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Innovent Announces Primary Endpoint Met in the Second Phase 2 Clinical Trial of IBI302 (anti-VEGF/complement) in Treating Neovascular Age-related Macu
ROCKVILLIE, Md. and SUZHOU, China, March 19, 2024 /PRNewswire/ -- Innovent Biologics, Inc. ("Innovent") (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high quality medicines for the treatment of cancer, metabolic, autoimmune and other major diseases, today announced that the primary endpoint has been met in the second Phase 2 clinical study of efdamrofusp alfa high-dose, a recombinant human VEGFR-Fc-Human CR1 fusion protein injection (R&D code: IBI302), in Chinese subjects with neovascular age-related macular degeneration (nAMD). According to the results of the two Phase 2 clinical studies conducted in more than 360 subjects of nAMD, compared with Aflibercept, IBI302 can be administrated in long-interval (every 12 weeks), while providing a stable and robust visual benefit and anatomic improvements, as well as potential inhibition effect in macular atrophy. Based on those results, Innovent advanced IBI302 8mg into a Phase 3 clinical study STAR in October 2023. This was a randomized, double-masked, active-controlled Phase 2 clinical study (NCT05403749), evaluating the longer interval of intravitreal injection of high-dose IBI302 in subjects with nAMD. A total of 132 subjects were randomized 1: 1: 1 to IBI302 6.4 mg group, IBI302 8.0 mg group, or Aflibercept 2.0 mg group. After the loading therapy, subjects in IBI302 6.4 mg group and 8.0 mg group were dosed with adjusted intervals of every 8 weeks (Q8W) or every 12 weeks (Q12W), depending on response to loading therapy. Subjects in Aflibercept 2.0 mg group were dosed Q8W after the loading therapy. The primary endpoint was the change in best corrected visual acuity (BCVA) in the study eye from baseline to week 40. The study lasted for 52 weeks. The results showed that the primary endpoint was successfully met: at week 40, the IBI302 6.4 mg and 8.0 mg groups showed non-inferior BCVA gains to the Aflibercept 2.0 mg group. The mean BCVA improvement from baseline was 10.5 ETDRS letters for the IBI302 6.4 mg group, 11.0 ETDRS letters for the IBI302 8.0 mg group, and 9.8 ETDRS letters for the Aflibercept 2.0 mg group at week 40. The mean change from baseline in central subfield thickness (CST) was -163.19 μm for the IBI302 6.4 mg group, -184.46 μm for the IBI302 8.0 mg group, and -108.23 μm for the Aflibercept 2.0 mg group at week 40. In addition, approximately 81%, 88% of subjects in 6.4 mg IBI302 groups and 8.0mg IBI302 groups respectively were able to extend dosing interval to Q12W, similar to that in the proportion of subjects dosed Q12W or longer with Aflibercept 8.0 mg (83% in PULSAR trial)1 or Faricimab (TENAYA & LUCERNE trial, with 79.7% and 77.8% respectively)2 by indirect comparison. Based on the excellent long-interval dosing performance in the Phase 2 studies, the Phase 3 study STAR added Q16W dosing interval regimen for IBI302. The overall safety profile of IBI302 was favorable, comparable to Aflibercept 2.0 mg, and consistent with previous studies. No new safety signals were identified. Detailed study data will be further analyzed and published in the near future. Professor Xiaodong Sun, Principal Investigator of the Study, Head of National Center for Clinical Ophthalmology, Shanghai General Hospital, stated: "Intravitreal injection of anti-VEGF drugs is currently the first-line treatment for nAMD, but there are still unmet clinical needs given their frequent intravitreal injection and gradual loss of visual benefits. Exploring longer interval dosing and anti-macular atrophy are necessary and urgent. IBI302 is a global first-in-class anti-VEGF-anti-complement bispecific molecule. As the principal investigator for IBI302 trials, I am very pleased to see that this Phase 2 study met the primary endpoint and demonstrated the potential for long-interval dosing. These results will be further validated in the pivotal trial of IBI302. I look forward to providing a new treatment option for nAMD patients." Dr. Lei Qian, Vice President of Clinical Development of Innovent, stated: "There are two major trends in drug development for nAMD: extending dosing intervals and reducing the occurrence of macular atrophy. In the results of two Phase 2 studies, which enrolled over 360 subjects, IBI302 improved BCVA and macular edema in patients with nAMD significantly, extended dosing intervals, and had the potential to prevent the development of macular atrophy. Next, we will further investigate the long-interval dosing efficacy and safety of high-dose IBI302 in the Phase 3 STAR trial, hoping to bring a new generation of anti-VEGF agents to patients with nAMD." About neovascular age-related macular degeneration (nAMD) Age-related macular degeneration (AMD) is a progressive ocular disease involving the macular retina, leading to central visual impairment, the incidence of which increases with age. Neovascular age-related macular degeneration (nAMD) is one of the major forms of AMD, accounting for 15% to 20% of all AMD patients and is the leading cause of central vision loss in AMD patients over 65 years3. The incidence of AMD is increasing year by year in China, and it has become the third leading cause of blindness in China. The pathogenesis of nAMD has not been fully elucidated. It is generally accepted that angiogenesis induced by increased expression of VEGF is the main cause of nAMD, and inflammatory reaction mediated by abnormal activation of complement is also considered to be an important cause of AMD. Ocular anti-VEGF agents have led to significant visual benefits and changed the course of nAMD, but the frequent dosing (every 4 or 8 weeks) currently places a heavy burden on patients, families and society. In addition, the visual benefits of anti-VEGF drug therapy are gradually diminished year by year. In approximately two thirds of nAMD patients with a follow-up for over 7 years, the visual gains from anti-VEGF treatment significantly diminish4. Macular atrophy or retinal fibrosis are important causes of vision loss after long-term anti-VEGF therapy. Currently, drug development for nAMD is mainly focusing on extending the dosing intervals, and there are few drugs under investigation for macular atrophy or retinal fibrosis. Two drugs targeting complement have been approved by the US FDA in 20235,6 for the treatment of geographic atrophy secondary to dry AMD. About Efdamrofusp Alfa (IBI302) IBI302 is a recombinant fully human bispecific fusion protein of Innovent Biologics with global proprietary rights. The N-terminus is a VEGF domain that can bind to the VEGF family, block VEGF-mediated signaling pathway, inhibit vascular epithelium proliferation and angiogenesis, and improve vasopermeability and reduce leakage. The C-terminus of IBI302 is the complement binding domain that can inhibit the activation of the classic pathway and alternative pathway of complement through the specific binding of C3b and C4b, and reduce the inflammatory response mediated by the complement. IBI302 may exert its therapeutic effect by inhibiting both VEGF-mediated angiogenesis and complement activation pathways. About Innovent Innovent is a leading biopharmaceutical company founded in 2011 with the mission to provide high-quality biologics that are affordable to all. The company discovers, develops, manufactures and commercializes innovative medicines that treat some of the most intractable diseases. Its pioneering therapies to treat cancer, cardiovascular and metabolic, autoimmune and eye diseases. Innovent has 10 products in the market, 3 new drug applications under the NMPA review, 5 assets in Phase 3 or pivotal clinical trials and 18 more molecules in early clinical stage. Innovent partners with over 30 global healthcare leaders, including Eli Lilly, Roche, Sanofi, Adimab, Incyte and MD Anderson Cancer Center. Guided by the motto, "Start with Integrity, Succeed through Action," Innovent maintains the highest standard of industry practices and works collaboratively to advance the biopharmaceutical industry so that first-rate pharmaceutical drugs can become widely accessible. For more information, visit www.innoventbio.com, or follow Innovent on Facebook and LinkedIn. Statement: Innovent does not recommend the use of any unapproved drug (s)/indication (s). Forward-looking statement This news release may contain certain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. The words "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Innovent Biologics ("Innovent"), are intended to identify certain of such forward-looking statements. The Company does not intend to update these forward-looking statements regularly. These forward-looking statements are based on the existing beliefs, assumptions, expectations, estimates, projections and understandings of the management of the Company with respect to future events at the time these statements are made. These statements are not a guarantee of future developments and are subject to risks, uncertainties and other factors, some of which are beyond the Company's control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, the Company's competitive environment and political, economic, legal and social conditions. The Company, the Directors and the employees of the Company assume (a) no obligation to correct or update the forward-looking statements contained in this site; and (b) no liability in the event that any of the forward-looking statements does not materialize or is otherwise inaccurate. References: [1] https://investor.regeneron.com/static-files/e3307e7d-d495-438c-b8bb-c62cdacdb375 [2] Heier, Jeffrey S et al. Efficacy, durability, and safety of intravitreal faricimab up to every 16 weeks for neovascular age-related macular degeneration (TENAYA and LUCERNE): two randomised, double-masked, phase 3, non-inferiority trials. Lancet. 399,10326 (2022): 729-740. [3] Sassa Y, Hata Y. Antiangiogenic drugs in the management of ocular diseases: Focus on antivascular endothelial growth factor. Clinical Ophthalmology (Auckland, N.Z.). 2010; 4: 275-283. [4] Rofagha S, Bhisitkul RB, Boyer DS, Sadda SR, Zhang K, SEVEN-UP Study Group. Seven-year outputs in ranibizumab-treated patients in ANCHOR, MARINA, and HORIZON: a multicenter cohort study (SEVEN-UP). Ophthalmology. 2013; 120 (11): 2292-2299. doi: 10.1016/j.ophtha.2013. 03.046. [5] FDA. SYFOVRE (pegcetacoplan injection). 2023. [6] FDA. IZERVAY (avacincaptad pegol intravitreal solution.2023.
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Databricks and NVIDIA Deepen Collaboration to Accelerate Data and AI Workloads with the Data Intelligence Platform
SAN FRANCISCO, March 19, 2024 /PRNewswire/ -- Databricks, the Data and AI company, today announced an expanded collaboration and commitment to deeper technical integrations with NVIDIA during the company's flagship GTC 2024 conference. Together, Databricks and NVIDIA will optimize data and AI workloads on the Databricks Data Intelligence Platform. The collaboration builds on NVIDIA's recent participation in Databricks' Series I funding round. "We're thrilled about the evolution of our partnership with NVIDIA that will drive more value for customers through the advancement of Databricks workloads with NVIDIA accelerated computing and software," said Ali Ghodsi, co-founder and CEO at Databricks. "From analytics use cases through AI, NVIDIA has already powered our foundational model initiatives, and with our mutual work on query acceleration, we'll be able to demonstrate value for more enterprises." "Every company's proprietary data is a crucial asset for creating intelligence in the era of AI," said Jensen Huang, founder and CEO of NVIDIA. "By accelerating data processing, NVIDIA and Databricks can supercharge AI development and deployment for enterprises seeking greater insights and better outcomes with more efficiency." GPU acceleration for end-to-end generative AI solutionsOrganizations are rapidly adopting Databricks' Data Intelligence Platform to build and customize generative AI solutions trained on their data and tailored to their business and domain. Databricks Mosaic AI and NVIDIA are collaborating on model training and inference to advance the state of building and deploying generative AI models on Databricks' end-to-end platform. Databricks offers a comprehensive set of tools for building, testing and deploying generative AI solutions with uncompromising control and governance over both data and models. For generative AI model training, Databricks Mosaic AI relies on NVIDIA H100 Tensor Core GPUs, which are optimized for developing LLMs. Mosaic AI is able to harness the power of NVIDIA accelerated computing and offer an efficient and scalable platform for customizing LLMs for customers. For model deployment, Databricks leverages NVIDIA accelerated computing and software throughout the stack. A key component of Databricks' Mosaic AI Model Serving is NVIDIA TensorRT-LLM software, which delivers state-of-the-art performance and ensures the solution is cost-effective, scalable and performant. Mosaic AI was a TensorRT-LLM launch partner and enjoys a close technical collaboration with the NVIDIA team. Photon with NVIDIA accelerated computing speeds query performance Databricks plans to develop native support for NVIDIA accelerated computing into its next-generation vectorized query engine, Photon, to deliver improved speed and efficiency for customers' data warehousing and analytics workloads. Photon powers Databricks SQL, Databricks' serverless data warehouse with industry-leading price-performance and TCO. This advances and builds on the growth of Databricks customers using GPUs for query processing on their data. Databricks for machine learning and deep learning Machine learning (ML) and deep learning on Databricks have been critical workloads. Databricks Machine Learning delivers pre-built deep learning infrastructure to include NVIDIA GPUs, and the Databricks Runtime for ML includes pre-configured GPU support including drivers and libraries. With these tools, users are able to both get started quickly with the right NVIDIA infrastructure, and keep the environment consistent across users. Databricks supports NVIDIA Tensor Core GPUs on all three major clouds to enable high-performance single-node and distributed training for ML workloads. The companies plan to further the momentum of the Data Intelligence Platform to enable more organizations to create their next generation of data and AI applications with quality, speed and agility. About DatabricksDatabricks is the Data and AI company. More than 10,000 organizations worldwide — including Comcast, Condé Nast, Grammarly, and over 50% of the Fortune 500 — rely on the Databricks Data Intelligence Platform to unify and democratize data, analytics and AI. Databricks is headquartered in San Francisco, with offices around the globe, and was founded by the original creators of Lakehouse, Apache Spark™, Delta Lake, and MLflow. To learn more, follow Databricks on LinkedIn, X and Facebook. Press contact:press@databricks.com
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Chevron and JX Sign MOU for Collaboration on Development of CCS Value Chain
HOUSTON--(BUSINESS WIRE)--JX Nippon Oil & Gas Exploration Corporation (“JX”; President & CEO: Toshiya Nakahara) and Chevron New Energies (“Chevron”), a division of Chevron U.S.A. Inc., have signed a Memorandum Of Understanding (“MOU”) that provides a framework to evaluate the export of Carbon Dioxide (CO₂) from Japan to Carbon Capture and Storage (CCS) projects located in Australia and other countries in the Asia Pacific region. The main objective of the MOU is to evaluate the feasibility of the CCS value chain, including capture of CO₂ emitted from industries located in Japan, including JX’s affiliates, and transportation by ship from Japan to Chevron’s greenhouse gas storage portfolio in Australia. The collaboration will also explore the opportunity to develop suitable transboundary policies and the potential development of CO₂ storage sites in other countries in the Asia Pacific region. “We look forward to building off our long-standing relationship with JX and ENEOS Group, the largest Japanese global petroleum and metals conglomerate, and hope that this joint study ultimately contributes to the further development of large-scale CCS hubs throughout the Asia Pacific region,” said Chris Powers, Vice President of Carbon Capture, Utilization, and Storage (CCUS) at Chevron. “We believe large-scale CCS value chain projects will play a key role in advancing Asia Pacific’s lower carbon aspirations, and that long-term collaborations are necessary to meet these aspirations.” “This MOU is achieved thanks to the significant oil and liquefied natural gas (LNG) relationship with Chevron that we have had over seven decades, and further demonstrates the commitment and dedication of the companies in helping advance lower carbon solutions,” said Tetsuo Yamada, Executive Vice President of JX. “JX has positioned CCS as an important initiative in its business strategy under its 'Two-Pronged' approach, in which, in addition to the conventional oil and natural gas development business, decarbonization initiatives centered on CCS/CCUS are another prong of the company's operations such as the Petra Nova CCUS project in Texas, USA. JX will contribute to the realization of a carbon-neutral society by leveraging the knowledge we have accumulated through our various CCS/CCUS-related businesses,” Yamada added. About Chevron Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow lower carbon businesses in renewable fuels, carbon capture and offsets, hydrogen and other emerging technologies. More information about Chevron is available at www.chevron.com. CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This news release contains forward-looking statements relating to Chevron’s operations and lower carbon strategy that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine, the war between Israel and Hamas and the global response to these hostilities; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the ability to successfully integrate the operations of the company and PDC Energy, Inc. and achieve the anticipated benefits from the transaction, including the expected incremental annual free cash flow; the risk that Hess Corporation (Hess) stockholders do not approve the potential transaction, and the risk that regulatory approvals are not obtained or are obtained subject to conditions that are not anticipated by the company and Hess; uncertainties as to whether the potential transaction will be consummated on the anticipated timing or at all, or if consummated, will achieve its anticipated economic benefits, including as a result of regulatory proceedings and risks associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the potential transaction that are not waived or otherwise satisfactorily resolved; the company’s ability to integrate Hess’ operations in a successful manner and in the expected time period; the possibility that any of the anticipated benefits and projected synergies of the potential transaction will not be realized or will not be realized within the expected time period; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company’s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 26 of the company’s 2023 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements. Contacts ChevronAllison Cook ACook@chevron.com(228) 623-4616 JX Nippon Oil & Gas Exploration Corporation+81-3-6257-6000
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Stellar Cyber Recognizes DXC Technology as 2023 Asia Pacific GSI Partner of the Year
DXC’s commitment to Open XDR plays a significant role in Stellar Cyber success in the regionSINGAPORE--(BUSINESS WIRE)--#ai--Stellar Cyber, the innovator of Open XDR for security operations, announced DXC Technology as its 2023 Asia Pacific GSI Partner of the Year. Since partnering with DXC, Stellar Cyber has seen significant growth in awareness and adoption of Open XDR throughout the Asia Pacific region. DXC is a Fortune 500 IT service provider committed to delivering world-class services for its enterprise and government customers. With six differentiated offerings, DXC enables organizations to meet a wide range of technology challenges. DXC Security, one of the six offerings, focuses on helping organizations deliver comprehensive security across the enterprise. “DXC’s commitment to providing managed security services that help organizations keep their sensitive information secure aligns perfectly with the Stellar Cyber philosophy for delivering comprehensive security coverage,” said Dominic Neo, Vice President of Sales, ASEAN and ANZ for Stellar Cyber. “Keeping enterprise operations secure requires the right combination of human expertise and technology. With DXC, we knew we had the right partner to deliver Open XDR effectively for customers in Asia Pacific, and we look forward to a long-lasting, mutually-productive relationship.” About Stellar Cyber Stellar Cyber delivers comprehensive, unified security without complexity, empowering lean security teams of any skill to secure their environments successfully. With Stellar Cyber, organizations reduce risk with early and precise identification and remediation of threats while slashing costs, retaining investments in existing tools, and improving analyst productivity, delivering an 8X improvement in MTTD and a 20X improvement in MTTR. The company is based in Silicon Valley. For more information, visit stellarcyber.ai. Contacts Charlie Rubin Story PR 510-908-3356 charlie@storypr.com
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Mbanq and The Financial Policy Council to Host: “Business Banking Battles – Big Value in the Face of Bank Industry Turmoil”
NEW YORK--(BUSINESS WIRE)--#BankingTechnology--Mbanq, a leading banking technology and compliance specialist, in collaboration with The Financial Policy Council, is pleased to announce an upcoming seminar titled “Business Banking Battles – Big Value in the Face of Traditional Bank Industry Turmoil.” The event will take place on April 17th, 2024, at The Penn Club of New York City. In an era of significant upheaval within the banking industry, this seminar aims to explore the resilience and innovation driving the business banking sector forward. Against a backdrop of recent challenges, attendees will gain invaluable insights into the transformative strategies and cutting-edge technologies that shape the future of banking. Vlad Lounegov, CEO of Mbanq, says, “The intersection between business-focused FinTech innovation and traditional banking challenges presents a fertile ground for exploration and wealth creation.” Distinguished speakers scheduled to present include: Ziad Abdelnour, Chairman, Financial Policy Council (moderator) Vlad Lounegov, CEO, Mbanq Sybel Pietersz Parker, Head of Banking Strategy, Mbanq Tomas Milar, Founder, Cheqly Stephen Williams, CEO, Qorbis The seminar will cover a range of topics including: The competitive landscape between business-focused FinTechs and traditional banking institutions. Opportunities emerging from challenges within the bank industry. Strategies for identifying undervalued assets and investment opportunities. The role of regulatory changes in fostering long-term value creation. Transforming industry challenges into growth opportunities. Attendees can also look forward to networking opportunities with thought leaders, industry professionals, wealth creators and global experts in FinTech and banking. Event Details: Title: Business Banking Battles – Big Value in the Face of Traditional Bank Industry Turmoil Date: April 17th, 2024 Time: 6:00 pm – 8:30 pm EDT Location: The Penn Club of New York City, 30 W 44th St, Tarnopol room, New York, NY 10036 Attire: Smart professional attire. Refreshments will be provided. “We anticipate lively discussions and meaningful connections at this transformative event,” says Ziad Abdelnour, Chairman of the Financial Policy Council. Tickets are available with a $50 donation to The Financial Policy Council. Reserve your seat now at https://financialpolicycouncil.org/events/. US-based Mbanq is a leading banking technology and compliance solutions provider. It creates and operates traditional banks, neobanks, credit unions and FinTech platforms for clients through its digital banking platform, white-label mobile apps and comprehensive support services. www.mbanq.com The Financial Policy Council is a non-profit designed to improve all aspects of American business for entrepreneurs and wealth creators through expert policy advice, educational seminars, events and networking. www.financialpolicycouncil.org Contacts Alex Player alex.player@mbanq.com
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Using Banuba SDKs Gives Businesses an Advantage in the Case of TikTok Ban
If the US Congress ends up banning TikTok, companies using Banuba Video Editor SDK/API will get an edge over their competitors. Examples of countries where TikTok is already forbidden (e.g. India) show that this will likely spur startups and established players to fill the void. A video editing SDK will allow building short video-related features in hours if not minutes, thus allowing developers to shorten their time-to-market.DUBAI, United Arab Emirates--(BUSINESS WIRE)--#AppDevelopment--On March 13, the US House of Representatives passed a bill that would either force TikTok to be sold to a different owner, or effectively ban it. Proponents of the bill argue that these measures are necessary to protect the personal data of Americans from being shared with the Chinese government. Its opponents claim that sanctioning TikTok would violate the freedom of speech and hurt the economy, as many small businesses use the platform to promote their goods and services. Should the US government completely ban TikTok, its 170 million American users will have to join a new app looking to cover the gap in the market of short video platforms. India serves as a good example. When the government prohibited TikTok along with 58 other Chinese apps in 2021, a host of local apps appeared to pounce on the opportunity, and quickly replaced their foreign competitor. Some of the most successful ones include Chingari, Josh, and Mitron. Chingari is an especially interesting case, as it was able to quickly pivot towards the short video format by using Banuba Video Editor SDK – a video editor like TikTok that can be quickly integrated into an app. Potentially, utilizing such tools could cut the time-to-market by up to 50%. Banuba Video Editor SDK provides tools and resources for creating, editing, and manipulating video content, including, but not limited to: TikTok-like video editing suite Audio editing Royalty-free music provider integration Picture-in-picture mode (duets) AR masks Color filters Transition effects, etc. Over 100 Indian companies turned to Banuba for Video Editor SDK and Face AR SDK so that their products could be released earlier or upgraded. Some have also requested custom filters with a local feel (e.g. ones resembling traditional Indian jewelry) in addition to the 24 effects supplied for free to every client. Banning TikTok will likely cause a similar “gold rush,” as the companies scramble to attract their share of users looking for the same experience as the now-forbidden app used to give. Startups researching how to build an app like TikTok could use a tool like Banuba Video Editor SDK to get an edge over their competitors. About Banuba Banuba is an augmented reality company with over 7 years on the market, pioneering face tracking and virtual background technologies. Its other products include a virtual try-on SDK for jewelry and glasses, Face AR SDK – a software development kit for various AR applications, and Video Editor SDK – a compact and feature-rich mobile kit for video editing. Contacts Email: info@banuba.comBanuba official blog: https://www.banuba.com/blogBanuba on LinkedIn: https://www.linkedin.com/company/banubaBanuba on Twitter: https://twitter.com/BanubaFaceAR
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Center for Disease Analysis Foundation Announces First Round of Grantees for the CDAF-Relink Grant
LAFAYETTE, Colo.--(BUSINESS WIRE)--The Center for Disease Analysis Foundation (CDA Foundation) is thrilled to announce the first-round recipients of the CDAF-Relink grant to connect Hepatitis B and C infected individuals in the United States back to care. The program is funded by an eight-million-dollar grant from Gilead Sciences (Nasdaq: GILD) as part of Gilead’s Relink grant program. In this first round, CDA Foundation distributed a total of 2.1 million dollars to the following 14 grantees: Organization Organization Type State AIDS Leadership Foothills-area Alliance Non-profit NC Arizona Department of Health Services State Health Agency AZ Asian Health Services Healthcare Institution CA Denver Health and Hospital Authority Healthcare Institution CO Family Health Centers of San Diego Non-profit CA Hepatitis B Initiative of D.C. Non-profit MD Kansas Department of Health and Environment State Health Agency KS Norton Healthcare Healthcare Institution KY Ohio Association of Community Health Centers Non-profit OH Philadelphia FIGHT Non-profit PA University of Colorado, Denver CHIP Prevention Healthcare Institution CO University of Florida College of Medicine, Jacksonville Healthcare Institution FL University of Maryland Baltimore Healthcare Institution MD University of North Carolina Chapel Hill Healthcare Institution NC “As a community-based non-profit organization,” remarked Angeline Nguyen, Program Manager at HBI, a grantee organization, “we are honored and grateful to receive the Relink grant. This opportunity allows us to re-engage about 1,000 of our clients who have tested positive for HBV and/or HCV; the majority need more assistance with finding care for their hepatitis treatment. HBI believes this project will make a meaningful impact on the under-served community we screen, as we assist with patient navigation services to help clients overcome barriers for linkage to care.” Bridging the gap between the almost 3.3 million diagnosed but untreated Hepatitis B and C infected individuals in the United States and necessary care remains an important endeavor given the link between chronic viral hepatitis infection and increasing rates of cirrhosis, liver cancer, liver failure and premature deaths, as well as a constellation of associated illnesses. The effort rises in urgency considering the World Health Organization’s global target to eliminate viral hepatitis as a major public health threat by 2030 amidst persistent misunderstandings about the severity of disease, lack of follow up and delayed treatment commencement. “CDA Foundation is very proud to have been selected to distribute these grants,” commented Homie Razavi, the Managing Director of CDA Foundation. “Loss of diagnosed but untreated patients is a major barrier for countries trying to achieve the viral hepatitis elimination targets. Our grantees will work with pregnant women, women of child-bearing age, low-income people, people in the inner-cities, Medicaid patients, homeless, former incarcerated, limited English proficient individuals, HIV+, LGBQIA, immigrants, refugees, sex workers, and people who inject drugs to link an estimated 14,000 diagnosed but untreated HCV and HBV infected individuals back into a physician's care. We are fortunate to have a knowledgeable independent advisory committee with representation from the medical community, major universities, and patient advocacy, to review and select the grantees. We are grateful for all 35 applicants who took the time to submit a grant and will work with the organizations who were not funded to update their proposals for the next round of funding.” CDA Foundation will distribute three more rounds of Relink grants. The submission window for the second round of proposals opened in February 2024 for programs with a duration of no more than 18 months. Submission for the third round will open in August 2024 for programs with a duration of no more than 12 months, and February 2025 for programs with a duration of no more than six months. For more information, please visit https://cdafound.org/relink or contact CDA Foundation at relink@cdafound.org. About Center for Disease Analysis Foundation CDA Foundation is a non-profit organization that seeks to help eliminate HBV and HCV globally by 2030 by providing countries across the world with verified epidemiological data, disease burden and economic impact modeling, smart intervention strategies, access to affordable diagnostics and treatments, innovative financing, and knowledge-sharing partnerships to eliminate these deadly infections. It works with more than 110 countries globally and 26 US states on their viral hepatitis elimination programs. CDA is headquartered in Lafayette, Colorado. Contacts Homie Razavi hrazavi@cdafound.org
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Reproductive health experts collaborate in multi-centre study with Gene Solutions to develop next-generation prenatal genetic screening test that pred
SINGAPORE, March 19, 2024 /PRNewswire/ -- Gene Solutions announced a multi-centre research collaboration with leading OBGYN centres in Vietnam, Singapore, Indonesia, and Philippines on the early prediction of pregnancy complications. This clinical study involving >10,000 women would be the first of its kind, focusing on maternal health, enabling earlier prediction of potential pregnancy complications. Dr. Hoa Giang, HCMC Medical Genetics Institute, co-founder of Gene Solutions. At the workshop "Beyond the First-line Prenatal Screening" held in Singapore on March 15, 2024, 70 obstetricians and leading geneticists from Vietnam, Indonesia, the Philippines shared about the pathogenesis, clinical burden, and new evidence in prediction of Severe Pregnancy Syndromes. Dr. Anna Belen I. Alensuela, Board Member of Philippine Obstetrical and Gynecology Society, cited studies where more than 15% of pregnancies suffer from great obstetrical syndromes causing severe adverse short and long-term outcomes for both the mother and fetus1. These syndromes are the clinical endpoints of several underlying mechanisms including deep placentation dysfunctions. “Beyond the First-Line Prenatal Screening” scientific workshop held in Singapore on Mar 15, 2024. "According to current guidelines, screening for the risk of premature birth, pre-eclampsia and gestational diabetes usually takes place in the later stages of pregnancy, while identifying high-risk patients early in the first trimester help in better identification and management of pregnancies under modern care model." - shared Prof. Dr. Noroyono Wibowo, Head of Maternal Fetal Medicine of University of Indonesia. Associate Professor Dr. Matthew Warren Kemp from the National University of Singapore presented research data demonstrating that biomarkers in maternal blood may be used as effective prediction models for pathological risks in severe pregnancy syndromes including preeclampsia and chorioamnionitis. This could potentially lead to advancements in early detection of pregnancy complications before clinical presentation. To address these considerations, Dr. Hoa from HCMC Medical Genetics Institute, co-founder of Gene Solutions shared preliminary data of multi-omic biomakers for early prediction of pregnancy complications and announced the multi-center research program "Building and Evaluating an Early Prediction Model for Pregnancy Complications: Pre-eclampsia, Preterm Birth, and Gestational Diabetes in Non-Invasive Prenatal Testing (NIPT)". This two-phase study will run from 2024 to 2026, across South-East Asia, laying the groundwork for next-generation NIPT as a triage screen in early prediction of pregnancy complications. About Gene Solutions Gene Solutions is a leading company in the field of genetics in Southeast Asia, offering comprehensive genetic solutions in reproductive health care, assisted reproduction (IVF), cancer-risk screening and diagnosis, genetic disease research and diagnosis. More than a million triSure NIPT tests for first trimester prenatal screening have been performed for pregnant women since 2018. Gene Solutions remains committed to bringing clinically relevant genomics solutions and supporting access to precision medicine. Media Contact:Ms. Jean Huangpr@genesolutions.com 1Mastrolia SA, Cetin I. The "Great Obstetrical Syndromes". In: Petraglia F, Fauser BC, editors. Female Reproductive Dysfunction. Cham: Springer International Publishing; 2020. p. 411-30.
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Alma launches a special edition of Soprano Titanium with a breakthrough applicator to boost hair removal treatment speed
The latest edition of the flagship hair removal is recognized as the market's fastest hair removal treatment, according to new research CAESAREA, Israel, March 19, 2024 /PRNewswire/ -- Alma, a Sisram Medical company and a global leader in energy-based medical and aesthetic solutions, announced today the launch of a special edition of Soprano Titanium to enable faster and more efficient hair removal sessions. 20% boost* in treatment speed - Alma remasters hair removal with the launch of the Soprano Titanium Special Edition *valid in SHR In-Motion mode and high fluence levels Engineered for efficiency and speed, the special edition of the award-winning world-leading hair removal platform leverages the benefits of three synergistic wavelengths to take the concept of speed to a whole new level with superior results: SHR, a clinically-proven, virtually painless method of laser hair removal enables effective and comfortable treatments for all skin types, 3D simultaneous lasing of the three most effective laser wavelengths for hair removal (755nm, 810nm, and 1064nm), and ICE Plus, advanced technology continuously cools the skin and facilitates range-controlled temperature throughout the entire treatment. Launched together with the revolutionary applicator Trio MAX, Alma remasters hair removal with a game-changing boost in treatment speed. According to 'Sapio Research', an independent global research agency, the new Soprano is the fastest hair removal treatment in the market when compared with leading global laser hair removal brands. Trio MAX applicator features a 4cm2 spot size with capability higher total energy delivery per second for up to 20% boost speed in SHR In-Motion mode and high fluence levels. Advancing patient convenience, the Trio MAX applicator features a distinctive cooling system, delivering virtually painless treatments and high convenience for the patient. Soprano Titanium Special Edition powered by a cloud-based business tool enables the practitioner access to live data and analytics everywhere, gaining valuable insights into system performance, treatment efficiency, ROI, and more, to optimize clinic performance. About Alma Lasers Alma is a world-leading innovator and provider in the aesthetic and surgical markets, offering holistic cutting-edge solutions such as Laser, Light-based RF, Plasma, and Ultrasound technologies. We enable practitioners to deliver safe, effective and life-transforming treatments to their patients, utilizing state-of-the-art and clinically proven solutions. For more than two decades, Alma's multiple award-winning products have established a new benchmark in the medical aesthetic industry, both in terms of clinical excellence and innovative breakthrough. For media inquiries, please contact: Hagai Cohen, PR & Communications ManagerHagai.cohen@almalasers.com
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EV Technology Group: Notice of Potential Default
TORONTO--(BUSINESS WIRE)--EV Technology Group Ltd. (“EVTG” or the “Company”) (NEO: EVTG; OTC: EVTGF) announces today that it anticipates that it may be delayed in filing its audited annual financial statements (the “Statements”) for its financial year ended December 31, 2023 and the related Management’s Discussion and Analysis and Certifications by the Chief Executive Officer and Chief Financial Officer (collectively the “Required Filings”). Under National Instrument 51-102 of the Canadian Securities Administrators, the Required Filings are required to be made not later than April 1, 2024 (the “Deadline”). While every effort is being made to make the Required Filings as soon as possible, the Issuer is concerned that the Required Filings may not be made by the Deadline. Out of an abundance of caution in the event that the Company is unable to make the Required Filings by the Deadline, the Company applied to the Ontario Securities Commission (the “Principal Regulator”), British Columbia Securities Commission and Alberta Securities Commission pursuant to Part 3 of National Policy 12-203 (“NP 12-203”) for a Management Cease Trade Order (“MCTO”) as an alternative to a general Cease Trade Order in connection with the possible late filing (the “Default”) of the Required Filings. In the event that the MCTO is granted, it will remain in effect until the Default is remedied. The issuance of a management cease trade order generally does not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities. The delays are a direct consequence of delays in payment of interest receivable, due and payable quarterly, from Moke International Limited (“MIL”) pursuant to a US$5 million loan outstanding, which has resulted in a working capital deficit, leaving the Issuer unable to pay its auditors, McGovern Hurley LLP (the “Auditors”). Consequently, the Company requires additional time for its Auditors to complete the audit and release its audit report on the Statements. The Company is working on all alternatives to improve its working capital position, including raising external capital, debt financing and pursuing debt collection efforts against MIL. The Company anticipates that the Auditors will be able to complete the audit and the Company will be able to complete the Required Filings within the next ninety (90) calendar days. The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the filing requirements described above. The Company has not taken any steps towards any insolvency proceeding and the Company confirms that there is no material information relating to its affairs that has not been generally disclosed. The MCTO prohibits trading in securities of the Company, whether direct or indirect, by: (a) the Company’s Chief Executive Officer; (b) the Company’s Chief Financial Officer; and (c) the members of the board of directors of the Company or other persons or companies who had, or may have had, access directly or indirectly to any material fact or material change with respect to the Company that has not been generally disclosed. Should the Company fail to make its Required Filings on or before April 1, 2024, the Principal Regulator can impose a cease trade order that all trading in securities of the Company cease for such period of time as the Principal Regulator may deem appropriate. Cautionary Note Regarding Forward-Looking Information This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the potential Default, including the Company’s ability to make the Required Filings prior to April 1, 2024. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of EVTG, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; risks associated with operation in the electric vehicle; and other risks inherent in the electric vehicle industry. Although EVTG has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. EVTG does not undertake to update any forward-looking information, except in accordance with applicable laws. Contacts For more information: Kenny Choi, CEO kenny@evtgroup.comPh: 416 861-2262
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Carlisle Companies to Acquire MTL Holdings, a Leader in Edge Metal and Non-Insulated Architectural Wall Systems
Acquisition is consistent with Vision 2030 strategy to acquire superior building envelope products and solutions within Carlisle’s existing core MTL’s track record of above market growth for pre-fabricated edge metal driven by the same strong trends seen in Carlisle’s existing core businesses, and an unwavering commitment to the same superior customer focus as found in the Carlisle Experience Meaningful cost synergies of $13 million expected within the first three years A strong management team in place ready to continue MTL’s momentum and help to drive future growth of Carlisle’s architectural metals business Establishes Carlisle as an industry leader in the $4B architectural metal segment, adding approximately $0.60 of adjusted EPS in 2025 SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Carlisle Companies Incorporated (NYSE:CSL) today announced that it has entered into a definitive agreement to acquire MTL Holdings (“MTL”) from GreyLion Partners, a leading U.S. private equity firm. MTL is a leading provider of pre-fabricated edge metal for commercial roofing systems. Under the terms of the agreement, Carlisle will purchase MTL for $410 million in cash. The purchase price represents 8.7x on MTL’s adjusted EBITDA for the twelve months ending February 29, 2024, inclusive of run-rate cost synergies and net of the $43 million tax step up benefit provided by the transaction. MTL is widely recognized as a best-in-class provider of high-performance, pre-fabricated perimeter edge metal systems and non-insulated architectural metal wall systems for commercial, institutional, and industrial buildings. Its premium portfolio is comprised of a well-balanced assortment of complementary pre-fabricated edge metal products under the flagship brands of Metal-Era and Hickman. MTL’s portfolio includes non-insulated aluminum composite material (ACM) architectural wall panels under the Citadel brand. MTL establishes Carlisle as one of the industry’s most comprehensive providers of architectural metal products, including “roof-to-grass” color coordinated metal building envelope solutions. MTL generated revenue of $132 million for the twelve months ended February 29, 2024. Chris Koch, Chair, President and Chief Executive Officer, said, “The acquisition of MTL is consistent with Vision 2030 and our intent to build on our strategic pivot to a pure-play building products company with increased investment in innovation, a continued emphasis on synergistic M&A, attracting and retaining top talent, and fulfilling our sustainability commitments. By acquiring MTL and leveraging the Carlisle Operating System across the business, I am confident that we will create significant value for all our stakeholders. We look forward to welcoming Tony Mallinger and MTL’s talented team to Carlisle.” The acquisition is expected to generate cost synergies of approximately $13 million within the first three years, and be approximately $0.60 accretive to adjusted EPS in the first full fiscal year. The acquisition, which is subject to customary closing conditions, is expected to close in the second quarter of 2024. Dorsey & Whitney LLP served as legal counsel to Carlisle. William Blair & Company LLC served as exclusive financial advisor and Latham & Watkins LLP served as legal counsel to MTL. Forward-Looking Statements This press release contains forward-looking statements, including those with respect to the acquisition of MTL, our ability to achieve expected cost synergies from the acquisition, our ability to realize transaction tax benefits, our ability to integrate MTL after the closing, and the anticipated timing of the closing of the transaction. These statements represent only Carlisle’s current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Carlisle’s control. Actual results could differ materially from those reflected in this press release for various reasons, including the failure of the parties to meet or waive closing conditions and the failure to receive required regulatory approvals. Carlisle disclaims any obligation to update forward-looking statements except as required by law. Non-GAAP Measures This press release also contains references to adjusted EPS and adjusted EBITDA, neither of which are recognized under U.S. generally accepted accounting principles. Carlisle believes that adjusted EPS and adjusted EBITDA are useful to investors because they allow for comparison to prior periods without the effect of items that, by their nature, tend to obscure core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. As a result, the Company believes that these measures enhance the ability of investors to analyze trends in business and evaluate performance relative to peer companies. The Company is not providing reconciliations for these forward-looking non-GAAP financial measures because the Company is unable to predict with reasonable certainty the ultimate outcome of adjusted items without unreasonable efforts. These items are uncertain, depend on various factors and could be material to financial results computed in accordance with GAAP. About Carlisle Companies Incorporated Carlisle Companies Incorporated is a leading supplier of innovative building envelope products and solutions for more energy efficient buildings. Through its building products businesses – Carlisle Construction Materials ("CCM") and Carlisle Weatherproofing Technologies ("CWT") – and family of leading brands, Carlisle delivers innovative, labor-reducing and environmentally responsible products and solutions to customers through the Carlisle Experience. Carlisle is committed to generating superior shareholder returns and maintaining a balanced capital deployment approach, including investments in our businesses, strategic acquisitions, share repurchases and continued dividend increases. Leveraging its culture of continuous improvement as embodied in the Carlisle Operating System ("COS"), Carlisle has committed to achieving net-zero greenhouse gas emissions by 2050. Learn more about Carlisle at www.carlisle.com. Contacts Mehul Patel Vice President, Investor Relations Carlisle Companies Incorporated (310) 592-9668 mpatel@carlisle.com
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INVZ INVESTOR ALERT: Bronstein, Gewirtz & Grossman LLC Announces that Innoviz Technologies Ltd. Investors with Substantial Losses Have Opportunity to
NEW YORK--(BUSINESS WIRE)--$INVZ #classaction--Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Innoviz Technologies Ltd. (“Innoviz” or “the Company”) (NASDAQ: INVZ) and certain of its officers. Class Definition: This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Innoviz securities between April 21, 2021 and February 28, 2023, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/INVZ. Case Details: Innoviz designs and manufactures solid-state light detection and ranging, or “LiDAR”, sensors and develops perception software that purportedly enables the mass production of autonomous vehicles. The Company operates in Europe, Asia Pacific, the Middle East, Africa, and North America. Shortly after Innoviz began publicly trading on the Nasdaq Stock Market (“NASDAQ”) in April 2021, the Company represented that it had entered into multiple contracts, partnerships, and/or collaborations with several noteworthy automotive original equipment manufacturers (“OEMs”) throughout the world. These relationships, the Company claimed, would purportedly “uniquely position” Innoviz to make autonomous driving a commercial reality, and could be “leveraged to penetrate and partner with other OEMs customers and Tier-1 suppliers.” For example, Innoviz touted that the Company’s “intense sustained cooperation with BMW [. . .] provides [its] engineers and other R&D personnel with a valuable competitive edge” and that “[t]he compelling nature of [the Company’s] approach and solution is demonstrated by [its] agreements with four Tier-1 suppliers, including Aptiv and Magna, both of which invested in [Innoviz], and Harman and Hirain, as well [Innoviz’s] 2018 selection by BMW to supply [the Company’s] automotive grade InnovizOne sensor for integration into new vehicle builds.” The Complaint alleges that throughout the Class Period Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Innoviz had overstated he benefits that the Company was likely to derive from its purported contracts, partnerships, and/or collaborations with automotive companies; (2) as a result, the Company was unlikely to achieve the level of profitability that Defendants had represented to investors; (3) accordingly, Innoviz had overstated its business and/or financial prospects; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times. On March 1, 2023, during pre-market hours, Innoviz issued a press release announcing the Company’s financial and operational results for its fiscal full year (“FY”) 2022. Among other items, Innoviz reported GAAP1 FY 2022 earnings per share (“EPS”) of -$0.94, missing consensus estimates by $0.06, and revenue of $6.03 million, missing consensus estimates by $0.96 million. In addition, Innoviz guided for FY 2023 revenue to fall in the range of $12 million to $15 million, significantly below consensus estimates of $30 million. The Company’s disappointing FY 2022 results came as a surprise to investors given that Innoviz had previously extolled the benefits it would derive from its various partnerships with purported “Tier-1 companies.” Indeed, after a multi-year period of announcing partnerships with various automotive companies throughout the world, the press release reporting the Company’ FY 2022 results said conspicuously little about these supposed collaborations, referencing only its partnerships with BMW and Volkswagen. On this news, Innoviz’s ordinary share price fell $0.71 per share, or 14.95%, to close at $4.04 per share on March 1, 2023. What’s Next? A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: bgandg.com/INVZ or you may contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in Innoviz you have until May 14, 2024, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. There is No Cost to You We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful. Why Bronstein, Gewirtz & Grossman: Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes. Contacts Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Nathanson 332-239-2660 | info@bgandg.com
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FinVolution Group Reports Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results
-2023 Full Year Total Transaction Volume reached new record high of RMB194.3 billion, up 10.8% compared to Fiscal Year 2022- -2023 Full Year Net Revenues reached new record high to RMB12.5 billion, up 12.7% compared to Fiscal Year 2022- -2023 Full Year International Transaction Volume increased to RMB7.85 billion, up 84.7% compared to Fiscal Year 2022- -2023 Full Year International Revenues increased to RMB2.1 billion, up 85.9% compared to Fiscal Year 2022 and contributing 17.0% of total net revenues- SHANGHAI, March 19, 2024 /PRNewswire/ -- FinVolution Group ("FinVolution" or the "Company") (NYSE: FINV), a leading fintech platform, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. For the Three Months Ended/As of December 31, YoY Change For Full Year EndedDecember 31, YoY Change 2022 2023 2022 2023 Total Transaction Volume (RMB inbillion)[1] 48.6 52.4 7.8 % 175.4 194.3 10.8 % Transaction Volume (China'sMainland)[2] 47.2 50.1 6.1 % 171.1 186.4 8.9 % Transaction Volume (International)[3] 1.37 2.25 64.2 % 4.25 7.85 84.7 % Total Outstanding Loan Balance(RMB in billion) 64.6 67.4 4.3 % 64.6 67.4 4.3 % Outstanding Loan Balance (China'sMainland)[4] 63.8 66.1 3.6 % 63.8 66.1 3.6 % Outstanding Loan Balance(International)[5] 0.80 1.26 57.5 % 0.80 1.26 57.5 % Fourth Quarter 2023 China Market Operational Highlights Cumulative registered users[6] reached 155.6 million as of December 31, 2023, an increase of 8.1% compared with December 31, 2022. Cumulative borrowers[7] for the China market reached 25.2 million as of December 31, 2023, an increase of 6.8% compared with December 31, 2022. Number of unique borrowers[8] for the fourth quarter of 2023 was 2.1 million, a decrease of 14.9% compared with the same period of 2022. Transaction volume[2] reached RMB50.1 billion for the fourth quarter of 2023, an increase of 6.1% compared with the same period of 2022. Transaction volume facilitated for repeat individual borrowers[9] for the fourth quarter of 2023 was RMB42.8 billion, an increase of 4.4% compared with the same period of 2022. Outstanding loan balance[4] reached RMB66.1 billion as of December 31, 2023, an increase of 3.6% compared with December 31, 2022. Average loan size[10] was RMB9,044 for the fourth quarter of 2023, compared with RMB7,682 for the same period of 2022. Average loan tenure[11] was 8.2 months for the fourth quarter of 2023, compared with 8.6 months for the same period of 2022. 90 day+ delinquency ratio[12] was 1.93% as of December 31, 2023, compared with 1.41% as of December 31, 2022. Fourth Quarter 2023 International Market Operational Highlights Cumulative registered users[13] reached 24.6 million as of December 31, 2023, an increase of 58.7% compared with December 31, 2022. Cumulative borrowers[14] for the international market reached 4.8 million as of December 31, 2023, an increase of 41.2% compared with December 31, 2022. Number of unique borrowers[15] for the fourth quarter of 2023 was 0.87 million, an increase of 17.6% compared with the same period of 2022. Number of new borrowers[16] for the fourth quarter of 2023 was 0.33 million, an increase of 2.1% compared with the same period of 2022. Transaction volume[3] reached RMB2.25 billion for the fourth quarter of 2023, an increase of 64.2% compared with the same period of 2022. Outstanding loan balance[5] reached RMB1.26 billion as of December 31, 2023, an increase of 57.5% compared with December 31, 2022. International business revenue was RMB602.1 million (US$84.8 million) for the fourth quarter of 2023, an increase of 52.5% compared with the same period of 2022, representing 18.7% of total revenue for the fourth quarter of 2023. Fourth Quarter 2023 Financial Highlights Net revenue was RMB3,223.6 million (US$454.0 million) for the fourth quarter of 2023, an increase of 5.7% from RMB3,050.0 million for the same period of 2022. Net profit was RMB528.8 million (US$74.5 million) for the fourth quarter of 2023, a decrease of 4.9% from RMB556.3 million for the same period of 2022. Non-GAAP adjusted operating income[17], which excludes share-based compensation expenses before tax, was RMB547.0 million (US$77.0 million) for the fourth quarter of 2023, a decrease of 14.2% from RMB637.8 million for the same period of 2022. Diluted net profit per American depositary share ("ADS") was RMB1.92 (US$0.27) and diluted net profit per share was RMB0.38 (US$0.05) for the fourth quarter of 2023, remaining unchanged compared with the same period of 2022. Non-GAAP diluted net profit per ADS was RMB2.04 (US$0.29) and non-GAAP diluted net profit per share was RMB0.41 (US$0.06) for the fourth quarter of 2023, an increase of 2.5% compared with the same period of 2022. Each ADS of the Company represents five Class A ordinary shares of the Company. [1] Represents the total transaction volume facilitated in China's Mainland and the international markets on the Company's platforms during the period presented. [2] Represents our transaction volume facilitated in China's Mainland during the period presented. [3] Represents our transaction volume facilitated in international markets outside China's Mainland during the period presented. [4] Outstanding loan balance (China's Mainland) as of any date refers to the balance of outstanding loans in China's Mainland market excluding loans delinquent for more than 180 days from such date. [5] Outstanding loan balance (international) as of any date refers to the balance of outstanding loans in the international markets' excluding loans delinquent for more than 30 days from such date. [6] On a cumulative basis, the total number of users in China's Mainland market registered on the Company's platforms as of December 31, 2023. [7] On a cumulative basis, the total number of borrowers in China's Mainland market on the Company's platform as of December 31, 2023. [8] Represents the total number of borrowers in China's Mainland who have successfully borrowed on the Company's platform during the period presented. [9] Represents the transaction volume facilitated for the repeat borrowers in China's Mainland who successfully completed their transaction on the Company's platform during the period presented. [10] Represents the average loan size on the Company's platform in China's Mainland during the period presented. [11] Represents the average loan tenor on the Company's platform in China's Mainland during the period presented. [12] "90 day+ delinquency ratio" refers to the outstanding principal balance of on- and-off balance sheet loans that were 90 to 179 calendar days past due as a percentage of the total outstanding principal balance of on-and-off balance sheet loans on the Company's platform as of a specific date. Loans that originated outside China's Mainland are not included in the calculation. [13] On a cumulative basis, the total number of users registered on the Company's platforms outside China's Mainland market as of December 31, 2023. [14] On a cumulative basis, the total number of borrowers on the Company's platforms outside China's Mainland market during the period presented. [15] Represents the total number of borrowers outside China's Mainland who have successfully borrowed on the Company platforms during the period presented. [16] Represents the total number of new borrowers outside China's Mainland whose transactions were facilitated on the Company's platforms during the period presented. [17] Please refer to "UNAUDITED Reconciliation of GAAP And Non-GAAP Results" for reconciliation between GAAP and Non-GAAP adjusted operating income. Mr. Tiezheng Li, Chief Executive Officer of FinVolution, commented, "We continued to grow our business across the board despite evolving macroeconomic challenges. Total transaction volume for full year 2023 reached RMB194.3 billion while total outstanding loan balance climbed to RMB67.4 billion, representing year-over-year increases of 10.8% and 4.3% respectively. "Our international business grew exceptionally well in 2023, propelled by our effective strategy of pursuing sustained growth domestically in tandem with rapid growth overseas. International transaction volume for full-year 2023 soared to RMB7.85 billion and outstanding loan balance rose to RMB1.26 billion, representing increases of 84.7% and 57.5%, respectively. This accelerated growth drove international revenue to RMB2,136.9 million (US$301.0 million) for the full year 2023, up 85.9% year-over-year, representing 17.0% of total revenue," concluded Mr. Li. Mr. Jiayuan Xu, FinVolution's Chief Financial Officer, continued, "Our strong full-year financial results speak for our outstanding strategic execution throughout 2023. Full-year net revenues increased to RMB12,547.4 million (US$1,767.3 million) and net profit reached RMB2,383.5 million (US$335.7 million), up 12.7% and 4.5%, respectively, year-over-year. Our total liquidity position as of December 31, 2023, stood at RMB7,930.1 million (US$1,116.9 million), representing a year-over-year increase of 12.3%. "Moreover, we strove to continuously optimize shareholder returns through our capital return program. For full-year 2023, we deployed a total of approximately US$160.0 million in dividend distributions and share repurchases representing a capital return of 48.5% of the Company's net income for fiscal year 2023, demonstrating our steadfast commitment to enhancing shareholder value," concluded Mr. Xu. Fourth Quarter 2023 Financial Results Net revenue for the fourth quarter of 2023 increased by 5.7% to RMB3,223.6 million (US$454.0 million) from RMB3,050.0 million for the same period of 2022, primarily due to the increase in guarantee income. Loan facilitation service fees decreased by 8.4% to RMB1,107.4 million (US$156.0 million) for the fourth quarter of 2023 from RMB1,208.6 million for the same period of 2022. This decrease was primarily due to the decrease in service fee rates, partially offset by the increase in transaction volume. Post-facilitation service fees maintained relatively stable at RMB495.4 million (US$69.8 million) for the fourth quarter of 2023 from RMB496.4 million for the same period of 2022, as the result of the increase in outstanding loans served by the Company and the rolling impact of deferred transaction fees. Guarantee income increased by 37.7% to RMB1,267.5 million (US$178.5 million) for the fourth quarter of 2023 from RMB920.6 million for the same period of 2022. This increase was primarily due to the increased outstanding loan balance of off-balance sheet loans, higher guarantee rates and the rolling impact of deferred guarantee income. The fair value of quality assurance commitment upon loan origination is released as guarantee income systematically over the term of the loans subject to quality assurance commitment. Net interest income decreased by 22.3% to RMB227.4 million (US$32.0 million) for the fourth quarter of 2023, from RMB292.5 million for the same period of 2022, due to the decrease in loan volume and outstanding loan balances of on-balance sheet loans. Other revenue decreased by 4.6% to RMB125.8 million (US$17.7 million) for the fourth quarter of 2023 from RMB131.8 million for the same period of 2022, primarily due to the disposal of a pilot-run business. Origination, servicing expenses and other costs of revenue increased by 9.1% to RMB563.1 million (US$79.3 million) for the fourth quarter of 2023 from RMB516.2 million for the same period of 2022, primarily due to the increase in facilitation costs and loan collection expenses as a result of higher transaction volume. Sales and marketing expenses remained relatively stable at RMB491.4 million (US$69.2 million) for the fourth quarter of 2023, compared with RMB490.7 million for the same period of 2022, as we maintained our proactive efforts in acquiring better quality borrowers in both China and the international markets. Research and development expenses decreased by 7.2% to RMB127.6 million (US$18.0 million) for the fourth quarter of 2023 from RMB137.5 million for the same period of 2022, due to the increase in efficiency for technology development. General and administrative expenses maintained relatively stable at RMB115.2 million (US$16.2 million) for the fourth quarter of 2023 from RMB114.4 million for the same period of 2022 as a result of stable operating efficiency. Provision for accounts receivable and contract assets decreased by 67.6% to RMB36.4 million (US$5.1 million) for the fourth quarter of 2023 from RMB112.5 million for the same period of 2022, due to the decrease in provision from other third-party platforms. Provision for loans receivable decreased by 14.6% to RMB107.6 million (US$15.2 million) for the fourth quarter of 2023, from RMB126.0 million for the same period of 2022, primarily due to the decrease in loan volume and outstanding loan balances of on-balance sheet loans, partially offset by the rise in delinquency rate. Credit losses for quality assurance commitment increased by 35.6% to RMB1,269.5 million (US$178.8 million) for the fourth quarter of 2023 compared with RMB935.9 million for the same period of 2022. The increase was primarily due to the increases in loan volume and outstanding loan balances in both China and the international markets. Operating profit decreased by 16.9% to RMB512.8 million (US$72.2 million) for the fourth quarter of 2023 from RMB616.8 million for the same period of 2022. Non-GAAP adjusted operating income, which excludes share-based compensation expenses before tax, was RMB547.0 million (US$77.0 million) for the fourth quarter of 2023, representing a decrease of 14.2% from RMB637.8 million for the same period of 2022. Other income increased by 4.8% to RMB67.6 million (US$9.5 million) for the fourth quarter of 2023 from RMB64.5 million for the same period of 2022, mainly due to the additional gains from increased investment in investment products and interest income. Income tax expense was RMB51.6 million (US$7.3 million) for the fourth quarter of 2023, compared with RMB125.0 million for the same period of 2022. This decrease was mainly due to the decrease in pre-tax profit and the change in effective tax-rate in the fourth quarter. Net profit was RMB528.8 million (US$74.5 million) for the fourth quarter of 2023, compared with RMB556.3 million for the same period of 2022. Net profit attributable to ordinary shareholders of the Company was RMB524.6 million (US$73.9 million) for the fourth quarter of 2023, compared with RMB551.5 million for the same period of 2022. Diluted net profit per ADS was RMB1.92 (US$0.27) and diluted net profit per share was RMB0.38 (US$0.05) for the fourth quarter of 2023, which remained unchanged compared with the same period of 2022. Non-GAAP diluted net profit per ADS was RMB2.04 (US$0.29) and non-GAAP diluted net profit per share was RMB0.41 (US$0.06) for the fourth quarter of 2023, an increase of 2.5% compared with the same period of 2022. Each ADS represents five Class A ordinary shares of the Company. As of December 31, 2023, the Company had cash and cash equivalents of RMB4,969.3 million (US$699.9 million) and short-term investments, mainly in wealth management products and term deposit, of RMB2,960.8 million (US$417.0 million). The following chart and table display the historical cumulative 30-day plus past due delinquency rates by loan origination vintage in China's Mainland for all loan products facilitated through the Company's online platform as of December 31, 2023: Click here to view the chart. Fiscal Year 2023 Financial Results Net revenue for 2023 increased by 12.7% to RMB12,547.4 million (US$1,767.3 million) from RMB11,134.2 million in 2022, primarily due to the increase in loan facilitation service fees, post facilitation service fees and the increase in guarantee income as a result of the increase in transaction volume. The increase in net revenue was partially offset by the decrease in the average rate of transaction fees. Loan facilitation service fees increased by 2.0% to RMB4,520.5 million (US$636.7 million) for 2023 from RMB4,430.8 million in 2022, primarily due to the increase in loan volume, partially offset by the decrease in average rate of transaction fees. Post-facilitation service fees increased by 2.1% to RMB1,969.7 million (US$277.4 million) for 2023 from RMB1,929.9 million in 2022, primarily due to the increase in outstanding loans served by the Company and the rolling impact of deferred transaction fees, partially offset by the decrease in the average rate of transaction fees. Guarantee income increased by 46.2% to RMB4,479.0 million (US$630.9 million) for 2023 from RMB3,064.4 million in 2022. This increase was primarily due to the increased outstanding loan balance of off-balance sheet loans, higher guarantee rates and the rolling impact of deferred guarantee income. The fair value of quality assurance commitment upon loan origination is released as guarantee income systematically over the term of the loans subject to quality assurance commitment. Net interest income for 2023 decreased by 10.6% to RMB1,049.4 million (US$147.8 million) compared with RMB1,174.2 million in 2022, due to the decrease in loan volume and outstanding loan balances of on-balance sheet loans. Other revenue decreased by 1.1% to RMB528.9 million (US$74.5 million) for 2023 from RMB534.9 million in 2022, as a result of the disposal of a pilot-run business. Origination, servicing expenses and other cost of revenue increased by 3.6% to RMB2,111.5 million (US$297.4 million) for 2023 from RMB2,038.6 million in 2022, primarily due to the increase in facilitation costs and loan collection expenses as a result of higher transaction volume. Sales and marketing expenses increased by 12.0% to RMB1,887.4 million (US$265.8 million) for 2023 from RMB1,685.0 million in 2022, as a result of proactive customer acquisition efforts focusing on higher-quality borrowers in both domestic and international markets. Research and development expenses increased by 4.0% to RMB511.0 million (US$72.0 million) for 2023, compared with RMB491.5 million in 2022, primarily due to the increased investment in technology development. General and administrative expenses decreased by 2.9% to RMB390.0 million (US$54.9 million) for 2023 from RMB401.7 million in 2022, mainly due to the increase in operating efficiencies. Provision for accounts receivable and contract assets decreased by 35.0% to RMB253.9 million (US$35.8 million) for 2023, compared with RMB390.9 million in 2022, due to the decrease in provision from other third-party platforms. Provision for loans receivables increased by 41.1% to RMB586.8 million (US$82.7 million) for 2023, compared with RMB415.9 million in 2022, primarily due to the increase in loan volume in international markets. Credit losses for quality assurance commitment increased by 38.4% to RMB4,422.8 million (US$622.9 million) for 2023, compared with RMB3,195.2 million in 2022, primarily due to the increase in loan volume and outstanding loan balance. Operating profit decreased by 5.2% to RMB2,383.9 million (US$335.8 million) for 2023 from RMB2,515.3 million in 2022. Non-GAAP adjusted operating income, which excludes share-based compensation expenses before tax, was RMB2,500.3 million (US$352.2 million) for 2023, representing a decrease of 4.0% from RMB2,604.4 million in 2022. Other income increased by 78.8% to RMB394.7 million (US$55.6 million) for 2023, from RMB220.7 million in 2022, primarily due to additional gains from increased investment in investment products. Income tax expenses were RMB395.1 million (US$55.6 million) for 2023, compared with RMB454.8 million in 2022, mainly due to the change in the effective tax rate from the same period last year. Net profit was RMB2,383.5 million (US$335.7 million) for 2023, compared with RMB2,281.3 million in 2022. Net profit attributable to ordinary shareholders of the Company was RMB2,340.8 million (US$329.7 million) for 2023, compared with RMB2,266.4 million in 2022. Shares Repurchase Update For the fiscal year of 2023, the Company deployed a total of US$97.6 million to repurchase its own Class A ordinary shares in the form of ADSs in the market. As of December 31, 2023, in combination with the Company's historical and existing share repurchase programs, the Company had cumulatively repurchased its own Class A ordinary shares in the form of ADSs with a total aggregate value of approximately US$280.0 million over a period of six years. Change of Management The Board of Directors of the Company (the "Board") has appointed Ms. Pingping Chen to assume the role of President, effective March 18, 2024. She will serve as President and Chief Compliance Officer of the Company while retaining her current responsibilities across legal, compliance, human resources and internal controls, which she has held since 2019. Ms. Chen was the Chief Executive Officer of Pai Pai Xin, from 2016 to 2018. Prior to that, she held the position of Vice President of the Company, overseeing the legal, compliance, government relations, and innovation departments from 2013 to 2016. With this long and distinguished tenure at the Company, Ms. Chen brings a wealth of valuable institutional knowledge and deep experience to her new role. Ms. Chen received her master's degree in law from Fudan University and her EMBA from the China Europe International Business School. Business Outlook While the macroeconomic recovery continued to gain traction with pockets of improvement in the beginning of 2024, uncertainties persist in the markets in which we operate. The Company has observed encouraging signs of recovery and will continue to closely monitor macro conditions across our pan-Asian markets and remain prudent in our business operations. Given this backdrop, the Company currently expects its full-year 2024 transaction volume for the China market to be in the range of RMB195.7 billion to RMB205.0 billion, representing year-over-year growth of approximately 5.0% to 10.0%. At the same time, the Company expects full-year 2024 transaction volume for its international markets to be in the range of RMB9.4 billion to RMB11.0 billion, representing year-over-year growth of approximately 20.0% to 40.0%. The above forecast is based on the current market conditions and reflects the Company's current preliminary views and expectations on market and operational conditions and the regulatory and operating environment, as well as customer and institutional partners' demands, all of which are subject to change. Conference Call The Company's management will host an earnings conference call at 8:30 p.m. U.S. Eastern Time on March 18, 2024 (8:30 a.m. Beijing/Hong Kong Time on March 19, 2024). Dial-in details for the earnings conference call are as follows: United States (toll free): +1-888-346-8982 Canada (toll free): +1-855-669-9657 International: +1-412-902-4272 Hong Kong, China (toll free): 800-905-945 Hong Kong, China: +852-3018-4992 Mainland, China: 400-120-1203 Participants should dial in at least five minutes before the scheduled start time and ask to be connected to the call for "FinVolution Group." Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.finvgroup.com. A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until March 25, 2024, by dialing the following telephone numbers: United States (toll free): +1-877-344-7529 Canada (toll free): +1-855-669-9658 International: +1-412-317-0088 Replay Access Code: 4318516 About FinVolution Group FinVolution Group is a leading fintech platform with strong brand recognition in China and the international markets connecting borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer in China's online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company's platforms, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of December 31, 2023, the Company had over 180.2 million cumulative registered users across China, Indonesia and the Philippines. For more information, please visit https://ir.finvgroup.com Use of Non-GAAP Financial Measures We use non-GAAP adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. We believe that these non-GAAP financial measures help identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Non-GAAP adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider it in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review our financial information in its entirety and not rely on a single financial measure. For more information on this non-GAAP financial measure, please see the table captioned "Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.0999 to US$1.00, the rate in effect as of December 29, 2023 as certified for customs purposes by the Federal Reserve Bank of New York. Safe Harbor Statement This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company's marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. For investor and media inquiries, please contact: In China:FinVolution GroupHead of Investor RelationsJimmy Tan, IRCTel: +86 (21) 8030-3200 Ext. 8601E-mail: ir@xinye.com Piacente Financial CommunicationsJenny CaiTel: +86 (10) 6508-0677E-mail: finv@tpg-ir.com In the United States:Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050E-mail: finv@tpg-ir.com FinVolution Group UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except share data, or otherwise noted) As of December 31, As of December 31, 2022 2023 RMB RMB USD Assets Cash and cash equivalents 3,636,380 4,969,319 699,914 Restricted cash 2,842,707 1,800,071 253,535 Short-term investments 3,427,020 2,960,821 417,023 Investments 1,084,084 1,135,133 159,880 Quality assurance receivable, net of credit loss allowance for quality assurance receivable of RMB374,304 and RMB529,392 as of December 31, 2022 and December 31, 2023, respectively 1,669,855 1,755,615 247,273 Intangible assets 98,692 98,692 13,900 Property, equipment and software, net 141,345 140,933 19,850 Loans receivable, net of credit loss allowance for loans receivable of RMB294,355 and RMB214,550 as of December 31, 2022 and December 31, 2023, respectively 2,136,432 1,127,388 158,789 Accounts receivable and contract assets, net of credit loss allowance for accounts receivable and contract assets of RMB496,918 and RMB310,394 as of December 31, 2022 and December 31, 2023, respectively 2,217,445 2,208,538 311,066 Deferred tax assets 919,361 1,624,325 228,781 Right of use assets 192,428 38,110 5,368 Prepaid expenses and other assets 2,966,751 3,384,317 476,671 Goodwill 50,411 50,411 7,100 Total assets 21,382,911 21,293,673 2,999,150 Liabilities and Shareholders' Equity Deferred guarantee income 1,805,164 1,882,036
Cotchett, Pitre & McCarthy Files Lawsuit on Behalf of Residents of Maywood, CA, for Exposure to Cancer Causing Ethylene Oxide
LOS ANGELES--(BUSINESS WIRE)--Cotchett, Pitre & McCarthy LLP filed a lawsuit on behalf of many longtime residents of Maywood, CA, next to Vernon, an industrial area, for their decades long exposure to cancer caused by carcinogenic Ethylene Oxide being released into the air. The chemical, which is a known human carcinogen, allegedly was released by Sterigenics, and its predecessor Griffith Micro Science, from its Vernon facility since approximately 1987. Ethylene Oxide is used to sterilize medical equipment and spices but, during the process, some of the Ethylene Oxide escapes the facility into the surrounding air. Ethylene Oxide is odorless and colorless, so nearby Maywood residents never knew it was in the air surrounding their homes. Sterigenics knew it was releasing the chemical but never informed the residents. Some Plaintiffs were born and raised in Maywood. Others have lived there for decades. Two of the residents have died from their cancers, and the case is filed by their surviving family. The impacted residents, all within blocks of the facility, have suffered from breast, stomach, and blood cancers as well as aplastic anemia, a precursor to blood cancer. Eight out of twelve Plaintiffs were diagnosed with breast cancer. According to the National Cancer Institute, and other protective health agencies around the world, Ethylene Oxide is associated with breast cancer, stomach cancer, lymphoma, and leukemia. Sterigenics has been sued before over similar exposures from its Illinois and Georgia facilities. “Maywood is a small working class community. The concentration of breast cancer cases in the tiny town of Maywood is shocking. Residents have a right to know if they are breathing carcinogens. This lawsuit will hold Defendants accountable for their actions,” said Gary Praglin, a Partner in Cotchett, Pitre & McCarthy’s Santa Monica office. “Maywood residents have been unknowingly exposed to cancer-causing Ethylene Oxide for decades. This lawsuit seeks clean air, compensation, and justice for victims who have fallen ill to — and died from — cancers known to be caused by inhaling toxic EtO,” said Kelly Weil, a Partner in Cotchett, Pitre & McCarthy’s Santa Monica office. Sterigenics has long been on notice that Ethylene Oxide is toxic and carcinogenic. In 2022, the LA Times investigation into Sterigenics quoted Dr. Cyrus Rangan of the Los Angeles Department of Public Health about Ethylene Oxide: “It’s one of a handful of chemicals where there’s pretty good evidence of a link to human cancer with prolonged exposure.” Previous cases against Sterigenics have shown that Ethylene Oxide can cause cancer. One Judge ruled that Plaintiffs’ expert witnesses and scientific studies “support that inhalation of Ethylene Oxide can cause cancer.” The Complaint seeks compensation for personal injuries and wrongful death damages as well as punitive damages. The Plaintiffs are represented by the nationally recognized law firm of Cotchett, Pitre & McCarthy. Cotchett, Pitre & McCarthy has been filing cases to keep the environment safe and clean for over 50 years. The case is being handled by Gary Praglin, Kelly Weil, Hannah Brown, and Theresa Vitale of the Cotchett office in Santa Monica. The case was filed in Los Angeles County Superior Court, Case No. 24STCV06677. About Cotchett, Pitre & McCarthy, LLP Cotchett, Pitre & McCarthy, LLP engages exclusively in litigation and trials and has earned a national reputation for its dedication to prosecuting or defending socially just actions. To learn more about the firm, visit www.cpmlegal.com. Contacts Gary A. Praglin Cell: (310) 344-4110 gpraglin@cpmlegal.com Kelly Weil Cell: (310) 968-4080 Cotchett, Pitre & McCarthy: (310) 392-2008 MEDIA:Lee Houskeeper Cell: (415) 654-9141 NewsService@aol.com
PGT Innovations, Inc. Stockholders Approve Proposed Merger with MITER Brands
VENICE, Fla.--(BUSINESS WIRE)--PGT Innovations, Inc. (“PGTI” or the “Company”) (NYSE: PGTI) today announced that its stockholders voted to approve the definitive merger agreement with MIWD Holding Company LLC (“MITER Brands”) and an amendment to the Amended and Restated Certificate of Incorporation of the Company at a special meeting of the Company’s stockholders. The final voting results for the special meeting was filed in a Form 8-K with the U.S. Securities and Exchange Commission on March 18, 2024. As previously announced, under the terms of the definitive merger agreement, MITER Brands will acquire all of the outstanding shares of PGTI common stock for $42.00 per share in cash. The transaction will be financed in part by an equity investment from an affiliate of Koch Equity Development LLC (“KED”), the principal investment and acquisition arm of Koch Industries, Inc. (“KII”), that is a current investor in MITER Brands. The transaction is expected to close later this month. Upon completion of the transaction, PGTI will become a privately held company, and its common stock will no longer be listed on any public market. About PGTI PGTI manufactures and supplies premium windows, doors, and garage doors. Its highly engineered and technically advanced products can withstand some of the toughest weather conditions on Earth and are revolutionizing the way people live by unifying indoor and outdoor living spaces. PGTI creates value through deep customer relationships, understanding the unstated needs of the markets it serves, and a drive to develop category-defining products. The PGTI family of brands include CGI®, PGT® Custom Windows and Doors, WinDoor®, Western Window Systems, Anlin Windows & Doors, Eze-Breeze®, Eco Window Systems, NewSouth Window Solutions, and Martin Door. The Company’s brands, in their respective markets, are a preferred choice of architects, builders, and homeowners throughout North America and the Caribbean. Their high-quality products are available in custom and standard sizes with massive dimensions that allow for unlimited design possibilities in residential, multi-family, and commercial projects. For additional information, visit http://www.pgtinnovations.com. About MITER Brands Founded in 1947, MITER Brands is a residential window and door manufacturer that produces a portfolio of window and door brands for the new construction and replacement segments with an owner-operated, family-first approach. MITER Brands is the combination of two fast-growing regional product brands: MI Windows and Doors and Milgard Windows and Doors, and is a nationwide supplier of precision-built and energy-efficient products with more than 10 manufacturing facilities throughout the United States. MITER Brands instills confidence and drives quality customer experiences through optimized manufacturing, valued relationships, and dedicated team members coast to coast. For more information, visit www.miterbrands.com. About KED KED is the principal investment and acquisition arm of KII, one of the largest privately held businesses in America. Since 2012, KED has deployed more than $35 billion in equity investments and acquisitions. With as high as $125 billion of revenue, KII is a U.S.-based business and, along with the Koch companies, has 120,000 global employees operating in more than 60 countries. Forward Looking Statements This communication contains “forward-looking statements” within the United States Private Securities Litigation Reform Act of 1995. You can identify these statements and other forward-looking statements in this document by words such as “may,” “will,” “should,” “can,” “could,” “anticipate,” “estimate,” “expect,” “predict,” “project,” “future,” “potential,” “intend,” “plan,” “assume,” “believe,” “forecast,” “look,” “build,” “focus,” “create,” “work,” “continue,” “target,” “poised,” “advance,” “drive,” “aim,” “forecast,” “approach,” “seek,” “schedule,” “position,” “pursue,” “progress,” “budget,” “outlook,” “trend,” “guidance,” “commit,” “on track,” “objective,” “goal,” “strategy,” “opportunity,” “ambitions,” “aspire” and similar expressions, and variations or negative of such terms or other variations thereof. Words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such statements regarding the transactions contemplated by the Agreement and Plan of Merger, dated as of January 16, 2024, among PGTI, MITER Brands and RMR MergeCo, Inc. (the “Transaction”), including the expected time period to consummate the Transaction. All such forward-looking statements are based upon current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions, many of which are beyond the control of PGTI, that could cause actual results to differ materially from those expressed in such forward-looking statements. Key factors that could cause actual results to differ materially include, but are not limited to, the expected timing and likelihood of completion of the Transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement; the risk that the parties may not be able to satisfy the conditions to the Transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the Transaction; the risk that any announcements relating to the Transaction could have adverse effects on the market price of PGTI’s common stock; the risk that the Transaction and its announcement could have an adverse effect on the parties’ business relationships and business generally, including the ability of PGTI to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally; the risk of unforeseen or unknown liabilities; customer, shareholder, regulatory and other stakeholder approvals and support; the risk of potential litigation relating to the Transaction that could be instituted against PGTI or its directors and/or officers; the risk associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the Transaction which are not waived or otherwise satisfactorily resolved; the risk of rating agency actions and PGTI’s ability to access short- and long-term debt markets on a timely and affordable basis; the risk of various events that could disrupt operations, including severe weather, such as droughts, floods, avalanches and earthquakes, cybersecurity attacks, security threats and governmental response to them, and technological changes; the risks of labor disputes, changes in labor costs and labor difficulties; and the risks resulting from other effects of industry, market, economic, legal or legislative, political or regulatory conditions outside of PGTI’s control. All such factors are difficult to predict and are beyond our control, including those detailed in PGTI’s annual reports on Form 10-K, quarterly reports on Form 10-Q and Current Reports on Form 8-K that are available on PGTI’s website at https://pgtinnovations.com and on the website of the Securities Exchange Commission at http://www.sec.gov. PGTI’s forward-looking statements are based on assumptions that PGTI’s believes to be reasonable but that may not prove to be accurate. Other unpredictable or factors not discussed in this communication could also have material adverse effects on forward-looking statements. PGTI does not assume an obligation to update any forward-looking statements, except as required by applicable law. These forward-looking statements speak only as of the date hereof. Contacts For MITER Brands:Ira Gorsky / Patrick Ryan miterbrands@edelmansmithfield.com732.740.5872 For PGTI:Investors:Craig Henderson Chief Financial Officer CHenderson@PGTInnovations.com941.480.1600 Media:Stephanie Cz Corporate Communications and PR Manager SCz@PGTInnovations.com941.480.1600 FGS Global PGTI@fgsglobal.com212.687.8080
Pembina Pipeline Corporation Announces Conversion Results for Series 17 Preferred Shares
CALGARY, Alberta--(BUSINESS WIRE)--Pembina Pipeline Corporation ("Pembina") (TSX: PPL; NYSE: PBA) announced today that none of Pembina's Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 17 ("Series 17 Shares") (TSX: PPL.PR.Q) will be converted into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 18 of Pembina ("Series 18 Shares") on March 31, 2024. After taking into account all the conversion notices received from holders of its outstanding Series 17 Shares by the March 18, 2024 deadline for the conversion of the Series 17 Shares into Series 18 Shares, less than the 1,000,000 Series 17 Shares required to give effect to conversions into Series 18 Shares were tendered for conversion. About Pembina Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for 70 years. Pembina owns an integrated network of hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com. Purpose of Pembina: We deliver extraordinary energy solutions so the world can thrive. Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division. Pembina's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com. Contacts Investor Relations (403) 231-3156 1-855-880-7404 e-mail: investor-relations@pembina.comwww.pembina.com
Cognigy Receives 2024 CUSTOMER Magazine Product of the Year Award
Conversational AI Leader Recognized for Exceptional Product InnovationSAN FRANCISCO & DÜSSELDORF, Germany--(BUSINESS WIRE)--#cognigy--Cognigy, a global leader in AI-driven customer service solutions, announced today that TMC, a global, integrated media company, has named Cognigy.AI as a 2024 CUSTOMER Product of the Year Award winner. Cognigy.AI is an advanced Conversational AI platform that enables businesses to build, deploy, and manage AI-powered virtual agents and chatbots across various channels. With its intuitive visual flow editor, Cognigy.AI empowers users to create complex conversational experiences without needing extensive coding expertise. Leveraging natural language understanding (NLU), generative AI and machine learning capabilities, Cognigy.AI ensures seamless interactions between users and virtual agents 24/7, enhancing customer engagement and satisfaction. In response to the award, Philipp Heltewig, CEO & Co-founder of Cognigy, stated, "We are proud to receive the 2024 CUSTOMER magazine Product of the Year Award. This recognition is a testament to our continued commitment to innovation and excellence in empowering enterprises with transformative AI solutions." Cognigy offers enterprises worldwide a fully trained, human-like, and cost-effective AI Agent Workforce for exceptional customer experiences. These enterprise-ready and scalable solutions, powered by the world's leading Conversational AI platform, Cognigy.AI, provide next-gen customer service with human-like conversation skills, multilingual proficiency, and 24/7 omnichannel availability. Equipped with intelligent IVR, smart self-service, and agent assist functionalities, Cognigy’s AI solutions work seamlessly with existing enterprise systems, are able to learn from human agents, and enhance both customer and agent satisfaction. The 2024 CUSTOMER Product of the Year Award recognizes vendors that are advancing the call center, CRM and teleservices industries one solution at a time. The award highlights products that enable their clients to meet and exceed the expectations of their customers. “On behalf of both TMC and CUSTOMER magazine, it is my pleasure to honor Cognigy with a 2024 Product of the Year Award,” said Rich Tehrani, CEO, TMC. “Their solution has proven deserving of this elite status and I look forward to continued innovation from Cognigy in 2024 and beyond.” In 2023, CUSTOMER magazine presented Cognigy with the Conversational AI Excellence Award. About Cognigy Cognigy is revolutionizing the customer service industry by providing the most cutting-edge AI workforce on the market. Its award-winning solution empowers businesses to deliver exceptional customer service that is instant, personalized, in any language, and on any channel. Through the perfect combination of Generative and Conversational AI, Cognigy’s AI Agents are shaping the future of customer service, increasing customer satisfaction, and supporting employees in real-time. Over 1000 brands worldwide trust Cognigy and its vast partner network to create AI customer service agents for their business. Cognigy's worldwide customer portfolio includes Bosch, Frontier Airlines, Lufthansa Group, Mercedes-Benz, and Toyota. Follow the company on Twitter @Cognigy and on LinkedIn at https://www.linkedin.com/company/cognigy. TMC’s CUSTOMER magazine TMC’s CUSTOMER magazine premiered in September 2012 and is the industry’s new, definitive source for news, product information, and strategies for communications that engage customers and potential customers. Each issue of CUSTOMER includes news and insights on the latest developments in agent training, analytics, ERP, IVR, social CRM solutions, mobile apps, workforce management and more. Please visit http://customer.tmcnet.com for more information. About TMC Through our news and solutions-focused editorial platforms, live events, webinars, and online advertising, TMC provides global buyers with valuable insights for making informed technology purchase decisions and successfully navigating markets. In turn, leading technology vendors rely on TMC, TMCnet, and our family of sites and events for exceptional branding, thought leadership, and lead generation opportunities. Our live events, including the ITEXPO #TECHSUPERSHOW, offer unparalleled visibility and sales prospects for all participants. With our customized lead generation programs, including a turnkey webinar program, we consistently deliver a steady stream of leads that translate into sales opportunities and database growth. In addition, display advertising on respected news sites and newsletters generates millions of impressions, bolstering brand reputations. TMC offers a comprehensive 360-degree marketing solution, with services such as event and road show management, as well as expertly crafted content creation including blogs, press releases, articles, and marketing collateral. These efforts contribute to SEO, branding, and overall marketing success. To discover more about how TMC can assist you in achieving your marketing goals through our events and online advertising, please visit www.tmcnet.com. Stay connected with us on Facebook, LinkedIn, and X by following @tmcnet. Contacts Cognigy Contact:Stephanie Olsen Lages & Associates (949) 453-8080 stephanie@lages.com TMC Contact:Michelle Connolly Senior Marketing Manager 203-852-6800, ext. 170 mconnolly@tmcnet.com