TAMPA, FL / ACCESSWIRE / February 26, 2020 / Advanzeon Solutions, Inc. (OTC PINK:CHCR)("Advanzeon") announced today that its wholly-owned subsidiary, Pharmacy Value Management Solutions, Inc. dba SleepMaster Solutions™ (collectively, the "Company"), has entered into an exclusive 3-year contract with CoreChoice, a leading specialty network PPO servicing union members, effective immediately.

As the nation's leading sleep apnea testing and treatment program, SleepMaster Solutions™ will be positioned to screen, test and treat, when appropriate, union members accessing CoreChoice for their members and their dependents at no cost to them. This program will roll out in various segments, the first of which will impact in excess of 1,000,000 members and their families, commencing March, 2020. The number of members within subsequent segments will increase.

Dr. Steven F. Gass, CoreChoice's Chief Executive Officer, stated, "Up to now, our primary specialty networks have been radiology, medical air transport, neurodiagnostic testing, interventional pain management and Behavioral Health and Substance Use Disorder. Recognizing the severe co-morbidity effects of obstructive sleep apnea (OSA) and its economic impact on our members, we have decided to expand our network offering to now include the testing and treatment of sleep apnea. This will be a covered benefit to all of our clients and their insured members and their dependents. We believe that by affirmatively addressing sleep apnea as a serious health problem, many of the patients will be spared the damaging effect that sleep apnea has in terms of heart disease, diabetes, high blood pressure, and more, as well as the costly economic impact caused by these health conditions."

Clark A. Marcus, the Company's Chairman and Chief Executive Officer, stated, "When one suffers from sleep apnea, they literally stop breathing. The length of time that they stop breathing determines the severity of the damage caused. At SleepMaster Solutions™, we've tasked ourselves with aggressively addressing what we believe is a national sleep apnea epidemic and containing, as much as possible, the severity of the co-morbidity effects of sleep apnea. Our contract with CoreChoice shows not only their dedication to the health and well-being of the clients that they service and their insured patients, but also a keen awareness of the economic reality that by affirmatively addressing OSA, they will, in all likelihood, materially reduce the patients overall healthcare needs and costs – a win-win for all. We're proud to add CoreChoice to our roster of accounts that aim to achieve a healthier population and reduce healthcare costs."

About Advanzeon Solutions, Inc.

Advanzeon Solutions, Inc. (OTC PINK:CHCR) through its subsidiary owns and operates the nation's most complete sleep apnea program, SleepMaster Solutions™ (the "Program"). Headquartered in Tampa, Florida, the Company's Program is available in all fifty states and Washington D.C. The Program focuses on personalized attention, flexibility, a commitment to high-quality services and innovative approaches that address both the specific needs of clients and changing healthcare industry demands. For more information, visit our website at www.advanzeon.com.

About CoreChoice, Inc.

CoreChoice, Inc. is the only specialty network for radiology, interventional pain management, and medical air transportation services, neurodiagnostic testing and Behavioral Health and Substance Use Disorder whose mission is to reduce unnecessary health care costs through a variety of functions of health insurance, delivery of care, and administration, including our noteworthy specialty network Exclusive Provider Organization (EPO) program that is customized for each client's needs. CoreChoice services the commercial group health, workers compensation, and auto liability insurance sectors. Our clients include national labor unions, cost management companies, PPO groups, third party administrators (TPA), self-insured entities, employer groups, and government organizations. More information is available at www.corechoice.net or by calling 561-756-9110.

Safe Harbor Statement

This press release contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. In some cases, you may identify forward-looking statements by words such as "may," "should," "plan," "intend," "potential," "continue," "believe," "expect," "predict," "anticipate" and "estimate," the negative of these words or other comparable words. These statements are only predictions. One should not place undue reliance on these forward-looking statements. The forward-looking statements are qualified by their terms and/or important factors, many of which are outside the Company's control, involve a number of risks, uncertainties and other factors that could cause actual results and events to differ materially from the statements made. The forward-looking statements are based on the Company's beliefs, assumptions and expectations of our future performance, taking into account information currently available to the Company. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company. Neither the Company nor any other person assumes responsibility for the accuracy or completeness of these statements. The Company will update the information in this press release only to the extent required under applicable securities laws. If a change occurs, the Company's business, financial condition, liquidity and results of operations may vary materially from those expressed in the aforementioned forward-looking statements.

Advanzeon Public Relations Contact:

Brianna Bujnowski
Crank Communications
407-830-7312
brianna@crankcommunications.com

Advanzeon Investor Relations Contact:

Philip Pulver
Communications Director
509-607-7229
ppulver@sleepmastersolutions.com
www.AdvanzeonShareholders.com

SOURCE: Advanzeon Solutions, Inc.

ReleaseID: 577977

Dump truck logistics startup experienced tenfold revenue growth in 2019; over $120m in hauling facilitated through the TRUX platform

WALTHAM, MA / ACCESSWIRE / February 26, 2020 / TRUX™ capped another year of tremendous growth in 2019, furthering its mission to modernize the dump truck industry by helping contractors find, dispatch, and manage their fleets with its comprehensive dump truck logistics platform. Tens of thousands of dump truck drivers have logged millions of miles on the cloud-based platform while TRUX facilitated over $120,000,000 of hauling in 2019.

Since TRUX launched in 2015, over 12,500 drivers have joined the platform and combined to log over 45 million miles on the platform in over 20 states. In 2019, the number of miles traveled on the TRUX platform by dump truck drivers increased elevenfold over 2018. This exponential growth is expected to continue in 2020, with approximately 30 new drivers taking their first shift on the TRUX platform every day.

In 2019 alone, TRUX facilitated over $120,000,000 in hauling, amounting to a 13-fold growth in the amount of hauling TRUX facilitated in 2018. Customers who worked with TRUX in 2018 increased their spend by 398 percent in 2019, demonstrating the industry's need for a complete dump truck management platform that includes automated dispatching, tracking, driver notification, paperless ticketing, and driver payment.

"TRUX gives us the ability to efficiently manage our fleet, get additional dump trucks when we need them, monitor performance, get digital copies of our tickets and gain access to cost data in real-time," said Michael J. Musto, president, US Pavement. "Our business is dedicated to providing the best service to our clients and we have built a strong reputation in the industry from doing just that. TRUX has helped provide quality control over our trucking operations so we can deliver on our commitments to our clients."

In 2019, TRUX expanded its product offerings in order to address the changing needs of the dump truck logistics industry, launching the following features:

Digital Dispatch: Modern, efficient dispatching for the 21st century, flexible enough for fleets of any size.
Cycle-time Analysis: Insights into job progress and operations, previously unavailable for most of the industry.
Order Delivery Tracker: Real-time order tracking tool — even for non-TRUX customers.
Fleet Management: Robust tools to manage fleets from a desktop computer.

"TRUX experienced a tenfold growth in revenue over the past two years, which is an impressive rate for an early stage startup," said Bart Ronan, CEO at TRUX. "We are proud of the huge strides TRUX made in 2019 and look forward to another year of rapid growth. Our goal remains to provide an all-in-one platform to help dump truck owners manage their fleet, help contractors track and find dump trucks, and help material producers improve cycle-time and plant operations."

To request a free demo or to sign-up for the TRUX platform, visit truxnow.com.

About TRUX
TRUX is a multi-sided platform providing an open marketplace that connects truckers, contractors, and material producers throughout North America. TRUX is transforming the logistics of a $50 billion industry that has largely been left behind by technology with a complete dump truck management solution. TRUX is creating a space in this market where it can positively impact the productivity of corporations, the personal lives of individual owner/operators, and effect positive social change by reducing the carbon imprint in construction through smarter logistics.

Media Contact:

Mark Nolan
marknolan@slotkincommunications.com

SOURCE: TRUX

ReleaseID: 577983

WELLINGTON, FL / ACCESSWIRE / February 26, 2020 / Jay Hart, security expert and former law enforcement officer, is the new Director of Security for Rosemary Square in West Palm Beach, FL. In this position, Hart will work for Brosnan Risk Consultants, a security consulting firm with contracts across the U.S.

Hart is a 30-year veteran of Florida law enforcement with an extensive resume. He has worked in various departments of law enforcement, including Road Patrol, Field Training Officer, Mounted Unit, Narcotics, and Undercover Colombian Money Laundering. He has also held the positions of Lieutenant, Watch Commander, Executive Officer and District Commander.

Hart also has 12 years of experience working in private security. He is the founder and owner of MCAlert.net (MCA), a cloud-based communication tool used to send mass text and quickly. The MCA application is a tool used by community leaders to keep their communities informed quickly and accurately during emergency situations and other community-wide events.

Rosemary Square is a destination that boasts luxury living, shopping, dining, and entertainment located in the heart of downtown West Palm Beach. Related Group, owner of Rosemary Square are breaking ground on 22 story office building along with a 21 story luxury apartments and retail space on the first floor. Their website showcases stories from neighborhood business owners, residents, visitors and more. It is a well-connected community that has blossomed in the 20 years since its creation.

Hart has worked security for several high-profile clients, including singer Bruce Springsteen and Jane Forbes Clark, chair of the Baseball Hall of Fame board of directors, both of whom he has worked with for the past 13 years. Additionally, Hart's company worked a security detail for Bill Gates and family.

His position in security has allowed him access to some prestigious events, including a Hall of Fame induction where he had the opportunity to provide security for professional baseball players, John Smoltz, Tom Glavine, and Chipper Jones during dinner.

Hart has also worked with Jeremy Jacobs, Owner of the Boston Bruins. "Along with providing security for his 280-acre estate in Wellington, Florida, I have been security for the Boston Bruins when they travel to Mr. Jacobs' estate, said Hart. "Typically, in the spring, when the Florida Panthers host the Boston Bruins they make the 55-mile trip up to his estate where he displays the finest cuisine prepared by his chef's from his worldwide company Delaware North. Upon arriving to the massive estate, the guys can ride motorcycles, fish, hit golf balls, drive golf carts around his estate, swim, play tennis, etc."

Hart's experience has taken him to many different places and given him experience providing security in a variety of situations. In his capacity as Director for Security, Hart will lend his experience and security expertise to the continued growth and safety of the community.

CONTACT:

Jay Hart
T: 561-601-1542
Wellington, Florida

SOURCE: Jay Hart

ReleaseID: 577941

HOUSTON, TX / ACCESSWIRE / February 26, 2020 / National Energy Services Reunited Corp. ("NESR" or the "Company") (NASDAQ:NESR)(NASDAQ:NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") and Asia Pacific regions, today reported its financial results for the quarter and year ended December 31, 2019. The Company posted the following results for the periods presented:

Revenue for the fourth quarter of 2019 is $185 million, growing 17% year-over-year
Gross collections of $207M in the fourth quarter drove free cash flow of $26 million and a net debt decrease of $20 million
Net Income for the fourth quarter of 2019 is $4 million
Adjusted Net Income (a non-GAAP measure) for the fourth quarter of 2019 is $19 million*
Adjusted EBITDA (a non-GAAP measure) is $52 million as compared to $48 million in the prior quarter*
Diluted Earnings per Share (EPS) for the fourth quarter of 2019 is $0.04, which includes $0.17 per share of Charges and Credits
Adjusted Diluted EPS (a non-GAAP measure) for the fourth quarter of 2019 is $0.21*

 
Three Months Ended
 
 
Variance
 

(in millions except per share amounts)

 
December 31,
2019
 
 
September 30,
2019
 
 
December 31,
2018
 
 
Sequential
 
 
Year-over-
year
 

Revenue

 
$
185,176
 
 
$
161,606
 
 
$
158,024
 
 
 
15
%
 
 
17
%

Net income

 
 
3,724
 
 
 
11,110
 
 
 
22,788
 
 
 
(66
)%
 
 
(84
)%

Adjusted net income (non-GAAP)*

 
 
18,948
 
 
 
16,195
 
 
 
17,892
 
 
 
17
%
 
 
6
%

Adjusted EBITDA (non-GAAP)*

 
 
51,749
 
 
 
47,708
 
 
 
49,948
 
 
 
8
%
 
 
4
%

Diluted EPS

 
 
0.04
 
 
 
0.13
 
 
 
0.26
 
 
 
(69
)%
 
 
(85
)%

Adjusted Diluted EPS (non-GAAP)*

 
 
0.21
 
 
 
0.19
 
 
 
0.21
 
 
 
11
%
 
 
–
%

*The Company presents its financial results in accordance with generally accepted accounting principles in the United States of America ("GAAP"). However, management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the Company and its ongoing operations. Please see Tables 1, 2, 3 and 4 below for reconciliations of GAAP to non-GAAP financial measures.

Sherif Foda, Chairman of the Board and CEO of NESR said, "NESR achieved very important milestones this quarter which will bring a step change to the Company going forward. We opened a casing accessories manufacturing facility in Oman to deepen our commitment to In-Country Value creation and local employment, a cornerstone of our ESG strategy in the region. We also commenced operations under a significant unconventional gas stimulation services contract in Saudi Arabia, achieving qualification of these services in a record time during the fourth quarter. Separately, our team's focus on operational efficiency and financial discipline resulted in a $20.2 million decrease in net debt quarter over quarter after collecting a record $207 million during the quarter."

Mr. Foda continued, "Most recently, we announced the agreement to acquire a significant oilfield services provider, SAPESCO. This transaction is expected to close in April of 2020 and will mark the entry of the NESR brand into Egypt, further expanding our presence in North Africa and adding a new service line, Pipelines and Industrial Services, to our portfolio."

Net Income Results

The Company had net income for the fourth quarter of 2019 totaling $3.7 million as compared to a net income of $11.1 million for the third quarter of 2019 and $22.8 million in the prior year quarter. Net income for the fourth quarter of 2019, third quarter of 2019, and fourth quarter of 2018, includes amortization expenses associated with intangible assets acquired in the acquisition of NPS and GES (the "Business Combination") of $3.8 million, per quarter. Adjusted net income for the fourth quarter of 2019 is $18.9 million and includes adjustments totaling $15.2 million mainly related to integration and restructuring costs, higher startup and qualifying costs in conjunction with new contracts, specifically the unconventional contract setup, and other discrete provisions that include non-cash actuarial adjustments and tax reserve charges (collectively, "Total Charges and Credits"). In the fourth quarter of 2018, Total Charges and Credits included a gain of $6.1 million for a Business Combination-related earn-out adjustment. A complete list of the adjusting items and the associated reconciliation from GAAP has been provided in Table 1 below in the section entitled "Reconciliation of Net Income and Adjusted Net Income."

The Company reported $0.04 of diluted earnings per share ("EPS") for the fourth quarter of 2019 compared to $0.13 per share during the third quarter 2019 period. Adjusted for the impact of Total Charges and Credits, a non-GAAP measure described in Table 1 below, Adjusted Diluted EPS for the fourth quarter of 2019 is $0.21, compared to $0.19 per share during the third quarter 2019 period.

See "Business Combination Accounting and Presentation of Results of Operations" section below for additional information on current reporting conventions.

Adjusted EBITDA Results

The Company produced Adjusted EBITDA of $52 million during the fourth quarter of 2019. Fourth quarter 2019 Adjusted EBITDA includes adjustments for certain Total Charges and Credits (those not related to interest, taxes, and/or depreciation and amortization) of $11.6 million. The Company posted the following results for the periods presented.

(in thousands)

 
Three months ended
December 31, 2019
 
 
Three months ended
September 30, 2019
 
 
Three months ended
December 31, 2018
 

Revenue

 
$
185,176
 
 
$
161,606
 
 
$
158,024
 

Adjusted EBITDA

 
$
51,749
 
 
$
47,708
 
 
$
49,948
 

Production Services Segment Results

The Production Services segment contributed $121.0 million to consolidated revenue for the fourth quarter of 2019 as compared to $97.2 million during the third quarter of 2019, growing 24.6% quarter-over-quarter. Segment Adjusted EBITDA increased to $40.4 million from $34.2 million in the prior quarter, an improvement of 18.2%. The Production Services segment posted the following results for the periods presented.

(in thousands)

 
Three months ended
December 31, 2019
 
 
Three months ended
September 30, 2019
 
 
Three months ended
December 31, 2018
 

Revenue

 
$
121,023
 
 
$
97,160
 
 
$
98,523
 

Operating income

 
$
14,610
 
 
$
20,447
 
 
$
28,949
 

Adjusted EBITDA

 
$
40,434
 
 
$
34,218
 
 
$
35,530
 

Drilling and Evaluation Services Segment Results

The Drilling and Evaluation ("D&E") Services segment contributed $64.2 million to consolidated revenue for the fourth quarter of 2019 as compared to revenue of $59.5 million in the fourth quarter of 2018. The D&E Services segment revenue grew by over 7.8% over the past year. Segment Adjusted EBITDA totaled $13.6 million in the fourth quarter of 2019 reflecting changes in segment mix during the quarter.

The D&E Services segment posted the following results for the periods presented.

(in thousands)

 
Three months ended
December 31, 2019
 
 
Three months ended
September 30, 2019
 
 
Three months ended
December 31, 2018
 

Revenue

 
$
64,153
 
 
$
64,446
 
 
$
59,501
 

Operating income

 
$
4,956
 
 
$
9,183
 
 
$
9,147
 

Adjusted EBITDA

 
$
13,645
 
 
$
16,299
 
 
$
13,877
 

Offsetting both the Production Services segment and D&E Services segment results were certain corporate costs, which are not allocated to segment operations.

Balance Sheet

Cash and cash equivalents are $73.2 million as of December 31, 2019, compared to $24.9 million as of December 31, 2018.

Total debt as of December 31, 2019 is $383.5 million with $53.0 million of such debt classified as short-term. Working capital for the Company totaled $175.0 million as of December 31, 2019. Net debt totaled $310.3 million as of December 31, 2019 as compared to $330.6 million as of September 30, 2019, a decrease of $20.2 million. Net debt has decreased quarter-over-quarter due to improved accounts receivable collections, a trend which we expect to continue into the first quarter of 2020. Gross collections were $207 million in the fourth quarter of 2019, a 34% sequential increase. Free cash flow for the fourth quarter of 2019 was $26 million. As compared to December 31, 2018, net debt has increased by $33.1 million fund working capital and capital spending to support our growth.

Predecessor/Successor Accounting Treatment

NESR continues to report in a Predecessor/Successor format whereby NPS Holdings Limited ("NPS") is the Predecessor for periods prior to the completion of the Business Combination on June 7, 2018 and NESR, including NPS and Gulf Energy S.A.O.C. ("GES"), is the Successor for post-transaction periods.

Conference Call Information

NESR will host a conference call on Wednesday, February 26, 2020, to discuss fourth quarter and full year financial results. The call will begin at 8:00 AM Eastern Time.

Investors, analysts and members of the media interested in listening to the conference call are encouraged to participate by dialing in to the U.S. toll-free line at 1-877-407-0312 or the international line at 1-201-389-0899. A live, listen-only webcast will also be available under the "Investors" section of the Company's website at www.nesr.com. A replay of the conference call will be available after the event under the "Investors" section of the Company's website.

About National Energy Services Reunited Corp.

Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 4,000 employees, representing more than 40 nationalities in over 15 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Cementing, Coiled Tubing, Filtration, Completions, Stimulation, Pumping and Nitrogen Services. The Company also helps its customers to access their reservoirs in a smarter and faster manner by providing Drilling and Evaluation Services such as Drilling Downhole Tools, Directional Drilling, Fishing Tools, Testing Services, Wireline, Slickline, Fluids and Rig Services.

Business Combination Accounting and Presentation of Results of Operations

As a result of the Business Combination, NESR was determined to be the accounting acquirer and NPS was determined to be the predecessor for SEC reporting purposes. Pursuant to Accounting Standard Codification ("ASC") 805, Business Combinations ("ASC 805"), the acquisition-date fair value of the purchase consideration paid by NESR to affect the Business Combination was allocated to the assets acquired and the liabilities assumed based on their estimated fair values. As a result of the application of the acquisition method of accounting resulting from the Business Combination, the financial statements and certain footnote presentations separate the Company's presentations into two distinct sets of reporting periods, the periods before the consummation of the transaction ("Predecessor Period") and the period after that date ("Successor Period"), to indicate the application of the different basis of accounting between the periods presented. The Predecessor Periods reflect the historical financial information of NPS prior to the Business Combination, while the Successor Period reflects the Company's consolidated financial information, including the results of NPS and GES, after the Business Combination.

Forward-Looking Statements

This communication contains forward-looking statements (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Any and all statements contained in this communication that are not statements of historical fact may be deemed forward-looking statements. Terms such as "may," "might," "would," "should," "could," "project," "estimate," "predict," "potential," "strategy," "anticipate," "attempt," "develop," "plan," "help," "believe," "continue," "intend," "expect," "future," and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this communication may include, without limitation, statements regarding the benefits resulting from the Company's recent business combination transaction, the plans and objectives of management for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, capital structure or other financial items, the Company's future financial performance, expansion plans and opportunities, and the assumptions underlying or relating to any such statement.

The forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation: estimates of the Company's future revenue, expenses, capital requirements and the Company's need for financing; the risk of legal complaints and proceedings and government investigations; the Company's financial performance; success in retaining or recruiting, or changes required in, the Company's officers, key employees or directors; current and future government regulations; developments relating to the Company's competitors; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic and market conditions, political disturbances, war, terrorist acts, international currency fluctuations, business and/or competitive factors; and other risks and uncertainties set forth in the Company's most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission (the "SEC").

You are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. The Company disclaims any obligation to update the forward-looking statements contained in this communication to reflect any new information or future events or circumstances or otherwise, except as required by law. You should read this communication in conjunction with other documents which the Company may file or furnish from time to time with the SEC.

The preliminary financial results for the Company's fourth quarter and full year ended December 31, 2019 included in this press release represent the most current information available to management. The Company's actual results when disclosed in its Annual Report on Form 20-F for the year ended December 31, 2019 may differ from these preliminary results as a result of the completion of the Company's financial statement closing procedures, final adjustments, completion of the independent registered public accounting firm's audit procedures, and other developments that may arise between now and the disclosure of the final results.

NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In US$ thousands, except share data)

 
December 31,
2019
 
 
December 31,
2018
 

Assets

Current assets

Cash and cash equivalents

 
 
73,201
 
 
 
24,892
 

Accounts receivable, net

 
 
99,019
 
 
 
62,636
 

Unbilled revenue

 
 
75,974
 
 
 
95,145
 

Service inventories, net

 
 
78,841
 
 
 
58,151
 

Prepaid assets

 
 
9,590
 
 
 
6,937
 

Retention withholdings

 
 
40,970
 
 
 
22,011
 

Other receivables

 
 
14,019
 
 
 
16,695
 

Other current assets

 
 
6,800
 
 
 
13,178
 

Total current assets

 
 
398,414
 
 
 
299,645
 

Non-current assets

Property, plant and equipment, net

 
 
417,683
 
 
 
328,727
 

Intangible assets, net

 
 
122,714
 
 
 
138,052
 

Goodwill

 
 
574,764
 
 
 
570,540
 

Other assets

 
 
1,105
 
 
 
6,345
 

Total assets

 
$
1,514,680
 
 
$
1,343,309
 

Liabilities and equity

Liabilities

Accounts payable

 
 
60,907
 
 
 
66,264
 

Accrued expenses

 
 
70,488
 
 
 
38,986
 

Current installments of long-term debt

 
 
15,000
 
 
 
45,093
 

Short-term borrowings

 
 
37,963
 
 
 
31,817
 

Income taxes payable

 
 
6,432
 
 
 
10,991
 

Other taxes payable

 
 
7,189
 
 
 
5,806
 

Other current liabilities

 
 
25,448
 
 
 
24,123
 

Total current liabilities

 
 
223,427
 
 
 
223,080
 

Long-term debt

 
 
330,564
 
 
 
225,172
 

Deferred tax liabilities

 
 
20,908
 
 
 
30,756
 

Pension benefit liabilities

 
 
16,745
 
 
 
13,828
 

Other liabilities

 
 
36,564
 
 
 
19,482
 

Total liabilities

 
 
628,208
 
 
 
512,318
 

Commitments and contingencies

Equity

Preferred shares, no par value; unlimited shares authorized; none issued and
outstanding at December 31, 2019 and December 31, 2018, respectively

 
 
–
 
 
 
–
 

Common stock, no par value; unlimited shares authorized; 87,187,289 and
85,562,769 shares issued and outstanding at December 31, 2019 and December
31, 2018, respectively

 
 
801,545
 
 
 
801,545
 

Additional paid in capital

 
 
17,237
 
 
 
1,034
 

Retained earnings

 
 
67,661
 
 
 
28,297
 

Accumulated other comprehensive income

 
 
29
 
 
 
48
 

Total shareholders' equity

 
 
886,472
 
 
 
830,924
 

Non-controlling interests

 
 
–
 
 
 
67
 

Total equity

 
 
886,472
 
 
 
830,991
 

Total liabilities and equity

 
$
1,514,680
 
 
$
1,343,309
 

NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In US$ thousands, except share data and per share amounts)

 
Successor (NESR)
 
 
Predecessor
(NPS)
 

Description

 
Period from
January 1,
2019 to
December 31,
2019
 
 
Period from
October 1,
2019 to
December 31,
2019
 
 
Period from
June 7,
2018 to
December 31,
2018
 
 
Period from
October 1,
2018 to
December 31,
2018
 
 
Period from
January 1,
2018 to
June 6,
2018
 

Revenues

 
$
658,385
 
 
$
185,176
 
 
$
348,590
 
 
$
158,024
 
 
$
137,027
 

Cost of services

 
 
(506,799
)
 
 
(154,083
)
 
 
(249,159
)
 
 
(109,755
)
 
 
(104,242
)

Gross profit

 
 
151,586
 
 
 
31,093
 
 
 
99,431
 
 
 
48,269
 
 
 
32,785
 

Selling, general and administrative expense

 
 
(63,840
)
 
 
(17,248
)
 
 
(36,705
)
 
 
(13,926
)
 
 
(19,969
)

Amortization

 
 
(15,932
)
 
 
(3,896
)
 
 
(9,373
)
 
 
(4,257
)
 
 
(10
)

Operating income

 
 
71,814
 
 
 
9,949
 
 
 
53,353
 
 
 
30,086
 
 
 
12,806
 

Interest expense, net

 
 
(18,971
)
 
 
(4,280
)
 
 
(14,383
)
 
 
(6,284
)
 
 
(4,090
)

Other income / (expense), net

 
 
(408
)
 
 
221
 
 
 
5,441
 
 
 
5,459
 
 
 
362
 

Income before income tax

 
 
52,435
 
 
 
5,890
 
 
 
44,411
 
 
 
29,261
 
 
 
9,078
 

Income tax expense

 
 
(13,071
)
 
 
(2,166
)
 
 
(9,431
)
 
 
(6,471
)
 
 
(2,342
)

Net income / (loss)

 
 
39,364
 
 
 
3,724
 
 
 
34,980
 
 
 
22,790
 
 
 
6,736
 

Net income / (loss) attributable to
non-controlling interests

 
 
–
 
 
 
–
 
 
 
(163
)
 
 
9
 
 
 
(881
)

Net income attributable to
shareholders

 
$
39,364
 
 
$
3,724
 
 
$
35,143
 
 
$
22,781
 
 
$
7,617
 

Weighted average shares
outstanding:

Basic

 
 
86,997,554
 
 
 
87,168,937
 
 
 
85,569,020
 
 
 
85,576,902
 
 
 
348,524,566
 

Diluted

 
 
86,997,554
 
 
 
87,168,937
 
 
 
86,862,983
 
 
 
86,862,983
 
 
 
370,000,000
 

Net earnings per share:

Basic

 
$
0.45
 
 
$
0.04
 
 
$
0.41
 
 
$
0.26
 
 
$
0.02
 

Diluted

 
$
0.45
 
 
$
0.04
 
 
$
0.40
 
 
$
0.26
 
 
$
0.02
 

NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In US$ thousands)

 
Successor (NESR)
 
 
Predecessor (NPS)
 

 
Period from
 
 
Period from
 
 
Period from
 
 
 
 

 
January 1
 
 
June 7
 
 
January 1
 
 
Year ended
 

 
to December 31,
 
 
to December 31,
 
 
to June 6,
 
 
December 31,
 

 
2019
 
 
2018
 
 
2018
 
 
2017
 

Cash flows from operating activities:

Net income/(loss)

 
$
39,364
 
 
$
34,980
 
 
$
6,736
 
 
$
28,353
 

Adjustments to reconcile net income to
net cash provided by operating activities:

Depreciation and amortization

 
 
88,111
 
 
 
42,416
 
 
 
17,284
 
 
 
38,408
 

Shares issued for transaction costs

 
 
–
 
 
 
2,719
 
 
 
–
 
 
 
–
 

Stock-based compensation

 
 
5,654
 
 
 
1,034
 
 
 
–
 
 
 
–
 

(Gain) on disposal of assets

 
 
(1,659
)
 
 
(986
)
 
 
–
 
 
 
(228
)

Non-cash interest expense

 
 
1,884
 
 
 
2,055
 
 
 
3,350
 
 
 
7,835
 

Deferred tax expense (benefit)

 
 
(5,644
)
 
 
(2,025
)
 
 
–
 
 
 
598
 

Allowance for doubtful receivables

 
 
1,771
 
 
 
693
 
 
 
2,402
 
 
 
334
 

Provision for obsolete service inventories

 
 
530
 
 
 
1,155
 
 
 
–
 
 
 
 
 

NPS equity stock-earn out

 
 
–
 
 
 
(5,723
)
 
 
–
 
 
 
–
 

Other operating activities, net

 
 
90
 
 
 
796
 
 
 
1,442
 
 
 
–
 

Changes in operating assets and liabilities:

(Increase) decrease in accounts receivable

 
 
(39,023
)
 
 
10,329
 
 
 
(15
)
 
 
(5,000
)

(Increase) in inventories

 
 
(21,220
)
 
 
5,440
 
 
 
(2,080
)
 
 
(8,118
)

(Increase) in prepaid expenses

 
 
(2,573
)
 
 
596
 
 
 
(759
)
 
 
2,070
 

(Increase) in other current assets

 
 
5,227
 
 
 
(36,373
)
 
 
(16,257
)
 
 
7,480
 

(Increase) decrease in other long-term
assets and liabilities

 
 
8,622
 
 
 
–
 
 
 
(544
)
 
 
–
 

Increase (decrease) in accounts payable
and accrued expenses

 
 
21,222
 
 
 
(34,943
)
 
 
7,335
 
 
 
9,172
 

Increase (decrease) in other current liabilities

 
 
(9,657
)
 
 
18,677
 
 
 
1,932
 
 
 
2,289
 

Net cash provided by operating activities

 
 
92,699
 
 
 
40,840
 
 
 
20,826
 
 
 
83,193
 

Cash flows from investing activities:

Capital expenditures

 
 
(111,544
)
 
 
(23,211
)
 
 
(9,861
)
 
 
(48,657
)

Proceeds from disposal of assets

 
 
1,625
 
 
 
5,309
 
 
 
–
 
 
 
282
 

Proceeds from the Company's Trust
account

 
 
–
 
 
 
231,782
 
 
 
–
 
 
 
 
 

Acquisition of business, net of cash
acquired

 
 
–
 
 
 
(282,190
)
 
 
(1,098
)
 
 
(624
)

Other investing activities

 
 
(1,025
)
 
 
1,722
 
 
 
3,043
 
 
 
(3,043
)

Net cash used in investing activities

 
 
(110,944
)
 
 
(66,588
)
 
 
(7,916
)
 
 
(52,042
)

Cash flows from financing activities:

Proceeds from long-term debt

 
 
365,000
 
 
 
92,490
 
 
 
47,063
 
 
 
–
 

Repayments of long-term debt

 
 
(285,048
)
 
 
(61,606
)
 
 
–
 
 
 
–
 

Net change in overdraft facilities

 
 
(6,994
)
 
 
–
 
 
 
–
 
 
 
–
 

Proceeds from short-term borrowings

 
 
49,305
 
 
 
–
 
 
 
–
 
 
 
–
 

Repayments of short-term borrowings

 
 
(49,971
)
 
 
–
 
 
 
–
 
 
 
(7,871
)

Payments on capital leases

 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 

Payments for equipment purchased using
seller financing

 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 

Proceeds from issuance of shares

 
 
–
 
 
 
48,294
 
 
 
–
 
 
 
–
 

Redemption of ordinary shares

 
 
–
 
 
 
(19,380
)
 
 
–
 
 
 
–
 

Payment of deferred underwriting fees

 
 
–
 
 
 
(9,070
)
 
 
(164
)
 
 
–
 

Dividend paid

 
 
–
 
 
 
–
 
 
 
(48,210
)
 
 
(20,000
)

Other financing activities, net

 
 
(5,717
)
 
 
(134
)
 
 
(4,429
)
 
 
(4,267
)

Net cash provided by (used in) financing
activities

 
 
66,575
 
 
 
50,594
 
 
 
(5,740
)
 
 
(32,138
)

Effect of exchange rate changes on cash

 
 
(21
)
 
 
–
 
 
 
(16
)
 
 
(45
)

Net increase (decrease) in cash

 
 
48,309
 
 
 
24,846
 
 
 
7,154
 
 
 
(1,032
)

Cash and cash equivalents, beginning of
period

 
 
24,892
 
 
 
46
 
 
 
24,502
 
 
 
25,534
 

Cash and cash equivalents, end of
period

 
 
73,201
 
 
 
24,892
 
 
 
31,656
 
 
 
24,502
 

Supplemental disclosure of cash flow
information (also refer Note 3):

Interest paid

 
 
17,290
 
 
 
8,812
 
 
 
3,636
 
 
 
7,989
 

Income taxes paid

 
 
19,192
 
 
 
6,008
 
 
 
345
 
 
 
3,286
 

NATIONAL ENERGY SERVICES REUNITED CORP. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA AND ADJUSTED NET INCOME TO NET INCOME
(Unaudited)
(In US$ thousands)

The Company uses and presents certain key non-GAAP financial measures to evaluate its business and trends, measure performance, prepare financial projections and make strategic decisions. Included in this release are discussions of earnings before interest, income tax and depreciation and amortization adjusted for certain non-recurring and non-core expenses ("Adjusted EBITDA"), net income adjusted for certain non-recurring and non-core expenses ("Adjusted Net Income") as well a reconciliation of these non-GAAP measures to operating income and net income, respectively, in accordance with GAAP.

The Company believes that the presentation of Adjusted EBITDA and Adjusted Net Income provides useful information to investors in assessing its financial performance and results of operations as the Company's board of directors, management and investors use Adjusted EBITDA and Adjusted Net Income to compare the Company's operating performance on a consistent basis across periods by removing the effects of changes in capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization), items that do not impact the ongoing operations (transaction, integration, and startup costs) and items outside the control of its management team. Adjusted EBITDA and Adjusted Net Income should not be considered as an alternative to operating income or net income, respectively, the most directly comparable GAAP financial measures. Non-GAAP financial measures have important limitations as analytical tools because they exclude some but not all items that affect the most directly comparable GAAP financial measure. You should not consider non-GAAP measures in isolation or as a substitute for an analysis of the Company's results as reported under GAAP.

Table 1 – Reconciliation of Net Income and Adjusted Net Income

 
October 1 to
December 31, 2019
 
 

July 1 to

September 30, 2019

 
 
October 1 to
December 31, 2018
 

 
Net Income
 
 
Diluted EPS
 
 
Net Income
 
 
Diluted
EPS
 
 
Net Income
 
 
Diluted EPS
 

Net Income

 
$ 
3,724
 
 
$ 
0.04
 
 
$ 
11,110
 
 
$ 
0.13
 
 
$ 
22,788
 
 
$ 
0.26
 

Add Charges and Credits:

Transaction, integration and startup costs

 
 
11,768
 
 
 
0.13
 
 
 
4,181
 
 
 
0.05
 
 
 
1,219
 
 
 
0.01
 

Other discrete provisions

 
 
3,456
 
 
 
0.04
 
 
 
904
 
 
 
0.01
 
 
 
(6,117
)
 
 
(0.06
)

Total Charges and Credits

 
 
15,224
 
 
 
0.17
 
 
 
5,085
 
 
 
0.06
 
 
 
(4,898
)
 
 
(0.05
)

Total Adjusted

 
$ 
18,948
 
 
$ 
0.21
 
 
$ 
16,195
 
 
$ 
0.19
 
 
$ 
17,890
 
 
$ 
0.21
 

Table 2 – Reconciliation of Net Income to Adjusted EBITDA

 
October 1 to December 31, 2019
 
 
July 1 to September 30, 2019
 
 
October 1 to December 31, 2018
 

Net Income

 
$ 
3,724
 
 
$ 
11,110
 
 
$ 
22,788
 

Add:

Income Taxes

 
 
2,166
 
 
 
3,511
 
 
 
6,471
 

Interest Expense, net

 
 
4,280
 
 
 
5,011
 
 
 
6,284
 

Depreciation and Amortization

 
 
29,980
 
 
 
23,196
 
 
 
19,303
 

Charges and Credits impacting Adjusted EBITDA

 
 
11,599
 
 
 
4,880
 
 
 
(4,898
)

Total Adjusted EBITDA

 
$ 
51,749
 
 
$ 
47,708
 
 
$ 
49,948
 

Table 3 – Reconciliation of Segment EBITDA to Adjusted EBITDA

 
October 1 to
December 31, 2019
 
 
July 1 to
September 30, 2019
 
 
October 1 to
December 31, 2018
 

 
EBITDA
 
 
Charges
and
Credits
impacting
Adjusted
EBITDA
 
 
Adjusted
EBITDA
 
 
EBITDA
 
 
Charges
and
Credits
impacting
Adjusted
EBITDA
 
 
Adjusted
EBITDA
 
 
EBITDA
 
 
Charges
and
Credits
impacting
Adjusted
EBITDA
 
 
Adjusted
EBITDA
 

Production Services

 
$
32,832
 
 
$
7,602
 
 
$
40,434
 
 
$
32,581
 
 
$
1,637
 
 
$
34,218
 
 
$
35,530
 
 
$
–
 
 
$
35,530
 

Drilling & Evaluation

 
 
12,093
 
 
 
1,552
 
 
 
13,645
 
 
 
15,239
 
 
 
1,060
 
 
 
16,299
 
 
 
13,877
 
 
 
–
 
 
 
13,877
 

Unallocated

 
 
(4,775
)
 
 
2,445
 
 
 
(2,330
)
 
 
(4,992
)
 
 
2,183
 
 
 
(2,809
)
 
 
5,439
 
 
 
(4,898
)
 
 
541
 

Total

 
$
40,150
 
 
$
11,599
 
 
$
51,749
 
 
$
42,828
 
 
$
4,880
 
 
$
47,708
 
 
$
54,846
 
 
$
(4,898
)
 
$
49,948
 

Table 4 – Reconciliation of Segment EBITDA to Segment Operating Income

 
Period from
 
 
Period from
 
 
Period from
 

 
September 30
 
 
July 1
 
 
September 30
 

 
to December 31,
 
 
to September 30,
 
 
to December 31,
 

 
2019
 
 
2019
 
 
2018
 

Production Services:

Segment EBITDA

 
$
32,832
 
 
$
32,581
 
 
$
35,530
 

Depreciation and amort.

 
 
(19,290
)
 
 
(12,322
)
 
 
(7,991
)

Other (income)/expense, net

 
 
1,068
 
 
 
188
 
 
 
1,410
 

Segment Operating Income

 
 
14,610
 
 
 
20,447
 
 
 
28,949
 

Drilling and Evaluation Services:

Segment EBITDA

 
 
12,093
 
 
 
15,239
 
 
 
13,877
 

Depreciation and amort.

 
 
(6,313
)
 
 
(5,980
)
 
 
(4,796
)

Other (income)/expense, net

 
 
(824
)
 
 
(76
)
 
 
66
 

Segment Operating Income

 
 
4,956
 
 
 
9,183
 
 
 
9,147
 

Unallocated:

Segment EBITDA

 
 
(4,775
)
 
 
(4,992
)
 
 
5,439
 

Share-based compensation

 
 
(1,597
)
 
 
(1,944
)
 
 
(703
)

Depreciation and amort.

 
 
(2,780
)
 
 
(2,950
)
 
 
(5,804
)

Other (income)/expense, net

 
 
(465
)
 
 
18
 
 
 
(6,942
)

Segment Operating Income

 
 
(9,617
)
 
 
(9,868
)
 
 
(8,010
)

Total Operating Income

 
$
9,949
 
 
$
19,762
 
 
$
30,086
 

For inquiries regarding NESR, please contact:

Christopher L. Boone
National Energy Services Reunited Corp.
832-925-3777
investors@nesr.com

SOURCE: National Energy Services Reunited Corp. via EQS Newswire

ReleaseID: 577928

TWO KEY PEOPLE ADDED TO THE DIGIMAX TEAM

Highlights:

Lotus Energy has over 94 MWs already funded either in operation or coming on-line
Contracted revenue from these is forecast at $27 million in 2020 and $32 million 2021
Lotus Energy has over 500 MWs of new projects to develop into its existing pipeline
Sister-company has over 30 years of renewable energy operations with more than 1,000 MW's installed
Existing revenues cover ALL fixed operating costs
Power rates in Australia are among the highest in the world
All projects have long-term commercial Power Purchase Agreements
Energy projects generate revenues from commercially priced power generation PLUS maintenance contracts, related service contracts, and government subsidies
1,500 MWs of additional greenfield projects in process of being contracted in Australia, Asia and Africa over next 3 to 5 years

TORONTO, ON / ACCESSWIRE / February 26, 2020 / DIGIMAX GLOBAL SOLUTIONS (CSX:DIGI) (the "Company" or "DigiMax") is pleased to announce that it has officially commenced its consulting efforts with Lotus Energy Cooperative ("Lotus Energy"), based in Melbourne, Australia.

Renewable energy generator and developer Lotus Energy is swiftly capturing the growing clean energy market, with a projected 500 MWs of near shovel-ready projects to be added into its existing project pipeline plus a 1.5 GW project is anticipated to be signed-off to commence over the next 12 months.

Lotus Energy already has 94MW installed or being installed currently in Australia. These installations will generate approximately $27M in revenues in 2020 and $32M in 2021 and will continue to produce contracted income for the next 30 years.

A further 500MW of installations have been developed and are at various stages of contracting in Australia, Africa, India, and the United Kingdom, all of which can be deployed over the next 12 months.

Lotus Energy is a Distributive Co-Operative based in Australia, entitling its equity holders to receive dividends from project net profits from all co-operative revenue flows.

Lotus Energy's current and planned projects span multiple countries providing both diversification and stable cash flow for investors over long time horizons.

Dividend entitlements embrace profits from all co-operative revenue streams including sale of energy, energy transfer fees, maintenance contracts, government grants and subsidies, electric vehicle station revenues, and bi-product revenues such as recycling electrical cabling and recycling of end of life solar panels.

In Australia, Lotus Energy's projects benefit from government subsidies equal to up to 30% of capital costs, which decreases risk and improves investor ROI.

Lotus Energy is developing an innovative peer-to-peer energy exchange. It's proprietary energy transfer system known as LET-NET, will allow people to exchange energy or economic value of energy, globally between residential solar array, commercial solar array, and electric vehicle charging stations and energy storage batteries to encourage a smarter, cost effective and more connected grid.

Lotus Energy's also engages in alternative sources of revenue such as contract renewable energy projects. One example of this is the planned conversion of the fossil fuel power supply of 50,000 cell towers (of a total of 300,000 cell towers) to solar renewable energy, replacing costly diesel generation.

"Capitalizing on 30 years of development and operating experience in the renewable energy industry, we are excited about capitalizing on our new contracts that are underpinned by 30-year power purchase agreements, and strong EPC contracts with our equipment manufacturer partners" says Anthony Vippond, CEO of Lotus Energy said at a recent conference. "We believe that Lotus Energy is well on its way to becoming one of the largest and most successful renewable energy providers in the world."

The management group behind Lotus Energy has more than 100 years of combined successful experience in funding, installation and technical operation of renewable projects in three continents. Management, strengthened by multi-generational experience as clean energy practitioners in Australia, are using this exceptional history to accelerate their path to becoming a global leader in renewable energy installation operations and energy transfer technology.

Lotus Management Team

Anthony Vippond – Founder and CEO

Anthony Vippond, with nearly thirty years of experience as a C-level executive, is experienced at operating established energy enterprises, as well as scaling young ventures into high-value companies. Having owned and managed All Electrical Group (AEG), a top Australian electrical and communications company, Anthony grew the operations from 6 members, to a 100-employee conglomerate in under a decade. After AEG became a market leader, he led a successful exit and went on to manage Torus Group, a clean energy conglomerate for over 20 years. Throughout his tenure with these companies, Anthony worked as a board member and director of other ventures relating to clean energy, robotics, automation, construction and advanced communications technologies.

Ian McBain – Founder and Head of Finance and Treasury

With 40 years of work as a Chartered Accountant and Corporate Advisor, Ian McBain uses his experience in business development to advance Lotus Energy's expansion. Having prepared expert business forensic reports for presentation at the Supreme Court of Australia Ian has assisted businesses with corporate IPO floats and held numerous advisory positions.

Lt. Colonel (Retired) Kyle Tyrrell – Chief of Operations

After serving with the Australian Army as an Infantry Officer, Kyle lead the counter-terrorism, Security and Intelligence division of Australia's National Security Agency. Holding an MBA, GAICD, CPM, PSC(j), and over 30 years of practical leadership experience in highly complex situations, Kyle has a proven record of significant contribution to the vision of the organization he serves.

James Madden – Co-Founder

Since 1998, James worked with the largest enterprise accounts within IBM, managing both hardware and software projects in the renewable energy sector. James has experience managing large teams to deliver complex programs of work. James experience spans both traditional methodologies (waterfall), to agile methodologies.

New Additions to DigiMax Team

DigiMax is pleased to confirm that it has added two individuals to its banking and consulting teams to further attract and assist its business consulting clients.

Natu Myers, Registered Dealing Representative

Natu joined DigiMax a few months ago as a consultant and was recently approved by Ontario regulators as a Registered Dealing Representative for DigiMax Capital Corp, an Exempt Market Dealer in Ontario wholly owned by DigiMax. Natu has a strong proficiency in blockchain and digital currencies and holds a Bachelor of Computer Science from Queen's University.

Chris Ciaravino, Business Development Consultant

Chris recently joined DigiMax to add bench strength to our renewable energy and structured-finance business clients. Chris holds a full Chartered Financial Analyst (CFA) charter, is a Board Member of the Canadian Nuclear Society, and has developed a strong knowledge and contact base in blockchain-related businesses. He has also participated directly in a large structured-finance funding which requires highly specialized contracts including long-term offtake, long-term supply, EPC and Operating contracts all with liquidated damages. Chris holds a Bachelor of Science in Chemical Engineering, with a Minor in Sustainable Energy from the University of Toronto.

About DigiMax

DigiMax is based in Toronto and is the first global company in the Digital Security space to be both publicly listed (listed on the Canadian Securities Exchange-symbol: DIGI) and to be approved by OSC in Ontario, Canada as an 'Exempt Market Dealer'.

DigiMax is currently seeking to become a registered dealer in several other countries and is developing a state-of-the-art platform with its partners to provide qualified investors preferred access to high quality digital security offerings in the rapidly growing Digital Security market. DigiMax also assists companies to raise capital through traditional forms of securities.

The Company has a highly qualified management team with extensive experience in global financial and capital markets, combined with a rapidly expanding global presence with joint venture partnerships already established in such important geographies as USA, Hong Kong, Indonesia, Malaysia, England, Singapore, Korea and Malta with discussions or negotiations underway in several more.

DigiMax Contacts:

Chris Carl
President & CEO
416-312-9698
ccarl@digimax-global.com

Natu Myers
Corporate Consultant
613-402-1167
nmyers@digimax-global.com

Chris Ciaravino
Corporate Consultant
416-723-3527
cciarvino@digimax-global.com

Damon Stone
Corporate Consultant
647-465-0148
dstone@digimax-global.com

Cautionary Note Regarding Forward-looking Statements

NEITHER THE CANADIAN SECURITIES EXCHANGE, NOR THEIR REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

This press release contains "forward-looking statements." Forward-looking statements can be identified by words such as: anticipate, intend, plan, goal, seek, believe, project, estimate, expect, strategy, future, likely, may, should, will and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding changing the Company's name.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: shareholders approving the change of name to DigiMax, the adequacy of our cash flow and earnings, the availability of future financing and/or credit, and other conditions which may affect our ability to expand the App Platform described herein, the level of demand and financial performance of the cryptocurrency industry, developments and changes in laws and regulations, including increased regulation of the cryptocurrency industry through legislative action and revised rules and standards applied by the Canadian Securities Administrators, Ontario Securities Commission, and/or other similar regulatory bodies in other jurisdictions, disruptions to our technology network including computer systems, software and cloud data, or other disruptions of our operating systems, structures or equipment.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

SOURCE: DigiMax Global Solutions

ReleaseID: 577971

Prominent players in the anti-fatigue cosmetics market are emphasizing organic and natural product ingredients and diversification of portfolios in developed markets to gain a competitive advantage.

DUBAI, UAE / ACCESSWIRE / February 26, 2020 / The anti-fatigue cosmetics industry is projected to rise at a moderate CAGR of 4% between 2019 and 2029. Impact of unhealthy eating habits, high stress, and improper sleep patterns are the primary factors driving sales. The transition from conventional grooming products to specifically anti-fatigue options will continue to aid the growth of the anti-fatigue cosmetics market, reveals Fact.MR in its new study.

"Consumers have evolved beyond traditional grooming products and are developing strong interest in functional products such as anti-fatigue cosmetics. Although representing a niche segment currently, these cosmetics reflect a promising growth outlook in the following years," concludes the Fact.MR report.

Request PDF Sample of the 170-page report on the anti-fatigue cosmetics market-

https://www.factmr.com/connectus/sample?flag=S&rep_id=4501

Anti-fatigue Cosmetics Market – Key Takeaways

Creams remain bestsellers, accounting for around 35% of total sales in market.
Offline sales continue to contribute significantly, majorly accounted by supermarkets and hypermarkets.
Natural ingredients such as pomegranate, seaweed, cucumber, herbs, and citrus fruits are entering mainstream.
Anti-fatigue cosmetics are to gain major consumer demand as organic ingredients generate lucrative opportunities for producers.
North America remains the leading regional market, with the rising incidences of chronic fatigue and insomnia.

Anti-fatigue Cosmetics Market – Key Driving Factors

Hectic lifestyle and rising levels of pollution are driving the adoption of anti-fatigue cosmetics.
Widening product range is sustaining growth of the industry.
The rising number of awareness campaigns about skin care procedures by cosmetics brands is a major driver.
A transition from synthetic to natural ingredients contributes to sales of anti-fatigue cosmetics.

Explore 81 tables and 136 figures in the study. Request ToC of the report at-

https://www.factmr.com/report/4501/antifatigue-cosmetics-market

Anti-fatigue Cosmetics Market – Key Constraints

Widespread proliferation of counterfeit products is a major challenge for anti-fatigue cosmetics manufacturers.

Competition Landscape

The global anti-fatigue cosmetics market is largely fragmented. The leading players profiled in the report include, but are not limited to Colame Cosmetics Co., L'Oréal, Christian Dior SE, Unilever plc, and Estee Lauder. Market leaders are investing in product innovation. Key players are channeling their efforts in consumer engagement practices through social media platforms. Marketing and promotion strategies are also gaining importance as indicated by the Fact.MR report.

About the Report

This 170-page study offers readers a comprehensive market forecast of the anti-fatigue cosmetics market. Global, regional and country level analysis of the latest industry trends impacting the anti-fatigue cosmetics market are covered in this Fact.MR study. The report offers compelling insights on the anti-fatigue cosmetics market on the basis of product form (cream, oil, lotion, serum, and gel), distribution channel (offline and online), across six regions (Middle East and Africa, South Asia & Oceania, East Asia, Europe, Latin America, North America).

Explore Fact.MR's Comprehensive Coverage on Retail & Consumer Goods Landscape

Color Cosmetics Market– Learn more about the key influencing factors affecting the global color cosmetics market poised for robust growth during the projection period (2017-2022).

Fragrances Market– Acquire comprehensive knowledge about the global fragrances market through Fact.MR's detailed report covering niche segments, market dynamics, recent industry developments and prominent market players for the forecast period of 2017-2022.

Organic Color Cosmetic Products Market– Obtain Fact.MR's comprehensive analysis on the global organic color cosmetic products market spanning dynamic market factors, key trends and successful strategies of market leaders projected for 2017-2022.

About Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the veteran research team at Fact.MR helps clients from across the globe with their unique business intelligence requirements. With a repository of over thousand reports and 1 million+ data points, the team has scrutinized the Retail & Consumer Goods sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

CONTACT:
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai, United Arab Emirates
MARKET ACCESS DMCC Initiative
Email: sales@factmr.com
Web: https://www.factmr.com/
Blog – https://blog.factmr.com/
PR- https://www.factmr.com/media-release/1279/global-antifatigue-cosmetics-market

SOURCE: FactMR

ReleaseID: 577972

Increasing consumer preferences for eco-friendly materials and premium lifestyle commodities will remain the primary contributor to the organic bedding market, High product durability, and natural materials further accelerate demand.

DUBAI, UAE / ACCESSWIRE / February 26, 2020 / Global organic bedding market is set to rise at a moderate CAGR of 4.7% through the end of 2029, as per the recent market intelligence study of Fact.MR. Businesses in the organic bedding market are increasingly pushing for investments in product development activities to boost their portfolios and meet evolving consumer requirements.

"E-commerce expansion is enabling organic bedding manufacturers to reach consumers with greater efficiency, thereby increasing accessibility and affordability. The growing appreciation for inherent properties of natural materials in organic bedding amps up product demand across the globe," says the Fact.MR report.

Request PDF Sample of 250+ pages report on the organic bedding market: https://www.factmr.com/connectus/sample?flag=S&rep_id=4503

Organic Bedding Market: Key Findings

Bed linens account for around 33% of overall sales, driven by the introduction of novel materials.
Plant-based bed sheets from cotton, bamboo, and similar materials are gaining popularity for their temperature regulation properties.
Rising number of new players in the industry is resulting in better credibility and visibility of such products.
Offline channels continue to hold a major share in total sales; online sales are poised to grow at a faster rate.
The Asia Pacific would remain a highly lucrative market for organic bedding manufacturers.

Organic Bedding Market: Key Driving Factors

Organic bedding is free from toxins and conventional pesticides, which are key drivers for demand growth.
Design innovations to suit various sleeping postures and deliver comfort are increasing the adoption rates.
Increasing per capita spending on lifestyle products is positively influencing the industry.

Explore 212 figures, 94 tables in the study. Request ToC of the report at: https://www.factmr.com/report/4503/organic-bedding-market

Organic Bedding: Key Market Restraints

Higher costs associated with the production and sales of organic bedding is a major challenge.
Fluctuations in the availability of raw materials continue to hamper market growth.

Competition Landscape

The global organic bedding market is moderately fragmented. Industry leaders are focusing their efforts on introducing new product lines with innovative designs by leveraging the rising popularity of organic materials. The report has also profiled key players in the global organic bedding market, including but not limited to, The Natural Sleep Store, COYUCHI, SOL ORGANICS, The Organic Mattress, and Good Night Naturals.

About the Report

This 250+ pages study provides detailed forecast data on the organic bedding market. The key categories covered in the report include product type (mattress, bed linen, pillows, blankets, and others) and 25+ countries in key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

Explore Fact.MR's Detailed Coverage of the Retail and Consumer Goods Landscape

Tamper Evident Labels Market– The study analyzes the internal and external factors impacting competition in the tamper-evident labels market.

Breast Shell Market– A detailed analysis of the latest market updates and design developments that play a crucial role in helping businesses formulate key strategies that will affect demand for breast shells around the world.

Shelf Liners Market– The report discusses the interrelations of the shelf liners market to the global economy and retail and consumer goods sector.

About Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the veteran research team at Fact.MR helps clients from across the globe with their unique business intelligence requirements. With a repository of over a thousand reports and 1 million+ data points, the team has scrutinized the Retail & Consumer Goods sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

CONTACT:
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai, United Arab Emirates
MARKET ACCESS DMCC Initiative
Email: sales@factmr.com
Web: https://www.factmr.com/
Blog – https://blog.factmr.com/
PR- https://www.factmr.com/media-release/1281/global-organic-bedding-market

SOURCE: FactMR

ReleaseID: 577974

KENMORE, WA / ACCESSWIRE / February 26, 2020 / ReelTime VR/ReelTime Media (OTCPK:RLTR) ReelTime VR will be included in the upcoming Inc. Magazine introducing corporate clients showcasing ReelTimes' capabilities aiding them to understand and enter into the virtual world.

The full-page national promotion invites companies to grow their customer reach with virtual reality and states that "If your business is not in the virtual world then it is literally missing the fastest growing audience in the world "above the ReelTime VR logo.

Inc. Magazine is the first publication to include ReelTime VRs new corporate VR services promotion aimed to help businesses join the Virtual Reality marketing phenomenon. Inc. is an American business magazine founded in 1979 and based in New York City. It has a circulation of over 650,000 and It publishes eight print issues annually, as well as daily online articles and videos. Published by Mansueto Ventures. The magazine is available in newsstands, by subscription, and online and can be subscribed to at www.inc.com.

Also highlighted are ReelTime VRs capabilities including end to end creation and production, complete virtual room development, and 3D visualization & environment creation. From a marketing perspective, showcased are ReelTimes ability to get product placements in top VR series, how to reach and engage customers with VR tours, and access to VR marketing promotions on major platforms worldwide.

Barry Henthorn CEO stated: "Inc. has always been at the forefront of identifying not only the top companies overall but cutting-edge companies that are ahead of trends that shape the business environment. I have learned much from reading articles in Inc. Magazine over the years and think that their audience fits well for our corporate VR initiative. We are very much looking forward to being introduced to more than 650,000 business-focused individuals through their circulation."

ReelTime VR was also recently seen in TIME Magazine as "Among Those Most Likely to Gain From Growing Virtual Reality Market" in Full Page Virtual Reality Insider Promotion to Over 20 Million Readers

About ReelTime Rentals, Inc. d/b/a ReelTime Media: www.reeltime.com, is a publicly-traded company based in Seattle, WA (OTCPK:RLTR). ReelTime Media provides end to end production capabilities and discount media purchasing that is redefining how companies are evaluating and purchasing their TV, radio, print, and other new media. ReelTime is also is in the business of developing, producing and distributing Virtual Reality Content and technologies. We have an end to end production, editing, and distribution capabilities for internal and external projects. ReelTime Currently produces three ongoing series for the Samsung Gear VR platform and distributes them over numerous VR delivery portals including Gear VR, Oculus, Veer VR, HTC Vive, YouTube 360, Facebook, and others. ReelTime Media also publishes the book "It Was Always Me Edward Edwards the most Prolific Serial Killer of all time" which has been the subject of a cover story on People Magazine, Rolling Stone, In Touch, and a six-part series on Paramount network, www.itwasalwaysme.com.

Contact:

Barry Henthorn
ceo@reeltime.com

SOURCE: ReelTime Rentals, Inc.

ReleaseID: 577973

The Champs tradeshow is the largest in the country that connects smokeshop distributors to brands

PLAYA VISTA, CA / ACCESSWIRE / February 26, 2020 / American Premium Water Corporation (OTC PINK:HIPH) ("the Company") announces that it will be selling its new LALPINA 100mg CBD shots and LALPINA CBD Flavored Water at the CHAMPS Winter Trade Show, at the Las Vegas Convention Center, February 26thth-28th. Champs Trade Shows have established itself as the premier counterculture, business-to-business, wholesale trade expo serving the smoke shop industry. The Company's representatives will be selling LALPINA CBD products at Booth # 909, through a co-sharing agreement.

American Premium Water Corporation CEO Ryan Fishoff stated "I am excited that our products will be for sale at the CHAMPS Trade Show in Las Vegas this week. I had the pleasure of attending the event last year where I saw first-hand how much CBD had become a focal point of this event. There were many distributors and buyers looking for the newest CBD products, and I quite confident that this year our LALPINA 100mg CBD shots and Flavored CBD water will be a huge hit. While it is early in the products lifecycle, the opportunity to have our product at another vendors booth was too good to pass up. While I wish I could be there to help sell the product, I am quite confident that our team will be successful."

"The initial feedback that the Company received from the CBD Expo a few weeks ago was extremely positive. The response was that efficacy of the product was tremendous. Our cutting edge Hydro Nano technology increases the bioavailability of CBD up to 90%, which allows for a very competitive price point. The combination of CBD experience and price were big selling points of our products for the distributors at the CBD Expo. I am very confident that these products will be a smash hit at the CHAMPS show, and we look to add more retails accounts in advance of the official retail launch in the coming months. It is an exciting time for the Company. In addition to these product launches, the Company is working on innovative ways that we can work with Q4 Sports on our upcoming retail launch. Since we closed the transaction last week, we have been working with Q4 closely on different initiatives. I suggest reading the recent Forbes article where Q4's CEO was interviewed. I look forward to updating shareholders about the Company's performance at the show as well as the initiatives that we will be launching as we get closer to the retail launch ." Concluded Mr. Fishoff

Goldman Research initiated coverage of the Company on February 13th 2020, giving a $0.0125 price target. To read the full report, click here

LALPINA CBD water can be purchased online at visiting
https://www.singleseed.com/product/lalpina-cbd-water-6-pack/

LYNKS Pet CBD Water can be purchased online:
https://www.singleseed.com/product/lynks-cbd-pet-water-6-pack/

Vanexxe can be purchased on Amazon here

About American Premium Water Corp.

American Premium Water (OTC:HIPH) is a diversified luxury consumer products company focused on businesses in the health and beauty and biotech sectors. The company is focused on harnessing the powers of Nano technologies paired without cannabidiol (CBD) to treat health disorders and enhance quality of life. The company's portfolio includes the LALPINA Hydro and LALPINA CBD brands (www.lalpinahydrocbd.com), Q4 Sports (www.q4sports.com) Gents (www.gentsco.com), Vanexxe (www.vanexxe.com) and plant + body essentials (www.plantbodyessentials.com).

American Premium Water strives in providing only the highest quality CBD sources for its products, with quality control being one of our first and foremost focuses. The Company aims for this standard not only for compliance reasons, but also to provide our customers the highest quality product possible.

Safe Harbor Notice

Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). American Premium Water Corporation cautions that statements made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections or implied results. American Premium Water Corporation undertakes no obligation to revise these statements following the date of this news release. Additional details of the Company's business can be found in its public disclosures as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.

Investor Relations Contact
info@americanpremiumwater.com
888-983-0054

This press release is issued on behalf of the Board of Directors of American Premium Water Corporation

SOURCE: American Premium Water Corporation

ReleaseID: 577952

-Technology solutions for global gas emissions monitoring-

TORONTO, ON / ACCESSWIRE / February 26, 2020 / Kontrol Energy Corp. (CSE:KNR)(OTCQB:KNRLF)(FSE:1K8) ("Kontrol" or 'Company') a leader in the energy efficiency sector through IoT, Cloud and SaaS technology announces it has received a CDN$405,000 order from a new USA industrial customer for the implementation of a continuous gas emission monitoring system.

The customer operates an industrial glass manufacturing facility and is regulated to deliver continuous emission data at the local and state level. Under the terms of the installation, Kontrol will provide both process control and government regulated emissions monitoring equipment. The installation is anticipated to commence in Q2 2020 and be completed in Q3 2020.

Software and Service Recurring Revenues

Following the completion of the installation Kontrol will deliver ongoing service and software monitoring on a recurring revenue basis and in the approximate amount of $40,000 per annum.

"Given the importance of continuous gas emission regulation and real-time data for local and state governments in the USA, we are anticipating increased demand in the gas emission monitoring sector. This demand for our solutions is further driven by the increase in accountability for greenhouse gas reductions", says Paul Ghezzi, CEO of Kontrol.

Clarification to Press Dated February 24, 2020

As per the press release dated February 24th, 2020 in relation to Kontrol's engagement of Integrous Capital to provide investor relations services in the United States, Kontrol will pay Integrous $12,500 USD per month for a period of 6 months.

About Kontrol Energy

Kontrol Energy Corp. (CSE: KNR) (OTCQB: KNRLF) (FSE: 1K8) is a leader in the energy efficiency and smart building sector through IoT, Cloud and SaaS technology. With a disciplined mergers and acquisition strategy, combined with organic growth, Kontrol Energy Corp. provides market-based energy solutions to our customers designed to reduce their overall cost of energy while providing a corresponding reduction in greenhouse gas (GHG) emissions.

Kontrol is one of Canada's fastest growing companies in 2018 and 2019 as ranked by Canadian Business and Maclean's.

Additional information about Kontrol Energy Corp. can be found on its website at www.kontrolenergy.com and by reviewing its profile on SEDAR at www.sedar.com

Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute "forward-looking statements". Such forward-looking statements include, without limitation, statements regarding possible future/next acquisitions and/or investments in operating businesses and/or technologies, accelerated organic growth and revenue growth, strategic partnerships to promote and deploy energy and asset performance tracking software and technology deployment for improved emission compliance and real-time management of energy, recurring revenues, the provision of solutions to customers and Greenhouse Gas emissions reductions, proposed financial savings and sustainable energy benefits and energy monitoring. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that suitable businesses and technologies for acquisition and/or investment will be available, that such acquisitions and or investment transactions will be concluded, that sufficient capital will be available to the Company, that technology will be as effective as anticipated, that organic growth will occur, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, lack of acquisition and investment opportunities or that such opportunities may not be concluded on reasonable terms, or at all, that sufficient capital and financing cannot be obtained on reasonable terms, or at all, that technologies will not prove as effective as expected that customers and potential customers will not be as accepting of the Company's product and service offering as expected, and government and regulatory factors impacting the energy conservation industry. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable securities law.

SOURCE: Kontrol Energy Corp.

ReleaseID: 577970