Uniroyal Global Engineered Products, Inc. (UNIR: OTCQB) | Uniroyal Global Engineered Products Will Release Its Fourth Quarter 2016 Financial Results on March 20, 2017


Mar 17, 2017

OTC Disclosure & News Service

Uniroyal Global Engineered Products, Inc. (OTCQB: UNIR), a leading global provider of vinyl-coated fabrics and soft trim technologies serving the automotive, recreational, industrial, contract, hospitality and healthcare markets, announced today that the Company will report its earnings results for the fourth quarter and year-end 2016 on Monday, March 20, 2017 after the market close and will hold an earnings conference call on Tuesday, March 21, 2017 at 9:00am EDT.

Persons wishing to access the conference call may do so by dialing 800-732-8711 (U.S.) and 913-312-0711 (International), and using the ID #2350165 or by logging on to www.uniroyalglobal.com and accessing the webcast link (http://public.viavid.com/index.php?id=123426) in the investor relations section.

A replay of the conference call will be available beginning March 21, 2017 through June 21, 2017 by calling 844-512-2921 (US) or 412-317-6671 (International) and using Pin #2350165. The webcast will be archived on www.uniroyalglobal.com in the investor relations section until March 20, 2018.

About Uniroyal Global Engineered Products, Inc.:

Uniroyal Global Engineered Products, Inc. (UNIR) is a leading manufacturer of vinyl coated fabrics that are durable, stain resistant, cost-effective alternatives to leather, cloth and other synthetic fabric coverings. Uniroyal Global Engineered Products, Inc.’s revenue in 2016 was derived 65% from the automotive industry and approximately 35% from the recreational, industrial, indoor and outdoor furnishings, hospitality and health care markets. Our primary brand names include Naugahyde®, BeautyGard®, Flameblocker™, Spirit Millennium®, Ambla®, Amblon®, Velbex®, Cirroflex®, Plastolene® and Vynide®.

Forward-Looking Statements:

Except for statements of historical fact, certain information contained in this press release constitutes forward-looking statements, including, without limitation, statements containing the words “believe,” “expect,” “anticipate,” “intend, “should,” “planned,” “estimated” and “potential” and words of similar import, as well as all references to the future. These forward-looking statements are based on Uniroyal Global Engineered Products, Inc.’s current expectations. The Company cautions investors that any forward-looking statements made by the Company are not guarantees of future performance and that a variety of factors could cause the Company´s actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company´s forward-looking statements. The risks and uncertainties which may affect the operations, performance, development and results of the Company´s business include, but are not limited to, the following: uncertainties relating to economic conditions, uncertainties relating to customer plans and commitments, the pricing and availability of equipment, materials and inventories, technological developments, performance issues with suppliers, economic growth, delays in testing of new products, the Company’s ability to successfully integrate acquired operations, the Company’s dependence on key personnel, the Company’s ability to protect its intellectual property rights, the effectiveness of cost-reduction plans, rapid technology changes and the highly competitive environment in which the Company operates. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.

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The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.





Fission Uranium Corp. (FCUUF: OTCQX International) | Fission Announces Resignation of Jeremy Ross from the Board


Fission Announces Resignation of Jeremy Ross from the Board

Mar 17, 2017

OTC Disclosure & News Service

KELOWNA, BRITISH COLUMBIA–(Marketwired – Mar 17, 2017) – FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) (“Fission” or “the Company“) announces the resignation of Board Director, Mr. Jeremy Ross, who is leaving to pursue other ventures.

Dev Randhawa, Chairman and CEO, of Fission Uranium, said,

“We would like to thank Mr. Ross for all of his hard work as a member of the board. His marketing and business acumen will be missed as we wish him the very best in all of his future endeavours.”

About Fission Uranium Corp.

Fission Uranium Corp. is a Canadian based resource company specializing in the strategic exploration and development of the Patterson Lake South uranium property – host to the class-leading Triple R uranium deposit – and is headquartered in Kelowna, British Columbia. Fission’s common shares are listed on the TSX Exchange under the symbol “FCU” and trade on the OTCQX marketplace in the U.S. under the symbol “FCUUF.”

ON BEHALF OF THE BOARD

Dev Randhawa, Chairman & CEO

Copyright © 2017 Marketwired. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.





Bay Banks of Virginia, Inc. (BAYK: OTCQB) | Shareholders Approve Bay Banks of Virginia, Inc. Merger With Virginia BanCorp, Inc.


RICHMOND, Va., March 17, 2017 /PRNewswire/ — Bay Banks of Virginia, Inc. (OTCQB: BAYK) (“Bay Banks”), the holding company for Bank of Lancaster, and Virginia BanCorp Inc. (“Virginia BanCorp”),  the holding company for Virginia Commonwealth Bank, today jointly announced that the shareholders of both companies voted yesterday in separate meetings to approve their agreement to merge.   Following the merger, these two historic community banks in Central Virginia will operate as a single entity under the Virginia Commonwealth Bank brand. The parties plan to officially merge the holding companies and banks in early April, with combined assets expected to be more than $800 million.

“The shareholders of Bay Banks overwhelmingly agreed with those of Virginia BanCorp in the vision of a merger of equals,” explains Randal R. Greene, President and Chief Executive Officer of Bay Banks of Virginia. “We will witness two locally owned community banks, each with more than 80 years of service to their communities, unite to serve our customers with new services and even greater financial strength.”

“Our shareholders are enthusiastic about adding new capabilities and services to current and new Central Virginia customers,” says C. Frank Scott, III, President and Chief Executive Officer of Virginia BanCorp. “It is important to note that we will continue to be locally owned and focused on Richmond and our Central Virginia customers. We will build on each bank’s reputation and provide new services within business banking, residential and commercial mortgages, and wealth management.” The combined bank will locate its new corporate office to Richmond.

Virginia BanCorp shareholders will receive 4,586,397 shares of Bay Banks’ stock, which is approximately 49% of the total shares outstanding, for a total deal value of $40.1 million, based on the price of Bay Banks’ stock on March 16, 2017.  Current Bay Banks shareholders will maintain approximately 51% interest in the newly merged entity.

Regulatory approvals for the merger have been received from the Virginia State Corporation Commission and the Federal Reserve.

Bank of Lancaster, based in Kilmarnock, operates 11 branches in the Northern Neck and in Richmond. Virginia Commonwealth Bank operates eight branches from Petersburg to Suffolk, including Richmond. Bank of Lancaster branches will maintain their identity until banking systems are consolidated in the fourth quarter of this year. “We are committed to making the transition as seamless as possible for our customers and employees,” Greene concludes.

Caution Regarding Forward-Looking Statements

This information presented herein contains forward-looking statements. These forward-looking statements include, but are not limited to, statements about (i) the benefits of the proposed merger between the Company and Virginia BanCorp, (ii) the Company’s and Virginia BanCorp’s plans, obligations, expectations and intentions and (iii) other statements presented herein that are not historical facts. Words such as “anticipates,” “believes,” “intends,” “should,” “expects,” “will,” and variations of similar expressions are intended to identify forward-looking statements. These statements are based on the beliefs of the respective managements of the Company and Virginia BanCorp as to the expected outcome of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, and degree of occurrence. Results and outcomes may differ materially from what may be expressed or forecasted in forward-looking statements. Factors that could cause results and outcomes to differ materially include, among others, the ability to meet closing conditions to the transaction; the ability to complete the merger as expected and within the expected timeframe; disruptions to customer and employee relationships and business operations caused by the merger; the ability to implement integration plans associated with the transaction, which integration may be more difficult, time-consuming or costly than expected; the ability to achieve the cost savings and synergies contemplated by the merger within the expected timeframe, or at all; changes in local and national economies, or market conditions; changes in interest rates; regulations and accounting principles; changes in policies or guidelines; loan demand and asset quality, including real estate values and collateral values; deposit flow; the impact of competition from traditional or new sources; and the other factors detailed in the Company’s publicly filed documents, including its Annual Report on Form 10-K for the year ended December 31, 2015. The Company and Virginia BanCorp assume no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this report.

Contact:
Randal R. Greene, President and Chief Executive Officer, at 800-435-1140 or inquiries@baybanks.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholders-approve-bay-banks-of-virginia-inc-merger-with-virginia-bancorp-inc-300425655.html

SOURCE Bay Banks of Virginia, Inc.

Copyright © 2017 PR Newswire. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.





Canadian Energy Services & Technology Corp. (CESDF: OTCQX International Premier) | Canadian Energy Services & Technology Corp. Announces Termination of Previously Announced Tender Offer and Concurrent Proposed Note Offering


CALGARY, ALBERTA–(Marketwired – March 17, 2017) –

NOT FOR DISSEMINATION INTO THE UNITED STATES OF AMERICA OR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR TO U.S. HOLDERS.

Canadian Energy Services & Technology Corp. (“CES” or the “Corporation”) (TSX:CEU) (OTCQX:CESDF) announced today that due to current market conditions it has elected to terminate its previously announced offer to purchase for cash any and all of its 7.375% Senior Unsecured Notes due April 17, 2020 (the “Tender Offer”) with CUSIP number 13566WAA6 (the “7.375% Notes”) from the holders thereof (the “Holders”) and withdraw its proposed private placement of new senior unsecured notes (the “Offering”) to fund the purchase of the 7.375% Notes. 

The Tender Offer Consideration (as defined in the Offer to Purchase dated March 10, 2017) will not be paid or become payable to Holders of 7.375% Notes who validly tendered their 7.375% Notes in connection with the Tender Offer. None of the 7.375% Notes will be accepted for purchase or purchased in the Tender Offer and all 7.375% Notes previously tendered and not withdrawn will be promptly returned to their respective Holders via a credit to the appropriate account at CDS Clearing and Depository Services Inc.

This press release formally terminates the Tender Offer.

About Canadian Energy Services & Technology Corp.

CES is a leading provider of technically advanced consumable chemical solutions throughout the lifecycle of the oilfield. This includes solutions at the drill-bit, at the point of completion and stimulation, at the wellhead and pump-jack, and finally through to the pipeline and midstream market. CES’ business model is relatively asset light and requires limited re-investment capital to grow. As a result, CES has been able to capitalize on the growing market demand for drilling fluids and production and specialty chemicals in North America while generating free cash flow.

Additional information about CES is available at www.sedar.com or on the Corporation’s website at www.CanadianEnergyServices.com.

Forward Looking Information

Certain information included in this Press Release is forward-looking, within the meaning of applicable Canadian and United States securities laws. CES believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause CES’ actual results to differ materially from any projections of future results expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to the risks identified in other factors considered under “Risk Factors” in the Corporation’s Annual Information Form for the year ended December 31, 2016 and “Risks and Uncertainties” in the related MD&A both of which are available on the SEDAR website (www.sedar.com). Any forward-looking information is made as of the date hereof and, except as required by law, CES does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Copyright © 2017 Marketwired. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.





MRV Engenharia e Participacoes SA (MRVNY: OTC Pink Current) | Corporate Events Calendar 2017_ 2017 03 17


Corporate Events Calendar 2017_ 2017 03 17

Mar 17, 2017

OTC Disclosure & News Service

Belo Horizonte, Brazil

This release includes additional documents. Select the link(s) below to view.

Calendário 2017 – 2017 03 17 – ING.pdf

Copyright © 2017 OTC Markets. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.





MRV Engenharia e Participacoes SA (MRVNY: OTC Pink Current) | Notice to the Market – Board of Directors Meeting Postponed


Notice to the Market – Board of Directors Meeting Postponed

Mar 17, 2017

OTC Disclosure & News Service

Belo Horizonte, Brazil

This release includes additional documents. Select the link(s) below to view.

2017 03 17 Comunicado ao Mercado – Adiamento RCA – ENG.pdf

Copyright © 2017 OTC Markets. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.





North American Nickel, Inc. (WSCRF: OTCQB) | North American Nickel Files Updated National Instrument 43-101 Technical Report on the Maniitsoq Property


VANCOUVER, BRITISH COLUMBIA–(Marketwired – Mar 17, 2017) – North American Nickel Inc. (TSX VENTURE:NAN)(OTCBB:WSCRF)(CUSIP: 65704T 108) (the “Company“) announces that it has filed an updated technical report (the “Technical Report“) in accordance with National Instrument 43-101 – Standards for Disclosure for Mineral Projects (“NI 43-101“) documenting its recent work on the Company’s 100% owned Maniitsoq property in southwest Greenland.

The report, titled “Updated Independent Technical Report for the Maniitsoq Nickel-Copper-Cobalt-PGM Project, Greenland” and dated March 17, 2017, was filed on SEDAR under the Company’s issuer profile at www.sedar.com, and is also available on the Company’s website at www.northamericannickel.com.

Qualified Person

The Report was prepared by Dr. Jean-François Ravenelle, PGeo and Dr. Lars Weiershäuser, PGeo, of SRK Consulting (Canada) Inc., each of whom is independent of North American Nickel and a “qualified person” (for purposes of NI 43-101).

The information in this release was reviewed and prepared under the direction of Patricia Tirschmann, P. Geo, Vice President of Exploration for the Company, who is a “qualified person” (for purposes of NI 43-101).

The Company is not aware of any legal, political, environmental, or other risks that could materially affect the potential development of the project other than those set out in the Company’s most recent annual information form filed on SEDAR under the Company’s issuer profile at www.sedar.com. Please see below under the heading “Cautionary Note Regarding Forward-looking Statements” for further details regarding risks facing the Company.

About the Company

The Company is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland and Sudbury, Ontario.

The Maniitsoq property in Greenland is a Camp scale project comprising 2,985 square kilometres covering numerous high-grade nickel-copper sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The belt is greater than 75 kilometres long and situated along, and near, the southwest coast of Greenland accessible from the existing Seqi deep water port (see the Company’s news release dated January 19, 2015) with an all year round shipping season and abundant hydro-electric potential.

The Company’s Post Creek/Halcyon property in Sudbury is strategically located adjacent to the past producing Podolsky copper-nickel-platinum group metal deposit of KGHM International Ltd. The property lies along an interpreted extension of the Whistle Offset embayment structure. Such geological structures host major Ni-Cu-PGM deposits and producing mines within the Sudbury Camp.

Cautionary Note Regarding Forward-looking Statements

This press release contains certain “forward-looking statements” and “forward-looking information” under applicable securities laws concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the risks facing the Company; success of exploration activities; impact of mineralogy, estimation of mineral resources at mineral projects of the Company; the future economics of minerals including nickel and copper; synergies and financial impact facilities; the benefits of the development potential of the properties of the Company and currency exchange rate fluctuations. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.

Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include variations in metal grades, changes in market conditions, variations in recovery rates, risks relating to international operations, fluctuating metal prices and currency exchange rates, and other risks of the mining industry, including but not limited to the failure of plant, equipment or processes to operate as anticipated. The Company cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed.

Statements about the Company’s future expectations and all other statements in this press release other than historical facts are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term defined in the Private Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from the expected results. For further information on the project, please see the Technical Report, which is available on SEDAR under the Company’s issuer profile at www.sedar.com, and is also available on the Company’s website at www.northamericannickel.com.

Cautionary Note to U.S. Investors

Estimates of mineralization and other technical information included or referenced in this press release have been prepared in accordance with NI 43-101. The definitions of proven and probable reserves used in NI 43-101 differ from the definitions in SEC Industry Guide 7. Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. As a result, the reserves reported by the Company in accordance with NI 43-101 may not qualify as “reserves” under SEC standards. In addition, the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Additionally, disclosure of “contained ounces” in a resource is permitted disclosure under Canadian securities laws; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measurements. Accordingly, information contained or referenced in this press release containing descriptions of the Company’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of United States federal securities laws and the rules and regulations thereunder.

ON BEHALF OF THE BOARD OF DIRECTORS

Mark Fedikow, President

North American Nickel Inc.

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

Copyright © 2017 Marketwired. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.





MX Gold Corp. (MXLGF: OTCQX International) | MX Gold Corp. Earns 100% Interest in Silver Jen and Willa 5 Mineral Claims


MX Gold Corp. Earns 100% Interest in Silver Jen and Willa 5 Mineral Claims

Mar 17, 2017

OTC Disclosure & News Service

VANCOUVER, March 17, 2017 (GLOBE NEWSWIRE) — MX Gold Corp. (TSX-V:MXL) (FSE:ODV) (OTCQX:MXLGF) (the “Company” or “MX Gold”) is pleased to announce that pursuant to a property option agreement dated July 7, 2016 between the Company and Pop Holdings Ltd. (“Pop Holdings”), it has issued the final tranche of 1.5 million shares (4.5 million shares in total) to Pop Holdings and has earned a 100% interest in the Silver Jen and Willa 5 mineral claims, located 12 kilometers south of Silverton, BC (the “Mineral Claims”).  The Company’s interest in the Mineral Claims is subject to a 1% net smelter returns royalty on commercial production from the Mineral Claims in favour of North Bay Resources Inc., the property owner, and a 1.5% net smelter returns royalty in favour of Pop Holdings.  The final tranche of shares was issued with a restricted period of four months and one day.

About MX Gold

MX Gold is a junior mining company focused on the exploration, development and mining of advanced projects located in British Columbia and Mexico. The Company’s primary focus in British Columbia is its high-grade Willa gold and copper project located 12 kilometers south of Silverton, B.C. In 2015, MX Gold completed the accretive acquisition of the Willa project and the Max Molybdenum Mine and Mill Complex. This acquisition removed major costs and shortened timelines typically associated with mine project development. The Willa mine is located 135 kilometers south of the Max Mill. MX Gold can also elect to reopen the Max Molybdenum mining operation once world Moly prices improve.

On behalf of the Board of Directors,

“Akash Patel”

Vice President and Director, MX Gold Corp.

For further information, please contact

SkanderBeg Capital Advisors
604-687-7130
Ext 203

Dan Omeniuk, CEO
Email: dano@mxgoldcorp.com

Ron Birch
Phone: 250-545-0383
Toll Free: 1-800-910-7711
Fax: 604-926-4232

Or by email to:

info@mxgoldcorp.com

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 release.

Copyright © 2017 GlobeNewswire. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.





ICAT Syndicate 4242 Places its First Catastrophe Bond, Buffalo Re Ltd.


BROOMFIELD, Colo.–()–ICAT Syndicate 4242 of Lloyd’s of London has successfully sponsored its first catastrophe bond, Buffalo Re Ltd Series 2017-1. The cat bond placement supports indemnity reinsurance coverage from Buffalo Re Ltd. for named storms and earthquakes occurring in the U.S. The coverage is a part of Syndicate 4242’s overall cat reinsurance program that renews on April 1.

With this cat bond issue, ICAT Syndicate 4242 is the first Lloyd’s syndicate since 2002 to act as sole sponsor for a cat bond. ICAT Syndicate 4242 buys a robust reinsurance program of $745 million excess of $40 million per occurrence, with the cat bond supporting $164.5 million of that coverage over a three-year risk period. The bonds were issued in two tranches, with the coverage from the first tranche inuring to the second tranche to provide cascading coverage for multiple events. Final pricing came in at and below the initial launch range, respectively for the Class A and Class B Notes even as the transaction was upsized from the initial $125 million. Willis Capital Markets & Advisory (“WCMA”) served as the sole structuring agent and bookrunner for the bonds.

Megan McConnell, Active Underwriter for ICAT Syndicate 4242 commented: “We are incredibly excited to have completed our first cat bond and to have received such a warm reception from the capital markets. Notwithstanding our already extensive relationships with capital providers, this transaction offers the syndicate additional sources of capacity and fits seamlessly within our overall reinsurance strategy. We are proud to have partnered with Willis Capital Markets & Advisory and their high level of expertise and professionalism has been vital to the successful execution of the transaction.”

Brad Livingston, Vice President of ILS for WCMA commented: “WCMA is proud to have supported ICAT Syndicate 4242 in its inaugural catastrophe bond transaction. Syndicate 4242 has been one of the best performing syndicates over the past ten years and ICAT has a reputation for best in class catastrophe underwriting in the SME market segment. Investors were eager to support the business through Buffalo Re. Buffalo Re provides the syndicate fully collateralized capacity at attractive, stable pricing. We are pleased with the efficiency of the process, not only in minimizing transaction expenses but also in compressing the execution timeline to close in advance of the syndicate’s core reinsurance renewal process. Buffalo Re highlights the benefits and continued ease of execution of fully distributed 144A transactions.”

About ICAT Syndicate 4242

ICAT Syndicate 4242 began underwriting in 2007 with the goal of helping homeowners and business owners in hurricane- and earthquake-prone regions of the United States recover from natural disasters. Business is produced in partnership with select retail agents, wholesale brokers and capital partners.

ICAT Syndicate 4242 is managed by Asta Managing Agency and rated “A” (Excellent) by A.M. Best Company and “A+” (Strong) by Standard & Poor’s. The Syndicate has been a top performer in the Lloyd’s market over its ten years of underwriting at Lloyd’s. Boulder Claims, a subsidiary of ICAT, has successfully managed more than 23,000 claims since its founding in 2005, including those from Hurricanes Charley, Frances, Katrina, Dolly, Ike, Isaac, Sandy and Matthew. For more information, visit www.icat.com.

About Willis Capital Markets & Advisory

Willis Capital Markets & Advisory, with offices in New York, London, Hong Kong and Sydney, provides advice to companies involved in the insurance and reinsurance industry on a broad array of mergers and acquisition transactions as well as capital markets products, including acting as underwriter or agent for primary issuances, operating a secondary insurance-linked securities trading desk and engaging in general capital markets and strategic advisory work. Willis Capital Markets & Advisory (“WCMA”) is a trade name used by Willis Securities, Inc., a licensed broker dealer authorized and regulated by FINRA and a member of SIPC (“WSI”), Willis Capital Markets & Advisory Limited (Registered number 2908053 and ARBN number 604 264 Page 2 of 2 Press Release 557), an investment business authorized and regulated by the UK Financial Conduct Authority (“WCMAL”) and Willis Capital Markets & Advisory (Hong Kong) Limited, a corporation licensed and regulated by the Hong Kong Securities and Futures Commission (“WCMAL (HK)”).





PuroClean Looks to Claim Boston’s $455 Million in Annual Water & Fire Damage


BOSTON–()–With only one franchisee currently serving the $455 million in direct water and fire mitigated losses each year in Boston, PuroClean has announced plans to add four new franchises in the market to support the enormous volume of claims.

PuroClean—one of the nation’s fastest growing property restoration franchises—is flying a team of company executives into the state for a special mission on March 30. At the mobile discovery day event, aspiring entrepreneurs interested in responding to this unprecedented demand have an exclusive chance to meet PuroClean’s CEO and Chairman Mark W. Davis and Vermont-based franchise owner Darrel Depot. Davis, who took the reins of PuroClean in 2015, will be bringing with him two decades of experience in restoration.

The event will be held at the Hilton Garden Inn Waltham at 450 Totten Pond Rd. in Waltham. The first session will take place at 10 a.m., while the second will be at 1 p.m.

“Our franchisees must be quick to respond to the needs of local home and business owners, just as we must be quick to see the demand for our services in markets like Boston,” Davis said. “The numbers clearly indicate the Boston community would benefit from the PuroClean services and offerings. Because of this, we’re seeking individuals who are concerned when they hear that Boston has 80 water damage claims and 18 fire damage claims a day. PuroClean will fill Boston’s void in restoration services.”

PuroClean is concentrating on developing a few select markets nationwide where demand for restoration services is high. PuroClean has more than 230 locations in its franchise network and projects to add nearly 60 new franchise offices this year.

Davis noted that while many people associate cleanup and restoration with large-scale natural disasters, a significant share of service calls stem from common household and business mishaps – such as overflowing washing machines; freezing, bursting or leaking pipes; mold growth that ensues after a water loss; and kitchen fires. Water damage is the second most frequently filed insurance claim in the United States, with more than 14,000 people experiencing a water damage emergency at home or work each day, according to the American Insurance Association. In fact, the restoration industry is $188 billion strong.

Each year, PuroClean performs thousands of jobs throughout North America, providing restoration services from common household mishaps to large scale disasters.

To register for the Boston parachute event, click here or call (617) 209-2869.

About PuroClean

Known as the “Paramedics of Property Damage™,” PuroClean provides fire and smoke damage remediation, water damage remediation, flood water removal, mold removal and biohazard clean-up to commercial and residential customers. Founded in 2001, PuroClean has quickly become one of the fastest growing property restoration franchise organizations in the nation with a comprehensive network of 230-plus franchise offices across North America. PuroClean technicians are thoroughly screened, insured and trained in utilizing the latest in mitigation technology and procedures, while operating under a strict code of ethics. Each PuroClean office is independently owned and operated. For more information on PuroClean, contact 800-775-7876 or visit www.puroclean.com; for franchise information, visit www.puroclean.com/franchise.