CaribPR Wire

CaribPR Wire, CALGARY, Alberta, April 27, 2020: Parkland Fuel Corporation (“Parkland”) (TSX:PKI) expects to announce its 2020 first quarter results after markets close on Wednesday, May 6, 2020. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Thursday, May 7, 2020, to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:
https://produceredition.webcasts.com/starthere.jsp?ei=1302735&tp_key=014a45b92e

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0605 (toll-free) (Conference ID: 14261230).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

Financial Statements and Management’s Discussion and Analysis will be posted to www.parkland.ca and SEDAR after the results are released.

Virtual Annual General Meeting
Due to the ongoing public health concerns regarding COVID-19, Parkland will hold its 2020 Annual and Special Meeting of shareholders in a virtual-only format. The virtual-only meeting will be conducted via live audio webcast online on Thursday, May 7, 2020, at 9:00 a.m. MDT (11:00 a.m. EDT).

All Shareholders will be able to attend the live virtual meeting. Information for shareholders is posted in Parkland’s Management Information Circular dated March 31, 2020 available at www.parkland.ca and under Parkland’s profile at www.sedar.com.

Burnaby Refinery turnaround
Parkland is pleased to announce the Burnaby Refinery turnaround is complete and confirm the facility is now fully operational.

About Parkland

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

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CaribPR Wire, CALGARY, Alberta, March 09, 2020: Parkland Fuel Corporation (“Parkland”) (TSX:PKI) announced today that through its wholly owned U.S. subsidiaries (collectively, “Parkland USA”), it has entered into an asset agreement to acquire seven retail sites located in and around Billings, Montana. All seven retail sites feature a strong convenience store offering and a Conoco-branded forecourt.

“This acquisition expands our Montana business and scales our existing Northern Tier Regional Operating Center,” said Doug Haugh, President of Parkland USA. “ConoMart Super Stores is a well-run, customer-focused business and we look forward to welcoming the team to Parkland.”

Pro forma the acquisition, Parkland expects a modest increase in annual run-rate adjusted EBITDA for its USA operating segment. The transaction is expected to close in the second quarter of 2020 and is subject to customary closing conditions.

About Parkland
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue”, “pro forma” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the successful completion of this acquisition and the timing thereof; expected benefits of the acquisition, including potential synergies, organic growth and acquisition opportunities and the expected annual run-rate adjusted EBITDA of Parkland’s USA operating segment following the acquisition.

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. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as may be required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, failure to complete this acquisition; failure to satisfy the conditions to closing of the acquisition; failure to achieve the anticipated benefits of the acquisition; general economic, market and business conditions; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s management discussion and analysis for the year ended December 31, 2019 dated March 5, 2020 (the “Annual MD&A”), as filed on SEDAR and available on the Parkland website at www.parkland.ca.

Annual run-rate adjusted EBITDA is an internally-prepared estimate of annualized adjusted EBITDA which assumes full year contributions from the acquisitions to date. Annual run-rate adjusted EBITDA is a non-GAAP financial measure and may not be comparable to similar measures used by other issuers. See Parkland’s Annual MD&A for further information on how Parkland calculates adjusted EBITDA and a reconciliation to the nearest IFRS measure.

CaribPR Wire, CALGARY, Alberta, Feb. 21, 2020: Parkland Fuel Corporation (“Parkland”) (TSX:PKI) expects to announce its 2019 fourth quarter and year-end results after markets close on Thursday, March 5, 2020. A conference call and webcast will then be held at 6:30 a.m. MST (8:30 a.m. EST) on Friday, March 6, 2020 to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:

https://event.on24.com/wcc/r/2202396/DE9374B8003A48A6DC3F09374333E802

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 95848696). Please connect and log in approximately 10 minutes before the beginning of the call.

The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

Financial Statements and Management’s Discussion and Analysis will be posted to www.parkland.ca and SEDAR after the results are released.

About Parkland
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

WINNIPEG, Manitoba, Dec. 19, 2019 /CNW/ - Canada Life Reinsurance is pleased to announce that it has recently entered into a long-term longevity reinsurance agreement with Aegon covering €12 billion of in-force liabilities. Close to 200,000 of in-payment and deferred pensioners will be reinsured by Canada Life Reinsurance under this agreement.

Jeff Poulin, Global Head of Canada Life Reinsurance, commented, “This transaction is the result of a great effort by both our team and Aegon’s team and highlights Canada Life Reinsurance’s strength as a partner for reinsurance longevity transactions globally”.  Derek Popkes, Chief Operating Officer at Canada Life Reinsurance, added “We are delighted to grow and diversify our global longevity portfolio by working with Aegon to deliver a transformational longevity transaction tailored to their specific requirements.  We will continue to innovate and work in partnership with our valued clients to deliver the best risk transfer solutions matching their objectives.”

Canada Life Reinsurance offers a range of innovative risk and capital management solutions covering mortality, longevity, health and lapse risks for insurers, reinsurers and pension funds across the U.S. and Europe, including the Netherlands, the U.K., France, Germany, Italy, Spain, Portugal, Sweden, Belgium and Ireland.

About Aegon
Aegon’s roots go back 175 years – to the first half of the nineteenth century. Since then, Aegon has grown into an international company, with businesses in more than 20 countries in the Americas, Europe and Asia. Today, Aegon is one of the world’s leading financial services organizations, providing life insurance, pensions and asset management. Aegon’s purpose is to help people achieve a lifetime of financial security. More information on www.aegon.com.

About Canada Life Reinsurance
Canada Life Reinsurance is a division of The Canada Life Assurance Company and certain of its subsidiaries and affiliates. The Canada Life Assurance Company is a subsidiary of Great-West Lifeco Inc.

About Great-West Lifeco
Great-West Lifeco Inc. (TSX:GWO) is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Great-West Lifeco has operations in Canada, the United States, Europe and Asia through Canada Life, Empower Retirement, Putnam Investments, and Irish Life. At the end of 2018, our companies had approximately 24,200 employees, 240,000 advisor relationships, and thousands of distribution partners – all serving our more than 31 million customer relationships across these regions.
Great-West Lifeco and its companies have €1.1 trillion (approximately C$1.6 trillion) * in consolidated assets under administration and are members of the Power Financial Corporation group of companies.

CaribPR Wire, CALGARY, Alberta, Dec. 17, 2019: Parkland Fuel Corporation (“Parkland”) (TSX:PKI) announced today that through its wholly owned U.S. subsidiaries (collectively, “Parkland USA”), it has completed the previously announced acquisition of the assets of Mort Distributing, Inc. and its affiliates (collectively, “Mort”).

Mort is a marketer and distributor of fuels and lubricants serving retail, commercial and wholesale customers across Montana. Please see Parkland’s press release dated November 21, 2019 for more information about this acquisition.

About Parkland
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

CaribPR Wire, MISSISSAUGA, Ontario, Nov. 22, 2019: Highgate Systems Inc. today announced that Kelley Gray, has been named interim Managing Director of Highgate Systems Inc., replacing Aldo Campodonico effective immediately.

After 3 years, Aldo and Highgate Systems Inc. have decided to part ways and we wish to thank Aldo for his contribution to Highgate Systems.

Reporting to Highgate’s Board of Directors, Kelley will focus on strategies and tactics in support of the company’s future global growth initiatives.

Kelley remarked, “My key to success has been built on a passion for building strong relationships and obtaining results through collaboration. I am very excited to have this opportunity to contribute to Highgate’s present and future growth.”

Barry Walsh, Highgate’s Chairman said, “On behalf of the management and staff at Highgate, I’d like to congratulate Kelley on her appointment to the leadership team and wish her every success in her new role.”

Kelley, brings over 25 years of technology experience in executive management roles for companies such as: Symcor, Manulife Canada, CGI, Bell and Sun Microsystems. Her diverse background in the area of information technology, financial services, telecommunications, and government will be an invaluable asset to Highgate Systems Inc.

In addition to her impressive professional qualifications and experience, Kelley maintains an interest in both professional and recreational sporting activities. She is an accomplished golfer, hockey player, softball player and bowler.

About Highgate
Highgate Systems Inc. is a trusted provider of fully integrated, end-to-end Banking solutions to the financial services industry. Founded in 1986, Highgate Systems, technological footprint and Clients spans across Canada, the U.S and the Caribbean. Highgate Systems Inc. is a proudly Canadian Company delivering cutting edge solutions to Commercial Bank, Development Banks and Credit Unions.

Highgate Systems nombra a Kelley Grey como Directora General Interina

CaribPR Wire MISSISSAUGA, Ontario, Nov. 27, 2019: Hoy, Highgate Systems Inc. (Highgate) anunció que Kelley Grey, fue nombrada Directora General Interina de Highgate, en reemplazo de Aldo Campodonico.

Después de tres años trabajando en conjunto, Aldo y Highgate decidieron emprender rumbos diferentes. Queremos agradecerle a Aldo por sus contribuciones a Highgate.

Kelley, que estará bajo la supervisión de la junta directiva de Highgate, se enfocará en estrategias para apoyar las futuras iniciativas de crecimiento global de la empresa.

Kelley destacó: “Mi clave para el éxito ha sido la dedicación para construir relaciones sólidas y obtener resultados a través de la colaboración. Estoy muy entusiasmada por tener esta oportunidad para contribuir al crecimiento de Highgate tanto en el presente como en el futuro”.

Barry Walsh, Presidente de Highgate, dijo: “En nombre de la Gerencia y el personal de Highgate, me gustaría felicitar a Kelley por su nombramiento y desearle mucho éxito en su nueva función”.

Kelley tiene más de 25 años de experiencia técnica en funciones de administración ejecutiva para empresas como: Symcor, Manulife Canadá, CGI, Bell y Sun Microsystems. Su experiencia integral en las áreas de tecnología de la información, servicios financieros, telecomunicaciones y Gobierno será un recurso invaluable para Highgate.

Además de sus impresionantes calificaciones profesionales y experiencia, Kelley mantiene un interés en actividades deportivas tanto profesionales como recreativas. Es una excelente jugadora de golf, de hockey, de softball y, además, de boliche.

Acerca de Highgate
Highgate Systems Inc. es un proveedor confiable de soluciones bancarias integradas punta-a-punta, para la industria de servicios financieros. Fundada en 1986, la tecnología y los clientes de Highgate Systems se extienden por Canadá, Estados Unidos y el Caribe. Highgate Systems Inc. es una empresa orgullosamente canadiense que ofrece soluciones de vanguardia a bancos comerciales, bancos de desarrollo y cooperativas de crédito.

CaribPR Wire, CALGARY, Alberta, Nov. 12, 2019: Parkland Fuel Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced that Darren Smart has assumed the role of Interim Chief Financial Officer (“CFO”) in addition to his current role as Parkland’s Senior Vice President, Strategy and Corporate Development. As previously announced, Mike McMillan, who has served as the company’s CFO since 2015 will be leaving the company. Mike will be available to support Darren’s transition until December 31, 2019.

“We are pleased that Darren has assumed the Interim CFO role in addition to his existing accountabilities,” said Bob Espey, Parkland’s President and Chief Executive Officer. “During the past five-years, Darren has played a significant commercial and financial leadership role in the company. I am confident he will do an excellent job and provide strong continuity as we search for a permanent Chief Financial Officer.”

“Mike has made exceptional contributions during his ten-years with Parkland,” said Espey. “On behalf of the Parkland team, I thank him for his commitment to our growth and success and offer my best wishes.”

Darren Smart joined Parkland in 2014 and leads the company’s enterprise wide strategy and corporate development activity.  He has been a member of the company’s Senior Leadership Team since 2015. Prior to joining Parkland, Darren was a Portfolio Manager at Teachers’ Private Capital, the private equity arm of the Ontario Teachers’ Pension Plan, where he was responsible for sourcing, evaluating and managing energy-related investments. Darren has a Master of Business Administration from Harvard Business School and a Bachelor of Business Administration with distinction from Wilfrid Laurier University.

About Parkland Fuel Corporation

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

Parkland delivers record third quarter results and raises 2019 Adjusted EBITDA Guidance to $1.24 Billion

CaribPR Wire, CALGARY, Alberta, Nov. 04, 2019: Parkland Fuel Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced today the financial and operating results for the three and nine months ended September 30, 2019. The Company’s results were underpinned by operational excellence, continued synergy capture, and strong performance across the portfolio. All financial figures are expressed in Canadian dollars unless otherwise noted. Highlights from the third quarter include:

• Adjusted EBITDA (attributable to Parkland) of $302 million and net earnings of $24 million ($0.16 per share, basic). We now expect to deliver full-year Adjusted EBITDA of $1.24 Billion +/- 5 percent
• Fuel and petroleum product volumes of 5.6 billion litres, up 34 percent year over year
• Non-GAAP Adjusted distributable cash flow of $125 million ($0.84 per share) and adjusted dividend payout ratio of 36 percent
• Achieved run-rate annual synergies of approximately $160 million from the 2017 Ultramar and Chevron acquisitions; on track to reach approximately $180 million by the end of 2020
• Demonstrated continued balance sheet strength and financial flexibility with Total Funded Debt to Credit Facility EBITDA ratio of 2.6 times

“We delivered strong financial and operating performance across all segments and continue to demonstrate our ability to operate efficiently at scale,” said Bob Espey, President and Chief Executive Officer. “Our resilient business and diverse portfolio has generated consistent results through 2019 and we expect to deliver an increased full-year 2019 Adjusted EBITDA Guidance Range of $1.24 Billion +/- 5 percent. We are well positioned for continued growth and value creation.

“In Canada, we began the national rollout of our JOURNIE™ Rewards customer loyalty program with CIBC as a strategic banking partner. The International segment continues to track ahead of plan and our acquisition of Tropic Oil in October contributed to our ongoing US growth strategy. We also achieved high utilization rates at our Burnaby Refinery. I would like to thank the Parkland team for their continued focus on advancing our strategy and setting ourselves up for continued success in 2020.”

Third Quarter Segment Highlights

Canada Retail: Continuing to enhance our customer value proposition

• Adjusted EBITDA of $91 million (Pre-IFRS 16: $84 million), down $3 million from the same period in 2018 (excluding the impact of IFRS 16), due to slightly weaker industry gasoline margins in British Columbia and Ontario, offset by growth in non-fuel gross profit and lower operating costs.
• Company volume same-store-sales growth (”SSSG”) was (0.3) percent, holding market share through strategic pricing improvements and targeted promotional activities but offset by weaker traffic across the industry.
• Achieved Company C-Store SSSG of 0.9 percent, marking the 15th consecutive quarter of growth. Driven by strong execution, the successful implementation of the On the Run / Marché Express store concepts, our proprietary private label 59th Street Food Co. brand and strategic marketing efforts, we drove higher forecourt to backcourt conversion rates to deliver growth across the snacks, beverages and carwash categories.
• Disciplined cost control measures and the conversion of company-owned, company-operated (”COCO”) sites to company-owned, retailer-operated (”CORO”) sites delivered lower operating and labour costs. We continued to evolve our retail site composition, converting approximately 20 additional Ultramar COCO sites to CORO sites. We now have approximately 20 Ultramar COCO sites remaining to convert.
• Invested $27 million of growth capital on new to industry (”NTI”) retail sites, rebrands and refreshes including investments in the new On the Run / Marché Express store concepts.
• On October 17, 2019 we announced the launch of JOURNIE™ Rewards, with CIBC as a strategic banking partner. JOURNIE™ will offer Canadians compelling fuel savings and merchandise offers and supports our strategy to grow our fuel sales volumes and increase foot traffic in our Canadian convenience stores. See our press release dated October 17, 2019 for further details.

Canada Commercial: Business optimization and positioning for growth

• Adjusted EBITDA of $12 million (Pre-IFRS 16: $10 million), consistent with the same period in 2018 (excluding the impact of IFRS 16).
• Fuel and petroleum product volumes decreased 7 percent relative to Q3 2018. We more than mitigated the impact of weaker forestry and upstream energy sector volumes and grew fuel and petroleum product adjusted gross profit per litre by 9 percent to 7.50 cpl, through a continued strategic reduction in high volume, low margin business in other areas of our portfolio.

USA: Acquisitions, organic growth, synergy capture and leveraging our supply advantage

• Adjusted EBITDA of $17 million (Pre-IFRS 16: $16 million), up $8 million from the same period in 2018 (excluding the impact of IFRS 16), due to previously announced acquisitions, organic growth and synergy realization. We benefited from strong retail margins within our Rockies Regional Operations Center and strong diesel margins through the continued sourcing of diesel via rail from Canada.
• Fuel and petroleum product volume was 455 million litres, up 65 percent from the same period in 2018 due to acquisition activity and organic growth initiatives.
• Trailing twelve-month operating ratio continues to improve, at 69 percent, demonstrating our focus on cost control and the growing benefits of scale.
• On October 1, 2019, we closed the previously announced acquisition of Tropic Oil. Tropic Oil is headquartered in Miami, Florida, and transports, distributes and markets a full range of fuels and lubricants across the Central and South Florida region. See press release dated September 5, 2019 for more details.

International: Volume growth, synergy capture and cost control

• Adjusted EBITDA of $63 million (Pre-IFRS 16: $49 million), reflecting Parkland’s 75 percent ownership in Sol. The third quarter is a seasonally low quarter for Sol due to reduced tourism activity.
• Fuel and petroleum product volume totaled 1,204 million litres, consisting of 458 million litres sold through retail channels and 746 million litres sold through commercial and wholesale channels.
• Performance was driven by solid execution across all regions, including strong volumes in South America and the Western Caribbean and cost control measures in the French Caribbean.
• We continue to benefit from early synergy capture and are on track to meet our targets by the end of 2021.

Supply: High refinery utilization and reliability, strong logistics performance

• Adjusted EBITDA of $147 million (Pre-IFRS 16: $138 million), up $17 million from the same period in 2018 (excluding the impact of IFRS 16). The Supply segment continues to perform well, underpinned by safe and reliable operations at the Burnaby refinery and consistent performance from our integrated logistics operations (Supply & Distribution, Elbow River Marketing).
• Solid refinery utilization of 96.2 percent, lower average crude transportation costs and profitable supply sourcing initiatives allowed us to capture strong refining crack spreads, specifically in September.
• We continue to successfully co-process biofeeds at the Burnaby refinery, which helps establish Parkland as a leader in low-carbon fuel refining while meeting British Columbia’s low carbon fuel requirements.

Corporate: Disciplined cost control and efficiency

The Corporate segment includes centralized administrative services and expenses incurred to support operations.

• Adjusted EBITDA of negative $28 million (Pre-IFRS 16: negative $29 million).
• As a percentage of total adjusted gross profit, marketing, general and administrative expenses favorably decreased to 4.3 percent (down from 5.6 percent in Q3 2018).
• Parkland manages its corporate expenses tightly and is focused on ensuring they increase at a slower pace than the Company’s adjusted gross profit.

Consolidated Financial Overview

On January 1, 2019, Parkland adopted IFRS 16 – Leases (”IFRS 16″). The adoption of IFRS 16 increases Adjusted EBITDA by reducing operating costs and increasing depreciation, amortization, and finance and other costs. IFRS 16 also increases Parkland’s assets and liabilities and has no overall impact to cash flow. For further information, refer to the unaudited Q3 2019 Interim Condensed Consolidated Financial Statements (”Q3 2019 FS”) and Q3 2019 Management’s Discussion and Analysis (”Q3 2019 MD&A”) for the three and nine months ended September 30, 2019.

_{⁽¹⁾ Measure of segment profit. See Section 12 of the Q3 2019 MD&A.
⁽²⁾ Non-GAAP financial measure. See Section 12 of the Q3 2019 MD&A.
⁽³⁾ Calculated using the weighted average number of common shares.
⁽⁴⁾ Fuel and petroleum product volume represents external volumes only. Intersegment volumes, including volumes produced by the Burnaby Refinery and transferred to the Canada Retail and Canada Commercial segments, are excluded from this reported volume.
⁽⁵⁾ “cpl” stands for cents-per-litre and is a key performance indicator. See Section 12 of the Q3 2019 MD&A.
⁽⁶⁾ Key performance indicator. See Sections 3 and 12 of the Q3 2019 MD&A.}

The following table outlines the impact of IFRS 16 on Adjusted EBITDA as reported for the three and nine months ended September 30, 2019:

_{(1) Pre-IFRS 16 amounts are comparable to the reported information for the respective prior periods, which were calculated under IAS 17.}

Updated 2019 Outlook & Guidance Range

Parkland is focused on its key strategies of organic growth, building a strong supply advantage, acquiring prudently and enabling our teams to succeed. Driven by strong performance year to date and high confidence in our fourth quarter projections, our 2019 Adjusted EBITDA Guidance Range (attributable to Parkland), which includes the impact of IFRS 16, is increased by $75 million to $1,240 million with an anticipated variance of up to 5 percent (the “2019 Guidance Range”).

In addition, the Company continues to expect approximately $200 million of maintenance capital expenditures for 2019. As indicated last quarter, we have identified additional opportunities within the Sol business which are now expected to increase 2019 growth capital expenditures by approximately $20 million, to $220 million.

The 2019 Guidance Range includes some other key assumptions highlighted below:

• Includes Sol’s Adjusted EBITDA that is attributable to Parkland (75 percent), which is trending above our initial expectations
• Burnaby refining margins forecast is based on our view of future market conditions
• The performance of recently acquired businesses, general market conditions, including but not limited to fuel margins and weather, will remain substantially consistent for the remainder of 2019
• The low end of our 2019 Guidance Range accounts for potential adverse market conditions across our areas of operations, as well as the potential for lower refining margins than currently observable, while the high end of our 2019 Guidance Range accounts for greater than expected contributions from acquisition synergies, refining margins and organic growth

In addition, the factors and assumptions which contribute to Parkland’s assessment of the 2019 Guidance Range are consistent with existing Parkland disclosure and such guidance range is subject to risks and uncertainties inherent in Parkland’s business. Readers are directed to the “Risk Factors” section in the Q3 2019 MD&A and the Annual Information Form for a description of such factors, assumptions, risks and uncertainties.

Conference Call and Webcast Details

Parkland will host a webcast and conference call on Tuesday, November 5, 2019 at 6:30am MT (8:30am ET) to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:

https://event.on24.com/wcc/r/2117142/9A4DB55629572B2AF379B48C738BD8D0

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0605 (toll-free) (Conference ID: 47536039). International participants can call 1-587-880-2175 (toll) (Conference ID: 47536039).

Please connect and log in approximately 10 minutes before the beginning of the call.

The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

MD&A and Consolidated Financial Statements

The Q3 2019 MD&A and Q3 2019 FS provide a detailed explanation of Parkland’s operating results for the three and nine months ended September 30, 2019. An English version of these documents will be available online at www.parkland.ca and SEDAR after the results are released by newswire under Parkland’s profile at www.sedar.com. French Financial Statements and MD&A will be posted to www.parkland.ca and SEDAR as soon as they become available.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, cash flow growth, run-rate synergies, private label program expansion, fuel volume growth, new business objectives, organic growth initiatives, growth of supply and trading business in the U.S. and Caribbean, Adjusted EBITDA Guidance, capital and maintenance expenditure forecasts, contribution of the Sol business and other previous acquisitions, strategic marketing and operational efforts to increase fuel volume, expected launch of JOURNIE™ Rewards loyalty program, U.S. growth opportunities, and supply improvement and optimization and plans and objectives of or involving Parkland.

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. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 27, 2019 and in “Forward-Looking Information” and “Risk Factors” in the Q3 2019 MD&A and annual MD&A dated February 28, 2019, each as filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-GAAP Financial Measures

This news release refers to certain non-GAAP financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). Distributable cash flow, distributable cash flow per share, adjusted distributable cash flow, adjusted distributable cash flow per share, total funded debt to credit facility EBITDA ratio, dividend payout ratio and adjusted dividend payout ratio are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Management considers these to be important supplemental measures of Parkland’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. See Section 12 of the Q3 2019 MD&A for a discussion of non-GAAP measures and their reconciliations to the nearest applicable IFRS measure.

Adjusted EBITDA and adjusted gross profit are measures of segment profit. See Section 12 of the Q3 2019 MD&A and Note 20 of the Q3 2019 FS for a reconciliation of these measures of segment profit. Annual synergies is a forecasted annualized measure and is considered to be forward-looking information. See Section 12 of the Q3 2019 MD&A. Investors are encouraged to evaluate each measure and the reasons Parkland considers it appropriate for supplemental analysis.

In addition to non-GAAP financial measures, Parkland uses a number of operational KPIs to measure the success of our strategic objectives and to set variable compensation targets for employees. These KPIs are not accounting measures, do not have comparable IFRS measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Sections 3 and 12 of the Q3 2019 MD&A for further details.

Investors are cautioned that these measures should not be construed as an alternative to net earnings determined in accordance with IFRS as an indication of Parkland’s performance.

Effective January 1, 2019, Parkland adopted the new accounting standard, IFRS 16 – Leases (”IFRS 16″). The adoption of IFRS 16 has a significant effect on Parkland’s reported results. Due to Parkland’s selected transition method, it has not restated its prior year comparatives. Certain financial statement measures are presented excluding the impact of IFRS 16 (”Pre-IFRS 16 measures”). Refer to the Q3 2019 FS and Q3 2019 MD&A for reconciliations of Pre-IFRS 16 measures.

About Parkland Fuel Corporation

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

NINGBO, China, Sept. 24, 2019 /PRNewswire-HISPANIC PR WIRE/ — Bloomberg New Energy Finance (BNEF) recently released its Solar Module & Inverter Bankability 2019 report. For the first time, the company made investigations into solar inverters, surveying the bankability of several inverter brands.

‘Bankability’ means banks are more willing to offer non-recourse loans to photovoltaic power generation projects that opt to use a particular inverter brand.

Solis’ inverters ranked third for Asian brands: a testament to the brand’s products being well-recognised by global technical experts and respondents. This incredible result also means project developers are more likely to receive bank financing if they use Solis’ products over those of other brands.

With a team of experts spread across six continents, BNEF analyses complex data from around the globe to procure in-depth forecasts which highlight the financial, economic and political implications of industry-transforming trends and technologies.

For this survey, BNEF sought information from banks, developers and technical due diligence firms about which brands, out of 48 module manufacturers and 17 inverter manufacturers, they considered to be bankable.

Interestingly, regional differences are far starker when considering the bankability of inverters compared to modules. Unlike panels, inverters are less of a commodity as modules have only one function – producing energy – while inverters have multiple purposes. Aside from converting direct current into alternating current, inverters interact directly with the grid and aggregate power output data. As such, there are different types of inverters for different project requirements (for example, some projects require central inverters while string inverters are more suitable for others).

About Ginlong Technologies

Established in 2005, Ginlong (Solis) Technologies is one of the oldest and largest manufacturers of PV string inverters. Presented under the Solis brand, the company’s portfolio uses innovative string inverter technology to deliver first-class reliability that has been validated under the most stringent international certifications. Armed with a global supply chain, world-class R&D and manufacturing capabilities, Ginlong optimizes its inverters for each regional market, servicing and supporting its customers with its team of local experts.

For more information on how Solis delivers value while maximizing reliability and cost-saving for residential, commercial, and utility customers, visit ginlong.com.

Adjusted EBITDA Guidance Range Increased on Strength of Supply, International, USA and Synergy Capture

CARIBPR WIRE, CALGARY, Alberta, Aug. 01, 2019: Parkland Fuel Corporation (”Parkland”, “We”, the “Company”, or “Our”) (TSX:PKI) announced today the financial and operating results for the three and six months ended June 30, 2019. All financial figures are expressed in Canadian dollars unless otherwise noted.

“The strength of Parkland’s diverse portfolio and integrated assets was on full display in the second quarter, driving outstanding results” said Bob Espey, President and Chief Executive Officer. “Our International, USA and Supply segments underpinned our performance, and we also benefited from further synergy capture including early wins within Sol. Our Canadian Retail business exhibited another quarter of strong volume and convenience store KPI’s, demonstrating the strength of our marketing program and operational execution. Our first half performance and outlook for the base business give us confidence to increase our full-year 2019 Adjusted EBITDA Guidance Range from $1,065 million to $1,165 million (± 5%). Thanks to the entire Parkland team for their hard work and continued focus on safety to deliver another strong quarter.”

Q2 2019 Highlights

• Second quarter Adjusted EBITDA was $346 million and net earnings attributable to Parkland were $105 million ($0.72 per share, basic). The strong performance was primarily driven by positive contributions from the Sol Transaction, strong Supply results due to refining margins and synergy capture, and continued execution of our US growth strategy. Excluding the impact of IFRS 16, Parkland’s Adjusted EBITDA was $315 million and net earnings were $110 million.
• Second quarter fuel and petroleum product volume was 5.5 billion litres, compared to 4.2 billion litres in Q2 2018. The increase was primarily driven by volumes from the Sol Transaction.
• Second quarter adjusted distributable cash flow increased by $17 million to $156 million (increased by $0.01 per share to $1.06 per share), resulting in an adjusted dividend payout ratio of 29%. Adjusted distributable cash flow is a non-GAAP measure, which we have amended to remove the impact of IFRS 16 such that this metric is comparable year over year.
• Growth capital expenditures attributable to Parkland were $52 million and maintenance capital expenditures attributable to Parkland were $45 million, which reflects the addition of our new International segment and higher Canada Retail and Canada Commercial growth investments.
• Completed initiatives that are expected to result in run-rate annual synergies of approximately $140 million from the 2017 Ultramar and Chevron acquisitions. We continue to expect that annual run-rate synergies from these acquisitions will reach approximately $180 million by the end of 2020.
• Total Funded Debt to Credit Facility EBITDA ratio of 2.5 times as at June 30, 2019.
• Subsequent to the quarter, on July 10, 2019, Parkland closed the private offering (the “2019 offering”) of US$500 million aggregate principal amount of senior unsecured notes due 2027 (the “2019 notes”). The 2019 notes were priced at par and bear interest at a rate of 5.875% per annum, payable semi-annually in arrears beginning January 15, 2020. Parkland used the net proceeds from the offering to: (i) repay in full its US$250 million term loan facility due 2021; and (ii) repay certain outstanding amounts borrowed under its existing revolving credit facilities.
• Total recordable injury frequency (”TRIF”), calculated on a trailing twelve-month basis, was 1.78 as at June 30, 2019 compared to 1.95 as at June 30, 2018. The reduction in our TRIF demonstrates our culture of care and drive to zero injuries and incidents in our workplace.
• On January 1, 2019, Parkland adopted IFRS 16 – Leases (”IFRS 16″). The adoption of IFRS 16 increases Adjusted EBITDA by reducing operating costs and increasing depreciation, amortization, and finance and other costs. IFRS 16 also increases Parkland’s assets and liabilities and has no overall impact to cash flow. For further information, refer to the unaudited Q2 2019 Interim Condensed Consolidated Financial Statements (”Q2 2019 FS”) and Q2 2019 Management’s Discussion and Analysis (”Q2 2019 MD&A”) for the three and six months ended June 30, 2019.

Canada Retail Highlights

• Second quarter Adjusted EBITDA was $63 million (Pre-IFRS 16: $57 million), a decrease of $25 million compared to the same period in 2018, excluding the impact of IFRS 16. The decrease in Adjusted EBITDA is primarily due to weaker retail gasoline margins across Canada, and accelerated, non-recurring marketing, general and administrative costs associated with the development of our loyalty program. Growth in volume and same-store-sales metrics demonstrate our focus on market share, operational excellence and strategic marketing programs.
• Second quarter Company volume same-store-sales growth (”SSSG”) was 0.7%, despite poor spring weather which reduced customer traffic. The strong results demonstrate the success of our network development planning strategy, strategic marketing, operational execution and promotional efforts in response to the poor weather conditions.
• Second quarter Company C-Store SSSG was 2.7%, our 14th consecutive quarter of positive Company C-Store SSSG. Growth was seen across all merchandise categories and was attributable to strong field level execution and the successful implementation of the On the Run / Marché Express store concepts, Parkland’s proprietary private label brand 59th Street Food Co., and higher forecourt to backcourt conversion rates despite poor spring weather conditions.
• Partially offsetting the decrease in Adjusted EBITDA was lower operating costs, driven by continued cost control measures and the conversion of company-owned, company-operated (”COCO”) sites to company-owned, retailer-operated (”CORO”) sites, which lowers store labour costs. We continued to evolve our retail site composition in the quarter, converting approximately 10 additional Ultramar COCO sites to CORO sites. As of June 30, 2019, we have approximately 40 Ultramar sites remaining to convert.
• Pilot results from our “Journie” loyalty program are very promising. With over six months of data, results are in-line with expectations and support our plans for our Q4 2019 launch.

Canada Commercial Highlights

• Second quarter Adjusted EBITDA was $10 million (Pre-IFRS 16: $8 million), a decrease of $10 million compared to the same period in 2018, excluding the impact of IFRS 16. The decrease in Adjusted EBITDA is due to the decline in the Alberta oil and gas sector, specifically lower rig activity, extended break-up period and production curtailments. Wet weather conditions in the eastern provinces also impacted volumes in the agricultural, forestry, and construction segments. We continue to build for growth through our regional operations centers (”ROC”) structure, growing our national fueling network and expanding our industrial propane offer. Our cardlock strategy is also evolving to be integrated with our retail network development program and aims to increase fleet card acceptance and reciprocity.
• Second quarter fuel and petroleum product volume decreased 8% relative to Q2 2018, primarily due to lower volumes from the Alberta oil and gas sector and unfavorable weather conditions in parts of Canada.

USA Highlights

• Second quarter Adjusted EBITDA was $13 million (Pre-IFRS 16: $12 million), an increase of $7 million compared to the same period in 2018, excluding the impact of IFRS 16. The increase in Adjusted EBITDA is primarily due to acquisition activity, organic growth and synergy realization. The US business also benefited from strong diesel margins by sourcing product from the Canadian market via rail.
• Parkland closed the acquisition of all the assets of Ken Bettridge Distributing Inc. (”KB Oil”) on June 1, 2019, a bulk fuel and lubricants distributor and operator of fleet fueling, convenience stores and cardlock services in Southwest Utah and Southeast Nevada. With the acquisition, Parkland added two bulk plants with cardlocks, fuel distribution through 23 trucks, nine retail stores and a small lubricants business. The acquisition of KB Oil follows on our U.S. growth strategy by establishing scale through the addition of strong local operators.
• Second quarter fuel and petroleum product volume was 394 million litres, an increase of 148 million litres compared to the same period in 2018. The increase was primarily due to acquisition activity and organic growth initiatives.

International Highlights

• Second quarter Adjusted EBITDA was $74 million (Pre-IFRS 16: $60 million), which reflects Parkland’s 75% ownership in Sol. Performance was driven by strong execution across the regions, early synergy capture, wholesale sales and corporate cost savings. We expect to exceed our initial expectations for 2019 Adjusted EBITDA in this segment and are on track to meet our synergy targets by the end of 2021.
• Second quarter fuel and petroleum product volume was 1,270 million litres, consisting of 469 million litres sold through retail channels and 801 million litres sold through commercial and wholesale channels.

Supply Highlights

• Second quarter Adjusted EBITDA was $216 million (Pre-IFRS 16: $209 million), an increase of $39 million compared to the same period in 2018, excluding the impact of IFRS 16. The increase in Adjusted EBITDA is primarily due to safe and reliable operations, strong refining crack spreads, higher refinery utilization, crude oil and diesel exports to the United States and import and blending opportunities in eastern Canada. In addition, Parkland continues to capture synergies from prior acquisitions, including the repatriation of previously exported volumes into the British Columbia market, refinery efficiencies, infrastructure optimization, economies of scale benefits and other supply initiatives. Parkland’s recently opened supply and distribution office in Houston enables Parkland to participate more effectively in global markets to support our Caribbean and US business and is integral to our supply advantage. Offsetting the increase in Adjusted EBITDA was slightly higher operating costs at the Burnaby refinery due to a third party natural gas pipeline interruption and pre-spend for the 2020 turnaround.
• Refining margins in the quarter were driven by strong refining crack spreads and high utilization rates. For the first two months of the quarter, crack spreads were primarily driven by planned and unplanned refinery outages along the west coast of the United States. In addition, Elbow River Marketing was successful in realizing opportunities to increase crude exports to the United States.
• Refinery utilization, which measures the amount of crude oil processed and converted to products in the Burnaby Refinery, was 94.9% for the second quarter, compared to 90.9% for Q2 2018, which was lower due to the turnaround at the Burnaby refinery.
• We continue to successfully co-process biofeeds (tallow and canola) at the Burnaby refinery, which helps us meet provincial and federal climate regulations and establishes Parkland as a leader in low-carbon fuel refining.

Corporate Segment Highlights

• The Corporate segment includes centralized administrative services and expenses incurred to support operations. Second quarter Adjusted EBITDA was negative $30 million (Pre-IFRS 16: negative $31 million). Marketing, general and administrative expenses increased by $2 million compared to Q2 2018, but as a percentage of total adjusted gross profit, favorably decreased to 4.0% (down from 5.3% in Q2 2018). Parkland’s objective is to manage corporate expenses tightly so that they increase at a slower pace than Parkland’s adjusted gross profit.

Consolidated Financial Overview

⁽¹⁾ Measure of segment profit. See Section 13 of the Q2 2019 MD&A.
⁽²⁾ Non-GAAP financial measure. See Section 13 of the Q2 2019 MD&A.
⁽³⁾ Calculated using the weighted average number of common shares.
⁽⁴⁾ Fuel and petroleum product volume represents external volumes only. Intersegment volumes, including volumes produced by the Burnaby Refinery and transferred to the Canada Retail and Canada Commercial segments, are excluded from this reported volume.
⁽⁵⁾ “cpl” stands for cents-per-litre and is a key performance indicator. See Section 13 of the Q2 2019 MD&A.
⁽⁶⁾ For comparative purposes, fuel and petroleum product volume, and sales and operating revenue for the three and six months ended June 30, 2018 were restated due to a change in segment presentation, resulting from a reclassification of the wholesale business from the Canada Commercial segment to the Supply segment, reflecting a change in organizational structure in the second quarter of 2019.
⁽⁷⁾ Key performance indicator. See Sections 4 and 13 of the Q2 2019 MD&A.

The following table outlines the impact of IFRS 16 on Adjusted EBITDA as reported for the three and six months ended June 30, 2019:

⁽¹⁾ Pre-IFRS 16 amounts are comparable to the reported information for the respective prior periods which was calculated under IAS 17.

Updated 2019 Outlook & Guidance Range

Parkland will remain focused on its key strategies of organic growth, building a strong supply advantage and acquiring prudently.

Our 2019 Guidance for Adjusted EBITDA attributable to Parkland, which includes the impact of IFRS 16, is increased by $100 million to $1,165 million with an anticipated variance of up to 5% (the “2019 Guidance Range”). The increase in our 2019 Guidance Range reflects our strong performance in the Supply, International and USA segments, continued synergy capture across the portfolio, a conservative outlook for retail fuel margins and lower activity levels for the Commercial segment.

In addition, the Company continues to expect approximately $200 million of growth capital expenditures and $200 million of maintenance capital expenditures in 2019. We have identified additional growth capital opportunities within the Sol business which will be evaluated for investment later in the year.

The 2019 Guidance Range includes some other key assumptions highlighted below:

• Includes Sol’s Adjusted EBITDA that is attributable to Parkland, now forecast above initial expectations
• Burnaby refining margins forecast is based on our view of future market conditions
• The performance of recently acquired businesses, general market conditions, including but not limited to fuel margins and weather, will remain substantially consistent for the remainder of 2019
• The low end of our 2019 Guidance Range accounts for potential adverse market conditions across our areas of operations, as well as the potential for lower refining margins than currently observable, while the high end of our 2019 Guidance Range accounts for greater than expected contributions from acquisition synergies, refining margins and organic growth

In addition, the factors and assumptions which contribute to Parkland’s assessment of the 2019 Guidance Range are consistent with existing Parkland disclosure and such guidance range is subject to risks and uncertainties inherent in Parkland’s business. Readers are directed to the “Risk Factors” section in the Q2 2019 MD&A and the Annual Information Form for a description of such factors, assumptions, risks and uncertainties.

Conference Call and Webcast Details

Parkland will host a webcast and conference call on Friday, August 2, 2019 at 6:30am MST (8:30am EST) to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:

https://event.on24.com/wcc/r/2050152/33EA5040C6B8F9BB492A319582DB696A

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0605 (toll-free) (Conference ID: 65159943). International participants can call 1-587-880-2175 (toll) (Conference ID: 65159943).

Please connect and log in approximately 10 minutes before the beginning of the call.

The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

MD&A and Consolidated Financial Statements

The Q2 2019 MD&A and Q2 2019 FS provide a detailed explanation of Parkland’s operating results for the three and six months ended June 30, 2019. An English version of these documents will be available online at www.parkland.ca and SEDAR immediately after the results are released by newswire under Parkland’s profile at www.sedar.com. French Financial Statements and MD&A will be posted to www.parkland.ca and SEDAR as soon as they become available.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, cash flow growth, run-rate synergies, private label program expansion, fuel volume growth, new business objectives, organic growth initiatives, growth of supply and trading business in the U.S. and Caribbean, Adjusted EBITDA Guidance, capital and maintenance expenditure forecasts, contribution of the Sol business and other previous acquisitions, strategic marketing and operational efforts to increase fuel volume, expected launch of marketing and loyalty programs, U.S. growth opportunities, and supply improvement and optimization and plans and objectives of or involving Parkland.

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. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 27, 2019 and in “Forward-Looking Information” and “Risk Factors” in the Q2 2019 MD&A and annual MD&A dated February 28, 2019, each as filed on SEDAR and available on the Parkland website at www.parkland.ca.

Non-GAAP Financial Measures

This news release refers to certain non-GAAP financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). Distributable cash flow, distributable cash flow per share, adjusted distributable cash flow, adjusted distributable cash flow per share, total funded debt to credit facility EBITDA ratio, dividend payout ratio and adjusted dividend payout ratio are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Management considers these to be important supplemental measures of Parkland’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. See Section 13 of the Q2 2019 MD&A for a discussion of non-GAAP measures and their reconciliations to the nearest applicable IFRS measure.

Adjusted EBITDA and adjusted gross profit are measures of segment profit. See Section 13 of the Q2 2019 MD&A and Note 20 of the Q2 2019 FS for a reconciliation of these measures of segment profit. Annual synergies is a forecasted annualized measure and is considered to be forward-looking information. See Section 13 of the Q2 2019 MD&A. Investors are encouraged to evaluate each measure and the reasons Parkland considers it appropriate for supplemental analysis.

Investors are cautioned that these measures should not be construed as an alternative to net earnings determined in accordance with IFRS as an indication of Parkland’s performance. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Effective January 1, 2019, Parkland adopted the new accounting standard, IFRS 16 – Leases (”IFRS 16″). The adoption of IFRS 16 has a significant effect on Parkland’s reported results. Due to Parkland’s selected transition method, it has not restated its prior year comparatives. Certain financial statement measures are presented excluding the impact of IFRS 16 (”Pre-IFRS 16 measures”). Refer to the Q2 2019 FS and Q2 2019 MD&A for reconciliations of Pre-IFRS 16 measures.

About Parkland Fuel Corporation

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

CaribPR Wire, CALGARY, Alberta, May 02, 2019: Parkland Fuel Corporation, (”Parkland”, “We”, the “Company”, or “Our”) (TSX:PKI) announced that all nine of the nominees listed in its management information circular dated March 22, 2019 (the “Information Circular”) were elected as directors of the Corporation and PricewaterhouseCoopers LLP was reappointed as Parkland’s auditor at its annual general meeting of shareholders held today (the “Meeting”). The results of these votes, as well as the results for the other items of business considered at the Meeting are set out below:

Resolution 1
Election of directors of Parkland for the ensuing year.

Resolution 2
The reappointment of PricewaterhouseCoopers LLP, Chartered Accountants, as auditor of Parkland for the fiscal year ending December 31, 2019.

Resolution 3
The approval, on a non-binding and advisory basis, of Parkland’s approach to executive compensation as more particularly set forth and described in the Information Circular.

Voting results for all matters have been posted on SEDAR.

About Parkland Fuel Corporation

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

CaribPR Wire, CALGARY, Alberta, May 01, 2019: Parkland Fuel Corporation, (”Parkland”, “We”, the “Company”, or “Our”) (TSX:PKI) announced today the financial and operating results for the three months ended March 31, 2019 (”Q1 2019″). All financial figures are expressed in Canadian dollars unless otherwise noted.

“Parkland had a very strong start for 2019,” said Bob Espey, President and Chief Executive Officer. “As demonstrated by our KPI’s, the Parkland team delivered another standout quarter of growth on the back of disciplined execution, a robust marketing and logistics environment and healthy refining margins. This was also the first quarter with our new International business, and we are very pleased with the results to date.

2019 marks a significant milestone in the history of Parkland, as the Company celebrates its 50th anniversary as a publicly traded company. Parkland began as a single retail gas station in Red Deer, Alberta, and today supplies or owns over 2,600 retail sites across our operations. We are proud to service retail, commercial and wholesale customers throughout Canada, the United States, the Caribbean region and the Americas. I would like to thank the entire Parkland team for their hard work and continued focus on safety to deliver another strong quarter.”

Parkland also announces that Mike McMillan, Senior Vice President and Chief Financial Officer, has decided to move back to Ontario where he can spend more time with his family. The Company will immediately begin a search process to replace Mike, and he has agreed to support us until a successor has been named and an appropriate transition period is completed.

“Mike has made exceptional contributions during his ten years with Parkland,” said Mr. Espey. “As CFO since 2015, his responsible stewardship of the Company’s financial position has allowed Parkland to execute on its growth strategy and deliver outstanding results. Mike has been instrumental in numerous initiatives across the Company, including supporting acquisition and integration efforts and driving synergies. On behalf of the Board of Directors, and all of his colleagues at Parkland, I thank Mike for his commitment to our success and offer my very best wishes in his future endeavors.”

Q1 2019 Highlights

• On January 1, 2019, Parkland adopted IFRS 16 – Leases (”IFRS 16″). The adoption of IFRS 16 increases Adjusted EBITDA by reducing operating costs and increasing depreciation, amortization, and finance and other costs. IFRS 16 also increases Parkland’s assets and liabilities and has no overall impact to cash flow. Refer to the Q1 2019 Interim Condensed Consolidated Financial Statements (”Q1 2019 FS”) and Q1 2019 Management’s Discussion and Analysis (”Q1 2019 MD&A”) for further information.
• First quarter Adjusted EBITDA was $315 million and net earnings attributable to Parkland were $77 million ($0.53 per share, basic). Excluding the impact of IFRS 16, Parkland’s Adjusted EBITDA was $288 million, and net earnings were $80 million. This exceptional performance was primarily driven by additional contributions from the Sol Transaction (as defined herein), strong Supply results as a result of the 2018 Turnaround in the first quarter of 2018 (”Q1 2018″) and continued efforts in executing Parkland’s supply strategy.
• First quarter fuel and petroleum product volume was 5.3 billion litres, compared to 4.2 billion litres in Q1 2018. The increase was primarily driven by incremental volumes from the Sol Transaction.
• First quarter Adjusted distributable cash flow increased by $25 million to $135 million ($0.93 per share), resulting in an Adjusted dividend payout ratio of 32%. Adjusted distributable cash flow is a non-GAAP measure, which we have amended to remove the impact of IFRS 16 such that this metric is comparable year over year.
• Growth capital expenditures were $29 million and maintenance capital expenditures were $50 million. Combined growth and maintenance capital expenditures attributable to Parkland decreased $7 million compared to Q1 2018. First quarter capital expenditures reflects the addition of our new International segment and higher Canada Retail and Commercial growth investments, offset by lower maintenance expenditures related to a turnaround at the Burnaby refinery last year.
• Total Funded Debt to Credit Facility EBITDA ratio of 2.7 times as at March 31, 2019.
• We continue to expect that annual run-rate synergies on the Ultramar and Chevron acquisitions in 2017 will reach approximately $180 million by the end of 2020.
• Subsequent to the quarter, Parkland successfully completed the second and final phase of the Chevron Transitional Services Agreement (”TSA”). Parkland converted the Enterprise Resource Planning (”ERP”) system used in the Supply segment of the Chevron business to Parkland’s ERP system on April 1, 2019.
• In the first quarter, Parkland opened a Houston office which supports its growing supply and trading business in the U.S. and Caribbean markets.

Canada Retail Highlights

• First quarter Adjusted EBITDA was $73 million (Pre-IFRS 16: $68 million), driven by strong volume growth and convenience store sales, offset by weaker gasoline margins in most provinces. Excluding the impact of IFRS 16, Adjusted EBITDA was relatively flat compared the same period in 2018.
• First quarter Company Volume same-store-sales growth (”SSSG”) was 1.4%, demonstrating the success of our network development planning strategy which focuses on high growth areas, along with strategic marketing and operational efforts to increase volume.
• First quarter Company C-Store SSSG was 6.0%, our 13th consecutive quarter of positive Company C-Store SSSG. Growth was seen across all merchandise categories and was attributable to strong field level execution and the successful implementation of the On the Run / Marché Express store concepts, Parkland’s proprietary private label brand 59th Street Food Co., and higher forecourt to backcourt conversion rates.
• We continued to evolve our retail site composition, converting approximately 40 Company Owned, Company Operated (”COCO”) sites to Company Owned, Retailer Operated (”CORO”) sites in the quarter. As of March 31, 2019, we have approximately 50 COCO sites remaining to convert in 2019.
• We retrofitted 12 existing On the Run / Marché Express locations and constructed one new-to-industry (”NTI”) locations in the first quarter. We are now offering 28 “59th Street Food Co.” products at select locations and are encouraged by pilot market results from our “Journie” loyalty program. We continue to plan for a Q4 2019 roll out of our Journie program across our Canadian portfolio.

Canada Commercial Highlights

• First quarter Adjusted EBITDA was $44 million (Pre-IFRS 16: $43 million), driven by strong fuel margins on cardlock, propane, and furnace oil (particularly in Ontario and Quebec), and lower operating costs. Excluding the impact of IFRS 16, Adjusted EBITDA increased by $5 million compared to the same period in 2018.
• First quarter fuel and petroleum product volume decreased 9% relative to Q1 2018, primarily due to margin improvement initiatives which decreased volume, but increased gross profit.
• We continue to evolve our customer value proposition by leveraging an integrated offering of delivered diesel and lubricants, propane, home heat and cardlock road diesel across the country.

USA Highlights

• First quarter Adjusted EBITDA was $11 million (the impact of IFRS 16 was negligible), driven by strong lubricant margins and our focus on driving new business, growing organically and managing costs. Adjusted EBITDA increased by $7 million compared the same period in 2018, primarily due to the acquisition of all of the issued and outstanding equity interests of Rhinehart Oil Co., LLC and its affiliates (the “Rhinehart Acquisition”) in 2018.
• First quarter fuel and petroleum product volume was 331 million litres, an increase of 112 million litres compared to the same period in 2018. The increase was primarily due to the Rhinehart Acquisition and organic growth initiatives.
• The US remains our highest growth potential area and we will continue to evaluate opportunities in this market as they arise.

International Highlights

• Parkland successfully completed the acquisition of 75% of the outstanding shares of Sol Investments Limited (collectively, with its subsidiaries “Sol”) on January 8, 2019 (the “Sol Transaction”). Business continuity through the transition phase has been our key focus and is proceeding as planned.
• First quarter Adjusted EBITDA was $71 million (Pre-IFRS 16: $57 million), which reflects Parkland’s 75% ownership in Sol. The performance was driven by strong fundamentals in the Eastern Caribbean and South American markets. We are encouraged by our first quarter with the new International segment and results have been tracking in-line with our expectations.
• First quarter Fuel and petroleum product volume was 1,063 million litres, consisting of 424 million litres sold through retail channels and 639 million litres sold through commercial and wholesale channels.
• The volumes and Adjusted EBITDA of the Eastern, Western, Spanish and French Caribbean are expected to be higher in the first and fourth quarters of the year during tourism high season. South America’s volumes and Adjusted EBITDA are expected to be influenced by activity in the natural resource industries. Adjusted EBITDA results may further be partly influenced by fluctuations in supply cost and weather.
• The first quarter with the Sol portfolio has reinforced our thesis for the acquisition. The business has strong local teams, fortress assets with unique regional scale, and significant growth potential in several business lines such as LPG, Aviation, Retail, Commercial and Wholesale. We continue to expect approximately $42 million of annual run-rate synergies (attributable to Parkland based on its 75% share of the Sol business) by the end of 2021.

Supply Highlights

• First quarter Adjusted EBITDA was $143 million (Pre-IFRS 16: $137 million), driven by profitable supply sourcing initiatives, propane marketing and strong refining margins near the end of the quarter. Excluding the impact of IFRS 16, Adjusted EBITDA increased by $66 million compared to Q1 2018, which was lower due to the turnaround at the Burnaby refinery. Parkland continues to drive ongoing cost improvements in our storage and distribution operations as part of our supply advantage strategy.
• Refinery utilization, which measures the amount of crude oil processed and converted to products in the Burnaby Refinery, was 92.0% for the first quarter, compared to 33.2% for Q1 2018 which was lower due to the turnaround at the Burnaby refinery.

Corporate Segment Highlights

• First quarter Adjusted EBITDA was negative $27 million (Pre-IFRS 16: negative $28 million). Marketing, general and administrative expenses were relatively flat compared to Q1 2018, and as a percentage of total adjusted gross profit, favorably decreased to 3.9% (down from 6.0% in Q1 2018). Parkland’s objective is to manage corporate expenses tightly so that they increase at a slower pace than Parkland’s adjusted gross profit.

Consolidated Financial Overview

⁽¹⁾ Measure of segment profit. See Section 13 of the MD&A.
⁽²⁾ Non-GAAP financial measure. See Section 13 of the MD&A.
⁽³⁾ Calculated using the weighted average number of common shares.
⁽⁴⁾ Fuel and petroleum product volume represents external volumes only. Intersegment volumes, including volumes produced by the Burnaby Refinery and transferred to the Canada Retail and Canada Commercial segments, are excluded from this reported volume.
⁽⁵⁾ “cpl” stands for cents-per-litre and is a key performance indicator. See Section 13 of the MD&A.
⁽⁶⁾ For comparative purposes, fuel and petroleum product volume, and sales and operating revenue for the three months ended March 31, 2018 were restated due to a change in segment presentation, resulting from a reclassification of wholesale customers from the Supply segment to the Canada Commercial segment, reflecting a change in organizational structure in 2019.
⁽⁷⁾ Key performance indicator. See Sections 4 and 13 of the MD&A.

The following table outlines the impact of IFRS 16 on Adjusted EBITDA as reported for the three months ended March 31, 2019:

⁽¹⁾ Pre-IFRS 16 amounts are comparable to the reported information in Q1 2018, which was calculated under IAS 17.

2019 Outlook & Guidance Range

Parkland will remain focused on its key strategies of organic growth, building a strong supply advantage and acquiring prudently. Our 2019 Guidance for Adjusted EBITDA attributable to Parkland, prior to the impact of IFRS 16, remains $960 million with anticipated variance of up to 5 percent.

The Adjusted EBITDA impact of adopting IFRS 16 was $27 million during Q1 2019 and is expected to be approximately $105 million for full-year 2019. As a result, our 2019 Guidance for Adjusted EBITDA attributable to Parkland, including the impact of IFRS 16, is $1,065 million with an anticipated variance of up to 5% (the “2019 Guidance Range”). Our Q1 2019 results give us a high level of confidence in our 2019 Guidance Range.

In addition, the Company continues to expect approximately $200 million of growth capital expenditures and $200 million of maintenance capital expenditures in 2019.

The 2019 Guidance Range includes some key assumptions highlighted below:

• Includes the 75% of Sol’s Adjusted EBITDA that is attributable to Parkland
• Burnaby refining margins forecast is based on our view of future market conditions
• The performance of recently acquired businesses, general market conditions, including but not limited to fuel margins and weather, will remain substantially consistent for the remainder of 2019
• The low end of our 2019 Guidance Range accounts for potential adverse market conditions across our areas of operations, as well as the potential for lower refining margins than currently observable, while the high end of our 2019 Guidance Range accounts for greater than expected contributions from acquisition synergies, refining margins and organic growth

In addition, the factors and assumptions which contribute to Parkland’s assessment of the 2019 Guidance Range are consistent with existing Parkland disclosure and such guidance range is subject to risks and uncertainties inherent in Parkland’s business. Readers are directed to the “Risk Factors” section in the Annual MD&A and the Annual Information Form for a description of such factors, assumptions, risks and uncertainties.

Conference Call and Webcast Details

Parkland will host a webcast and conference call on Thursday, May 2, 2019 at 6:30am MDT (8:30am EDT) to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:

https://event.on24.com/wcc/r/1985616/DF7D3C78C608DF8C797A716E1CE5B7A1

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0605 (toll-free) (Conference ID: 86334895). International participants can call 1-587-880-2175 (toll) (Conference ID: 86334895).

Please connect and log in approximately 10 minutes before the beginning of the call.

The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

Annual General Meeting

Parkland Fuel Corporation’s 2019 Annual General Meeting (”AGM”) will be held on Thursday, May 2, 2019 at 9:00am MDT at the Metropolitan Conference Centre in Calgary, Alberta. This year’s AGM will mark a significant milestone in the history of Parkland, as the Company celebrates its 50th anniversary as a publicly traded company.

MD&A and Consolidated Financial Statements

The Q1 2019 MD&A and Q1 2019 FS provide a detailed explanation of Parkland’s operating results for the three months ended March 31, 2019. An English version of these documents will be available online at www.parkland.ca and SEDAR immediately after the results are released by newswire under Parkland’s profile at www.sedar.com. French Financial Statements and MD&A will be posted to www.parkland.ca and SEDAR as soon as they become available.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, cash flow growth, run-rate synergies, private label program expansion, fuel volume growth, new business objectives, organic growth initiatives, growth of supply and trading business in the U.S. and Caribbean, Adjusted EBITDA Guidance, capital and maintenance expenditure forecasts, contribution of the Sol business and 2018 U.S. acquisitions, strategic marketing and operational efforts to increase fuel volume, expected launch of marketing and loyalty programs, forecast crack spreads and refining margins, U.S. growth opportunities, seasonal EBITDA and volume projections, and supply improvement and optimization and plans and objectives of or involving Parkland.

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. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 27, 2019 and in “Forward-Looking Information” and “Risk Factors” in the Q1 2019 MD&A, each as filed on SEDAR and available on the Parkland website at www.parkland.ca.

Non-GAAP Financial Measures

This news release refers to certain non-GAAP financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). Distributable cash flow, distributable cash flow per share, adjusted distributable cash flow, adjusted distributable cash flow per share, dividend payout ratio and adjusted dividend payout ratio are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Management considers these to be important supplemental measures of Parkland’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in its industries. See Section 13 of the Q1 2019 MD&A for a discussion of non-GAAP measures and their reconciliations to the nearest applicable IFRS measure.

Adjusted EBITDA and adjusted gross profit are measures of segment profit. See Section 13 of the Q1 2019 MD&A and Note 20 of the Q1 2019 FS for a reconciliation of these measures of segment profit. Annual Synergies is an annualized measure and is considered to be forward-looking information. See Section 10 of the Q1 2019 MD&A. Investors are encouraged to evaluate each measure and the reasons Parkland considers it appropriate for supplemental analysis.

Effective January 1, 2019, Parkland adopted the new accounting standard, IFRS 16 – Leases (”IFRS 16″). The adoption of IFRS 16 has a significant effect on Parkland’s reported results. Due to Parkland’s selected transition method, it has not restated its prior year comparatives. Certain financial statement measures are presented excluding the impact of IFRS 16 (”Pre-IFRS 16 measures”). Refer to the Q1 2019 FS and Q1 2019 MD&A for reconciliations of Pre-IFRS 16 measures.

Investors are cautioned, however, that these measures should not be construed as an alternative to net earnings determined in accordance with IFRS as an indication of Parkland’s performance. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

About Parkland Fuel Corporation

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

MONTREAL, April 23, 2019 /PRNewswire-HISPANIC PR WIRE/ — Equisoft, a global provider of digital business solutions for the insurance and wealth industries, proudly announced today the successful implementation of the Oracle Insurance Policy Administration (OIPA) system for Family Guardian Insurance Company, a leading insurer in The Bahamas. The firm is also spearheading a number of other core and front-end system integrations to help the Caribbean insurer become more competitive in the Bahamian market.

An OIPA system to start the New Year

Equisoft integration teams ensured that Family Guardian went live with its fully integrated OIPA platform earlier this year. In addition to replacing the legacy platform, the project encompassed data migration by Universal Conversion Technologies, an Equisoft subsidiary.

“We are very excited with these new technological developments and how they will create efficiencies and enhanced service delivery for our customers,” says Family Guardian President, Glen O. A. Ritchie, CPA.

More implementations planned

Equisoft has also been mandated by Family Guardian to modernize a number of front-end tools over the next few years.

“Working as a strategic partner for Family Guardian allows us to develop effective solutions that better address future business and digital challenges,” says Ruben Veerasamy, Vice President, Consulting & Account Management at Equisoft. “Adding Family Guardian to our already prestigious list of customers makes us extremely proud, and we are committed to continue to build a strong presence in the Caribbean.”

About Family Guardian Insurance Company

Family Guardian was founded in 1965 and for more than 50 years, has helped Bahamians plan for their future with a broad range of life insurance and investment products offered through its three sales divisions: Home Service, Financial Services and Group Life and Health. With nine sales offices in New Providence, Grand Bahama, Abaco, Exuma and Eleuthera, Family Guardian also has resident sales representatives in Andros, Long Island, Cat Island, San Salvador and Acklins. Family Guardian is a wholly-owned subsidiary of FamGuard Corporation Limited, a publicly traded company listed with the Bahamas International Securities Exchange (BISX). Website: familyguardian.com

About Equisoft

Founded in 1994, Equisoft is a global provider of advanced digital solutions in life insurance and wealth management. Recognized as a valued partner by over 50 of the world’s leading financial institutions in 15 countries, Equisoft offers innovative front-end applications, extensive back office services and a unique data migration expertise. The firm’s industry-leading products include CRM, financial needs analysis, asset allocation, quotes and illustrations, electronic application, agency management systems, as well as customer, agent and broker portals. Equisoft is also Oracle’s main global partner for the Oracle Insurance Policy Administration platform. With its business-driven approach, deep industry knowledge, state-of-the-art technology, and a growing team of over 375 specialized resources based in the USA, Canada, Latin America, South Africa and India, Equisoft helps financial institutions tackle any challenge in this new era of digital disruption. Website: equisoft.com