REVA to Hold Fourth Quarter and Full Year 2017 Financial Results Call

REVA to Hold Fourth Quarter and Full Year 2017 Financial Results Call Press Release from GlobeNewsWire has been published today, Karol Rutkowski, .

SAN DIEGO, Feb. 28, 2018 (GLOBE NEWSWIRE) — REVA Medical, Inc. (ASX:RVA) (“REVA” or the “Company”) has scheduled a conference call to review its fourth quarter and full year 2017 financial results and provide a business update.
The call is scheduled for 1:30 p.m. US PST on Wednesday, March 7, 2017 (which is 8:30 a.m. AEST on Thursday, 8 March 2017) and may be accessed within the United States and Canada by dialing 1-877-312-5413 five minutes prior to the scheduled start time. Callers in Australia may access the call toll-free by dialing 1800 005 989. The conference ID is 1986218 for all locations.If you reside outside of the United States, Canada, or Australia, or if you prefer to access the call through our website, please visit “Events & Presentations” under the “Investors” section of our website at www.revamedical.com, and click on the “listen to webcast” link. A live webcast and transcript of the call will also be available on our website.About REVA MedicalREVA Medical is a medical device company focused on the development and commercialization of bioresorbable polymer technologies for vascular applications. The Company’s lead products are the Fantom and Fantom Encore bioresorbable vascular scaffolds for the treatment of coronary artery disease. REVA is located in San Diego, California, USA and employs over 50 people in the U.S. and Europe.Fantom and Fantom Encore are trademarks of REVA Medical, Inc. 

Aegion Corporation Reports 2017 Full Year and Fourth Quarter Financial Results

Aegion Corporation Reports 2017 Full Year and Fourth Quarter Financial Results Press Release from GlobeNewsWire has been published today, Karol Rutkowski, .

2018 adjusted earnings per share expected to increase more than 30 percent on market strength and improved executionST. LOUIS, Feb. 28, 2018 (GLOBE NEWSWIRE) —A PDF accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/eb2af9eb-f507-40b7-99fe-b669ff411f5aRevenues reached a record $1.36 billion in FY’17 compared to $1.22 billion in FY’16, an increase of 11 percent, driven by growth across all three segments.FY’17 loss per diluted share was $2.08 compared to income of $0.84 per diluted share in FY’16. FY’17 adjusted (non-GAAP)1 earnings per diluted share were $1.03 compared to $1.10 in FY’16.Adjusted operating income in FY’17 grew 9.9 percent compared to FY’16, driven by increases within Corrosion Protection, Energy Services and Infrastructure Solutions’ North America CIPP businesses that were partly offset by losses within the restructured businesses.New orders increased 20 percent in FY’17 to $1.36 billion. Contract backlog as of December 31, 2017 was $689.0 million, an increase of $96.2 million, or 16 percent, from contract backlog at December 31, 2016, each excluding backlog for the large deepwater pipe coating and insulation project, which was substantially completed during FY’17.1Adjusted (non-GAAP) results exclude certain charges related to the Company’s restructuring activities, goodwill and intangible asset impairments, acquisition and divestiture-related expenses, impacts from the Tax Cuts and Jobs Act, impacts from 2016 legal settlements and reversal of a contingency reserve.  Reconciliation of adjusted results is below.2017 HIGHLIGHTSInfrastructure Solutions set new records in FY’17 for both revenues of $612.2 million and new orders of $658.1 million. Strong top-line results were offset by nearly $16 million of adjusted losses, or $0.33 adjusted earnings per diluted share, from portions of the business subject to restructuring actions in Denmark, Australia and Fyfe North America.Corrosion Protection delivered near record revenues of $456.1 million and a more than threefold increase in operating income in FY’17 compared to FY’16, driven by the successful execution of the large deepwater pipe coating and insulation project.Energy Services revenues grew 17 percent and adjusted operating margin improved 160 basis points from FY’16 on growth across all revenue streams.“Aegion’s order intake growth across all three segments was a highlight of 2017. Resulting strong revenues and execution generated record contributions from the North America CIPP business and a marked turnaround at Energy Services. We also successfully completed the large deepwater pipe coating and insulation project. These results helped offset significant losses in the restructured businesses as well as execution challenges within our U.S. cathodic protection operations.“Looking forward, we feel confident in the decisive actions we have taken to return troubled businesses to profitability in 2018. These efforts, combined with ongoing market strength and our backlog position, drive our favorable outlook for adjusted diluted earnings per share improvement of more than 30 percent in 2018.”Charles R. Gordon, President and Chief Executive OfficerSTRATEGIC ACTIONSIn August 2017, the Company announced a series of strategic actions intended to generate more predictable and sustainable long-term earnings growth. Activity during 2017 included:

  •  Initiating a process to divest the Corrosion Protection’s pipe coating and insulation business in Louisiana.

  •  Restructuring activities associated with the decision to exit the Infrastructure Solutions’ North America activity for non-pressure pipe contracting applications of the Tyfo® system.

  •  Restructuring activities associated with realigning the Infrastructure Solutions’ operations in Australia and Denmark.

  •  Restructuring activities associated with Corrosion Protection’s operations in Canada, which also included downsizing activities reflecting current and anticipated market conditions.

  •  Implementation of other cost savings initiatives across the Company.

Total charges of $110.1 million were incurred in 2017 related to the above restructuring actions, which included cash charges of $13.7 million and a related impairment charge of $86 million. For 2017 and 2018, total restructuring and impairment charges are estimated to be between $115 and $120 million, with total cash charges of $19 to $21 million, most of which are expected to be completed before the end of 1H’18.The Company expects the restructuring actions and other cost reduction initiatives to achieve annualized cost reductions in excess of $20 million. Cost reductions are partially offset by strategic investments made across the Company.TAX CUTS AND JOBS ACTAegion has completed an initial assessment of the impact of the Tax Cuts and Jobs Act. The Company expects its 2018 effective tax rate will be between 23 and 24 percent. In the fourth quarter of 2017, the Company also recorded a provisional estimated net tax expense of $2.4 million, which consisted of a charge of $10.4 million for the deemed mandatory repatriation of undistributed foreign earnings, reduced by a $7.1 million release of a deferred tax liability on unremitted foreign earnings and $0.9 million of other reform-related impacts. This one-time charge was excluded from adjusted (non-GAAP) earnings per diluted share. The impacts of the legislation may differ materially from this estimate (and the amount of the provisional charge may be adjusted over the course of 2018) due to changes in interpretations and assumptions the Company has made, guidance that may be issued and actions the Company may take as a result of the tax legislation.CREDIT FACILITY AMENDMENTOn February 27, 2018, the Company amended its existing Credit Facility to, among other items:Extend the expiration date from October 2020 to February 2023;Allow the sale of the Company’s pipe coating and insulation business in Louisiana; andUpdate the credit facility’s defined terms to allow for the add-back of certain charges related to the 2017 Restructuring when calculating our compliance with financial covenants.In the event of the sale of the Company’s pipe coating and insulation business, the net cash proceeds are required to first be applied against any outstanding borrowings on the revolving line of credit. Additionally, upon such a sale, the aggregate principal amount of the revolving line of credit will be reduced from $300.0 million to $275.0 million.In October 2017, the Company’s board of directors authorized a program to repurchase up to $40.0 million of the Company’s common stock in 2018 open market transactions. The recent credit facility amendment limits open market share repurchases to $30.0 million in 2018, with flexibility to increase levels to $40.0 million in 2019 and beyond, pursuant to further board of directors approval.Selected FY’17 Consolidated Financial HighlightsNet income and diluted earnings per share includes non-controlling interest._________________________________
(1)    2017 Non-GAAP pre-tax adjustments:
Restructuring: Charges for cost of revenues of $156 primarily related to the write-off of certain other assets; charges for operating expenses of $11,017 primarily related to wind-down and other restructuring-related charges; and charges of $12,814 related to employee severance, extension of benefits, employment assistance programs and early lease and contract termination costs.  The vast majority of restructuring charges relate to the 2017 Restructuring. Impairment: Charges for goodwill impairment of $45,390 for the Fyfe reporting unit; and charges for definite-lived intangible asset impairment of $41,032 for Fyfe North America.Acquisition and Divestiture Expenses: Expenses of $3,084 incurred in connection with the Company’s acquisition of Environmental Techniques and the Company’s planned divestiture of Bayou.(2)  2017 Non-GAAP adjustments include $2,426 of additional income tax charges incurred as a result of the Tax Cuts and Jobs Act.(3)  2016 Non-GAAP pre-tax adjustments:Restructuring: Charges for cost of revenues of $333 related to the write-off of certain other assets; charges for operating expenses of $6,179 related to wind-down and other restructuring-related charges; charges of $9,168 related to employee severance, extension of benefits, employment assistance programs and early lease termination costs; and charges for other expense of $248 related to the release of cumulative currency translation adjustments.  The vast majority of restructuring charges relate to the 2016 Restructuring.Acquisition-Related Expenses: Charges for inventory step up expense of $3,572 to cost of revenues recognized as part of the accounting for business combinations in connection with the Company’s acquisition of Underground Solutions; and expenses of $2,696 related to costs incurred in connection with the Company’s acquisitions of Underground Solutions, selected assets of Fyfe Europe, the CIPP business of Leif M. Jensen A/S and Concrete Solutions.Litigation Settlement: $6,625 gain on settlement of two lawsuits related to the December 2012 departure of several key leaders in sales and operations for the Tyfo® Fibrwrap® technology.Contingency Reserve: Reversal of a $2,336 contingency reserve established as part of the opening balance sheet for the acquisition of Brinderson L.P.Selected FY’17 Segment Financial HighlightsInfrastructure Solutions(1) Includes non-GAAP adjustments related to: (i) pre-tax restructuring charges associated with severance and benefit related costs, early lease and contract termination costs and other restructuring charges; (ii) impairment charges to goodwill and definite-lived intangible assets related to the Fyfe reporting unit; and (iii) acquisition expenses incurred primarily in connection with the Company’s acquisition of Environmental Techniques.(2) Includes non-GAAP adjustments related to: (i) pre-tax restructuring charges associated with the write-off of certain other assets, severance and benefit related costs, and other restructuring charges; (ii) inventory step up expense recognized in connection with the Company’s acquisition of Underground Solutions; (iii) gain on litigation settlement; and (iv) acquisition expenses incurred primarily in connection with the Company’s acquisition of Underground Solutions, selected assets of Fyfe Europe, the CIPP business of Leif M. Jensen A/S and Concrete Solutions.Corrosion Protection(1) Includes non-GAAP adjustments related to: (i) pre-tax restructuring charges associated with severance and benefit related costs, early lease and contract termination costs and other restructuring charges; and (ii) expenses incurred in connection with the planned disposal of the Bayou business.(2) Includes non-GAAP adjustments related to pre-tax restructuring charges associated with the write-off of certain other assets, severance and benefit related costs, and other restructuring charges.Energy Services(1)  Includes non-GAAP adjustments related to: (i) pre-tax restructuring charges associated with the write-off of certain other assets, early lease termination costs, severance and benefit related costs, and other restructuring charges; and (ii) reversal of a contingency reserve established as part of the opening balance sheet for the acquisition of Brinderson L.P.About Aegion (NASDAQ:AEGN)Aegion combines innovative technologies with market-leading expertise to maintain, rehabilitate and strengthen infrastructure around the world. Since 1971, the Company has played a pioneering role in finding innovative solutions to rehabilitate aging infrastructure, primarily pipelines in the wastewater, water, energy, mining and refining industries. Aegion also maintains the efficient operation of refineries and other industrial facilities. Aegion is committed to Stronger. Safer. Infrastructure.®  More information about Aegion can be found at www.aegion.com.Forward-Looking StatementsThe Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Aegion’s forward-looking statements in this news release represent its beliefs or expectations about future events or financial performance. These forward-looking statements are based on information currently available to Aegion and on management’s beliefs, assumptions, estimates or projections and are not guarantees of future events or results. When used in this document, the words “anticipate,” “estimate,” “believe,” “plan,” “intend, “may,” “will” and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Such statements are subject to known and unknown risks, uncertainties and assumptions, including those referred to in the “Risk Factors” section of Aegion’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission on March 1, 2017, and in subsequently filed documents. In light of these risks, uncertainties and assumptions, the forward-looking events may not occur. In addition, Aegion’s actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, Aegion does not assume a duty to update forward-looking statements, whether as a result of new information, future events or otherwise. Investors should, however, review additional disclosures made by Aegion from time to time in Aegion’s filings with the Securities and Exchange Commission. Please use caution and do not place reliance on forward-looking statements. All forward-looking statements made by Aegion in this news release are qualified by these cautionary statements. .Information regarding the impact of the Tax Cuts and Jobs Act consists of preliminary estimates which are forward-looking statements and are subject to change, possibly materially. Information regarding the impacts of the Tax Cuts and Jobs Act is based on our current calculations, as well as our current interpretations, assumptions and expectations, which are subject to further change. About Non-GAAP Financial MeasuresAegion has presented certain information in this release excluding certain items that impacted income, expense and earnings per share. The adjusted earnings per share in the fourth quarters and years ended December 31, 2017 and 2016 exclude charges related to the Company’s restructuring efforts, goodwill and intangible asset impairments, acquisition and divestiture-related activities, impacts from the Tax Cuts and Jobs Act, impacts from 2016 legal settlements and reversal of a contingency reserve.Aegion management uses such non-GAAP information internally to evaluate financial performance for Aegion’s operations because Aegion’s management believes such non-GAAP information allows management to more accurately compare Aegion’s ongoing performance across periods. As such, Aegion’s management believes that providing non-GAAP financial information to Aegion’s investors is useful because it allows investors to evaluate Aegion’s performance using the same methodology and information used by Aegion management.Aegion®, Fibrwrap®, Tyfo® and the associated logos are the registered trademarks of Aegion Corporation and its affiliates. (AEGN-ER)

Fly Leasing to Acquire Major Aircraft Portfolio

Fly Leasing to Acquire Major Aircraft Portfolio Press Release from PRNEWSWIRE has been published today, Maciej Heyman, .

DUBLIN, Feb. 28, 2018 /PRNewswire/ — Fly Leasing Limited (“FLY”) (NYSE: FLY) today announced that it has entered into a definitive agreement with AirAsia Berhad (“AAB”) (KLSE: 5099) and its subsidiary, Asia Aviation Capital Limited (“AAC”), under which FLY will acquire 54 Airbus narrowbody aircraft and seven CFM engines on lease to AAB and its affiliates (the “AirAsia Group”), and one Airbus narrowbody aircraft on lease to a third-party airline.  In addition, FLY will acquire the option to purchase an additional 20 Airbus A320neo family aircraft, not subject to lease, which begin delivering from the manufacturer in 2019.

At the closing of the initial stage of the transaction, FLY will acquire 34 Airbus A320-200 aircraft and seven aircraft engines.  Of these aircraft, which have an average age of 6.6 years and a remaining lease term of 6.2 years, 33 are on lease to five different airlines within the AirAsia Group, and one aircraft is on lease to a third-party airline.

In addition to the aircraft acquired in the first stage of the transaction, FLY has agreed to acquire 21 A320neo family aircraft that will be subject to 12-year leases to AirAsia Group airlines.  These 21 aircraft are scheduled to deliver new from the manufacturer between 2019 and 2021. 

In the final stage of the transaction, FLY will acquire the option to purchase an additional 20 Airbus A320neo family aircraft, not subject to lease, which begin delivering from the manufacturer in 2019.

Under the terms of the agreement, AAB will receive approximately $1.0 billion in cash and 3,333,333 newly-issued FLY shares at $15.00 per share as part of the initial stage of the transaction.  The shares acquired by AAB will be subject to lock-up arrangements through 2021, and voting and standstill agreements, and will be entitled to registration rights. 

In addition, an affiliate of Onex Corporation (“Onex”) and the management team of BBAM Limited Partnership (“BBAM”) will each acquire 666,667 newly-issued FLY shares at $15.00 per share, for total consideration of $20 million.  When added to pre-existing shareholdings by Onex and the BBAM management team, these investors will hold a total of 5.5 million shares, or 17% of the company’s proforma outstanding shares.

The transaction is expected to close in the second and third quarters of 2018, subject to approval by AAB shareholders, receipt of necessary regulatory approvals and satisfaction of other customary closing conditions.

The transaction is part of a larger acquisition under which FLY, together with BBAM’s other capital partners, Nomura Babcock & Brown and Incline Aviation, will acquire a total of 132 aircraft from AAB and its subsidiary AAC, as well as options to acquire 50 A320neo family aircraft, to be delivered in the future. AAB will also make a $50 million investment in Incline Aviation as part of its consideration.

FLY’s CEO Colm Barrington commented: “We are thrilled to partner with one of Asia’s premier and fastest expanding airline groups.  These investments will grow FLY’s fleet with the most attractive and newest generation of narrowbody aircraft on known lease and financing terms.  This transaction is expected to drive high levels of stable, long-term profitability and cash flows at FLY for the benefit of our stakeholders.”

Tan Sri Tony Fernandes, AirAsia Group Chief Executive Officer, added: “The AirAsia Group is delighted to begin this new, long-term partnership with Steve and the rest of the team at BBAM. BBAM has a similar culture to AirAsia. Steve is a great entrepreneur with a strategic vision and he has built a strong team with great attention to detail that is incredibly passionate about what they do. I am confident that his management team will drive the value of our investment in both FLY and Incline.”  Mr. Fernandes commented further, “This is a perfect outcome to a strategy we started in 2004 and I’m thrilled at the execution of our long-term vision. We have now disposed most of our physical non-core assets and we are thrilled to be embarking on our new digital strategy, which will build a very valuable group of assets.”

Steve Zissis, Chief Executive Officer of BBAM, commented: “BBAM is providing FLY with unique access to a major investment opportunity that FLY would not have been able to pursue on its own.  We passionately believe BBAM’s unique structure enables us to offer unparalleled fleet planning solutions to our airline customers by enabling us to participate in large scale transactions that few of our peers can deliver.”  Mr. Zissis further commented, “Tony and his team have built an incredible business at AirAsia and we feel fortunate in having this opportunity to build a long-term partnership with an organization of this caliber.”

Advisors

Vedder Price and Jones Day acted as legal advisors to FLY.  BNP Paribas, Citi, Commonwealth Bank of Australia and Deutsche Bank have provided committed financing to FLY for the transaction.  EY and KPMG acted as tax advisors to FLY.

Conference Call and Webcast for Investors and Analysts

In connection with the press release, management will host a conference call and webcast with slide presentation to discuss the acquisition on Thursday, March 1 at 9:00 am Eastern Time. Participants should dial +1 253-237-1145 (International) or 800-535-7056 (North America) and enter confirmation code 6594009.  Please call at least five minutes early to allow for connection time.

A live webcast with slide presentation will be available on the Events & Presentations page in the Investor Relations section of FLY’s website at www.flyleasing.com. A webcast replay will be available on the company’s website for one year.

About FLY

FLY is a global aircraft leasing company with a fleet of modern, high-demand and fuel-efficient commercial jet aircraft. FLY leases its aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. FLY is managed and serviced by BBAM and its affiliates, a worldwide leader in aircraft lease management and financing. For more information visit www.flyleasing.com.    

About AirAsia Group

AirAsia, the world’s leading low-cost carrier group, services an extensive network of over 130 destinations across Asia Pacific.  Since starting operations in 2001, AirAsia has carried more than 400 million guests and grown its fleet from just two aircraft to over 200.  The airline is proud to be a truly Asean (Association of Southeast Asian Nations) airline with established operations based in Malaysia, Indonesia, Thailand and the Philippines as well as India and Japan, servicing a network stretching across Asia, Australia and New Zealand, the Middle East and the US. AirAsia has been named the World’s Best Low-Cost Airline at the annual Skytrax World Airline Awards nine times in a row from 2009 to 2017.  AirAsia was also awarded World’s Leading Low-Cost Airline for the fifth consecutive year at the 2017 World Travel Awards, where it became the inaugural recipient of the World’s Leading Low-Cost Airline Cabin Crew award.

About BBAM

BBAM is the world’s largest dedicated manager of investments in leased commercial jet aircraft providing over 200 airline customers in more than 50 countries with fleet and financing solutions over the last three decades. BBAM is the only manager in the aircraft leasing industry focused exclusively on generating investment returns for third-party investors. BBAM currently has more than 400 aircraft under management and employs over 120 professionals at its headquarters in San Francisco and in additional offices in New York, London, Tokyo, Singapore, Zurich, Dublin, and Santiago. For more information about BBAM, please visit its website at www.bbam.com.

About Onex

Onex is one of the oldest and most successful private equity firms.  Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams.  At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. Onex has more than $32 billion of assets under management, including $6.8 billion of Onex proprietary capital, in private equity and credit securities. With offices in Toronto, New York, New Jersey and London, Onex and the team are collectively the largest investors across Onex’ platforms.

Onex’ businesses have assets of $47 billion, generate annual revenues of $30 billion and employ approximately 162,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX.  For more information on Onex, visit its website at www.onex.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “expects,” “intends,” “anticipates,” “plans,” “believes,” “seeks,” “estimates,” “will,” or words of similar meaning and include, but are not limited to, statements regarding the outlook for FLY’s future business, operations and financial performance, including the expected benefits of the transaction; whether and when the transactions described herein (the “Transactions”) will be consummated; the amount of cash and stock consideration to be paid by FLY; the type, amount and terms of the acquisition financing to be obtained by FLY; and, the amount of any fees and expenses incurred in connection with the Transactions. Forward-looking statements are based on management’s current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks, including risks relating to the satisfaction of conditions to the closing of the Transactions; risks relating to satisfaction of conditions to the financing of the Transactions; risks relating to FLY’s ability to obtain additional required financing for the Transactions on favorable terms, or at all; the risk that expected benefits of the Transactions may not be fully realized or may take longer to realize than expected; the risk that business disruption resulting from the Transactions may be greater than expected; and the risk that FLY may be unable to achieve its portfolio growth expectations, or to reap the benefits of such growth. Further information on the factors and risks that may affect FLY’s business is included in filings FLY makes with the Securities and Exchange Commission (the “SEC”) from time to time, including its Annual Report on Form 20-F and its Reports on Form 6-K. FLY expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, or otherwise.

Contact:

Matt Dallas
Fly Leasing Limited
+1 203-769-5916
ir@flyleasing.com

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SOURCE Fly Leasing Limited

Related Links

http://www.flyleasing.com

TCP Capital Corp. to Present at the Raymond James 39th Annual Institutional Investors Conference on March 6, 2018

TCP Capital Corp. to Present at the Raymond James 39th Annual Institutional Investors Conference on March 6, 2018 Press Release from PRNEWSWIRE has been published today, Maciej Heyman, .

SANTA MONICA, Calif., Feb. 28, 2018 /PRNewswire/ — TCP Capital Corp. (NASDAQ: TCPC) announced today that Howard Levkowitz, Chairman & CEO, will present at the Raymond James 39th Annual Institutional Investors Conference on Tuesday, March 6, 2018 at 2:50 PM ET.

A live audio webcast of the presentation will be available in the Investor Relations section of TCPC’s website at  http://investors.tcpcapital.com/ under Events and Presentations. For those unable to listen to the live audio webcast, a replay will be available on the Company’s website shortly after the event.

ABOUT TCP CAPITAL CORP.:

TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on performing credit lending to middle-market companies as well as small businesses.  TCPC lends primarily to companies with established market positions, strong regional or national operations, differentiated products and services and sustainable competitive advantages, investing across industries in which it has significant knowledge and expertise.  TCPC’s investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. TCPC is a publicly-traded business development company, or BDC, regulated under the Investment Company Act of 1940 and is externally managed by its advisor, Tennenbaum Capital Partners, LLC, a leading alternative investment manager.  For more information, visit www.tcpcapital.com.

FORWARD-LOOKING STATEMENTS

Prospective investors considering an investment in TCP Capital Corp. should consider the investment objectives, risks and expenses of the company carefully before investing. This information and other information about the company are available in the company’s filings with the Securities and Exchange Commission (“SEC”). Copies are available on the SEC’s website at www.sec.gov and the company’s website at www.tcpcapital.com. Prospective investors should read these materials carefully before investing.

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, changes in general economic conditions or changes in the conditions of the industries in which the company makes investments, risks associated with the availability and terms of financing, changes in interest rates, availability of transactions, and regulatory changes. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the “Risks” section of the company’s shelf registration statement declared effective on May 3, 2017 and the company’s subsequent periodic filings with the SEC. Copies are available on the SEC’s website at www.sec.gov and the company’s website at www.tcpcapital.com. Forward-looking statements are made as of the date of this press release, and are subject to change without notice. The company has no duty and does not undertake any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise.

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SOURCE TCP Capital Corp.

Related Links

http://www.tcpcapital.com

President Signs California Wildfire Area Tax Relief Legislation

President Signs California Wildfire Area Tax Relief Legislation Press Release from PRNEWSWIRE has been published today, Maciej Heyman, .

DALLAS, Feb. 28, 2018 /PRNewswire/ — Continuing the recent trend to provide federal income tax relief for certain wages paid during national disasters, businesses impacted by the California wildfires can receive a benefit similar to the tax credit in 2017 for businesses impacted by the hurricanes. Included within the recently signed H.R. 1892 – Bipartisan Budget Act of 2018 is the Employee Retention Tax Credit for Employers Affected by California Wildfires. This credit allows employers to claim a tax credit equal to 40% of the wages paid to an employee if the location of employment was in a core disaster area and that location was impacted by the wildfires. The credit is capped at $2,400 per employee. The credit applies to wages paid during the time that the business remained inoperable. The eight California counties the Federal Emergency Management Agency (FEMA) deemed disaster areas include Orange, Mendocino, Sonoma, Lake, Napa, Yuba, Butte, and Nevada.

Businesses that were or remain inoperable between October 8, 2017 and January 1, 2018 may qualify for this employee retention tax credit.

About Ryan
Ryan, an award-winning global tax services and software provider, is the largest Firm in the world dedicated exclusively to business taxes. The Firm provides an integrated suite of federal, state, local, and international tax services on a multi-jurisdictional basis, including tax recovery, consulting, advocacy, compliance, and technology services. Ryan is a five-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan’s multi-disciplinary team of more than 2,200 professionals and associates serves over 14,000 clients in more than 45 countries, including many of the world’s most prominent Global 5000 companies. More information about Ryan can be found at ryan.com. “Ryan” and “Firm” refer to the global organizational network, and may refer to one or more of the member firms of Ryan International, each of which is a separate legal entity.

TECHNICAL INFORMATION CONTACTS:

Allea Newbold
Principal
Ryan
813.228.7100 
allea.newbold@ryan.com

Matt Lowell
Manager
Ryan
321.251.2924 
matt.lowell@ryan.com

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SOURCE Ryan

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http://www.ryan.com

Introducing FuzeW: BrilliantTS' Cryptocurrency Wallet Released

Introducing FuzeW: BrilliantTS' Cryptocurrency Wallet Released Press Release from PRNEWSWIRE has been published today, Maciej Heyman, .

ORANGE, Calif., Feb. 28, 2018 /PRNewswire/ — Fuze Card (Corp Name: BrilliantTS) has unveiled a cryptocurrency hardware wallet, FuzeW, at the Mobile World Congress (MWC), which ran for four days starting Feb. 26, 2018.

Fuze Card, a smart multi-ecard, raised more than $2.3 million on Indiegogo. This ranks Fuze Card as the second most funded campaign globally.

The Fuze Card has special packaging and other core technologies which enables its various functionalities on just a 0.84 mm thick card.

At BrilliantTS, product manager Daniel Kim states, “The secure use of cryptocurrency and the protection of our investors’ assets through FuzeW are our top priority. In keeping pace with the diverse needs rising from the global market, we will attend MWC 2018 to secure existing and potential customers. We will also present a new paradigm in the cold wallet market at the event.” 

According to BrilliantTS, safeguarding the private key that determines the identity of the cryptocurrency user is a fundamental element in preventing theft, loss, and hacking of cryptocurrency.

There are more than one hundred types of hot and cold wallets available on the market that also can keep the private key secure. All cryptocurrency wallets hold private keys, however, the keys are exposed to a risk of hacking at the time of transactions. The major difference between the existing cold wallets and FuzeW is that FuzeW has adopted multiple security layers such as FIPS and EAL-5 certified SE, fingerprint recognition module, and OTP authentication.

Featuring a card-like design equipped with the world’s first 3.1-inch widescreen display used to increase visibility, FuzeW comes with 3 button keys for better usability and convenience. FuzeW offers personalized display, in which users can select graphics or texts to display on its ultra-wide screen.

FuzeW can support over more than 30 cryptocurrencies including Bitcoin and Ethereum. It also has capability to generate more than 30 address accounts in the device. It is the only cryptocurrency wallet out there that provides a slide-in cradle with a USB cable for direct connection to PC and digital signature functionality through Bluetooth connection.

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Related Links

FuzeX Website

Fuze Card Website

SOURCE BrilliantTS

Microsoft and Sunseap sign agreement on largest-ever solar project in Singapore

Microsoft and Sunseap sign agreement on largest-ever solar project in Singapore Press Release from PRNEWSWIRE has been published today, Maciej Heyman, .

SINGAPORE, Feb. 28, 2018 /PRNewswire/ — Microsoft Corp. on Thursday announced a new agreement with Sunseap Group that marks Microsoft’s first clean energy deal in Asia and will create the single-largest solar energy portfolio in Singapore to date.

This 60 megawatt-peak (MWp) solar portfolio will span hundreds of rooftops across the nation. This is the largest rooftop solar project in Singapore and the first rooftop solar portfolio in the country focused on serving datacenter energy consumption.

“Our cloud services are helping to power Singapore’s digital transformation, and today’s agreement will ensure that transformation is increasingly powered by clean energy,” said Kevin Wo, managing director, Microsoft Singapore. “We’re proud to work with Sunseap, the leading solar provider in Singapore, to support the growth of the local clean energy economy. With the agreement, Microsoft will improve the sustainability of our local operations and make important progress toward our corporate sustainability goals for datacenters.”

The investment in local solar energy builds on decades of Microsoft investment in Singapore and throughout the APAC region. Since it began operations in Singapore in 1990, Microsoft has sought to create local opportunity, growth and impact and supports the government’s efforts to make Singapore a smart, green and liveable city. Singapore is also home to Microsoft datacenter services that deliver Microsoft Azure, Office 365 and numerous other cloud services for customers.

Lawrence Wu, co-founder and president of Sunseap, said, “Sunseap is pleased to work with Microsoft on this landmark solar project. We see exciting potential in our partnership with Microsoft to raise awareness within the tech industry of the importance of adopting renewable energy solutions. Their investment in Singapore solar indicates a growing momentum for clean energy in the country and will further the positive ripple effect for organizations in Singapore to incorporate sustainability practices in their businesses.”

Through a 20-year agreement, Microsoft will purchase 100 percent of the renewable energy attributes exported to the grid. This landmark agreement also marks progress for Singapore in the renewables sector.

Gian Yi-Hsen, executive director, Cleantech, Singapore Economic Development Board (EDB), commented, “This landmark agreement marks yet another milestone in Singapore’s journey to grow the clean energy industry. We are seeing a distinctive trend of local and foreign companies using up to 100 percent renewable energy to power their business operations, and Singapore is positioning itself to serve that need. EDB welcomes this latest agreement between Microsoft and Sunseap, which will help proliferate adoption of clean energy, and spur further innovation in new business models and technologies.”

The agreement also solidifies Sunseap’s unique position in the energy markets. Dominic Garetto, Sunseap’s vice president of Corporate Origination and Development based in California, added, “This contract, focused on serving Microsoft’s datacenter operations, highlights how environmentally responsible energy buyers can lead Singapore’s evolution as a global technology hub while fulfilling their sustainability goals. Microsoft also serves as a role model more broadly for leading corporate buyers pursuing clean energy strategies in Asia, and their support on this project inspires our work in Singapore and our operations throughout Asia as we now collaborate with our clients in multiple countries across the region.”

“This deal is Microsoft’s first renewable energy deal in Asia, and is our third international clean energy announcement, following two wind deals announced in Ireland and The Netherlands in 2017,” said Christian Belady, general manager, Cloud Infrastructure Strategy and Architecture, Microsoft. “We’re on track to exceed our goal of powering 50 percent of our global datacenter load with renewable energy this year. Once operational, the new solar project will bring Microsoft’s total global direct procurement in renewable energy projects to 860 megawatts.”

About Sunseap Group
Sunseap is the leading solar energy system developer, owner and operator in Singapore. It operates through three key units: Sunseap Leasing, Sunseap International and Sunseap Energy. Sunseap Leasing is the first and largest solar leasing company in Singapore. Sunseap International targets markets in the South East Asian and Pacific regions. These include a 140 MegaWatt-peak (MWp) solar farm in India, a 10 MWp solar farm in Cambodia, operations in Malaysia and active development work in Thailand, Vietnam, the Philippines and other markets. Sunseap Energy provides clean energy solutions utilising off-site arrangements by drawing on solar systems within the Group’s portfolio of distributed generation assets.   

About Microsoft
Microsoft (Nasdaq “MSFT” @microsoft) is the leading platform and productivity company for the mobile-first, cloud-first world, and its mission is to empower every person and every organization on the planet to achieve more.

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SOURCE Microsoft Corp.

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Record-Breaking 2017 Business Performance Confirms Meituan-Dianping's Leadership as an E-Commerce Platform of Local Services

Record-Breaking 2017 Business Performance Confirms Meituan-Dianping's Leadership as an E-Commerce Platform of Local Services Press Release from PRNEWSWIRE has been published today, Maciej Heyman, .

The Company continues to invest in AI technology and innovation to strengthen its new generation service platform to help people eat better and live better

Its full suite of intelligent business management and financial solutions envisioned to be an indispensable tool for brick-and-mortar merchants and empower them to succeed

BEIJING, Feb. 28, 2018 /PRNewswire/ — Meituan-Dianping, China’s largest e-commerce platform of local services, announced strong operating performance and key financial milestones in 2017. The Company witnessed high growth and diversification in its services and products that enhance customers’ daily lives while empowering local merchants to advance their business performance. The Company ended the year solidifying its leadership and is well positioned to continue its positive momentum.

Key Business Highlights

  • Total revenue more than doubled from 2016 to US$5.4 billion, gross merchandise volume (GMV) increased to US$57.0 billion, and peak online daily orders increased to 27 million, reflecting robust growth across core Business Groups.
  • Annual active buyers reached 320 million and annual active merchants exceeded 4 million, evidencing that Meituan-Dianping is increasingly meeting customers’ daily needs and empowering merchants to enhance their business performance. 
  • The Company continued to be the global leader in on-demand delivery with record breaking 18 million daily orders.
  • Annual hotel room nights exceeded 200 million, cementing the Company’s leadership position in China’s online travel service industry; and a global partnership with Club Med was established providing customers with a one-stop vacation booking service through the newly launched flagship store and seamless sharing of data.
  • In October 2017, Meituan-Dianping closed its Series C financing round, raising US$4.1 billion for future investment in its core Business Groups and new business development, which makes the company one of the highest valued start-ups in the world.
  • The Company launched the Black Pearl Restaurant Guide, an authority on dining experiences from a Chinese perspective to further showcase its expertise and dominant position in the dining sector. 
  • The Company also recently invested in two leading technology companies overseas – GO-JEK, the largest on-demand mobile platform in Indonesia, and Swiggy, India’s leading food ordering and delivery platform.

Mr. Xing Wang, CEO of Meituan-Dianping, stated, “By all accounts, 2017 was an outstanding year for Meituan-Dianping and we can say with confidence that we now operate as the clear forerunner in the service e-commerce space. We have fully built out a powerful new generation ecosystem that covers our customers’ dining and lifestyle scenarios throughout the day under a unified platform via our mobile applications. This is clearly evident in all of our most important business metrics which achieved significant year on year increases. While maintaining our leadership position in China, we will continue to look for opportunities in overseas markets and introduce our successful business model to the world.”

Built Out a Unique and Comprehensive Ecosystem to Meet Customers’ Evolving Needs and Empower Merchants

Meituan-Dianping is effectively anticipating and meeting a diverse set of needs for China’s enormous customer group. The Company has been creating the next generation operation and supply chain management system that continuously increases service industry efficiencies and drives significantly higher SaaS-based ERP product adoption and penetration. It has also invested in technology allowing it to facilitate offline transactions with intelligent payment services, providing more convenient payment choices and reducing processing time per order.

Invested in AI-Based and Data-Driven Technology

By investing heavily in technology and innovation, the new generation platform is effectively utilizing the amount of data available (over 7PB of unduplicated data captured daily). With more than 6,000 engineers and cutting edge AI technology, Meituan-Dianping has created its proprietary Real-Time Logistic Dispatch System that dispatches orders to more than 500,000 riders and enables them to complete a delivery within 28 minutes.

Mr. Xing Wang concluded, “Our growth momentum is expected to continue into 2018 and beyond as most of our diversified businesses are in early stages of growth and there are significant expansion opportunities that will help the ecosystem realize its immense potential. We will therefore continue to invest strategically and look forward to continuing to build out our platform and offerings, fully leveraging AI-based and data-driven technology for the benefit of our customers and merchant partners, as a result, helping people eat better and live better.”

About Meituan-Dianping

Meituan-Dianping is China’s largest e-commerce platform of local services serving more than 320 million annual active buyers and more than 4 million annual active local merchants across 2,800 cities in China.

With its “We Help People Eat Better and Live Better” mission, the Company offers a one-stop platform that enhances customers’ daily lives through location-based service solutions in more than 250 categories.

By leveraging AI technology and innovation within its platform strategy, Meituan-Dianping is empowering local businesses to improve their business performance, and transforming the whole service industry into a digital ecosystem.

Follow Meituan-Dianping on Twitter for more news and updates.

For enquiries, please contact:

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SOURCE Meituan-Dianping

Sungrow Showcases 1500V String Inverter, ESS, and Floating PV System at PV Expo in Japan

Sungrow Showcases 1500V String Inverter, ESS, and Floating PV System at PV Expo in Japan Press Release from PRNEWSWIRE has been published today, Maciej Heyman, .

TOKYO, Feb. 28, 2018 /PRNewswire/ — Sungrow, the global leading inverter solution supplier for renewables, showcased the SG111HV, a 1500V string inverter tailored for Japanese ultra-high-voltage PV stations, along with energy storage system (ESS) for energy storage projects, and floating system for PV plants, at the PV Expo, which opened on February 28th at Tokyo Big Sight in Tokyo, Japan.

The SG111HV, being the most powerful string inverter available in the Japanese PV market, features patented five-level topology, maximum efficiency at 98.9%, no derating at up to 50℃, and high DC/AC ratio of 1.5, leading to a high power yield. The product further reduces system costs and lowers cable loss by adopting the Virtual Central Inverter concept. Tested according to JIS H8502, it can also work in a salty, coastal environment.

The energy storage turn-key solution for PV plus energy storage station is highly customized to meet the needs for energy shifting and maximization of customer revenue via FIT. A 1MW/3.3MWh of such an energy storage plant was recently commissioned by Sungrow in Aomori Prefecture, Japan.

The floating system, eco-friendly and robustly designed for a 25-year lifespan, is suitable for large scale floating PV stations frequented by typhoons and in extremely cold or hot areas. The system is known for its installation on the world’s largest floating PV plant in 2017 and has also recently been supplied to a pilot floating PV plant in Fukushima, Japan.

“2017 marked a fruitful year for Sungrow in Japan. Now with the most powerful string inverter, cutting-edge storage system, and the floating PV system being available in the nation, we will consolidate our presence in this market,” said Professor Renxian Cao, President of Sungrow.

About Sungrow

Sungrow Power Supply Co., Ltd (“Sungrow”) is a global leading inverter solution supplier for renewables with over 49GW installed worldwide as of December 2017. Founded in 1997 by University Professor Renxian Cao, Sungrow is a leader in the research and development of solar inverters, with the largest dedicated R&D team in the industry and a broad product portfolio offering PV inverter solutions as well as energy storage systems for utility-scale, commercial, and residential applications. Additionally, Sungrow also offers floating PV plant solutions. With a strong 20-year track record in the PV space, Sungrow products power installations in over 50 countries, maintaining a worldwide market share of over 15%. Learn more about Sungrow by visiting www.sungrowpower.com

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SOURCE Sungrow Power Supply Co., Ltd

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http://www.sungrowpower.com