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GlobeNewswire

Southside Bank to Open Commercial Loan Office in Houston

TYLER, Texas, April 06, 2021 (GLOBE NEWSWIRE) — Southside Bancshares, Inc. (the “Company”) (NASDAQ:SBSI), the holding company of Southside Bank (the “Bank”), has announced the opening of a new location at 1800 Post Oak Blvd., Ste. 300. The office is scheduled to open on April 12, 2021, and will primarily serve the commercial loan market in the Houston area. Commercial lending officers Adam Gonzalez, Liela Raglin and Alice Yang will office at the Post Oak location in Uptown Houston. Collectively, the team brings years of lending experience and knowledge as well as extensive involvement in the community. “We are excited to open this location and grow the Bank’s presence in the Houston region,” said Lee R. Gibson, President and Chief Executive Officer of Southside Bancshares, Inc. “Our experienced team of locally established lenders is committed to providing lending solutions that meet the needs of our customers and the greater Houston area.” The new office expands the Bank’s footprint in the Houston region. Southside has operated a retail branch inside the Kingwood H-E-B grocery store at 19529 Northpark Drive since 2019. About Southside Bancshares, Inc. Southside Bancshares, Inc. is a bank holding company headquartered in Tyler, Texas, with approximately $7.01 billion in assets as of December 31, 2020. Through its wholly-owned subsidiary, Southside Bank, Southside currently operates 54 branches and a network of 76 ATMs/ITMs throughout East Texas, Southeast Texas and the greater Dallas/Fort Worth, Austin and Houston areas. Serving customers since 1960, Southside Bank is a community-focused financial institution that offers a full range of financial products and services to individuals and businesses. These products and services include consumer and commercial loans, mortgages, deposit accounts, safe deposit boxes, treasury management, wealth management, trust services, brokerage services and an array of online and mobile services. To learn more about Southside Bancshares, Inc., please visit our investor relations website at https://investors.southside.com. Our investor relations site provides a detailed overview of our activities, financial information and historical stock price data. To receive e-mail notification of company news, events and stock activity, please register on the E-mail Notification portion of the website. Questions or comments may be directed to Lindsey Bailes at (903) 630-7965 or lindsey.bailes@southside.com. Forward-Looking Statements Certain statements of other than historical fact that are contained in this press release may be considered to be “forward-looking statements” within the meaning of and subject to the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. These statements may include words such as “expect,” “estimate,” “project,” “anticipate,” “appear,” “believe,” “could,” “should,” “may,” “might,” “will,” “would,” “seek,” “intend,” “probability,” “risk,” “goal,” “target,” “objective,” “plans,” “potential,” and similar expressions. Forward-looking statements are statements with respect to our beliefs, plans, expectations, objectives, goals, anticipations, assumptions, estimates, intentions and future performance and are subject to significant known and unknown risks and uncertainties, which could cause our actual results to differ materially from the results discussed in the forward-looking statements. For example, discussions about trends in asset quality and earnings from growth, and certain market risk disclosures are based upon information presently available to management and are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what actually occurs in the future. Accordingly, our results could materially differ from those that have been estimated. The most recent factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the negative impact of the COVID-19 pandemic on our business, financial position, operations and prospects, including our ability to continue our business activities in certain communities we serve, the duration of the pandemic and its continued effects on financial markets, a reduction in financial transaction and business activities resulting in decreased deposits and reduced loan originations, increases in unemployment rates impacting our borrowers’ ability to repay their loans, our ability to manage liquidity in a rapidly changing and unpredictable market, additional interest rate changes by the Federal Reserve and other government actions in response to the pandemic including additional quarantines, regulations or laws enacted to counter the effects of the COVID-19 pandemic on the economy. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, under “Part I – Item 1. Forward Looking Information” and “Part I – Item 1A. Risk Factors,” and in the Company’s other filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any factors or to announce publicly the result of revisions to any of the forward-looking statements included herein to reflect future events or developments. Media Contact: Ashley Fettig | 903.531.7158 | ashley.fettig@southside.com

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Atos reports drop in revenue, to conduct U.S. accounting review

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By Bartosz Dabrowski and Juliette Portala

(Reuters) -French IT consulting group Atos reported a drop in first-quarter revenue on Tuesday, putting further pressure on its share price which has been hit by an accounting issue in the United States.

The company, which develops solutions in hybrid cloud, big data, business applications and digital workplace, disclosed earlier this month that auditors had found accounting errors at two U.S. units, sending its shares diving 18% at the time.

On Tuesday the company said it had decided to conduct a full accounting review of the two U.S. units and would give a status update when it releases first-half results on July 28.

Atos also has a big contract to provide solutions for the Olympic Games in Tokyo and said that it was prepared for all scenarios, including a further postponement or complete cancellation of the event.

“For us, there will be no cancellation of the contract even if the Olympics were to be postponed,” head of investor relations Gilles Arditti said in a conference call.

Atos shares were down by more than 5% after the company said its revenue for January-March dropped 3.9% organically from a year earlier to 2.69 billion euros ($3.24 billion).

The company, however, maintained its full-year guidance.

“The results today are a meaningful miss (on market expectations) and likely to weigh further on sentiment,” Barclays said in a note, adding that the U.S. accounting situation was a bigger concern.

Year to date, Atos’ shares have now declined by nearly a quarter.

The company also said on Tuesday that it had acquired Canada-based Processia, UK-based Ipsotek and German firm cryptovision, as it continues with bolt-on acquisitions in a bid to boost revenue from digital, cloud, security and decarbonisation business over the medium term. It gave no financial details of the transactions.

($1 = 0.8292 euros)

(Reporting by Bartosz Dabrowski and Juliette Portala in Gdansk ; Editing by Tomasz Janowski and Susan Fenton)

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Rogers wireless service back for majority of users following outage

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(Reuters) –Rogers Communications Inc said late on Monday its services had been restored for most of its users, following intermittent interruptions to wireless voice and data services for several hours.

“Wireless calls, SMS and data services are now restored for the vast majority of our customers”, the company said on Twitter. (https://bit.ly/32rx8HL)

The company said earlier on Monday that its residential and business wireline internet services were not impacted. (https://bit.ly/3sAqs4B)

About 11,000 users in Canada reported issues with the wireless service provider, as of 1900 GMT on Monday, according to outage monitoring website Downdetector.ca.

Downdetector tracks outages by collating status reports from a series of sources, including user-submitted errors on its platform. The outage could have affected a larger number of users.

(Reporting by Nivedita Balu, Rithika Krishna and Nandakumar D in Bengaluru; Editing by Subhranshu Sahu and Shounak Dasgupta)

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Canada’s Telesat takes on Musk and Bezos in space race to provide fast broadband

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By Steve Scherer

OTTAWA (Reuters) – Canada’s Telesat is racing to launch a low-earth-orbit (LEO) satellite constellation to provide high-speed global broadband from space, pitting the satellite communications firm founded in 1969 against two trailblazing billionaires, Elon Musk and Jeff Bezos.

Musk, the Tesla Inc CEO who was only a year old when Telesat launched its first satellite, is putting the so-called Starlink LEO into orbit with his company SpaceX, and Amazon.com Inc, which Bezos founded, is planning a LEO called Project Kuiper. Bezos also owns Blue Origin, which builds rockets.

Despite the competition, Dan Goldberg, Telesat’s chief executive officer, voices confidence when he calls Telesat’s LEO constellation “the Holy Grail” for his shareholders – “a sustainable competitive advantage in global broadband delivery.”

Telesat’s LEO has a much lighter price tag than SpaceX and Amazon’s, and the company has been in satellite services decades longer. In addition, instead of focusing on the consumer market like SpaceX and Amazon, Telesat seeks deep-pocketed business clients.

Goldberg said he was literally losing sleep six years ago when he realized the company’s business model was in peril as Netflix and video streaming took off and fiber optics guaranteed lightning-fast internet connectivity.

Telesat’s 15 geostationary (GEO) satellites provide services mainly to TV broadcasters, internet service providers and government networks, all of whom were growing increasingly worried about the latency, or time delay, of bouncing signals off orbiters more than 35,000 km (22,200 miles) above earth.

Then in 2015 on a flight home from a Paris industry conference where latency was a constant theme, Goldberg wrote down his initial ideas for a LEO constellation on an Air Canada napkin.

Those ideas eventually led to Telesat’s LEO constellation, dubbed Lightspeed, which will orbit about 35 times closer to earth than GEO satellites, and will provide internet connectivity at a speed akin to fiber optics.

Telesat’s first launch is planned in early 2023, while there are already some 1,200 of Musk’s Starlink satellites in orbit.

“Starlink is going to be in service much sooner … and that gives SpaceX the opportunity to win customers,” said Caleb Henry, a senior analyst at Quilty Analytics.

Starlink’s “first mover” advantage is at most 24 months and “no one’s going to lock this whole market up in that amount of time,” Goldberg said.

Telesat in 2019 signed a launch deal with Bezos’ aerospace company Blue Origin. Discussions are ongoing with three others, said David Wendling, Telesat’s chief technical officer.

They are Japan’s Mitsubishi Heavy Industries Ltd, Europe’s ArianeGroup , and Musk’s SpaceX, which launches the Starlink satellites. Wendling said a decision would be taken in a matter of months.

Telesat aims to launch its first batch of 298 satellites being built by Thales Alenia Space in early 2023, with partial service in higher latitudes later that same year, and full global service in 2024.

‘SWEET SPOT’

The Lightspeed constellation is estimated to cost half as much as the $10 billion SpaceX and Amazon projects.

“We think we’re in the sweet spot,” Goldberg said. “When we look at some of these other constellations, we don’t get it.”

Analyst Henry said Telesat’s focus on business clients is the right one.

“You have two heavyweight players, SpaceX and Amazon, that are already pledging to spend $10 billion on satellite constellations optimized for the consumer market,” he said. “If Telesat can spend half that amount creating a high-performance system for businesses, then yeah, they stand to be very competitive.”

Telesat’s industry experience may also provide an edge.

“We’ve worked with many of these customers for decades … That’s going to give us a real advantage,” Goldberg said.

Telesat “is a satellite operator, has been a satellite operator, and has both the advantage of expertise and experience in that business,” said Carissa Christensen, chief executive officer of the research firm BryceTech, adding, however, that she sees only two to three LEO constellations surviving.

Telesat is nailing down financing – one-third equity and two-thirds debt – and will become publicly traded on the Nasdaq sometime this summer, and it could also list on the Toronto exchange after that. Currently, Canada’s Public Sector Pension Investment Board and Loral Space & Communications Inc are the company’s main shareholders.

France and Canada’s export credit agencies, BPI and EDC respectively, are expected to be the main lenders, Goldberg said. Quebec’s provincial government is lending C$400 million ($317 million), and Canada’s federal government has promised C$600 million to be a preferred customer. The company also posted C$246 million in net income in 2020.

Executing the LEO plan is what keeps Goldberg up at night now, he said.

“When we decided to go down this path, the two richest people in the universe weren’t focused on their own LEO constellations.”

($1 = 1.2622 Canadian dollars)

(Reporting by Steve Scherer in Ottawa; Editing by Matthew Lewis)

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