Business
Target Hospitality Provides Business Update Amidst Rapidly Evolving COVID-19 Situation and Global Uncertainties
THE WOODLANDS, Texas--(BUSINESS WIRE)-- Target Hospitality Corp. (“Target Hospitality”, “Target” or the “Company”) (NASDAQ: TH), the largest provider of
About this update from Target Hospitality Corp.
[{"type":"text","content":" THE WOODLANDS, Texas--(BUSINESS WIRE)--\nTarget Hospitality Corp. (“Target Hospitality”, “Target” or the “Company”) (NASDAQ: TH), the largest provider of vertically-integrated specialty hospitality accommodations with premium catering and value-added hospitality services in the U.S., today is providing the following business updates as a result of the recent volatility in global financial and commodity markets, created by the COVID-19 pandemic.\n\n\n“Target Hospitality’s first priority is the health and safety of its employees, customers, suppliers and other partners, and we will continue to take all precautions to ensure their health and well-being during this unprecedented situation. We have taken numerous steps to mitigate the potential risk to our employees and customers by implementing a companywide contingency plan based on CDC and WHO standards. We are carefully monitoring the COVID-19 situation, following all recommended federal, state and local guidelines, to ensure a healthy workforce at our lodges,” stated Brad Archer, President and Chief Executive Officer.\n\n\n“The COVID-19 pandemic, coupled with the rapid decline in commodity prices, has created an unprecedented situation for companies globally. However, Target has flexibility to quickly adjust operations to changing market conditions that will allow us to maintain our strong capital structure and financial position. In this rapidly evolving environment, we will take the necessary actions to defend our cash flow generating capabilities and preserve our liquidity position now and over the long-term,” concluded Mr. Archer.\n\n\nOperational Response \n\n\nTarget has implemented a comprehensive response plan to ensure the safety and well-being of employees and customers at our communities and across the organization. The plan includes:\n\n\n\nImplementing an extensive pre-screening process, for all employees and customers, prior to entering any Target community\n\n\nIf COVID-19 symptoms are present, Target can isolate employees and customers, providing additional exposure mitigation to the broader community\n\n\nProviding all employees with extensive education on CDC and WHO standards for reducing the spread of COVID-19, including personal hygiene best practices, social distancing and aseptic cleaning guidelines\n\n\nImplementing a mandatory work remote policy for all...