Evolve Transition Infrastructure Files Form 10-K
March 31 2022 - 4:05PM
Evolve Transition Infrastructure LP (NYSE American: SNMP) (“Evolve”
or the “Partnership”) has filed its Annual Report on Form 10-K for
the year ended December 31, 2021 with the Securities and Exchange
Commission (the “SEC”).
ENERGY TRANSITION STRATEGY The
Partnership continues to focus on investment and development
opportunities in infrastructure critical to the transition of
energy supply to lower carbon sources. In furtherance of this
focus, during the course of 2021 the Partnership sold its remaining
upstream assets, changed its name to Evolve Transition
Infrastructure LP and entered into the LEVO Mobility LLC joint
venture (the “Levo JV”). Additionally, the Partnership
entered into a funding agreement with HOBO Renewable Diesel, LLC
(“HOBO”), and ultimately brought aboard new management from the
leadership of HOBO.
LIQUIDITY AND CREDIT FACILITY
UPDATEThe Partnership had approximately $1.7 million in
cash and cash equivalents as of December 31, 2021. As of December
31, 2021, the Partnership had $49.2 million in debt outstanding
under its credit facility and since December 31, 2020, the
Partnership has reduced its debt outstanding by $60.8 million, or
55 percent. Since December 31, 2021, the Partnership has made
additional payments totaling $1.5 million resulting in $47.7
million in debt outstanding under the credit facility as of March
30, 2021. As previously disclosed, the Partnership’s credit
facility was amended and extended to September 30, 2023.
UNITHOLDER ACCESS TO 2021 FORM
10-KThe Partnership has filed the 2021 Form 10-K with
the SEC. A copy of the 2021 Form 10-K, which includes
the Partnership’s complete audited financial statements, may be
found on the SEC’s website at www.sec.gov and on the
Partnership’s website at www.evolvetransition.com by selecting the
“Investors” tab and then selecting “SEC Filings” from the dropdown
menu. The Partnership will provide any unitholder with a hard
copy of its 2021 Form 10-K, which includes Evolve’s complete
audited financial statements, free of charge at any time upon
request. Requests can be directed in writing to Evolve
Investor Relations, 1360 Post Oak Blvd., Suite 2400, Houston,
TX 77056 or by email to ir@evolvetranstion.com.
FORWARD-LOOKING STATEMENTSThis
press release contains “forward-looking statements,” which involve
risks and uncertainties. All statements, other than statements of
present or historical fact, included in this press release are
forward-looking statements. Any statements that refer to Evolve’s
future strategy, future uses of capital, future operations, plans
and objectives of management or other characterizations of future
events or circumstances, including any underlying assumptions, are
forward-looking statements. Forward-looking statements in this
press release may include, for example, statements about the
production expectations for HOBO’s initial project and other
statements about Evolve, HOBO or the Levo JV. In some cases, you
can identify forward-looking statements by terminology such as
“may,” “expect,” “plan,” “anticipate,” “believe,” “project” or the
negative of such terms or other similar expressions. These
forward-looking statements are based on management’s current
beliefs, expectations and assumptions regarding the future of
Evolve’s business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions.
These forward-looking statements are subject to
known and unknown risks, uncertainties and assumptions about
Evolve, HOBO, and the Levo JV opportunity that may cause Evolve’s
actual results, levels of activity, performance or achievements to
be materially different from any future results, levels of
activity, performance or achievements expressed or implied by such
forward looking statements. Therefore, you should not rely on any
of these forward-looking statements. Management cautions all
readers that the forward-looking statements contained in this press
release are not guarantees of future performance, and actual
results may differ materially from those anticipated or implied in
forward-looking statements. For more information concerning factors
that could cause actual results to differ from those expressed or
forecasted, please read Evolve’s filings with the SEC, with
particular attention to the “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” sections in Evolve’s most recent Annual Report on Form
10-K and Quarterly Report on Form 10-Q, all of which are available
on Evolve’s website at www.evolvetransition.com and on the SEC’s
website at www.sec.gov. These cautionary statements qualify all
forward-looking statements attributable to Evolve or persons acting
on Evolve’s behalf. Except as otherwise required by applicable law,
Evolve disclaims any duty to update any forward-looking statements,
all of which are expressly qualified by the statements in this
section, to reflect events or circumstances after the date of this
press release.
ABOUT THE PARTNERSHIPEvolve
Transition Infrastructure LP is a publicly-traded limited
partnership formed in 2005 focused on the acquisition, development
and ownership of infrastructure critical to the transition of
energy supply to lower carbon sources. We own natural gas gathering
systems, pipelines and processing facilities in South Texas and
continue to pursue energy transition infrastructure
opportunities.
ADDITIONAL
INFORMATIONAdditional information about Evolve can be
found in our documents on file with the SEC which are available on
our website at www.evolvetransition.com and on the SEC’s website at
www.sec.gov.
PARTNERSHIP CONTACTCharles C.
WardChief Financial Officerir@evolvetransition.com(713)
800-9477
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