The Week in Canadian Press Releases: 10 Stories You Need to See

A roundup of the most newsworthy press releases from Cision Distribution this week

TORONTO, May 26, 2023 /CNW/ - With thousands of press releases published each week, it can be difficult to keep up with everything on Cision. To help journalists and consumers stay on top of the week's most newsworthy and popular releases, here's a recap of some major stories from the week that shouldn't be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

Cision Canada - The Weekly Round-Up (PRNewsfoto/Cision Canada)

1. RECONAFRICA COMPLETES TWO PHASES OF eFTG & 2D SEISMIC PROGRAM 
   Following the successful completion of the first phase of the eFTG survey, the Company has once again contracted Metatek Group Limited, a worldwide airborne geophysical survey specialist based in the United Kingdom, to conduct a second phase eFTG survey of 2814 Km². The acquisition of this second survey is now complete with preliminary results expected by the end of the month. These surveys are in ReconAfrica's 25,000 square kilometers (6.3 million acres) PEL 73 exploration license in north-eastern Namibia. The total eFTG survey area is ~5,000 km². This additional survey extends contiguously to phase one in the Kavango Rift Basin to the south-east and the Damara Fold Belt to the south and south-west.
2. Canopy Growth Files Revised Proxy Statement, Modifies Canopy USA Structure to Comply with NASDAQ Listing Requirements
   David Klein, Chief Executive Officer of Canopy Growth, said, "Canopy USA is a novel strategy designed to capitalize on a once-in-a-generation market opportunity. We are pleased to have found a path forward that enables us to stay within NASDAQ's listing requirements, while preserving the meaningful value associated with this plan. We look forward to our continued collaboration with regulators and other stakeholders as we work to capture the attractive value in the U.S. market and position Canopy Growth for profitable growth and a fast start upon federal permissibility in the United States."
3. CANADA INVESTS OVER $180M TO BUILD NEARLY 500 HOMES IN HAMILTON 
   The federal government is providing more than $133 million through the National Housing Strategy's diverse programs: the National Housing Co-Investment Fund (NHCF), Rapid Housing Initiative (RHI) and the Rental Construction Financing initiative (RCFi) for three projects. The announcement took place at 8 Roxanne, a mixed income apartment building with 103 affordable units, 12 units of which will be accessible. This project received $7.1 million in federal funding through the National Housing Co-Investment Fund (NHCF), a $15 million loan from the City of Hamilton and $6.7 million from CityHousing Hamilton. The building, which was completed in December 2022, is also targeting 40% and 44% reduction in energy and greenhouse gas emission respectively.
4. ZELLERS TO EXPAND STORE FOOTPRINT ACROSS CANADA 
   With the launch of its first e-commerce site and select stores within Hudson's Bay earlier this year, Zellers is now setting its sights on its next locations. Initially through a series of pop-up boutiques within Hudson's Bay stores, Zellers intends to open larger footprint stores in some or all of those same locations. The first pop-up will launch at Hudson's Bay's flagship Queen Street store in June, with up to an additional 20 pop-ups expected to open in August. These pop-ups will effectively measure customer response in each market to determine the best fits for the Zellers store experience.
5. ROYAL BANK OF CANADA REPORTS SECOND QUARTER 2023 RESULTS 
   Results this quarter reflected higher provisions for credit losses, with a PCL on loans ratio of 30 bps, mainly attributable to provisions taken on performing loans in the current quarter, largely driven by unfavourable changes in our credit quality and macroeconomic outlook, as compared to releases in the prior year which reflected reduced uncertainty from the COVID-19 pandemic. The current quarter also reflected higher provisions on impaired loans.
6. Donnelly Group Initiates Financial Restructuring Under the CCAA to Revise Borrowing Needed to Overcome COVID-19 Pandemic Challenges 
   Donnelly Group emphasizes that the decision to embark on this restructuring journey is not a reflection of individual or team performance. Rather, it is a strategic response to the industry-wide impact of the COVID-19 pandemic. By undertaking the CCAA process, Donnelly Group aims to build a stronger foundation, positioned for long-term success and growth in a post-pandemic landscape.
7. LOGISTEC Statement on Strategic Review Process 
   LOGISTEC's principal shareholder, Sumanic Investments Inc. ("Sumanic"), has informed the board of directors of the Corporation of its interest in considering the sale of all or part of its shares in the Corporation and desire for the Corporation to initiate a process to pursue a strategic transaction in the best interest of all stakeholders, in order to maximize shareholder value.
8. Scotiabank reports second quarter results 
   "I am pleased with the Bank's stable operational performance in the quarter and encouraged that our strong capital and liquidity profile positioned us well to manage through the current environment of heightened macroeconomic uncertainty." said Scott Thomson, President and CEO of Scotiabank. "We are committed to delivering long-term profitable and sustainable growth through a focus on customers, capital discipline and operational excellence."
9. TD Bank Group Reports Second Quarter 2023 Results
   "TD's retail businesses in both Canada and the United States continued to show strong revenue and earnings growth this quarter, with robust customer originations and loan volumes," said Bharat Masrani, Group President and CEO, TD Bank Group. "Investments in differentiated wealth and insurance products and the close of the Cowen acquisition expanded our offerings and strengthened the competitive advantages of these businesses."
10. BMO Financial Group Reports Second Quarter 2023 Results
    "Our performance this quarter reflects our highly-diversified business mix and the strength, size and stability of our balance sheet, which has been further enhanced by the successful acquisition of Bank of the West. Against the backdrop of an uncertain economic environment, our Canadian and U.S. personal and commercial banking businesses continued to deliver good pre-provision, pre-tax earnings, while our wealth and capital markets businesses were impacted by lower customer activity. These results were underpinned by continued strong asset quality and capital, with a CET1 ratio of 12.2% following the closing of the largest acquisition in our history," said Darryl White, Chief Executive Officer, BMO Financial Group.

Read more of the latest releases from Cision, see our resources for journalists, and stay caught up on the top press releases by following @cnwnews.

About Cision Canada

Cision is a comprehensive communications platform enabling more than 100,000 public relations and marketing professionals around the world to understand, influence and amplify their stories. As the market leader, Cision enables the next generation of communication professionals to strategically operate in the modern media landscape where company success is directly impacted by public opinion. Cision has offices in 24 countries through the Americas, EMEA and APAC, and offers a suite of best-in-class solutions, including Newswire, Brandwatch, Cision Communications Cloud® and Cision Insights. To learn more, visit www.cision.ca and follow @CisionCA on Twitter.

SOURCE Cision Canada

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