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McDermott Announces Agreement to Sell CB&I Storage Business Line to Consortium of Financial Investors

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Transaction Follows Comprehensive Marketing Process, Culminating in Winning Offer From a Consortium Led by Mason Capital Management

HOUSTON, Oct. 7, 2024 /PRNewswire/ — McDermott International, Ltd (McDermott) today announced it has entered into an agreement to sell its CB&I storage business (CB&I) to a consortium of financial investors led by Mason Capital Management. Under the terms of the agreement, McDermott expects to receive $475 million of proceeds before taxes and transaction expenses. The transaction is expected to be completed in the fourth quarter.

The transaction is the culmination of a comprehensive marketing process during which McDermott received multiple bids from prospective buyers. Pursuant to the terms of McDermott’s credit agreement, proceeds from the sale will be used to repay CB&I’s existing term loan, cash collateralize certain McDermott letters of credit, and reduce an existing McDermott term loan.

“The significant interest expressed in our storage business is a direct reflection of its long history of providing customers world-class storage solutions and its bright future,” said Michael McKelvy, President and Chief Executive Officer of McDermott. “We believe this is the best transaction for our business, CB&I, its customers and employees.”

CB&I has a global footprint and is a leading designer and builder of storage facilities, tanks and terminals. It became part of McDermott in 2018 when the two companies combined. In 2023, McDermott completed actions to strengthen the storage business, including providing a dedicated capital structure.

“We look forward to the next chapter in our 130-year history,” said Mark Butts, Senior Vice President of CB&I. “The consortium represents a diverse group of shareholders who are familiar with our business and have long believed in and supported our strategy.”

“We are pleased to reach this agreement to acquire and serve as the future stewards of CB&I,” said Mike Martino, Managing Member and Principal of Mason. “We believe the Company has significant potential as a standalone enterprise, and we look forward to leveraging our experience successfully investing in industrial and engineering-focused businesses to improve the Company’s operations and support profitable, long-term growth.”

Goldman Sachs & Co. LLC is serving as the exclusive financial advisor for the transaction to McDermott. Kirkland & Ellis LLP is serving as legal counsel to McDermott. Citi is acting as exclusive financial advisor to Mason. Cadwalader, Wickersham & Taft LLP is serving as legal counsel to Mason Capital Management.

About McDermott
McDermott is a premier, fully integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to decommissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

About Mason Capital Management LLC
Mason Capital Management LLC is an absolute return focused investment firm that combines deep fundamental analysis with a hard catalyst. Founded in July 2000 by Ken Garschina and Mike Martino, Mason’s strategies range from event-driven investing to corporate carve-outs and control acquisitions.

About CB&I
CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.

Forward-Looking Statements

McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the timing of closing and benefits to stakeholders of the transaction. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; risks associated with negotiating divestitures of assets with third parties; actions by lenders, other creditors, customers and other business counterparties of McDermott; and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

Contacts:

For McDermott: 
Reba Reid
Senior Director, Global Communications and Marketing
rreid@McDermott.com

For Mason: 
Jonathan Gasthalter/Sam Fisher
Gasthalter & Co.
(212) 257-4170

 

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SOURCE McDermott International, Ltd

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Greenway Health Announces New Chief Information Security Officer

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Paul Ford brings extensive leadership and expertise in cybersecurity, further strengthening Greenway Health’s commitment to data protection and compliance

TAMPA, Fla., Oct. 7, 2024 /PRNewswire/ — Greenway Health, a leading health information technology services provider, announces the appointment of Paul Ford as its new Chief Information Security Officer (CISO). Ford brings over 16 years of experience in the field of information security, making him a valuable addition to Greenway’s leadership team.

Most recently, Ford served as Director of Information Security at Inovalon Inc., where he led high-performing teams to ensure the seamless delivery of cybersecurity and IT services. His expertise spans multiple domains, including cybersecurity operations, security architecture, security engineering, application security, and compliance and governance.

Ford also served as Manager of Information Technology at Credible Behavioral Health, where he oversaw the entire corporate IT department and implemented vital security programs. Prior to that, Ford held key roles in information technology at the US Naval Academy, contributing to enterprise-scale projects and enhancing security operations.

“As Greenway continues to expand and evolve, the addition of experienced leaders like Paul is crucial to our mission of maintaining top-tier cybersecurity standards,” says David Cohen, Chief Product and Technology Officer at Greenway Health. “His expertise will be instrumental as we strengthen our security frameworks and enhance the protection we provide to our clients and patients.”

This appointment comes as part of Greenway’s broader investment in its leadership and infrastructure to support sustained growth. Over the past year, the company has made significant strides in its go-to-market strategy, expanding its leadership team and enhancing its ability to meet the evolving needs of clients and their patients.

At Greenway, Ford will focus on advancing the strategic and comprehensive information security program that defines, develops, and implements policies and controls to protect systems containing electronic Protected Health Information (ePHI) and other critical assets. He will also lead efforts in managing security risk and maintaining compliance with regulatory frameworks such as HIPAA, HITRUST, and NIST, ensuring Greenway meets the highest industry standards for information protection.

Greenway Health is a leading health information technology service provider specializing in electronic health records with its flagship Intergy and Prime Suite products. Greenway and its award-winning solutions have been ranked highly in the Best in KLAS awards by KLAS Research, an independent research organization that assesses healthcare vendor performance through independent feedback from users. Additionally, Greenway Health’s revenue cycle solution, Greenway Revenue Services, was named the 2023 North American Customer Value Leadership Award in Frost & Sullivan’s Best Practices Award.  

To learn more about Greenway Health and how its solutions benefit providers, visit https://www.greenwayhealth.com.

About Greenway Health
Greenway Health provides electronic health records (EHR), practice management, and revenue cycle management solutions that help practices in multiple specialties grow profitably, remain compliant, work more efficiently, and improve patient outcomes. Its team of clinical, financial, and technology experts serves as trusted advisors, committed to enabling successful providers, empowering patients, and building healthier communities. Greenway works with thousands of providers across multiple specialties, translating into millions of lives touched daily by its solutions. For more information on Greenway and its holistic solutions, visit www.greenwayhealth.com, call 877-537-0063, or follow Greenway on Facebook, Twitter, and LinkedIn.

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SOURCE Greenway Health

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“Thanks To All of These Liars” a Political Atomic Bomb of a Song by Crooner Frank Lamphere, Set to Explode Across the Internet

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Lamphere and his swinging band unabashedly tell the “in the dark” voter about the purported deceptions from their “reliable” news sources and government

CHICAGO, Oct. 7, 2024 /PRNewswire/ — Traditional pop singer-songwriter Frank Lamphere, hopes his new musical, pro-conservative political statement “Thanks To All of These Liars” will influence undecided voters in the upcoming presidential election. The song’s lyrics, that came to Frank after a Summer morning jog, boldly highlight many of the outrageous and possibly misleading claims reported by the MSN (Mainstream News Media such as: CNN, MSNBC, CBS, ABC, NY Times, Washington Post etc.), the modern-day Democrat Party and the horrible real-life consequences of these lies.

“Honesty is a virtue, and the news media in the US is about as unvirtuous as it gets,” says Lamphere. He’s a working Sinatra type singer, independent recording artist, occasional songwriter, Christian, proud American, politically conservative and also a successful deck contractor (A-Affordable Decks) of 32 years.

A critical song at a critical time for America, “Thanks To All of These Liars,” follows on the heels of the recent chart-topping Trump tribute song “Fighter” by Jon Kahn. In just under 3 minutes, Lamphere’s lyric swingingly blames recurrent big city crime, the flood of illegals, intentional gender confusion, racial strife and sky-high inflation directly where it belongs, on progressive (socialist) democrat policies. “With all of the democrat disasters unfolding, the song could have been two hours long” says Lamphere in a less than gleeful tone. He then closes the tune with the statement that we have one more chance to correct the country’s direction (elect Donald Trump) or we are likely to lose our country.

“One of the premier vocalists in the entire country” Chicago Jazz Magazine. Music career highlights include four CDs released, radio and television commercials, steadies at top jazz clubs in Chicago, headlining numerous Rat Pack themed shows across the country, high-profile corporate and private gigs from Las Vegas to New York to Milan, Italy. Lamphere’s original song I Never Forgot from his 2012 CD Frank Swings was featured prominently in the award-winning film Theresa Is a Mother. Prolific in the recording studio over the last several years, Frank has been utilizing the abundant jazz talent in Chicago and has recorded three more albums. Based on incoming reviews, his unique fifteen song Frank Sinatra tribute Frank Songs, My Way has great potential, once released. (Planned for late 2024). Lamphere is available for musical performance nationwide, with his band.

“Thanks To All of These Liars” is available (here) for direct download and on streaming services

Booking info: www.ratpackjazz.com

For more information contact:
Gregory Allan384384@email4pr.com
www.ThanksToAllOfTheseLiars.com
630-202-4887

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SOURCE Rat Pack Enterprises LLC

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Eastlink partners with Atlantic Canada’s home improvement store, KENT Building Supplies

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HALIFAX, NS, Oct. 7, 2024 /CNW/ – Eastlink, in partnership with KENT, is pleased to announce that it has opened its first store-in-store at KENT’s flagship Dartmouth Crossing location.

“We’re really proud to partner with a company that’s as deeply rooted in Atlantic Canada as we are,” said Jeff Gillham, CEO Eastlink. “We’re always looking for more ways to connect with our customers. One of the ways we can do that is by adding more places where they can shop and we can support them. Our team is excited to welcome customers to this new location with an enhanced experience that enables them to truly make the most of their time.”

“Both KENT and Eastlink are committed to providing high-quality products and exceptional service, making this partnership a great fit,” said Rannie MacDonald, General Manager, KENT. “With the continued integration of smart home devices and appliances, our customers can now get even more of what they need for their home, including mobile phones, internet, and video services, in one convenient stop.”

This is Eastlink’s first store-in-store location. The company operates 24 retail locations across Atlantic Canada. KENT currently operates 48 retail locations in communities across New Brunswick, Nova Scotia, Newfoundland, and Prince Edward Island.

SOURCE EastLink

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