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Eavor Announces a Commercial Eavor-Loop Project to be built in Geretsried, Germany

CALGARY, Alberta and MUNICH, Germany, May 01, 2020 (GLOBE NEWSWIRE) — Eavor is pleased to announce Enex Power Germany GmbH (“Enex”) and Eavor Technologies Inc. (“Eavor”) have entered into a letter of intent to form a geothermal project development company to construct Eavor-Loop™ heat and power projects within Enex’s existing geothermal license area in Bavaria, Germany.

Under the arrangement, Enex will contribute existing geothermal assets to the new development entity, including:

  • rights to utilize Enex’s existing geothermal lease for the development of Eavor-Loops;
  • an existing surface lease and drill pad strategically located in an industrial development zone;
  • access rights for the interconnection and delivery of electricity to the local distribution grid;
  • an opportunity to potentially sell heat produced by the project to the town of Geretsried for district heating.

Additionally, Enex will continue to provide certain management and project continuity services, based on their local relationships and knowledge obtained over the last 10 years conducting their own local geothermal activities.

Electricity produced by the project will be eligible for payments under the German EEG 2017 Act.  The EEG is a form of Feed In Tariff under which the German government augments the electricity price received for a period of 20 years from the date the project is first commissioned.  Based on a 2022 commissioning date, the EEG payment will result in a fixed power price of €227/MWh (approx. CAD $344/MWh) until 2042.

Eavor and Enex have been working on the arrangement since January.  Front end engineering and design (FEED) of the Project is expected to be completed this summer.  Pending regulatory approvals and project financing, construction is planned to commence in early 2021.

Background to the Arrangement
The geothermal concession/lease was initially granted in 2004 to Enex.  Since 2004 two exploratory geothermal wells were drilled at a cost in excess of €30 million, with the latest well drilled in 2017.  Neither of the two wells were able to deliver enough hot hydrothermal water to enable economic development of a traditional geothermal project.  However, both wells confirmed a geothermal gradient or formation temperature well suited for the commercial development of Eavor-Loops and the production of electricity and commercial heat suitable for district heating and industrial processes.

Given the long history of the project, the extensive prior community engagement, the existing regulatory approvals, the existing infrastructure, and the excellent reputation and relationships of Enex in the community this project is an ideal candidate for the rapid deployment of Eavor-Loop.

About Eavor and Eavor-Loop™
Eavor (pronounced “Ever”) is a technology-based energy company led by a team dedicated to creating a clean, reliable and affordable energy future on a global scale. Eavor’s solution (Eavor-Loop™) represents the world’s first truly scalable form of green baseload power. Eavor achieves this by mitigating or eliminating many of the issues that have hindered traditional geothermal solutions. As a completely closed-loop system, Eavor has the advantage of no fracking, no GHG emissions, no earthquake risk, no water use, no produced brine or solids, and no aquifer contamination. Eavor instead circulates a benign working fluid which is completely isolated from the environment in a closed-loop, through a massive subsurface radiator. This “radiator” simply collects heat from the natural geothermal gradient of the Earth via conduction, at geologically common and drilling accessible rock temperatures. Unlike traditional geothermal, Eavor is not burdened with exploratory risk or limited to niche geographies through the need for highly permeable aquifers at volcanic-like temperatures. Unlike wind and solar, Eavor-Loop™ is not intermittent, but instead produces much-needed reliable baseload power.  Eavor-Loop™ plus solar provides a way to offset the intermittency and daylight profile of solar without the need for batteries. With Eavor-Loop™, Earth is your Battery™, and it comes pre-charged for 30+ years of zero emission, clean, dispatchable generation.

In Canada, Eavor has been operating a $10 million pilot/demonstration project since 2019 which is available for customer or investor tours.

About Enex
Enex is 100% owned by the Hörmann Group of companies. Having been established for over 60 years, the Hörmann Group’s worldwide activities have a total turnover (sales) of approx. €600 million.  Hörmann is active in a wide field of engineering services comprising automotive parts production, warning and alerting systems for industrial and civil defense purposes, production plant engineering, communication and traffic services, laser and sensor technology as well as renewable energies. Enex is focusing on photovoltaic and geothermal energy project development and has worked for 10 years on the Geretsried geothermal project.

Dr. Robert Straubinger, Chief Executive Officer, Enex Power Germany GmbH stated “After two failed attempts to find sufficient hydrothermal water at the given location, we are absolutely enthusiastic to be working with this new innovative technology that overcomes this prerequisite for an economically viable exploitation of geothermal heat. As originally intended, we are moving forward with our plan to deliver both heat and power to the region. In the attempt to lower their CO2 footprint, this is highly appreciated and supported by the neighboring communities. The cooperation with Eavor and their local Eavor GmbH team is excellent both in the technical expertise as well as in the overall perception of the project goals; it is fun to commonly realize this project.”

Bailey Schwarz, Lead Engineer for Eavor, noted “This is an excellent opportunity to showcase the unique elements of how Eavor-Loop™ technology can complement traditional geothermal development. Enex is a strong supporter of the Geretsried communities’ ambition to harness geothermal energy for their community.  The Enex team of professionals, with their passion for the project, has made Enex the ideal partner for Eavor to work with. Together we combine Eavor’s technical expertise with Enex’s over 30 years of experience in renewable energy project development in Germany.”

Related Information
How Eavor Works Video on YouTube – https://youtu.be/8erbvqFZ9M8

Media Contacts
Eavor Technologies Inc.
John Redfern – President and CEO, Director

WillScot Corporation Announces First Quarter Results and Updates 2020 Outlook

Company fully operational amid COVID-19 pandemic to support our customers and communities while safeguarding our employees

BALTIMORE, May 01, 2020 (GLOBE NEWSWIRE) — WillScot Corporation (“WillScot” or the “Company”) (Nasdaq: WSC) today announced its first quarter 2020 financial results, provided an update on operating activities and the current market environment, and updated its 2020 outlook.

First Quarter 2020 Financial Highlights1,4

  • Revenues of $255.8 million, representing an 0.8% (or $2.1 million) year over year increase, driven by growth in core leasing and services revenues of $12.2 million, or 5.4%.
    • Modular space average monthly rental rate increased to $653, a 13.6% increase year over year, driven by a 14.2% increase year over year in the Modular – US segment.
  • Adjusted EBITDA of $89.5 million represents a 7.3% (or $6.1 million) year over year increase.
    • Adjusted EBITDA margin of 35.0% increased 210 basis points (“bps”) year over year.
  • Consolidated net loss of $3.7 million (including $12.7 million of discrete costs from acquisition and integration-related activities) improved by $6.3 million year over year.
  • Free Cash Flow increased by $34.4 million year over year to $7.8 million, representing our fourth consecutive quarter of positive free cash generation. An additional $505.8 million of available borrowing capacity under our ABL Facility provides ample operating liquidity.

Operations Update

  • Branch network, shared services, and corporate infrastructure have remained fully operational and we are conducting normal business operations as an essential service provider supporting our customers and communities.
  • End market activity was robust through the majority of Q1 with new orders in February and March for U.S. modular space up 10% year over year and normal sequential trends in units on rent (“UOR”) through February.
  • COVID-19 pandemic began to impact business operations in the second half of March and has persisted into April:
    • Implemented extensive safety measures including enhanced personal protection equipment, symptom assessments, and cleaning protocols in the branches, travel restrictions, and mandated remote work for shared services and corporate employees all with relatively seamless transition;
    • Delivered over 1,000 units through April 30th for COVID-19 response and social distancing applications, representing up to 20% of delivery volumes in certain markets and with prospects for additional opportunities in May and June;
    • Traditional end markets are experiencing project delays and uncertain start dates, while seasonal end markets, such as special events, are experiencing widespread cancellations – we are planning for new project deliveries to be down approximately 20% year over year in Q2, and;
    • To date, no material changes in lease duration, renewal, or payment activity related to the existing unit on rent installed base.
  • Implemented reductions to our variable cost structure and capital spending to maintain margins, increase Free Cash Flow, and repay debt.
  • Maintaining expectation for robust average rental rate and value-added products and services (“VAPS”) growth to support top-line in remainder of 2020.
Three Months Ended March 31,
(in thousands) 2020 2019
Revenue $ 255,821 $ 253,685
Consolidated net income (loss) $ (3,674 ) $ (10,029 )
Net cash provided by operating activities $ 38,348 $ 15,256
Free Cash Flow1 $ 7,808 $ (26,558 )
Three Months Ended March 31,
Adjusted EBITDA1 by Segment (in thousands) 2020 2019
Modular – US $ 81,685 $ 75,946
Modular – Other North America 7,859 7,408
Consolidated Adjusted EBITDA $ 89,544 $ 83,354

Management Commentary1,4

Brad Soultz, President and Chief Executive Officer of WillScot, commented, “In this unprecedented environment, I am humbled by the grit and perseverance of our front-line workers who have safely maintained essential services for our customers and our communities. The safety of our employees, vendors, and customers is always our top priority, and I’m extremely proud of our team for pivoting and innovating solutions for the COVID-19 response in a rapidly changing demand environment. WillScot delivered another quarter of substantial Adjusted EBITDA growth with Revenue and Adjusted EBITDA for the first quarter up 0.8% and 7.3% over the prior year and Adjusted EBITDA margin of 35.0%, which increased 210 bps versus the first quarter of 2019. Free cash flow increased $34.4 million year over year to $7.8 million in the first quarter, representing our fourth consecutive quarter of positive Free Cash Flow. While the COVID-19 pandemic did not impact our first quarter financial results significantly, it has introduced uncertainty into our 2020 outlook such that we’ve reduced and expanded our expected 2020 Adjusted EBITDA outlook range to $350 – $400 million to reflect the severity and duration of any demand disruption. I’m confident we have the right team and the right playbook to respond in the short-term, while maintaining our enthusiasm and commitment to future strategic growth and our combination with Mobile Mini.”

Tim Boswell, Chief Financial Officer of WillScot, commented, “We are very pleased with the first quarter results, in particular our modular leasing revenue growth of $11.1 million, or 6.3% year over year. Modular space average monthly rate increased 14.2% year over year in the US segment – we will remain laser focused on price performance and value-added products heading into the remainder of 2020 and have a clear line of sight to continue average monthly rate growth into 2021. Since mid-March, we have responded decisively to the demand shock resulting from the COVID-19 pandemic, through reductions to variable costs and capital expenditures. Meanwhile, over 90% of our revenue is derived from reoccurring leasing operations where we believe our 34 month average lease durations provide some insulation from temporary demand shocks, as well as forward visibility into our modular leasing revenues. This fundamental business attribute, combined with the flexibility in our cost structure, allows us to manage our discretionary free cash flow, which we expect to increase in the remainder of the year. Additionally, we have over $500 million of available borrowing capacity under the ABL Facility as of March 31, 2020, and we believe we have no near term liquidity or covenant concerns. The current operating environment reinforces the resilient nature of our business model, and our team remains focused on executing on behalf of our customers and investors.”

First Quarter 2020 Results1,4

Total revenues increased 0.8% to $255.8 million, as compared to $253.7 million in the prior year quarter driven by a 5.4% increase in leasing and services revenue due to improved pricing and growth of VAPS.

  • Modular – US segment revenue increased 1.6% to $233.9 million, as compared to $230.2 million in the prior year quarter, with core leasing and services revenues up $12.3 million, or 5.9%, year over year.
    • Modular space average monthly rental rate of $659 increased 14.2% year over year. Improved pricing was driven by a combination of our price optimization tools and processes, as well as by continued growth in our “Ready to Work” solutions and increased VAPS penetration across our customer base.
    • Average modular space units on rent decreased 4,961, or 5.9%, year over year, after experiencing normal sequential volume trends through February, followed by delivery disruptions beginning in late March.
  • Modular – Other North America segment revenue decreased 6.4% to $22.0 million compared to $23.5 million in the prior year quarter.
    • Modular space average monthly rental rates were up 8.7% compared to the prior year quarter. Modular space units on rent decreased 4.1% to 8,488, and utilization for our modular space units decreased to 52.8%, down 230 bps from 55.1%.

Adjusted EBITDA of $89.5 million was up 7.3% compared to $83.4 million in the prior year quarter, and Adjusted EBITDA margins improved 210 bps year over year to 35.0%.

  • Modular – US segment Adjusted EBITDA increased 7.5% to $81.7 million, and Modular – Other North America segment Adjusted EBITDA increased 5.4% to $7.8 million from the prior year quarter.
  • Adjusted EBITDA margins improved by 210 bps year over year driven by an 80 bps improvement in leasing and services gross profit margin, a higher mix of more profitable leasing and services revenues, and 970 bps improvement in new and rental unit sale gross profit margins.

Net loss of $3.7 million for the three months ended March 31, 2020 includes $12.7 million of discrete costs expensed in the period related to acquisition and integration activities, including $9.4 million of transaction costs related to the announced Mobile Mini merger, $1.7 million of integration costs, and $1.6 million of lease impairment and other related charges and restructuring costs.

Capitalization and Liquidity Update1,3

Net cash provided by operating activities increased by $23.0 million year over year to $38.3 million in the first quarter of 2020. Net CAPEX decreased $11.3 million, or 27.0%, to $30.5 million for the three months ended March 31, 2020. During the three months ended March 31, 2020, Free Cash Flow increased by $34.4 million to $7.8 million as compared to the three months ended March 31, 2019.

Total long-term debt as of March 31, 2020 was $1,625.8 million. As of March 31, 2020, we had $505.8 million of available borrowing capacity under our ABL Facility and no debt maturities until 2022. The ABL Facility has no maintenance covenants as long as we maintain 10% excess availability in the facility, and the Company remains compliant with the 1.0x Fixed Charge Coverage and 5.5x Total Net Leverage ratios that would apply when excess availability is less than 10%.

2020 Updated Outlook

Given the expected decline in new project delivery volumes in the second quarter amid the COVID-19 pandemic, management has adjusted its 2020 outlook. Our expected results will be determined by the impact on future demand for new projects beyond the second quarter of 2020 and will depend greatly on the degree and duration to which governments restrict business and personal activities going forward and when businesses resume normal operations. This guidance is subject to other risks and uncertainties, including those described in “Forward-Looking Statements” below. The 2020 guidance includes:

Previous Outlook Updated Outlook
Total revenue $1.1 billion – $1.2 billion $1.0 billion – $1.1 billion
Adjusted EBITDA1,2 $410 million – $430 million $350 million – $400 million
Net CAPEX2,3 $160 million – $180 million $100 million – $150 million

Mobile Mini Transaction Update

On March 2, 2020, we announced that we have entered into an Agreement and Plan of Merger with Mobile Mini, Inc. (“Mobile Mini”). The pending merger with Mobile Mini is subject to customary closing conditions, including receipt of regulatory approvals and stockholder approvals from the Company’s and Mobile Mini’s stockholders. We are working collaboratively with our counterparts at Mobile Mini to satisfy these closing conditions and plan the integration of the two businesses with the expectation of closing in the third quarter of 2020. We believe that the merger will result in strategic and financial benefits by combining the two industry leaders in the complementary modular space and portable storage solutions markets.

1 – Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow are non-GAAP financial measures. Further information and reconciliations for these Non-GAAP measures to the most directly comparable financial measure under generally accepted accounting principles in the US (“GAAP”) is included at the end of this press release.

2 – Information reconciling forward-looking Adjusted EBITDA and Net CAPEX to GAAP financial measures is unavailable to the Company without unreasonable effort and therefore no reconciliation to the most comparable GAAP measures is provided.

3 – Net CAPEX is a non-GAAP financial measure. Please see the non-GAAP reconciliation tables included at the end of this press release.

4 – 2019 Quarterly amounts were adjusted for the adoption of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASC 842”), effective retroactively to January 1, 2019, and therefore do not agree to the Quarterly Reports filed on Form 10-Q for the respective periods of 2019.  See reconciliation of the impact of adopting ASC 842 included at the end of this press release.

Non-GAAP Financial Measures

This press release includes non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow, pro forma revenue, and Net CAPEX. Adjusted EBITDA is defined as net income (loss) before income tax expense, net interest expense, depreciation and amortization adjusted for non-cash items considered non-core to business operations including net currency gains and losses, goodwill and other impairment charges, restructuring costs, costs to integrate acquired companies, costs incurred related to transactions, non-cash charges for stock compensation plans, and other discrete expenses. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. Free Cash Flow is defined as net cash provided by operating activities, less purchases of, and proceeds from, rental equipment and property, plant and equipment, which are all included in cash flows from investing activities. Net CAPEX is defined as purchases of rental equipment and refurbishments and purchases of property, plant and equipment (collectively, “Total Capital Expenditures”), less proceeds from sale of rental equipment and proceeds from the sale of property, plant and equipment (collectively, “Total Proceeds”), which are all included in cash flows from investing activities. Our management believes that the presentation of Net CAPEX provides useful information to investors regarding the net capital invested into our rental fleet and plant, property and equipment each year to assist in analyzing the performance of our business. Pro forma revenue is defined the same as revenue, but includes pre-acquisition results from ModSpace for all periods presented. WillScot believes that Adjusted EBITDA and Adjusted EBITDA margin are useful to investors because they (i) allow investors to compare performance over various reporting periods on a consistent basis by removing from operating results the impact of items that do not reflect core operating performance; (ii) are used by our board of directors and management to assess our performance; (iii) may, subject to the limitations described below, enable investors to compare the performance of WillScot to its competitors; and (iv) provide additional tools for investors to use in evaluating ongoing operating results and trends. WillScot believes that pro forma revenue is useful to investors because they allow investors to compare performance of the combined Company over various reporting periods on a consistent basis WillScot believes that Net CAPEX provide useful additional information concerning cash flow available to meet future debt service obligations. However, Adjusted EBITDA is not a measure of financial performance or liquidity under GAAP and, accordingly, should not be considered as an alternative to net income or cash flow from operating activities as an indicator of operating performance or liquidity. These non-GAAP measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. Other companies may calculate Adjusted EBITDA and other non-GAAP financial measures differently, and therefore WillScot’s non-GAAP financial measures may not be directly comparable to similarly-titled measures of other companies. For reconciliation of the non-GAAP measures used in this press release (except as explained below), see “Reconciliation of non-GAAP Financial Measures” included in this press release.

Information reconciling forward-looking Adjusted EBITDA to GAAP financial measures is unavailable to WillScot without unreasonable effort. We cannot provide reconciliations of forward looking Adjusted EBITDA to GAAP financial measures because certain items required for such reconciliations are outside of our control and/or cannot be reasonably predicted, such as the provision for income taxes. Preparation of such reconciliations would require a forward-looking balance sheet, statement of income and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to WillScot without unreasonable effort. Although we provide a range of Adjusted EBITDA that we believe will be achieved, we cannot accurately predict all the components of the Adjusted EBITDA calculation. WillScot provides Adjusted EBITDA guidance because we believe that Adjusted EBITDA, when viewed with our results under GAAP, provides useful information for the reasons noted above.

Conference Call Information

WillScot will host a conference call and webcast to discuss its first quarter 2020 results and outlook at 10 a.m. Eastern Time on Friday, May 1, 2020. The live call can be accessed by dialing (855) 312-9420 (US/Canada toll-free) or (210) 874-7774 (international) and asking to be connected to the WillScot call. A live webcast will also be accessible via the “Events & Presentations” section of the Company’s investor relations website https://investors.willscot.com. Choose “Events” and select the information pertaining to the WillScot First Quarter 2020 Conference Call. Additionally, there will be slides accompanying the webcast. Please allow at least 15 minutes prior to the call to register, download and install any necessary software. For those unable to listen to the live broadcast, an audio webcast of the call will be available for 60 days on the Company’s investor relations website.

About WillScot Corporation

Headquartered in Baltimore, Maryland, WillScot is the public holding company for the Williams Scotsman family of companies. WillScot trades on the Nasdaq stock exchange under the ticker symbol “WSC,” and is the specialty rental services market leader providing innovative modular space and portable storage solutions across North America. WillScot is the modular space supplier of choice for the construction, education, health care, government, retail, commercial, transportation, security and energy sectors. With over half a century of innovative history, organic growth and strategic acquisitions, WillScot serves a broad customer base from approximately 120 locations throughout the United States, Canada and Mexico, with a fleet of approximately 150,000 modular space and portable storage units.

Forward-Looking Statements

This news release contains forward-looking statements (including the earnings guidance/outlook contained herein) within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. The words “estimates,” “expects,” “anticipates,” “believes,” “forecasts,” “plans,” “intends,” “may,” “will,” “should,” “shall,” “outlook” and variations of these words and similar expressions identify forward-looking statements, which are generally not historical in nature. Certain of these forward-looking statements relate to the proposed business combination (the “Proposed Transaction”) involving the Company and Mobile Mini, including: expected scale; operating efficiency; stockholder, employee and customer benefits; key assumptions; timing of closing; the amount and timing of revenue and expense synergies; future financial benefits and operating results; and integration spend, which reflects management’s beliefs, expectations and objectives as of the date hereof. Forward-looking statements are subject to a number of risks, uncertainties, assumptions and other important factors, many of which are outside our control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Although WillScot believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statement will materialize. Important factors that may affect actual results or outcomes include, among others, our ability to acquire and integrate new assets and operations; our ability to achieve planned synergies related to acquisitions; our ability to manage growth and execute our business plan; our estimates of the size of the markets for our products; the rate and degree of market acceptance of our products; the success of other competing modular space and portable storage solutions that exist or may become available; rising costs adversely affecting our profitability (including cost increases resulting from tariffs); potential litigation involving our Company; general economic and market conditions impacting demand for our products and services; implementation of tax reform; our ability to implement and maintain an effective system of internal controls; and such other risks and uncertainties described in the periodic reports we file with the SEC from time to time (including our Form 10-K for the year ending December 31, 2019), which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Any forward-looking statement speaks only at the date which it is made, and WillScot disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Important Information About the Proposed Transaction

In connection with the Proposed Transaction, the Company filed a registration statement on Form S-4 (No. 333-237746), which includes a preliminary prospectus of the Company and a preliminary joint proxy statement of the Company and Mobile Mini (the “joint proxy statement/prospectus”), and each party will file other documents regarding the Proposed Transaction with the SEC. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY, IF AND WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING THE PROPOSED TRANSACTION. A definitive joint proxy statement/prospectus will be sent to the Company’s stockholders and Mobile Mini’s stockholders. Investors and security holders will be able to obtain these documents (if and when available) free of charge from the SEC’s website at www.sec.gov. The documents filed by the Company with the SEC may also be obtained free of charge from the Company by requesting them by mail at WillScot Corporation, 901 S. Bond Street, Suite 600, Baltimore, Maryland 21231. The documents filed by Mobile Mini may also be obtained free of charge from Mobile Mini by requesting them by mail at Mobile Mini, Inc. 4646 E. Van Buren Street, Suite 400, Phoenix, Arizona 85008.

Participants in the Solicitation

The Company, Mobile Mini, their respective directors and executive officers and other members of management and employees and certain of their respective significant stockholders may be deemed to be participants in the solicitation of proxies in respect of the Proposed Transaction. Information about the Company’s directors and executive officers is available in the Company’s proxy statement, dated March 20, 2020, as supplemented by the supplement dated April 13, 2020, for the 2020 Annual Meeting and the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 2, 2020. Information about Mobile Mini’s directors and executive officers is available in Mobile Mini’s proxy statement, dated March 16, 2020 as supplemented by the supplement dated April 10, 2020, for its 2020 Annual Meeting of Stockholders and Mobile Mini’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on February 3, 2020. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holding or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the Proposed Transaction when they become available. Investors should read the joint proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the SEC, the Company or Mobile Mini as indicated above.

No Offer or Solicitation

This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information and Where to Find It

Additional information can be found on our investor relations website at http://investors.willscot.com.

Contact Information
Investor Inquiries: Media Inquiries:
Mark Barbalato Scott Junk
investors@willscot.com scott.junk@willscot.com

WillScot Corporation
Consolidated Statements of Operations
(Unaudited; in thousands, except share and per share data)

Three Months Ended
March 31,
(in thousands, except share and per share data) 2020 2019
Leasing and services revenue:
Modular leasing $ 188,352 $ 177,292
Modular delivery and installation 51,070 50,000
Sales revenue:
New units 9,613 14,841
Rental units 6,786 11,552
Total revenues 255,821 253,685
Costs of leasing and services:
Modular leasing 49,809 47,235
Modular delivery and installation 43,865 43,343
Costs of sales:
New units 6,203 10,878
Rental units 3,806 7,795
Depreciation of rental equipment 45,948 41,103
Gross Profit 106,190 103,331
Selling, general and administrative 74,968 73,319
Other depreciation and amortization 3,074 2,784
Impairment losses on long-lived assets 2,290
Lease impairment expense and other related charges 1,661 3,085
Restructuring costs (60 ) 1,656
Currency losses (gains), net 898 (316 )
Other expense (income), net 276 (951 )
Operating income 25,373 21,464
Interest expense 28,257 31,115
Loss from operations before income tax (2,884 ) (9,651 )
Income tax expense 790 378
Net loss (3,674 ) (10,029 )
Net loss attributable to non-controlling interest, net of tax (130 ) (758 )
Net loss attributable to WillScot $ (3,544 ) $ (9,271 )
Net loss per share attributable to WillScot – basic and diluted $ (0.03 ) $ (0.09 )
Weighted average shares – basic and diluted 109,656,646 108,523,269
Unaudited Segment Operating Data
(in thousands, except for units on rent and rates) Modular – US Modular – Other North America Total
Revenue $ 233,864 $ 21,957 $ 255,821
Gross profit $ 96,309 $ 9,881 $ 106,190
Adjusted EBITDA $ 81,685 $ 7,859 $ 89,544
Capital expenditures for rental equipment $ 37,006 $ 2,642 $ 39,648
Modular space units on rent (average during the period) 79,501 8,488 87,989
Average modular space utilization rate 71.5 % 52.8 % 69.2 %
Average modular space monthly rental rate $ 659 $ 600 $ 653
Portable storage units on rent (average during the period) 15,959 387 16,346
Average portable storage utilization rate 64.5 % 50.1 % 64.1 %
Average portable storage monthly rental rate $ 119 $ 113 $ 119
Three Months Ended March 31, 2019
(in thousands, except for units on rent and rates) Modular – US Modular – Other North America Total
Revenue(a) $ 230,175 $ 23,510 $ 253,685
Gross profit(a) $ 93,948 $ 9,383 $ 103,331
Adjusted EBITDA(a) $ 75,946 $ 7,408 $ 83,354
Capital expenditures for rental equipment $ 49,921 $ 1,952 $ 51,873
Modular space units on rent (average during the period) 84,462 8,847 93,309
Average modular space utilization rate 74.8 % 55.1 % 72.4 %
Average modular space monthly rental rate $ 577 $ 552 $ 575
Portable storage units on rent (average during the period) 17,010 409 17,419
Average portable storage utilization rate 66.6 % 52.0 % 66.1 %
Average portable storage monthly rental rate $ 120 $ 109 $ 119

(a) The amounts in this table were adjusted for the adoption of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASC 842”), effective retroactively to January 1, 2019, of and therefore do not agree to the Quarterly Reports filed on Form 10-Q for the respective periods of 2019.

WillScot Corporation
Consolidated Balance Sheets
(Unaudited; in thousands, except share data)

(in thousands, except share data) March 31, 2020 (unaudited) December 31, 2019
Cash and cash equivalents $ 4,642 $ 3,045
Trade receivables, net of allowances for doubtful accounts at March 31, 2020 and December 31, 2019 of $16,471 and $15,828, respectively 241,142 247,596
Inventories 15,006 15,387
Prepaid expenses and other current assets 20,580 14,621
Assets held for sale 8,543 11,939
Total current assets 289,913 292,588
Rental equipment, net 1,912,995 1,944,436
Property, plant and equipment, net 143,864 147,689
Operating lease assets 148,152 146,698
Goodwill 232,796 235,177
Intangible assets, net 126,375 126,625
Other non-current assets 3,642 4,436
Total long-term assets 2,567,824 2,605,061
Total assets $ 2,857,737 $ 2,897,649
Liabilities and equity
Accounts payable $ 102,570 $

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CoImmune, Inc., a US-Based Clinical-Stage Biotech, Completes Merger with Formula Pharmaceuticals, Inc.

DURHAM, N.C. , April 30, 2020 (GLOBE NEWSWIRE) — CoImmune, Inc. today announced that it has successfully completed the merger with Formula Pharmaceuticals, Inc., bringing together two therapeutic immuno-oncology platforms. Formula Pharmaceuticals merged into CoImmune with CoImmune as the surviving company.

CoImmune will continue to focus on running a Phase 2b trial for lead asset, CMN-001, in advanced renal cell carcinoma. With the merger’s completion, CoImmune will use the newly acquired technology, CAR-CIK (cytokine-induced killer cells), for clinical development in acute lymphoblastic leukemia. The proprietary CAR-CIK technology platform derives from work mainly performed by the Tettamanti Foundation of Monza, Italy, in connection with one of the pioneering centers for cell therapy in Europe, located at the San Gerardo Hospital in Monza, Italy. This technology has the potential to overcome commercial limitations related to existing CAR-T approaches by allowing production from allogeneic donors for an off-the-shelf product, non-viral gene transfer, multifunctional ‘killing’ mechanisms and enhanced safety based on prior clinical data. The merger positions CoImmune as an innovative immuno-oncology therapeutics company by broadening its platform portfolio and pipeline of therapies addressing unmet needs in oncology. The merger was accompanied by a $6 million lead investment in CoImmune’s Series A Financing to fund the CAR-CIK program. The lead investment was made by Italian entrepreneurs Dr. Lucio Rovati, Mr. Aldo Fumagalli and Mr. Beppe Fumagalli. Dr. Lucio Rovati is currently the Chief Executive Officer and Chief Scientific Officer of the FIDIM Group, an Italian company with much experience in the pharmaceutical and biotech business, and he is a member of the Board of Directors of CoImmune. Mr. Aldo Fumagalli and Mr. Beppe Fumagalli have a long-lasting engagement in the household appliances industry and have interests in several business sectors. Italian companies FIDIM S.r.l., Alisei Forinvestment S.r.l., and Buenafortuna Capital S.r.l. are making the lead investment.

“We are excited about bringing together two therapeutic immuno-oncology platforms to maximize our clinical and commercial value,” said Charles Nicolette, Chief Executive Officer of CoImmune. He continued that, “Both of our lead clinical programs are based on encouraging prior or on-going clinical trials and we have a strong team to advance our pipeline. We believe that the CAR-CIK approach represents a best-in-class allogeneic CAR-based technology that can deliver significant value. We believe that both companies complement each other, and together, this relationship will enable us to continue to advance our therapies toward US FDA approval in the near future.”

Maurits Geerlings, Chief Executive Officer of Formula Pharmaceuticals, Inc. said, “We are very excited to transition the development of our CAR-CIK platform to CoImmune’s team, given their deep experience in cell and gene therapy drug development and GMP manufacturing facilities.” “Special thanks go out to our research collaborators led by Prof. Andrea Biondi of Tettamanti Foundation and San Gerardo Hospital of Monza, Italy, for the excellent work they have done in validating the clinical potential for CAR-CIK therapy,” Dr. Geerlings added.

Italian investment bank Mediobanca assisted Formula Pharmaceuticals, Inc. and its main shareholders (a group of Italian entrepreneurs) in the fund-raising and in the negotiation of the merger.

Cole Schotz P.C. provided legal counsel to CoImmune, Inc., in connection with the merger and the $6 million lead investment in CoImmune’s Series A Financing to fund the CAR-CIK program.

Morgan Lewis Bockius LLC, General Counsel Steven J. Feder and the Italian Law Firm NASaW Avvocati provided legal counsel to Formula Pharmaceuticals, Inc., and to the investment companies FIDIM S.r.l., Alisei Forinvestment S.r.l., and Buenafortuna Capital S.r.l. in connection with the merger and the $6 million lead investment in CoImmune’s Series A Financing to fund the CAR-CIK program.

About CoImmune, Inc.

CoImmune specializes in the development of personalized immuno-oncology therapies including its lead candidate, CMN-001, for treatment of metastatic renal cell carcinoma. CMN-001 is a dendritic cell-based, individualized immunotherapy that captures both mutated and variant antigens that are unique to each patient’s tumor, specifically designed to induce an immune response targeting each patient’s particular tumor antigens. CoImmune Inc., was incorporated in Delaware and funded in February 2019 by two companies, SCM Lifescience Co., Ltd. and Genexine, Inc. SCM Lifescience is a privately-held South Korean biotech company focused on development of next-generation clonal mesenchymal stem cell therapies and Genexine is a KOSDAQ-listed biotech focused on development of innovative immunotherapies based on hybrid Fc technology.

For more information visit www.coimmune.com

Media Contact:

Lori Harrelson
CoImmune, Inc.

47 per cent of Sabah COVID-19 patients get virus from asymptomatic cases

KOTA KINABALU About 47 per cent of COVID-19 patients in Sabah have close contact with asymptomatic cases during the early stage of infection, said Sabah health director Datuk Dr Christina Rundi.

She said these cases, aged one to 72, had no chronic illnesses such as diabetes and hypertension.

“Apart from the 315 positive cases reported in Sabah thus far, 60 of them are sporadic cases detected via screening carried out against those who have just returned to Sabah or through domestic-targeted screening.

“About 12 per cent of COVID-19 positive cases in Sabah are students,” she said in a statement here today.

In this regard, Dr Christina said all returning students to Sabah have to undergo quarantine before they were allowed to return to their families, in efforts to prevent the spread of COVID-19.

Dr Christina said she was aware of grouses voiced by parents over the government’s decision to quarantine their children who returned to Sabah from their respective campuses.

“However, the most vulnerable groups are children, senior citizens, pregnant women and those with chronic illnesses due to poor immune systems, and these groups are very different from the campus community which mostly composed of young people with strong immune system,” she said.

Source: BERNAMA News Agency

COVID-19: 69 new cases and one death – Health DG

PUTRAJAYA The new COVID-19 positive cases remain in double digits with 69 new cases recorded as of noon today, bringing the tally of positive cases in the country to 6,071.

Health director-general Datuk Dr Noor Hisham Abdullah said of the new cases, 12 are imported while the remaining 57 cases are local transmissions.

He said during the same period, 39 recovery cases recorded, taking the cumulative number of recovered patients to 4,210 cases or 69.3 per cent of the total positive cases in the country, while 37 cases are being treated at the intensive care units with 14 of them on ventilators.

“The number of COVID-19 infectivity cases is 1,758. They have been isolated and been given treatment,” he said at a daily media briefing on COVID-19 here today.

Meanwhile, Dr Noor Hisham said the last 24 hours also saw one fatality, bringing the COVID-19 death toll in the country to 103 cases or 1.69 per cent of the total positive cases.

Meanwhile, Dr Noor Hisham advised employers and workers to adhere to the standard operating procedure (SOP) applies under the Conditional Movement Control Order (CMCO) announced by Prime Minister Tan Sri Muhyiddin Yassin today.

He stressed that all employers and workers need to get used to the new normal in their lives and ways of working to ensure the spread of COVID-19 infections could be contained further.

“This is very important so that all efforts carried out all this time to break the chain of COVID-19 infection continues to remain effective,” he said.

However, Dr Noor Hisham said Malaysians should continue to remain at home and only go out when necessary.

Earlier, the prime minister announced that the government to enforce CMCO by allowing most of the economic and social activities to resume beginning May 4.

He said this decision was taken after two of the six strategies adopted by the government to contain the COVID-19 pandemic and build resilience through the Prihatin Economic Stimulus Package have yielded positive results.

However, activities that involved large gatherings and ones that could expose the public to the risks of infection are still disallowed.

Source: BERNAMA News Agency

China’s medical experts impressed with Malaysia’s healthcare team

PUTRAJAYA The medical expert team from China’s Guangdong Province expressed their admiration on the level of expertise, devotion and professionalism of Malaysia’s healthcare workers in overcoming the COVID- 19 pandemic.

Health Minister Datuk Seri Dr Adham Baba in a statement distributed at an exit conference of the team with the Health Ministry here today said China’s medical expert team also commended Malaysia for its prompt, inclusive and cohesive measures undertaken in addressing the pandemic.

“The commendation was particularly on the implementation of the Movement Control Order (MCO) which has proven to be highly effective in contributing to the decreasing number of daily positive COVID-19 cases in Malaysia,” he further said.

Dr Adham said China’s medical expert team was headed by Dr Li Jun, the Chief Physician of Traditional Chinese Internal Medicine.

The team comprised of eight health experts in various fields such as infectious disease, respiratory, intensive care, microbiology/virology, nosocomial infection and traditional Chinese medicine. They arrived in Malaysia on 18 April and will leave on Sunday (3 May).

Dr Adham said Malaysia’s health officials as well as members from the medical faculties of several public universities from the Peninsula as well as Sarawak and Sabah, had the opportunity to exchange experience and technical knowledge on clinical case management, infection control and prevention measures, clinical research and investigation as well as the role of traditional Chinese medicine in managing COVID-19 cases.

He  said during the exit conference today, the medical expert team from China shared their outcome and findings of their visit.

“The team also highlighted aspects that Malaysia could consider to move forward in the management of COVID-19, mainly to prevent domestic rebound and imported cases and to continue and expand the coverage of reverse transcription polymerase chain reaction (RT-PCR) testing,” Dr Adham added.

“Other aspects include safeguarding three frontlines – transportation hubs, hospitals and communities and adjustment of MCO in accordance to the pandemic development.

“Usage of Information Technology for citizen health tracking, restart of business and restoration of school activities gradually also need to be considered,” he said.

The successful medical expert team working visit was a collaboration between Malaysia’s Health Ministry with the Embassy of China in Malaysia.

The objective of the working visit is to enable the sharing of information and experience as well as recommendations between Malaysia and China in the detection, surveillance and treatment of COVID-19.

Dr Adham said Malaysia expressed its appreciation to China for extending its assistance to Malaysia through sharing of knowledge as well as donation of medical supplies during the fight against COVID-19.

“This working visit is a testament of the close relationship between both countries and Malaysia looks forward to further collaboration with China for the benefit of the community in both countries,” he added.

Earlier today Dr Adham received a donation of RM300,000 from Bank of China (M) Berhad chief executive officer Zhang Min.

The ceremony held at the Health Ministry here was witnessed by China’s ambassador to Malaysia, Bai Tian.

The donation was for Health Ministry’s COVID-19 Fund to support Malaysia’s effort in fighting the pandemic.

Source: BERNAMA News Agency

RON 95, RON 97, diesel prices remain unchanged

KUALA LUMPUR The retail prices of RON95 and RON97 petrol will remain at RM1.25 and RM1.55 per litre respectively, for the period May 2 to May 8.

The Finance Ministry in a statement today said, the retail price for diesel will also remain at RM1.40 per litre.

The prices are based on the weekly retail pricing of petroleum products using the Automated Price Mechanism (APM) formula.

“The government will continue to monitor the impact of global crude oil price changes and take appropriate measures to ensure the welfare and well-being of the people,” the statement said.

Source: BERNAMA News Agency