NEW BRIGHTON, Minn.,
March 31, 2020 /PRNewswire/
-- APi Group Corporation (OTC:JJAQF; LSE:JTWO) ("APi" or the
"Company"), announced today that it intends to release its
financial results for the year ended December 31, 2019 and hold a conference call to
discuss these results on April 8,
2020.
Recent Developments
APi's results for 2019 were in line with expectations and
guidance and we look forward to reviewing these results as well as
the outlook for 2020 on our upcoming conference call. As many other
companies have done, and out of an abundance of caution, the
Company recently drew down $200
million under its revolving credit facility. We continue to
maintain a conservative balance sheet and had total cash on hand of
approximately $396 million at
March 30, 2020 including the draw
down on the revolver. Our net debt to adjusted EBITDA ratio
calculated in accordance with the credit facility was 2.4x as of
December 31, 2019.
COVID-19
APi has seen a relatively minor impact to its business during
the first three months of 2020. The safety, health and well-being
of all our employees remains paramount, and we are taking
precautionary measures that we expect will help to protect our
business and all of our constituencies. The Company has implemented
a preemptive cost reduction plan in advance of any impact that may
occur in the coming months and we intend to cover some specific
details about this plan on our conference call. APi believes that
due to the statutory nature of much of its work and the investments
being made across the public and private utility sector of its
business, that while it may experience delays in certain projects
as customers are quarantined, it does not expect significant
cancellation of many of its planned projects. The Company is
actively quoting new work and seeking to accelerate certain service
and inspection projects for customers such as schools, hotels,
casinos and other customers that may be temporarily operating at
less than capacity or closed. As states and municipalities enact
shelter-in-place and stay-at-home policies, to date the services we
provide have been deemed to be essential in many instances. Our
leadership is focused on working with government officials to
continue to be considered an essential service as localities
respond to COVID-19. While our business is generally acyclical in
nature, it is not immune to the macroeconomic pressure from the
impact of COVID-19. We do expect some negative impact like all
businesses, yet believe that we are well positioned to continue
with our business plans for 2020 and beyond.
Conference Call
APi Group will host a webcast/dial-in conference call to discuss
its 2019 financial results at 8:30 a.m.
(Eastern Time) on Wednesday, April 8, 2020. Participants on
the call will include Russ Becker,
President and Chief Executive Officer; Tom
Lydon, Chief Financial Officer; James E. Lillie and Sir Martin E. Franklin, Co-Chairmen.
To listen to the call by telephone, please dial 833-721-2905 or
929-517-9835 and provide Conference ID 2764874. You may also attend
and view the presentation (live or by replay) via webcast by
accessing the following URL:
https://event.on24.com/wcc/r/2253890/5C1738E2B85521CA6F22DD67A0557E64
A replay of the call will be available shortly after completion
of the live call on the webcast or by telephone, 855-859-2056 or
404-537-3406.
About APi
APi Group is a market-leading business services provider of life
safety, specialty and industrial services in over 200 locations,
primarily in North America. APi
Group provides statutorily mandated services to a strong base of
long-standing customers across industries. We have a winning
leadership culture driven by entrepreneurial business leaders to
deliver innovative solutions for our customers. More information
can be found at https://www.apigroupinc.com/.
Investor Relations Inquiries:
Olivia Walton
Vice President of Investor Relations
+1 814-312-3981
email: investorrelations@apigroupinc.us
Media Contact:
Liz Cohen
Kekst CNC
+1 212-521-4845
Liz.Cohen@kekstcnc.com
Forward-Looking Statements and Disclaimers
This announcement does not constitute or form part of any
offer or invitation to purchase, otherwise acquire, issue,
subscribe for, sell or otherwise dispose of any securities, nor any
solicitation of any offer to purchase, otherwise acquire, issue,
subscribe for, sell, or otherwise dispose of any securities. The
release, publication or distribution of this announcement in
certain jurisdictions may be restricted by law and therefore
persons in such jurisdictions into which this announcement is
released, published or distributed should inform themselves about
and observe such restrictions.
Certain statements in this announcement are forward-looking
statements which are based on the Company's expectations,
intentions and projections regarding the Company's future
performance, anticipated events or trends and other matters that
are not historical facts, including expectations regarding: (i) the
ability of the Company to meet the eligibility criteria and effect
a registration under the Securities Act of its securities, a
listing of its securities on the New York Stock Exchange, its
domestication and the timing for such registration, listing and
domestication; (ii) the Company's positioning regarding its future
business plans; and (iii) the impacts of the COVID-19 pandemic on
the future operating and financial performance of the Company.
These statements are not guarantees of future performance and are
subject to known and unknown risks, uncertainties and other factors
that could cause actual results to differ materially from those
expressed or implied by such forward-looking statements, including:
(i) economic conditions, competition and other risks that may
affect the Company's future performance, including the impacts of
the COVID-19 pandemic on the Company's business, markets, supply
chain, customers and workforce, on the credit and financial
markets, and on the global economy generally; (ii) the ability to
recognize the anticipated benefits of the acquisition and of the
Company to take advantage of strategic opportunities; (iii) the
limited liquidity and trading of the Company's securities; (iv)
changes in applicable laws or regulations; (v) the possibility that
the Company may be adversely affected by other economic, business,
and/or competitive factors; and (vi) other risks and uncertainties.
Given these risks and uncertainties, prospective investors are
cautioned not to place undue reliance on forward-looking
statements. Forward-looking statements speak only as of the date of
such statements and, except as required by applicable law, the
Company does not undertake any obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise. Nothing in this
announcement constitutes or should be construed as constituting a
profit forecast. This announcement contains inside information as
defined in article 7 of the Market Abuse Regulation (EU) No
596/2014.
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SOURCE APi Group Corporation