Fortis Inc. Holds Annual and Special Meeting of Shareholders and Confirms Donation of $500,000 for COVID-19 Community Support...
May 07 2020 - 10:00AM
Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS) today
held a virtual Annual and Special Meeting of shareholders. At the
meeting, Fortis President and CEO Barry Perry discussed the
financial results for 2019 and the first quarter of 2020, and also
discussed the impact of COVID-19 on the business.
In 2019 Fortis delivered strong annual net
earnings of approximately $1.7 billion, deployed $3.8 billion in
capital expenditures and marked 46 years of consecutive annual
common share dividend payment increases. During its annual meeting,
Fortis affirmed its long-term strategy, its $18.8 billion, 5-year
capital program and its 6% average annual dividend growth guidance
to 2024.
"Our focus on energy delivery, local leadership,
and geographic and regulatory diversity captures the core of
Fortis," said Barry Perry, President and CEO, Fortis. "These
characteristics create a company that delivers financial scale and
strategic direction while empowering utilities to innovate and
grow. These characteristics also minimize overall business risk and
create a durable competitive advantage that supports the growth of
long-term shareholder value."
Mr. Perry also provided an update on the
Corporation's response to the COVID-19 pandemic. The Corporation
and its utilities carefully adhere to guidance from local health
authorities with approximately half of our 9,000 employees
remaining in the field to deliver energy and half working from
home. To ensure Fortis utilities continue to deliver reliable
energy to customers, additional safety measures have been put in
place for employees working in field operations.
At the annual meeting, Mr. Perry announced the
Fortis "Community Matters" Project. This initiative will see Fortis
donate $500,000 to 20 non-profit organizations to provide immediate
financial support to frontline COVID-19 community response efforts
in Newfoundland and Labrador.
Collectively, Fortis and its group of companies
throughout North America have pledged $4.5 million to date to
COVID-19 community support.
"By giving back to frontline response
organizations at such a critical time, we are supporting families
in our communities facing hardships due to COVID-19," said Mr.
Perry. "It's heartwarming to see our family of companies being
leaders in our communities."
About Fortis
Fortis is a well-diversified leader in the North
American regulated electric and gas utility industry, with 2019
revenue of $8.8 billion and total assets of $57 billion as at March
31, 2020. The Corporation's 9,000 employees serve utility customers
in five Canadian provinces, nine U.S. states and three Caribbean
countries.
Fortis shares are listed on the TSX and NYSE and
trade under the symbol FTS. Additional information can be accessed
at www.fortisinc.com, www.sedar.com,
or www.sec.gov.
Forward-Looking Information
Fortis includes forward-looking information in
this media release within the meaning of applicable Canadian
securities laws and forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995
(collectively referred to as "forward-looking information").
Forward-looking information reflects expectations of Fortis
management regarding future growth, results of operations,
performance and business prospects and opportunities. Wherever
possible, words such as anticipates, believes, budgets, could,
estimates, expects, forecasts, intends, may, might, plans,
projects, schedule, should, target, will, would and the negative of
these terms and other similar terminology or expressions have been
used to identify the forward-looking information, which includes,
without limitation: forecast capital expenditures for the period
from 2020 through 2024; and targeted average annual dividend growth
through 2024.
Forward-looking information involves significant
risks, uncertainties and assumptions. Certain material factors or
assumptions have been applied in drawing the conclusions contained
in the forward-looking information. These factors or assumptions
are subject to inherent risks and uncertainties surrounding future
expectations generally, including those identified from time to
time in the forward-looking information. Such factors or
assumptions include, but are not limited to: no material impact
from the COVID-19 pandemic, reasonable outcomes for regulatory
proceedings and the expectation of regulatory stability; the
successful execution of the five-year capital plan; no material
capital project and financing cost overrun; sufficient human
resources to deliver service and execute the capital plan; the
realization of additional opportunities; the impact of fluctuations
in foreign exchange; no significant variability in interest rates;
and the Board exercising its discretion to declare dividends,
taking into account the business performance and financial
condition of the Corporation. Fortis cautions readers that a number
of factors could cause actual results, performance or achievements
to differ materially from the results discussed or implied in the
forward-looking information. for additional information with
respect to certain risk factors, reference should be made to the
continuous disclosure materials filed from time to time by the
Corporation with Canadian securities regulatory authorities and the
Securities and Exchange Commission. All forward-looking information
herein is given as of the date of this media release. Fortis
disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise.
A PDF version of this press release is
available
at: http://ml.globenewswire.com/Resource/Download/4c7b6562-888b-42f5-a486-4a823327904f
For more information, please
contact Investor Enquiries: Ms. Stephanie Amaimo Vice
President, Investor Relations Fortis Inc. 248.946.3572
samaimo@fortisinc.com Media Enquiries: Ms. Karen McCarthy Vice
President, Communications and Corporate Affairs Fortis Inc.
709.737.5323 media@fortisinc.com
BACKGROUNDER
FORTIS INC. DONATES $500,000 TO COVID-19
COMMUNITY SUPPORT IN NEWFOUNDLAND AND
LABRADOR
On May 7, 2020 Fortis announced its "Community
Matters" Project. This initiative will see Fortis donate $500,000
to 20 non-profit organizations to provide immediate financial
support to frontline COVID-19 community response efforts in
Newfoundland and Labrador.
The following is a list of frontline COVID-19
community organizations that will receive funding as part of the
Fortis Community Matters Project.
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A Dollar A Day |
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A Dollar A Day's guiding principles inspire the organization to
identify the need and provide support to credible and innovative
organizations nationwide that have proven experience delivering
frontline mental health services. The organization stands at the
ready to help these everyday heroes where and when they need it
most. The Fortis gift to A Dollar A Day's COVID-19 Relief Fund will
ensure that the people who are giving everything of themselves for
you, your family, and your community today will have the support
they need to get back to their own lives and help you get back to
yours tomorrow. |
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The Association for New Canadians |
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The Association for New Canadians is a non-profit organization
delivering settlement, language, and employment services to over
1500 newcomers living throughout Newfoundland and Labrador. The
Fortis gift will help ensure that refugee families have access
vital digital resources, are able to continue their language
learning virtually and stay connected in their
communities. |
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Big Brothers Big Sisters |
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Big Brothers Big Sisters enables life-changing mentoring
relationships to ignite the power and potential of young people.
The Fortis gift will allow the organization to continue to serve
and identify the most vulnerable youth and provide a much-needed
response to the issue of social isolation through our vital
mentoring relationships. |
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Choices for Youth |
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For 30 years, Choices for Youth has been supporting youth aged
16-29 in our community. There is a huge need right now to ensure
youth are able to maintain their housing, access basic necessities
like food and medical care, and connect with mental health supports
to stay well. The Fortis gift will help provide a consistent level
of support for young people as the organization navigates the
public health emergency, and finds a new normal in operations,
programs and services. |
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The Community Food Sharing Association |
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The Community Food Sharing Association offers support for the
provision of food to 54 food banks throughout Newfoundland and
Labrador. The Fortis gift will significantly aid the
Association as the food banks face increased demand on their
services from those struggling to put food on the table for their
families during the COVID-19 pandemic. |
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First Light |
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With the onset of the COVID-19 pandemic in Newfoundland and
Labrador, First Light is facing unique challenges which not only
impact how the organization functions, but their community's food
security, housing, crisis support, and programming. First Light has
responded to the needs of its members by remaining open for
essential services, providing virtual programming and cultural
support, and launching a food and personal care delivery program.
The Fortis gift will assist with these programs as well as help
with delivery of traditional supplies to community members. These
supplies, like traditional drum making supplies, sacred medicines
for smudging and traditional craft materials, allow for cultural
and spiritual connection which is crucial in these unprecedented
times. |
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Iris Kirby House |
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Iris Kirby House is a charity located in St. John's, Carbonear and
surrounding areas. The organization provides, a 24/7 crisis
line, programming, emergency and second stage shelter to women and
children experiencing domestic violence. The Fortis gift will aid
the organization's delivery of service to this vulnerable
group. |
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The Jimmy Pratt Memorial Outreach Centre Inc. |
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The Jimmy Pratt Memorial Outreach Centre
Inc. opened in January 2002 and is managed
solely by volunteers with one part-time staff person. Services are
dedicated to the residents of the St. John's, NL downtown core to
help promote physical, mental, and emotional well-being to those
that find themselves in various elements of crisis and unable to
cope with the hurdles they face in everyday life. The Fortis gift
will help to serve over 240 meals every week and offer a friendly
social environment to all those that present themselves. |
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Kids Eat Smart Foundation NL |
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Every school day Kids Eat Smart Foundation NL serves over 31,000
meals to children at no cost to families around the Province. When
schools closed due to COVID-19, the organization understood the
need was great. Many children had breakfast at school, some had
lunch and some children had an after-school snack at the Homework
Haven programs in the Province. The organization knew the
most vulnerable children and families did not have food at
home. Thanks to the Fortis gift the organization will put
food in homes and most importantly, it will put food in the bellies
of children who live in food insecure homes during this uncertain
time. |
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Kids Help Phone |
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Kids Help Phone specializes in providing virtual mental health
care, accessible in all of our communities. The Fortis gift ensures
the availability of the organization's Phone Counselling and Crisis
Text Line powered by Kids Help Phone services across the province.
To access support confidentially, free of charge, 24 hours a day
during the pandemic young people can call 1-800-668-6868 or text
TALK to 686868, adults can text WELLNESS to 741741. |
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Mallard Cottage |
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Mallard Cottage a restaurant based in the quaint village of Quidi
Vidi in St. John's, NL. The restaurant is honoured to join forces
with Community Food Centers Canada (CFCC) in their 'Made with Love'
initiative. The Fortis gift will allow Mallard Cottage to work with
The Gathering Place and CFCC to provide 2500 meals to the most
vulnerable members of our community during the COVID-19
pandemic. The team at Mallard Cottage will work directly with
the The Gathering Place using their restaurant infrastructure to
assist the increasing demand facing our community for honest,
healthy and well-prepared meals. |
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Memorial University |
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As Newfoundland and Labrador's only university, Memorial has a
special obligation to the people of this province and is
privileged to bring together students, faculty, and staff from
Canada and other countries, building mutual respect, cultural
understanding and meaningful relationships. Many Memorial
students are currently experiencing major difficulties as a
result of the COVID-19 global pandemic. The Fortis gift will
provide financial relief for students who face exceptional
challenges and personal crises with priority given
to: student parents who are now unable to support their
families due to job loss; those with mental or physical
challenges; and students who face housing and/or food
insecurity due to this crisis. |
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The Murphy Centre |
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The Murphy Centre has served the metropolitan St. John's, NL region
for the past 33 years as a provider of alternate schooling
opportunities and career counseling services. One of the challenges
posed by COVID-19 to the organization's approximately 800
participants is the many facets of mental health. The Fortis gift
will be used to provide enhanced technological capacity which will
assist our participants in completing course requirements and
career related tasks which, in turn, will help to reduce the
anxiety caused by lack of equipment and remote connectivity. |
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Canadian Red Cross |
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The COVID-19 pandemic underscores the need of the Red Cross to
innovate, to adjust training, and make greater use of technology to
ensure volunteers can continue to provide emergency assistance
anywhere in the Province, even if direct, face-to-face contact with
those needing help must be avoided. The Fortis gift will help us
adapt to this changing reality and its impact on our disaster
response and preparedness work across Newfoundland and
Labrador. |
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SeniorsNL |
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SeniorsNL supports, promotes and enhances the well-being and
independence of all older adults throughout Newfoundland and
Labrador. As an information and referral organization, the
organization connects seniors and those that support them to
programs and services to make an informed decision. During
COVID-19, SeniorsNL has seen an increase in inquiries about food,
food delivery, increased isolation and loneliness as many seniors
have family with whom they can no longer physically connect.
Seniors living below and just above the poverty line are hardest
hit as every extra dollar that they have to spend to access the
basic needs takes away from what they need. The Fortis gift will
support all these needs, and more. |
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Stella's Circle |
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Stella's Circle will use the Fortis gift to support the COVID-19
efforts of the organization which includes technology requirements
to stay connected to participants and to offer virtual counselling
services. Technology will allow participants to stay
connected, access online services such as Bridge the gApp, and stay
updated on the COVID-19 pandemic. In addition, funding will be
used to help with the significant increase in cost of daily deep
cleaning services for Emmanuel House, Naomi Centre and the Hungry
Heart Café. Funding will also allow for Stella's Circle to
ensure that food security continues for participants throughout the
pandemic. |
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The Gathering Place |
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The Gathering Place is an inner-city Community Health Centre that
offers Primary Health Care to the most marginalized in
society. With the help of 1800 volunteers, staff, and
collaborative partners, the organization offers comprehensive
health and social support to 2600 guests seven days a
week. The Fortis gift will assist with this support. Guests are
struggling with chronic mental and physical health
challenges, homelessness or precarious housing, addictions and
social isolation. |
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The Salvation Army |
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The Salvation Army continues to mobilize and respond to the need as
a result of COVID-19. The Fortis gift will assist in the purchase
of a new Emergency Disaster Services (EDS) vehicle to enable rapid
respond to the Western Region of Newfoundland. The organization's
mission is to support the people of communities impacted by an
emergency, and first responders as they serve Newfoundland and
Labrador. Among other supports, the organization serves essential
workers such as truckers, as they deliver necessary items to the
Province. The new EDS vehicle will increase the organization's
capacity to serve in many ways. |
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Thrive |
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Thrive assists vulnerable individuals in achieving their full
potential and enhancing the capacity of social serving agencies.
The Fortis gift will allow Thrive to meet the growing demands from
participants to access necessary supplies such as food, hygiene
items, and access to technology, as well the increasing
transportation costs associated with delivering these items on a
daily basis throughout St. John's, NL metro region. Thrive will
also dedicate a portion of the funds to provide additional mental
health & addictions supports, as staff are deeply concerned
about the impacts of this pandemic on both mental health and
substance use patterns. |
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Waypoints |
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Waypoints has been providing support and services to the families,
children and youth of our community for more than 40 years. The
Waypoints Family Support Program engages and collaborates with
families from a strengths-based, family-centered perspective to
support families in overcoming the challenges they face. The
Fortis gift will increase the ability to access practical and
necessary resources during this most difficult time and will go a
long way to help those who need it the most--families. |
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