Walton Westphalia Development Corporation Reports First Quarter 2017 Fiscal Results

CALGARY, Alberta–(BUSINESS WIRE)–Walton Westphalia Development Corporation (the “Corporation”) announced today its results for the first quarter of 2017. Launched in March 2012, the Corporation was formed to provide investors with the opportunity to participate in the acquisition and development of the 310-acre Westphalia Property (the “Property”) located in Prince George’s County, Maryland, United States of America.
First Quarter Highlights
During the period ended March 31, 2017, the Corporation continued to take steps toward its construction and financing activities. The key activities undertaken by the Corporation were as follows:
Construction Activities
Continued with construction activities on the northern lots by removing over 150,000 cubic yards of material and continuing the construction of the second stormwater management pond on the Property;
Began scoping meetings and negotiations for the Westphalia Green (Phase 1 park amenity) to be constructed in 2017;
网络教学的一大优势是可以随时随地进行学习,不再受制于时间和空间的限制。
Continued installation of the dry utility conduit and crossings within the alleys and internal streets in Phase 1 and the installation of the wet utilities in Phase 1 (estimated to be complete by Q3 2017); and
Proceeded with the design of the Pennsylvania Avenue / Woodyard Road interchange (estimated to be complete by Q3 2017).
Financing Activities
In March 2017 the County sent the Corporation an incentive proposal with terms and conditions for bond issuance in conjunction with the tax increment financing (“TIF”) application. The Corporation met with the County on April 4, 2017 and submitted a counterproposal a week later. Negotiations are continuing;
The Corporation is currently in discussions with MCFI Global Fund Westphalia, LLC (“MCFI”) as to their expected projections on timing and amount of the capital to be raised under EB-5 for the rest of the year;
Closed on the sale of the sewer and water charges for 25 lots in Phase 1 totaling USD $137,474 (front foot benefits); and
As previously disclosed on May 10, 2017, the Corporation’s wholly owned subsidiary, Walton Westphalia Development Corporation (USA), LLC received a Default Notice from the Senior Lender and has 30 days to cure the default.
The single family market in the Washington, D.C. metropolitan statistical area (MSA) continues to get stronger. The Project selling lots to three homebuilders, NVR, Inc., Mid-Atlantic Builders and Haverford Homes. As of March 31, 2017, NVR, Inc. had closed on 51 lots, Haverford Homes had closed on 36 lots, and Mid-Atlantic Builders had closed on 8 lots. As of March 31, 2017, NVR reported 57 home sales, Haverford reported 37 home sales and Mid-Atlantic reported 7 home sales. There have been 44 occupancies; 32 for NVR and 12 for Haverford.
Management continues to believe that by pursuing vertical development joint ventures and less expensive financing strategies (EB-5 and TIF bonds) as previously discussed, the Corporation can potentially achieve a higher internal rate of return (“IRR”). These IRRs are based on, among other things, achieving certain revenue targets, maintaining construction schedules and costs, the timely receipt of recoveries, third-party sales and commitments for additional lots from the builders. Further material changes to IRR projections and the projected hold period could occur due to changes in any of the aforementioned factors.
First Quarter Financial Results
During the three months ended March 31, 2017, the Corporation recognized revenue on contracts of $2,250,955 from single family lot sales in Phase 1. The cost of sales relating to the lot sales was $1,965,034. The revenue and cost of sales recognized in 2017 was in respect to the sale of 22 Phase 1 single family lots to home builders. There was no revenue recognized for the three months ended March 31, 2016.
Total expenses decreased by $3,325 from $266,603 for the three months ended March 31, 2016 to $263,278 for the three months ended March 31, 2017. The decrease in expenses was primarily due to a decrease in marketing expenses of $23,044 and was offset by an increase of $22,766 in professional fees. The marketing costs were higher in 2016 as it related to the initial marketing of the project. The increase in professional fees relates primarily to the Corporation engaging third party corporate secretary services that had previously been provided by WIGI for no additional charge.
Total other items consists primarily of foreign exchange gains and losses and has decreased by $1,249,325 from total other item loss of $1,436,301 for the three months ended March 31, 2016 to total other item loss of $186,976 for the three months ended March 31, 2017. The Canadian dollar has strengthened in 2017 compared to 2016, resulting in the underlying Canadian Dollar intercompany debentures and the intercompany debt contracts in the U.S. Subsidiary reflecting a foreign exchange loss that is not eliminated upon consolidation.

Deferred tax expense has decreased by $663,411 primarily due to the movement in the unrealized foreign exchange gains.
Comprehensive loss decreased by $1,842,993 from $2,166,910 for the three months ended March 31, 2016 to $323,917 for the three months ended March 31, 2017. The decrease is due to the items discussed above as well as a $967,833 decrease in other comprehensive income due to changes in the cumulative translation losses recorded on the translation of the U.S. Subsidiary accounts from a functional currency of U.S. dollars to Canadian dollars for reporting purposes.
Additional Information
The Corporation is managed by WAM and the development of the project is managed by Walton Development & Management (USA), Inc., both of which are members of the Walton Group of Companies.
The Walton Group of Companies (“Walton”) is a multinational real estate investment, planning, and development group concentrating on the research, acquisition, administration, planning and development of strategically located land in major North American growth corridors.
Its communities are comprehensively designed in collaboration with local residents for the benefit of community stakeholders. Its goal is to build communities that will stand the test of time: hometowns for present and future generations.
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For more information about Walton Westphalia Development Corporation, please visit www.sedar.com. For more information about Walton, visit www.Walton.com.
This news release, required by Canadian laws, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This news release contains forward looking information, and actual future results may differ from what is disclosed in this news release. Forward-looking information is based on the current expectations, estimates and projections of the Corporation at the time the statements are made. They involve a number of known and unknown risks and uncertainties which would cause actual results or events to differ materially from those presently anticipated. The risks, uncertainties and other factors that could cause the Corporation’s actual results and performance in future periods to differ materially from the forward looking information contained in this news release include, among other things, the receipt of financing under the Loan including the amount and timing of the financing received, the amount of, timing and terms of any tax increment financing that may be received by the Corporation, the length of time it takes to develop and sell the Property, the ability of the Corporation to enter into joint ventures relating to, or to otherwise, vertically develop portions of the Property, the availability and terms of other construction financing required by the Corporation, the costs involved in the horizontal and/or vertical development of the Property, the prices at which the serviced lots and parcels from, or vertically developed structures on, the Property can be sold, the rate at which serviced lots and parcels from, or vertically developed structures on, the Property are purchased in the marketplace, general economic and market factors, including interest rates, a decline in the real estate market, changes in government policies and regulations or in tax laws, changes in municipal planning strategies and whether certain development approvals are obtained and changes in the Canadian/U.S. dollar exchange rate, in addition to those factors discussed or referenced in the prospectus and other documents filed with Canadian securities regulatory authorities and available online at www.sedar.com.
Except as otherwise noted, all amounts are in Canadian dollars, and are based on unaudited financial statements for the three months ended March 31, 2017 and related notes, prepared in accordance with International Financial Reporting Standards.
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KAR Auction Services Announces Pricing and Upsizing of Debt Financing

CARMEL, Ind., May 22, 2017 (GLOBE NEWSWIRE) — KAR Auction Services, Inc. (NYSE:KAR) (the “Company”) announced today that it has priced its previously announced offering of 5.125% senior notes due 2025 (the “notes”). The size of the offering has been increased from $800 million to $950 million. The Company intends to use the net proceeds from the notes offering to repay a portion of the existing term loans outstanding under its senior secured credit facilities and for general corporate purposes.
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The notes are expected to be issued at an issue price of 100%, and are expected to be guaranteed on a senior unsecured basis by the Company’s existing and future domestic subsidiaries that guarantee its senior secured credit facilities.
The Company also announced today that it expects to complete the repricing of the term loans that will remain outstanding and to increase the revolving commitments under its senior secured credit facilities from $300 million to $350 million.
The transactions are expected to close on May 31, 2017, subject to customary closing conditions.
网络安全法实施宣传
The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), any state securities laws or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration. Accordingly, the notes are being offered and sold only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act and outside the United States in reliance on Regulation S under the Securities Act. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About KAR Auction Services
KAR Auction Services (NYSE:KAR) provides sellers and buyers across the global wholesale used-vehicle industry with innovative, technology-driven remarketing solutions. KAR’s unique end-to-end platform supports whole car, salvage, financing, logistics and other ancillary and related services, including the sale of approximately 5.1 million units valued at over $40 billion through our auctions. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in 110 countries. Headquartered in Carmel, Ind., KAR has approximately 17,400 employees across the United States, Canada, Mexico and the United Kingdom.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as “should,” “may,” “will,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “contemplates” and similar expressions identify forward-looking statements. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Such forward-looking statements include statements regarding the intention to complete the notes offering, to repay and/or reprice a portion of existing term loans and to increase existing revolving commitments and the expected closing date of the transactions. Factors that could cause or contribute to such differences include those matters disclosed in the Company’s Securities and Exchange Commission filings, including under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-K. Such forward-looking statements speak only as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statements.

Analyst Inquiries:
Mike Eliason
(317) 249-4559
mike.eliason@karauctionservices.com
Media Inquiries:
Tobin Richer
(317) 249-4521
tobin.richer@karauctionservices.com
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UnitedHealthcare and Optum Support People Affected by Severe Weather in Wisconsin

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CHETEK, Wis.–(BUSINESS WIRE)–UnitedHealthcare and Optum, the health benefits and services companies of UnitedHealth Group (NYSE: UNH), are taking immediate action to help people in Wisconsin affected by the recent tornado and severe weather.
Support includes assisting health plan participants who may need to make alternate arrangements to ensure continuity of care and access to early prescription refills, as well as a free emotional-support line to help people in affected communities.
Help Finding a Network Care Provider, Early Refills: Plan participants who need help finding a care provider in the UnitedHealthcare network or obtaining early prescription refills can call customer care at the number located on the back of their medical ID cards.For plan participants who may have misplaced their medical ID card, call 866-633-2446, 8 a.m.-8 p.m. (in the local time zone), Monday through Friday. People enrolled in employer-sponsored and individual health plans who have a smartphone can download the free Health4Me app, which provides instant access to their ID card, network care providers, their personal health benefits and more. The Health4Me app is available as a free download at the Apple iTunes App Store and the Android Market on Google Play.
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Free Help Line: Optum, a leading health and behavioral health services company, is offering a free emotional-support help line.The toll-free number, 866-342-6892, will be open 24 hours a day, seven days a week, for as long as necessary. The service is free of charge and open to anyone. Specially trained Optum mental health specialists help people manage their stress and anxiety so they can continue to address their everyday needs. Callers may also receive referrals to community resources to help them with specific concerns, including financial and legal matters.Along with the toll-free help line, emotional-support resources and information are available online at www.liveandworkwell.com.
About UnitedHealth GroupUnitedHealth Group (NYSE: UNH) is a diversified health and well-being company dedicated to helping people live healthier lives and helping to make the health system work better for everyone. UnitedHealth Group offers a broad spectrum of products and services through two distinct platforms: UnitedHealthcare, which provides health care coverage and benefits services; and Optum, which provides information and technology-enabled health services. For more information, visit UnitedHealth Group at www.unitedhealthgroup.com or follow @UnitedHealthGrp on Twitter.
Click here to subscribe to Mobile Alerts for UnitedHealth Group.
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OSE Immunotherapeutics Presents New Data on Anti-SIRPa (Effi-DEM), the Checkpoint Inhibitor blocking Pro-Tumor and Suppressor Myeloid Cells at “Advances in Immuno-Oncology Congress,” London, May 15-16, 2017

NANTES, France, May 15, 2017 (GLOBE NEWSWIRE) — OSE Immunotherapeutics SA (ISIN:FR0012127173) (Mnémo:OSE) announced today that the Company presented in oral session significant data on Selective Anti-SIRPa OSE-172 (Effi-DEM), at the “2nd Annual Advances in Immuno-Oncology Congress” in London on May 15, 2017.
OSE-172 (Effi-DEM) is a humanized monoclonal antibody targeting SIRPa, expressed on suppressive myeloid cells (Myeloid Derived Suppressor Cells, MDSC and Tumor Associated Macrophages, TAM) as well as effector myeloid cells (anti-tumoral macrophages) involved in the Tumor Micro-Environment. As a selective antagonist of SIRPa, OSE-172 promotes recruitment of effector over suppressive myeloid cells, in particular it inhibits M2 pro-tumorigenic macrophage cells and increases M1 anti-tumorigenic cells, whilst increasing effector memory CD8 T-cells resurrecting key immune defenses.
OSE-172 does not bind to red blood cells and platelets constituting a potential hematologic safety advantage.
Moreover OSE-172 is very selective as it antagonizes SIRPa and does not bind human T-cells (no SIRP-gamma binding, receptor of the SIRP family expressed on T-cells), allowing for a strong human effector T cell proliferation in parallel with a blockade of suppressive myeloid cells. This original mechanism of action provides reduction of tumor growth in various solid tumor models through a straight transformation in the Tumor Micro-Environment:
When used as monotherapy or combined with activators of the T-cell response, anti-PD-L1 (checkpoint inhibitor) and anti-41BB (costimulatory receptor), OSE-172 was very effective allowing effector macrophages and T-cells to work together with significant tumor shrinkage. In parallel with the transformation of suppressive into effector myeloid cells, Tumor Micro-Environment was also dramatically modified allowing intra-tumoral accumulation of cytolytic natural killer (NK) and of effector B cells. A particular interest is a significant decrease of peripheral regulatory T-cells (suppressive Tregs).

“Our myeloid checkpoint inhibitor OSE-172 demonstrates its strong impact on the Tumor Micro-Environment beyond myeloid cells, tackling cancer through a specific blockade of SIRPa,” said Nicolas Poirier, Chief Scientific Officer of OSE Immunotherapeutics.
FOR MORE INFORMATION ON 2nd Annual Advances in Immuno-Oncology Congresshttp://www.immunooncology-congress.com/15-16 May 2017, LondonSession: Discovery of Immuno-Oncology Therapies: Selective Anti-SIRPa: Next Generation Checkpoint Inhibitor Targeting Pro-Tumors And Suppressors Myeloid Cells Nicolas Poirier, Ph.D., CSO, OSE Immunotherapeutics
ABOUT OSE IMMUNOTHERAPEUTICSOur ambition is to become a world leader in activation and regulation immunotherapiesOSE Immunotherapeutics is a biotechnology company focused on the development of innovative immunotherapies for immune activation and regulation in the fields of immuno-oncology, auto-immune diseases and transplantation.
The company has a balanced portfolio of first-in-class products with a diversified risk profile ranging from clinical phase 3 registration trials to R&D:
In immuno-oncology:
Tedopi®, a combination of 10 optimized neo-epitopes to induce specific T activation in immuno-oncology – Currently in registration Phase 3 trial advanced NSCLC HLA A2+ patients EU /US – Orphan Status in the US – Registration expected in 2020 – a Phase 2 with Tedopi® in combination with a checkpoint inhibitor in NSCLC is considered in 2017.OSE-172 (Effi-DEM), new generation checkpoint inhibitor targeting the SIRP-α receptor – In preclinical development for several cancer models. In auto-immune diseases and transplantation:
FR104, CD28-antagonist in immunotherapy – Phase 1 trial completed – For the treatment of autoimmune diseases and for use with transplantation – Licensed to Janssen Biotech Inc. to pursue clinical development.OSE-127 (Effi-7), interleukin receptor-7 antagonist – In preclinical development for inflammatory bowel diseases and other autoimmune diseases. License option agreement with Servier for the development and commercialization. The portfolio’s blockbuster potential gives OSE Immunotherapeutics the ability to enter global agreements at different stages of development with major pharmaceutical players.
Immunotherapy is a highly promising and growing market. By 2023 Immunotherapy of cancer could represent nearly 60% of treatments against less than 3% at present and the projected market is estimated at $67 billion in 2018 .
There are more than 80 autoimmune diseases that represent a significant market including major players in the pharmaceutical industry with sales towards $10 billion for the main products. The medical need is largely unmet and requires the provision of new innovative products involved in the regulation of the immune system.
Citi Research EquityBCC Research
Click and follow us on Twitter and Linkedln
https://twitter.com/OSEIMMUNOhttps://www.linkedin.com/company/10929673
Forward-looking statements This press release contains express or implied information and statements that might be deemed forward-looking information and statements in respect of OSE Immunotherapeutics. They do not constitute historical facts. These information and statements include financial projections that are based upon certain assumptions and assessments made by OSE Immunotherapeutics’ management in light of its experience and its perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate.
These forward-looking statements include statements typically using conditional and containing verbs such as “expect”, “anticipate”, “believe”, “target”, “plan”, or “estimate”, their declensions and conjugations and words of similar import.
Although the OSE Immunotherapeutics management believes that the forward-looking statements and information are reasonable, the OSE Immunotherapeutics’ shareholders and other investors are cautioned that the completion of such expectations is by nature subject to various risks, known or not, and uncertainties which are difficult to predict and generally beyond the control of OSE Immunotherapeutics. These risks could cause actual results and developments to differ materially from those expressed in or implied or projected by the forward-looking statements. These risks include those discussed or identified in the public filings made by OSE Immunotherapeutics with the AMF. Such forward-looking statements are not guarantees of future performance.
This press release includes only summary information and should be read with the OSE Immunotherapeutics Reference Document filed with the AMF on 28 April 2017 under the number R.17-038, including the annual financial report for the fiscal year 2016, available on the OSE Immunotherapeutics’ website.
Other than as required by applicable law, OSE Immunotherapeutics issues this press release at the date hereof and does not undertake any obligation to update or revise the forward-looking information or statements.
 
Contacts
OSE Immunotherapeutics
Sylvie Détry
sylvie.detry@ose-immuno.com
+33 143 297 857
虚拟教学场景模拟教程制作
Contacts media: Alize RP
Caroline Carmagnol
oseimmuno@alizerp.com
使用线上学习,学生可以从丰富的媒体资源中快速获取信息及网络上的各种资料。
+33 647 389 004
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Andina Acquisition Corp. II Obtains Extension to Complete Business Combination

NEW YORK–(BUSINESS WIRE)–Andina Acquisition Corp. II (Nasdaq: ANDAU, ANDA, ANDAR, ANDAW) (“Andina” or the “Company”), a Cayman Islands exempted company, announced today that it has executed several letters of intent for a potential business combination. As a result, Andina now has until September 1, 2017 to consummate an initial business combination. If Andina is unable to complete a business combination by September 1, 2017 (or such later date as may be approved by shareholders at a meeting called for such purpose at which dissenting shareholders will be given the opportunity to have their shares redeemed for a pro rata portion of the funds in Andina’s trust account), it will then liquidate.
About Andina Acquisition Corp. II
Andina is a Cayman Islands exempted company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities. The Company’s efforts to identify target businesses will not be limited to a particular industry or geographic region, though it intends to initially focus its search for target businesses in the Andean region of South America and in Central America.
Forward Looking Statements

网络信息安全小调
This press release includes “forward-looking statements” that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. Words such as “expects”, “believes”, “anticipates”, “intends”, “estimates”, “seeks” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect Andina management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of Andina’s prospectus for its offering filed with the Securities and Exchange Commission. Except as expressly required by applicable securities law, Andina disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
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Fortress Paper Announces First Quarter 2017 Results

VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 11, 2017) – Fortress Paper Ltd. (“Fortress Paper” or the “Company”) (TSX:FTP)(OTCQX:FTPLF) reported 2017 first quarter operating EBITDA of $7.5 million, an increase of $6.4 million relative to the comparative prior year period and an increase of $1.1 million over the previous quarter. The Dissolving Pulp Segment generated operating EBITDA of $8.3 million and the Security Paper Products Segment generated operating EBITDA of $1.5 million. Corporate costs included in operating EBITDA were $2.3 million.
Yvon Pelletier, Chief Executive Officer, commented: “Management is pleased to report one of the best consolidated quarterly operating EBITDA results since the restart of our Fortress Specialty Cellulose mill as a dissolving pulp mill. We are particularly pleased to have been able to achieve this result during one of our seasonally slower winter quarters. Contributing to this positive result were stabilized results in our Security Paper Products Segment as well as increased uptime and improved production at our dissolving pulp operation. Management continues to have a positive outlook for the 2017 fiscal year with material improvement in consolidated operating EBITDA.”
First Quarter 2017 Results by Segment
Dissolving Pulp Segment operating EBITDA was $8.3 million for the first quarter of 2017, representing an increase of $7.0 million over the prior year comparative period and an increase of $1.6 million when compared to the fourth quarter of 2016. The results of the first quarter of 2017 were positively impacted by improvements in production rates and quality, particularly during the normally slower winter season, as well as better pricing relative to the prior year comparative period. Improved operations, increased uptime and the resolution of a technical issue also positively impacted power generation and cogeneration revenue. Production rates per operating day in the quarter improved by 4.3% relative to the prior year comparative period and 7.6% compared to the previous quarter. The Fortress Specialty Cellulose mill (“FSC”) produced 37,102 air dried metric tonnes (“ADMT”) of dissolving pulp in the first quarter of 2017, significantly higher than the prior year comparative period and the previous quarter as both comparative periods were impacted by shut downs.
The Company sold 37,833 ADMT of dissolving pulp in the first quarter of 2017, an increase of 19.1% and 22.2% from the previous year comparative period and the previous quarter, respectively. Costs per ADMT in the quarter were $945 which, although above medium and long term goals, compare favorably to costs of $1,033 per ADMT in the prior year comparative period primarily due to improved uptime. Ongoing initiatives to reduce operational costs are focused primarily in the following areas: productivity improvement, reducing fuel consumption, increasing power generation, and chemical cost optimization. Separately, the fifth digester project is scheduled to be completed in the first quarter of 2018.
Security Paper Products Segment operating EBITDA was $1.5 million for the first quarter of 2017, representing a decrease of $0.3 million compared to the prior year comparative period and a decrease of $0.1 million compared to the fourth quarter of 2016. Quarterly rent of approximately $0.9 million has been incurred since the sale and leaseback of the land and buildings transaction closed in July 2016. Adjusting for rent, the first quarter of 2017 compares favourably to the prior year comparative quarter. The Landqart mill continues to implement new initiatives to improve efficiencies and profitability. The build-out and installation of the second finishing machine, scheduled to be operational in the third quarter of 2017, is expected to de-bottle-neck the mill and provide more production flexibility. The Landqart mill sold 2,836 tonnes of security paper in the first quarter of 2017, compared to 2,474 tonnes in the fourth quarter of 2016 and 2,655 in the prior year comparative period. Results in the first quarter of 2017 were impacted primarily by product mix.
Management’s Outlook
Dissolving Pulp Segment
Despite some seasonal weakness, dissolving pulp and viscose staple fibre (“VSF”) prices have increased by US$20 per tonne and US$334 per tonne, respectively, when compared to this time last year. Management continues to believe that demand is positive and growing, and expects full year 2017 pricing to compare favorably to full year 2016 pricing. Assuming stable pricing and exchange rates, operating results for the Dissolving Pulp Segment are anticipated to be materially higher in the second quarter relative to the prior year comparative period.
Management continues to focus on positioning the FSC mill further down the global cost curve. The Lean Six Sigma program, implemented at the mill, is expected to continue to drive production costs down with a number of active projects showing positive signals.
Security Paper Products Segment
The Landqart mill continues to build on a strong order book for 2017 and 2018 comprised of a mix of new and repeat orders including for Durasafe®. Operating EBITDA at the Landqart mill for the quarter ended March 31, 2017 was comparable to the fourth quarter of 2016, which is in line with management expectations. Operating EBITDA in the second quarter is expected to be similar when compared to the first quarter with improved results anticipated in the second half of the year, assuming expectations relating to improved product mix and cost reduction initiatives.
Based on multiple Durasafe® trials being conducted at various stages, management continues to anticipate additional orders in the near, medium and long term.
Corporate and Cash
Corporate expenses in the fourth quarter increased by $0.4 million compared to the previous quarter to $2.3 million. In the short term, corporate quarterly expenses are expected to be modestly lower.
Cash and restricted cash ended the first quarter at $57.8 million, up from $37.1 million at the 2016 fiscal year end. Management anticipates that the cash balance, excluding any potential new growth initiatives, will continue to build in 2017 both from operations as well as assuming the positive outcome of pursuing opportunities to reduce working capital.
Management remains pleased with this increased liquidity profile and believes that cash on hand and anticipated cash generated from operations and other initiatives will be sufficient to meet all debt obligations and to contribute to future business growth initiatives.
For a summary of significant developments please refer to the Management’s Discussion and Analysis for the three month period ended March 31, 2017 (available on SEDAR at www.sedar.com).
Selected Financial Information
The selected financial information presented herein is qualified in its entirety by, and should be read in conjunction with, the Company’s unaudited condensed consolidated financial statements as at and for the three month period ended March 31, 2017 and the related notes thereto and Management’s Discussion and Analysis, which are available on SEDAR.
Reference is made in this news release to operating EBITDA (defined as net income before interest, income taxes, depreciation, amortization, non-operating income and expenses and stock-based compensation), which the Company considers to be an indicative measure of operating performance and a metric to evaluate profitability. Operating EBITDA is not a generally accepted earnings measure and should not be considered as an alternative to net loss or cash flows as determined in accordance with IFRS. As there is no standardized method of calculating this measure, the Company’s operating EBITDA may not be directly comparable with similarly titled measures used by other companies. Reconciliation of operating EBITDA to net loss reported in accordance with IFRS is included below.
Selected Financial Information and Statistics
(thousands of dollars, except shipments, unaudited)
Q1 2017
Q4 2016
Q1 2016
Sales
92,460
80,863
80,012
Operating EBITDA(1)
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7,489
6,352
1,055
Net loss
(2,745
)
(7,274
)
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(13,041
)
Adjusted net loss
(2,999
)
(6,980
)
(12,189
)
Paper shipments (tonnes)
2,836
2,474
2,655
Pulp shipments (ADMT)
37,833
30,962
31,762
(1)
See Net Loss to Operating EBITDA Reconciliation.
A conference call to discuss the financial results for the first quarter 2017 will be held on May 12, 2017 at 9:30 a.m. (PDT). To participate in the conference call, please dial one of the following numbers:
604-681-8564 Vancouver
403-532-5601 Calgary or International
780-429-5820 Edmonton
416-623-0333 Toronto
613-212-0171 Ottawa
514-687-4017 Montreal
Toll Free Dial in Number: 1-855-353-9183 from Canada and USA
Participant pass code: 15086#
Conference Reference Number: 1216477#
A replay of the conference call will be available for 30 days. To access the replay, listeners may dial 1-855-201-2300 from North America or 403-255-0697 International. The conference reference number is 1216477# and the participant pass code to access the replay is 15086#.
A presentation to complement our first quarter earnings conference call is available under the “Investor Relations” section at www.fortresspaper.com or by sending a request to info@fortresspaper.com.
Financial Reconciliations
Net Loss to Operating EBITDA Reconciliation:
(thousands of dollars, unaudited)
Q1 2017
Q4 2016
Q1 2016
Net loss
(2,745
)
(7,274

)
(13,041
)
Income tax expense
21
(44
)
5
Foreign exchange (gain) loss
(254
)
294
852
Net finance expense
1,846
4,706
5,179
Amortization
8,522
8,518
7,882
(Gain) loss on financial instruments
(26
)
78
137
Stock-based compensation
125
74
41
Operating EBITDA
7,489
6,352
1,055
The Company
Fortress Paper operates internationally in two distinct business segments: dissolving pulp and security paper products. The Company operates its dissolving pulp business at the Fortress Specialty Cellulose mill located in Canada, which has expanded into the renewable energy generation sector with the construction of a cogeneration facility. The Company operates its security paper products business at the Landqart mill located in Switzerland, where it produces banknote, passport, visa and other brand protection and security papers.
Forward-Looking Information
This news release contains certain forward-looking information that reflects the current views and/or expectations of the Company with respect to its expectations, beliefs, assumptions, estimates and forecasts about its business and the industry and markets in which it operates. The reader is cautioned that forward-looking information is not a guarantee of future performance and involves known and unknown risks, uncertainties, assumptions and other factors which are difficult to predict and that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information, which is qualified entirely by this cautionary statement. Examples of such forward-looking information contained in this news release include statements relating to: the growth and future prospects of the Company’s business; market conditions for dissolving pulp, viscose staple fibre, security papers and the Company’s other products; and the benefits that may accrue to the Company as the result of certain dispositions and cost reductions, equipment upgrades and production improvement initiatives. Assumptions underlying the Company’s expectations regarding forward-looking information contained in this news release include, among others: that the Company will be able to effectively market its products; the ability of the Company to realize significant cost-savings from production improvements and cost reduction initiatives; that equipment will operate at expected levels; that labour relations will remain positive; and that the Company’s assumptions relating to viscose staple fibre, dissolving pulp and other markets will be accurate. Persons reading this news release are cautioned that forward-looking information represents predictions only, and that the Company’s actual future results or performance are subject to certain risks and uncertainties including, without limitation: that market conditions for dissolving pulp will not improve or will worsen; the Company will not realize anticipated cost savings from its cost reduction initiatives; equipment will not operate as intended; and other risk factors detailed in the Company’s most recent Annual Information Form and other filings with Canadian securities regulatory authorities. These risks, as well as others, could cause actual results and events to vary significantly. The Company does not undertake any obligation to update any forward-looking information, except as required by applicable securities law.
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