Evolve Transition Infrastructure Files Form 10-K
March 27 2023 - 3:20PM
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, 2022 with the Securities and Exchange
Commission (the “SEC”).
LIQUIDITY AND DEBT REDUCTION
UPDATEThe Partnership had approximately $2.8 million in
cash and cash equivalents as of December 31, 2022. As of December
31, 2022, the Partnership had $20.2 million in debt outstanding
under its credit facility and during 2022 the Partnership reduced
its debt outstanding by $29.0 million, or 59 percent.
RECEIPT OF AUDIT OPINION WITH GOING
CONCERN QUALIFICATIONPursuant to the disclosure
requirements of the NYSE American Company Guidelines Sections
401(h) and 610(b), Evolve is reporting that its audited financial
statements for the year ended December 31, 2022, included in the
2022 Form 10-K, contains an audit opinion from its independent
registered public accounting firm that includes an explanatory
paragraph related to Evolve’s ability to continue as a going
concern. This announcement does not represent any change or
amendment to the Partnership’s financial statements or to its 2022
Form 10-K.
UNITHOLDER ACCESS TO 2022 FORM
10-KThe Partnership has filed the 2022 Form 10-K with
the SEC. A copy of the 2022 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
2022 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. 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
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. Evolve owns natural gas
gathering systems, pipelines and processing facilities in South
Texas and continues 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.
WardInterim Chief Executive Officer, Chief Financial Officer and
Secretaryir@evolvetransition.com(713) 800-9477
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