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Terence Davis (Sacramento Kings) with an and one vs the Oklahoma City Thunder, 05/04/2021
Terence Davis (Sacramento Kings) with an and one vs the Oklahoma City Thunder, 05/04/2021
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A once-ambitious Facebook-backed digital currency project — formerly known as Libra, now called Diem — is shifting operations from Switzerland to the U.S. and said it plans to launch a cryptocurrency tied to the U.S. dollar later this year. As part of the move, Diem said it is also withdrawing its application for a payment system license from the Swiss Financial Markets Authority, which it has not been able to secure thus far. The Diem Association, which includes Facebook and 25 other companies, said Wednesday has it entered a partnership with Silvergate Capital Corp. to issue a “stablecoin” backed by the U.S. dollar. A stablecoin is a digital currency backed by real-world assets such as national currencies or other commodities. As the name implies, stablecoins are designed to not fluctuate wildly in value. That's in sharp contrast to cryptocurrencies like Bitcoin, whose value is not tied to a real-world currency and whose price has ranged between roughly $9,000 and $63,000 over the past year. Facebook announced the Libra project in 2019, at the time envisioning it as a stablecoin based on a basket of national currencies. Since then, the effort has been scaled back considerably amid regulatory and commercial backlash. It underwent a name change in December 2020. Wednesday's announcement represents a further scaling back as Diem shifts focus to the U.S. from its original ambitions to become a global currency for the unbanked around the world. Barbara Ortutay, The Associated Press
Elon Musk said on Wednesday that Tesla would stop accepting Bitcoin in car purchases.
BOSTON (AP) — An outside audit three years ago of the major East Coast pipeline company hit by a cyberattack found “atrocious” information management practices and “a patchwork of poorly connected and secured systems,” its author told The Associated Press. “We found glaring deficiencies and big problems,” said Robert F. Smallwood, whose consulting firm delivered an 89-page report in January 2018 after a six-month audit. “I mean an eighth-grader could have hacked into that system.” How far the company, Colonial Pipeline, went to address the vulnerabilities isn't clear. Colonial said Wednesday that since 2017, it has hired four independent firms for cybersecurity risk assessments and increased its overall IT spending by more than 50%. While it did not specify an amount, it said it has spent tens of millions of dollars. "We are constantly assessing and improving our security practices — both physical and digital,” the privately held Georgia company said in response to questions from the AP about the audit's findings. It did not name the firms who did cybersecurity work but one firm, Rausch Advisory Services, located in Atlanta near Colonial's headquarters, acknowledged being among them. Colonial's chief information officer sits on Rausch's advisory board. Colonial has not said how the hackers penetrated its network. How vulnerable it was to compromise is sure to be intensely scrutinized by federal authorities and cybersecurity experts as they consider how the most damaging cyberattack on U.S. critical infrastructure might have been prevented. Friday's pipeline shutdown has led to distribution problems and panic-buying, draining supplies at thousands of gas stations in the Southeast. Colonial said it initiated the restart of pipeline operations on Wednesday afternoon and that it would take several days for supply delivery to return to normal. Ransomware attacks have reached epidemic levels as foreign criminal gangs paralyze computer networks at state and local governments, police departments, hospitals and universities — demanding large sums to decrypt the data. Many organizations have failed to invest in the safeguards needed to fend off such attacks, though U.S. officials worry even more about state-backed foreign hackers doing more serious damage. Any shortcomings by Colonial would be especially egregious given its critical role in the U.S. energy system, providing the East Coast with 45% of its gasoline, jet fuel and other petroleum products. Smallwood, a partner at iMERGE and managing director of the Institute for Information Governance, said he prepared a 24-month, $1.3 million plan for Colonial. While iMERGE’s audit was not directly focused on cybersecurity “we found many security issues, and that was put in the report.” Colonial’s statements Wednesday suggest it may have heeded a number of Smallwood’s recommendations. In addition, it says it has active monitoring and overlapping threat-detection systems on its network and identified the ransomware attack “as soon as we learned of it.” Colonial said its IT network is strictly segregated from pipeline control systems, which were not affected by the ransomware. Unlike electrical utilities, the pipeline industry is not subject to mandatory cybersecurity standards, which the Federal Energy Regulatory Commission chair, Richard Glick, called for in a statement Tuesday. Smallwood’s study was not a cybersecurity audit. It focused on ensuring smooth operations and preventing data theft, which is exactly what Colonial suffered last week. Colonial is not saying what the cybercriminals took before activating the ransomware. The hackers, from a Russian-speaking syndicate called DarkSide, steal data before locking up networks to doubly extort victims. If a victim refuses to pay, they not only refuse to unscramble the data, they threaten to release sensitive material online. Colonial has not said whether it paid DarkSide. Smallwood read portions of his report to the AP but would not share it because he said some of the content is confidential. He said he was paid about $50,000 for it. He cited, for example, Colonial's inability to locate a particular maintenance document. "You’re supposed to be able to find it within 15 minutes. It took them three weeks.” Locating such a document could be crucial in responding to an accident or keeping up-to-date pipeline inspection records to prevent leaks, Smallwood said. Colonial experienced one of the worst gasoline spills in U.S. history last August, contaminating a nature preserve north of Charlotte . After it was discovered by two teenagers, the spill's severity was not immediately clear as Colonial's initial reports indicated a far lower volume. North Carolina environmental regulators angrily called the company's failure to promptly provide reliable data unacceptable. Colonial says it released the best available data on spill volume as the discovery progressed. Separately, shippers have complained to the Federal Energy Regulatory Commission that Colonial inflated what it spends on pipeline integrity to deflect accusations it overcharges them. Colonial rejects this, citing the rising costs of safely maintaining its system. Bill Caram, executive director of the nonprofit watchdog Pipeline Safety Trust, called worrisome the allegations of deficient IT management, piecemeal spill reporting and pipeline integrity issues. “I think all these things just could paint a picture of the culture at Colonial maybe not taking risks seriously enough,” he said. Smallwood said he was reluctant to go public about the Colonial audit for fear of alienating future clients “but the gravity of the situation demands that the public know just how fragile some of these systems within our infrastructure are.” One of his main recommendations was that Colonial hire a chief information security officer, a position that cybersecurity experts consider essential in any company with infrastructure vital to national security. Colonial said it instead assigned those responsibilities to a subordinate of chief information officer Marie Mouchet. Mouchet was on the advisory board of Rausch when it did a cybersecurity study for Colonial concurrent to Smallwood’s audit. Asked if that might present a conflict of interest, Rausch CEO Michael Lisenby said Mochet's advisory board seat is an unpaid, voluntary position. Smallwood’s recommendations included a data loss prevention program to ensure highly confidential, marketable data — such as details on how the pipeline is used — could not be easily removed. Colonial says it has strengthened data-loss-prevention defenses with three different software tools that provide alerts when data leaves the network. Smallwood said he found no security-awareness training, which mostly teaches employees not to fall victim to phishing, the cause of more than 90% of cyber-intrusions. But Colonial said its expanded cybersecurity regime includes regular simulated phishing campaigns for employees. The audit “covered environmental procurement, legal risk, business development, asset integrity, accounting and tax safety operations, information technology, (Microsoft) SharePoint and human resources. And so it was a very comprehensive assessment,” said Smallwood. Originally founded by nine oil companies in 1962, Colonial is privately held. It's owners include a pair of private equity firms, a Canadian fund manager, a Koch Industries subsidiary and a subsidiary of Shell Midstream Partners. The company does not release earnings or revenue figures. ___ This story has been updated to correct reference to one of the owners of Colonial. It is a Koch Industries subsidiary, not a Koch Brothers subsidiary. Frank Bajak, The Associated Press
The Biden administration swung aggressively into action after a primary gasoline pipeline fell prey to a cyberattack — understanding that the situation posed a possible series of political and economic risks. The pipeline shutdown was an all-hands-on-deck situation for a young presidency that has also had to deal with a pandemic, a recession, an influx of unaccompanied children at the southern border, a troop withdrawal from Afghanistan and high-stakes showdowns globally that carry the specter of war. The administration devoted the first half of the week to showcasing all the steps it was taking to get gas back to service stations in affected areas. It scrambled into action after ransom-seeking hackers on Friday shut down the pipeline, which delivers about 45% of the East Coast’s gas. The shutdown caused a supply crunch and spiking prices — all of which the administration was preparing to address. Then, hours before the Colonial Pipeline was restarted, President Joe Biden signaled Wednesday that there were reasons for optimism. “We have been in very, very close contact with Colonial Pipeline,” Biden said. “I think you’re going to hear some good news in the next 24 hours and I think we’ll be getting that under control.” The president followed up later Wednesday with an executive order to improve cybersecurity. Biden's team also seized on the shutdown as an argument for approving the president's $2.3 trillion infrastructure package. Transportation Secretary Pete Buttigieg said the cyberattack was a reminder that infrastructure is a national security issue and investments for greater resilience are needed. “This is not an extra, this is not a luxury, this is not an option,” he told reporters at the White House on Wednesday. “This has to be core to how we secure critical infrastructure.” The administration took a variety of steps to address the gasoline situation. The Transportation Department was surveying how many vessels could carry fossil fuels to the Gulf of Mexico and Eastern Seaboard to provide gasoline. Waivers were issued to expand the hours that fuel can be transported by roadways. The Environmental Protection Agency issued waivers on gas blends and other regulations to ease any supply challenges. The technology firm Gasbuddy.com found that 28% of stations were out of fuel in North Carolina. In Georgia, South Carolina and Virginia, more than 16% of stations were without gas. The sudden supply crunch after Friday's hack showed the challenges that can pop up for a White House that must constantly respond to world events. Republican lawmakers were quick to criticize the administration for previously canceling plans to construct the Keystone XL oil pipeline from Canada. Biden had canceled its permit over risks of spills and worries that climate change would worsen by burning the oil sands crude that would have flowed through the pipeline. “The Colonial Pipeline crisis shows that we need more American energy to fuel our economy, not less,” House Republican leader Kevin McCarthy said Tuesday on Twitter, adding that Biden had "left our energy supply more vulnerable to attacks” by blocking the Keystone XL pipeline. The cyberattack was but one of many challenges confronting the president. Within just a few days, the Biden administration has also been dealt a disappointing monthly jobs report, a potentially worrisome increase in inflation and lethal violence in Israel. It is still trying to vaccinate the country against the coronavirus, send out hundreds of billions of dollars in economic aid and pass its own sweeping jobs and education agenda. “You have to be prepared to juggle multiple challenges, multiple crises at one time, and that’s exactly what we’re doing at this moment,” White House press secretary Jen Psaki said Wednesday. Higher energy prices often have political fallout, complicating reelection campaigns for incumbents outside oil-producing regions. The 1979 fuel shortage famously crushed Jimmy Carter's presidential reelection efforts and helped usher in the Reagan era. Research published last year by the World Bank looked at 207 elections across 50 democracies and found an oil price spike a year before the election “systematically lower the odds of incumbents being reelected.” The findings applied to both conservatives and liberals, showing a degree of pragmatism by voters. The best way for Biden to respond was probably to show that he understands how rising gas prices can hurt family budgets and to move quickly to help fix the pipeline problem. “It’s important for the president to show empathy and recognize the position that the average American is in vis-à-vis gas prices," said Mark Jones, a political science professor at Rice University in Houston. "Gas prices are something that don’t affect the elite — and our politicians are all among the elite.” Josh Boak, The Associated Press
In the new Richmond Art Gallery exhibition UNION, viewers are immersed in a futuristic world where all documented human history has been erased. That backdrop allows artists Nancy Lee and Kiran Bhumber to look at the ideas of connection, culture, and ritual ceremonies. The exhibition, which opened last month, is on through June 5. “It’s a speculative science fiction exhibition,” explains Lee. “You’ll see a film with a sculpture of Kiran and I, our characters embracing. The film is meant to show a dialogue that our two narratives and characters have, symbolizing the relationship that we currently have today (with) technology—how intimacy and connection is conveyed with two flat screens across from each other.” The two futuristic wedding dresses are inspired by both the imagined world and traditional aspects of Chinese and Punjabi wedding garb, says Bhumber. “You’ll also be immersed in a surround sound speaker installation with a floor projection. The idea of this space is to have a space of collective witnessing, much like you would have one in a wedding. We want audiences to be immersed in the world of union,” she adds. Bhumber and Lee first conceived of the project in 2018, and were approached by Richmond-based media arts organization Cinevolution to collaborate on bringing it to life. Lee says it also took a couple of years to raise funds for the project, as well as finding collaborators and an appropriate space. “The project evolved organically as time passed and we approached different aspects,” says Lee. “It’s not like we had seen this exact vision of the project in 2018 when we first thought about it—it evolved as collaborators contributed, (which) helped us materialize and realize what we see today in the gallery.” The two artists met in 2014 at one of Lee’s shows, and first collaborated the following year. UNION is their first gallery exhibition, and Bhumber says she and Lee focus more on working with new technologies and skills than on the end result. “Working in a field of sculpture, for instance, is something completely new—3D scanning and the whole process of printing, sanding and using materials,” says Bhumber. Both artists say the project has been a benefit during the COVID-19 pandemic, giving them a reason to continue relationships and collaboration as well as providing a livelihood for the artists who are collaborating with them. And the pandemic has also underscored “the scarcity of presence and touch,” says Lee—a key element of the exhibition. “We would like people to question our current relationship with technology and invite a little bit more awareness between our uses of social media and how it impacts our lives, or how we connect with each other,” they say. The artistic form can help artists work through their own cultural or ancestral connections, forming a better understanding of questions that may come up. And Lee wants their exhibition to serve as inspiration. “There aren’t that many contemporary Asian artists exhibiting here in Vancouver, so for us to take up space in these kinds of gallery spaces and to show other folks who are emerging artists and queer folks that you can do this, it is possible cause we’ve done it, that is one of the main messages of our collaboration over the years—to show that if we can do it, you can do it too,” they say. Hannah Scott, Local Journalism Initiative Reporter, Richmond Sentinel
Tournament officials say tickets will be free, attendance limited to 1,000 per day during the June event.
A divided board of Florida game regulators took a tentative step Wednesday that might eventually allow fishermen to catch and kill goliath groupers, a fish that was almost driven to extinction 30 years ago by overfishing and pollution. The Florida Fish and Wildlife Conservation Commission told its staff to craft a regulation it has proposed that would allow 100 goliaths to be caught and kept annually during a four-year period. Supported by fishing groups, the proposed limited harvest calls for a lottery to issue $300-per-week licenses that allow each recipient to catch and kill one goliath, with proceeds funding research of the species.
If you haven't seen the one-of-a-kind, comedic genius that is A Black Lady Sketch Show, I'm afraid you're missing out. If you have heard of the show, you're probably aware that the Black-women-led sketch series is paving the way for Black women in comedy in more ways than one.
Tesla CEO and self-dubbed technoking is back peddling on the company's stance about bitcoin and has suspended purchases of its electric vehicles with the cryptocurrency. The change of stance, which was delivered via tweet, comes just weeks after Tesla CFO and dubbed "master of coin" Zach Kirkhorn said the company believes in the longevity of bitcoin, despite its volatility. The tweet from Musk sent the price of bitcoin down more than 4% and falling.
Both Donald Trump and Barack Obama similarly received their first checkups about one year into their presidencies
TORONTO, May 12, 2021 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX: DC.A) (the “Corporation” or “Dundee”) today announced its financial results for the three months ended March 31, 2021. All currency amounts in this press release are in Canadian dollars except as otherwise indicated. FIRST QUARTER 2021 RESULTS Advanced core mining-focused investment strategy, growing our portfolio by making significant investments in mining companies. Reduced total corporate G&A costs by 6.3% compared to Q1 2020 and reduced G&A costs excluding stock-based compensation by 9.6%. Generated consolidated revenues of $5.3 million (2020 – $3.0 million). Generated net loss attributable to owners of the Corporation of $19.7 million (2020 – loss of $166.45 million), or a loss of $0.23 per share (2020 – loss of $1.63 per share). On a consolidated basis, the Corporation reported cash of $72.5 million as at March 31, 2021 (Dec 31, 2020 – $122.6 million). Reclassified as held for sale the beef division of Blue Goose Capital Corp. (“Blue Goose”) amid ongoing discussion with potential buyers, indicative of significant progress in rationalizing the non-core legacy portfolio. Jonathan Goodman, President and Chief Executive Officer of Dundee Corporation, commented: “Dundee made significant progress on its transformation into Dundee 2.0 – a return to the Corporation’s roots as a mining-focused, active investor. Integral to this new direction are three strategic pillars: doing more mining deals, streamlining our capital and rationalizing our cost structure, as well as making significant progress around non-core asset sales. I am pleased to say that we advanced all three objectives in the first quarter of 2021.” “We were active in the first quarter of 2021 in identifying, de-risking, and investing in attractive mining investment opportunities. Our team grew our portfolio of mining assets, making investments to increase our positions in several investee companies, most notably making a $14.1 million investment in Big River Gold to increase our stake to 19.38%. We have a strong and growing portfolio of well-run mining companies with exciting, highly-prospective assets. As our investee companies continue to advance their projects toward the construction phase, we are committed to working with our investee companies to deliver value as a trusted advisor with demonstrated knowledge and expertise across all aspects of the mining business.” Mr. Goodman continued, “We also continued to progress the rationalization of our legacy portfolio of operating companies and engineering orderly, professional exits from business lines that are no longer aligned with our longer-term strategy. Aggressively accelerating this is a major priority for Dundee in 2021. We advanced the divestitures of several non-core assets; one example of this being the deconsolidation of Blue Goose’s beef division. In the second quarter we will also look to exercise our Dundee Precious Metals common share purchase warrants which will bring in more cash to the Corporation. We look forward to updating the market with more details as these deals continue to materialize.” “We further reduced our corporate G&A costs in the first quarter of 2021, bringing down G&A excluding stock-based compensation by 9.6% compared to Q1 2020. We remain committed to significantly driving down our run-rate cash G&A costs and will be more aggressive on this front in the coming months. We also streamlined our capital structure in the first quarter of 2021 by buying back shares for cancellation through the completion of our substantial issuer bid announced in November 2020, and launching a normal course issuer bid in January. These transactions are prudent uses of the Corporation’s capital and good investments at current share prices, which align with our goal of returning cash to shareholders when appropriate.” Mr. Goodman concluded, “With another quarter of solid progress in executing against our strategy, the vision of Dundee 2.0 is beginning to come into focus. We know there is still much more work to be done, but we will carry this momentum forward with the ultimate goal of delivering long-term, sustainable value for our stakeholders and partners.” FINANCIAL RESULTS Operating results during the first three months of 2021 reflect an $11.5 million market depreciation (2020 – $61.1 million) in certain of the Corporation’s investments that are carried in the consolidated financial statements at fair value through profit or loss. In addition, net loss from investments during 2021 is net of $0.7 million (2020 – $3.0 million) dividend and interest income distributed from its portfolio investments. A number of the Corporation’s investments are accounted for using the equity method of accounting, which requires that the Corporation increase or decrease the carrying value of its investment by its proportionate share of the net earnings or loss of the underlying investee. This method of accounting further subjects the Corporation to significant volatility in its operating performance as the underlying net earnings or loss of the equity accounted investee may be subject to market forces or other events over which the Corporation does not exert control. During 2021, the Corporation recognized earnings from its equity accounted investments, excluding real estate joint ventures, of $0.6 million (2020 – loss of $1.1 million). In January 2021, the Corporation announced the results of its substantial issuer bid initially announced in November 2020, confirming the purchase of 14,285,715 Class A subordinate voting shares in the capital of the Corporation at a price of $1.40 per share for $20.3 million, including transaction costs of $0.3 million. In January 2021, the Corporation announced that it would implement normal course issuer bids on its class A subordinate voting shares, cumulative 5-year rate reset first preference shares, series 2, and cumulative floating rate first preference shares, series 3. Dundee may purchase up to a maximum of approximately 10% of the Corporation’s public float on each class of security. During the first quarter of 2021, the Corporation purchased 1,071,714 subordinate shares for $1.5 million pursuant to the normal course issuer bid. OPERATING SUBSIDIARIES’ PERFORMANCE Goodman & Company, Investment Counsel Inc. (“GCIC”) GCIC’s AUM decreased from $84.8 million at the end of December 2020 to $80.6 million at the end of March 2021. The decrease in AUM is mainly due to market depreciation of $6.2 million. During the first three months of 2021, GCIC raised capital of $20.6 million from launching a new tax-sheltered limited partnership, CMP 2021 Resource Limited Partnership. Redemptions of AUM during the same period of 2021 were $18.6 million. During the three months ended March 31, 2021, this segment recognized earnings of $0.2 million (2020 – loss of $0.9 million). United Hydrocarbon International Corp. (“UHIC”) As a result of the fair value change of the royalty interest and its associated contingent bonus payments, the Corporation’s 84% owned subsidiary, UHIC, reported a pre-tax loss of $9.8 million (2020 – $117.5 million) during the first quarter of 2021. Due to the COVID-19 pandemic, the political conditions in Africa, and the material operational and financial developments at Delonex Energy Limited, UHIC delayed the estimated first oil production by two years to 2025 in determining the fair value of its royalty interest and associated contingent consideration. As a result, UHIC recorded a $9.6 million fair value loss (2020 – $117.3 million) during the first quarter of 2021, which is included in the March 2021 Interim Consolidated Financial Statements as “Remeasurement of financial instruments”. Blue Goose Blue Goose is currently in discussion with potential buyers for the sale of its beef division. As a result, the associated assets and liabilities of the beef division have been reclassified as “Assets and liabilities held for sale” in the consolidated statement of financial position and operating results of the beef division are classified as “Discontinued operations” in the consolidated statements of operations. Blue Goose incurred a pre-tax loss of $3.4 million from discontinued operations during the first quarter of 2021 (2020 – $1.1 million). The beef division’s operating performance is partially driven by the changes in fair value of its livestock which is subject to volatility from period-to-period changes in the market prices of the commodity and changes in the physical growth of its biomass. In addition, sales are lower by $2.0 million due to the ongoing COVID-19 restrictions. Blue Goose incurred a pre-tax loss of $0.6 million (2020 – $1.6 million) from its continuing operations. Dundee Sustainable Technologies Inc. (“Dundee Technologies”) Dundee Technologies incurred a pre-tax loss of $0.8 million (2020 – $1.2 million) during the first quarter of 2021. Due to the outbreak of COVID-19, Dundee Technologies’ Thetford site was temporarily closed as a result of the measures taken by the Quebec provincial government in March 2020. Operations resumed in May 2020 with employees and contractors following the controls and practices that have been established on site. As a result of these safety measures, Dundee Technologies has not experienced any major disruptions since then. Dundee Technologies expects the primary driver in the coming years will be from its GlassLock Process™, followed by higher upside from its CLEVR Process™ in the long run. Dundee Technologies has received a cash payment of US$1 million in the first quarter of 2021, to renew the exclusive rights on its GlassLock Process™ for a period of one year, as part of a moratorium agreement. AgriMarine Holdings Inc. (“AgriMarine”) As the market conditions associated with COVID-19 persist, AgriMarine has continued sales to alternative markets at lower prices to maintain sales volume. AgriMarine earned a $0.1 million (2020 – $nil) interest and other income during the current quarter. During the three months ended March 31, 2021, AgriMarine reported a pre-tax loss of $0.9 million (2020 – $0.9 million) with sales revenues of $1.5 million (2020 – $2.2 million). SHAREHOLDERS’ EQUITY ON A PER SHARE BASIS Carrying Value as at Mar 31, 2021 Dec 31, 2020 Operating subsidiaries$94,359 $97,354 Equity accounted investments 22,255 23,134 Investments carried at fair value through profit or loss 234,272 222,380 Other net corporate account balances 61,404 113,161 Total shareholders' equity 412,290 456,029 Less: Shareholders' equity attributable to holders of: Preference Shares, series 2 (27,667) (27,667)Preference Shares, series 3 (50,423) (50,423) Shareholders' equity attributable to holders of Class A Subordinate Voting Shares and Class B Shares of the Corporation$334,200 $377,939 Number of Class A Subordinate Voting Shares and Class B Shares of the Corporation issued and outstanding Class A Subordinate Voting Shares 84,620,596 99,977,934 Class B Shares 3,114,491 3,114,581 87,735,087 103,092,515 Shareholders' Equity on a Per Share Basis$3.81 $3.67 BOARD AND MANAGEMENT CHANGES Ms. Lila Manassa Murphy will resign as a director of the Corporation on May 14, 2021, and on such date, will be appointed Executive Vice President and Chief Financial Officer of the Corporation. FIRST QUARTER 2021 CONFERENCE CALL AND WEBCAST DETAILS Dundee’s management will be hosting a conference call for interested investors on May 13, 2021 at 10:00 am ET. Analysts and investors are invited to participate using the following dial-in numbers or webcast link: Participant Number (Local): 647-427-7450Participant number (Toll-free): 1-888-231-8191Conference ID: 6834968Audience URL: https://produceredition.webcasts.com/starthere.jsp?ei=1459825&tp_key=3c4479c1b7 A replay of the conference call will be available until 11:59 pm (ET) May 27, 2021, and can be accessed using the following dial-in numbers: Encore (Local): 416-849-0833Encore (Toll-free): 1-855-859-2056Encore ID: 6834968 The Corporation’s unaudited interim consolidated financial statements as at the three months ended March 31, 2021, along with the accompanying management’s discussion and analysis have been filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) and may be viewed by interested parties under the Corporation’s profile at www.sedar.com or the Corporation’s website at www.dundeecorporation.com ABOUT DUNDEE CORPORATIONDundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is an active investor focused on delivering long-term, sustainable value as a trusted partner in the mining sector with more than 30 years of experience making accretive mining investments. FORWARD-LOOKING STATEMENTSThis press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Dundee Corporation’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee Corporation’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Annual Information Form of Dundee Corporation and subsequent filings made with securities commissions in Canada. Dundee Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. FOR FURTHER INFORMATION PLEASE CONTACT: Greg DiTomasoNATIONAL Public RelationsT: (416) 433-2801E: email@example.com
NEW YORK (AP) — James Harden will play for the Brooklyn Nets on Wednesday night after missing more than a month with a strained right hamstring. The Nets announced Harden would be available for their game against the San Antonio Spurs after listing him as probable earlier in the day. Coach Steve Nash said it hadn't been determined if Harden would start. Either way, it will be the All-Star guard's first game since April 5, when he aggravated the injury in a game against the New York Knicks. Harden has since missed 18 games. He also sat out the two before the game against the Knicks, when he attempted to play but left again after barely four minutes. He then had a setback in his recovery, keeping him out longer than initially hoped. The Nets are 27-7 in games in which Harden has played. Brooklyn has had its superstar trio of Harden, Kevin Durant and Kyrie Irving on the court together for only seven games. That won't change Wednesday, as Irving was ruled out after having to leave a victory in Chicago on Tuesday with a facial contusion. Durant is playing, even though Nash has said during the season his preference is that Durant not play both nights of back-to-backs. ___ More AP NBA: https://apnews.com/hub/NBA and https://twitter.com/AP_Sports The Associated Press
Jerry Burns spent nearly 25 years with the Vikings as the their offensive coordinator and head coach.
New York, New York--(Newsfile Corp. - May 12, 2021) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Intrusion Inc. (NASDAQ: INTZ) between January 13, 2021 and April 13, 2021, inclusive (the "Class Period"), of the important June 15, 2021 lead plaintiff deadline.SO WHAT: If you purchased Intrusion securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees ...
SACRAMENTO, Calif. (AP) — Caitlyn Jenner wants to be governor of California but she took a pass on voting on some of the state's most critical issues last year, from worker rights to taxes and affordable housing to affirmative action. Or did she? In the latest example of muddled messaging in Jenner's nascent campaign, she told CNN in an interview broadcast Tuesday that she did not vote in 2020 — for president or down ballot measures. But Los Angeles County election records, first reported by Politico, show she did vote. “It was voting day and I thought the only thing out here in California that I worry about, which affects people, is the propositions that were out there,” Jenner said. “And I didn’t see any propositions that I really had one side or the other. And so it was Election Day and I just couldn’t get excited about it." Jenner said she want golfing instead. A campaign adviser said Wednesday that Jenner voted by mail on “some local issues." The campaign did not respond to follow up questions about whether that meant she voted on any state propositions. Malibu, where Jenner lives, held elections for city council, school board and a ballot measure to increase hotel taxes. Those questions were on the same ballot as the state propositions and presidential race, and all Californians received a mail ballot. Jenner's seeming confusion about whether she voted and admission that she had no leanings on any propositions — even those dealing with taxes, one of her signature issues — come as the political neophyte is trying to convince people she's ready to be governor. Jenner is among candidates seeking to unseat Democratic Gov. Gavin Newsom in an expected recall election this fall. The 71-year-old former Olympian and reality TV star announced her candidacy last month. The first weeks have been rocky, with Jenner appearing to have limited knowledge of state issues in interviews and lacking specific policy plans. She suggested in a late April tweet that the governor appoints district attorneys, who are actually elected by voters, which drew mockery from California Democratic Congressman Ted Lieu. “She’s at the stage in her campaign where she really needs to make some inroads and get folks on board with the idea of her being a legitimate candidate, and showing this kind of ignorance of the process doesn’t help with that," said Kim Nalder, a professor of political science and director of the Project for an Informed Electorate at California State University, Sacramento. Last fall, Californians were asked to vote on a slew of important ballot measures touching on criminal justice reform, jobs and the economy, housing and other critical issues a governor must engage on. Propositions are often among the most expensive campaigns, and one measure to exempt companies like Uber and Lyft from classifying their workers of employees generated more than $100 million in spending. “Voters, for the most part, take that very seriously and do their homework," Nalder said. Less consequential may be Jenner's assertion that she did not vote in the presidential contest between former President Donald Trump and Democrat Joe Biden. Jenner previously supported Trump but broke with him over his administration's position on transgender issues. Jenner came out publicly as a woman in 2015. She has hired several former Trump aides as campaign advisers. Kathleen Ronayne, The Associated Press
Diego Simeone’s side are four points clear at the top.
CALGARY, Alberta, May 12, 2021 (GLOBE NEWSWIRE) -- STEP Energy Services Ltd. (the “Company” or “STEP”) is pleased to announce its financial and operating results for the three months ended March 31, 2021. The following press release should be read in conjunction with the management’s discussion and analysis (“MD&A”) and unaudited condensed consolidated interim financial statements and notes thereto as at March 31, 2021 (the “Financial Statements”). Readers should also refer to the “Forward-looking information & statements” legal advisory and the section regarding “Non-IFRS Measures” at the end of this press release. All financial amounts and measures are expressed in Canadian dollars unless otherwise indicated. Additional information about STEP is available on the SEDAR website at www.sedar.com, including the Company’s Annual Information Form for the year ended December 31, 2020 dated March 17, 2021 (the “AIF”). CONSOLIDATED HIGHLIGHTS FINANCIAL REVIEW ($000s except percentages and per share amounts) Three months ended March 31 2021 2020 Consolidated revenue $136,812 $194,369 Net (loss) income $(7,944) $(52,203)Per share-basic $(0.12) $(0.78)Per share-diluted $(0.12) $(0.78)Weighted average shares – basic 67,720,318 66,943,938 Weighted average shares – diluted 67,720,318 66,943,938 Adjusted EBITDA (1) $15,960 $22,802 Adjusted EBITDA % (1) 12% 12% (1) See Non-IFRS Measures. “Adjusted EBITDA” is a financial measure not presented in accordance with IFRS and is equal to net (loss) income after finance costs, depreciation and amortization, loss (gain) on disposal of property and equipment, current and deferred income tax provisions and recoveries, share-based compensation, transaction costs, foreign exchange forward contract (gain) loss, foreign exchange (gain) loss, and impairment losses. “Adjusted EBITDA %” is calculated as Adjusted EBITDA divided by revenue. ($000s except shares and per share amounts) March 31,December 31, 2021 2020Cash and cash equivalents $9,455$1,266Working capital (including cash and cash equivalents) (2) $44,411$44,646Total assets $492,828$479,859Total long-term financial liabilities (2) $215,630$216,627Net debt (2) $204,341$208,735Shares outstanding 68,012,550 67,713,824 (2) See Non-IFRS Measures. “Working capital”, “Total long-term financial liabilities” and “Net debt” are financial measures not presented in accordance with IFRS. “Working capital” is equal to total current assets less total current liabilities. “Total long-term financial liabilities” is comprised of Loans and borrowings, Long-term lease obligations and Other liabilities. “Net debt” is equal to loans and borrowings before deferred financing charges less cash and cash equivalents. FIRST QUARTER 2021 OVERVIEWThe first quarter of 2021 saw a broad economic recovery with the beginning of phased relaxation of measures previously implemented to manage the COVID-19 virus, increased government stimulus spending, and the acceleration of vaccinations across the globe. As a result, first quarter 2021 saw strong commodity prices with West Texas Intermediate (“WTI”) crude oil spot pricing averaging $58.09 USD/barrel with a high of $66.08 USD/barrel. On April 22, 2021, the AECO spot price was $2.91 CAD/mmbtu. The 2021 average spot price closing price to April 22, 2021 was $3.090 CAD/mmbtu compared to a 365-day average of $2.542 CAD/mmbtu. The increases in gas pricing led to increased drilling in the WCSB. Average rig counts have recovered 26% over fourth quarter 2020 in the U.S. and 40% in Canada as completion activity recovered from 2020’s unprecedented disruption. Amidst the recovery, the first quarter 2021 saw transitory disruption in the global supply of crude oil and field activity. U.S. operations were significantly impacted by a February winter storm causing widespread disruption in oil production and completions activity primarily in the Southern U.S. Approximately a third of U.S. refining capacity was shutdown because of severe power outages occurring over several days. Additionally, in late March, a blockage in the Suez Canal resulted in temporary interruptions in critical supply routes, causing delayed shipments in the delivery of oil adding to crude oil price volatility. FIRST QUARTER 2021 COMPARED TO FIRST QUARTER 2020During first quarter 2020, STEP was able to complete work programs for its strategic clients just prior to the unprecedented slowdown of activity caused by responses to the COVID-19 pandemic. First quarter 2021 activity improved, relative to fourth quarter 2020, as the vaccine roll out gained momentum, and economic activity lifted providing increased optimism for future activity. However, activity levels in the quarter failed to reach pre-pandemic levels due to continued demand destruction for oil and gas products. Analysts are predicting improved activity through 2021 and into 2022 as the global economy continues to recover. Throughout the first quarter of 2021, STEP achieved strong utilization in Canada and continued to offer quality solutions for STEP clients. During first quarter 2021, U.S. operations were impacted by the winter storm occurring in February which resulted in widespread power outages and forced temporary shutdowns of refineries in the Southern U.S. for several days. The Company’s activity was impacted for several weeks including a period of total shutdown during the worst of the storm however activity levels recovered late in the quarter as the effects of the storm lifted. Financial Position and Liquidity: Cash and cash equivalents of $9.5 million (December 31, 2020 - $1.3 million)Working capital remained positive at $44.4 million (December 31, 2020 - $44.6 million)March 31, 2021, net debt decreased to $204.3 from $208.7 million at December 31, 2020 continuing the downward trend in net debt.STEP complied with all covenants in its Credit Facilities (see Liquidity and Capital Resources – Capital Management – Debt in the Company’s May 12, 2021 MD&A). Consolidated revenue for the three months ended March 31, 2021 of $136.8 million decreased 30% relative to the same quarter in the prior year as activity has not yet reached pre-pandemic levels.Consolidated net loss for the three months ended March 31, 2021 was $7.9 million, compared to a net loss of $52.2 million for the same quarter in 2020. The $52.2 million net loss in first quarter 2020 was primarily the result of the $58.8 million non-cash impairment charge to property and equipment in the Canadian fracturing Cash Generating Unit (“CGU”). No impairments or impairment reversals were recognized during the three months ended March 31, 2021.For the three months ended March 31, 2021, Adjusted EBITDA was $16.0 million compared to $22.8 million in the same quarter in prior year. Adjusted EBITDA margins remained consistent first quarter 2021 over first quarter 2020 at 12%. In the same quarter in the prior year, the Company booked a $2.5 million provision for bad debt and $1.9 million in severance recorded for staff reductions at the end of March 31, 2020 which were not experienced in 2021.During the three months ended March 31, 2021, the Company received $3.8 million in grants under the Canada Emergency Wage Subsidy (“CEWS”) program. $3.5 million was recognized as a reduction in operating expenses and a $0.3 million reduction in selling, general, and administrative expenses. The Company did not qualify for CEWS in the first quarter of 2020. FIRST QUARTER 2021 COMPARED TO FOURTH QUARTER 2020 Actions taken to manage the COVID-19 global pandemic resulted in unprecedented crude oil demand destruction in North America and the world. Demand destruction was further compounded by actions taken by OPEC+ (Organization of Petroleum Exporting Countries (“OPEC”), Russia and certain other oil-producing countries (collectively “OPEC+”) that increased the supply of crude oil. The result was a significant drop in the price of crude oil and natural gas, negatively impacting STEP’s clients’ cash flows and activity, and STEP results throughout most of 2020.Consolidated revenue in the first quarter of 2021 increased to $136.8 million from $71.6 million in fourth quarter 2020. The first quarter saw increased activity levels compared to the previous quarter due to stronger commodity prices and client spending. Consolidated net loss in first quarter 2021 was $7.9 million compared to a net loss of $17.0 million in fourth quarter 2020. The reduced net loss in first quarter 2021 was the result of better operating results and reduced depreciation.Consolidated Adjusted EBITDA improved from $2.4 million or 3% of revenue in fourth quarter 2020 to $16.0 million or 12% of revenue in first quarter 2021 as STEP’s clients returned to work.During first quarter 2021, the Company received $3.8 million in grants under the CEWS program, $3.5 million was recognized as a reduction in operating expenses and $0.3 million in selling, general, and administrative expenses. This compares to fourth quarter 2020, when the Company received $4.1 million in grants under the CEWS program, $3.8 million was recognized as a reduction in operating expenses and $0.3 million in selling, general and administrative expenses. INDUSTRY CONDITIONS & OUTLOOK INDUSTRY CONDITIONS2020 was a difficult year for the North American oil and gas service industry. In 2021 industry outlook and client sentiment are showing positive signs of improvement with a recovering economic outlook. Although the world is still dealing with COVID-19 infection rates and emerging virus variants, vaccination programs and billions of dollars in economic stimulus programs are expected to support a rebound of global economic activity and crude oil demand recovery through the year. Improving economic fundamentals, including recovering global crude oil demand, should further stabilize commodity prices and encourage clients to increase capital spending. We expect clients to continue to exercise capital discipline and to spend within cashflows. Improved cashflows are not expected to be invested entirely in new activity but may also be used to paydown debt and return capital to shareholders. In addition, operators continue to look for ESG friendly options. However, higher service rates will be needed to continue to invest in advanced technologies. North American pressure pumping pricing is showing early signs of recovery. Many industry players have indicated pricing will need to recover before more equipment will be activated. During 2020, large amounts of underutilized equipment was retired, and in some situations, equipment was cannibalized which should reduce the amount of equipment available to the market as activity levels recover. Record crude oil storage levels that amassed due to COVID-19 global demand destruction last year are being depleted. The International Energy Agency (IEA) indicated that the Organization for Economic Co-Operation and Development (OECD) industry stocks fell for seven consecutive months before holding steady for March 2021. The reduction of crude oil storage levels should provide further commodity price support as activity continues to rebound. Despite growing optimism potential headwinds remain. Activity levels both in Canada and the U.S. have increased but have not reached pre-pandemic levels. Since the onset of the pandemic, OPEC+ has worked to manage production levels relative to global demand. Currently it is estimated OPEC+ production levels are approximately 9.3 mb/d below current capabilities. As the global economy grows OPEC+ is largely expected to bring this production to the market. The ability of OPEC+ to match restoration of production levels to energy demand is expected to be a key driver of determining commodity price in this first stage of the recovery. Most recently the surge or third wave of COVID-19 infections impacting a number of countries, including Canada, is creating uncertainty with respect to timing of the economic recovery. SECOND QUARTER 2021 OUTLOOKActivity in Canada in the first quarter of 2021 improved relative to fourth quarter 2020 however equipment reactivations by industry participants kept pace with or slightly exceeded the market recovery. Continued discipline in managing manned equipment levels relative to near term demand will be required to support price recovery and equipment utilization. STEP’s Canadian operations are expected to be active in second quarter but activity is expected to fall relative to first quarter. Second quarter Canadian completions activity is typically impacted by weather which could impact expected activity. STEP’s strong execution and dual-fuel fleet capabilities that improve program efficiencies and support ESG programs remain valuable to our clients. STEP’s U.S. operations were hampered by unprecedented cold weather that was experienced in the Company’s areas of operations in February. This disruption negatively impacted our operating results for the first quarter. However, since March, activity has returned to anticipated levels and is expected to continue to improve as demand for commodities increase with the reopening of the economy. FULL YEAR 2021 OUTLOOKCanadian activity in the second half of 2021 is less clear but is generally expected to continue to recover from 2020 levels. Pricing is expected to remain competitive as service providers work to balance manned equipment relative to demand. STEP’s Canadian operations intend to maintain its existing operating capacity and will continue to monitor and adjust capacity based on industry demand and near-term demand outlook. As indicated in STEP’s Annual 2020 MD&A Outlook, with the recovery in commodity prices, the U.S. industry has been actively engaged in price recovery discussions with customers and STEP is participating in these discussions. STEP is encouraged by the declarations made by several large industry participants who have indicated they will forgo additional equipment remobilization to support a rebalancing of the market and price recovery to sustainable levels for service providers. Activity levels are expected to increase, at least to the level where U.S. operators are replacing declining production. CAPITAL EXPENDITURESAs previously announced, STEP’s capital program remains at $33.7 million based on expected work activity. The approved capital program is comprised of $28.8 million maintenance capital and $4.9 million of optimization capital. The program is roughly split evenly between Canada and the U.S. STEP will continue to evaluate and manage its manned equipment and capital program based on market demand for STEP’s services. SUBSEQUENT EVENTSubsequent to March 31, 2021, the following amendments were made to STEP’s Credit Facilities on May 12, 2021: Minimum quarterly Adjusted Bank EBITDA was amended to be $5,033,000 for the quarter ended June 30, 2021, and $7,869,000 for the quarter ended September 30, 2021.Interest Coverage Ratio was amended to 3:00:1 for the quarter ended March 31, 2022.Funded Debt to Adjusted Bank EBITDA ratio was amended to 4:00:1 for the quarter ended March 31, 2022. CANADIAN FINANCIAL AND OPERATIONS REVIEW STEP has a fleet of 16 coiled tubing units in the WCSB. The Company’s coiled tubing units were designed to service the deepest wells in the WCSB. STEP’s fracturing business primarily focuses on the deeper, more technically challenging plays in Alberta and northeast British Columbia. STEP has 282,500 horsepower (“HP”), of which 15,000 HP will require capital for refurbishment. Approximately 132,500 HP of the available HP has dual - fuel capabilities. The Company deploys or idles coiled tubing units or fracturing horsepower as dictated by the market’s ability to support targeted utilization and economic returns. ($000’s except per day, days, units, proppant pumped and HP)Three months ended March 31, 2021 2020 Revenue: Fracturing$87,829 $83,551 Coiled tubing 21,533 25,199 109,362 108,750 Expenses: Operating expenses 96,126 100,504 Selling, general and administrative 1,764 2,024 Results from operating activities$11,472 $6,222 Add non-cash items: Depreciation 9,239 14,869 Share-based compensation 820 (200)Adjusted EBITDA (1)$21,531 $20,891 Adjusted EBITDA % (1) 20% 19%Sales mix (% of segment revenue) Fracturing 80% 77%Coiled tubing 20% 23%Fracturing services Fracturing revenue per operating day(1)$313,675 $212,058 Number of fracturing operating days (2) 280 394 Proppant pumped (tonnes) 327,000 382,000 Stages completed 3,213 4,524 Proppant pumped per stage 102 84 Horsepower (“HP”) Active pumping HP, end of period 200,000 225,000 Idle pumping HP, end of period 82,500 57,500 Total pumping HP, end of period (3) 282,500 282,500 Coiled tubing services Coiled tubing revenue per operating day(1)$46,709 $43,672 Number of coiled tubing operating days (2) 461 577 Active coiled tubing units, end of period 7 10 Idle coiled tubing units, end of period 9 6 Total coiled tubing units, end of period 16 16 (1) See Non-IFRS Measures.(2) An operating day is defined as any coiled tubing and fracturing work that is performed in a 24-hour period, exclusive of support equipment. (3) Represents total owned HP in Canada, of which 200,000 hp is currently deployed and 15,000 of the remainder requires certain maintenance and refurbishment. FIRST QUARTER 2021 COMPARED TO FIRST QUARTER 2020Total Canadian revenue for the first quarter of 2021 was largely unchanged from the first quarter of 2020 at $109.4 million compared to $108.8 million. The increase in revenue was attributable to the $4.3 million increase in fracturing operations offset by the decline of $3.7 million in coiled tubing revenue, as coiled tubing operations had a slower start to the first quarter of 2021. Adjusted EBITDA for the first quarter of 2021 was $21.5 million (20% of revenue) compared to $20.9 million (19% of revenue) from the first quarter of 2020. First quarter 2020 included $1.3 million in severance costs and no CEWS. First quarter 2021 included $3.6 million in CEWS which was recorded as a reduction in employee wages. After considering the impact of CEWS on 2021 Adjusted EBITDA, the Adjusted EBITDA and Adjusted EBITDA percentage are not as strong as the same quarter in 2020. Part of the margin compression is due to a change in fracturing job types. Large pads with multiple wells are more profitable to STEP than smaller pads where there is increased movement of people and equipment. A large pad moved out of STEP’s first quarter 2021 schedule and into second quarter 2021. The job types that filled in the schedule were smaller programs with two or three wells and some annular fracturing work which reduced margin. Also, the wage reductions that were implemented in the early days of the pandemic were reversed and wages were reinstated to pre-reduction levels effective January 1, 2021. Wage rollbacks were reversed due to competitive pressures and wage restoration underway in the industry. Headcount reductions in SG&A were maintained throughout 2020 and into 2021 resulting in a reduced support cost structure in the first quarter of 2021 compared to the first quarter of 2020. The reduction in costs due to fewer employees was offset somewhat by the reinstatement of wage rollbacks effective January 1, 2021. Fracturing Based on committed job programs for the first quarter of 2021, STEP remobilized one additional fracturing spread late in the fourth quarter of 2020 bringing manned equipment to four spreads compared to six fracturing spreads active during the first quarter of 2020. Fracturing operating days during the first quarter 2021 (280 days) fell compared to the same quarter of 2020 (394 days) reflecting the lower level of manned equipment and industry activity. Although activity has improved significantly from the pandemic lows in second quarter of 2020, activity has not yet returned to pre-pandemic levels. Revenue was higher by $4.2 million comparing first quarter 2021 and the same period in 2020 due to STEP supplying significantly more proppant in first quarter 2021 when compared to first quarter 2020. This is also evident when reviewing the increase in revenue per operating day of $313,675 vs. $212,058 for first quarter 2021 and 2020, respectively. From a direct margin perspective, first quarter 2021 also had higher sand cost of good sold and additional third-party hauling expenses. The increase in STEP supplied proppant more than offset the decline in operating days for the three months ended March 31, 2021 as proppant supplied by the Company increased by 74% over the prior year. STEP capitalizes fluid ends when their estimated useful life exceeds 12 months. Fluid ends are capitalized in Canada based on a review of usage history. However, had the Company expensed fluid ends, the operating expenses for the three months ended March 31, 2021 would have been approximately $1.1 million higher. Coiled Tubing Canadian coiled tubing staffed on average seven coiled tubing units during the first quarter of 2021 as compared to 10 units in the same period of the prior year. Canadian coiled tubing operating days were down 20% for the three months ended March 31, 2021 from 577 in the same quarter in the previous year resulting in a decrease in revenue from $25.1 million in first quarter 2020 to $21.5 million in the first quarter 2021. After a slow start at the beginning of the year, coiled tubing saw a steady uptrend in activity throughout the balance of the quarter and the month of March saw a 36% improvement in operating days over March in the prior year. The total reduction in coiled tubing revenue for the three months ended March 31, 2021 caused by fewer operating days was offset by higher revenue per day of $46,709 in the quarter as compared to $43,672 in the same quarter in the prior year. FIRST QUARTER 2021 COMPARED TO FOURTH QUARTER 2020Total Canadian revenue for the first quarter of 2021 was $109.4 million compared to fourth quarter 2020 revenue of $41.0 million. As discussed earlier the overall economic environment is showing improvement and activity is returning to the oil and gas industry. Increased crude oil and natural gas prices have provided our clients with additional cash flow to invest. The increased revenue was attributable to a $60 million increase in fracturing revenue and an increase of $9 million in coiled tubing revenue. Fourth quarter 2020 revenue and Adjusted EBITDA were also impacted by budget exhaustion on STEP large work programs which exposed the Company to more aggressive spot market pricing competition as the overall level of service demand declined. Adjusted EBITDA for the first quarter of 2021 was $21.5 million (20% of revenue) compared to $5.5 million (14% of revenue) from the fourth quarter of 2020. First quarter 2021 included $3.6 million in CEWS recorded as a reduction in employee wages and fourth quarter of 2020 included $3.8 million in CEWS and $0.1 million in severance. Adjusted EBITDA in the first quarter of 2021 benefitted from higher activity levels than the fourth quarter 2020, as capital budgets were reset early in 2021 which led to the higher activity. Fracturing The Company ran four fracturing spreads in first quarter 2021 compared to three spreads in fourth quarter 2020. Operating days increased 103% from 138 days in the three months ended December 31, 2020 to 280 days in the three months ended March 31, 2020. STEP pumped 134,000 tonnes of proppant and 82 tonnes per stage in fourth quarter 2020 compared to 327,000 tones and 102 tonnes per stage in first quarter 2021. Coiled Tubing The Company ran seven coiled tubing units in first quarter 2021 compared to five units in fourth quarter 2020. Coiled tubing revenue per day remained largely the same in first quarter 2021 and fourth quarter 2020. UNITED STATES FINANCIAL AND OPERATIONS REVIEW STEP’s U.S. business commenced operations in 2015 with coiled tubing services. STEP has a fleet of 13 coiled tubing units in the Permian and Eagle Ford basins in Texas, the Bakken shale in North Dakota, and the Uinta-Piceance and Niobrara-DJ basins in Colorado. STEP entered the U.S. fracturing business in April 2018. The U.S. fracturing business has 207,500 HP, which primarily operates in the Permian and Eagle Ford basins in Texas. Management continues to adjust capacity and regional deployment to optimize utilization, efficiency and returns. ($000’s except per day, days, units, proppant pumped and HP)Three months ended March 31, 2021 2020 Revenue: Fracturing$16,425 $60,442 Coiled tubing 11,025 25,177 27,450 85,619 Expenses: Operating expenses 38,029 86,915 Selling, general and administrative 1,406 2,488 Results from operating activities$(11,985)$(3,784)Add non-cash items: Depreciation 8,691 11,928 Share-based compensation 277 (338)Adjusted EBITDA (1)$(3,017)$7,806 Adjusted EBITDA % (1) (11%) 9%Sales mix (% of segment revenue) Fracturing 60% 71%Coiled tubing 40% 29%Fracturing services Fracturing revenue per operating day(1)$122,575 $296,284 Number of fracturing operating days (2) 134 204 Proppant pumped (tonnes) 189,000 293,000 Stages completed 909 1,379 Proppant pumped per stage 208 212 Horsepower Active pumping HP, end of period 110,000 157,500 Idle pumping HP, end of period 97,500 50,000 Total pumping HP, end of period (3) 207,500 207,500 Coiled tubing services Coiled tubing revenue per operating day(1)$35,000 $45,446 Number of coiled tubing operating days (2) 315 554 Active coiled tubing units, end of period 7 7 Idle coiled tubing units, end of period 6 6 Total coiled tubing units, end of period 13 13 (1) See Non-IFRS Measures.(2) An operating day is defined as any coiled tubing and fracturing work that is performed in a 24-hour period, exclusive of support equipment. (3) Represents total owned HP in the U.S. FIRST QUARTER 2021 COMPARED TO FIRST QUARTER 2020Total U.S. revenue was $27.5 million in the three months ended March 31, 2021 compared to $85.6 million for the three months ended March 31, 2020 a decrease of 68%. Fracturing revenue was $60.4 million in first quarter 2020 compared to $16.4 million in first quarter 2021, a decline of 72%. Coiled tubing revenue was $25.2 million in first quarter 2020 compared to $11.0 million in first quarter 2021, a decline of 56%. Adjusted EBITDA loss was $3.0 million or negative 11% for the three months ended March 31, 2021 compared to Adjusted EBITDA of $7.8 million or 9% for the three months ended March 31, 2020 a decrease of $10.8 million. During first quarter 2021, U.S. operations were impacted by the winter storm that occurred in February which resulted in widespread power outages and forced temporary shutdowns of refineries in the Southern U.S. for several days. Activity was impacted for several weeks including a period of total shutdown during the worst of the storm. Fracturing During the first quarter of 2020, STEP U.S. operated three fracturing spreads and had high utilization. At the onset of the pandemic, STEP scaled back its operating fracturing spreads to one and only added a second fracturing spread in late 2020 as activity began to return. STEP restructured the U.S. business to support a smaller complement of equipment for both fracturing and coiled tubing. The decline in Adjusted EBITDA from first quarter 2020 to first quarter 2021 is primarily related to year over year price erosion and the costs related to inactivity during the February winter storm. The decrease in revenue per day is the result of a change in contract mix as well as higher competitive pressure on pricing. First quarter 2020 work complement included STEP sand supplied contracts with typically higher revenue per day. First quarter 2021 saw a transition to pumping only contracts that removed the revenue associated with the provision of sand. During first quarter 2020 revenue per day was $296,284 compared to first quarter 2021 revenue per day of $122,575. With the increases in commodity prices and additional activity, the industry is in the early stages of price recovery discussions and STEP has been participating in these discussions with its clients. The month of March 2021 met STEP’s expectations and we are cautiously optimistic that the economic recovery will continue. STEP capitalizes fluid ends when it is determined that they have an estimated useful life that exceeds 12 months. Based on a review of usage history in the U.S., fluid ends are expensed. U.S. Fracturing expensed fluid ends for the three months ended March 31, 2021 of $1.1 million (USD $0.8 million) compared to the three months ended March 31, 2020 of $3.0 million (U.S. $2.2 million). Coiled Tubing During the first quarter of 2021, STEP operated seven coiled tubing units consistent with the number of units operated in the first quarter 2021 and one more than fourth quarter 2020. STEP operates coiled tubing units in West Texas, South Texas, North Dakota, and Colorado. In addition to the winter storm in February that impacted the Southern U.S., North Dakota also experienced a cold snap that reduced activity and affected first quarter results. The coiled tubing business has experienced significant pricing pressures with a continued over supply of equipment and aggressive pricing practices as competitors attempt to gain market share. Revenue per day during first quarter 2020 was $45,446 per day compared to $35,000 per day in first quarter 2021. Similar to fracturing STEP has been having discussions with its coiled tubing clients to support price recovery. FIRST QUARTER 2021 COMPARED TO FOURTH QUARTER 2020Total U.S. revenue for the first quarter of 2021 was $27.5 million compared to fourth quarter 2020 revenue of $30.6 million. First quarter 2021 was significantly impacted by the temporary suspension of client programs due to the severe February cold snap. Rolling blackouts forced the shutdown of several refineries, primarily impacting U.S. Texas operations. North Dakota coiled tubing operations were also affected by severe cold weather. The $3.1 million decrease in revenue was composed of $4.3 million in lower fracturing revenue offset by a $1.1 million increase in coiled tubing revenue. Adjusted EBITDA loss for the first quarter of 2021 was $3.0 million or negative 11% compared to an Adjusted EBITDA loss of $1.4 million or negative 5% from the fourth quarter of 2020. Overhead and SG&A cost management measures implemented in 2020 continued through the quarter. Fracturing STEP’s U.S. fracturing operations were completely shutdown for several weeks related to the severe winter storm during the first quarter 2021 which negatively impacted sequential results. STEP reactivated a second fracturing spread in late 2020 in anticipation of an increase in market activity. Coiled Tubing STEP U.S. coiled tubing operating days increased slightly from 292 in fourth quarter of 2020 to 315 in first quarter of 2021. Coiled tubing revenue per day increased from $33,849 per day to $35,000 per day in fourth quarter 2020 and first quarter 2021, respectively. STEP is cautiously optimistic that prices and activity will continue to improve through 2021. CORPORATE FINANCIAL REVIEW The Company’s corporate activities are separated from Canadian and U.S. operations. Corporate operating expenses include expenses related to asset reliability and optimization teams, Corporate Sales, General & Administrative costs include costs associated with the executive team, the Board of Directors, public company costs and other activities that benefit Canadian and U.S. operating segments collectively. ($000’s)Three months ended March 31, 2021 2020 Expenses: Operating expenses$214 $633 Selling, general and administrative 5,205 5,076 Results from operating activities$(5,419)$(5,709)Add non-cash items: Depreciation 173 216 Share-based compensation 2,692 (402)Adjusted EBITDA (1)$(2,554)$(5,895)Adjusted EBITDA % (1,2) (2%) (3%) (1) See Non-IFRS Measures.(2) Adjusted EBITDA percentage calculated using the Consolidated revenue for the period. FIRST QUARTER 2021 COMPARED TO FIRST QUARTER 2020Expenses from corporate activities, excluding depreciation and share-based compensation (“SBC”) related to corporate assets and employees, were $2.6 million for the first quarter of 2021 compared to $5.9 million for the first quarter of 2020. The $3.3 million decrease is primarily due to $0.6 million in severance for employee terminations, $2.5 million in bad debt expense and the reduction in staff count undertaken in second quarter 2020 that was maintained through first quarter 2021. This decrease is offset by $0.2 million in CEWS recorded as a reduction to employee wage expense. FIRST QUARTER 2021 COMPARED TO FOURTH QUARTER 2020Expenses from corporate activities, excluding depreciation and SBC related to corporate assets and employees, were $2.6 million for the first quarter of 2021 compared to $1.7 million for the fourth quarter of 2020. STEP reduced first quarter 2021 employee wage expense by $0.2 million as a result of CEWS. STEP also recorded CEWS of $0.3 million in fourth quarter 2020. The quarter over quarter increase in expense is due to the Company reversing salary cutbacks on January 1, 2021, accruals for short-term incentive plans that were eliminated in 2020 as part of the reduction in expenses and an increase in external legal costs. NON-IFRS MEASURES Please see the discussion in the Non-IFRS Measures section of the MD&A for the reconciliation of non-IFRS items to IFRS measures. FORWARD-LOOKING INFORMATION & STATEMENTS Certain statements contained in this Press Release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”). These statements relate to the expectations of management about future events, results of operations and the Company’s future performance (both operational and financial) and business prospects. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “plan”, “contemplate”, “continue”, “estimate”, “expect”, “intend”, “propose”, “might”, “may”, “will”, “shall”, “project”, “should”, “could”, “would”, “believe”, “predict”, “forecast”, “pursue”, “potential”, “objective” and “capable” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. While the Company believes the expectations reflected in the forward-looking statements included in this Press Release are reasonable, such statements are not guarantees of future performance or outcomes and may prove to be incorrect and should not be unduly relied upon. In particular, but without limitation, this Press Release contains forward-looking statements pertaining to: 2021 industry conditions and outlook, including potential increased activity and the impact thereof on the Company’s equipment reactivation plans, performance, revenue and cash flows; the potential for a global economic recovery; a strengthening commodity price outlook, including its effects on drilling activity levels and pricing for the Company’s services; COVID-19 and related public health measures and their impact on energy demand and the Company’s financial position and business plans; the effect of weather on the Company’s potential Q1 2021 results; client demand for dual – fuel capabilities; supply and demand for oilfield services and industry activity levels, including industry capacity, equipment levels, and utilization levels; the Company’s ability to meet all financial commitments including interest payments over the next twelve months; market uncertainty, and its effect on commodity prices; relaxation of COVID-19 related restrictions, the potential for a third wave of COVID-19 infections, and the resulting impact on crude oil demand and the Company’s operations; the Company’s anticipated business strategies and expected success, including changes to cost structures and cash preservation measures; the Company’s ability to manage its capital structure; pricing received for the Company’s services; the Company’s capital program in 2021 and management’s continued evaluation thereof; planned utilization of government financial support and economic stimulus programs; expected profitability; expected income tax liabilities; adequacy of resources to funds operations, financial obligations and planned capital expenditures in 2021; planned deployment and staffing levels for the Company’s equipment; the Company’s ability to retain its existing clients; the monitoring of industry demand, client capital budgets and market conditions; client credit risk, including the Company’s ability to set credit limits, monitor client payment patterns, and to apply liens; and the Company’s expected compliance with covenants under its Credit Facilities, its ability to continue as a going concern, and its ability to satisfy its financial commitments and obtain relief from the lenders under its Credit Facilities; and the impact of litigation, including the Calfrac litigation, on the Company. The forward-looking information and statements contained in this Press Release reflect several material factors and expectations and assumptions of the Company including, without limitation: the Company will continue to conduct its operations in a manner consistent with past operations; the Company will continue as a going concern; the Company’s ability to manage the effect of the COVID-19 pandemic and OPEC or OPEC+ related market uncertainty on the market for its services; industry and regulatory uncertainty caused by the new U.S. Presidential administration; the general continuance of current or, where applicable, assumed industry conditions; pricing of the Company’s services; the Company’s ability to market successfully to current and new clients; the Company’s ability to utilize its equipment; the Company’s ability to collect on trade and other receivables; the Company’s ability to obtain and retain qualified staff and equipment in a timely and cost effective manner; levels of deployable equipment; future capital expenditures to be made by the Company; future funding sources for the Company’s capital program; the Company’s future debt levels; the availability of unused credit capacity on the Company’s credit lines; the impact of competition on the Company; the Company’s ability to obtain financing on acceptable terms; the Company’s continued compliance with financial covenants and the ability to obtain covenant relief; the amount of available equipment in the marketplace; and client activity levels and spending. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable but no assurance can be given that these factors, expectations and assumptions will prove correct. Actual results could differ materially from those anticipated in these forward‐looking statements due to the risk factors set forth below and elsewhere in this Press Release: volatility of the oil and natural gas industry; global, national, or local health concerns such as the COVID‐19 pandemic and their impact on demand and pricing for the Company’s services, the Company’s supply chain, the continuity of the Company’s operations and the health of the Company’s workforce; competition in the oilfield services industry; restrictions on access to capital; reliance on suppliers of raw materials, diesel fuel and component parts; reliance on equipment suppliers and fabricators; direct and indirect exposure to volatile credit markets; fluctuations in currency exchange rates; fluctuations in interest rates on floating rate loans and borrowings; merger and acquisition activity among the Company’s clients; reduction in the Company’s clients’ cash flows or ability to source debt or equity; federal, provincial or state legislative and regulatory initiatives that could result in increased costs and additional operating restrictions or delays; health, safety and environment laws and regulations may require the Company to make substantial expenditures or cause it to incur substantial liabilities; changes to government financial support and economic stimulus programs implemented to mitigate economic impacts of COVID‐19; loss of a significant client could cause the Company’s revenue to decline substantially; negative cash flows from operating activities; third party credit risk; hazards inherent in the oilfield services industry which may not be covered to the full extent by the Company’s insurance policies; difficulty in retaining, replacing or adding personnel; seasonal volatility due to adverse weather conditions; reliance on a few key employees; legal proceedings involving the Company; failure to maintain the Company’s safety standards and record; failure to continuously improve operating equipment and proprietary fluid chemistries; actual results differing materially from management estimates and assumptions; market uncertainties; and the risk factors set forth under the heading “Risk Factors” in the AIF and under the heading “ Risk Factors and Risk Management” in the Company’s May 12, 2021 MD&A and the Annual MD&A. Any financial outlook or future orientated financial information contained in this Press Release regarding prospective financial performance, financial position or cash flows is based on the assumptions about future events, including economic conditions and proposed courses of action based on management’s assessment of the relevant information that is currently available. Projected operational information, including the Company’s capital program, contains forward looking information and is based on a number of material assumptions and factors, as are set out above. These projections may also be considered to contain future oriented financial information or a financial outlook. The actual results of the Company’s operations will likely vary from the amounts set forth in these projections and such variations may be material. Readers are cautioned that any such financial outlook and future oriented financial information contains herein should not be used for purposes other than those for which it is disclosed herein. The forward-looking information and statements contained in this Press Release speak only as of the date of the document, and none of the Company or its subsidiaries assumes any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws. The reader is cautioned not to place undue reliance on forward-looking information. ABOUT STEP STEP is an oilfield service company that provides stand-alone and fully integrated fracturing, coiled tubing and wireline solutions. Our combination of modern equipment along with our commitment to safety and quality execution has differentiated STEP in plays where wells are deeper, have longer laterals and higher pressures. Founded in 2011 as a specialized deep capacity coiled tubing company, STEP now provides an integrated solution for deep capacity coiled tubing and fracturing services to exploration and production (“E&P”) companies in Canada and the United States (“U.S.”). Our Canadian services are focused in the WCSB, while in the U.S., our services are focused in the Permian and Eagle Ford in Texas, the Uinta-Piceance, and Niobrara-DJ basins in Colorado and the Bakken in North Dakota. Our four core values; Safety, Trust, Execution and Possibilities inspire our team of professionals to provide differentiated levels of service, with a goal of flawless execution and an unwavering focus on safety. For more information please contact: Regan DavisPresident & Chief Executive Officer Michael KellyExecutive Vice President & Chief Financial Officer Telephone: 403-457-1772 Telephone: 403-457-1772 Email: firstname.lastname@example.org Web: www.stepenergyservices.com
The hunt for a place in next season’s Champions League is likely to go down to the last few games


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Browning meat can really bring all the meat dishes you make to the next level. Nothing really compares to the distinctive, irresistible taste of browned meat, but, in order to do this properly, you really need to have the right frying pan.
But what kind of pan is good for browning, you may wonder. In order to brown meat successfully, you need to add the meat to a hot pan and maintain a high temperature for some time.
Not every pan is able to do this, and non-stick pans are automatically disqualified because they are not usually made to withstand high temperatures, especially not for longer periods of time.
Instead, many chefs recommend going with a cast iron skillet. However, there are some other decent options too, in case cast iron is not your thing. Today, we review the four best skillets for browning meat.
So letâ€™s take a look!Invalid table id.
Lodge Seasoned Cast Iron Skillet
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As we have already hinted, many people will tell you that a cast iron skillet is the ultimate pan for browning meat and this might as well be true – the Lodge Seasoned Cast Iron Skillet really does an amazing job at browning meat.
This is not just a random coincidence, though, there are good reasons why this pan works so well for this specific purpose. Namely, cast iron is not the best conductor of heat, but it retains heat better than any other metal.
What this means is that the pan heats up slowly, but once it heats up, it remains hot and maintains a stable temperature which is exactly what you need when browning meat.
Uncoated cast iron does require a specific maintenance routine, but itâ€™s not too hard once you get used to it. Itâ€™s just that these pans should never go in the dishwasher and you need to season them on a regular basis.
This Lodge pan arrives pre-seasoned with vegetable oil, though, so you can use it right out of the box!
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Le Creuset Enameled Cast-Iron 11-3/4-Inch Skillet With Iron Handle
Le Creuset is a French cookware manufacturer with a long history. What they are known for is cast iron cookware covered with a colorful enamel coating.
When it comes to enameled cast iron, Le Creuset is really the best of the best. While their pans are a bit on the pricier side, they do last literally forever which makes them a good investment.
The Le Creuset Enameled Cast-Iron 11-3/4-Inch Skillet With Iron Handle works perfectly for browning meat. Enameled cast iron works just as well as uncoated cast iron for this purpose, but you get some additional benefits – you donâ€™t need to season your enameled cast iron skillet, and itâ€™s easier to clean.
The only issue you might have with this pan is the fact that the handle does get hot. However, this is easily solved by adding the silicone handle sleeve made by Le Creuset.
- 11-3/4-inch enameled cast-iron skillet with dual pour spouts
- Chip- and crack-resistant enamel won't react to foods
- Integral iron handle and opposite helper handle for secure transport
- Hand washing recommended; oven- and broiler-safe to any oven temperature
- Measures approximately 18-4/5 by 13-1/2 by 2 inches; limited lifetime warranty
De Buyer MINERAL B Round Carbon Steel Fry Pan
Carbon steel is the less-known cousin of cast iron. Although itâ€™s called â€œcarbonâ€ steel, this material actually contains more iron than cast iron, which actually makes carbon steel pans a bit lighter than cast iron pans. If the weight of cast iron is an issue for you, a carbon steel pan might be a good alternative.
The De Buyer MINERAL B Round Carbon Steel Fry Pan measures 12.5 inches in diameter, which means itâ€™s quite large.
However, it has a long handle on one side and a helper handle on the other so handling the size of this pan shouldnâ€™t be too much of a problem, and you do get all the extra space.
The long handle is tightly secured with three rivets and slightly raised near the side of the pan which is a characteristic of traditional French design. The pan itself is made of 99% pure iron, so it works with induction cooktops too.
Finally, De Buyer covers their carbon steel pans with beeswax before shipping in order to protect the pans from oxidation and ensure they are in a perfect condition when they get to you.
- CARBON STEEL FRY PAN - The MINERAL B Fry Pan is perfect for searing meat, sauteing vegetables, reheating leftovers, or cooking eggs. It’s made of carbon steel, which is one of the most natural cooking materials, praised by chefs around the world.
- NATURALLY NONSTICK - Lighter than cast iron & more heat conductive than stainless steel, this fry pan becomes naturally nonstick after seasoning—without any chemicals or synthetic coating—and gets better the more you use it.
- HOW TO USE - Follow our instructions on first use to wash off the beeswax & season the pan. Hand wash only & avoid harsh soaps that can strip the seasoning. Can be used on all cooking surfaces, including induction. Oven safe for up to 10 min at 400F.
- ROOTED IN FRENCH CULINARY TRADITION - We design and manufacture premium kitchen accessories, pastry equipment, and cooking utensils, continuously innovating to meet the needs of catering professionals and home cooks alike.
All-Clad 41126 Stainless Steel Fry Pan with Lid
When it comes to browning meat, a good stainless steel skillet is another great option. When it comes to stainless steel skillets, All-Clad is one of the best manufacturers out there.
This pan offers a highly polished stainless steel cooking surface. What this means is that you get the perfect surface not only for browning meat but also for cooking the sauce in the same pan if you want to do so.
What makes it so great is that fact that stainless steel is completely non-reactive – no reactions, no harmful chemicals released.
Moreover, this pan has a layer of aluminum sandwiched between the inner and outer layers made of stainless steel. Aluminum is a good conductor of heat, so it allows this pan to heat up more quickly and distribute the heat more evenly.
- Premium 12-inch stainless steel fry pan with a lid, featuring a durable and versatile tri-ply construction for even heat distribution and retention, making it perfect for various cooking techniques.
- Fast and Even Heat - D3 tri-ply is fully bonded to the rim for professional performance & durability. The high quality 18/10 stainless steel surface sears to perfection and is ideal to deglaze for pan sauces.
- Design You Will Love - D3 has a professionally polished stainless steel finish. Our classic, double riveted stainless steel handles ensure a secure grip.
- Built to Last - Trusted by generations of chefs and backed by All-Clad's Limited Lifetime Warranty. Our cookware is oven & broiler safe up to 600°F and compatible with any stovetop, including induction. Handwashing is recommended.
- Bonded, Engineered, & Assembled in Canonsburg, PA - USA Since 1971.
Finally, what is the best pan for browning meat? Well, itâ€™s a pan that can stand high temperatures, and that is able to maintain those temperatures for extended periods of time.
Whether you choose cast iron, carbon steel, or a stainless steel skillet with an aluminum core is a matter of personal choice. Nevertheless, all of the pans on our list are high-quality pans that donâ€™t work only for browning meat.
In fact, they are quite versatile, and all of them work both on the stovetop and in the oven.
Whichever you decide to get, we are sure you wonâ€™t be disappointed!

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MSNBC: “The president’s lawyers insisted at his Senate impeachment trial Monday that there was nothing improper about his dealings with Ukraine’s government. The Morning Joe panel discusses.”
Buck Banks | Feb. 14, 2020
The listeners were the problem, says Trump, in retrospect.
Without the listeners, he could speak his mind, unchecked.
Now that will stop,
No one will eavesdrop,
And all Trump’s calls with foreign leaders will be absolutely “perfect.”

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By now we know we should be wearing face masks to protect others from potentially deadly infection when we leave the house. But face masks can be hot, and they can irritate the skin, fog glasses, make it difficult for some to breathe and create a world without smiles. It also can be difficult for people who have hearing loss to communicate when mouths are covered, muffling voices and hiding facial expressions.
Are clear plastic face shields, most frequently used in health care settings, a better option? Some say no: Health officials in Switzerland recently warned that shields alone may not offer as much protection as masks alone; in a recent outbreak at a hotel some employees and a guest who wore plastic visor-style shields tested positive for COVID-19, while those who wore masks did not.
The Centers for Disease Control and Prevention continues to recommend wearing “cloth face coverings in public settings where other social distancing measures are difficult to maintain.” But some health experts say shields appear to be very effective at preventing infection — maybe even more effective than masks — for someone going about regular daily activities and not in a high-risk health care setting.
Amesh Adalja, M.D., a pandemic preparedness expert at the Johns Hopkins Center for Health Security, says, “There's a lot of at least biological possibility to suspect that [shields] are definitely better than homemade face masks, and maybe even better than other types of masks as well, because they not only prevent you from spreading it … [and] because it also covers your eyes, it provides more protection to the mucus membranes of your face where you might be getting infected.”
James Cherry, M.D., a distinguished research professor and infectious disease expert at the David Geffen School of Medicine at UCLA, says that while experts aren't yet sure about how vulnerable our eyes are to infection from this coronavirus, “With many viruses, the eyes are important.” He points to measles and adenoviruses as examples of viruses that are known to infect people through their eyes.
DIY face shield tips
There are many online videos showing how to make your own shield in a few minutes, with different variations: a Canadian DIYer uses plastic binding covers you find at office supply stores; others use plastic bottles. (Note that these are not medical-grade or approved by any official health agency.)
This is one how to make a shield from an empty soda bottle.
- A 2-liter clear plastic bottle
- Cutting tool or scissors
- Small piece of weather stripping (others use packaging foam)
- Hole puncher
- String or ribbon
- Cut off the end of the bottle a few inches from the bottom
- Cut off the top of the bottle, keeping a bit of the curvature, which will go under the chin
- Cut up the middle, so it becomes a somewhat flat piece of plastic
- Trim off sharp edges, and narrow a bit if necessary to fit the width of your face
- Peel off the backing of a piece of weather stripping and stick it to the top edge, which will go against your forehead
- Punch a hole at the top on either side, and thread a string or ribbon through
- Tie it around your head
Another benefit, says Adalja: With a mask, you may find yourself constantly adjusting it and therefore touching your face and possibly transferring the virus from your hands, but wearing a shield “doesn't really put you in a position where you're touching your face so much, because it's not as cumbersome to wear."
And finally, Adalja adds, “If you walk down the sidewalk, you can find lots of masks that are just discarded there, which are an infection control risk for other people. Whereas a face shield is something that people can just clean themselves and reuse."
A recent opinion piece in JAMA by Eli Perencevich, M.D., a professor of internal medicine and epidemiology at the University of Iowa Carver College of Medicine, and two of his colleagues pointed to such benefits of shields for infection prevention, and noted that “face shields appear to significantly reduce the amount of inhalation exposure to influenza virus, another droplet-spread respiratory virus. In a simulation study, face shields were shown to reduce immediate viral exposure by 96 percent when worn by a simulated health care worker within 18 inches of a cough.” In an April 19 tweet Perencevich wrote, “Biggest benefit of face shields would be inside crowded office situations where air exchanges aren't ideal."
Another benefit? With warmer weather, many may also find a face shield attached to a headband or cap cooler to wear than a cloth mask.

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Long Way Down by Jason Reynolds is a powerful story of systemic gun violence in America written in verse. The verse is written in small poems barley ever going over two pages really well painting a picture that lets you the reader control the narrative adding the details that the verse misses. The story is like a cross between Charles Dickens A Christmas Carol and Mitch Albom’s The Five People You Meet in Heaven. Ghost of the past board the elevator on every floor starting with the 7th and talk young Will about what he’s going to do when he gets when he gets to the bottom floor; kill the guy he thinks killed his older brother. The ending is one of the powerful endings I’ve read, I felt this is a story that need to get turned into a stage play. This is my second book by Jason Reynolds, and the second time I have been blown away by his writing. He uses such simple words to describe such an emotional stories. Jason Reynolds writes middle grade fiction with such heart and truth. Reynolds Ghost was one of my top picked books a couple years ago and this better than that. Long Way Down was a Newberry Medal Nominee, and Won the Edgar Award for Best Young Adult 2018
The Plot: 15 year-old Will has just dropped to the ground because he heard gun fire, he and his friend get up and look around, one body is still; his older brother Sean. Will angry goes home dead set to get the gun he knows Sean has hidden in his sock drawer. He grabs the gun pretty sure he knows who killed his brother, when he gets to the bottom floor that it the guy, Riggs, is dead. Will is visited by a ghost that has been a victim of gun violence on every floor. They talk about what he’s going to do and why, can they change Will or is it too late?
What I Liked: The poetic storytelling really works, I read it sort of like I would Hamilton the musical, I think that’s why I would really like to see it as a stage play. The character of Will is a good kid that is getting dragged into something he feels he has too. I like the rules of the streets and how everyone feels beholden to these rules that’s killing these young kids. I like that the subject matter is serious but it injects humor. I liked how the ghost of Buck and the guy that shot him are friends, like if the streets didn’t exist they would have been best friends. The ending is one of the best I have read it is open ended allowing the reader to choose what happened, and I loved it so much, so powerful. My Favorite line was “Pretended like yellow tape was some kind of neighborhood flag that don’t nobody wave but always be flapping in the wind.” followed up by “And the next day, kids would play mummy with it.”
What I Disliked: I wanted a little more clarity on what Will’s father was thinking, he made him scared, but more dialogue was needed to know his full intent.
Recommendation: I recommend this story to young and old, this is a middle grade story but an older audience will get everything the story is trying to say. I think this is a great story especially for the people already living this life. I would be weary of exposing kids that this world is not on their radar to soon, but it is a good story to give empathy to those that live a different life than most. I rated Long Way Down by Jason Reynolds 5 out of 5 stars.

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