement yesterday regarding U.S. sailings, we expect to return to service on April 11, 2020.

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Royal Caribbean Announces Voluntary Suspension of Cruising

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MIAMI, March 13, 2020 /PRNewswire-HISPANIC PR WIRE/ – Today Royal Caribbean Cruises Ltd. announced that it is suspending cruising in the United States for 30 days.

We understand the gravity of the public health crisis confronting the country. And this is our part to play. So, beginning at midnight tonight, we are pausing the fleet’s US sailings for 30 days.

We are reaching out to our guests to help them work through this disruption to their vacations, and we are truly sorry for their inconvenience. We are also communicating with our crew to work out the issues this decision presents for them. We know this adds great stress to our guests, employees and crew, and we are working to minimize the disruption.

Cruises that depart U.S. ports before midnight tonight and international cruises will operate their scheduled itineraries. U.S. ships already at sea will finish their itineraries as planned.

Our business is providing great vacations and creating great memories. We look forward to getting back to work as soon as we can.

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Baptist Health International Cayman Islands PET & CT Imaging Center Receives Prestigious Recognition for Superior Patient Care

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– The Imaging Center was awarded the Gold Seal of Approval from the Joint Commission International (JCI), the first for Baptist Health South Florida outside the U.S.

– The accreditation recognizes the Center for its high quality and standards in patient care.

GEORGE TOWN, Cayman Islands, March 12, 2020 /PRNewswire-HISPANIC PR WIRE/ – Baptist Health International Cayman Islands PET & CT Imaging Center, part of Baptist Health South Florida, was awarded the Gold Seal of Approval from the Joint Commission International (JCI), a global leader in accrediting quality in healthcare. This is the first JCI accreditation for Baptist Health South Florida outside the U.S. and positions the Imaging Center as one of the prestigious facilities around the world that are dedicated to achieving the highest standards in quality and safety in patient care.

“This recognition is a testament to our long-standing commitment to providing our patients in the Cayman Islands and the Caribbean with superior care when it comes to their health,” said Rogelio E. Ribas, corporate vice president of Baptist Health International. “We look forward to continuing the enhancement of our services and technology so that patients can have access to quality diagnostic imaging services and transforming the Cayman Islands into a top medical destination in the region.”

Accreditation was awarded following a detailed and comprehensive on-site survey and evaluation process, ensuring that the Imaging Center met the criteria in every area. JCI’s stringent standards – addressing topics such as patient education, qualification and competency of staff, the use of data to improve services and preparedness for emergencies – are updated regularly to reflect the advances in healthcare.

Baptist Health International Cayman Islands PET & CT Imaging Center is equipped with state-of-the-art positron emission tomography (PET) and computed tomography (CT) technology. It provides the latest solutions in diagnostic imaging, servicing patients not only in the Cayman Islands, but also those in other Caribbean countries who may not have access to these advanced technologies in their counties. Since its opening in 2019, the Imaging Center has provided more than 400 patients with diagnostic consults, reducing the need to travel abroad for a PET or CT scan.

About Baptist Health International
Baptist Health International is one of the largest hospital-based international programs in the United States, with more than 12,000 international patient visits at Baptist Health South Florida facilities from the Florida Keys to Palm Beach County. Baptist Health International is dedicated to providing comprehensive, high-quality services for international physicians and their patients, including hospital admissions, outpatient medical exams, medical second opinions and physician consultations, as well as concierge services.

About Baptist Health South Florida
Baptist Health South Florida is the largest healthcare organization in the region, with 11 hospitals, more than 23,000 employees, 4,000 physicians and 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 its faith-based charitable mission of medical excellence, Baptist Health has been recognized by Fortune magazine 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.

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Parkland announces acquisition of ConoMart Super Stores

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CaribPR Wire, CALGARY, Alberta, March 09, 2020: Parkland Fuel Corporation (“Parkland”) (TSX:PKI) announced today that through its wholly owned U.S. subsidiaries (collectively, “Parkland USA”), it has entered into an asset agreement to acquire seven retail sites located in and around Billings, Montana. All seven retail sites feature a strong convenience store offering and a Conoco-branded forecourt.

“This acquisition expands our Montana business and scales our existing Northern Tier Regional Operating Center,” said Doug Haugh, President of Parkland USA. “ConoMart Super Stores is a well-run, customer-focused business and we look forward to welcoming the team to Parkland.”

Pro forma the acquisition, Parkland expects a modest increase in annual run-rate adjusted EBITDA for its USA operating segment. The transaction is expected to close in the second quarter of 2020 and is subject to customary closing conditions.

About Parkland
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.

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”, “pro forma” 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, the successful completion of this acquisition and the timing thereof; expected benefits of the acquisition, including potential synergies, organic growth and acquisition opportunities and the expected annual run-rate adjusted EBITDA of Parkland’s USA operating segment following the acquisition.

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 may be 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, failure to complete this acquisition; failure to satisfy the conditions to closing of the acquisition; failure to achieve the anticipated benefits of the acquisition; 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 management discussion and analysis for the year ended December 31, 2019 dated March 5, 2020 (the “Annual MD&A”), as filed on SEDAR and available on the Parkland website at www.parkland.ca.

Annual run-rate adjusted EBITDA is an internally-prepared estimate of annualized adjusted EBITDA which assumes full year contributions from the acquisitions to date. Annual run-rate adjusted EBITDA is a non-GAAP financial measure and may not be comparable to similar measures used by other issuers. See Parkland’s Annual MD&A for further information on how Parkland calculates adjusted EBITDA and a reconciliation to the nearest IFRS measure.

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Royal Caribbean Group adopts “Cruise With Confidence” policy, allowing cancellations up to 48 hours before sailing

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MIAMI, March 6, 2020 /PRNewswire-HISPANIC PR WIRE/ – With COVID-19 adding uncertainty to travel plans around the world, Royal Caribbean Group said it will give guests greater control over their vacation decisions, allowing guests to cancel cruises as late as two days before departure.

The “Cruise With Confidence” policy allows guests on Royal Caribbean International, Celebrity Cruises, Azamara and Silversea to cancel up to 48 hours before a sailing. Guests will receive a full credit for their fare, usable on any future sailing of the guest’s choice in 2020 or 2021. The policy applies to both new and existing cruise bookings.

“Our previous policy set earlier deadlines for guests to cancel their cruises, and that added unnecessary stress,” said Richard Fain, the company’s chairman and CEO. “Trying to guess a month or more in advance where areas of concern about coronavirus might be is challenging for medical experts, much less a family preparing for vacation.

“When circumstances are as fast-changing as they have been recently, it’s good to know you have the option to take a rain check,” Fain said. “We think putting more control in our guests’ hands helps them make informed decisions about whether to keep their existing vacation plans or trade out for a more convenient time or itinerary.”

In addition to easing concerns for booked guests, Fain said the policy would also give consumers more confidence in making new bookings, knowing that they could later adjust their plans without penalty.

The policy applies to all cruises with a sailing date on or before July 31, 2020, and will be offered by the company’s global brands: Royal Caribbean International, Celebrity Cruises, Azamara and Silversea. Full details of the “Cruise with Confidence” policy can be found at the respective brand websites.

Royal Caribbean Cruises Ltd. (NYSE: RCL) is a global cruise vacation company that controls and operates four global brands: Royal Caribbean International, Celebrity Cruises, Azamara and Silversea Cruises. We are also a 50% joint venture owner of the German brand TUI Cruises and a 49% shareholder in the Spanish brand Pullmantur Cruceros. Together these brands operate a combined total of 61 ships with an additional 17 on order as of December 31, 2019. They operate diverse itineraries around the world that call on all seven continents. Additional information can be found on www.royalcaribbean.com, www.celebritycruises.com, www.azamara.com, www.silversea.com, www.tuicruises.com, www.pullmantur.es, or www.rclinvestor.com.

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Parkland delivers record 2019 Adjusted EBITDA and increases dividend

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CaribPR Wire, CALGARY, Alberta, March 05, 2020: Parkland Fuel Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced today its fourth quarter and full-year 2019 financial and operating results and provided its 2020 Guidance. Fourth quarter and full-year highlights include:

  • Fourth quarter Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”) of $302 million and net earnings (attributable to Parkland) of $176 million ($1.19 per share, basic), up 6 percent and 129 percent respectively from the fourth quarter of 2018
  • Full-year 2019 Adjusted EBITDA of $1,265 million, up 43 percent from 2018
  • Full-year 2019 net earnings (attributable to Parkland) of $382 million ($2.60 per share, basic), up 85 percent from 2018
  • Full-year 2019 fuel and petroleum product volume of 22.4 billion litres, up 32 percent from 2018
  • Full-year 2019 Adjusted distributable cash flow of $561 million ($3.82 per share) and adjusted dividend payout ratio of 32 percent
  • Delivered $180 million run-rate synergies from the 2017 Ultramar and Chevron acquisitions; one year ahead of schedule
  • Demonstrated continued balance sheet strength and financial flexibility with a Total Funded Debt to Credit Facility EBITDA ratio of 2.8 times as of December 31, 2019
  • 2020 Adjusted EBITDA Guidance of $1,130 million +/- 5 percent and 2020 Total Capital Expenditures of $575 million +/- 5 percent

“I am proud of the team’s accomplishments in 2019,” said Bob Espey, President and Chief Executive Officer. “In addition to celebrating our 50th year as a publicly traded company, we continued to deliver across all our strategic pillars. We advanced our organic growth initiatives, acquired and integrated four businesses, captured synergies and accelerated our low carbon fuel capability. We achieved an outstanding first year of International operations, our 16th straight quarter of positive C-store SSSG in Canada, and saw our US organic growth strategy bear fruit.”

“Underpinned by our integrated business model, diverse geographic platform, extensive product offering and balance sheet strength, we funded our 2019 growth capital and US M&A program within cash flow,” added Espey. “Parkland has a proven history of growth and value creation and the opportunities in front of us have never been greater. Thank you to the Parkland team for another great year and for continuing our focus on safe and reliable operations.”

Dividend Increase

Parkland’s annualized common share dividend will increase two cents per share, from $1.194 to $1.214, effective with the monthly dividend payable on April 15, 2020 to shareholders of record at the close of business on March 20, 2020.

Segment Highlights

Supply
The Supply segment delivered strong performance through full-year 2019, driven by safe and reliable operations at the Burnaby refinery, strong refining margins and consistent execution from our integrated logistics operations. We continued to successfully co-process biofeeds at the Burnaby refinery, reinforcing our leadership in low-carbon fuel refining while supporting British Columbia’s low carbon fuel aspirations. Fourth quarter and full-year highlights include:

  • Fourth quarter Adjusted EBITDA of $152 million (Pre-IFRS 16: $142 million), a decrease of $57 million relative to 2018 (excluding the impact of IFRS 16). The fourth quarter of 2018 experienced exceptionally wide Western Canadian crude differentials which drove higher than normal refining margins in that period
  • Fourth quarter Burnaby refinery utilization of 91.6 percent was slightly lower than expected due to a third party electrical outage which interrupted throughput for 6 days
  • Produced approximately 1,200 bbl per day of biofuels throughout 2019; enough to supply around 10,000 vehicles with renewable gasoline for a year

Canada
We continued to advance our retail initiatives, including the national roll out of JOURNIE™ Rewards with CIBC as our strategic banking partner. We are highly focused on network development, growing our On the Run / Marché Express brand and developing innovative store concepts to enhance our customer value proposition and drive traffic. In 2019 we held our market share position in a competitive fuel margin environment and continued to grow the snacks, beverages and carwash categories. Fourth quarter and full-year highlights for Canada Retail include:

  • Fourth quarter Adjusted EBITDA of $56 million (Pre-IFRS 16: $48 million), a decrease of $30 million relative to 2018 (excluding the impact of IFRS 16) driven by lower retail fuel margins and $3 million of additional Marketing, General and Administrative costs attributed to the development of JOURNIETM
  • Fourth quarter Company C-Store same-store-sales growth (”SSSG”) of 0.9 percent, our 16th straight quarter of positive C-store SSSG. Excluding the impact of cigarette sales, C-Store SSSG would have been 7.1 percent. For the full year 2019, Company C-Store SSSG was 2.5 percent, or 5.5 percent excluding the impact of cigarettes
  • Fourth quarter Company volume SSSG was (3.1) percent. For full-year 2019, we maintained our market share and Company volume SSSG was essentially flat
  • Added 27 New to Industry (”NTI”) sites and converted 65 sites to On the Run / Marché Express in 2019
  • After a year of piloting the JOURNIE™ Rewards program, soft launch in Q4 2019 and full launch beginning in January 2020, we are seeing strong program metrics across Canada. Mobile membership engagement and members opting for mobile communication are both over 50 percent. We are seeing higher average fill rates and C-store basket size for program members, which indicates the program design is resonating for customers. We are halfway through our national launch and target approximately 1,000 participating sites by March 31, 2020. We encourage readers to sign up for the program using the mobile app available for anyone to download on iOS and Android platforms. For more information on JOURNIE™ and how to become a registered member please visit www.journie.ca
  • On February 24, 2020, we announced a multi-year agreement with Triple O’s restaurants to strengthen our range of freshly prepared, high quality meal options across Canada

The Canada Commercial segment continues to position for growth, advancing our Regional Operating Center (”ROC”) model transition and National Fueling Network (”NFN”) platform. We continue to improve our operating efficiency through the ROC transition, cost management initiatives and strategic focus on higher margin business. NFN is a unifying national commercial brand which we expect to launch in the second half of 2020. We continue to feel the impact of weaker forestry and upstream energy sectors but have benefited from our diverse product and geographic offering within Canada. Fourth quarter highlights for Canada Commercial include:

  • Adjusted EBITDA of $33 million (Pre-IFRS 16: $31 million), up $4 million relative to 2018 (excluding the impact of IFRS 16)
  • Fuel and petroleum product volume of 804 million litres, relatively flat to 2018

International
The International segment delivered strong performance in 2019, exceeding our investment case in the first year. Supported by operational execution, we delivered on our organic growth initiatives with strong volume growth in wholesale, LPG, aviation, and bunkering, managed costs and improved shipping optimization. We are on track to meet our synergy targets by the end of 2021. Fourth quarter highlights include:

  • Adjusted EBITDA of $73 million (Pre-IFRS 16: $58 million)
  • Fuel and petroleum product volume of 1,581 million litres, consisting of 460 million litres sold through retail channels and 1,121 million litres sold through commercial and wholesale channels

USA
We continued to progress our organic growth and acquisition strategy in the US, adding three businesses in 2019 and another subsequent to year-end. The Tropic Oil acquisition, based in Florida, added a third ROC which will be the operating platform that drives organic growth and enables further acquisitions across the region, while also leveraging our International operations. We are starting to realize the benefits of local scale, delivering strong organic fuel volume growth, improved lubricant supply economics and C-store merchandising savings. Fourth quarter highlights include:

  • Adjusted EBITDA of $15 million (Pre-IFRS 16: $15 million), up $4 million relative to 2018
  • Fuel and petroleum product volume was 621 million litres, up 93 percent relative to 2018

Corporate
The Corporate segment includes centralized administrative services and expenses incurred to support operations. Fourth quarter highlights include:

  • Total costs of $27 million (Pre-IFRS 16: $28 million)
  • As a percentage of total adjusted gross profit, marketing, general and administrative expenses favorably decreased to 3.8 percent (down from 5.5 percent in 2018)

Consolidated Financial Overview

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 costs. IFRS 16 also increases Parkland’s assets and liabilities and has no overall impact to cash flow. For further information, refer to the Q4 2019 Annual Consolidated Financial Statements (”Q4 2019 FS”) and Q4 2019 Management’s Discussion and Analysis (”Q4 2019 MD&A”) for the year ended December 31, 2019.

($ millions, unless otherwise noted)

Three months ended December 31,

Year ended December 31,

2019(4)

2018(4)

2017(4)

2019(4)

2018(4)

2017(4)

Financial Summary
Fuel and petroleum product volume (million litres)

5,925

4,354

4,432

22,408

16,978

13,333

Adjusted gross profit(1)

728

587

469

2,832

1,995

1,094

Adjusted EBITDA including non-controlling interest (”NCI”)

327

285

198

1,358

887

418

Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)(1)

302

285

198

1,265

887

418

Supply

152

199

94

658

561

160

Canada Retail

56

78

94

283

316

231

International

73

281

Canada Commercial

33

27

28

99

93

70

USA

15

11

4

56

28

16

Corporate

(27

)

(30

)

(22

)

(112

)

(111

)

(59

)
Net earnings

186

77

49

414

206

82

Net earnings attributable to Parkland

176

77

49

382

206

82

Net earnings per share ($ per share)
Per share – basic

1.19

0.58

0.37

2.60

1.56

0.70

Per share – diluted

1.17

0.57

0.37

2.55

1.53

0.69

Distributable cash flow(2)

149

151

45

564

416

151

Per share(2)(3)

1.01

1.14

0.33

3.84

3.15

1.29

Adjusted distributable cash flow(2)

142

175

102

561

568

251

Per share(2)(3)

0.96

1.32

0.78

3.82

4.30

2.15

Dividends

44

41

39

177

159

138

Dividends declared per share outstanding

0.2985

0.2934

0.2886

1.1906

1.1704

1.1510

Dividend payout ratio(2)

30

%

27

%

89

%

31

%

38

%

91

%

Adjusted dividend payout ratio(2)

31

%

23

%

38

%

32

%

28

%

55

%

Shares outstanding (millions)

148

134

131

148

134

131

Weighted average number of common shares (million shares)

148

133

131

147

132

117

Total Funded Debt to Credit Facility EBITDA ratio(2)

2.79

2.47

2.62

2.79

2.47

2.62

Interest coverage ratio(2)

5.32

6.52

7.65

5.32

6.52

7.65

Growth capital expenditures attributable to Parkland

69

57

15

221

109

35

Maintenance capital expenditures attributable to Parkland

91

52

50

232

187

75

(1) Measure of segment profit. See Section 13 of the MD&A.
(2) Non-GAAP financial measure. See Section 13 of the MD&A.
(3) Calculated using the weighted average number of common shares.
(4) 2019 results reflect the adoption of IFRS 16 as of January 1, 2019. 2018 and 2017 comparative figures reflect the accounting standards in effect for those years. Specifically, they are not restated to reflect the impact of IFRS 16, which is allowed under the modified retrospective approach for the adoption of IFRS 16.

The following table outlines the impact of IFRS 16 on Adjusted EBITDA as reported for the year ended December 31, 2019:

Three months ended December 31,

Year ended December 31,

($ 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

Supply

152

(10

)

142

199

658

(32

)

626

561

Canada Retail

56

(8

)

48

78

283

(26

)

257

316

Canada Commercial

33

(2

)

31

27

99

(7

)

92

93

International

73

(15

)

58

281

(57

)

224

USA

15

15

11

56

(2

)

54

28

Corporate

(27

)

(1

)

(28

)

(30

)

(112

)

(4

)

(116

)

(111

)
Consolidated

302

(36

)

266

285

1,265

(128

)

1,137

887

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

Formalization of Environmental, Social & Governance (”ESG”) Committee

In 2019, Parkland’s Board appointed an Environmental, Social & Governance (”ESG”) committee to carry out its governance and oversight responsibilities in relation to these matters. We also initiated a Sustainability Task Force which is comprised of cross-functional leaders that represent each of our business streams. The Sustainability Task Force is responsible for helping develop our sustainability strategy, policy and disclosure. As part of this process, we will look for innovative sustainable business opportunities to continue providing value to our customers, shareholders and communities.

2020 Adjusted EBITDA and Capital Program Guidance

Our 2020 plan targets cash flow in excess of capital expenditures. Details of our 2020 plans are below:

Guidance Metric ($ millions)
Adjusted EBITDA (1)

1,130

+/- 5%
Capital Expenditures
Growth

300

2020 Refinery Turnaround Maintenance

60

Other Maintenance

215

Total Capital Expenditures (2)

575

+/- 5%
Approximate Capital Breakdown

Total Capital Expenditures (2)

Supply

40%

Canada

35%

International

15%

USA

5%

Corporate

5%

Consolidated

100%

(1) the “2020 Adjusted EBITDA Guidance Range” (2) the “2020 Capital Program”

Our 2020 Capital Program supports our 3-5 percent organic growth target on marketing related volumes and is focused on network development, expanding digital capabilities, improving customer value proposition, enhancing our supply & logistics capability and investing in our low carbon advantage. 2020 Refinery Turnaround Maintenance capital expenditures exclude an additional $25 million of operating expenses related to the turnaround.

The 2020 Adjusted EBITDA Guidance Range and 2020 Capital Program include some other key assumptions highlighted below:

  • An 8-week turnaround at the Burnaby refinery, currently underway and expected to last until the beginning of April 2020
  • Refining, fuel and non-fuel margin forecasts based on our view of future market conditions which are consistent with rolling three year averages
  • Includes the portion of International operations that is attributable to Parkland (75 percent)
  • The low end of our 2020 Guidance Range accounts for potential adverse market conditions or interruptions to our operations, as well as the potential for lower margins than currently observable, while the high end of our 2020 Guidance Range accounts for greater than expected contributions from acquisition synergies, organic growth and higher margins than currently observable

In addition, the factors and assumptions which contribute to Parkland’s assessment of the 2020 Adjusted EBITDA Guidance Range and 2020 Capital Program are consistent with existing Parkland disclosure and such guidance is subject to risks and uncertainties inherent in Parkland’s business. Readers are directed to the “Risk Factors” section in the Q4 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, March 6 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/2202396/DE9374B8003A48A6DC3F09374333E802

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 95848696). International participants can call 1-587-880-2171 (toll) (Conference ID: 95848696).

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 Q4 2019 MD&A and Q4 2019 FS provide a detailed explanation of Parkland’s operating results for the year ended December 31, 2019. An English version of these documents will be available online at www.parkland.ca and SEDAR 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, fuel volume growth, business objectives, the 2020 Adjusted EBITDA Guidance Range and the 2020 Capital Program, the expected launch of the National Fueling Network, contribution of the Sol business and other previous acquisitions, strategic marketing and operational efforts to increase fuel volume, the ongoing launch of the JOURNIE™ Rewards loyalty program, 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 the Q4 2019 MD&A dated March 5, 2020, filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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 Q4 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 Q4 2019 MD&A and Note 27 of the Q4 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 Q4 2019 MD&A. Investors are encouraged to evaluate each measure and the reasons Parkland considers it appropriate for supplemental analysis.

In addition to non-GAAP financial measures, Parkland uses a number of operational KPIs to measure the success of our strategic objectives and to set variable compensation targets for employees. These KPIs are not accounting measures, do not have comparable IFRS measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Sections 3 and 13 of the Q4 2019 MD&A for further details.

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.

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 Q4 2019 FS and Q4 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.

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Miami Cardiac & Vascular Institute Names Joseph T. McGinn, Jr., M.D., chief of Cardiac Surgery

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MIAMI, March 4, 2020 /PRNewswire-HISPANIC PR WIRE/ — Miami Cardiac & Vascular Institute, part of Baptist Health and the region’s largest and most comprehensive cardiovascular facility, has named Joseph T. McGinn, Jr., M.D., chief of Cardiac Surgery. Dr. McGinn specializes in the assessment and surgical treatment of patients with coronary artery, aortic and vascular disease.  A pioneer in the field of cardiothoracic surgery, he developed the minimally invasive coronary artery bypass grafting method known internationally as the “McGinn Technique.”

Dr. McGinn comes to Miami Cardiac & Vascular Institute from Sanger Heart & Vascular Institute, part of Atrium HealthCare in Charlotte, North Carolina, where he served as endowed chair of Cardiovascular and Thoracic Surgery and professor of Cardiovascular and Thoracic Surgery. Prior to that appointment, he was a leading cardiac surgeon in New York City and served as medical director of the Heart Institute at Staten Island University Hospital for 16 years.

“Dr. McGinn is an expert physician and surgeon and an exceptional leader who has demonstrated excellence in patient care, innovation and team building,” said Barry T. Katzen, M.D., founder and chief medical executive of Miami Cardiac & Vascular Institute. “He will complement our team of highly skilled experts, who are committed to achieving the same goals.”

Jack A. Ziffer, Ph.D., M.D., executive vice president and chief clinical officer of Baptist Health South Florida, added, “We are pleased to have Dr. McGinn join Miami Cardiac & Vascular Institute in this leadership capacity to continue his groundbreaking work and further advance the Institute’s worldwide leadership position in the delivery of cardiovascular care.”

An accomplished educator, Dr. McGinn has trained hundreds of surgeons from around the world in minimally invasive cardiothoracic surgical techniques. His clinical and research efforts have generated hundreds of presentations at scientific symposiums and publications in peer-reviewed medical journals and books. He has been recognized by the American Heart Association for excellence in medicine and received the Samuel L. Koontz Award for Clinical Excellence. He is a Fellow of the American College of Cardiology, the American College of Chest Physicians and the American College of Surgeons and a member of numerous professional societies.

Dr. McGinn earned his medical degree at the State University of New York (SUNY) Downstate Medical Center College of Medicine. He completed an internship and residency in general surgery at SUNY Downstate, serving as chief resident. He also served as chief resident during a cardiothoracic surgery residency at Long Island Jewish Medical Center. He is board certified by the American Board of Surgery, American Board of Thoracic Surgery and the American Board of Surgery, Surgical Critical Care.

Dr. McGinn enjoys boating with his family and is an avid football fan. He has performed 1,500 MICS CABG cases.

About Miami Cardiac & Vascular Institute
Miami Cardiac & Vascular Institute is the largest and most comprehensive cardiovascular facility in the region. The team of multilingual, multidisciplinary specialists pioneered the development of minimally invasive techniques used to treat aneurysms, blockages in veins and arteries and holes in the heart. The Institute leverages the power of Baptist Health’s combined resources of experts, pioneering research, compassionate caregivers and leading-edge treatments and technology.

Miami Cardiac & Vascular Institute is part of Baptist Health South Florida, the largest healthcare organization in the region, with 11 hospitals, more than 23,000 employees, 4,000 physicians and 100 outpatient centers, urgent care facilities and physician practices spanning across 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 its 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.

Photo – https://mma.prnewswire.com/media/1099414/McGinn_headshot.jpg

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Miami Cardiac & Vascular Institute Names Joseph T. McGinn, Jr., M.D., chief of Cardiac Surgery

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MIAMI, March 4, 2020 /PRNewswire-HISPANIC PR WIRE/ — Miami Cardiac & Vascular Institute, part of Baptist Health and the region’s largest and most comprehensive cardiovascular facility, has named Joseph T. McGinn, Jr., M.D., chief of Cardiac Surgery. Dr. McGinn specializes in the assessment and surgical treatment of patients with coronary artery, aortic and vascular disease.  A pioneer in the field of cardiothoracic surgery, he developed the minimally invasive coronary artery bypass grafting method known internationally as the “McGinn Technique.”

Dr. McGinn comes to Miami Cardiac & Vascular Institute from Sanger Heart & Vascular Institute, part of Atrium HealthCare in Charlotte, North Carolina, where he served as endowed chair of Cardiovascular and Thoracic Surgery and professor of Cardiovascular and Thoracic Surgery. Prior to that appointment, he was a leading cardiac surgeon in New York City and served as medical director of the Heart Institute at Staten Island University Hospital for 16 years.

“Dr. McGinn is an expert physician and surgeon and an exceptional leader who has demonstrated excellence in patient care, innovation and team building,” said Barry T. Katzen, M.D., founder and chief medical executive of Miami Cardiac & Vascular Institute. “He will complement our team of highly skilled experts, who are committed to achieving the same goals.”

Jack A. Ziffer, Ph.D., M.D., executive vice president and chief clinical officer of Baptist Health South Florida, added, “We are pleased to have Dr. McGinn join Miami Cardiac & Vascular Institute in this leadership capacity to continue his groundbreaking work and further advance the Institute’s worldwide leadership position in the delivery of cardiovascular care.”

An accomplished educator, Dr. McGinn has trained hundreds of surgeons from around the world in minimally invasive cardiothoracic surgical techniques. His clinical and research efforts have generated hundreds of presentations at scientific symposiums and publications in peer-reviewed medical journals and books. He has been recognized by the American Heart Association for excellence in medicine and received the Samuel L. Koontz Award for Clinical Excellence. He is a Fellow of the American College of Cardiology, the American College of Chest Physicians and the American College of Surgeons and a member of numerous professional societies.

Dr. McGinn earned his medical degree at the State University of New York (SUNY) Downstate Medical Center College of Medicine. He completed an internship and residency in general surgery at SUNY Downstate, serving as chief resident. He also served as chief resident during a cardiothoracic surgery residency at Long Island Jewish Medical Center. He is board certified by the American Board of Surgery, American Board of Thoracic Surgery and the American Board of Surgery, Surgical Critical Care.

Dr. McGinn enjoys boating with his family and is an avid football fan. He has performed 1,500 MICS CABG cases.

About Miami Cardiac & Vascular Institute
Miami Cardiac & Vascular Institute is the largest and most comprehensive cardiovascular facility in the region. The team of multilingual, multidisciplinary specialists pioneered the development of minimally invasive techniques used to treat aneurysms, blockages in veins and arteries and holes in the heart. The Institute leverages the power of Baptist Health’s combined resources of experts, pioneering research, compassionate caregivers and leading-edge treatments and technology.

Miami Cardiac & Vascular Institute is part of Baptist Health South Florida, the largest healthcare organization in the region, with 11 hospitals, more than 23,000 employees, 4,000 physicians and 100 outpatient centers, urgent care facilities and physician practices spanning across 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 its 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.

Photo – https://mma.prnewswire.com/media/1099414/McGinn_headshot.jpg

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