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PriceSmart Announces Fiscal 2021 First Quarter Operating Results

SAN DIEGO, Jan. 7, 2021 /PRNewswire/ — PriceSmart, Inc. (NASDAQ: PSMT), operator of 47 warehouse clubs in 12 countries and one U.S. territory, today announced its results of operations for the fiscal first quarter of 2021 which ended on November 30, 2020.

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Comments from Sherry S. Bahrambeygui, Chief Executive Officer:

«PriceSmart delivered solid results for the first quarter of fiscal year 2021. In November, mobility restrictions were reduced in many of our markets. We meanwhile expanded our Click and Go™ contactless shopping program, which provides for ordering online and curbside pickup, and as of Q1, includes delivery options in all of our markets.

We continue to improve operating efficiencies while making appropriate investments. Together, these initiatives have contributed to an increase in our operating income of 45.0% to $44.5 million and an earnings increase of 40.6% to $0.90 per diluted share in the first quarter of 2021 compared to the prior-year period.

Although varying pandemic-related restrictions throughout our markets were on the rise again in December and continue to impact the business in early January, thanks to our tremendous team, we are becoming increasingly adept at early monitoring and quickly adjusting to challenges as they arise, as well as anticipating the needs and preferences of our Members.»

First Quarter Financial Results

Total revenues for the first quarter of fiscal year 2021 increased 8.1% to $877.4 million compared to $811.9 million in the comparable period of the prior year. For the first quarter of fiscal year 2021, net merchandise sales increased 7.7% to $838.4 million from $778.7 million in the first quarter of fiscal year 2020. Foreign currency exchange rate fluctuations impacted net merchandise sales negatively by $27.4 million, or 3.5%, versus the same period in the prior year.

The Company had 46 warehouse clubs in operation as of November 30, 2020 compared to 45 warehouse clubs in operation as of November 30, 2019.

Comparable net merchandise sales for the 43 warehouse clubs that have been open for greater than 13 ½ calendar months increased 3.6% for the 13-week period ended November 29, 2020 compared to the comparable period of the prior year. Foreign currency exchange rate fluctuations impacted comparable net merchandise sales negatively by $27.0 million or 3.5% versus the same period in the prior year.

The Company recorded operating income during the fiscal first quarter of $44.5 million compared to operating income of $30.7 million in the prior year period. Net income attributable to PriceSmart was $27.7 million, or $0.90 per diluted share, in the first quarter of fiscal year 2021 as compared to $19.7 million, or $0.64 per diluted share, in the first quarter of fiscal year 2020.

The Company reports comparable net merchandise sales on a «same week» basis with 13 weeks in each quarter beginning on a Monday and ending on a Sunday. The periods are established at the beginning of the fiscal year to provide as close a match as possible to the calendar month and quarter that is used for financial reporting purposes. This approach equalizes the number of weekend days and weekdays in each period for an improved sales comparison, as the Company experiences higher merchandise club sales on the weekends. Each of the warehouse clubs used in the calculations was open for at least 13 ½ calendar months before its results for the current period were compared with its results for the prior period.

The term «currency exchange rates» refers to the currency exchange rates the Company uses to convert net merchandise and comparable net merchandise sales for all countries where the functional currency is not the U.S. dollar into U.S. dollars. The Company calculates the effect of changes in currency exchange rates as the difference between current period activities translated using the current period’s currency exchange rates and the comparable prior year period’s currency exchange rates. The Company believes the disclosure of the effects of currency exchange rate fluctuations on the Company’s results permits investors to understand better the Company’s underlying performance.

PriceSmart management will host a conference call at 12:00 p.m. Eastern time (9:00 a.m. Pacific time) on Friday, January 8, 2021, to discuss the financial results. Individuals interested in participating in the conference call may do so by dialing (855) 209-8211 toll free, or (412) 317-5214 for international callers and asking to join the PriceSmart, Inc. call. A digital replay will be available through January 15, 2021, following the conclusion of the call by dialing (877) 344-7529 for domestic callers, or (412) 317-0088 for international callers, and entering replay passcode 10149960.

About PriceSmart

PriceSmart, headquartered in San Diego, owns and operates U.S.-style membership shopping warehouse clubs in Latin America and the Caribbean, selling high quality merchandise and services at low prices to PriceSmart Members. PriceSmart operates 47 warehouse clubs in 12 countries and one U.S. territory (eight in Costa Rica and Colombia; seven in Panama; five in the Dominican Republic, four in Trinidad and Guatemala; three in Honduras; two each in El Salvador and Nicaragua; and one each in Aruba, Barbados, Jamaica and the United States Virgin Islands). The Company also plans to open new warehouse clubs in Guatemala City, Guatemala and Portmore, Jamaica in the fall of 2021 and the spring of 2022, respectively. Once these two new clubs are open, the Company will operate 49 warehouse clubs.

This press release may contain forward-looking statements concerning the Company’s anticipated future revenues and earnings, adequacy of future cash flows, omni-channel initiatives, proposed warehouse club openings, the Company’s performance relative to competitors, the outcome of tax proceedings and related matters. These forward-looking statements include, but are not limited to, statements containing the words «expect,» «believe,» «will,» «may,» «should,» «project,» «estimate,» «anticipated,» «scheduled,» and like expressions, and the negative thereof. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, but not limited to: adverse changes in economic conditions in the Company’s markets, natural disasters, compliance risks, volatility in currency exchange rates, competition, consumer and small business spending patterns, political instability, increased costs associated with the integration of online commerce with our traditional business, whether the Company can successfully execute strategic initiatives, cybersecurity breaches that could cause disruptions in our systems or jeopardize the security of member or business information, cost increases from product and service providers, interruption of supply chains, COVID-19 related factors and challenges, including among others, the duration of the pandemic, the unknown long-term economic impact, the impact of government policies and restrictions that have limited access for our Members, and shifts in demand away from discretionary or higher priced products to lower priced products, exposure to product liability claims and product recalls, recoverability of moneys owed to PriceSmart from governments, and other important factors discussed in the Risk Factors section of the Company’s most recent Annual Report on Form 10-K, and other factors discussed from time to time in other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date that they are made, and the Company does not undertake to update them, except as required by law.

For further information, please contact Michael L. McCleary, EVP, Chief Financial Officer and Principal Accounting Officer (858) 404-8826 or send an email to ir@pricesmart.com.

PRICESMART, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)

	Three Months Ended
	November 30,		November 30,
	2020		2019
Revenues:
Net merchandise sales	$	838,369	$	778,728
Export sales		10,881		8,274
Membership income		13,299		13,746
Other revenue and income		14,883		11,193
Total revenues		877,432		811,941
Operating expenses:
Cost of goods sold:
Net merchandise sales		703,619		662,724
Export sales		10,433		7,971
Non-merchandise		5,824		4,251
Selling, general and administrative:
Warehouse club and other operations		84,832		79,373
General and administrative		27,521		25,884
Pre-opening expenses		602		953
Loss on disposal of assets		70		71
Total operating expenses		832,901		781,227
Operating income		44,531		30,714
Other income (expense):
Interest income		491		293
Interest expense		(2,033)		(862)
Other expense, net		(1,545)		(985)
Total other expense		(3,087)		(1,554)
Income before provision for income taxes and loss of unconsolidated affiliates		41,444		29,160
Provision for income taxes		(13,618)		(9,403)
Loss of unconsolidated affiliates		(9)		(48)
Net income		27,817		19,709
Less: net (income) loss attributable to noncontrolling interest		(80)		19
Net income attributable to PriceSmart, Inc.	$	27,737	$	19,728
Net income attributable to PriceSmart, Inc. per share available for distribution:
Basic	$	0.90	$	0.64
Diluted	$	0.90	$	0.64
Shares used in per share computations:
Basic		30,398		30,277
Diluted		30,420		30,284
Dividends per share	$	—	$	—

PRICESMART, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)

	November 30,
	2020		August 31,
	(Unaudited)		2020
ASSETS
Current Assets:
Cash and cash equivalents	$	207,955	$	299,481
Short-term restricted cash		185		185
Short-term investments		73,980		46,509
Receivables, net of allowance for doubtful accounts of $157 as of November 30, 2020 and $147 as of August 31, 2020, respectively		15,150		13,153
Merchandise inventories		373,178		309,509
Prepaid expenses and other current assets		40,103		30,165
Total current assets		710,551		699,002
Long-term restricted cash		4,255		4,105
Property and equipment, net		700,837		692,279
Operating lease right-of-use assets, net		119,316		119,533
Goodwill		45,123		45,206
Other intangibles, net		9,566		10,166
Deferred tax assets		20,246		21,672
Other non-current assets (includes $144 and $872 as of November 30, 2020 and August 31, 2020, respectively, for the fair value of derivative instruments)		57,508		54,260
Investment in unconsolidated affiliates		10,593		10,602
Total Assets	$	1,677,995	$	1,656,825
LIABILITIES AND EQUITY
Current Liabilities:
Short-term borrowings	$	47,349	$	65,143
Accounts payable		384,086		373,172
Accrued salaries and benefits		28,630		32,946
Deferred income		25,125		23,525
Income taxes payable		9,559		7,727
Other accrued expenses and other current liabilities		35,228		37,731
Operating lease liabilities, current portion		8,649		8,594
Long-term debt, current portion		19,771		19,437
Total current liabilities		558,397		568,275
Deferred tax liability		1,401		1,713
Long-term income taxes payable, net of current portion		5,243		5,132
Long-term operating lease liabilities		124,383		124,181
Long-term debt, net of current portion		108,104		112,610
Other long-term liabilities (includes $5,321 and $4,685 for the fair value of derivative instruments and $6,313 and $6,155 for post-employment plans as of November 30, 2020 and August 31, 2020, respectively)		13,176		12,182
Total Liabilities		810,704		824,093

PRICESMART, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)

Stockholders’ Equity:
Common stock $0.0001 par value, 45,000,000 shares authorized; 31,395,847 and 31,417,576 shares issued and 30,738,334 and 30,670,712 shares outstanding (net of treasury shares) as of November 30, 2020 and August 31, 2020, respectively		3		3
Additional paid-in capital		450,666		454,455
Accumulated other comprehensive loss		(173,658)		(176,820)
Retained earnings		610,224		582,487
Less: treasury stock at cost, 657,513 shares as of November 30, 2020 and 746,864 shares as of August 31, 2020		(21,068)		(28,406)
Total stockholders’ equity attributable to PriceSmart, Inc. stockholders		866,167		831,719
Noncontrolling interest in consolidated subsidiaries		1,124		1,013
Total stockholders’ equity		867,291		832,732
Total Liabilities and Equity	$	1,677,995	$	1,656,825

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SOURCE PriceSmart, Inc.

After a Slow Start, U.S. Print Book Sales Rose 8.2 Percent in 2020, The NPD Group Says

PORT WASHINGTON, N.Y., Jan. 7, 2021 /PRNewswire-PRWeb/ — Print book sales in the United States had their best year since 2010. Growth occurred across every major supercategory, including adult non-fiction, adult fiction, juvenile, and teen categories. Unit-sales volume in 2020 rose 8.2 percent, year over year, to reach 751 million units, according to The NPD Group (<a target="_blank"…

«The U.S. consumer book market looks very different today than it did back in April,» said Kristen McLean, books industry analyst for NPD. «Sales growth came in waves, from the sudden need to educate kids at home, to the super-heated political cycle. All of the additional time people spent at home created a big appetite for reading, including huge spikes in sales of cookbooks and do-it-yourself books, which helped people stay entertained and engaged.»

Juvenile fiction comprised one-third of all U.S. books market growth

Growth in print books was led by juvenile fiction, which contributed one-third of all U.S. books market growth.
Juvenile fiction print books, the second largest category on a volume basis, increased 11 percent, selling 18 million more units in 2020 compared to 2019. Adult non-fiction print books, the largest category of books in the U.S. by both volume and sales revenue, increased 4.8 percent (14 million units), year over year, in 2020. Juvenile non-fiction grew 23 percent (14 million units).

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About NPD BookScan
NPD BookScan is the gold standard in point-of-sale tracking for the publishing market, covering approximately 85 percent of all the print books sold in the U.S. through direct reporting from all major retailers including Amazon, Barnes & Noble, Walmart, Target, independent bookstores, and many others. Each sale of the more than 13 million units tracked on a weekly basis includes geographic information making it possible to identify key markets, map regional sales trends, and index the likelihood of purchase in 200 major metro areas. NPD BookScan is also the exclusive provider of ALR data for Barnes & Noble, Target, Walmart, and Sam’s Club to U.S. publishers.

NPD PubTrack Digital offers a comprehensive view of today’s digital book market. Featuring information from more than 450 participants, including small, medium, and large U.S. publishers, this service provides unprecedented access to the top 80 percent of the traditionally published e-book market.

About The NPD Group, Inc.
NPD offers data, industry expertise, and prescriptive analytics to help our clients grow their businesses in a changing world. Over 2,000 companies worldwide rely on us to help them measure, predict, and improve performance across all channels, including brick-and-mortar, e-commerce, and B2B. We have services in 19 countries worldwide, with operations spanning the Americas, Europe, and APAC. Practice areas include apparel, appliances, automotive, beauty, books, B2B technology, consumer technology, e-commerce, fashion accessories, food consumption, foodservice, footwear, home, juvenile products, media entertainment, mobile, office supplies, retail, sports, toys, and video games. For more information, visit npd.com. Follow us on Twitter: @npdgroup.

Media Contact

Lee Graham, The NPD Group, Inc., 917-806-7902, lee@leegraham.biz

SOURCE The NPD Group, Inc.

U.S. Investment Sanctions on Chinese Military-Linked Companies (Executive Order 13959)

PHILADELPHIA, Jan. 7, 2021 /PRNewswire/ —

<img src="https://mma.prnewswire.com/media/50305/aberdeen_asset_management_inc__logo.jpg" title="Aberdeen Asset Management Inc. At Aberdeen, asset management is our business. We only manage assets for…

PHILADELPHIA, Jan. 7, 2021 /PRNewswire/ —

Background

On November 12, 2020, U.S. President Donald Trump issued Executive Order 13959 (the «Executive Order»), which prohibits U.S. Persons from purchasing «publicly traded securities» of 35 Chinese companies identified as Communist Chinese Military Companies («CCMCs») or engaging in any transaction in «any securities that are derivative of, or are designed to provide investment exposure to» prohibited CCMC securities. Under the Executive Order, U.S. Persons cannot make purchases of CCMC securities effective January 11, 2021 and have until November 11, 2021 to divest from these securities.

On December 28, 2020, the U.S. Treasury Department’s Office of Foreign Assets Control («OFAC») issued requirements regarding restrictions and processes in connection with the Executive Order.

OFAC’s guidance restricts U.S. Persons from investing in securities in any foreign or U.S. fund, including registered funds that hold publicly traded securities of a CCMC. OFAC also confirmed that the prohibitions on CCMC securities do not apply to securities of subsidiaries unless and until the subsidiary is listed by OFAC, in which case the prohibitions will take effect 60 days after the subsidiary is listed by OFAC.

Aberdeen Standard Investments («ASI»)

To ensure compliance with requirements of the Executive Order, Aberdeen Standard Investments («ASI») can confirm that none of our U.S.-domiciled funds, including our U.S. registered funds*, hold any sanctioned CCMC securities or are in the process of divesting from these positions in accordance with OFAC’s requirements and timelines. In the limited instances where divestment is required under the Executive Order, the exposure to CCMC securities does not represent a significant portion of the portfolio (no more than 3%).

ASI’s sanctions compliance framework has been amended to comply with the requirements of the Executive Order via our screening processes, pre-and post-trade guidelines, and oversight procedures in connection with investment and client activity. ASI will continue to monitor and ensure the procedures and controls for our sanctions compliance program addresses updates to the CCMC list and additional actions required in connection with the Executive Order.

If you have any questions or further information is required, please contact ASI’s Investor Relations team or your designated Business Development Manager or Client Service Associate.

* Aberdeen Standard Investments U.S. Registered Funds

ASI Mutual Funds	ASI Closed-End Funds
Series of Aberdeen Funds Trust	Aberdeen Emerging Markets Equity Income Fund, Inc. (AEF)	Aberdeen Japan Equity Fund, Inc. (JEQ)
Series of Aberdeen Investment Funds Trust	Aberdeen Global Dynamic Dividend Fund (AGD)	Aberdeen Asia-Pacific Income Fund, Inc. (FAX)
	Aberdeen Total Dynamic Dividend Fund (AOD)	Aberdeen Global Income Fund, Inc. (FCO)
	The India Fund, Inc. (IFN)	Aberdeen Income Credit Strategies Fund (ACP)
	Aberdeen Australia Equity Fund, Inc. (IAF)	Aberdeen Global Premier Properties Fund (AWP)
	Aberdeen Standard Global Infrastructure Income Fun (ASGI)

aberdeenstandard.us

Aberdeen Standard Investments
1900 Market Street, Suite 200, Philadelphia, PA 19103

In the United States, Aberdeen Standard Investments («ASI») is the marketing name for the following affiliated, registered investment advisers: Aberdeen Standard Investments Inc., Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Aberdeen Standard Alternative Funds Limited. Member of the Standard Life Aberdeen Group of Companies.

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SOURCE Aberdeen Standard Investments Inc.

Loanpal Closes Securitization of $474 Million of Residential Solar Loans

SAN FRANCISCO, Jan. 7, 2021 /PRNewswire/ — Loanpal, the nation’s leader in point-of-sale sustainable home improvement financing, today announced that Loanpal Solar Loan 2021-1 Ltd. and Loanpal Solar Loan 2021-1 LLC («LPSLT 2021-1») have closed a securitization of approximately $474 million worth of Loanpal solar loans previously purchased by Goldman Sachs Lending Partners LLC, Blackstone Credit, Davidson Kempner Capital Management LP, funds managed by CarVal Investors, Credigy and GoodFinch. This transaction confirms the increased demand in the marketplace for high-quality ESG assets and represents the fourth securitization since the beginning 2020 for loans generated on the Loanpal platform, totaling over $1.4 billion during this time period.

«We’re excited to begin 2021 with another record-breaking residential solar loan securitization and are looking forward to our continued growth this year across the entire $100+ billion sustainable home improvement market,» said Loanpal President and Chief Investment Officer Tanguy Serra. «Investor demand is incredibly strong for these high-quality assets as the combination of excellent payment performance and attractive yields are driving new buyers into the clean-energy marketplace.»

Loanpal leverages its deep expertise in technology, data and lending to make sustainable home improvement products more accessible for homeowners who are looking to have a positive impact on the planet. Loanpal’s proprietary technology platform is accessed by more than 12,000 sales professionals at the point-of-sale, creating a highly efficient, super-prime channel for financial institutions to deploy their capital in ESG assets. Loanpal works with credit unions, insurance companies, banks and asset managers and has provided approximately $5 billion of solar loans and other home efficiency loans through its platform since 2018, empowering over 175,000 families to date to take steps that reduce their carbon footprint.

This securitization, sponsored by Goldman Sachs, consists of over $430 million of notes, of which $390 million are rated by Kroll Bond Rating Agency. The notes are modeled to a weighted average life of approximately 5.44 years, 6.48 years and 6.95 years for the Class A Notes, Class B Notes and Class C Notes, respectively, and are backed by an initial collateral pool of approximately $474 million of loans with an average FICO score of 742.

«As homeowners continue to adopt clean-energy products, access to efficient capital is central to supporting growth in the market. Loanpal continues to be a leader in the sustainable home improvement market and we are excited to be part of a transaction that will help evolve the financing of residential solar products,» said Katrina Niehaus, Managing Director at Goldman Sachs.

About Loanpal

Loanpal is the nation’s leading technology platform for the $100+ billion sustainable home improvement market. The company is committed to delivering a tech-enabled lending experience that is simple, fast and frictionless, resulting in instant approvals at the point of sale. Loanpal’s technology is utilized by over 12,000 sales professionals to deploy approximately $400 million a month in solar and other sustainable home improvement products. Loanpal has transacted over $5 billion on its platform since its launch in 2018. Loanpal is a proud partner of GivePower, a 501(c)(3) corporation, whose mission is to build and deploy solar-powered clean water and energy systems to communities in need around the world. To learn more about Loanpal, visit, follow and connect with us at www.loanpal.com, @loanpal, and Linkedin.

Contact
press@loanpal.com

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SOURCE Loanpal

TI revolutionizes EV battery management with the industry’s best-performing wireless BMS solution, the first concept assessed for enabling ASIL D systems

DALLAS, Jan. 7, 2021 /PRNewswire/ — Texas Instruments (TI) (Nasdaq: TXN) today released a major advancement in electric vehicle (EV) battery management systems (BMS) – the industry’s highest-performing solution for wireless BMS, featuring the first independently assessed functional safety concept. Through an advanced wireless protocol with the industry’s best network availability, TI’s wireless BMS solution demonstrates how vehicle designers can remove heavy, expensive, maintenance-prone cabling…

TI’s solution for wireless BMS empowers automakers to reduce the complexity of their designs, improve reliability and reduce vehicle weight to extend driving range. With the flexibility to scale designs across production models, automakers can advance to production faster with TI’s comprehensive wireless BMS offering, including the SimpleLink™ 2.4-GHz CC2662R-Q1 wireless microcontroller (MCU) evaluation module, software and functional safety enablers such as a functional safety manual; failure mode and effects analysis (FMEA); diagnostic analysis (FMEDA); TÜV SÜD concept report; and more. To learn more, read the blog post, «More miles, fewer wires in future electric vehicles.»

«The implementation of wireless battery management systems will be a growing trend in the EV marketplace because these advancements provide greater flexibility of design while also lowering the complexity and cost relative to traditional systems,» said Asif Anwar, director of the powertrain, body, chassis and safety service at Strategy Analytics. «By demonstrating a solution that combines these advantages with ASIL D compliance, the TI solution sets a benchmark for the industry to follow.»

Comply with ISO 26262 ASIL D

To speed automakers’ development time, TI requested that TÜV SÜD, the industry’s leading functional safety authority, independently evaluate the quantitative and qualitative error-detection performance as well as the feasibility for automakers to achieve Automotive Safety Integrity Level (ASIL) D, the highest level of International Organization for Standardization (ISO) 26262 certification, using TI’s wireless BMS functional safety concept.

Using a new wireless protocol, developed specifically for the wireless BMS use case, TI’s wireless BMS functional safety concept addresses communication error detection and security. The proprietary protocol via the CC2662R-Q1 wireless MCU enables a robust and scalable data exchange between a host system processor and the newly announced BQ79616-Q1 battery monitor and balancer.

Securely enable the industry’s best network availability

Rivaling wired connections, TI’s wireless protocol for BMS via the CC2662R-Q1 wireless MCU offers the industry’s highest network availability of greater than 99.999% and a network restart of 300-ms maximum availability. With this wireless MCU, dedicated time slots that provide high throughput and low latency protect data from loss or corruption while enabling multiple battery cells to send voltage and temperature data to the main MCU with ±2-mV accuracy and a network packet error rate of less than 10^-7. Automakers can mitigate potential threats with security enablers from TI such as key exchange and refreshment; unique device authentication; debug security; software IP protection with a joint test action group (JTAG) lock; Advanced Encryption Standard (AES) 128-bit cryptographic acceleration and message integrity checks.

Scale reliable, system-level designs across multiple platforms

Anticipating automakers’ long-term design needs, TI’s wireless BMS innovation is the most scalable in the industry. The deterministic protocol provides the highest throughput in the market, enabling automakers to create a battery module using a single wireless system-on-chip connected with multiple BQ79616-Q1 battery monitors for different configurations such as 32-, 48- and 60-cell systems. The system is designed to support up to 100 nodes with the industry’s lowest latency of less than 2 ms per node and time-synchronized measurements across every node. The CC2662R-Q1 wireless MCU isolates individual cell monitoring units, eliminating the need for and cost of daisy-chain isolation components. The BQ79616-Q1 battery monitor and balancer offers different channel options in the same package type, providing pin-to-pin compatibility and supporting reuse of the established software and hardware across any platform.

Package, availability and pricing

Automakers can jump-start their designs by downloading the SimpleLink wireless BMS software development kit (SDK), available at no cost and purchasing the SimpleLink wireless BMS evaluation module (CC2662RQ1-EVM-WBMS), which is available on TI.com for US$999. The CC2662R-Q1 wireless MCU is priced at US$2.79 in 1,000-unit quantities. The 16-channel BQ79616-Q1 comes in a 10-mm-by-10-mm, 64-pin thermally enhanced thin quad flat package (HTQFP), and is priced at US$6.90 in 1,000-unit quantities. All products featured in the wireless BMS solution are immediately available for purchase on TI.com.

About Texas Instruments

Texas Instruments Incorporated (Nasdaq: TXN) is a global semiconductor company that designs, manufactures, tests and sells analog and embedded processing chips for markets such as industrial, automotive, personal electronics, communications equipment and enterprise systems. Our passion to create a better world by making electronics more affordable through semiconductors is alive today, as each generation of innovation builds upon the last to make our technology smaller, more efficient, more reliable and more affordable – making it possible for semiconductors to go into electronics everywhere. We think of this as Engineering Progress. It’s what we do and have been doing for decades. Learn more at TI.com.

Trademarks

All registered trademarks and other trademarks belong to their respective owners.

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SOURCE Texas Instruments

ReneSola Announces $40.0 Million Registered Direct Offering

STAMFORD, CT, Jan. 7, 2021 /PRNewswire/ — ReneSola Ltd («ReneSola Power» or the «Company») (NYSE: SOL), a leading fully integrated solar project developer, today announced that it entered into securities purchase agreements with several institutional investors for the purchase and sale of 2.50 million of American Depositary Shares (ADSs), each representing ten (10) ordinary shares, at a purchase price of $16.00 per ADS, in a registered direct offering. The registered…

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds from the registered direct offering are expected to be $40.0 million before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds for expanding new solar project pipeline and general working capital need.

The securities described above are being offered pursuant to a «shelf» registration statement (File No. 333-240293) filed with the Securities and Exchange Commission (SEC) on August 3, 2020 and declared effective on August 11, 2020. Such securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A prospectus supplement and the accompanying prospectus relating to the offering of the securities will be filed with the SEC. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the offering of the securities may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by e-mail: placements@hcwco.com or by telephone: (646) 975-6996.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor there any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About ReneSola Power

ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly, and can sustain that growth due to improved clarity around government policies. The Company’s strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York.

Forward-Looking Statements

This press release contains statements that constitute »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, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it «believes,» «plans,» «expects» or «anticipates» will occur, what «will» or «could» happen, and other similar statements), you must remember that the Company’s expectations may not be correct, even though it believes that they are reasonable. Furthermore, the forward-looking statements are mainly related to our ability to complete the registered direct offering and satisfy the closing conditions related to the offering, the intended use of net proceeds from the registered direct offering, the Company’s continuing operations and you may not be able to compare such information with the Company’s past performance or results. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company’s situation may change in the future, except as required by law.

For investor and media inquiries, please contact:

In the United States:

ReneSola Ltd

Mr. Adam Krop

+1 (347) 577-9055 x115

IR.USA@renesolapower.com

The Blueshirt Group

Mr. Ralph Fong

+1 (415) 489-2195

ralph@blueshirtgroup.com

In China:

ReneSola Ltd

Ms. Ella Li

+86 (21) 6280-8070 x102

ir@renesolapower.com

The Blueshirt Group Asia

Mr. Gary Dvorchak, CFA

+86 (138) 1079-1480

gary@blueshirtgroup.com

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SOURCE ReneSola Ltd.

Frost & Sullivan Experts Unveil the Top 5 Growth Opportunities for Energy & Environment in 2021

Upcoming webinar to outline critical areas expected to transform the industry

SANTA CLARA, Calif., Jan. 7, 2021 /PRNewswire/ — As the new year kicks off, many of the Energy & Environment sector priorities have accelerated due to the ongoing pandemic. Governments are actively using this opportunity to generate a green economic recovery to enable the adoption of new sustainable solutions that boost renewable energy usage, lower the carbon footprint of buildings and help…

Upcoming webinar to outline critical areas expected to transform the industry

Frost & Sullivan experts John Raspin, Partner, and Jonathan Robinson, Energy Research Director, can provide insight into exciting new opportunities, strategic recommendations, best practices, and future developments expected for the new year. Join them for the Growth Opportunity briefing, «Top 5 Growth Opportunities in the Energy & Environment Industry for 2021,» on January 14 at 10 a.m. EST.

For more information and to register for the webinar, please visit: http://frost.ly/539

Attend this briefing to:

Examine the energy transition and uncover where investor priorities lay for 2021.
Learn if sustainability and circular economy will regain momentum in the new year.
Explore how AI-powered building solutions will impact how we live and work in a post-COVID world.
Discuss the latest progress in terms of electrification of transport, industry and buildings.
Identify the drivers furthering the adoption of service-based business models.

The event will also be recorded and available on-demand at http://frost.ly/1ti.

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion

Press Contact:

Jaylon Brinkley
Frost & Sullivan
+1 (210) 247 2481
jaylon.brinkley@frost.com

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SOURCE Frost & Sullivan

Whitaker B. Irvin Jr., President and CEO of Q Hydrogen Commercialization, Joins Forbes Business Council

PARK CITY, Utah, Jan. 7, 2021 /PRNewswire-PRWeb/ — Whitaker B. Irvin Jr., President and CEO of Q Hydrogen Commercialization (http://www.qhydrogen.com), a company that has developed a new technology for turning water into clean, efficient and renewable hydrogen for use in energy and electricity production, transportation and industry; announced that he has been accepted as a member of the prestigious Forbes Business Council.

The council, one of the foremost growth and networking organizations for successful business owners and leaders worldwide, vetted Irvin, who was accepted by its review committee based on his expertise, leadership and significant contributions in the energy and technology sectors.

Forbes has recognized Irvin as a seasoned entrepreneur with a wide range of experience in industries including finance, aerospace/defense, energy and green high-technology companies.

«It is an honor to be accepted as a member of the Forbes Business Council,» said Whitaker B. Irvin Jr. «I am excited for this opportunity to share expertise with Forbes viewership and develop a dialogue with other innovative leaders in the industry.»

Irvin, whose family has been in the oil, gas, ranching, mining and industrial sectors for five generations, has helped pioneer the development and commercialization of carbon-free hydrogen production technologies invented by his father, Whitaker B. Irvin, Sr. Whitaker Jr. is responsible for crafting the company’s commercialization strategies and is known for his relationships within the commercial and equity communities.

He graduated from Babson College in 2007 with a Bachelor of Science degree in Business Administration with concentrations in Finance and Global Business Management. Irvin is also a certified Project Management Professional («PMP»). His thought leadership has also been published in media outlets such as Digital Journal and RealClearEnergy.

«We are honored to welcome Whitaker Irvin, Jr. into the community,» said Scott Gerber, founder of Forbes Councils. «Our mission with Forbes Councils is to curate successful professionals from every industry, creating a vetted, social capital-driven network that helps every member make an even greater impact on the business world.»

About Q Hydrogen Commercialization
Q Hydrogen Commercialization (Q Hydrogen) is poised to become a dominant player in the renewable energy market. Its proprietary technology generates hydrogen from water using electromagnetic and hydrodynamic forces created within a turbine featuring a unique design and metallurgy. This allows for hydrogen production at a lower cost and without the carbon impact of conventional methods that utilize natural gas and other fossil fuel sources. The technology’s economic viability is well-suited for use in energy, electricity production, transportation and industry. The company aims to further develop and commercialize hydrogen as a low-cost fuel source that is readily available to the world.

Media Contact

Brian Hyland, Rubenstein Public Relations, +1 212-805-3055, BHyland@rubensteinpr.com

Twitter, Facebook

SOURCE Q Hydrogen Solutions Corporation

Lifestory Research Reports: Energy Saving Products Driven by Brand Trust

NEWPORT BEACH, Calif., Jan. 7, 2021 /PRNewswire/ — Energy savings now ranks among the most important features people consider when shopping for a new home, according to the Lifestory Research 2021 America’s Most Trusted® Energy Saving Products Study released today.

The America’s Most Trusted® Study is a large-scale survey of consumers in the United States that seeks to identify the brands that people trust the most within their respective…

The America’s Most Trusted® Study is a large-scale survey of consumers in the United States that seeks to identify the brands that people trust the most within their respective industries. The foundational study began with examining home builder brands in 2011 and has evolved into investigating more than 40 classes of home products. Today, the America’s Most Trusted® Study is the leading source of brand insights for builders, product manufacturers, and service providers seeking to understand people who are actively shopping for a product.

The annual America’s Most Trusted® award is a distinction based on how consumers evaluate a brand’s trustworthiness. In recognition of the importance of energy-saving home products, 8 unique product studies were performed examining the product categories: HVAC Systems, Ceiling Fans, Home Insulation, Residential Windows, Smart Thermostats, Solar Panel Systems, Water Heaters, and Laundry Appliances.

Highlights of Product Brand Awards:

America’s Most Trusted® Heating and Air Conditioner System Brand

The Lifestory Research 2021 America’s Most Trusted® Heating, Ventilation, Air Conditioner (HVAC) System brand earning the 5 Star Trust Rating is Trane. Trane received the highest Net Trust Quotient score (117.3) and earned the #1 ranking in the 2021 Lifestory Research America’s Most Trusted® HVAC Study. The study’s brands included Trane, Carrier, Heil, Whirlpool, Rheem, Lennox, American Standard, Ruud, York, Bryant, Amana, and Goodman. The 2021 ranking is based on 6,453 people surveyed between January and December in the United States who indicated they were actively shopping for a new HVAC system. By winning the #1 trust rating, Trane now has the distinction of being recognized as America’s Most Trusted® HVAC brand for seven consecutive years 2015-2021. Study details here.

America’s Most Trusted® Ceiling Fan Brand

The Lifestory Research 2021 America’s Most Trusted® Ceiling Fan brand earning the 5 Star Trust Rating is Hunter. Hunter received the highest Net Trust Quotient score (125.3) and received the #1 ranking in the 2021 Lifestory Research America’s Most Trusted® Ceiling Fan Study. The study’s brands included Hunter, Bigass, Casablanca, Hampton Bay, Craftmade, Harbor Breeze, and Emerson. The 2021 ranking is based on 5,040 people surveyed between January and December in the United States who indicated they were actively shopping for a new Ceiling Fan. Study details here.

America’s Most Trusted® Home Insulation Brand

The Lifestory Research 2021 America’s Most Trusted® Home Insulation brand earning the 5 Star Trust Rating is Owens Corning. Owens Corning received the highest Net Trust Quotient score (124.4) and received the #1 ranking in the 2021 Lifestory Research America’s Most Trusted® Home Insulation Study. The study’s brands included Owens Corning, Honeywell, Dow, Celotex, Rockwool, US Gypsum, Certain Teed, and BASF and Johns Manville. The 2021 ranking is based on 4,836 people surveyed between January and December in the United States who indicated they were actively shopping for insulation for their home. This is the second consecutive year in which Owens Corning generated the #1 trust rating and recognition as America’s Most Trusted® Insulation brand. Study details here.

America’s Most Trusted® Residential Window Brand

The Lifestory Research 2021 America’s Most Trusted® Residential Window brand earning the 5 Star Trust Rating is Andersen. Andersen received the highest Net Trust Quotient score (116.2) and captured the #1 ranking in the 2021 Lifestory Research America’s Most Trusted® Residential Window Study. The study’s brands included Andersen, Pella, Weather Shield, American Craftsman, JELD-WEN, Champion, Milgard, and Marvin. The 2021 ranking is based on 4,334 people surveyed between January and December in the United States who indicated they were actively shopping for windows for their home. Study details here.

America’s Most Trusted®Smart Thermostat Brand

The Lifestory Research 2021 America’s Most Trusted® Smart Thermostat brand earning the 5 Star Trust Rating is Google Nest Learning Thermostat. Google Nest Learning Thermostat received the highest Net Trust Quotient score (120.1) and the #1 ranking in the 2021 Lifestory Research America’s Most Trusted® Smart Thermostat Study. The study’s most trusted brands included Google Nest Learning Thermostat, Honeywell, Trane, GLAS, Emerson Sensi, Lux, Carrier, Lennox, and Ecobee. The 2021 ranking is based on 5,489 people surveyed between January and December in the United States who indicated they were actively shopping for a new smart thermostat. Study details here.

America’s Most Trusted® Solar Panel System Brand

The Lifestory Research 2021 America’s Most Trusted® Solar Panel System brand earning the 5 Star Trust Rating is Panasonic. Panasonic received the highest Net Trust Quotient score (106.1) and secured the #1 ranking in the 2021 Lifestory Research America’s Most Trusted® Solar Panel System Study. The study brands included Panasonic, Tesla, LG, SunPower, SolarEdge, Silfab, Trina Solar, Hyundai, Canadian Solar, JinkoSolar, Enphase, Q CELLS, and Solaria. The 2021 ranking is based on 9,888 people surveyed between January and December in the United States who indicated they were actively shopping for a new solar panel system for their home. Study details here.

America’s Most Trusted® Water Heater Brand

The Lifestory Research 2021 America’s Most Trusted® Water Heater brand earning the 5 Star Trust Rating is Bosch. Bosch received the highest Net Trust Quotient score (120.0) and earned the #1 ranking in the 2021 Lifestory Research America’s Most Trusted® Water Heater Study. The study brands included Bosch, AO Smith, Rheem, Bradford White, Whirlpool, Ruud, GE, Kenmore, and Rinnai. The 2021 ranking is based on 5,049 people surveyed between January and December in the United States who indicated they were actively shopping for a new Water Heater. Study details here.

America’s Most Trusted® Laundry Appliance Brand

The Lifestory Research 2021 America’s Most Trusted® Laundry Appliance brand earning the 5 Star Trust Rating is Whirlpool. Whirlpool generated the highest Net Trust Quotient Score of 112.0 and the #1 ranking among people who were actively shopping for a laundry appliance. The study brands included Whirlpool, Maytag, LG, Samsung, Kenmore, GE, Electrolux, Frigidaire, and Amana. The 2021 ranking is based on the opinions of 7,354 people surveyed between January and December in the United States who indicated they were actively shopping for a new washer or dryer laundry appliance. Study details here.

Visit www.lifestoryresearch.com for detailed trust scores, ratings and ranking from the 2021 study.

About the America’s Most Trusted® Study

America’s Most Trusted® is a consumer-based research program based on thousands of people’s opinions actively shopping for products. To identify America’s Most Trusted®, Lifestory Research conducts an ongoing annual survey in which people anonymously assess the trust they have in brands they encounter during their active search for specific products. The trust score is calculated based on how thousands of people judge the merits of more than 500 brands and product segments. Lifestory Research surveys people using well established social science research practices that seek to adhere to the highest quality standards of consumer insight. America’s Most Trusted® is a registered trademark of Lifestory Corporation. No advertising or promotional use can be made of the information in this release without the express prior written consent of Lifestory Research. Learn more. #mostrustedbrands

About Lifestory Research®

Leaders, companies, and brands know that great ideas are only useful if they move people toward action. Lifestory Research is an independent, science-driven consumer insights and strategy consulting firm that ignites relationships between companies and their audiences. We are passionate about customers, employees, brands, and the science of influence. We use quantitative and qualitative research to create customer insights, drive innovation, deliver brand strategy, and move people forward.

For more information, please visit www.lifestoryresearch.com

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SOURCE Lifestory Research

KUBRA Utility Bill Design Report Helps Utilities Design Customer-Centric Bills

TEMPE, Ariz., Jan. 7, 2021 /PRNewswire-PRWeb/ — KUBRA, a leading provider of customer experience management solutions for some of the largest utility, insurance, and government entities, released a new consumer report that sheds light on what billers are getting right and where there’s room for improvement when it comes to their bills. KUBRA is sharing these findings to give billers and clients using their bill design services a better understanding of current consumer bill preferences.

Top…

Top takeaways for utilities include:

Understanding Is Key to Having a Positive Experience

65.6% of consumers indicated that an easy to understand bill contributes most to having a good experience with their bills. 67.2% selected unexpectedly high bills and 50% chose billing errors as the top reasons that contribute to a negative experience.

Key Bill Information Revealed

Topping the list of most important information was the amount due (80.4%), due date (61.4%), and usage information (51.4%). The full report also reveals the information that consumers don’t find important which provides clarity to billers around what details should take priority over others.

Most Consumers Don’t Understand How Their Bills Are Calculated

Just 32.7% of consumers stated they fully understand how their electric bills are calculated and a discouraging 14.7% admitted they don’t understand how their bills are calculated at all. The report clearly shows that a majority of consumers want easy to understand bills, anything short of that has the potential to directly impact customer satisfaction.

«Until now, utilities have had minimal access to information that would help inform their bill design decisions,» said Rick Watkin, President and CEO of KUBRA. «With this report, Businesses can review in-depth customer bill design preferences allowing them to create bills that will meet the needs of their customers and boost overall confidence and satisfaction,» Watkin added.

Survey Details and Methodology

KUBRA conducted a nationwide survey to research current consumer bill design preferences and attitudes. The survey received over 1,000 responses. Respondents had to be living in the United States, over the age of 18, and head of their household in relation to the payment of utility (gas, electric, water) bills.

To gain greater insight into customers’ bill preferences, download a complete copy of the KUBRA Utility Bill Design Report here.

About KUBRA

KUBRA provides customer experience management solutions to some of the largest utility and government entities across North America. Our portfolio includes billing and payments, mapping, mobile apps, proactive communications, and artificial intelligence solutions for customers. With more than 1.5 billion customer interactions annually, KUBRA services reach over 40% of households in the U.S. and Canada. KUBRA is an operating subsidiary of the Hearst Corporation. Visit https://www.kubra.com for more information

Media Contact

Alison Copeland, KUBRA, 480-584-3041, alison.copeland@kubra.com

SOURCE KUBRA