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Josip Heit, GStelecom, G999 และ GSmedia หรือคำถามเกี่ยวกับความเป็นไปได้ของ Blockchain สำหรับผู้ใช้ส่วนตัว

GSmedia เป็นนวัตกรรมใหม่ของกลุ่มมาตรฐาน GSB

ฮัมบูร์กเยอรมนี, May 04, 2021 (GLOBE NEWSWIRE) — เทคโนโลยี G999 Blockchain ให้บริการอีเมลที่ไม่มีสแปมหรือแฮ็กเกอร์ ระบบเสียงและการสนทนาเป็นไปตามกฎระเบียบด้านสิ่งแวดล้อมและความต้องการปัจจุบันในการจัดการข้อมูลส่วนบุคคลในพื้นที่ที่ปลอดภัยและปราศจากความเสี่ยงโดยสิ้นเชิง ห่างจากเครือข่ายเว็บทั่วไปสำเร็จด้วยศูนย์กระจายข้อมูลและเพื่อปกป้องความเป็นส่วนตัว นวัตกรรมนี้ได้รับการพัฒนาโดย GSB Blockchain Power Haus ในฮัมบูร์ก

จากเบื้องหลังความเป็นมาของบริษัท Josip Heit ผู้จัดการธุรกิจและผู้บุกเบิก Blockchain ที่ได้รับการพิสูจน์แล้ว ตลอดจนเป็นประธานคณะกรรมการบริษัท GSB Gold Standard Corporate ได้รับการสัมภาษณ์ในหัวข้อ Blockchain โดย Deutsche Tageszitung – Ressort Technik.

ตัวอย่างการสัมภาษณ์ :

คำถาม Mr Heit เป็น Blockchain หรือ เทคโนโลยี G999 Blockchain ของคุณhttps://g999main.netมีเพียงบางส่วนในภาคธุรกิจเท่านั้นหรือว่าแม้แต่ผู้ใช้ส่วนตัวก็สามารถใช้ประโยชน์จาก Blockchain ได้?

ก Josip Heit: “ขณะนี้ ตามรายงานของ Deloitte ที่ผมมี (Deloitte เป็นบริษัทระหว่างประเทศในภาคธุรกิจและให้บริการในด้านการตรวจสอบ/บรรณาธิการ) ส่วนใหญ่บริษัทขนาดใหญ่จะมีบทบาทในการนำเทคโนโลยี Blockchain มาใช้ แต่ผมมีความเห็นว่าในไม่ช้าบริษัทขนาดกลางจะสามารถมีส่วนร่วมในความสำเร็จของเทคโนโลยีนี้ และโดยเฉพาะอย่างยิ่งผู้ใช้ส่วนตัวจะได้รับประโยชน์จาก Blockchain ”

คุณสามารถดูไฟล์ PDF ของการสัมภาษณ์เพิ่มเติมได้ที่นี่ :https://ml.globenewswire.com/Resource/Download/a3dbe5ea-c5e9-411f-a4a3-4e7722098013

ภาษาเยอรมัน :
https://www.DeutscheTageszeitung.de/wirtschaft/122111-josip-heit-gstelecom-g999-und-gsmedia-oder-die-fragen-nach-dem-potenzial-der-blockchain-f%C3%BCr-den-privatanwender.html

ภาษาอังกฤษ :
https://www.DeutscheTageszeitung.de/wirtschaft/122112-josip-heit-gstelecom-g999-and-gsmedia-or-the-questions-about-the-potential-of-blockchain-for-private-users.html

ผลิตภัณฑ์ปัจจุบันเช่น GSTelecom App สำหรับทั้ง Apple และ Android สามารถดาวน์โหลดได้ที่นี่ :
Google Play Store:https://play.google.com/store/apps/details?id=block.chain.chat
Apple Store:https://apps.apple.com/tt/app/gstelecom-by-g999-blockchain/id1547577247

คำสำคัญ:
Josip Heit, GStelecom, GSmedia, G999, Josip Heit Chairs, Deutsche Tageszeitung, Blockbk, GSB Gold Standard Corporate, GSB Group, Alexandru Cocindau, Bitco World, G999 Blockchain Chain Technology, Blockchain Android GSTelecom Apple GSTelecom แอป GSTelecom

รับผิดชอบตามกฎหมายต่อข่าวประชาสัมพันธ์นี้:
GSB Gold Standard Banking Corporation AG
Grosse Bleichen 35
D-20354 Hamburg
Register of the Hamburg Local Court, No: HRB 161409
Federal Republic of Germany

แผนกข่าว:
Mrs. Berger
โทรศัพท์: +49 40 376 69 19 – 0
โทรสาร: +49 40 376 69 89 – 3
อีเมล: Media@GSB.gold
Webpapehttps://www.gsb.gold

สามารถรับชมรูปภาพประกอบของการแถลงนี้ได้ที่ https://www.globenewswire.com/NewsRoom/AttachmentNg/7760595f-b1ed-4122-991e-505ea5f9b879

Vaccine Science and Policy Experts Call for Transformation of Vaccine R&D Enterprise

WASHINGTON, May 04, 2021 (GLOBE NEWSWIRE) — As the world continues to grapple with the significant impact of the COVID-19 pandemic, the global community faces an urgent need to develop an efficient, coordinated and sustainable model for a healthy and well-functioning vaccine research and development (R&D) ecosystem.

In a new report, “Powering Vaccine R&D: Opportunities for Transformation,” the Sabin-Aspen Vaccine Science & Policy Group uses lessons learned from the rapid development of COVID-19 vaccines to explore opportunities to overhaul vaccine R&D practices to better prepare for the next pandemic, to make strides against diseases currently without vaccines and to establish next-generation vaccines that offer meaningful improvements.

“The COVID pandemic and the rapid development of vaccines to fight SARS-CoV-2 have heightened our sense of urgency that the time has come to evolve and reform the vaccine R&D ecosystem with the goal of creating a world free of vaccine-preventable diseases,” said Shirley M. Tilghman, PhD, co-chair of the Group and president emeritus and professor emeritus of Molecular Biology and Public Affairs at Princeton University.

“This report reflects our group’s end-to-end thinking on vaccine science and policy, from continued innovation in developing and deploying vaccines, through equitable distribution of vaccines in low- and middle-income countries, to overcoming vaccine hesitancy and realizing the full benefit of vaccines to individuals, families and society,” adds Harvey V. Fineberg, MD, PhD, co-chair of the Group and president of the Gordon and Betty Moore Foundation.

Despite remarkable accomplishments in recent years, including the new vaccine development platforms that have enabled the rapid response to COVID-19, challenges and structural barriers remain that have slowed the development of new and improved vaccines. The report focuses on five “Big Ideas” that aim to stimulate a more efficient and responsive approach to vaccine R&D:

  • Define leadership roles, responsibilities and mechanisms of accountability to prepare for the R&D demands that surface in a pandemic, including a leadership model that engages diverse stakeholders, expertise and institutions from across the globe.
  • Propel a transdisciplinary research effort to expand and advance vaccine science, including support for a research infrastructure that creates opportunities for novel and high-risk/high-reward ideas, leverages lessons from other scientific areas, ranging from the chemistry and physics of vaccine formulation to the immunologic basis of protection and creates two-way learning opportunities between research focused on pandemics and on longstanding endemic diseases.
  • Restructure regulatory science to reflect advances in vaccine R&D to make vaccine trials faster, nimbler and more cost-effective as well as to enhance product scale-up and manufacturing and post-market surveillance.
  • Reimagine clinical trials to feature equity and efficiency as prime drivers, with lower- and middle-income countries as full partners in clinical trial development at every stage.
  • Position vaccines as a public good and align incentives so that benefits accrue to all sectors of society, including a strong push to develop or maintain policies and practices that promote information sharing and collaborative problem-solving.

These recommendations offer the opportunity to advance and accelerate vaccine development and should be a critical part of any effort to reexamine and restructure the R&D component of the vaccine/vaccination ecosystem, a particularly relevant undertaking as the world continues to address and learn lessons from the COVID-19 response.

“The rapid generation and distribution of effective COVID-19 vaccines have demonstrated the efficiency that can be achieved through heightened collaboration, cooperation and data sharing across multiple contributing disciplines,” said Bob Tepper, Group member and co-founder and partner at Third Rock Ventures. “This offers a blueprint for the future where worldwide coordination of scientific, clinical, regulatory and distribution efforts must be established as the new norm.”

The Sabin-Aspen Vaccine Science & Policy Group is a partnership which brings together senior leaders across many disciplines to examine some of the most challenging vaccine-related issues and drive impactful change. The meeting of the Sabin-Aspen Vaccine Science & Policy Group and its research and report were funded by the Bill & Melinda Gates Foundation and the Wellcome Trust.

About Sabin-Aspen Vaccine Science & Policy Group

The Sabin-Aspen Vaccine Science & Policy Group, a partnership launched in 2018 between the Sabin Vaccine Institute and the Aspen Institute, brings together senior leaders across many disciplines to examine some of the most challenging vaccine-related issues and drive impactful change. Members are influential, creative, out-of-the-box thinkers who vigorously probe a single topic each year and develop actionable recommendations to advance innovative ideas for the development, distribution and use of vaccines, as well as evidence-based and cost-effective approaches to immunization.

About the Sabin Vaccine Institute

The Sabin Vaccine Institute is a leading advocate for expanding vaccine access and uptake globally, advancing vaccine research and development, and amplifying vaccine knowledge and innovation. Unlocking the potential of vaccines through partnership, Sabin has built a robust ecosystem of funders, innovators, implementers, practitioners, policy makers and public stakeholders to advance its vision of a future free from preventable diseases. As a non-profit with more than two decades of experience, Sabin is committed to finding solutions that last and extending the full benefits of vaccines to all people, regardless of who they are or where they live. At Sabin, we believe in the power of vaccines to change the world. For more information, visit https://www.sabin.org/ and follow us on Twitter, @SabinVaccine.

About the Aspen Institute and its Health, Medicine & Society Program

The Aspen Institute is a global nonprofit organization committed to realizing a free, just and equitable society. Founded in 1949, the Institute drives change through dialogue, leadership and action to help solve the most important challenges facing the United States and the world. Headquartered in Washington, D.C., the Institute has a campus in Aspen, Colorado, and an international network of partners.

Established in 2005, the Aspen Institute’s Health, Medicine & Society Program brings together influential groups of thought leaders, decision-makers and the informed public to consider health challenges facing the U.S. in the 21st century and to identify practical solutions for addressing them. For more information, visit https://www.aspeninstitute.org/programs/health-medicine-and-society-program/.

Media Contact:
Mary Beth Wooden
Vice President, Communications
Sabin Vaccine Institute
+1 (202) 842-5025
press@sabin.org

Virtusa Named a Leader in NelsonHall’s NEAT Vendor Evaluation for its ‘Intelligent Automation in Banking: Transforming Operations’ Project

Virtusa also Identified as a Leader in Robotics Process Automation (RPA) Services Capability, Professional Services and an Innovator in Support for Digital Banking Models

SOUTHBOROUGH, Mass., May 04, 2021 (GLOBE NEWSWIRE) — Virtusa Corporation, a global provider of digital strategy, digital engineering, and IT services and solutions that help clients change and disrupt markets through innovation engineering, announced that it has been identified as an overall Leader in NelsonHall’s Vendor Evaluation and Assessment Tool (NEAT) for its ‘Intelligent Automation (IA) in Banking: Transforming Operations’ project, as well as a Leader in the RPA Services Capability and Professional Services focus areas. The company has also been named an Innovator in Support for Digital Banking Models.

“Virtusa is positioned as a leader within intelligent automation services in banking due to their strong consulting and ITS capabilities, with domain expertise in banking,” said Andy Efstathiou, Banking Sourcing Research Director at NelsonHall. “They have a demonstrated ability to build and deploy COE and POCs across a wide range of bank processes.”

NelsonHall, a leading global analyst firm, analyzed the role of intelligent automation services in achieving operational transformation in the financial services sector. The report explained that in the era of the COVID-19 pandemic, banks have focused efforts on expanding use of process discovery to identify new targets. They have also worked to standardize processes across silos; focused on use of IA for employees for Work From Home and field work; accelerated delivery from the cloud; and adopted hybrid AI/RPA to support agents and advisors. As part of its analysis, NelsonHall produced a series of vendor evaluations (NEAT) showing how vendors compare in terms of ability to provide immediate benefit to clients as they adapted to new business conditions in 2020, as well as vendors’ preparedness to address future client needs.

“Virtusa is committed to providing unparalleled industry solutions across the Intelligent Automation spectrum, including process-mining-driven workflow optimization, conversational AI, RPA with Machine Learning(ML), and AI driven production support , to ensure our clients achieve maximum process efficiencies and cost savings in this rapidly evolving banking and financial services industry,” said Sanjay Deshpande, Executive Vice President and Head of Banking and Financial Services, Americas of Virtusa. “We are thrilled NelsonHall has recognized us as a Leader in its ‘Intelligent Automation in Banking: Transforming Operations’ project.”

About Virtusa

Virtusa Corporation is a global provider of digital business strategy, digital engineering, and information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through innovation engineering. Virtusa serves Global 2000 companies in Banking, Financial Services, Insurance, Healthcare, Communications, Media, Entertainment, Travel, Manufacturing, and Technology industries.

Virtusa helps clients grow their business with innovative products and services that create operational efficiency using digital labor, future-proof operational and IT platforms, and rationalization and modernization of IT applications infrastructure. This is achieved through a unique approach blending deep contextual expertise, empowered agile teams, and measurably better engineering to create holistic solutions that drive business forward at unparalleled velocity enabled by a culture of cooperative disruption.

Virtusa is a registered trademark of Virtusa Corporation.  All other company and brand names may be trademarks or service marks of their respective holders.

Doug Fraim
Conversion Marketing
doug@conversionam.com

 

Sinch Recognized as a Leader in the IDC MarketScape for Worldwide Cloud Communications Platform-as-a-Service (“CPaaS”)


The report highlights Sinch’s balanced solution portfolio, diverse multi-layer platform and strong market leadership

STOCKHOLM and ATLANTA – May 4, 2021 — Sinch AB (publ), a global leader in cloud communications for mobile customer engagement, today announced the company is recognized as a Leader in the IDC MarketScape: Worldwide Communications Platform-as-a-Service (“CPaaS”) 2021 Vendor Assessment (doc #US46746221, May 2021). The report represents Sinch as a company with a “significantly balanced voice and messaging portfolio”.

A report excerpt is available here.

“Global companies that require reliable, robust, programmable customer engagement messaging and voice APIs will find an able partner in Sinch,” said Courtney Munroe, research vice president of Worldwide Telecommunications Research, IDC, “Local and regional companies who need a partner that understands local regulatory environments and can provide easy to use SaaS solutions will also benefit from leveraging Sinch’s diverse platform.”

The IDC MarketScape report profiled Sinch’s strengths, including its strong foundation for reliable and quality service delivery. The firm recommends Sinch for global companies that require reliable, robust, programmable customer engagement messaging and voice APIs for their cloud communications technology stack.

“Sinch has clear differentiators, all that benefit thousands of customers, including eight of the top 10 leading tech companies in the world,” said Oscar Werner, chief executive officer at Sinch. “Being recognized by the IDC MarketScape as a worldwide Leader in CPaaS is a testament to our commitment to quality, scale, and unmatched global reach with direct connections to more than 450 mobile operators.”

The report also highlights Sinch’s recent stream of market activity, describing how the company spent approximately $500 million to acquire several major players in the cloud communications space over the past year, including SAP Digital Interconnect, Wavy, ACL Mobile and Chatlayer BV. It also details Sinch’s $1.14B acquisition of voice communications provider Inteliquent, stating how the merger provides Sinch with a “rich portfolio of voice and collaboration services that cover all the major U.S. markets”, while projecting Sinch’s annual revenues to approach $1.5 billion by mid-2021.

Get the IDC MarketScape: Worldwide CPaaS Service Providers 2021 Vendor Assessment excerpt to learn why Sinch was recognized as a Leader.

About IDC MarketScape: 
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.

About Sinch
Sinch brings businesses and people closer with tools enabling personal engagement. Its leading cloud communications platform lets businesses reach every mobile phone on the planet, in seconds or less, through mobile messaging, voice and video. Sinch is a trusted software provider to mobile operators, and its platform powers business-critical communications for many of the world’s largest companies. Sinch has been profitable and fast-growing since its foundation in 2008. It is headquartered in Stockholm, Sweden, and has local presence in more than 40 countries. Shares are traded at NASDAQ Stockholm: XSTO:SINCH. Visit us at sinch.com.

For further information, please contact:
Jeff Hasen
Director of Content & Communications
jeff.hasen@sinch.com

Acuant Announces the Acquisition of Hello Soda to Strengthen Its Trusted Identity Platform and Global Position in Digital Identity

The acquisition follows the company’s best quarter in history with record revenue

Acuant

Powering Trust For All

LOS ANGELES, May 04, 2021 (GLOBE NEWSWIRE) — Acuant, the global trusted identity platform for fraud prevention and AML compliance, today announced the completion of the acquisition of Hello Soda as part of their continued investment and commitment to innovative technology. Hello Soda is a global provider of identity verification and KYC solutions headquartered in the UK with focus on the European and Asian markets. Along with the company’s deep expertise in eMoney and gaming, with customers including VirginBet, Klarna and Paysafe, the union will bring together powerful technology and data science capabilities that are key to unlocking trust in digital identities.

“Our goal has always been to power trust for all, a vision we share with Hello Soda whom we are excited to welcome to the Acuant family,” said Yossi Zekri President and CEO of Acuant. “This is truly the most exhilarating time in our company’s history, coinciding with the disruption of traditional financial markets, the rapid digitalization of the world and the need for business and governments to help safeguard identity more than ever before. Adding Hello Soda to our Trusted Identity Platform will reach more people today and position us even stronger for the future of digital identity.”

Hello Soda’s foundation in advanced analytics has driven its success in developing and delivering to market, a suite of solutions that leverage digital data sources and capabilities for the purpose of KYC and AML. With a strong focus on ensuring businesses receive actionable insight, Hello Soda’s technology utilizes proprietary analytics, matching algorithms and data science modelling to provide configurable and composite scoring, enabling businesses to make trusted decisions from the point of onboarding to enhanced due diligence (EDD) and continuous monitoring. Their leading dark web solution mitigates the risk of impersonation fraud by searching over 600 million records on the dark web for a customer’s information and provides an extra level of security by searching and monitoring customer PII against compromised data. Its innovative and multilingual platform has enabled Hello Soda to become a market leader in automated identity solutions, currently verifying identities in over 180 countries.

“We could not be happier to join Acuant, bringing our talent, technology, network and expertise to strengthen all we have accomplished and to take our mutual vision further as a team,” stated James Blake, Founder and CEO of Hello Soda. “Our combined technology will serve us well in our joint mission to democratize trust and provide solutions to reach every sector of the global population, allowing every individual to conduct trusted transactions when and where they wish.”

Acuant Experiences Record Growth
The acquisition comes on the heels of Acuant’s best quarter in company history and groundbreaking accomplishments:

Robust Growth: In Q1 2021, Acuant saw record revenue with over 30% growth YOY and ARR up over 60%, compliance revenue (with the acquisition of IdentityMind AML solutions in 2020) also grew over 170% YOY; adding several key new hires, total headcount grew over 30% YOY; the company welcoming dozens of new partners (including Refinitiv, Unisys, CoreSE and albo) and had noticeable business spikes in healthcare and cryptocurrency verticals.

Patented Technology: This quarter, Acuant was awarded Patent # 10,931,461 and 10,965,668
the USPTO both for system and methods relating to digital identity verification (adding to patent
10,872,338); the company also celebrated hitting over 450M digital identities being created with their patented eDNA®).

Enhanced Global Coverage & Technology Partners: Along with the industry’s largest ID library (6k+ templates), Acuant has expanded its leading third-party data ecosystem to expand offerings and increase global coverage for verification to reaching more of the world’s population without physical IDs and/or smart devices.

Industry Leadership: Acuant has joined the Digital ID and Authentication Council of Canada (DIACC), Open Identity Exchange (OIX) and The Investing and Savings Alliance (TISA) to expand its membership of working groups such as the Document Security Alliance (DSA) and Association of Document Validation Professionals (ADVP), among others, and continues to meet INCITS, ICAO, NIST and ISO standards, and is in on track for FedRAMP certification in 2021. The Company continues to be the gold standard with PCI, SOC 2 and ISO 27001 certifications and is on track for FedRAMP certification in 2021. Acuant works to meet with INCITS, ICAO and NIST standards and puts privacy first and puts consumers in control of their identity (see their latest with Microsoft in Verifiable Credentials).

About Acuant
Acuant’s Trusted Identity Platform is at the forefront of enabling businesses and governments to transact with trust in an ever-increasing digital world, facilitating the creation, ownership and ability to verify your identity and making that accessible to the entire global population. With industry leading identity verification, regulatory compliance (AML/KYC) and digital identity solutions powered by AI and human assisted machine learning, Acuant delivers unparalleled results and operational efficiency. Omnichannel deployment delivers seamless customer experiences to fight fraud, increase conversions and establish trust in seconds from anywhere in the world. Completing more than 1.5 billion transactions in over 200 countries and territories, Acuant powers trust in every major industry.

Media Contact
Malini Gujral
marketing@acuant.com

A photo and video accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4f14afdf-3ac0-454d-9269-7ca5904419b9 and https://www.globenewswire.com/NewsRoom/AttachmentNg/87361de9-068c-4f71-bd69-9f6c02c2aa2e

Ingredion Incorporated Reports First Quarter 2021 Results

  • First quarter 2021 reported and adjusted EPS* were $(3.66) and $1.85, respectively, compared to first quarter 2020 reported and adjusted EPS of $1.11 and $1.59, respectively. Double-digit adjusted EPS growth reflects specialties ingredients momentum and strong execution across the Company’s regions.
  • Related to the Arcor joint venture announcement, reported results reflect a $360 million held for sale impairment charge, including $311 million of cumulative translation losses.
  • The Company expects second quarter 2021 net sales and operating income to be up significantly due to volume recovery and specialties growth when compared to the second quarter of 2020.

WESTCHESTER, Ill., May 04, 2021 (GLOBE NEWSWIRE) — Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage manufacturing industry, today reported results for the first quarter of 2021. The results, reported in accordance with U.S. generally accepted accounting principles (“GAAP”) for 2021 and 2020, include items that are excluded from the non-GAAP financial measures that the Company presents.

“We delivered an outstanding first quarter with significant net sales and adjusted operating income growth, our best quarter since 2018. Operating income grew across all four regions, and our results reflect exceptionally strong performance in South America and Asia-Pacific,” said Jim Zallie, Ingredion’s president and chief executive officer.

“We continued to execute on our Driving Growth Roadmap, delivering specialty ingredients growth that was underpinned by double-digit growth in Asia-Pacific and South America. As a result of our unwavering determination to expand our consumer preferred specialty offerings, our sugar reduction sales were up over 200 percent versus prior year. Additionally, we recently broadened our Food Systems platform with the acquisition of KaTech, an innovative supplier of customized ingredient blends which enhance texture and provide stabilization. KaTech adds a European hub to complement our existing U.S. and Asia food systems’ operations,” continued Zallie.

“We are actively engaged in new product development through our strong customer partnerships with robust project pipelines to meet resurging consumer demand. We remain focused on delivering consumer preferred innovation through customer co-creation. As we re-imagine the future of work for our employees, we are doing so with customer centricity, speed and agility,” Zallie concluded.

*Adjusted diluted earnings per share (“adjusted EPS”), adjusted operating income, adjusted effective income tax rate and adjusted diluted weighted average common shares outstanding 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 GAAP measures.

Diluted Earnings Per Share (EPS)

1Q20 1Q21
Reported EPS $1.11 $(3.66)
Restructuring/Impairment Costs $0.16 $0.12
Acquisition/Integration Costs $0.01
Impairment*** $5.35
Tax Items $0.32 $0.05
Diluted share impact $(0.02)
Adjusted EPS** $1.59 $1.85

Estimated factors affecting change in reported and adjusted EPS

1Q21
Margin 0.33
Volume (0.02)
Foreign exchange 0.01
Other income 0.04
Total operating items 0.36
Other non-operating income
Financing costs (0.01)
Non-controlling interests (0.01)
Shares outstanding (0.01)
Tax rate (0.07)
Total non-operating items (0.10)
Total items affecting EPS** 0.26

**Totals may not foot due to rounding
*** Related to the Arcor joint venture announcement, reported results reflect a $360 million assets held for sale impairment charge, including $311 million of cumulative translation losses.

Financial Highlights

  • At March 31, 2021, total debt and cash including short-term investments were $2.2 billion and $577 million, respectively, versus $2.2 billion and $665 million, respectively, at December 31, 2020.
  • Net financing costs were $19 million, or $1 million higher in the first quarter than in the year-ago period. The increase resulted primarily from a decrease in capitalized interest versus the prior year.
  • Reported and adjusted effective tax rates for the quarter were (29.3) percent and 29.5 percent, respectively, compared to 42.6 percent and 26.0 percent, respectively, in the year-ago period. The decrease in reported tax rate resulted primarily from the impact of impairment charges related to the Arcor joint venture in Argentina.
  • First quarter capital expenditures were $63 million, down $35 million from the year-ago period.

Business Review

Total Ingredion

$ in millions 2020
Net Sales
FX
Impact
Volume Price
mix
2021
Net Sales
%
change
% change
excl. FX
First Quarter 1,543 1 -16 86 1,614 5% 5%

Reported Operating Income

$ in millions 2020 FX
Impact
Business
Drivers
Acquisition/
Integration
Restructuring/
Impairment
2021 % change % change
excl. FX
First Quarter 153 34 -1 -356 -170 -211% -211%

Adjusted Operating Income

$ in millions 2020 FX
Impact
Business
Drivers
2021 % change % change
excl. FX
First Quarter 167 34 201 20% 20%

Net Sales

  • First quarter net sales were up from the year-ago period. The increase was driven by strong price mix, including the pass through of higher corn costs, the inclusion of PureCircle results, and specialty volume growth in Asia-Pacific. Excluding foreign exchange impacts, net sales were up 5 percent for the quarter.

Operating income

  • Reported and adjusted operating (loss) income for the quarter were $(170) million and $201 million, respectively, a decrease of 211 percent and an increase of 20 percent, respectively, from the same period last year. The decrease in reported operating income was primarily due to the held for sale impairment charge related to the Arcor joint venture in Argentina. The increase in adjusted operating income was driven by favorable price mix in South America and lower net corn costs in North America. Excluding foreign exchange impacts, reported and adjusted operating income were down 211 percent and up 20 percent, respectively, from the same period last year.
  • First quarter reported operating income was lower than adjusted operating income by $371 million primarily due to the held for sale impairment charge related to the Arcor joint venture in Argentina.

North America

Net Sales

$ in millions 2020
Net Sales
FX
Impact
Volume Price
mix
2021
Net Sales
% change % change
excl. FX
First Quarter 963 6 -55 31 945 -2% -3%
  • Cessation of ethanol production represents approximately a $13 million decrease in net sales to the quarter.

Segment Operating Income

$ in millions 2020 FX
Impact
Business
Drivers
2021 % change % change
excl. FX
First Quarter 125 1 8 134 7% 6%
  • First quarter operating income was $134 million, an increase of $9 million from the year-ago period. The increase was driven by lower net corn costs and favorable price mix.

South America

Net Sales

$ in millions 2020
Net Sales
FX
Impact
Volume Price
mix
2021
Net Sales
% change % change
excl. FX
First Quarter 237 -23 10 49 273 15% 25%

Segment Operating Income

$ in millions 2020 FX
Impact
Business
Drivers
2021 % change % change
excl. FX
First Quarter 26 -3 17 40 54% 65%
  • First quarter operating income was $40 million, an increase of $14 million from the year-ago period. The increase was primarily due to strong price mix and favorable net corn. Excluding foreign exchange impacts, segment operating income was up 65 percent.

Asia-Pacific

Net Sales

$ in millions 2020
Net Sales
FX
Impact
Volume Price
mix
2021
Net Sales
%
change
% change
excl. FX
First Quarter 189 11 34 1 235 24% 18%

Segment Operating Income

$ in millions 2020 FX
Impact
Business
Drivers
2021 % change % change
excl. FX
First Quarter 20 1 4 25 25% 20%
  • First quarter operating income was $25 million, up $5 million from the year-ago period, driven by the recovery of South Korea and China from prior year pandemic impacts.

Europe, Middle East, and Africa (EMEA)

Net Sales

$ in millions 2020
Net Sales
FX
Impact
Volume Price
mix
2021
Net Sales
% change % change
excl. FX
First Quarter 154 7 -5 5 161 5% 0%

Segment Operating Income

$ in millions 2020 FX Impact Business
Drivers
2021 % change % change
excl. FX
First Quarter 27 1 3 31 15% 10%
  • First quarter operating income was $31 million, up $4 million from the year-ago period. The increase was largely attributable to favorable price mix and lower raw material costs in Pakistan.

Dividend and Share Repurchases

In March 2021, the Company announced a quarterly dividend of $0.64 per share, totaling $44 million. During the quarter, the Company repurchased $14 million of outstanding shares of common stock.

2021 Second Quarter Outlook and Full-Year Perspective

For the second quarter, the Company expects net sales to increase 20 to 30 percent and operating income growth to be slightly better than net sales growth, when both are compared to the prior year.

In light of anticipated first half performance, the Company expects full-year net sales to be up low double-digits, driven by the pass through of higher corn costs, strong price mix and volume recovery. For the full-year, the Company expects adjusted operating income to be up mid-single-digits, driven by specialty ingredients growth, other volume recovery and Cost Smart savings, partially offset by anticipated higher corn costs in the second half of the year. Due to the continued uncertain environment, the Company is not currently providing guidance for full-year 2021 EPS and cash flow from operations.

Full year corporate costs are expected to be flat. The Company expects the reported effective tax rate of 70 percent to 75 percent and adjusted effective tax rate of 28.0 percent to 29.0 percent. With the expected close of the Arcor joint venture, the Company anticipates the South America segment performance, financing costs, and tax rate reporting will be updated in the second half of the year.

Capital investment commitments are expected to be between $330 million and $350 million.

Conference Call and Webcast Details

Ingredion will conduct a conference call on Tuesday, May 4, 2021, at 8 a.m. Central Time 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 can be accessed at https://ir.ingredionincorporated.com/events-and-presentations. The call will include a presentation accessible through the Company’s website, which will be available to download a few hours prior to the start of the call. A replay will be available for a limited time at https://ir.ingredionincorporated.com/financial-information/quarterly-results.

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 2020 annual net sales of $6 billion, the Company turns grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, brewing and industrial markets. With Ingredion’s Idea Labs® innovation centers around the world and approximately 12,000 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 future prospects or financial condition, net sales, operating income, volumes, corporate costs, tax rates, capital expenditures, expenses or other financial items, any statements concerning the Company’s prospects or future operations, including management’s plans or strategies and objectives therefor, 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 news release or referred to in or incorporated by reference into this news 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 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 these statements, based on various factors, including the impact of COVID-19 on the demand for our products and our financial results; changing consumption preferences relating to high fructose corn syrup and other products we make; 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 and our ability to collect our receivables from customers; future financial performance of major industries which we serve and from which we derive a significant portion of our sales, including, without limitation, 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 gain market acceptance; 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 along potential increases in the cost of corn or other raw materials to customers; energy costs and availability, including energy issues in Pakistan; our ability to contain costs, achieve budgets, and realize expected synergies, including with respect to our ability to complete planned maintenance and investment projects on time and on budget and realize expected savings under our Cost Smart program as well as with respect to freight and shipping costs; the behavior of financial and capital markets, including with respect to foreign currency fluctuations, fluctuations in interest and exchange rates and market volatility and the associated risks of hedging against such fluctuations; 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 facilities; the impact of impairment charges on our goodwill or long-lived assets; changes in our tax rates or exposure to additional income tax liability; our ability to maintain satisfactory labor relations; the impact on our business of natural disasters, war, or similar acts of hostility, threats or acts of terrorism, the outbreak or continuation of pandemics such as COVID-19, or the occurrence of other significant events beyond our control; changes in government policy, law, or regulation and costs of legal compliance, including compliance with environmental regulation; potential effects of climate change; security breaches with respect to information technology systems, processes, and sites; our ability to raise funds at reasonable rates and other factors affecting our access to sufficient funds for future growth and expansion; volatility in the stock market and other factors that could adversely affect our stock price; risks affecting the continuation of our dividend policy; and our ability to remediate in a timely manner a material weakness in our internal control over financial reporting.

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” and other information included in our Annual Report on Form 10-K for the year ended December 31, 2020 and in our subsequent reports on Forms 10-Q and 8-K.

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

Ingredion Incorporated (“Ingredion”)
Condensed Consolidated Statements of (Loss) Income
(Unaudited)
(in millions, except per share amounts) Three Months Ended
March 31,
Change
%
2021 2020
Net sales $ 1,614 $ 1,543 5 %
Cost of sales 1,263 1,220
Gross profit 351 323 9 %
Operating expenses 153 154 (1 %)
Other (income) expense, net (2 ) 2
Restructuring/impairment charges 370 14
Operating (loss) income (170 ) 153 (211 %)
Financing costs, net 19 18
Other, non-operating (income), net (1 ) (1 )
(Loss) income before income taxes (188 ) 136 (238 %)
Provision for income taxes 55 58
Net (loss) income (243 ) 78 (412 %)
Less: Net income attributable to non-controlling interests 3 3
Net (loss) income attributable to Ingredion $ (246 ) $ 75 (428 %)
Earnings per common share attributable to Ingredion
common shareholders:
Weighted average common shares outstanding:
Basic 67.3 67.1
Diluted 67.3 67.8
Earnings per common share of Ingredion:
Basic ($3.66 ) $1.12 (427 %)
Diluted ($3.66 ) $1.11 (430 %)
Ingredion Incorporated (“Ingredion”)
Condensed Consolidated Balance Sheets
(in millions, except share and per share amounts) March 31, 2021 December 31, 2020
(Unaudited)
Assets
Current assets
Cash and cash equivalents $ 576 $ 665
Short-term investments 1
Accounts receivable – net 1,025 1,011
Inventories 950 917
Prepaid expenses 58 54
Total current assets 2,610 2,647
Property, plant and equipment – net 2,355 2,455
Goodwill 899 902
Other intangible assets – net 437 444
Operating lease assets 182 173
Deferred income tax assets 24 23
Other assets 296 214
Total assets $ 6,803 $ 6,858
Liabilities and equity
Current liabilities
Short-term borrowings 448 $ 438
Accounts payable and accrued liabilities 932 1,020
Total current liabilities 1,380 1,458
Non-current liabilities 219 227
Long-term debt 1,749 1,748
Non-current operating lease liabilities 145 136
Deferred income tax liabilities 219 217
Liabilities held for sale 337
Total liabilities 4,049 3,786
Share-based payments subject to redemption 21 30
Redeemable non-controlling interests 70 70
Equity
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, 2021 and December 31, 2020 1 1
Additional paid-in capital 1,155 1,150
Less: Treasury stock (common stock; 10,737,015 and 10,795,346 shares at March 31, 2021 and December 31, 2020, respectively) at cost (1,022 ) (1,024 )
Accumulated other comprehensive loss (1,164 ) (1,133 )
Retained earnings 3,667 3,957
Total Ingredion stockholders’ equity 2,637 2,951
Non-redeemable non-controlling interests 26 21
Total equity 2,663 2,972
Total liabilities and equity $ 6,803 $ 6,858
Ingredion Incorporated (“Ingredion”)
Condensed Consolidated Statements of Cash Flows
(Unaudited)
For the Three Months
Ended March 31,
(in millions) 2021 2020
Cash provided by operating activities:
Net (loss) income $ (243 ) $ 78
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 52 54
Mechanical stores expense 14 13
Deferred income taxes (4 )
Impairment charges related to Arcor joint venture held for sale classification 360
Margin accounts (16 ) (20 )
Changes in other trade working capital (130 ) (85 )
Other (11 ) 25
Cash provided by operating activities 22 65
Cash used for investing activities:
Capital expenditures and mechanical stores purchases, net proceeds on disposals (63 ) (98 )
Short-term investments (1 ) 2
Cash used for investing activities (64 ) (96 )
Cash (used for) provided by financing activities:
Proceeds from borrowings (payments on), net 10 102
Repurchases of common stock, net (14 )
Issuances of common stock for share-based compensation, net of settlements 7 2
Dividends paid, including to non-controlling interests (43 ) (42 )
Cash (used for) provided by financing activities (40 ) 62
Effect of foreign exchange rate changes on cash (7 ) (17 )
(Decrease) increase in cash and cash equivalents (89 ) 14
Cash and cash equivalents, beginning of period 665 264
Cash and cash equivalents, end of period $ 576 $ 278
Ingredion Incorporated (“Ingredion”)
Supplemental Financial Information
(Unaudited)
I. Geographic Information of Net Sales and Operating Income
(in millions, expect for percentages) Three Months Ended
March 31,
Change
2021 2020 Change Excl. FX
Net Sales
North America $ 945 $ 963 (2 %) (3 %)
South America 273 237 15 % 25 %
Asia-Pacific 235 189 24 % 18 %
EMEA 161 154 5 % 0 %
Total Net Sales $ 1,614 $ 1,543 5 % 5 %
Operating Income
North America $ 134 $ 125 7 % 6 %
South America 40 26 54 % 65 %
Asia-Pacific 25 20 25 % 20 %
EMEA 31 27 15 % 10 %
Corporate (29 ) (31 ) 6 % 6 %
Sub-total 201 167 20 % 20 %
Acquisition/integration costs (1 )
Restructuring/impairment charges (10 ) (14 )
Impairment charges related to Arcor joint venture held for sale classification (360 )
Total Operating (Loss) Income $ (170 ) $ 153 (211 %) (211 %)
II. Non-GAAP Information
To supplement the consolidated financial results prepared in accordance with U.S. 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 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 (Loss) Income attributable to Ingredion and Diluted Earnings Per Share (“EPS”) to
Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS
(Unaudited)
Three Months Ended Three Months Ended
March 31, 2021 March 31, 2020
(in millions) Diluted EPS (in millions) Diluted EPS
Net (loss) income attributable to Ingredion $ (246 ) $ (3.66 ) $ 75 $ 1.11
Add back:
Acquisition/integration costs, net of $ – million of income tax benefit for three months ended March 31, 2021 and 2020 (i) 1 0.01
Restructuring/impairment charges, net of income tax benefit of $2 million and $3 million for the three months ended March 31, 2021 and 2020, respectively (ii) 8 0.12 11 0.16
Impairment charges related to Arcor joint venture held for sale classification, net of $ – million of income tax benefit for the three months ended March 31, 2021 (iii) 360 5.35
Tax provision – Mexico (iv) 3 0.05 22 0.32
Diluted share impact (v) (0.02 )
Non-GAAP adjusted net income attributable to Ingredion $ 126 $ 1.85 $ 108 $ 1.59
Net income, EPS and tax rates may not foot or recalculate due to rounding.
Notes
(i) The 2021 period primarily includes costs related to the acquisition and integration of the business acquired from PureCircle Limited. Acquisition and integration costs presented in the “reconciliation of adjusted net income attributable to Ingredion” table are net of costs attributable to non-controlling interest.
(ii) During the three months ended March 31, 2021, the Company recorded $10 million of pre-tax restructuring/impairment charges, consisting of $5 million of employee-related and other costs, including professional services, associated with its Cost Smart SG&A program, $3 million of restructuring-related expenses as part of its Cost Smart cost of sales program, primarily in North America, and $2 million of employee-related and other costs related to the Arcor joint venture transaction expected to close in the third quarter of 2021.
During the three months ended March 31, 2020, the Company recorded $14 million of pre-tax restructuring/impairment charges, consisting of $9 million of restructuring related expenses as part of its Cost Smart cost of sales program and $5 million of employee-related and other costs, including professional services, associated with its Cost Smart SG&A program.
(iii) During the three months ended March 31, 2021, the Company recorded a $360 million held for sale impairment charge related to the Arcor joint venture. The impairment charge reflects write-down to fair value of the contribution of certain Argentina, Chile and Uruguay assets and liabilities that will be contributed to the Arcor joint venture. The impairment charge reflects a $49 million write-down of the contributed net assets to the agreed upon fair value and a $311 million valuation allowance for the cumulative translation losses related to these net assets that will be released from Accumulated Other Comprehensive Loss on the balance sheet at the close of the transaction.
(iv) The 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. The company recorded a discrete tax provision of $3 million and $22 million for the three months ended March 31, 2021 and 2020, respectively, as a result of the movement of the Mexican peso against the U.S. dollar during the periods.
(v) If GAAP net income is negative and Non-GAAP Adjusted Net Income is positive, adjusted diluted weighted average common shares outstanding will include any options, restricted share units, or performance shares that would be otherwise dilutive instruments using the treasury stock method, until the effect of these adjustments is anti-dilutive. During the three months ended March 31, 2021 the incremental dilutive share impact of these instruments was 0.6 million shares of common stock equivalents. The diluted weighted average shares outstanding of 67.3 million would increase to an adjusted diluted weighted average common shares outstanding of 67.9 million for the three months ended March 31, 2021. There is no impact to the three months ended March 31, 2020.
Ingredion Incorporated (“Ingredion”)
Reconciliation of GAAP Operating (Loss) Income to Non-GAAP Adjusted Operating Income
(Unaudited)
Three Months Ended
March 31,
(in millions, pre-tax) 2021 2020
Operating (loss) income $ (170 ) $ 153
Add back:
Acquisition/integration costs (i) 1
Restructuring/impairment charges (ii) 10 14
Impairment charges related to Arcor joint venture held for sale classification (iii) 360
Non-GAAP adjusted operating income $ 201 $ 167
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 GAAP Effective Income Tax Rate to Non-GAAP Adjusted Effective Income Tax Rate
(Unaudited)
Three Months Ended March 31, 2021
(Loss) income before Provision for Effective Income
(in millions) Income Taxes (a) Income Taxes (b) Tax Rate (b/a)
As Reported $ (188 ) $ 55 -29.3 %
Add back:
Acquisition/integration costs (i) 1
Restructuring/impairment charges (ii) 10 2
Impairment charges related to Arcor joint venture held for sale classification (iii) 360
Tax item – Mexico (iv) (3 )
Adjusted Non-GAAP $ 183 $ 54 29.5 %
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
Tax item – Mexico (iv) (22 )
Adjusted Non-GAAP $ 150 $ 39 26.0 %
For notes (i) through (iv), see notes (i) through (iv) 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”)
(Unaudited)
Anticipated Effective Tax Rate Range
for Full Year 2021
Low End High End
GAAP ETR 70.5 % 75.6 %
Add:
Acquisition/integration costs (i) 0.0 % 0.0 %
Restructuring/impairment charges (ii) 0.6 % 0.6 %
Impairment charges related to Arcor joint venture held for sale classification (iii) 0.0 % 0.0 %
Tax provision – Mexico (iv) 0.3 % -1.3 %
Other tax matters (vi) -0.2 % -0.2 %
Impact of adjustment on Effective Tax Rate (vii) -43.2 % -45.7 %
Adjusted ETR 28.0 % 29.0 %
Above is a reconciliation of our anticipated full year 2021 GAAP ETR to our anticipated full year 2021 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.
For items (i) through (iv), see footnotes included in the Reconciliation of GAAP Net (Loss) Income attributable to Ingredion and Diluted EPS to Non-GAAP Adjusted Net Income attributable to Ingredion and Adjusted Diluted EPS.
(vi) This relates to other tax settlements.
(vii) Indirect impact of tax rate after items (i) through (vi).

 

Construction to Commence on the First Co-Produced Geothermal Power Project in Alberta, and Canada

CALGARY, Alberta, May 04, 2021 (GLOBE NEWSWIRE) — FutEra Power Corp. (“FutEra”), a subsidiary of Razor Energy Corp. (“Razor” or the “Company”) (TSXV: RZE) which is a publicly traded Alberta-based junior oil and gas company, is pleased to announce it is entering the project execution stage of its co-produced Geothermal Power Project in Swan Hills, Alberta (the “Project”).

For further investor information please contact the undersigned at info@futerapower.com

This Project begins with field construction activities, with financial and in-kind support from Razor (“Stage Gate 1”). FutEra has partnered with our provincial and federal governments to invigorate the emerging geothermal industry. Provincially, Alberta Innovates (“AI”) and Emissions Reduction Alberta (“ERA”), and federally, Natural Resources Canada (“NRCan”), have provided grants to complete funding. With an estimated cost to complete of $20 million, Stage Gate 1 will produce up to 3 MW of green geothermal electricity.   The planned second phase of the Project (“Stage Gate 2”), adding a natural gas turbine and optimizing the geothermal power efficiency, is estimated to cost an additional $10 million. With both Stage Gate 1 and 2 of the Project complete, the total nameplate electricity output will be 21 MW.

For further project information please visit the FutEra website at www.futerapower.com

“This project is one of the many examples of the amazing innovation happening in Alberta. This cutting-edge technology is using existing assets to generate clean power, putting Alberta on the map as a world leader in geothermal energy.” 

Doug Schweitzer, Minister of Jobs, Economy and Innovation

Razor Energy and FutEra Power have developed an innovative approach to tap into Alberta’s existing oil and gas assets for greener electricity production, making use of both natural gas and geothermal energy. This first-of-its-kind project can help accelerate geothermal co-production and hybrid projects at other high-potential oil and gas sites across the province. ERA is pleased to have worked closely with our Trusted Partners, Alberta Innovates and Natural Resources Canada, to support this clean technology solution that will reduce emissions, lower costs, attract investment, and create jobs in Alberta.”

Steve MacDonald, CEO, ERA

“Geothermal clean technology is a natural and growing fit for Alberta. This project is paving the way for commercial geothermal co-production use across Western Canada. The expertise and experience gained will also open opportunities for Alberta-based know-how around the world.”

Laura Kilcrease, CEO, AI

“Razor and FutEra have committed to facing the challenges of producing energy with increasingly sustainable methods through novel and innovative solutions. This Project is the first of many engagements planned between our two companies. We deeply appreciate our public partners AI, ERA and NRCan and commend their vision. Together, we will build better outcomes for Albertans and our stakeholders.”

Doug Bailey, President & CEO at Razor and Executive Director of FutEra

“When you visit the field and lay your hand on pipe that is too hot to hold, your whole paradigm shifts. That heat is earth heat, and renewable. Innovation is just a matter of working the challenge, building on traditional best practices and adding the twist to harvest earth heat. In addition, we have been collaborating with all the regulatory agencies to forge a new path for industry. There are endless possibilities as we build FutEra into a leading sustainable energy company.”

Lisa Mueller, President & CEO of FutEra

Background

Razor produces and injects large volumes of very hot water, a renewable form of geothermal energy, daily as part of its ongoing conventional oil and gas operations and waterflood activities. This hot water provides FutEra with the opportunity to capture geothermal heat energy and generate power with zero Greenhouse Gas emissions. Co-production means no new surface land footprint is required as the Project utilizes existing assets such as processing infrastructure, producing wells, produced water reinjection system and an operating gathering and distribution system. Using existing assets yields cumulative and substantive effects of reducing typical geothermal project capital outlay, reducing supply risk and improving economic returns. In addition, our co-production approach aligns Alberta’s fledgling geothermal industry to develop alongside Alberta’s well respected, world class oil and gas operations, safety standards and regulatory best practices. Geothermal power is baseload and solves the intermittent challenge of other renewable energy sources. FutEra’s Project stands out as a demonstration of creative and practical co-produced geothermal energy production for the future energy complex, by re-purposing and transitioning existing oil and gas assets to a cleaner future.

The University of Alberta (“U of A”), as a research partner in this Project, is conducting modelling on the heat potential of the Western Canada Sedimentary Basin. The U of A endeavors to validate model theory with actual field data from our Project to ensure that the emerging geothermal industry can harness the expertise and data that exists in today’s Alberta resource industry.

About FutEra

FutEra leverages Alberta’s resource industry innovation and experience to create transitional power and sustainable infrastructure solutions to commercial markets and communities, both in Canada and globally. Currently it is developing a 21 MW co-produced geothermal and natural gas hybrid power project in Swan Hills, Alberta.

www.futerapower.com

About Razor

Razor is a publicly traded junior oil and gas development and production company headquartered in Calgary, Alberta, concentrated on acquiring, and subsequently enhancing, producing oil and gas properties primarily in Alberta. The Company is led by experienced management and a strong, committed Board of Directors, with a long-term vision of growth, focused on efficiency and cost control in all areas of the business. Razor currently trades on TSXV under the ticker “RZE”.

www.razor-energy.com

Razor has two active subsidiaries, FutEra and Blade Energy Services Corp. (“Blade”).

About Blade

Blade Energy Services is as subsidiary of Razor. Operating in west central Alberta, Blade’s primary services include fluid hauling, road maintenance, earth works including well site reclamation and other oilfield services.

www.blade-es.com

For additional information please contact:

Doug Bailey Lisa Mueller
President and Chief Executive Officer President and Chief Executive Officer
Razor Energy Corp. FutEra Power Corp.
Executive Director
FutEra Power Corp.
 Razor Energy Corp./FutEra Power Corp.
800, 500-5th Ave SW
Calgary, Alberta T2P 3L5
Telephone: (403) 262-0242

READER ADVISORIES

FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements. More particularly, this press release contains statements concerning, but not limited to, expected timing and execution of various stages of the Project, anticipated costs in connection with completion the Project, expected electricity output of the Project upon completion, the opinions or beliefs of management, prospects, opportunities, priorities, targets, goals, ongoing objectives, milestones, strategies and outlook of Razor, and includes statements about, among other things, future developments, the future operations, strengths and strategy of Razor. In addition, the use of any of the words “anticipate”, “believe”, “intend”, “may”, “is”, “will”, “should”, “expect” and similar expressions are intended to identify forward-looking statements.

The forward-looking statements are based on certain key expectations and assumptions made by the Company, including but not limited to expectations and assumptions concerning the continued availability of capital, current legislation, receipt of required regulatory approvals, the timely performance by third-parties of contractual obligations, the success of reactivation, drilling and development activities, the performance of existing wells, the performance of new wells, the Company’s growth strategy, general economic conditions, availability of required equipment and services prevailing commodity prices, price volatility, price differentials and the actual prices received for the Company’s products. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to several factors and risks. These include, but are not limited to, risks associated with the oil and gas industry and geothermal electricity projects in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; variability in geothermal resources; as the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), electricity and commodity price and exchange rate fluctuations, changes in legislation affecting the oil and gas and geothermal industries and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Please refer to the risk factors identified in the annual information form and management discussion and analysis of the Company which are available on SEDAR at www.sedar.com.

In addition, the effects, risks and impacts related to widespread pandemic outbreaks, including the coronavirus disease (COVID -19), and any related actions taken by businesses and governments, ongoing results, commodity prices, industry conditions and activity levels, currency exchange rates, financial positions or results are unknown at this time and could cause the Company’s actual results to differ materially from the forward-looking statements contained herein.

The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.