Media Alert: Fifteenth World Robot Olympiad Finals Set in Thailand

Surprise Rules & Automation Will Challenge Young Competitors to Solve Real Problems at Popular Annual Event

SUNNYVALE, Calif. and BILLUND, Denmark, Nov. 12, 2018 (GLOBE NEWSWIRE) — The World Robot Olympiad™ Association plus joint sponsors LEGO® Education and Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, today announced this year’s global finals are due to take place starting this Friday, November 16, in Chiang Mai, Thailand. Four-hundred and eighty-four teams, comprising over 1,200 individuals from 63 different countries, are due to participate across eight age- and task-based categories. The teams will demonstrate their ability to problem-solve and innovate using LEGO-based robots they have designed, built and programmed themselves.

This year’s event has a theme of ‘Food Matters’, around which some of the competitive challenges are based. The challenges are known in advance so the teams can prepare their approach, but they must also deal with a ‘surprise rule’ announced at the start of the finals, testing ability to work as a team, think quickly and adapt both hardware and software unaided. They must also begin with their robots disassembled, having limited time and size constraints to deal with to build from scratch and without instructions or adult intervention.

To keep up with this year’s finals, please follow #WRO2018 for daily photo and video updates.

News Highlights:

  • The age of participants ranges from six to 25 years old, spanning starter categories to sophisticated, business case-driven challenges.
  • Robots must be built using only specified elements, including LEGO® MINDSTORMS® and LEGO® Education WeDo 2.0, depending on the category.
  • Based on previous years, the 2018 Final in Thailand is likely to attract approximately a thousand spectators over three days of competition.
  • Since the 2018 season began in mid-January, country heats and finals have taken place around the globe in 70 countries. A total of more than 26,000 teams, have competed in 444 tournaments for coveted places in the WRO International Final.
  • A team consists of one coach and two or three team members.
  • A series of awards, including the inaugural “Juniper Networks’ Engineering Simplicity Honors Award” and the “LEGO Education Creativity Award”, will be made during the event.

Supporting Quotes

“Robotics is a wonderful platform for inspiring students to take an interest in STEM. In today’s fast paced society, we need students to be creative thinkers. WRO challenges students to come up with creative solutions to complex problems. To stand out, they need an original idea that will differentiate them from other competitors. At WRO 2018 we will give the inventors and engineers of tomorrow a memorable experience that will take them to the next level.”
– Claus Ditlev Christensen, Secretary General at World Robot Olympiad Association Ltd.

“LEGO Education proudly supports the World Robot Olympiad because we see that this memorable experience has a lasting impact on the skills and ambitions of young students around the world. The science, technology, engineering and math skills, along with the transferrable skills such as problem solving and collaboration, they develop here equip them to succeed in the rapidly changing workforce.”
– Camilla Bottke, Head of Afterschool and Competitions, LEGO Education

“This is not only fun and games – competitors reach a remarkably high standard of automated engineering to solve real-world problems. Juniper has always been a passionate advocate of STEM education as a creative driver for the next generation’s ability to change things for the better. As the era of digital transformation continues its momentum, these highly-talented young people will be in the automation vanguard as they move throughout their education and into the workplace.”
– Mike Marcellin, Chief Marketing Officer at Juniper Networks

About World Robot Olympiad Association
World Robot Olympiad Association (WRO) is a nonprofit organization with a mission to inspire young people around the world to take an interest in STEM. WRO robotics competitions are popular worldwide and each year the WRO international final brings together young people from around the world to present their solutions to the season’s challenges. Additional information can be found at our website (www.wro-association.org). Follow WRO on Facebook.

About LEGO Education
LEGO® Education offers playful learning experiences and teaching solutions based on the LEGO system of bricks, curriculum-relevant material, and physical and digital resources to preschool, elementary, middle school and after school.
From early learning to middle school and beyond, LEGO® Education provides hands-on learning solutions that engage every student’s natural curiosity, and helps them develop the skills and confidence they will need in the future. Follow us on Twitter @LEGO_Education.

About Juniper Networks
Juniper Networks simplifies the complexities of networking with products, solutions and services in the cloud era to transform the way we connect, work and live. We remove the traditional constraints of networking to enable our customers and partners to deliver automated, scalable and secure networks that connect the world. Additional information can be found at Juniper Networks (www.juniper.net) or connect with Juniper on Twitter, LinkedIn and Facebook.

Juniper Networks, the Juniper Networks logo and Junos are registered trademarks of Juniper Networks, Inc. and/or its affiliates in the United States and other countries. Other names may be trademarks of their respective owners.

LEGO®, the LEGO® logo, and MINDSTORMS® are registered trademarks of The LEGO Group. © 2018 The LEGO Group. All rights reserved.

Media Relations
Penny Still
Juniper Networks
Tel: +44 (0) 1372 385 692
Email: pstill@juniper.net

Kari Sherrodd
LEGO Education
Tel: +1 860 835 6510
Email: kari.sherrodd@LEGO.com

Karen Bebelaar
WRO
Email: kb@wro-association.org

OptDyn™ and aSAY Group, an EOH Company, Announce Strategic Partnership to Drive MENA Region Production and Adoption of the Subutai™ Blockchain Router

Subsidiary of Africa’s largest technology service provider to help propel $4B+ market through ethical cryptocurrency mining

Dubai, UAE, Nov. 11, 2018 (GLOBE NEWSWIRE) — At the 7th Ritossa Global Family Office Investment Summit, OptDyn™ Inc. and aSAY Group, a subsidiary of EOH Holdings Limited (JSE:EOH), announced today their strategic partnership to launch the Subutai™ Blockchain Router in the Middle East and North Africa.

The Subutai Blockchain Router earns end users passive income through multiple income streams. It is a power-efficient, “green” broadband Cloud router and Internet-of-Things (IoT) “Swiss Army Knife” gateway that is available in two versions:

Industrial Edition —used in mission-critical Industrial IoT, Industry 4.0, and smart city applications across wide temperature ranges and harsh operating conditions; and

Residential Edition —serves as a secure, plug-and-play IoT connector for home automation, as well as a cryptocurrency wallet, and a cryptocurrency mining device.

“We are very happy to join forces with aSAY and EOH, who are recognized leaders in the MENA market,” said Alex Karasulu, CEO of OptDyn. “Our collaboration will help improve the lives of hundreds of millions of users with the Subutai Blockchain Router, which is poised to decentralize and revolutionize the $4B+ cryptocurrency mining market.”

The partnership will focus initially on production and distribution of the Residential Edition of the Subutai Blockchain Router in the MENA region. The Residential Edition of the Subutai Blockchain Router provides users a passive income of ~US$115/month (at current depressed rates) with no technical skills needed. Users simply need to plug in the Subutai Blockchain Router, attach up to four additional Subutai Mining Drives (optional), choose the preferred cryptocurrency to be mined, and begin generating passive income.

A subsidiary of EOH (Africa’s largest technology service provider that offers consulting, technology, and outsourcing solutions in more than 50 countries), aSAY Group provides Industry 4.0 and smart city solutions that include smart energy, water, and IoT programs, as well as traffic management, data communication management, and smart grid technology applications. aSAY’s service groups in Automation Technologies, Energy and Energy Control Systems, Value Added Distribution, and Information Technologies and Electronics augment EOH’s public, private, and hybrid Cloud computing, software, and infrastructure services and e-government and utilities solutions, which are actively deployed in Argentina, Chile, Ghana, Jordan, Kenya, Kuwait, Mauritius, Namibia, South Africa, Tanzania, Turkey, Uganda, the United Arab Emirates, Zambia, and Zimbabwe, among other countries.

“We are pleased to partner with OptDyn to bring innovative technical solutions that are integral to the growth of the markets served across the greater EOH customer base,” said Osman Koç, General Manager at aSAY Communication Services. “We’re excited to realize the impact of the Subutai Blockchain Router, whose ‘ethical cryptocurrency mining’ is in alignment with our collective goals of being an ethical, relevant force for good and to play a positive role in our society, beyond normal business practice.”

MENA-based production of the Residential Edition of the Subutai Blockchain Router will commence in the coming months, with anticipated delivery in Q2 2019. Pre-sales for the Router will initiate before then.

“Together with aSAY and EOH, we’re committed to empowering commercial and individual users from the MENA region the opportunity to unlock the power of Subutai,” added Karasulu. “We look forward to welcoming new customers to the Subutai Community to experience how we’ve redefined Cloud Computing, IoT, and cryptocurrency mining to be dynamic, secure, and financially-rewarding again for the masses.”

Subutai Platform and Availability
Subutai™ originated as a multi-million dollar advanced defense research project to create a new Peer-to-Peer (P2P) Cloud Computing platform that intelligently reconfigures itself dynamically and securely across global resources. Today Subutai disrupts, democratizes, and commoditizes Cloud and Internet of Things (IoT) services through the following products:

➔ Subutai™ Blockchain Router v2.0 — power-efficient (18-60w) “green” advanced broadband Cloud router and open hardware IoT “Swiss Army Knife” gateway. Learn more at https://subutai.io/router.html

Residential Edition — serves as a secure IoT connector, as well as a plug-and-play cryptocurrency wallet and mining device at a hashrate of 232 MH/s. Mines multiple cryptocurrencies with no technical skills needed; advanced configuration is expandable to increase mining yields four-fold (providing ~US$115/mo. passive income at current depressed rates) by attaching up to 4 additional Subutai Mining Drives (sold separately). Ethical mining for the masses. Available Q2 2019.

Industrial Edition — used in mission-critical Industrial IoT/Industry 4.0 applications, with higher grade temperature-resistant chips, and advanced security via self-adaptive, real-time intrusion detection/prevention systems. Currently in production in South America and being tested at the world’s largest producer of renewable energy, among other IIoT and smart city programs.

➔ Subutai™ PeerOS v8.0 — Open Source, container-based P2P Cloud and IoT software and firmware that allows users to easily create Virtual Private Clouds. Mature v8.0, stable; commercialized for mass consumption over a compute resource and device commodity exchange on the blockchain. Download at https://subutai.io/getting-started.html

➔ Subutai™ Bazaar v7.0 — a global reputation-based marketplace to buy/sell/exchange idle computing resources and cloud applications: “the Airbnb of computing resources”. Contains software products such as the popular Subutai Blockchain-in-a-Box and IoT Sandbox blueprints. Mature v7.0, stable; used daily by 850+ commercial and individual users in 85 countries. Get started today at https://bazaar.subutai.io

➔ Subutai™ Blueprints — reduce system administration overheads and simplify the process of distributed application development. Subutai’s free blueprints provide an all-inclusive developer environment for specifying general instructions to automate P2P distributed application (dApp) management tasks (installing, updating, maintaining, etc.). Popular Subutai blueprints include: Blockchain-in-a-Box (write Smart Contracts in minutes without having to deal with obtaining testnet Ether, the cryptocurrency fueling the Ethereum network); IoT Sandbox (easily store and visualize IoT data on the edge); Nextcloud (access and manage your files with free, flexible, secure cloud storage); GitLab (deploy and manage GitLab repositories on peer-to-peer clouds); and Minecraft (play Minecraft on your own global private network game server). Available from the Subutai Bazaar https://bazaar.subutai.io

➔ KHAN™ — an Ethereum Blockchain-based reserve currency token that is the default and ubiquitous currency and staking token of the Subutai platform (SEC-complaint code built into the KHAN contract). Key part of dual token structure: GoodWill (Subutai Sidechain smart token for low latency transactions, used to buy/sell Subutai Bazaar resources and products); and KHAN (cryptocurrency used on the Subutai Bazaar for provider and consumer reputation “staking” via SLA escrows). Launching early 2019.

About Subutai™
Subutai, the world’s first intelligent Peer-to-Peer Cloud computing platform, opens the $760+B Cloud and Internet-of-Things ecosystem through decentralized, self-adaptive, and cost efficient infrastructure that connects end users and devices more effectively along the continuum. Developed by Open Source trailblazers, Subutai disrupts and democratizes the Cloud, allowing users to easily participate in the crypto economy through energy-efficient, ethical cryptocurrency mining and frictionless commoditization of idle computing resources. Businesses using Subutai can instantly raise and operate a sharing economy for countless applications using KHAN™, its Ethereum blockchain reserve currency token. Subutai is being deployed across the $1.5T global telecommunications and $60B Web Hosting/ISP markets, among many other industries. Visit https://subutai.io/ and https://twitter.com/Subutai_KHAN for more information.

About aSAY Group
aSAY Group is a subsidiary of EOH Holdings Limited (JSE:EOH), the largest technology business in Africa, providing high-value, end-to-end solutions to more than 5,000 large enterprise customers across all major industries. aSAY Group continues the culture of being a niche player with the investments in Automation Technologies, Energy and Energy Control Systems along with Value Added Distribution sectors, after the success achieved in Information Technologies and Electronics since 1998. For more information, visit http://www.asaygroup.com .

About OptDyn, Inc.
Founded in 2013, OptDyn is the company behind Subutai™, the intelligent platform that brings Open Source Peer-to-Peer (P2P) Cloud computing, Internet of Things (IoT), and ethical cryptocurrency mining for everyone. Originally developed as a multi-million dollar defense project for a new P2P Cloud computing platform that could reconfigure itself dynamically and securely across the Internet., Subutai is proven, mature (software v8.0; hardware v2.0), solves real-world problems, and is ready to use today. OptDyn is based in the United States with distributed teams in Europe, Asia, and South America. For more information, visit https://optdyn.com/ and https://twitter.com/optdyn .

© OptDyn, 2018. “OptDyn”, “Subutai”, and “KHAN” are trademarks of OptDyn, Inc. “Subutai PeerOS”, “Subutai Bazaar”, “Subutai Blockchain Router”, and “Subutai Blueprints” are branded products of OptDyn, Inc. All other company and product names may be trademarks of the respective companies with which they are associated.

Sally Khudairi
Founder/CMO
OptDyn, Inc.
sk@optdyn.com
+1 617 921 8656

AGC Networks to Acquire Black Box, Creating a Significant Global Technology Solutions Provider

Expands Offerings, Scale and Geographic Reach to Service Global Enterprise Clients

Offer Price Represents a 24% Premium Over Most Recent Closing Price on Friday, November 9, 2018

DALLAS and MUMBAI, India and SINGAPORE and PITTSBURGH, Nov. 11, 2018 (GLOBE NEWSWIRE) — A wholly-owned subsidiary of global solutions integrator AGC Networks Ltd (BSE/NSE: AGCNET), AGC Networks Pte. Ltd. in Singapore and Black Box Corporation (NASDAQ:BBOX) announced today that they have entered into a definitive merger agreement under which AGC Singapore would acquire all the outstanding shares of Black Box for $1.08 per share in cash, subject to customary closing conditions and regulatory approvals. The Black Box Board of Directors unanimously approved the merger agreement following a thorough review of the full range of available strategic, financial and capital structure alternatives, which Black Box commenced and announced on February 6, 2018. The transaction is expected to close prior to the end of the calendar year.

The combination with Black Box will provide a substantial increase in AGC’s presence and offerings in North America. In addition, AGC will enhance its footprint in providing technologies and services throughout six continents. The acquisition will be significant for AGC, expected to add over $600 million in annual revenue and approximately 3,000 team members serving clients worldwide.

“We have known Black Box for many years and believe that its skilled teams and strong client relations with world-class enterprises and partners will allow us to better serve our global clients,” said Sanjeev Verma, Executive Director and CEO of AGC Networks. “The merger of our two companies will create a unique organization that has the scale to deliver world-wide technical solutions to the largest organizations.”

“We were looking for a partner that could provide us with the resources to grow our services and products businesses in a way that benefitted clients and employees,” said Joel Trammell, CEO of Black Box. “As we visited in depth with the AGC team, it became obvious that the fit was very strong and that the combination would make our company more exceptional. I look forward to working with Sanjeev and his team to build a world class global technology services company.”

Under the terms of the merger agreement, an indirect wholly owned U.S. subsidiary of AGC Singapore will commence a tender offer to purchase all of the outstanding shares of Black Box common stock for $1.08 per share in cash. Upon the successful completion of the tender offer, the U.S. subsidiary of AGC Singapore would acquire all remaining shares of common stock not tendered in the offer for $1.08 per share through a second-step merger. The tender offer and the second-step merger are subject to customary conditions, including the tender of a majority of the outstanding shares of Black Box common stock. The U.S. subsidiary of AGC Singapore is financing the merger through a combination of equity and debt. Pathlight Capital will serve as administrative agent for the senior credit facilities.

Strategic Rationale

The transaction brings together two global IT solutions providers that share a “client focus” approach and are committed to accelerating their clients’ business. AGC brings its strong presence in India, the Middle East and Pacific Rim to complement Black Box’s services focus in the Americas and Europe, while also enhancing the presence in other global markets. Both companies provide full managed services capabilities in Unified Communications and Collaboration, Cloud, Data Center and Edge Technologies. AGC adds its expertise in digital applications and cybersecurity to Black Box’s strong infrastructure and mobility background. The transaction will enhance their technology vendor partners’ reach in global markets, verticals and clients. The Black Box products business will continue to offer its full portfolio of products directly and through channel partners.

Advisors

Raymond James & Associates is acting as financial adviser to Black Box and Jones Day is serving as legal counsel with Morris Nichols Arsht & Tunnell LLP as special Delaware counsel. SunTrust Robinson Humphrey is serving as financial adviser to AGC and Alston & Bird is serving as legal counsel. GLC Advisors and Rubin Capital are serving AGC as financial advisers in arranging capital.

About AGC Networks

AGC Networks is the client’s trusted global technology integrator to architect, deploy, manage and secure their IT environment through customized solutions and services that accelerate their business. AGC partners with the world’s best brands in Unified Communications, Data Center & Edge IT, Cyber Security (CYBER-i) and Digital Transformation & Applications. For more information log on to www.agcnetworks.com.

About Black Box

Black Box is a leading digital solutions provider dedicated to helping customers design, build, manage and secure their IT infrastructure. Black Box delivers high-value products and services through its global presence and approximately 3,000 team members. To learn more, visit the Black Box Web site at http://www.blackbox.com.

Notice to Investors and Security Holders

The tender offer described herein has not yet commenced. This document is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any common stock of Black Box or any other securities. On the commencement date of the tender offer, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, will be filed with the United States Securities and Exchange Commission (the “SEC”) by AGC and/or its affiliates, and a solicitation/recommendation statement on Schedule 14D-9 will be filed with the SEC by Black Box. The offer to purchase Black Box common stock will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION. STOCKHOLDERS OF BLACK BOX ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT SUCH STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES. Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to the information agent for the tender offer that will be named in the tender offer statement on Schedule TO.

Forward-Looking Statements

All of the statements in this document, other than historical facts, are forward-looking statements, including, without limitation, the statements made concerning the pending acquisition of Black Box by AGC, and are based on a number of assumptions that could ultimately prove inaccurate. Forward-looking statements made herein with respect to the tender offer, the merger and related transactions, including, for example, the timing of the completion of the merger and the potential benefits of the merger, reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, Black Box’s actual results may differ materially from its expectations or projections. The following factors, among others, could cause actual plans and results to differ materially from those described in forward-looking statements: (i) uncertainties as to the timing of the tender offer and the merger; (ii) uncertainties as to how many Black Box stockholders will tender their shares of Black Box common stock in the tender offer; (iii) the possibility that competing acquisition proposals will be made; (iv) the possibility that Black Box will terminate the merger agreement to enter into an alternative business combination, refinancing, or other recapitalization transaction; (v) the possibility that various closing conditions for the transactions contemplated by the merger agreement may not be satisfied or waived; (vi) the risk that the merger agreement may be terminated in circumstances requiring Black Box to pay a termination fee; (vii) risks related to the filing or filings to be made with CFIUS, and unanticipated developments in related law; (viii) the possibility that the transactions contemplated by the merger agreement may not be timely completed, if at all; (ix) the risk that, prior to the completion of the transactions contemplated by the merger agreement, if at all, Black Box’s business and its relationships with employees, collaborators, vendors and other business partners could experience significant disruption, whether due to uncertainty related to the tender offer, the merger and related transactions, degradation in Black Box’s financial performance, or other factors; (x) the risk that the equity financing, debt financing or both to be obtained by AGC and/or its affiliates are unavailable to complete the Offer or the Merger; (xi) the risk that stockholder litigation in connection with the tender offer or the merger may result in significant costs of defense, indemnification and liability; (xii) the risk that Black Box does not generate sufficient cash flow from operations to meet its obligations during the period prior to the completion of the transactions contemplated by the merger agreement; (xiii) the risks and uncertainties pertaining to Black Box’s business; and (xiv) other factors included elsewhere in Black Box’s public periodic filings with the SEC, as well as the tender offer materials filed and to be filed by AGC and/or its affiliates in connection with the tender offer. Other factors that could cause actual results to differ materially include those set forth in Black Box’s SEC reports, including, without limitation, the risks described in Black Box’s Annual Report on Form 10-K for its fiscal year ended March 31, 2018, and Black Box’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, each of which are on file with the SEC. Black Box’s SEC filings are available publicly on the SEC’s website at www.sec.gov, on Black Box’s website at https://www.blackbox.com/ under the Investor Relations section or upon request via phone at 724-873-6788. Black Box disclaims any obligation or undertaking to update or revise the forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.

Contacts:
AGC Networks
Mike Carney
Senior Vice President
Phone: +1 214 258 1612
Email: legal.us@agcnetworks.com
Black Box Corporation
David J. Russo
Executive Vice President, Chief Financial Officer and Treasurer
Phone: (724) 873-6788
Email: investors@blackbox.com

SK Broadband Breaks 1Gbps Gfast Barrier with Sckipio-enabled Solution

SK Broadband rolls out first true gigabit Gfast 212MHz service in Seoul and Seongnam, South Korea

RAMAT GAN, Israel, Nov. 12, 2018 (GLOBE NEWSWIRE) — Sckipio Technologies and internet service provider SK Broadband announced the first commercial deployment of Gfast 212MHz gigabit internet in Asia. SK Broadband deployed the new Gfast gigabit service in Seoul and Seongnam, South Korea.

“SK Broadband is determined to provide gigabit internet to all, but not all South Korean apartments can be easily wired with fiber all the way to the apartment,” said Choong-Bok Lee, the manager in charge of access networks at SK Broadband. “That’s why we chose Sckipio’s Gfast. It’s the best way to extend gigabit fiber performance to these apartments over existing twisted pair telephone wires.”

SK Broadband has a long history of being first to market with the most advanced access technologies at that time, such as VDSL, G-PON, NG-PON2, XGS-PON and now Gfast. SK Broadband began commercial service to residential customers with the world’s first NG-PON2 supporting up to 52.25Gbps, as well as XGS-PON. SK Broadband achieved remarkable, world-leading broadband speeds by using a practical approach of combining fiber and copper. Most South Korean apartment buildings already have fiber to the basement. Yet, often these are older buildings, making it impractical to bring fiber all the way to the apartment. That is the reason why only 34 percent of South Korean apartments have fiber all the way to the apartment while the remaining 66 percent are needing another approach.

That is where Gfast comes in. Gfast is a standards-based access network technology that adds true gigabit connections to each unit in the building by using the existing twisted pair telephone wiring. By applying vectoring technology for crosstalk cancellation between lines, Gfast ensures fiber-like performance, but at a fraction of the time, hassle and cost. This true vectoring technology provides concurrent gigabit service to all subscribers connected within the same wire binder at the same time, which vectorless technology cannot achieve. Gfast can also be extended to up to 96 gigabit ports by stacking distribution point units (DPUs) together and vectoring across the DPUs. This provides carriers, such as SK Broadband, with significant CAPEX savings.

According to the Korean Statistical Information Service, over half of the residents of Seoul and the surrounding Gyeonggi Province live in high-rise buildings with a high density of apartments. To reach all these residents with gigabit speeds required new Gfast solutions that can support both the latest 212MHz technology and that can implement vectoring (crosstalk cancellation technique) over a large count of lines simultaneously. South Korean network infrastructure equipment maker HFR worked with Sckipio to provide SK Broadband solutions that support up to 96 subscribers. HFR’s DPU serves 24 subscribers in a single DPU and can be connected to an additional three DPUs, forming a larger vectoring group of 96 ports to serve 96 subscribers sharing the same copper binder. Only Sckipio’s Gfast supports 96 concurrent gigabit subscribers.

“By partnering with SK Broadband and HFR, we are accelerating South Korea’s lead in broadband speeds,” said David Baum, Sckipio CEO. This deployment demonstrates the clear use case for Gfast technology to deliver gigabit service to large apartment environments without needing to install fiber connections to each apartment.”

“Gigabit speeds have become the new marketing standard for operators around the world,” said Julie Kunstler, Principal Analyst at Ovum. “Given South Korea’s advanced access infrastructure and competition for broadband subscribers, it follows that SK Broadband is embracing Gfast.”

About Sckipio
Sckipio, the leader in Gfast, develops award-winning, standards-compliant Gfast modems used to enable ultra-broadband access and mobile backhaul. Sckipio partners with more than 30 companies globally on Gfast and is one of the leading contributors to the ITU-T standard. For more information about Sckipio, visit our website at www.sckipio.com. For more information, follow us on LinkedIn, SlideShare and Twitter @SckipioTech.

Media contacts:
Marianne Dempsey/Michelle Allard McMahon
sckipio@rainierco.com
508-475-0025

SK Broadband ทำลายสถิติเขตสัญญาณที่มีขนาด 1Gbps ของ Gfast ด้วยการเปิดใช้งานโซลูชั่น Sckipio

SK Broadband เปิดบริการ Gfast ด้วย 212MHz กิกะบิตอย่างแท้จริงเป็นครั้งแรกในโซลและซองนัม ประเทศเกาหลีใต้

RAMAT GAN, Israel, Nov. 12, 2018 (GLOBE NEWSWIRE) — Sckipio Technologies และผู้ให้บริการอินเทอร์เน็ตของ SK Broadband ได้ประกาศการปรับด้านการพาณิชย์อินเทอร์เน็ตของ Gfast ด้วย 212MHz กิกะบิตในเอเชียเป็นครั้งแรก SK Broadband ปรับบริการ Gfast ที่เป็นกิกะบิตแบบใหม่ในโซลและซองนัม ประเทศเกาหลีใต้

“SK Broadband ถูกระบุให้บริการอินเทอร์เน็ตที่เป็นกิกะบิตให้กับทุกคน แต่ไม่ใช่สำหรับอพาร์ตเมนท์ในเกาหลีใต้ทุกแห่งที่สามารถต่อสายกับสายใยแก้วทั้งอาคารได้ง่ายๆ” Choong-Bok Lee ผู้ทำหน้าที่ผู้จัดการการเข้าถึงเครือข่ายที่ SK Broadband กล่าว “นี่คือสาเหตุที่เราเลือก Gfast ของ Sckipio เป็นวิธีที่ดีที่สุดในการขยายประสิทธิภาพการทำงานเป็นกิกะบิตแบบสายใยแก้วไปยังอพาร์ตเมนท์เหล่านี้มากกว่าสายโทรศัพท์แบบบิดเกลียวที่มีอยู่”

SK Broadband มีประวัติความเป็นมาที่ยาวนานในการเป็นตลาดแห่งแรกในด้านการเข้าถึงเทคโนโลยีที่ก้าวหน้าที่สุดในเวลานั้น เช่น VDSL, G-PON, NG-PON2, XGS-PON และตอนนี้คือ Gfast SK Broadband เริ่มการบริการด้านพาณิชย์ไปยังลูกค้าที่พักอาศัยด้วย NG-PON2 ที่รองรับได้สูงสุด 52.25Gbps เป็นแห่งแรกของโลก เช่นเดียวกับ XGS-PON SK Broadband ได้รับความเร็วของบอร์ดแบรนด์ที่นำในระดับโลกที่น่าทึ่ง โดยการใช้วิธีการการปฏิบัติของการรวมสายใยแก้วและทองแดงเข้าด้วยกัน อาคารอพาร์ตเมนท์ส่วนใหญ่ของประเทศเกาหลีใต้ มีชนิดสายใยแก้วอยู่ที่ชั้นใต้ดิน ทั้งนี้ ก็ยังมีอาคารเก่าๆ ทำให้ใช้งานไม่ได้ ในการนำสายใยแก้วมาใช้กับอพาร์ตเมนท์ทั้งอาคาร นี่คือสาเหตุว่าทำไมมีเพียง 34 เปอร์เซ็นต์ของอพาร์ตเมนท์ในประเทศเกาหลีใต้มีสายสายใยแก้วทั้งอาคาร ในขณะที่ 66 เปอร์เซ็นต์ที่เหลือต้องใช้วิธีอื่น

สิ่งนี้ทำให้ Gfast เข้ามา Gfast เป็นเทคโนโลยีการเข้าถึงเครือข่ายที่เป็นมาตรฐานที่เพิ่มการเชื่อมต่อของกิกะบิตที่แท้จริงไปยังหน่วยของอาคาร โดยการใช้สายโทรศัพท์แบบบิดเกลียวที่มีอยู่ โดยการใช้เทคโนโลยีแบบเวกเตอร์สำหรับการยกเลิกการแทรกสัญญาณระหว่างสาย Gfast ทำให้มั่นใจว่าประสิทธิภาพเหมือนกับสายใยแก้ว แต่ในจำนวนเล็กน้อยในเวลานั้น ความยุ่งยากและค่าใช้จ่าย เทคโนโลยีแบบเวกเตอร์ที่มีบริการการทำงานของกิกะบิตกับผู้สมัครใช้ทั้งหมดที่เชื่อมต่อภายในสิ่งที่ยึดสายในเวลาเดียวกัน ซึ่งเทคโนโลยีแบบไม่มีเวกเตอร์ไม่สามารถรับได้ Gfast ยังสามารถขยายพอร์ตได้ถึง 96 กิกะบิตโดยการเรียงหน่วยกระจายจุด (DPU) เข้าด้วยกัน แล้วทำการเวกเตอร์ผ่าน DPU สิ่งนี้จะให้ตัวส่ง เช่น SK Broadband ด้วยการบันทึก CAPEX ที่สำคัญ

อ้างอิงจากการบริการข้อมูลทางสถิติของเกาหลีใต้ มากกว่าครึ่งหนึ่งของผู้ที่พักอาศัยของกรุงโซลและโดยรอบของจังหวัดคย็องกีอาศัยอยู่ในอาคารสูงด้วยอพาร์ตเมนท์ที่มีความหนาแน่นสูง เพื่อให้เข้าถึงผู้อยู่อาศัยเหล่านี้ด้วยความเร็วของกิกะบิตที่โซลูชั่นของ Gfast ตัวใหม่ต้องการที่สามารถรองรับได้ทั้งเทคโนโลยี 212MHz รุ่นล่าสุดและที่สามาปรับปรุงการทำเวกเตอร์ (เทคนิคการยกเลิกการแทรกสัญญาณ) กับสายจำนวนมากพร้อมกัน ผู้ทำอุปกรณ์ HFR ด้านการผลิตของเครือข่ายของประเทศเกาหลีใต้ทำงานร่วมกับ Sckipio เพื่อให้โซลูชั่น SK Broadband ที่รองรับผู้สมัครใช้ได้มากถึง 96 ราย DPU ของ HFR ให้ผู้สมัครใช้ 24 รายใน DPU เดียว และสามารถเชื่อมต่อกับ DPU เพิ่มเติมอีกสามตัว ทำรูปแบบกลุ่มการทำวิกเตอร์ที่ใหญ่กว่าถึง 96 พอร์ต เพื่อให้บริการผู้สมัครใช้ 96 รายในการแบ่งปันตัวยึดสายทองแดงตัวเดียวกัน Gfast ของ Sckipio เท่านั้นที่รองรับผู้สมัครใช้กิกะบิตที่ใช้งารร่วมกัน 96 ราย

“โดยการร่วมมือกับ SK Broadband และ HFR เรากำลังเร่งความเร็วของบอร์ดแบรนด์ที่เป็นผู้นำของประเทศเกาหลีใต้” David Baum CEO ของ Sckipio กล่าว การปรับนี้สาธิตกรณีการใช้เทคโนโลยีของ Gfast ได้อย่างชัดเจนเพื่อมอบบริการกิกะบิตไปยังสภาพแวดล้อมของอพาร์ตเมนท์โดยไม่มีความต้องการติดตั้งการเชื่อมต่อแบบสายใยแก้วกับอพาร์ตเมนท์แต่ละแห่ง”

“ความเร็วของกิกะบิตนั้นกลายเป็นมาตรฐานทางการตลาดแบบใหม่สำหรับผู้ปฏิบัติการทั่วโลก” said Julie Kunstler นักวิเคราะห์ที่สำคัญของ Ovum กล่าว “ให้การเข้าถึงโครงสร้างพื้นฐานที่ก้าวหน้าของประเทศเกาหลีใต้และการแข่งขันสำหรับผู้สมัครใช้บอร์ดแบรนด์ สิ่งนี้แสดงให้เห็นว่า SK Broadband กำลังนำ Gfast มาใช้”

เกี่ยวกับ Sckipio
Sckipio ผู้นำใน Gfast ได้พัฒนาเป็นผู้ชนะรางวัล โมเด็มที่ทำตามมาตรฐานของ Gfast ที่ใช้การใช้งานการเข้าถึงของ Ultra-Broadband และช่องสื่อสารภาคพื้นดินของโทรศัพท์มือถือ คู่ค้าของ Sckipio ที่มีบริษัทมากกว่า 30 แห่งทั่วโลกของ Gfast และเป็นหนึ่งในผู้ที่มีส่วนร่วมในมาตรฐาน ITU-T สำหรับข้อมูลเพิ่มเติมเกี่ยวกับ Sckipio โปรดไปที่เว็บไซต์ของเราที่ http://www.sckipio.com สำหรับข้อมูลเพิ่มเติม โปรดติดตามเราที่ LinkedIn, SlideShare และ Twitter @SckipioTech

ข้อมูลติดต่อสำหรับสื่อมวลชน:
Marianne Dempsey/Michelle Allard McMahon
sckipio@rainierco.com
508-475-0025

WillScot Corporation Announces Third Quarter 2018 Results

BALTIMORE, Nov. 08, 2018 (GLOBE NEWSWIRE) — WillScot Corporation (“WillScot” or the “Company”) (NASDAQ: WSC) today announced its third quarter 2018 financial results.

Third Quarter 2018 Financial Highlights1,2

Revenues of $218.9 million, representing a 88.4% (or $102.7 million) year over year increase, driven by growth in core leasing and services revenues of $88.4 million, or 88.4% as a result of organic growth and due to the impact of the Acton, Tyson, and ModSpace acquisitions3.
Consolidated modular space average monthly rental rate increased to $561 representing a 3.7% increase year over year. Pro-forma, including results of WillScot, Acton, Tyson, and ModSpace for all periods presented, monthly rental rates increased 12.0% year over year, driven primarily by a 13.4% year-over-year increase in our core Modular – US Segment.
Consolidated modular space units on rent increased 33,949 or a 81.9% year over year increase, including both organic growth and growth from recent acquisitions, and average modular space utilization increased 50 basis points (“bps”) year over year to 71.8%. Pro-forma, including results of WillScot, Acton, Tyson, and ModSpace for all periods presented, average modular space units on rent increased 0.1% year over year in the Modular – US segment, and declined 3.6% in the Modular – Other North America Segment as a result of a scheduled oil and gas sector project completion in ModSpace’s Western Canada operations. Consolidated utilization increased 260 bps year over year.
New and rental unit sales increased 117.7% and 45.5%, respectively, also driven by acquisitions.
Consolidated net loss of $36.7 million, included $44.8 million of discrete costs expensed in the period related to the ModSpace acquisition that closed on August 15, 2018 and integration activities associated with the Acton and ModSpace acquisitions. The $44.8 million of discrete costs included $7.5 million and $6.1 million of Acton and ModSpace integration and restructuring costs, respectively, and $10.7 million and $20.5 million of transaction and financing costs, respectively, associated with the ModSpace acquisition.
Adjusted EBITDA of $64.6 million from our Modular – US and Modular – Other North America segments (the “Modular Segments”), representing a 100.6% (or $32.4 million) year over year increase as compared to the same period in 2017 and an 54.2% increase from the second quarter of 2018.
Three Months Ended September 30, Nine Months Ended September 30,
Adjusted EBITDA by Segment (in thousands) 2018 2017 2018 2017
Modular – US $ 58,454 $ 29,177 $ 129,170 $ 79,189
Modular – Other North America 6,164 2,961 12,856 8,586
Modular Segments Adjusted EBITDA 64,618 32,138 142,026 87,775
Corporate and Other (2,753 ) (10,197 )
Consolidated Adjusted EBITDA $ 64,618 $ 29,385 $ 142,026 $ 77,578
Three Months Ended September 30, Nine Months Ended September 30,
(in thousands) 2018 2017 2018 2017
Consolidated net loss $ (36,729 ) $ (8,357 ) $ (43,185 ) $ (24,432 )

1 – WillScot (formerly known as Double Eagle Acquisition Corp.) acquired Williams Scotsman International, Inc. (“WSII”) on November 29, 2017 (the “Business Combination”). The Business Combination was accounted for as a reverse acquisition of Double Eagle Acquisition Corp. by WSII. Prior to completing the Business Combination, WSII’s parent company undertook an internal restructuring in which WSII’s remote accommodations business was removed from WSII. Financial results from WSII’s former remote accommodations business are presented as discontinued operations in the financial statements. As a result of the Business Combination, (i) Williams Scotsman’s consolidated financial results for periods prior to November 29, 2017, reflect the financial results of WSII and its consolidated subsidiaries, as the accounting predecessor to Williams Scotsman, and (ii) for periods from and after this date, Williams Scotsman’s financial results reflect those of Williams Scotsman and its consolidated subsidiaries (including WSII and its subsidiaries) as the successor following the Business Combination.
2 – Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of Adjusted EBITDA, as well as segment-level results to net loss, have been provided in the financial statement tables included in this press release. An explanation of these non-GAAP financial measures is included below under the heading “Non-GAAP Financial Measures.” Please see the non-GAAP reconciliation tables included at the end of this press release.
3 – Acton, Tyson, and ModSpace acquisitions closed December 20, 2017, January 3, 2018, and August 15, 2018, respectively.

Acquisition Updates

In the third quarter, we closed our previously announced acquisition of ModSpace, the largest privately held provider of office trailers, portable storage units and modular buildings in the US and Canada, with over 80 operating locations for a total purchase price of $1.2 billion.

We subsequently initiated our plan to integrate ModSpace’s operations into the WillScot organizational structure, branch footprint, shared services, and information technology platform in line with management’s expectations. In particular,

  • effective November 1, 2018, our combined sales organization began to write new contracts using WillScot’s operating and information technology platform;
  • we consolidated US and Canada production (preparation, delivery and return of units) into approximately 120 locations. As of November 5, 2018, more than 200 locations historically serving WillScot, Tyson, Acton and ModSpace have been consolidated into approximately 120 locations. We will continue to further consolidate and liquidate real estate positions and relocate fleet acquired in the Acton and ModSpace acquisitions consistent with our integration plan;
  • our Sales & Field Operations roles were filled with top talent available to ensure coordination and alignment of critical customer-facing and operational roles; and
  • we implemented our plan to migrate all remaining back-office activities (such as billing, accounts receivable, and accounts payable) to WillScot’s information technology platform, which we expect to complete in the first quarter of 2019.

Management Commentary

Brad Soultz, President and Chief Executive Officer of WillScot commented, “I am extremely happy with our third quarter Adjusted EBITDA results of $64.6 million, which is up 100.6% year over year for our Modular Segments and up 54.2% sequentially over the second quarter of 2018.

Over the past year, we have doubled the size of the company and as part of that journey have combined forces with some outstanding peer companies and hundreds of talented people that are committed to bringing our customers an expanded fleet of Ready to Work solutions. Tremendous effort has gone into safely and efficiently integrating these companies and, although we still have work to do, we have made significant progress having integrated the field sales and operations teams as of November 1st. This milestone was critical to begin to unlock the significant earnings growth embedded in the portfolio through the realization of cost synergies, further penetration of value added products and services (“VAPS”), and price optimization.”

Tim Boswell, Chief Financial Officer commented, “In addition to the outstanding financial results and progress with our integration activities, our core commercial drivers remain strong with pro-forma modular space average rental rates in our Modular – US Segment up 13.4% year over year, which is now the fourth quarter in a row with growth exceeding 10% driven by both continued improvement in base rental rates and expansion of our Ready to Work value proposition. These core fundamentals will drive our growth as we head into 2019 and beyond.”

Third Quarter 2018 Results

Total consolidated revenues increased 88.4% to $218.9 million, as compared to $116.2 million in the prior year quarter.

Modular – US segment revenue increased 90.5% to $197.6 million, as compared to $103.7 million in the prior year quarter with core leasing and services revenues up $81.1 million, or 91.4% year over year.
Modular space average monthly rental rate of $559, representing a 3.1% year over year increase. Organic increases on unit pricing and VAPS pricing and penetration on the WillScot legacy fleet were partially offset by lower rates on units acquired from Acton and Tyson and to a lesser extent, ModSpace, and by lower VAPS pricing and penetration on all acquired fleet. Pro-forma, including results of WillScot, Acton, Tyson, and ModSpace for all periods presented, monthly rental rates increased 13.4% year over year.
Average modular space units on rent increased 31,795, or an 87.9% year over year increase, primarily resulting from our acquisitions. Pro-forma, including results of WillScot, Acton, Tyson, and ModSpace for all periods presented, units on rent increased 0.1% year over year.
Average modular space monthly utilization increased 160 bps to 73.8% for the three months ended September 30, 2018 as compared to the three months ended June 30, 2018. This increase was driven by higher utilization on the acquired ModSpace fleet as compared to the overall average including fleet acquired from Acton and Tyson. However, modular space utilization decreased 90 bps year over year to 73.8% as a result of businesses acquired at lower utilization rates. Pro-forma, including results of WillScot, Acton, Tyson, and ModSpace for all periods presented, utilization increased 310 bps year over year.
Modular – Other North America segment revenue increased 67.7% to $21.3 million, compared to $12.7 million in the prior year quarter, with modular space average units on rent up 40.8% and average monthly rental rate up 9.5% compared to the prior year quarter.
On a pro-forma basis, including results of WillScot and ModSpace for all periods presented, Modular – Other North America segment modular space units on rent decreased 3.6% as a result of a scheduled oil & gas sector project completion in ModSpace’s Western Canada operations prior to the acquisition date, however modular space units on rent have been stable for three sequential quarters. Pro-forma modular space rental rate increased 0.9% compared to the prior year quarter.
The Modular Segments delivered Adjusted EBITDA of $64.6 million, up 100.6% compared to $32.2 million in the prior year quarter. Modular – US segment Adjusted EBITDA increased 100.0% to $58.4 million, and Modular – Other North America segment Adjusted EBITDA increased $3.2 million to $6.2 million from the prior year quarter. Consolidated Adjusted EBITDA increased 119.7% to $64.6 million, as compared to $29.4 million in the prior year quarter.

Capitalization and Liquidity Update

Capital expenditures for rental equipment from continuing operations increased $21.2 million, or 83.1%, to $46.7 million for the three months ended September 30, 2018, from $25.5 million for the three months ended September 30, 2017. Net capital expenditures for rental equipment also increased $18.3 million, or 97.3%, to $37.1 million for the three months ended September 30, 2018. For the nine months ended September 30, 2018, capital expenditures for rental equipment from continuing operations increased $35.7 million, or 47.1% to $111.5 million from $75.8 million for the nine months ended September 30, 2017. Net capital expenditures for rental equipment also increased $31.4 million, or 53.7% to $89.9 million for the nine months ended September 30, 2018. The increases for both periods were driven by increased spend for refurbishments, new fleet, and VAPS to drive modular space unit on rent and revenue growth, and maintenance of a larger fleet following our Acton, Tyson, and ModSpace acquisitions.

During the nine months ended September 30, 2018, our total long-term debt balance increased by $1,026.7 million to $1,651.6 million primarily related to debt raised to finance the ModSpace acquisition in the third quarter, and to a lesser extent, to fund the Tyson acquisition in the first quarter, continued capital investments in our fleet, and increased working capital.

To fund the ModSpace acquisition, in the third quarter we entered into or amended several agreements to fund the cash consideration paid in the acquisition on a permanent basis and to pay related fees and expenses. In effect, we:

  • upsized our senior secured revolving credit facility (the “ABL Facility”) to $1.425 billion (expandable to $1.8 billion through an accordion feature) and obtained the amendments required to finance the acquisition and to give effect to our greater scale thereafter.
  • completed a $300.0 million private placement of 6.875% senior secured notes due 2023 (the “2023 Secured Notes”).
  • completed a $200.0 million private placement of senior unsecured notes due 2023 (the “Unsecured Notes”).
  • raised $147.2 million of gross proceeds from an underwritten common stock offering.

As of September 30, 2018, we had $552.9 million of availability under the ABL Facility.

On November 6, 2018, we entered into an interest rate swap transaction with a financial counterparty that effectively converts $400.0 million in aggregate notional amount of its variable-rate debt into fixed-rate debt. The fixed rate paid by us is 3.06% and the variable rate received resets monthly to a one-month LIBOR rate. The swap transaction, which matures on May 29, 2022, was consummated to mitigate the interest rate risk inherent in our floating-rate ABL Facility, which also matures on May 29, 2022, and not for trading or speculative purposes.

Exchange Offer For Certain Outstanding Warrants

On November 8, 2018, we announced that we have commenced an exchange offer relating to certain of our warrants outstanding in order to provide an opportunity for warrant holders to realize value and increased liquidity by transitioning on a cashless basis into shares of WillScot’s Class A common stock. The exchange offer is limited to the public and private warrants issued by our predecessor in 2015 in conjunction with our IPO, and excludes warrants issued to former ModSpace investors as part of the ModSpace acquisition. This release is not an offer to purchase or a solicitation of an offer to sell warrants or an offer to sell or a solicitation of an offer to buy any shares of common stock.

2018 Outlook

On October 1, 2018, management increased the Company’s outlook for full year 2018, inclusive of the Acton, Tyson, and ModSpace acquisitions. This guidance is subject to the risks and uncertainties described in the “Forward-Looking Statements” below, and the updated guidance included:

  • Total revenue between $740 million and $770 million
  • Adjusted EBITDA between $210 million and $220 million
  • Net rental capital expenditures after gross rental unit sales between $115 million and $135 million

Non-GAAP Financial Measures

This press release includes non-GAAP financial measures, including Adjusted EBITDA. WillScot believes that this non-GAAP measure is useful to investors because it (i) allows investors to compare performance over various reporting periods on a consistent basis by removing from operating results the impact of items that do not reflect core operating performance; (ii) is used by our board of directors and management to assess our performance; (iii) may, subject to the limitations described below, enable investors to compare the performance of WillScot to its competitors; and (iv) provides an additional tool for investors to use in evaluating ongoing operating results and trends. A metric similar to Adjusted EBITDA is also used to evaluate WillScot’s ability to service its debt. This non-GAAP measure should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. Other companies may calculate Adjusted EBITDA and other non-GAAP financial measures differently, and therefore WillScot’s non-GAAP financial measures may not be directly comparable to similarly titled measures of other companies. For reconciliation of the non-GAAP measures used in this press release, see “Reconciliation of non-GAAP Financial Measures” included in this press release.

Conference Call Information

WillScot will host a conference call and webcast to discuss its third quarter results at 10 a.m. Eastern Time on Friday, November 9, 2018. The live call can be accessed by dialing (855) 312-9420 (US/Canada toll-free) or (210) 874-7774 (international) and asking to be connected to the WillScot call. A live webcast will also be accessible via the “Events & Presentations” section of the Company’s investor relations website https://investors.willscot.com. Choose “Events” and select the information pertaining to the Q3 WSC Earnings Conference Call. Additionally, there will be slides accompanying the webcast. Please allow at least 15 minutes prior to the call to register, download and install any necessary software. For those unable to listen to the live broadcast, an audio webcast of the call will be available for 60 days on the Company’s investor relations website.

About WillScot Corporation

Headquartered in Baltimore, Maryland, WillScot is the public holding company for the Williams Scotsman family of companies. WillScot trades on the NASDAQ stock exchange under the ticker symbol “WSC,” and is the specialty rental services market leader providing innovative modular space and portable storage solutions across North America. WillScot is the modular space supplier of choice for the construction, education, health care, government, retail, commercial, transportation, security and energy sectors. With over half a century of innovative history, organic growth and strategic acquisitions, WillScot serves a broad customer base from over 120 locations throughout the United States, Canada and Mexico, with a fleet of approximately 160,000 modular space and portable storage units.

Forward-Looking Statements

This news release contains forward-looking statements (including affirmation of earnings guidance) within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. The words “estimates,” “expects,” “anticipates,” “believes,” “forecasts,” “plans,” “intends,” “may,” “will,” “should,” “shall” and variations of these words and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to a number of risks, uncertainties, assumptions and other important factors, many of which are outside our control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Although WillScot believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statement will materialize. Important factors that may affect actual results or outcomes include, among others, our ability to acquire and integrate new assets and operations (including the acquired ModSpace assets and operations); our ability to manage growth and execute our business plan; our estimates of the size of the markets for our products; the rate and degree of market acceptance of our products; the success of other competing modular space and portable storage solutions that exist or may become available; rising costs adversely affecting our profitability; potential litigation involving our Company; general economic and market conditions impacting demand for our products and services; implementation of tax reform; our ability to implement and maintain an effective system of internal controls; and such other risks and uncertainties described in the periodic reports we file with the SEC from time to time (including our Form 10-K for the year ending December 31, 2017), which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Any forward-looking statement speaks only at the date which it is made, and WillScot disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Additional Information and Where to Find It

Additional information about the transaction can be found on our investor relations website at http://investors.willscot.com.

WillScot Corporation
Condensed Consolidated Statements of Operations
(Unaudited)

Three Months Ended September 30, Nine Months Ended September 30,
(in thousands, except share data) 2018
2017 2018 2017
Revenues:
Leasing and services revenue:
Modular leasing $ 141,660 $ 75,320 $ 340,171 $ 217,261
Modular delivery and installation 46,777 24,627 104,440 66,580
Sales:
New units 20,920 9,609 33,584 24,491
Rental units 9,567 6,606 15,813 17,228
Total revenues 218,924 116,162 494,008 325,560
Costs:
Costs of leasing and services:
Modular leasing 39,215 21,252 93,506 61,694
Modular delivery and installation 42,390 23,932 98,038 64,404
Costs of sales:
New units 15,089 6,916 23,780 17,402
Rental units 5,750 3,784 9,328 10,067
Depreciation of rental equipment 35,534 19,009 82,849 53,203
Gross profit 80,946 41,269 186,507 118,790
Expenses:
Selling, general and administrative 71,897 36,097 164,845 100,510
Other depreciation and amortization 3,720 1,905 7,726 5,736
Restructuring costs 6,137 1,156 7,214 2,124
Currency (gains) losses, net (425 ) (4,270 ) 1,171 (12,769 )
Other (income) expense, net (594 ) 1,001 (5,013 ) 1,592
Operating income 211 5,380 10,564 21,597
Interest expense 43,447 30,106 67,321 84,674
Interest income (3,659 ) (9,752 )
Loss from continuing operations before income tax (43,236 ) (21,067 ) (56,757 ) (53,325 )
Income tax benefit (6,507 ) (7,632 ) (13,572 ) (17,770 )
Loss from continuing operations (36,729 ) (13,435 ) (43,185 ) (35,555 )
Income from discontinued operations, net of tax 5,078 11,123
Net loss (36,729 ) (8,357 ) (43,185 ) (24,432 )
Net loss attributable to non-controlling interest, net of tax (3,210 ) (3,715 )
Total loss attributable to WillScot $ (33,519 ) $ (8,357 ) $ (39,470 ) $ (24,432 )
Net loss per share attributable to WillScot – basic and diluted
Continuing operations $ (0.37 ) $ (0.92 ) $ (0.48 ) $ (2.44 )
Discontinued operations $ $ 0.35 $ $ 0.76
Net loss per share $ (0.37 ) $ (0.57 ) $ (0.48 ) $ (1.68 )
Weighted average shares:
Basic and diluted 90,726,920 14,545,833 82,165,909 14,545,833
Cash dividends declared per share $ $ $ $

Unaudited Segment Operating Data
Three Months Ended September 30, 2018 and 2017

Three Months Ended September 30, 2018
(in thousands, except for units on rent and rates) Modular – US Modular – Other North America Total
Revenue $ 197,625 $ 21,299 $ 218,924
Gross profit $ 73,007 $ 7,939 $ 80,946
Adjusted EBITDA $ 58,454 $ 6,164 $ 64,618
Capital expenditures for rental equipment $ 43,007 $ 3,735 $ 46,742
Modular space units on rent (average during the period) 67,978 7,435 75,413
Average modular space utilization rate 73.8% 57.3% 71.8%
Average modular space monthly rental rate $ 559 $ 587 $ 561
Portable storage units on rent (average during the period) 15,373 408 15,781
Average portable storage utilization rate 68.3% 56.4% 68.0%
Average portable storage monthly rental rate $ 120 $ 101 $ 120
Three Months Ended September 30, 2017
(in thousands, except for units on rent and rates) Modular – US Modular – Other North America
Corporate & Other
Total
Revenue $ 103,678 $ 12,723 $ (239) $ 116,162
Gross profit $ 37,766 $ 3,744 $ (241) $ 41,269
Adjusted EBITDA $ 29,177 $ 2,961 $ (2,753) $ 29,385
Capital expenditures for rental equipment $ 24,147 $ 1,361 $ $ 25,508
Modular space units on rent (average during the period) 36,183 5,281 41,464
Average modular space utilization rate 74.7% 54.1% —% 71.3%
Average modular space monthly rental rate $ 542 $ 536 $ $ 541
Portable storage units on rent (average during the period) 11,894 347 12,241
Average portable storage utilization rate 70.6% 51.9% —% 69.8%
Average portable storage monthly rental rate $ 117 $ 123 $ $ 117

Nine Months Ended September 30, 2018 and 2017

Nine Months Ended September 30, 2018
(in thousands, except for units on rent and rates) Modular – US Modular – Other North America Total
Revenue $ 444,525 $ 49,483 $ 494,008
Gross profit $ 169,556 $ 16,951 $ 186,507
Adjusted EBITDA $ 129,170 $ 12,856 $ 142,026
Capital expenditures for rental equipment $ 104,462 $ 7,043 $ 111,505
Modular space units on rent (average during the period) 54,592 6,144 60,736
Average modular space utilization rate 71.9% 57.1% 70.1%
Average modular space monthly rental rate $ 553 $ 568 $ 555
Portable storage units on rent (average during the period) 13,964 379 14,343
Average portable storage utilization rate 68.6% 56.5% 68.3%
Average portable storage monthly rental rate $ 124 $ 111 $ 123
Nine Months Ended September 30, 2017
(in thousands, except for units on rent and rates) Modular – US Modular – Other North America Corporate & Other Total
Revenue $ 289,302 $ 36,792 $ (534) $ 325,560
Gross profit $ 107,535 $ 11,779 $ (524) $ 118,790
Adjusted EBITDA $ 79,189 $ 8,586 $ (10,197) $ 77,578
Capital expenditures for rental equipment $ 72,105 $ 3,705 $ $ 75,810
Modular space units on rent (average during the period) 35,679 5,010 40,689
Average modular space utilization rate 73.6% 51.1% —% 69.8%
Average modular space monthly rental rate $ 530 $ 532 $ $ 530
Portable storage units on rent (average during the period) 12,238 352 12,590
Average portable storage utilization rate 72.2% 52.1% —% 71.4%
Average portable storage monthly rental rate $ 114 $ 117 $ $ 114

WillScot Corporation
Condensed Consolidated Balance Sheets

(in thousands, except share data) September 30, 2018 (unaudited) December 31, 2017
Assets
Cash and cash equivalents $ 9,771 $ 9,185
Trade receivables, net of allowances for doubtful accounts at September 30, 2018 and December 31, 2017 of $7,913 and $4,845, respectively 199,461 94,820
Inventories 21,348 10,082
Prepaid expenses and other current assets 20,075 13,696
Total current assets 250,655 127,783
Rental equipment, net 1,949,403 1,040,146
Property, plant and equipment, net 193,154 83,666
Goodwill 267,764 28,609
Intangible assets, net 132,519 126,259
Other non-current assets 4,200 4,279
Total long-term assets 2,547,040 1,282,959
Total assets $ 2,797,695 $ 1,410,742
Liabilities and equity
Accounts payable 78,638 57,051
Accrued liabilities 79,721 48,912
Accrued interest 15,613 2,704
Deferred revenue and customer deposits 67,727 45,182
Current portion of long-term debt 1,915 1,881
Total current liabilities 243,614 155,730
Long-term debt 1,651,579 624,865
Deferred tax liabilities 146,086 120,865
Deferred revenue and customer deposits 6,673 5,377
Other non-current liabilities 19,034 19,355
Long-term liabilities 1,823,372 770,462
Total liabilities 2,066,986 926,192
Commitments and contingencies
Class A common stock: $0.0001 par, 400,000,000 shares authorized at September 30, 2018 and December 31, 2017; 100,303,003 and 84,644,744 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively 10 8
Class B common stock: $0.0001 par, 100,000,000 shares authorized at September 30, 2018 and December 31, 2017; 8,024,419 shares issued and outstanding at both September 30, 2018 and December 31, 2017 1 1
Additional paid-in-capital 2,390,188 2,121,926
Accumulated other comprehensive loss (52,119 ) (49,497 )
Accumulated deficit (1,673,749 ) (1,636,819 )
Total shareholders’ equity 664,331 435,619
Non-controlling interest 66,378 48,931
Total equity 730,709 484,550
Total liabilities and equity $ 2,797,695 $ 1,410,742

Reconciliation of Non-GAAP Financial Measures

Net Income (Loss) to Adjusted EBITDA non-GAAP Reconciliations
We define EBITDA as net income (loss) plus interest (income) expense, income tax expense (benefit), depreciation and amortization. Our Adjusted EBITDA reflects the following further adjustments to EBITDA to exclude certain non-cash items and the effect of what we consider transactions or events not related to our core business operations:

  • Currency (gains) losses, net: on monetary assets and liabilities denominated in foreign currencies other than the subsidiaries’ functional currency. Substantially all such currency gains (losses) are unrealized and attributable to financings due to and from affiliated companies.
  • Goodwill and other impairment charges related to non-cash costs associated with impairment charges to goodwill, other intangibles, rental fleet and property, plant and equipment.
  • Restructuring costs associated with restructuring plans designed to streamline operations and reduce costs including employee and lease termination costs.
  • Costs to integrate acquired companies, including outside professional fees, fleet relocation expenses, employee training costs, and other costs.
  • Non-cash charges for stock compensation plans.
  • Other expense includes consulting expenses related to certain one-time projects, financing costs not classified as interest expense and gains and losses on disposals of property, plant, and equipment.

Adjusted EBITDA has limitations as an analytical tool, and you should not consider the measure in isolation or as a substitute for net income (loss), cash flow from operations or other methods of analyzing WSC’s results as reported under GAAP. Some of these limitations are:

  • Adjusted EBITDA does not reflect changes in, or cash requirements, for our working capital needs;
  • Adjusted EBITDA does not reflect our interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;
  • Adjusted EBITDA does not reflect our tax expense or the cash requirements to pay our taxes;
  • Adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments;
  • Adjusted EBITDA does not reflect the impact on earnings or changes resulting from matters that we consider not to be indicative of our future operations;
  • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and Adjusted EBITDA does not reflect any cash requirements for such replacements; and
  • Other companies in our industry may calculate Adjusted EBITDA differently, limiting its usefulness as a comparative measure.

Because of these limitations, Adjusted EBITDA should not be considered as discretionary cash available to reinvest in the growth of our business or as measures of cash that will be available to meet our obligations.

The table below presents the unaudited reconciliation of net loss calculated in accordance with GAAP to Adjusted EBITDA. See “Non-GAAP Financial Measures” above for further information regarding the Company’s use of non-GAAP financial measures.

Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands) 2018 2017 2018 2017
Net loss $ (36,729 ) $ (8,357 ) $ (43,185 ) $ (24,432 )
Income from discontinued operations, net of tax 5,078 11,123
Loss from continuing operations (36,729 ) (13,435 ) (43,185 ) (35,555 )
Income tax benefit (6,507 ) (7,632 ) (13,572 ) (17,770 )
Loss from continuing operations before income tax (43,236 ) (21,067 ) (56,757 ) (53,325 )
Interest expense, net (a) 43,447 26,447 67,321 74,922
Depreciation and amortization 39,254 20,914 90,575 58,939
Currency (gains) losses, net (425 ) (4,270 ) 1,171 (12,769 )
Restructuring costs 6,137 1,156 7,214 2,124
Transaction costs 10,672 5,233 14,790 6,095
Integration costs 7,453 14,868
Stock compensation expense 1,050 2,225
Other expense 266 972 619 1,592
Adjusted EBITDA $ 64,618 $ 29,385 $ 142,026 $ 77,578
(a) Interest expense for the three and nine months ended September 30, 2018 includes $20.5 million of bridge financing fees and commitment fees related to the ModSpace acquisition.

Net (Loss) Income to Adjusted EBITDA non-GAAP Reconciliations

The following tables present unaudited reconciliations of the Company’s loss from continuing operations before income tax to Adjusted EBITDA by segment for the three and six months ended June 30, 2018 and 2017, respectively:

Three Months Ended September 30, 2018
(in thousands) Modular – US Modular – Other North America Total
Loss from continuing operations before income taxes $ (44,519 ) $ 1,283 $ (43,236 )
Interest expense, net 42,831 616 43,447
Depreciation and amortization 35,105 4,149 39,254
Currency gains, net (112 ) (313 ) (425 )
Restructuring costs 5,895 242 6,137
Integration costs 7,443 10 7,453
Stock compensation expense 1,050 1,050
Transaction costs 10,490 182 10,672
Other expense (income) 271 (5 ) 266
Adjusted EBITDA $ 58,454 $ 6,164 $ 64,618
Three Months Ended September 30, 2017
(in thousands) Modular – US Modular – Other North America Corporate & Other Total
Loss from continuing operations before income taxes $ (1,070 ) $ (1,684 ) $ (18,313 ) $ (21,067 )
Interest expense, net 16,790 1,134 8,523 26,447
Depreciation and amortization 16,974 3,597 343 20,914
Currency gains, net (3,834 ) (104 ) (332 ) (4,270 )
Restructuring costs 247 17 892 1,156
Transaction costs 69 5,164 5,233
Other expense (income) 1 1 970 972
Adjusted EBITDA $ 29,177 $ 2,961 $ (2,753 ) $ 29,385
Nine Months Ended September 30, 2018
(in thousands) Modular – US Modular – Other North America Total
Loss from continuing operations before income taxes $ (55,360 ) $ (1,397 ) $ (56,757 )
Interest expense, net 65,654 1,667 67,321
Depreciation and amortization 79,568 11,007 90,575
Currency losses, net 159 1,012 1,171
Restructuring costs 6,962 252 7,214
Integration costs 14,858 10 14,868
Stock compensation expense 2,225 2,225
Transaction costs 14,539 251 14,790
Other expense 565 54 619
Adjusted EBITDA $ 129,170 $ 12,856 $ 142,026
Nine Months Ended September 30, 2017
(in thousands) Modular – US Modular – Other North America Corporate & Other Total
Loss from continuing operations before income taxes $ (6,280 ) $ (4,142 ) $ (42,903 ) $ (53,325 )
Interest expense, net 48,302 3,350 23,270 74,922
Depreciation and amortization 47,967 9,928 1,044 58,939
Currency gains, net (11,233 ) (585 ) (951 ) (12,769 )
Restructuring costs 247 17 1,860 2,124
Transaction costs 115 5,980 6,095
Other expense (income) 71 18 1,503 1,592
Adjusted EBITDA $ 79,189 $ 8,586 $ (10,197 ) $ 77,578

(a) The Company does not allocate expenses on a segment level. As such, we have included tax income benefit in Corporate and other for the purpose of this reconciliation.
(b) For the purpose of this reconciliation, the Company has included income related to discontinued operations in Corporate and other as it all pertained to the Remote Accommodations segment which was discontinued as of November 29, 2017.

Net Capital Expenditures for Rental Equipment non-GAAP Reconciliation

The following table provides an unaudited reconciliation of purchase of rental equipment to Net Capital Expenditures for Rental Equipment:

Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands) 2018 2017 2018 2017
Total purchase of rental equipment and refurbishments $ (46,742 ) $ (28,053 ) $ (111,505 ) $ (82,276 )
Total purchases of rental equipment from discontinued operations (2,545 ) (6,466 )
Total purchases of rental equipment from continuing operations (46,742 ) (25,508 ) (111,505 ) (75,810 )
Total proceeds from sale of rental equipment 9,560 8,128 21,593 18,750
Total proceeds from sale of rental equipment from discontinued operations (1,522 ) (1,522 )
Total proceeds from sale of rental equipment from continuing operations 9,560 6,606 21,593 17,228
Net Capital Expenditures for Rental Equipment $ (37,182 ) $ (18,902 ) $ (89,912 ) $ (58,582 )

Contact Information

Investor Inquiries:
Mark Barbalato
investors@willscot.com

Media Inquiries:
Scott Junk
scott.junk@willscot.com

WillScot Announces Commencement of Exchange Offer Relating to Its Warrants

BALTIMORE, Nov. 08, 2018 (GLOBE NEWSWIRE) — WillScot Corporation (“WillScot”) (NASDAQ: WSC), the specialty rental services market leader providing innovative modular space and portable storage solutions across North America, today announced that it has commenced an exchange offer (the “Offer”) relating to certain WillScot warrants outstanding. The purpose of the Offer is to provide an opportunity for warrant holders to realize value and increased liquidity by transitioning on a cashless basis into shares of WillScot’s common stock which have been registered with the Securities and Exchange Commission (the “SEC”).

The Offer is being made pursuant to a Prospectus/Offer to Exchange dated November 8, 2018, and a Schedule TO, dated November 8, 2018, each of which are filed with SEC and more fully set forth the terms and conditions of the Offer. Until the Expiration Date (as defined below), WillScot is offering to holders of the Warrants (defined below) the opportunity to receive 0.18182 shares of its Class A common stock (the “Common Stock”) in exchange for each of the outstanding Warrants tendered by the holder and exchanged pursuant to the Offer. The Offer is being made to:

  • All holders of WillScot’s public warrants (the “Public Warrants”) to purchase shares of Common Stock that were issued under the warrant agreement dated September 10, 2015, by and between WillScot’s legal predecessor Double Eagle Acquisition Corp. (“Double Eagle”) and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agreement”), in connection with Double Eagle’s initial public offering (“IPO”), which entitle holders to purchase one-half of one share of Common Stock for a purchase price of $5.75, subject to adjustments. As of November 6, 2018, 50,899,693 Public Warrants were outstanding. The Public Warrants trade over-the-counter under the symbol “WSCWW.”
  • All holders of WillScot’s warrants to purchase Common Stock that were issued under the Warrant Agreement in a private placement simultaneously with the IPO (the “Private Warrants,” and together with the Public Warrants, the “Warrants”). The Private Warrants entitle the holders to purchase one-half of one share of our Common Stock for a purchase price of $5.75, subject to adjustments. The terms of the Private Warrants are identical to the Public Warrants, except that the Private Warrants are exercisable on a cashless basis and are not redeemable by WillScot, in each case so long as they are still held by the initial holders, their affiliates, or certain permitted transferees. The Private Warrants were issued to the founders of Double Eagle and its former independent directors. As of November 6, 2018, 18,600,001 Private Warrants were outstanding.

Pursuant to the Offer, WillScot is offering an aggregate of 12,636,435 shares of its Common Stock in exchange for all of the Warrants.

The 10,000,000 warrants, each exercisable for one share of Common Stock at an exercise price of $15.50 per share, issued in connection with our acquisition of Modular Space Holdings, Inc., a Delaware corporation, under a warrant agreement dated August 15, 2018, between Continental Stock Transfer & Trust Company, as warrant agent, and WillScot are not subject to this Offer.

The Offer will be open until 11:59 p.m., Eastern Time, on December 6, 2018, or such later and time and date to which WillScot may extend, as described in the Schedule TO and Prospectus/Offer to Exchange (the “Expiration Date”). Tendered Warrants may be withdrawn by holders at any time prior to the Expiration Date. WillScot’s obligation to complete the Offer is not conditioned on the tender of a minimum amount of Warrants. Subject to applicable law, WillScot may amend, extend or terminate the Offer at any time.

WillScot has engaged Deutsche Bank Securities as the Dealer Manager for the Offer. Any questions or requests for assistance concerning the Offer may be directed to Deutsche Bank Securities at (212) 250-5010. Georgeson LLC has been appointed as the Information Agent for the Offer, and Continental Stock Transfer & Trust Company, has been appointed as the Exchange Agent.

Important Additional Information Has Been Filed with the SEC

Copies of the Schedule TO and Prospectus/Offer to Exchange will be available free of charge at the website of the SEC at www.sec.gov. Requests for documents may also be directed to Georgeson LLC at 800-509-1078.

This announcement is for informational purposes only and shall not constitute an offer to purchase or a solicitation of an offer to sell the Warrants or an offer to sell or a solicitation of an offer to buy any shares of Common Stock. The Offer is being made only through the Schedule TO and Prospectus/Offer to Exchange, and the complete terms and conditions of the Offer are set forth in the Schedule TO and Prospectus/Offer to Exchange. Holders of the Warrants are urged to read the Schedule TO and Prospectus/Offer to Exchange carefully before making any decision with respect to the Offer because they contain important information, including the various terms of, and conditions to, the Offer. None of WillScot, or any of its management or its board of directors, or the Information Agent, the Exchange Agent or the Dealer Manager makes any recommendation as to whether or not holders of Warrants should tender Warrants for exchange in the Offer.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. The words “estimates,” “expects,” “anticipates,” “believes,” “forecasts,” “plans,” “intends,” “may,” “will,” “should,” and variations of these words and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to a number of risks, uncertainties, assumptions and other important factors, many of which are outside our control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Although WillScot believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statement will materialize. Important factors that may affect actual results or outcomes include, among others, our ability to integrate assets and operations that we have acquired; our ability to manage growth and execute our business plan; our ability to realize synergies identified in the ModSpace acquisition, or to realize such synergies as quickly as expected; our estimates of the size of the markets for our products; the rate and degree of market acceptance of our products; the success of other competing modular space and portable storage solutions that exist or may become available; rising costs adversely affecting our profitability; potential litigation involving our company; general economic and market conditions impacting demand for our products and services; implementation of tax reform; our ability to implement and maintain an effective system of internal controls; and such other risks and uncertainties described in the periodic reports we file with the SEC from time to time (including our Form 10-K for the year ending December 31, 2017). Any forward-looking statement speaks only at the date which it is made, and WillScot disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

About WillScot Corporation

Headquartered in Baltimore, Maryland, WillScot Corporation is the public holding company for the Williams Scotsman family of companies in the United States, Canada and Mexico. The Common Stock trades on the Nasdaq Capital Market under the ticker symbol “WSC.” The Warrants are not currently listed on any exchange or automated dealer quotation system. WillScot is the specialty rental services market leader providing innovative modular space and portable storage solutions across North America. It is the modular space supplier of choice for the construction, education, health care, government, retail, commercial, transportation, security and energy sectors. With over half a century of innovative history, organic growth and strategic acquisitions, its fleet comprises nearly 160,000 modular space and portable storage units, managed through its network of more than 120 locations.

Contact Information

Investor Inquiries:

Mark Barbalato
investors@willscot.com

Media Inquiries:

Scott Junk
scott.junk@willscot.com

Virgin Voyages Sets Out to Rival Food Scene in World Famous Cities

Sir Richard Branson’s new cruise line’s food reveal breaks all the traditional industry rules

NEW YORK, Nov. 08, 2018 (GLOBE NEWSWIRE) — Virgin Voyages, the new lifestyle brand set to disrupt the travel industry, today announces the breadth of its onboard eateries, which include an expansive array of restaurants ranging from haute cuisine to casual fare. With a total of 20+ food choices onboard Virgin Voyages’ first ship, Scarlet Lady, the company released new designs for their restaurants, seaside lounges and casual eateries by their Creative Collective, which includes world-renowned designers from Roman and Williams, Tom Dixon, Concrete Amsterdam and Soft Room, amongst others.Virgin Voyages Pink Agave Mexican restaurant designed by Tom Dixon_SM

Virgin Voyages does not believe in paying more for great food and ditched the traditional upcharges levied when dining in specialty restaurants at sea. Virgin Voyages has designed all eateries on board to offer exceptional made to order eats and opted to include all restaurant food in the voyage fare.

The Virgin Voyages Rebellious Luxe experience is rooted in the modern romance of sailing: a thoroughly new take on the formal grandeur and opulence of the ocean liner heyday when ships were at the forefront of both technology and luxury.

Virgin Voyages will offer sailors a uniquely elevated and boutique Adult-by-Design experience for the 18+ traveler. Virgin Voyages aims to be one of the cleanest fleets at sea, with a ban on single-use plastics for its sailors and no buffet on board the ship, the company will significantly reduce waste and reinvest savings into clean technology and quality products for its sailors. The Scarlet Lady is designed to reflect a yacht’s sleek luxury and will set sail from PortMiami for the 2020 season with 2,770 sailors and 1,160 crew on an unforgettable journey to the Caribbean, she will also be the newest ship sailing to Havana on select voyages.

“There’s a Virgin twist on everything you’ll see aboard the Scarlet Lady, which means there will be no stuffy formalities, boring buffets and no main dining rooms. Sailors are not going to want to leave our ship after they experience how we’ve designed our restaurants and tasted the dishes we are going to be serving up in 2020,” said Sir Richard Branson, founder of the Virgin Group.

THE RESTAURANTS
Virgin Voyages will bring city-like eating to sea and throw out the traditional cruise dining rule book, with no buffet, no main dining room, no forced formal wear, no assigned seating, no assigned dining times and enhanced the choice for sailors to grab a bite by keeping restaurant doors open until well into the night and in some cases the early hours of the morning.

With beautifully-designed eateries setting the stage, Virgin Voyages has expanded its Creative Collective to include the world class AvroKO Hospitality Group, AvroKO’s strategy arm, Brand Bureau (BB), and their very own Michelin-starred chef Brad Farmerie. BB took the reigns creating the strategy for the entire on-board food and beverage experience, viewing it as its own small city and thinking through what experiences the people of that city would want and enjoy. Chef Brad Farmerie of AvroKO Hospitality Group came in to help develop the overall culinary programming strategy and identify culinary experts in the various cuisine types to execute each of the exciting menus. AvroKO Hospitality Group’s portfolio includes Saxon + Parole, Genuine Liquorette, and Ghost Donkey.VV Wake by Roman and Williams

From experimental and haute cuisine to healthy quick bite options, the onboard eateries are tailored for sailors to realize new experiences that are grounded in core values of discovery, transformation, intimate connections and Vitamin Sea – the brand’s approach to well-being for people and the planet – whilst always being never normal.

Sailors can dine at a table or opt to enjoy their meal at the bar, with nearly all restaurants on board featuring a bar. Each restaurant will be helmed by a leading chef who leads their kitchen with passion and artfulness. With a made-to-order philosophy around food, Virgin Voyages pledges to never have to sacrifice quality for a quick bite.

  • WAKE- Designed by Roman and Williams, Wake offers sailors a dramatic view of the ship’s wake. Serving a theatrical take on steak and seafood, Wake is the most glamorous restaurant on the ship, with a dramatic grand staircase entryway.
  • RAZZLE DAZZLEWith an interior scheme that nods to the namesake, the bold camouflaging of ships from WWI using patterns of black and white paint, Razzle Dazzle was designed by Concrete Amsterdam. With vibrant and creative twists on vegetarian fare and a juice bar. The “nice” menu offers plant-based vegetarian and vegan dishes including must have muchies such as the Impossible Burger. The “naughty” side enables sailors to order meat “add-ons” and offers to spike their healthy smoothies with boozy shots. To live up to the boldness of its name, Razzle Dazzle will not simply brunch but rather Drag Brunch, where sailors are treated to a performance by the Scarlet Lady’s resident drag performer and friends.
  • THE TEST KITCHEN Designed by Concrete Amsterdam and inspired by Escoffier’s Ma Cuisine, this laboratory-like eatery is part cooking school and part restaurant, making it the ultimate place for discovery through cuisine with an atmosphere that is educational, experiential and social all in one. The chef-driven set menus are presented in the form of an ingredient list to Sailors who will discover how the chef combines the list of flavors throughout the course of the meal.
  • GEONBAE- Geonbae, the equivalent of the expression bottoms up in Korean, is a Korean BBQ restaurant designed by Soft Room. Hosted by the loudest servers at sea, each meal will begin with a complimentary round of soju for the table and throughout the evening sailors are encouraged to take part in lively Korean drinking games.
  • PINK AGAVE- An elevated Mexican restaurant designed by Tom Dixon, Pink Agave transports sailors to the vibrant streets of Mexico City through immersive void lighting. Offering a wide variety of Mexican specialties that inspire sailors to discover authentic Mexican flavors including tlayudas, memelas, sopes, tortas, esquites, and tamales.
  • EXTRA VIRGIN- Extra Virgin is the ships trattoria serving regionally-inspired and approachable food, deeply rooted in Italian culinary traditions with handmade fresh pasta made daily. A meal begins with shared antipasti followed by approachable pasta-centric favorites.
  • DOCK- Set in the ship’s sun-dappled lounging area at the aft of the ship on deck 7, The Dock is a beach club-inspired space designed by Roman and Williams. Carts of Mediterranean small plates, salads, dips and mezzes provide perfect graving options throughout the day.
  • THE GALLEY- Modeled on popular food halls where visitors can taste a cornucopia from different restaurants, The Galley will be the main space for the quick and casual meal throughout the day. The food hall will feature a mix of more than eight shops and food carts, each offering a unique concept with irresistible signature dishes that changes to suit the time of day. The Galley’s concepts include a dedicated bakery and pastry shop, a panini shop, a burger grill, a taco shack, a sushi bar with bento boxes, a noodle bar, a soup and salad stand, and a 24-hour American diner.
  • THE PIZZA PLACE- Sailors can choose from the classic menu, or allow them to design their very own bespoke pizza.

More details on the new lifestyle brand’s experiences will be revealed throughout the coming year. Those interested in Virgin Voyages can enter to win a tasty free voyage* now through November 16 by visiting www.virginvoyages.com and opting into the sweepstakes by entering their email address.

ABOUT VIRGIN VOYAGES
Virgin Voyages is the new lifestyle brand set to disrupt the travel industry. The Virgin Voyages experience is rooted in the modern romance of sailing: a thoroughly modern take on the enchantment and indulgence of the ocean liner heyday when ships were at the forefront of both technology and luxury. Featuring spaces designed by some of the top names in contemporary interiors and livery by Ben Christie and David Azurdia from the multi-award-winning Magpie Studio in London, Virgin Voyages will offer sailors four-star spa services, unique and unexpected entertainment and shore excursion. With its maiden voyage scheduled for the 2020 season, Virgin Voyages’ first ship the Scarlet Lady was designed to reflect a yacht’s sleek luxury featuring a silver-grey hull and smoked glass with playful red highlights as a nod to Virgin’s iconic brand. Virgin Voyages is committed to being one of the cleanest fleets at sea with sustainability at the forefront: they are the first to eliminate all single use plastics for their sailors and are developing clean energy technology and innovative waste management systems onboard. The inaugural season will host more than 2,770 sailors (18 and over) and 1,160 crew on an unforgettable voyage to the Caribbean.

*Visit www.virginvoyages.com for official sweepstakes terms and conditions. Free voyage for two subject to availability on select Caribbean sailings. Airfare not included with prize. Sweepstakes open only to legal residents of the fifty (50) United States and the District of Columbia, and Canada (excluding Quebec) who have reached the age of majority in the jurisdiction in which they reside at the time of entry.

MEDIA CONTACTS
Christina Baez
media@virginvoyages.com

Photos accompanying this announcement are available at

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