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Daily Archives: May 5, 2020

Colliers proptech companies deliver innovative, value-added commercial real estate solutions

Colliers Proptech Accelerator Powered by Techstars will take place in 2021

TORONTO, May 05, 2020 (GLOBE NEWSWIRE) — Colliers International (NASDAQ and TSX: CIGI) is working with its Class of 2018 and 2019 proptech companies to deliver virtual tools that help our people and clients navigate the impacts of COVID-19. The enhanced solutions leverage technologies such as artificial intelligence, augmented and virtual reality, data analytics, machine learning and blockchain to solve big business challenges.

“As COVID-19 accelerates the commercial real estate industry’s transition to digital solutions, we are seeing the potential benefits of our partnerships move into sharper focus,” said Zach Michaud, VP of Strategic Investments at Colliers International. “The business tools they are providing such as lease abstraction, virtual office tours and workplace occupancy analytics give our experts and clients a competitive advantage in these challenging times.”

“Colliers continues to be a catalyst for change in the industry, working with the best early-stage proptech companies to find innovative ways of offering differentiated solutions amid a global pandemic,” said Ben Liao, Managing Director, Colliers Proptech Accelerator Powered by Techstars. “I am proud of the agility demonstrated by the founders in our portfolio. They are creative, resilient and have quickly adapted their services to tackle some of the biggest problems we face today.”

Company Key Focus Service
ADEx Contract review ADEx provides contract audits to clients, paying close attention to pandemic, force majeure and material adverse change language to help them reduce their liabilities.
A Retail Space Data-driven property insights A Retail Space allows landlords and tenants to quickly access foot traffic information for any address in their city, including walk-by timings, demographics and competitors, among other data sets.
Basking Workplace occupancy analytics Basking’s workplace occupancy analytics platform is an AI & WiFi-based technology that provides real-time occupancy monitoring to ensure employees in the office are maintaining safe distances and optimizes cleaning services according to real utilization.
Booqed Flexible workspace With 1000s of listings across Asia, BOOQED can help companies find alternate offices if teams need to be separated for health reasons or secure a workspace for staff as an alternative to working from home.
FastOffice Space visualization and real-time touring FastOffice helps brokers virtually recreate an office walk-through experience for occupiers. Tenants can review and edit floor plan layouts, as well as seat configuration options in real time.
Finneo Debt placement and management Finneo enables our brokers to engage with more than 200 lenders in Canada to help clients shore up additional liquidity, get mortgage deferrals and solicit all types of debt proposals.
RealAR Space visualization and real-time touring RealAR has developed a suite of digital marketing tools to help marketers and brokers in Australia support occupiers and prospective purchasers. Solutions include 3D walk-throughs of properties and drag-and-drop office furniture capabilities.

Since the accelerator’s inception in 2018, Colliers has invested in the pilots and partnerships of 19 early-stage companies, and together with Techstars, provided them with the opportunity to learn from more than 150 industry mentors. The hugely successful program gave these companies access to over 1,000 Colliers professionals, clients and technology investors.

After careful consideration of our applicants’ health and safety, Colliers has made the decision to move this year’s accelerator to 2021.

“Our commitment to the Colliers Proptech Accelerator is unwavering. Ben Liao and Techstars will continue to build and enhance the program across multiple fronts through 2020 in partnership with Colliers, with the goal of making 2021 the best year yet,” continued Michaud. “There is more incredible innovation coming and I am excited to see it reflected in next year’s cohort.”

About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.

About Techstars
Techstars is the global platform for investment and innovation. Techstars founders connect with other entrepreneurs, experts, mentors, alumni, investors, community leaders, and corporations to grow their companies. Techstars operates three divisions: Techstars Mentorship-Driven Accelerator Programs, Techstars Corporate Innovation Partnerships and Techstars Communities. Techstars accelerator portfolio includes more than 2,100 companies with a market cap of more than $26 billion. www.techstars.com

For further information please contact:

Andrea Cheung
Global Manager, Communications
(416) 324-6402

Ben Liao
Managing Director, Techstars

Alphawave IP Announces Record FY2019, Record 1Q2020 and Dramatic Hiring Plans for Remainder of 2020 and Beyond

TORONTO, May 05, 2020 (GLOBE NEWSWIRE) — Alphawave IP, a leading provider of multi-standard connectivity IP solutions for electronic devices, today announced record results for 2019 and for the first quarter of 2020.  The company also announced dramatic hiring plans for 2020 so it can continue to expand to service the needs of its most advanced customers in 5nm and beyond.

“We have been profitable since 2017, but 2019 was a record year for us, with year-over-year revenue growing over 200%.  Our first quarter of 2020 alone saw revenue nearly exceed our fantastic 2019 numbers.” said Tony Pialis, President and CEO of Alphawave.  “Our focus on successful delivery of the highest-end and highest-quality connectivity solutions to our tier-one customer base has resulted in unprecedented revenue, gross margin, and EBITDA margin growth.  We expect to more than double our 2019 revenue in 2020, while expanding EBITDA margins into the low 40% range – while expanding aggressively to meet customer demand in 2020 and 2021.”

To meet the significant uptick in customer demand in 2020 and 2021, Alphawave is aggressively recruiting new talent across all areas of semiconductor design, sales, marketing and operations.  This is in great contrast to many other companies that are struggling to cope with the macroeconomic impacts of the global CoVid-19 situation.  “From day one, we built our company to support remote work, design, and support.  This makes us well positioned to be able to hire anyone, anywhere; We just want the best people from the industry.  So, we welcome applications via our website and look forward to more than doubling our headcount in 2020,” said Mr. Pialis.

About Alphawave IP Inc.
Alphawave is a leading provider of multi-standard connectivity IP solutions for electronic devices.  Founded in Toronto, Ontario, Canada in 2017, Alphawave is one of the fastest growing and most profitable companies in the semiconductor industry.  Find out more at http://www.awaveip.com

Alex Mann

Eavor Announces $11.4 million in Early Warrant Exercises and 2020 Technology Development Program

CALGARY, Alberta, May 05, 2020 (GLOBE NEWSWIRE) —

$11.4 million early warrant exercise financing
Eavor is pleased to announce receipt of $11.4 million in aggregate gross proceeds from the exercise of share purchase warrants issued as part of Unit Financings in 2018 and 2019. Each Unit issued in 2018 and 2019 consisted of one common share plus one-half of a share purchase warrant. One full share purchase warrant entitled the holder to purchase one common share up until December 31, 2020 or February 28, 2021, depending on the Unit terms.

During 2018 and 2019, a total of 930,000 share purchase warrants were issued. In order to provide existing owners an opportunity to minimize future dilution by exercising their share purchase warrants earlier than the warrant expiry dates, Eavor offered all existing warrant holders the opportunity to exercise their warrants by April 30, 2020 and, in return for the early exercise, receive a new share purchase warrant (the “Reload Warrant”) for each warrant exercised. Each Reload Warrant entitles the holder to purchase one common share at $25.00 per common share until December 31, 2021.

Warrant holders representing approximately 83% of all outstanding warrants, exercised their warrants early and received Reload Warrants.

2020 Technology development program
Following the successful demonstration of the Eavor-Loop™ technology at the Eavor-Lite™ project site near Rocky Mountain House, Alberta, the Company is pleased to announce plans for the testing of new and complementary technologies under our 2020 technical development program.

The 2020 technology development program, which includes a new demonstration site (“Eavor-Long™”), will be occurring at locations in Canada, France, Norway and the United States. The technologies being tested and demonstrated are expected to enable improved capital efficiencies and significantly expand the geographic areas and geologies within which Eavor-Loop™ commercial projects may be implemented.

The combination of existing working capital and the proceeds of the early warrant exercise are expected to be sufficient to fully fund the 2020 technical development programs.

Matt Toews, CTO – “I’m very excited to see the progress on our second-generation technology, and looking forward to the fast, iterative testing we are doing at several locations. This research and development program has the potential to drastically improve the capital efficiency of Eavor-Loop and bring it below existing mass market technologies.”

John Redfern, President & CEO – “This accelerated warrant funding enables Eavor to unconditionally commit to our 2020 technology development plans. We thank our investors and partners for the strong support they have shown by exercising their warrants well before their expiry date, and while all of us are coping with the impact COVID-19 and uncertain financial markets.”

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 the Eavor-Lite™ pilot/demonstration project since 2019. The Eavor-Lite™ site is available for customer or investor tours.  Further information of the Eavor-Lite™ demonstration site is available on our website at https://eavor.com/about/eavor-lite.

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

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

Ingredion Incorporated Reports First Quarter 2020 Results

  • First quarter 2020 reported and adjusted EPS* were $1.11 and $1.59, respectively, compared with $1.48 and $1.53, respectively, in the first quarter 2019
  • Due to the uncertainty of the effects of COVID-19, the Company has determined that its previous guidance for full year 2020 EPS, cash flow from operations and net sales outlook is no longer applicable

WESTCHESTER, Ill., May 05, 2020 (GLOBE NEWSWIRE) — Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food manufacturing industry, today reported results for the first quarter 2020. The results, reported in accordance with U.S. generally accepted accounting principles (“GAAP”) for 2020 and 2019, include items that are excluded from the non-GAAP financial measures that the Company presents.

“During these challenging times, Ingredion’s operations are considered ‘essential’ to maintaining the food supply in the countries in which we operate,” said Jim Zallie, Ingredion’s president and chief executive officer. “I’m extremely proud of our frontline employees for their commitment to ensuring we continue to deliver quality ingredients and solutions to our customers around the world. I would also like to express my deep appreciation to all of our global employees for the incredible energy and dedication they have displayed since the beginning of this crisis. In the weeks and months ahead, we will continue to focus on keeping our employees safe, serving our customers and the communities in which we operate and maintaining business continuity.”

*Adjusted diluted earnings per share (“adjusted EPS”), adjusted operating income, and adjusted effective income tax rate are non-GAAP financial measures. See section II of the Supplemental Financial Information entitled “Non-GAAP Information” following the Condensed Consolidated Financial Statements included in this press release for a reconciliation of these non-GAAP financial measures to the most directly comparable U.S. GAAP measures.

“We are pleased with the operational and financial results for the first quarter. Amid macroeconomic disruptions, we experienced solid demand for our products and continued to grow our specialties portfolio. We further streamlined our organization to maximize operational efficiencies as part of our Cost Smart savings program, which is on track to achieve our 2020 savings target. Following the close of the quarter, we advanced our Driving Growth Roadmap, announcing the pending acquisition of PureCircle, a global leader in the high-intensity natural stevia sweetener space that expands our capabilities in sugar reduction,” continued Zallie.

“In the second quarter, we expect strong demand for ingredients found in traditional packaged food products predominantly sold in retail grocery. However, the pandemic has significantly impacted food service traffic and we expect reduced volumes for ingredients that are formulated into food service meals and beverages consumed away-from-home,” stated Zallie.

“While we face unprecedented unknowns, I am confident in the agility of our teams to confront the unique challenges ahead and adapt quickly to best position our business for long-term growth and value creation for all stakeholders,” concluded Zallie.

Diluted Earnings Per Share (EPS)

1Q19 1Q20
Reported EPS $1.48 $1.11
  Acquisition/Integration Costs $0.01
  Restructuring/Impairment Costs $0.05 $0.16
  Discrete Tax Items $(0.01) $0.32
Adjusted EPS** $1.53 $1.59

Estimated factors affecting change in reported and adjusted EPS

  Margin 0.11
  Volume (0.02)
  Foreign exchange (0.05)
  Other income (0.01)
Total operating items 0.03
  Other non-operating income
  Financing costs 0.04
  Shares outstanding (0.01)
  Tax rate
  Non-controlling interest
Total non-operating items 0.03
Total items affecting EPS** $0.06

**Totals may not foot due to rounding

Financial Highlights

  • At March 31, 2020, total debt and cash and short-term investments were $1.9 billion and $280 million, respectively, versus $1.8 billion and $268 million, respectively, at December 31, 2019. The increase in total debt was primarily driven by timing of borrowings.
  • Cash from operations at March 31, 2020 was $65 million, up $47 million from the year-ago period, driven primarily by improved change in working capital.
  • Net financing costs were $18 million or $4 million lower in the first quarter than the year-ago period, driven by lower interest expense.
  • Reported and adjusted effective tax rates for the quarter were 42.6 percent and 26.0 percent, respectively, compared to 26.6 percent and 27.1 percent, respectively, in the year-ago period. The increase in the reported rate was due to a $22 million discrete tax provision driven by the 24 percent decrease in the value of the Mexican peso against the U.S. dollar during the first quarter.
  • First quarter capital expenditures were $98 million, up $18 million from the year-ago period due to timing of cash payments made to support our investment in plant-based proteins and other growth projects.
  • On April 9, 2020, the Company announced an agreement to acquire PureCircle, a Bermuda company traded on the London Stock Exchange. The transaction is expected to close during the third quarter of 2020 subject to regulatory, shareholder approvals and other closing conditions.

Business Review

Total Ingredion
Net Sales

$ in millions 2019 FX Impact Volume Price mix 2020 % change % change
excl. FX
First quarter 1,536 -40 4 43 1,543 3%

Reported Operating Income

$ in millions 2019 FX
Acquisition /
/ Impairment
2020 % change % change
excl. FX
First quarter 161 -5 6 1 -10 153 (5)% (2)%

Adjusted Operating Income

$ in millions 2019 FX Impact Business
2020 % change % change
excl. FX
First quarter 166 -5 6 167 1% 4%

Net Sales

  • First quarter net sales were flat compared to the year-ago period as favorable price mix was offset by foreign exchange impact. Excluding foreign exchange impacts, net sales were up 3 percent.

Operating income

  • Reported and adjusted operating incomes for the quarter were $153 million and $167 million, respectively, a decrease of 5 percent and an increase of 1 percent, respectively, from the same period last year. The decrease in reported operating income was primarily due to asset closures and restructuring costs related to Cost Smart that were partially offset by improved price mix. The increase in adjusted operating income was driven by improved price mix. Excluding foreign exchange impacts, adjusted operating income was up 4 percent from the same period last year.
  • First quarter reported operating income was lower than adjusted operating income by $14 million, driven by asset closures and restructuring costs related to Cost Smart.

North America
Net Sales

$ in millions 2019 FX Impact Volume Price mix 2020 % change % change
excl. FX
First quarter 951 -1 -8 21 963 1% 1%

Segment Operating Income

$ in millions 2019 FX Impact Business
2020 % change % change
excl. FX
First quarter 125 125

Operating income

  • First quarter operating income was $125 million, flat compared to a year ago. Improved price mix and higher specialty volumes were offset by higher corn costs due to timing of hedge mark-to-market.

South America
Net Sales

$ in millions 2019 FX Impact Volume Price mix 2020 % change % change
excl. FX
First quarter 228 -25 13 21 237 4% 15%

Segment Operating Income

$ in millions 2019 FX Impact Business
2020 % change % change
excl. FX
First quarter 18 -3 11 26 44% 61%

Operating income

  • First quarter operating income was $26 million, an increase of $8 million from a year ago. Favorable price mix and volume more than offset higher raw material costs and foreign currency impacts.  Excluding foreign currency impacts, segment operating income was up 61 percent from the same period last year. NOTE: Argentina accounted for in USD under hyper-inflationary accounting.

Net Sales

$ in millions 2019 FX Impact Volume Price mix 2020 % change % change
excl. FX
First quarter 203 -5 -6 -3 189 -7% -4%

Segment Operating Income

$ in millions 2019 FX Impact Business
2020 % change % change
excl. FX
First quarter 20 20

Operating income

  • First quarter operating income was $20 million, flat compared to a year ago.  The negative impact of COVID-19 disruptions on volume were offset by lower operating costs.

Europe, Middle East, and Africa (EMEA)

Net Sales

$ in millions 2019 FX Impact Volume Price mix 2020 % change % change
excl. FX
First quarter 154 -9 5 4 154 6%

Segment Operating Income

$ in millions 2019 FX Impact Business
2020 % change % change
excl. FX
First quarter 24 -2 5 27 13% 21%

Operating income

  • First quarter operating income was $27 million, up $3 million from a year ago as favorable price mix more than offset foreign currency impacts. Excluding foreign currency impacts, segment operating income was up 21 percent from the same period last year.


  • In March 2020, the Company maintained the quarterly dividend at $0.63 per share and paid dividends of $42 million in the first quarter.

2020 Outlook

Due to the uncertainty of the effects of COVID-19, the Company has determined that its previous guidance for full year 2020 EPS, cash flow from operations and net sales outlook is no longer applicable. The impact of COVID-19 in the first quarter was relatively modest. We saw higher volumes in more traditional channels as consumers stocked their pantries in anticipation of stay-at-home restrictions, and we expect these channels to continue to perform well. However, significant uncertainty exists in the food service sector as to when and at what pace consumer traffic begins to return.

In South America, the pandemic is at an earlier stage and we anticipate significant negative impacts to the food service, brewery and confectionary sectors. In North America, we expect reduced demand in food service volumes, and specifically in Mexico, depressed brewery volumes due to government imposed
COVID-19 mandates.

In EMEA, we anticipate strong specialty sales in Europe, but weaker volumes in Pakistan. In Asia-Pacific, as restrictions are being lifted, we are seeing relatively strong demand recovery. However, it is too early to determine if that recovery will be sustained.

For the full year, we expect a reported tax rate of 28.5 percent to 32 percent and an adjusted effective tax rate range of approximately 26 percent to 27 percent.

Committed capital investments are anticipated to be between $285 million to $305 million, assuming that equipment orders, access to our sites, and contractor safety can be maintained.

Conference Call and Webcast Details
Ingredion will conduct a conference call today at 9 a.m. ET (8 a.m. CT) hosted by Jim Zallie, president and chief executive officer, and James Gray, executive vice president and chief financial officer. The call will be webcast in real time and will include a visual presentation accessible through the Ingredion website at https://ir.ingredionincorporated.com/, in the “Events and Presentations” section, under “News and Events.” The presentation will be available to download a few hours prior to the start of the call. A replay of the webcast will be available for a limited time at https://ir.ingredionincorporated.com/.

Upcoming Communications
Jim Zallie and James Gray will participate virtually in the BMO Farm-to-Market conference on May 13, 2020 at 11:20 a.m. ET.  The presentation will be available on the Company’s website, https://ir.ingredionincorporated.com/, in the “Events and Presentations” section, under “News and Events.”  Additionally, Ingredion will host its’ annual meeting of stockholders virtually on Wednesday, May 20, 2020 at 9:00 a.m. CT. The annual meeting can be accessed by visiting www.virtualshareholdermeeting.com/INGR2020.

About the Company
Ingredion Incorporated (NYSE: INGR) headquartered in the suburbs of Chicago, is a leading global ingredient solutions provider serving customers in more than 120 countries. With 2019 annual net sales over $6 billion, the Company turns grains, fruits, vegetables and other plant-based materials into value-added ingredients solutions for the food, beverage, animal nutrition, brewing and industrial markets. With Ingredion Idea Labs® innovation centers around the world and more than 11,000 employees, the Company co-creates with customers and fulfills its purpose of bringing the potential of people, nature and technology together to make life better. Visit ingredion.com for more information and the latest Company news.

Forward-Looking Statements
This news release contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends these forward-looking statements to be covered by the safe harbor provisions for such statements.

Forward-looking statements include, among others, any statements regarding the Company’s expectations regarding its effective tax rates and committed capital investments for 2020 and any assumptions, expectations or beliefs underlying the foregoing. These statements can sometimes be identified by the use of forward looking words such as “may,” “will,” “should,” “anticipate,” “assume,” “believe,” “plan,” “project,” “estimate,” “expect,” “intend,” “continue,” “pro forma,” “forecast,” “outlook,” “propels,” “opportunities,” “potential,” “provisional,” or other similar expressions or the negative thereof. All statements other than statements of historical facts in this release or referred to in this release are “forward-looking statements.”

These statements are based on current circumstances or expectations, but are subject to certain inherent risks and uncertainties, many of which are difficult to predict and are beyond our control. Although we believe our expectations reflected in these forward-looking statements are based on reasonable assumptions, investors are cautioned that no assurance can be given that our expectations will prove correct.

Actual results and developments may differ materially from the expectations expressed in or implied by our forward looking statements as a result of the following risks and uncertainties, among others:  changing consumption preferences and perceptions, including those relating to high fructose corn syrup; the effects of global economic conditions and the general political, economic, business, and market conditions that affect customers and consumers in the various geographic regions and countries in which we buy our raw materials or manufacture or sell our products, including, particularly, economic, currency and political conditions in South America and economic and political conditions in Europe, and the impact these factors may have on our sales volumes, the pricing of our products, our access to credit markets and our ability to collect our receivables from customers; adverse changes in investment returns earned on our pension assets; future financial performance of major industries which we serve and from which we derive a significant portion of our sales, including the food, beverage, animal nutrition, and brewing industries; the uncertainty of acceptance of products developed through genetic modification and biotechnology; our ability to develop or acquire new products and services at rates or of qualities sufficient to meet expectations; changes in U.S. and foreign government policy, laws or regulations and costs of legal compliance; increased competitive and/or customer pressure in the corn-refining industry and related industries, including with respect to the markets and prices for our primary products and our co-products, particularly corn oil; the availability of raw materials, including potato starch, tapioca, gum Arabic and the specific varieties of corn upon which some of our products are based, and our ability to pass on potential increases in the cost of corn or other raw materials to customers; raw material and energy costs and availability; our ability to contain costs, achieve budgets and to realize expected synergies, including with respect to our ability to complete planned maintenance and investment projects on time and on budget, and to achieve expected savings under our Cost Smart program as well as with respect to freight and shipping costs; the impact of financial and capital markets on our borrowing costs, including as a result of foreign currency fluctuations, fluctuations in interest and exchange rates and market volatility and the associated risks of hedging against such fluctuations; the potential effects of climate change; our ability to successfully identify and complete acquisitions or strategic alliances on favorable terms as well as our ability to successfully integrate acquired businesses or implement and maintain strategic alliances and achieve anticipated synergies with respect to all of the foregoing; operating difficulties at our manufacturing plants or with respect to boiler reliability; risks related to product safety and quality and compliance with environmental, health and safety, and food safety laws and regulations; economic, political and other risks inherent in operating in foreign countries with foreign currencies and shipping products between countries, including with respect to tariffs, quotas and duties; interruptions, security breaches or failures that might affect our information technology systems, processes and sites; our ability to maintain satisfactory labor relations; the impact that weather, natural disasters, war or similar acts of hostility, acts and threats of terrorism, the outbreak or continuation of pandemics such as COVID 19 and other significant events could have on our business; the potential recognition of impairment charges on goodwill or long lived assets; changes in our tax rates or exposure to additional income tax liabilities; and our ability to raise funds at reasonable rates to grow and expand our operations.

Our forward-looking statements speak only as of the date on which they are made and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement as a result of new information or future events or developments. If we do update or correct one or more of these statements, investors and others should not conclude that we will make additional updates or corrections. For a further description of these and other risks, see “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2019 and our subsequent reports on Form 10-Q and Form 8-K.


Ingredion Incorporated (“Ingredion”)
Condensed Consolidated Statements of Income
(in millions, except per share amounts) Three Months
Ended March 31,
2020 2019
Net sales $ 1,543 $ 1,536 0%
Cost of sales 1,220 1,220
Gross profit 323 316 2%
Operating expenses 154 150 3%
Other income, net 2 1
Restructuring/impairment charges 14 4
Operating income 153 161 (5%)
Financing costs, net 18 22
Other, non-operating expense (income), net (1 )
Income before income taxes 136 139 (2%)
Provision for income taxes 58 37
Net income 78 102 (24%)
Less: Net income attributable to non-controlling interests 3 2
Net income attributable to Ingredion $ 75 $ 100 (25%)
Earnings per common share attributable to Ingredion
common shareholders:
Weighted average common shares outstanding:
Basic 67.1 66.8
Diluted 67.8 67.4
Earnings per common share of Ingredion:
Basic $ 1.12 $ 1.50 (25%)
Diluted $ 1.11 $ 1.48 (25%)


Ingredion Incorporated (“Ingredion”)
Condensed Consolidated Balance Sheets
(in millions, except share and per share amounts) March 31, 2020 December 31, 2019
Current assets
Cash and cash equivalents $ 278 $ 264
Short-term investments 2 4
Accounts receivable – net 996 977
Inventories 857 861
Prepaid expenses 55 54
Total current assets 2,188 2,160
Property, plant and equipment – net 2,208 2,306
Goodwill 787 801
Other intangible assets – net 427 437
Operating lease assets 147 151
Deferred income tax assets 16 13
Other assets 179 172
Total assets $ 5,952 $ 6,040
Liabilities and equity
Current liabilities
Short-term borrowings $ 77 $ 82
Accounts payable and accrued liabilities 860 885
Total current liabilities 937 967
Non-current liabilities 205 220
Long-term debt 1,871 1,766
Non-current operating lease liabilities 115 120
Deferred income tax liabilities 174 195
Share-based payments subject to redemption 23 31
Ingredion stockholders’ equity:
Preferred stock – authorized 25,000,000 shares – $0.01 par value, none issued
Common stock – authorized 200,000,000 shares – $0.01 par value, 77,810,875
shares issued at March 31, 2020 and December 31, 2019 1 1
Additional paid-in capital 1,142 1,137
Less: Treasury stock (common stock; 10,772,260 and 10,993,388 shares at
March 31, 2020 and December 31, 2019, respectively) at cost (1,028 ) (1,040 )
Accumulated other comprehensive loss (1,322 ) (1,158 )
Retained earnings 3,813 3,780
Total Ingredion stockholders’ equity 2,606 2,720
Non-controlling interests 21 21
Total equity 2,627 2,741
Total liabilities and equity $ 5,952 $ 6,040


Ingredion Incorporated (“Ingredion”)
Condensed Consolidated Statements of Cash Flows
For the Three Months
Ended March 31,
(in millions) 2020 2019
Cash provided by operating activities:
Net income $ 78 $ 102
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 54 51
Mechanical stores expense 13 13
Deferred income taxes 5
Margin accounts (20 ) 1
Changes in other trade working capital (85 ) (171 )
Other 25 17
Cash provided by operating activities 65 18
Cash used for investing activities:
Capital expenditures and mechanical stores purchases, net proceeds on disposals (98 ) (80 )
Payments for acquisitions, net of cash acquired (41 )
Short-term investments 2 3
Cash used for investing activities (96 ) (118 )
Cash used for financing activities:
Proceeds from borrowings (payments on), net 102 8
Repurchases of common stock, net 63
Issuances of common stock for share-based compensation, net of settlements 2 (1 )
Dividends paid, including to non-controlling interests (42 ) (42 )
Cash provided by financing activities 62 28
Effect of foreign exchange rate changes on cash (17 )
Increase (decrease) in cash and cash equivalents 14 (72 )
Cash and cash equivalents, beginning of period 264 327
Cash and cash equivalents, end of period $ 278 $ 255


Ingredion Incorporated (“Ingredion”)
Supplemental Financial Information
I. Geographic Information of Net Sales and Operating Income
(in millions, except for percentages) Three Months Ended
March 31,
2020 2019 Change Excl. FX
Net Sales
  North America $ 963 $ 951 1% 1%
  South America 237 228 4% 15%
  Asia-Pacific 189 203 (7%) (4%)
  EMEA 154 154 0% 6%
 Total Net Sales $ 1,543 $ 1,536 0% 3%
Operating Income
  North America $ 125 $ 125 0% 0%
  South America 26 18 44% 61%
  Asia-Pacific 20 20 0% 0%
  EMEA 27 24 13% 21%
  Corporate (31 ) (21 ) (48%) (48%)
Sub-total 167 166 1% 4%
Acquisition/integration costs (1 )
Restructuring/impairment charges (14 ) (4 )
 Total Operating Income $ 153 $ 161 (5%) (2%)


II. Non-GAAP Information
To supplement the consolidated financial results prepared in accordance with Generally Accepted Accounting Principles (“GAAP”), we use non-GAAP historical financial measures, which exclude certain GAAP items such as acquisition and integration costs, restructuring and impairment cost, Mexico discrete tax provision, and certain other special items. We generally use the term “adjusted” when referring to these non-GAAP amounts.

Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results and evaluating current performance. By disclosing non-GAAP financial measures, management intends to provide investors with a more meaningful, consistent comparison of our operating results and trends for the periods presented. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. These non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies. A reconciliation of each non-GAAP historical financial measure to the most comparable GAAP measure is provided in the tables below.

Ingredion Incorporated (“Ingredion”)
Reconciliation of GAAP Net Income attributable to Ingredion and Diluted Earnings Per Share (“EPS”) to
Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS
Three Months Ended Three Months Ended
March 31, 2020 March 31, 2019
(in millions) Diluted EPS (in millions) Diluted EPS
Net income attributable to Ingredion $ 75 $ 1.11 $ 100 $ 1.48
Add back:
Acquisition/integration costs, net of income tax benefit of $- million for the three months ended March 31, 2020 and 2019 (i) 1 0.01
Restructuring/impairment charges, net of income tax benefit of $3 million and $1 million for the three months ended March 31, 2020 and 2019, respectively (ii) 11 0.16 3 0.05
Discrete tax item – Mexico (iii) 22 0.32 (1 ) (0.01 )
Non-GAAP adjusted net income attributable to Ingredion $ 108 $ 1.59 $ 103 $ 1.53
Net income, EPS and tax rates may not foot or recalculate due to rounding.
(i) The 2019 period includes costs related to the acquisition and integration of the business acquired from Western Polymer, LLC.
(ii) During the first quarter in 2020, the Company recorded $14 million of pre-tax restructuring/impairment charges, consisting of $9 million of restructuring related expenses as part of the Cost Smart cost of sales program and $5 million of employee-related and other costs, including professional services, associated with our Cost Smart SG&A program. During the first quarter in 2019, the Company recorded $4 million of pre-tax restructuring charges, comprised of $3 million of employee-related severance and other costs as part of the Cost Smart SG&A program and $1 million in restructuring expenses as part of the Cost Smart cost of sales program in relation to the cessation of wet-milling at the Stockton, California plant.
(iii) The discrete tax item represents the impact of the Company’s use of the U.S. dollar as the functional currency for its subsidiaries in Mexico. Mexico’s effective tax rate is strongly influenced by the remeasurement of the Mexican peso financial statements into U.S. dollars. A $22 million discrete tax provision was recorded for the three months ended March 31, 2020 as a result of the movement of the Mexican peso against the U.S. dollar during the period, compared to a $1 million discrete tax benefit recorded for the three months ended March 31, 2019.
II. Non-GAAP Information (continued)
Ingredion Incorporated (“Ingredion”)
Reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income
Three Months Ended
March 31,
(in millions, pre-tax) 2020 2019
Operating income $ 153 $ 161
Add back:
Acquisition/integration costs (i) 1
Restructuring/impairment charges (ii) 14 4
Non-GAAP adjusted operating income $ 167 $ 166
For notes (i) through (ii) see notes (i) through (ii) included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.


II. Non-GAAP Information (continued)
Ingredion Incorporated (“Ingredion”)
Reconciliation of GAAP Effective Income Tax Rate to Non-GAAP Adjusted Effective Income Tax Rate
Three Months Ended March 31, 2020
Income before Provision for Effective Income
(in millions) Income Taxes (a) Income Taxes (b) Tax Rate (b / a)
As Reported $ 136 $ 58 42.6 %
Add back:
Restructuring/impairment charges (ii) 14 3
Discrete tax item – Mexico (iii) (22 )
Adjusted Non-GAAP $ 150 $ 39 26.0 %
Three Months Ended March 31, 2019
Income before Provision for Effective Income
(in millions) Income Taxes (a) Income Taxes (b) Tax Rate (b / a)
As Reported $ 139 $ 37 26.6 %
Add back:
Acquisition/integration costs (i) 1
Restructuring/impairment charges (ii) 4 1
Discrete tax item – Mexico (iii) 1
Adjusted Non-GAAP $ 144 $ 39 27.1 %
For notes (i) through (iii) see notes (i) through (iii) included in the Reconciliation of GAAP Net Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.


II. Non-GAAP Information (continued)
Ingredion Incorporated (“Ingredion”)
Reconciliation of Reported U.S. GAAP Effective Tax Rate (“GAAP ETR”)
to Anticipated Adjusted Effective Tax Rate (“Adjusted ETR”)
Anticipated Effective Tax Rate Range
for Full Year 2020
Low End High End
GAAP ETR 28.5 % 32.0 %
Restructuring/impairment charges (ii) 0.9 % 0.9 %
Discrete tax item – Mexico (iii) -2.8 % -5.2 %
Other tax matters (iv) 0.5 % 0.5 %
Impact of adjustment on Effective Tax Rate (v) -1.1 % -1.2 %
Adjusted ETR 26.0 % 27.0 %
Above is a reconciliation of our anticipated full year 2020 GAAP ETR to our anticipated full year 2020 adjusted ETR. The amounts above may not reflect certain future charges, costs and/or gains that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance. These amounts include, but are not limited to, acquisition and integration costs, impairment and restructuring costs, and certain other special items. We generally exclude these items from our adjusted ETR guidance. For these reasons, we are more confident in our ability to predict adjusted ETR than we are in our ability to predict GAAP ETR.
(ii) Reflects current estimates for 2020 restructuring charges related to the Cost Smart cost of sales & SG&A programs. As specific projects within these programs are approved, the estimates will be reviewed and may be subject to revision.
(iii) Estimated impact of the change in the value of the Mexican peso against the U.S. dollar. Because the Company uses the U.S. dollar as the functional currency for its subsidiaries in Mexico, its effective tax rate is strongly influenced by the remeasurement of the Mexican peso financial statements into U.S. dollars. The change in the Mexican peso produced substantial taxable translation gains or losses on net-U.S.-dollar-monetary assets held in Mexico for which there are no corresponding gain in pre-tax income.
(iv) This relates to other tax settlements and the reversal of interest and penalties for tax reserves.
(v) Indirect impact of tax rate after items (ii) through (iv).

Investors:  Tiffany Willis, 708-551-2592
Media:  Becca Hary, 708-551-2602

FG- International Fruit Genetics Company Combats Intellectual Property Infringement

IFG Breeds the Most Popular Grapes in the World

International Fruit Genetics (IFG®) breeds some of the most popular grape varieties in the world. To protect its intellectual property, the company has appointed an international law firm to combat Infringements and will continue working with authorities in China to expand in that market.

BAKERSFIELD, Calif., May 05, 2020 (GLOBE NEWSWIRE) — INTERNATIONAL FRUIT GENETICS, LLC (IFG) has taken steps to protect its intellectual property in China. The California-based company is the sole and unique proprietor of different table grape varieties, such as IFG Six (Sweet Sapphire ™), IFG Eleven (Sugar Crisp ™), IFG Sixteen (Sweet Favors ™), and IFG Seventeen (Sweet Joy ™).

In recent years, IFG has kept a close eye on the Chinese market, and has undertaken a series of activities aimed at combating counterfeiting and other intellectual property infringement acts against IFG grape varieties in grapevine production and trading.

IFG’s goal is to eliminate the illegal plantations and unauthorized trading of IFG varieties in China, so as to protect the legitimate rights and interests of IFG and its licensed manufacturers and distributors around the world.

IFG has appointed the Baker McKenzie FenXun (FTZ) Joint Operation Office to protect its intellectual property rights and carry out enforcement activities against the alleged infringers before the competent authorities in China.

Specifically, IFG has secured registration of trademarks – not only for the English names of its key varieties, but also for their Chinese counterparts, paving the way for trademark enforcement actions in China. This includes the successful protection of the “甜蜜蓝宝石” [Tian Mi Lan Bao Shi] trademark, the Chinese counterpart for Sweet Sapphire ™, a popular IFG variety in China.

IFG also launched a series of evidence preservation and administrative actions against the illegal plantations as well as the unauthorized trading and promotion of IFG varieties, with the objective of obtaining government endorsement of its enforcement actions.

In response to IFG’s administrative complaints, a local agriculture authority in Jiangsu Province has imposed administrative fines for the illegal promotion of an IFG variety; and a local natural resources authority in Shaanxi Province has ordered a grower in its jurisdiction to cease the illegal propagation and trading of budwoods of an IFG variety.

IFG intends to continue its efforts in proactively seeking support from and cooperation with competent authorities in China to combat possible infringement activities and safeguard the commercial interests of itself and its licensees.

In light of the frameworks laid down by the International Union for the Protection of New Varieties of Plants and the existing Chinese law for protection of new plant varieties, IFG is confident of securing positive outcomes through its cooperation with the competent authorities in China to undertake various legal actions. IFG also looks forward to a greater respect of its legitimate rights in China. IFG greatly values the Chinese market and will continue its efforts in providing high-quality fruits to Chinese customers.

For more information, visit www.ifg.world.

Media Contact:
Andrew King
Bastion Elevate

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/52e55539-6ae5-4f7c-bb6e-689d9fd54440

CMCO: Police to increase personnel for task force on SOP compliance – IGP

KUALA LUMPUR The Royal Malaysia Police (PDRM) will increase the number of personnel in its Compliance Operation Task Force in public areas following the implementation of the Conditional Movement Control Order (CMCO) since yesterday (May 4), said Inspector-General of Police Tan Sri Abdul Hamid Bador.

Without divulging further details on the number of personnel involved in the task force, he said they would be assigned to restaurants, bus stations and supermarkets, which are expected to be crowded.

“PDRM will be more focused on ensuring the public complied with the standard operating procedure (SOP), like social distancing, during the CMCO in a bid to curb the spread of COVID-19.

“For example, the previous directive was clear that we permitted four people to be in a vehicle going to any location. This time, police will be stationed at certain locations and act by advising the public to obey social distancing,” he told Bernama today.

Asked if the introduction of this task force would affect the number of personnel at certain road blocks nationwide, Abdul Hamid said it would not disrupt existing assignments.

Bernama reported today that Senior Minister (Security Cluster) Datuk Seri Ismail Sabri Yaakob announced that PDRM had formed a task force to monitor and ensure that the standard operating procedure (SOP) was adhered to during the nationwide CMCO period.

Among the agencies under the task force are the Malaysian Armed Forces (MAF), Civil Defence Force (APM), Malaysian Maritime Enforcement Agency (MMEA), People’s Volunteer Corps (RELA) and Immigration Department.

Source: BERNAMA News Agency

COVID-19: Thailand reports just one new case, no new deaths

BANGKOK Thailand’s COVID-19 threat appears to be easing with only one new  case and no new deaths reported on Tuesday, bringing the tally of cases to 2,988 and 54 fatalities.

The new case is a 45-year-old Thai man from Narathiwat, southern Thailand who attended a religious ceremony overseas and also had come into close contact with COVID-19 patients. 

Centre for COVID-19 Situation Administration (CCSA) spokesman Thaweesilp Wissanuyothin said 34 of the 77 provinces in the kingdom have not reported any cases for 28 days or more.

“In the last two weeks, Thailand recorded a total of 174 cases including 60 cases in an immigration detention centre in the southern province of Songkhla, 49 linked to previous confirmed cases, 31 active case finding, 13 in state quarantine facilities after returning from abroad,” he said during his daily COVID-19 briefing here today.

When asked about the Visakha Bucha Day (Wesak Day) celebration tomorrow, Thaweesilp said all religious rituals would be banned and devotees advised to pray at home amid the COVID-19 pandemic.

The Sangha Supreme Council, the governing body of the Buddhist order of Thailand, has instructed all temples nationwide to suspend all religious rituals to avoid gatherings, he said, adding that temples were expected to livestream the religious rituals.

On the relaxation for six types of businesses and activities since Sunday, Thaweesilp said the relevant authorities have conducted thorough checks at 9,383 locations mainly restaurants, food stores and hair salons and found a total of 351 of them failed  to meet the health safety guidelines.

Since May 3, six types of businesses and venues – markets, eateries outside shopping malls, wholesale and retail businesses, parks and outdoor sports facilities, barber shops and hair salons (only limited to cut, shampoo and blow), and pet grooming and pet hotels in Thailand have been allowed to reopen.

Meanwhile, Prime Minister General Prayuth Chan o-cha after charing the Cabinet meeting today said the government would evaluate the situation on the first stage of relaxation after 14 days and if the situation is stable, more businesses and activities would be allowed to reopen.

Source: BERNAMA News Agency