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KP Tissue Releases Second Quarter 2018 Financial Results

Strong revenue growth offset by continued cost headwinds

MISSISSAUGA, Ontario, Aug. 09, 2018 (GLOBE NEWSWIRE) -- KP Tissue Inc. (KPT) (TSX:KPT) reports the Q2 2018 financial and operational results of KPT and Kruger Products L.P. (KPLP). Kruger Products is Canada's leading manufacturer of quality tissue products for the Consumer market (Cashmere, Purex, SpongeTowels, Scotties, and White Swan) and the Away-From-Home market, and continues to grow in the U.S. Consumer tissue business with the White Cloud® brand and premium private label products. KPT currently holds a 15.9% interest in KPLP.

KPLP Q2 2018 Business and Financial Highlights

  • Revenue increased by 7.8% to $338.8 million in Q2 2018 compared to Q2 2017
  • Adjusted EBITDA was $26.7 million in Q2 2018 compared to $37.3 million in Q2 2017
  • Pulp and freight costs continued to escalate in the quarter
  • Announced a price increase in the Canadian consumer market effective mid-October
  • Declared a quarterly dividend of $0.18 per share to be paid on October 15, 2018

“We are pleased to report strong sales and volume growth for the quarter as we continue to maintain our market leadership position. Considering the significant negative impact of record-high pulp prices and freight costs on our results, we announced a price increase in the Canadian consumer business to take effect in mid-October. This increase is expected to provide a small benefit in our fourth quarter results and mainly impact 2019,” said Dino Bianco, CEO of KP Tissue and KPLP.

“During the second quarter, we made further progress on our value creation program, which, when combined with our recent capital projects, partially offset higher input costs. We do not expect changes in these challenging market conditions in the short-term and, consequently, anticipate third quarter Adjusted EBITDA to be lower than the same prior year period and also to reflect normal seasonality,” concluded Mr. Bianco.

KPLP Q2 2018 Financial Results
Revenue in Q2 2018 was $338.8 million, compared to $314.4 million in Q2 2017, an increase of $24.4 million or 7.8%. The increase in revenue was primarily due to increased sales volume and the Consumer selling price increase in Canada in Q4 2017, partially offset by the unfavourable impact of foreign exchange fluctuations on U.S. dollar sales.

Cost of sales in Q2 2018 increased to $304.9 million from $267.1 million in Q2 2017. Manufacturing costs increased primarily due to increased sales volume, significantly higher pulp costs and increased pension expense, partially offset by the favourable impact of foreign exchange fluctuations on U.S. dollar denominated costs and the benefits from cost reduction initiatives and capital projects. Freight costs increased primarily due to increased sales volume and higher carrier rates. As a percentage of revenue, cost of sales were 90.0% in Q2 2018 compared to 85.0% in Q2 2017.

Selling, general and administrative (SG&A) expenses in Q2 2018 were $20.1 million, compared to $22.5 million in Q2 2017. The decrease was primarily due to expense reductions. As a percentage of revenue, SG&A expenses were 5.9% in Q2 2018, compared to 7.2% in Q2 2017.

Adjusted EBITDA in Q2 2018 was $26.7 million, compared to $37.3 million in Q2 2017, lower by $10.6 million or 28.4%, due primarily to significantly higher pulp costs and increased freight costs. These were partially offset by increased sales volume, the Canadian Consumer selling price increase, the net favourable impact of foreign exchange fluctuations and the benefits from cost reduction initiatives and capital projects.  

Net income in Q2 2018 was $1.6 million, compared to $9.9 million in Q2 2017, primarily due to lower Adjusted EBITDA of $10.6 million, an increase in interest expense of $1.7 million, a decrease in foreign exchange gain of $1.4 million and higher depreciation expense of $0.4 million. These items were partially offset by a decrease in the change in amortized cost of partnership units liability of $4.5 million and a decrease in tax expense of $1.7 million.

Total liquidity, representing cash and cash equivalents and availability under the credit line within covenant limitations, was $64.5 million as of July 1, 2018, compared to $30.2 million as of April 1, 2018. KPLP issued $125 million of senior unsecured notes on April 24, 2018, and used the net proceeds to reduce the outstanding balance of the existing credit facility. KPLP also reduced the credit facility from $300 million to $200 million. With the issuance of the senior unsecured notes, total liquidity increased by $25 million.

KPT Q2 2018 Financial Results
KPT incurred a net loss of $1.3 million in Q2 2018. Included in the net loss was $0.3 million representing KPT’s share of KPLP’s income. The income was reduced by depreciation expense of $1.5 million related to adjustments to carrying amounts on acquisition, partially offset by an income tax expense of $0.2 million.

Dividends on Common Shares                                                     
The Board of Directors of KPT declared a quarterly dividend of $0.18 per share to be paid on October 15, 2018 to shareholders of record at the close of business on September 28, 2018.

Additional Information
For additional information please refer to Management’s Discussion and Analysis (MD&A) of KPT and KPLP for the second quarter ended July 1, 2018 available on SEDAR at www.sedar.com or our website at www.kptissueinc.com.

Second Quarter Results Conference Call Information
KPT will hold its second quarter conference call on Thursday, August 9, 2018 at 8:30 a.m. Eastern Time.

Via telephone:  1-877-223-4471 or 647-788-4922

Via the internet at: www.kptissueinc.com

Presentation material referenced during the conference call will be available at www.kptissueinc.com.

A rebroadcast of the conference call will be available until midnight, August 16, 2018 by dialing 800-585-8367 or 416-621-4642 and entering passcode 4789197.

The replay of the webcast will remain available on the website until midnight, August 16, 2018.

About KP Tissue Inc. (KPT)
KPT was created to acquire, and its business is limited to holding, a limited partnership interest in KPLP, which is accounted for as an investment on the equity basis. KPT currently holds a 15.9% interest in KPLP. For more information visit www.kptissueinc.com.

About Kruger Products L.P. (KPLP)
KPLP is Canada's leading manufacturer of quality tissue products for household, industrial and commercial use. KPLP serves the Canadian consumer market with such well-known brands as Cashmere®, Purex®, SpongeTowels®, Scotties® and White Swan®. In the U.S., KPLP manufactures the White Cloud® brand, as well as many private label products. The Away-From-Home division manufactures and distributes high-quality, cost-effective product solutions to a wide range of commercial and public entities. KPLP has approximately 2,500 employees and operates eight FSC® COC-certified (FSC® C-104904) production facilities in North America.  For more information visit www.krugerproducts.ca.

Non-IFRS Measures
This press release uses certain non-IFRS financial measures which KPLP believes provide useful information to management of KPLP and the readers of the financial information in measuring the financial performance and financial condition of KPLP. These measures do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other companies. An example of such a measure is Adjusted EBITDA. Beginning with Q4 2015 in accordance with Canadian Securities Administrators Staff Notice 52-306 (Revised), we reference Adjusted EBITDA as a non-IFRS financial measure. This term replaces the previously referenced non-IFRS financial measure EBITDA. Our definition of Adjusted EBITDA is unchanged from our former definition of EBITDA. Accordingly, this change in terminology has no impact on our reported financial results for prior periods. Adjusted EBITDA is not a measurement of operating performance computed in accordance with IFRS and should not be considered as a substitute for operating income, net income or cash flows from operating activities computed in accordance with IFRS. “Adjusted EBITDA” is calculated by KPLP as net income (loss) before (i) interest expense, (ii) income taxes, (iii) depreciation, (iv) amortization, (v) impairment (gain on sale) of non-financial assets, (vi) loss (gain) on disposal of property, plant and equipment, (vii) foreign exchange loss (gain), (viii) costs related to restructuring activities, (ix) changes in amortized cost of Partnership units liability, and (x) one-time costs due to pension revaluations related to past service. A reconciliation of Adjusted EBITDA to the relevant reported results can be found in the MD&A of KPT and KPLP for the second quarter ended July 1, 2018 available on SEDAR at www.sedar.com.

Forward-Looking Statements
Certain statements in this press release about KPT's and KPLP's current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or any other future events or developments constitute forward-looking statements. Forward-looking statements in this press release include, but are not limited to, items such as: the potential installation of a second TAD paper machine; KPLP’s expansion efforts in U.S. premium private label; and KPLP’s future business strategy. The words "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. The forward-looking statements are based on certain key expectations and assumptions made by KPT or KPLP, including expectations and assumptions concerning: the impact of the TAD Project on Adjusted EBITDA; the expectation of continued growth in sales of TAD products in the U.S.; a successful ramp-up of the Crabtree paper machine; improved performance of the Away-From-Home business; and expanded distribution of White Cloud to select U.S. retailers. Although KPT and KPLP believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking statements since no assurance can be given that such expectations and assumptions will prove to be correct.

The outlook provided in respect of Adjusted EBITDA for Q3 2018 is forward-looking information and is subject to the risk and uncertainties referred to below. The purpose of the outlook is to provide the reader with an indication of management’s expectations, at the date of this press release, regarding KPLP’s future financial performance. Readers are cautioned that this information may not be appropriate for other purposes.  

Many factors could cause KPLP’s actual results, level of activity, performance or achievements or future events or developments (which could in turn affect the economic benefits derived from the corporation’s economic interest in KPLP) to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors, which are discussed in greater detail in the “Risk Factors – Risks Related to KPLP’s Business” section of the KPT Annual Information Form dated March 9, 2018 available on SEDAR at www.sedar.com: Kruger Inc.’s influence over KPLP; KPLP’s reliance on Kruger Inc.; consequences of an event of insolvency relating to Kruger Inc.; risks associated with the Memphis TAD machine; operational risks; Gatineau Plant land lease; significant increases in input costs; reduction in supply of fibre; increased pricing pressure and intense competition; KPLP’s inability to innovate effectively; adverse economic conditions; dependence on key retail trade customers; damage to the reputation of KPLP or KPLP’s brands; KPLP’s sales being less than anticipated; KPLP’s failure to implement its business and operating strategies; KPLP’s obligation to make regular capital expenditures; KPLP’s entering into unsuccessful acquisitions; KPLP’s dependence on key personnel; KPLP’s inability to retain its existing customers or obtain new customers; KPLP’s loss of key suppliers; KPLP’s failure to adequately protect its intellectual property rights; KPLP’s reliance on third party intellectual property licenses; adverse litigation and other claims affecting KPLP; material expenditures due to comprehensive environmental regulation affecting KPLP’s cash flow; KPLP’s pension obligations are significant and can be materially higher than predicted if KPLP Management’s underlying assumptions are incorrect; labour disputes adversely affecting KPLP’s cost structure and KPLP’s ability to run its plants; exchange rate and U.S. competitors; KPLP’s inability to service all of its indebtedness; exposure to potential consumer product liability; covenant compliance; interest rate and refinancing risk; and risks relating to information technology, cyber-security, insurance, internal controls, and trade.

Readers should not place undue reliance on forward-looking statements made herein. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. The forward-looking information contained herein is made as of the date of press release and KPT undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.

/EIN News/ -- INFORMATION:

Francois Paroyan
General Counsel and Corporate Secretary
KP Tissue Inc.
Tel.: 905.812.6936
francois.paroyan@krugerproducts.ca

INVESTORS:

Mike Baldesarra
Director of Investor Relations
KP Tissue Inc.
Tel.: 905.812.6962
IR@KPTissueinc.com

 

 
Kruger Products L.P.
Unaudited Condensed Consolidated Statement of Financial Position
(thousands of Canadian dollars)
           
  July 1, 2018     December 31, 2017  
  $     $  
Assets          
Current assets          
Cash and cash equivalents   20,007       8,837  
Trade and other receivables    142,896       113,194  
Receivables from related parties   170       85  
Current portion of advances to partners   6,199       1,928  
Inventories    212,152       192,394  
Income tax recoverable    513       522  
Prepaid expenses    10,300       8,007  
    392,237       324,967  
Non-current assets          
Advances to partners   -        4,489  
Property, plant and equipment    777,368       761,610  
Other long-term assets    10       6,331  
Goodwill   160,939       160,939  
Intangible assets    15,619       15,327  
Deferred income taxes    29,182       26,092  
Total assets   1,375,355       1,299,755  
           
Liabilities          
Current liabilities          
Bank indebtedness   4,215       9,051  
Trade and other payables    192,755       190,698  
Payables to related parties   3,189       2,596  
Income tax payable   661       498  
Distributions payable    10,529       10,382  
Current portion of provisions    630       333  
Current portion of long-term debt    204,523       190,947  
    416,502       404,505  
Non-current liabilities          
Long-term debt    288,282       225,368  
Provisions    5,598       5,973  
Pensions    103,002       119,558  
Post-retirement benefits    60,598       60,457  
Liabilities to non-unitholders   873,982       815,861  
Current portion of Partnership units liability    1,928       1,928  
Long-term portion of Partnership units liability    157,169       158,381  
Total Partnership units liability    159,097       160,309  
Total liabilities   1,033,079       976,170  
           
Equity          
Partnership units   366,344       356,240  
Deficit   (106,065 )     (99,742 )
Accumulated other comprehensive income   81,997       67,087  
Total equity   342,276       323,585  
Total equity and liabilities   1,375,355       1,299,755  
           


 
Kruger Products L.P.
Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)
(thousands of Canadian dollars)
                   
    3-month
 period ended
 July 1, 2018
    3-month
 period ended
 June 25, 2017
    6-month
 period ended
 July 1, 2018
    6-month
 period ended
 June 25, 2017
 
    $     $     $     $  
                         
Revenue      338,773       314,388       662,508       603,659  
                         
Expenses                        
Cost of sales      304,924       267,077       592,293       511,331  
Selling, general and administrative expenses      20,068       22,520       43,021       45,741  
(Gain) loss on sale of non-financial assets     7       (81 )     (208 )     (68 )
Restructuring costs, net     1       -        1       11  
                         
Operating income     13,773       24,872       27,401       46,644  
                         
Interest expense     12,498       10,757       23,811       21,021  
Other (income) expense      (779 )     2,018       1,009       3,963  
                         
Income before income taxes     2,054       12,097       2,581       21,660  
                         
Income taxes      410       2,150       (640 )     4,764  
                         
Net income for the period     1,644       9,947       3,221       16,896  
                         
Other comprehensive income (loss)                        
Items that will not be reclassified to net income:                        
Remeasurements of pensions     865       (12,656 )     17,671       (15,223 )
Remeasurements of post-retirement benefits     (216 )     (2,317 )     422       (3,201 )
Items that may be subsequently reclassified to net income:                        
Cumulative translation adjustment     6,066       (2,580 )     14,910       (3,345 )
                         
Total other comprehensive income (loss) for the period     6,715       (17,553 )     33,003       (21,769 )
                         
Comprehensive income (loss) for the period     8,359       (7,606 )     36,224       (4,873 )
                         


 
Kruger Products L.P.
Unaudited Condensed Consolidated Statement of Cash Flows
(thousands of Canadian dollars)
                       
  3-month
period ended
July 1, 2018
    3-month
period ended
June 25, 2017
    6-month
period ended
July 1, 2018
    6-month
period ended
June 25, 2017
 
  $     $     $     $  
Cash flows from (used in) operating activities                      
Net income for the period   1,644       9,947       3,221       16,896  
Items not affecting cash                      
Depreciation   12,568       12,316       25,383       24,064  
Amortization    438       249       733       489  
Loss (gain) on sale of property, plant and equipment   -        -        434       (2 )
Change in amortized cost of Partnership units liability   (1,962 )     2,531       716       5,060  
Foreign exchange loss (gain)   898       (513 )     657       (1,097 )
Change in fair value of derivatives   285       -        (364 )     -   
Interest expense   12,498       10,757       23,811       21,021  
Pension and post-retirement benefits   3,575       2,513       6,919       5,026  
Provisions    13       94       61       338  
Income taxes   410       2,150       (640 )     4,764  
Gain on sale of non-financial assets   7       (81 )     (208 )     (68 )
Total items not affecting cash   28,730       30,016       57,502       59,595  
                       
Net change in non-cash working capital    (4,279 )     (2,229 )     (40,900 )     (31,089 )
Contributions to pension and post-retirement benefit plans   (4,152 )     (3,933 )     (8,139 )     (7,671 )
Provisions paid   (206 )     (116 )     (247 )     (450 )
Income tax payments   (997 )     (1,547 )     (1,349 )     (3,054 )
                       
Net cash from operating activities   20,740       32,138       10,088       34,227  
                       
Cash flows from (used in) investing activities                      
Purchases of property, plant and equipment   (12,600 )     (25,511 )     (28,318 )     (38,245 )
Capitalized interest paid   -        (159 )     -        (381 )
Government assistance received   11       2,033       11       2,949  
Purchases of software   (1,025 )     -        (1,025 )     -   
Proceeds on sale of property, plant and equipment   (7 )     127       324       1,170  
                       
Net cash used in investing activities   (13,621 )     (23,510 )     (29,008 )     (34,507 )
                       
Cash flows from (used in) financing activities                      
Proceeds from long-term debt   157,063       (1,245 )     195,113       26,770  
Repayment of long-term debt   (126,823 )     (375 )     (127,108 )     (501 )
Payment of deferred financing fees   (3,685 )     (3 )     (3,917 )     (12 )
Interest paid on long-term debt   (13,636 )     (8,553 )     (16,876 )     (11,111 )
Distributions and advances paid, net   (5,740 )     (8,711 )     (12,765 )     (17,729 )
                       
Net cash from (used in) financing activities   7,179       (18,887 )     34,447       (2,583 )
                       
Effect of exchange rate changes on cash and cash equivalents held in foreign currency   157       (31 )     479       (87 )
                       
Increase (decrease) in cash and cash equivalents during the period   14,455       (10,290 )     16,006       (2,950 )
                       
Cash and cash equivalents - Beginning of period   1,337       34,844       (214 )     27,504  
                       
Cash and cash equivalents - End of period   15,792       24,554       15,792       24,554  
                       


 
Kruger Products L.P.
Segment and Geographic Results
(thousands of Canadian dollars)
                         
  3-month
period ended
July 1, 2018
    3-month
period ended
June 25, 2017
    6-month
period ended
July 1, 2018
    6-month
period ended
June 25, 2017
   
  $     $     $     $    
                         
Segment Information                        
                         
Segment Revenue                        
Consumer   277,495       252,152       545,191       491,079    
AFH   59,584       59,919       113,109       108,593    
Other   1,694       2,317       4,208       3,987    
                         
Total segment revenue   338,773       314,388       662,508       603,659    
                         
Segment Adjusted EBITDA                        
Consumer   32,203       34,902       62,074       67,874    
AFH   (3,102 )     2,333       (3,433 )     2,988    
Other   (2,314 )     121       (4,897 )     276    
                         
Total segment Adjusted EBITDA   26,787       37,356       53,744       71,138    
                         
Reconciliation to Net Income:                        
                         
Depreciation and amortization   13,007       12,565       26,116       24,553    
Interest expense   12,498       10,757       23,811       21,021    
Change in amortized cost of Partnership units liability   (1,962 )     2,531       716       5,060    
Change in fair value of derivatives   285       -       (364 )     -    
(Gain) loss on sale of property, plant and equipment   -       -       434       (2 )  
(Gain) loss on sale of non-financial assets   7       (81 )     (208 )     (68 )  
Restructuring costs, net   -       -       1       11    
Foreign exchange (gain) loss   898       (513 )     657       (1,097 )  
                         
Income before income taxes   2,054       12,097       2,581       21,660    
                         
Income taxes   410       2,150       (640 )     4,764    
                         
Net income    1,644       9,947       3,221       16,896    
                         
Geographic Revenue                        
                         
Canada   202,340       187,783       390,993       361,660    
U.S.   116,352       114,904       231,904       219,553    
Mexico   20,081       11,701       39,611       22,446    
                         
Total revenue   338,773       314,388       662,508       603,659    
                         


 
KP Tissue Inc.
Unaudited Condensed Statement of Financial Position
(thousands of Canadian dollars)
           
  July 1, 2018     December 31, 2017  
  $     $  
Assets          
           
Current assets          
Distributions receivable   1,674       1,658  
Receivable from Partnership   94       -   
Income tax recoverable   1,108       826  
    2,876       2,484  
           
Non-current assets          
Investment in associate   98,490       98,674  
           
Total Assets   101,366       101,158  
           
Liabilities          
           
Current liabilities          
Dividend payable   1,674       1,658  
Payable to Partnership   -        52  
Current portion of advances from Partnership   1,005       309  
    2,679       2,019  
Non-current liabilities          
Advances from Partnership   -        731  
Deferred income taxes    1,982       1,483  
           
Total liabilities   4,661       4,233  
           
Equity          
           
Common shares   16,071       15,014  
Contributed surplus    144,819       144,819  
Deficit   (78,734 )     (74,952 )
Accumulated other comprehensive income   14,549       12,044  
           
Total equity   96,705       96,925  
           
Total liabilities and equity   101,366       101,158  
           


 
KP Tissue Inc.
Unaudited Condensed Statement of Comprehensive Income (Loss)
(thousands of Canadian dollars, except share and per share amounts)
                       
  3-month
 period ended
 July 1, 2018
    3-month
 period ended
 June 25, 2017
    6-month
 period ended
 July 1, 2018
    6-month
 period ended
 June 25, 2017
 
  $     $     $     $  
                       
Equity Income (loss)   (1,195 )     115       (2,397 )     (248 )
                       
Dilution gain    46       47       89       97  
                       
Income (loss) before income taxes   (1,149 )     162       (2,308 )     (151 )
                       
Income taxes   180       752       (141 )     1,000  
                       
Net loss for the period   (1,329 )     (590 )     (2,167 )     (1,151 )
                       
Other comprehensive income (loss)                      
net of tax expense (recovery)                      
Items that will not be reclassified to net loss:                      
Remeasurements of pensions    116       (1,771 )     2,448       (2,130 )
Remeasurements of post-retirement benefits    (30 )     (227 )     59       (314 )
Items that may be subsequently reclassified to net loss:                      
Cumulative translation adjustment    1,033       (447 )     2,505       (619 )
                       
Total other comprehensive income (loss) for the period   1,119       (2,445 )     5,012       (3,063 )
                       
Comprehensive income (loss) for the period   (210 )     (3,035 )     2,845       (4,214 )
                       
Basic loss per share   (0.14 )     (0.06 )     (0.23 )     (0.13 )
                       
Weighted average number of shares outstanding   9,291,212       9,144,390       9,268,192       9,130,890  
                       


 
KP Tissue Inc.
Unaudited Condensed Statement of Cash Flows
(thousands of Canadian dollars)
                       
  3-month
period ended
July 1, 2018
    3-month
period ended
June 25, 2017
    6-month
period ended
July 1, 2018
    6-month
period ended
June 25, 2017
 
  $     $     $     $  
Cash flows from (used in) operating activities                      
Net loss for the period   (1,329 )     (590 )     (2,167 )     (1,151 )
Items not affecting cash                      
Equity (income) loss   1,195       (115 )     2,397       248  
Dilution gain    (46 )     (47 )     (89 )     (97 )
Income taxes   180       752       (141 )     1,000  
Total items not affecting cash   1,329       590       2,167       1,151  
                       
Net change in non-cash working capital    -       -       -       697  
Tax payments   (30 )     (525 )     (274 )     (1,774 )
Tax Distribution received   -       -       -       481  
Advances received   30       525       274       596  
                       
Net cash from (used in) operating activities   -       -       -       -  
                       
Cash flows from investing activites                      
Partnership unit distributions received   1,157       1,192       2,301       2,368  
                       
Net cash from investing activities   1,157       1,192       2,301       2,368  
                       
Cash flows used in financing activities                      
Dividends paid   (1,157 )     (1,192 )     (2,301 )     (2,368 )
                       
Net cash used in financing activities   (1,157 )     (1,192 )     (2,301 )     (2,368 )
                       
Increase (decrease) in cash and cash equivalents during the period   -       -       -       -  
                       
Cash and cash equivalents - Beginning of period   -       -       -       -  
                       
Cash and cash equivalents - End of period   -       -       -       -  

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