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Civil Society Voices Key to Yemenis’ Push for Peace, Open Society Report Shows

New York, Feb. 11, 2021 (GLOBE NEWSWIRE) — Yemeni civil society organizations believe justice and accountability can play a decisive role in establishing a lasting peace in Yemen, according to a new Open Society Foundations report.

A Passage to Justice: Selected Yemeni Civil Society Views of Transitional Justice and Long–Term Accountability in Yemen highlights the leading role of Yemeni civil society in articulating the interplay between peace and justice, as well as the role that justice matters play in the peace process. It focuses on Yemenis' views about accountability for violations committed in the war–torn country since conflict broke out there in 2014.

"Transitional justice is a transit from something to something. I believe transitional justice can help with transiting from wartime to peacetime, from destruction to construction," the report quotes one civil society advocate from Mareb as saying. (Individuals quoted in the report are not identified by name to protect their safety.)

The Biden administration announced last week that it would end support to the Saudi–led war in Yemen. The announcement comes on the heels of other administration action aimed at bringing peace to Yemen, including an announcement to stop sales of precision–guided bombs to the Saudis, and U.S. designation of a special envoy to help negotiate a peace settlement in the war–torn country. But while these measures are welcome, the United States and the international community must also help ensure accountability and back Yemeni civil society's efforts to disrupt the cycle of impunity that threatens to undercut any peace agreement.

"As part of its new push to the end the war, the U.S. must also back Yemeni civil society's efforts to ensure real accountability for the crimes committed, and for the lives destroyed," said Chris Rogers, a senior program officer at the Open Society Human Rights Initiative and an editor of the report. "Because for many Yemenis, it is not U.S. bombs that are the real enemy to lasting peace""it's impunity."

Many civil society leaders interviewed for the report noted that the peace process must be attuned to the concerns and needs of victims of the conflict, now entering its seventh year. "Listening to victims makes us think about peace," one civil society leader from Aden told the report writers.

A peace plan that is sensitive to addressing the needs of victims and their families must consider the social and economic costs of the conflict, in addition to gross human rights abuses and violations. Victims' organizations, family associations, and other civil society organizations must have a way to have their voices included in peace negotiations.

The report also shows that language on accountability and on transitional justice has progressively been de–emphasized in Security Council resolutions and other key instruments since the conflict started in 2014. The report argues for a return of stronger language to Council resolutions. It highlights the important role such language can play in building political support and, at a later stage, the endorsement of an accountability and transitional justice agenda for Yemen.

A Passage to Justice is available for download in English and in Arabic.

The Open Society Foundations, founded by George Soros, are the world's largest private funder of independent groups working for justice, democratic governance, and human rights. We provide thousands of grants every year through a network of national and regional foundations and offices, funding a vast array of projects""many of them now shaped by the challenges of the COVID–19 pandemic.


GLOBENEWSWIRE (Distribution ID 8151776)

Madison Realty Capital Completes More Than $1.5 Billion in Transactions in 2020

New York, Feb. 11, 2021 (GLOBE NEWSWIRE) — Madison Realty Capital, a fully integrated real estate private equity firm focused on debt and equity investment strategies, today announced it originated more than $1.5 billion in financing, originations and performing and non–performing note purchases in 2020, ranging from $4.9 million to $173 million. The firm closed a total of 23 transactions in major U.S. metropolitan and suburban markets across a variety of real estate asset classes including, multifamily, mixed–use, medical office, office, industrial, condo, hotel, and retail. More than 70% of the total dollar volume was executed with repeat borrowers, reflecting the firm's strong relationships and flexible, customer–centric investment approach. With $5.6 billion of gross assets under management, Madison Realty Capital also continued to expand its platform by launching a new income–oriented $1 billion debt investment vehicle, targeting lighter value–add and core–plus real estate transactions with rates of 4% to 7%.

"Madison Realty Capital delivered a very active 2020, executing over $1.5 billion worth of transactions for our institutional clientele, maintaining low levels of leverage, and expanding our world–class lending platform amid a highly challenging operating environment due to COVID–19," said Josh Zegen, Managing Principal and Co–Founder of Madison Realty Capital. "For more than 16 years, Madison Realty Capital has distinguished itself by providing certainty of execution, strong underwriting capabilities, as well as flexible, efficient and creative financing solutions across market cycles. In 2020, we continued to advance our position as the partner of choice for leading institutional sponsors and top–tier independent developers and I am excited to build on our strong momentum in 2021."

The firm pursues debt investments by originating senior secured loans and mezzanine loans ranging from $5–$500 million and preferred equity investments for the construction, acquisition and refinancing of commercial real estate.

Madison Realty Capital remained an active lender throughout 2020, amidst the COVID–19 pandemic. Notable transactions for the firm include: a $173 million construction loan to MAG Partners for a 479–unit residential rental building in the Chelsea neighborhood of Manhattan, a $170 million acquisition of a portfolio of performing and non–performing loans backed by multifamily properties in New York, New Jersey, and Los Angeles, a $165 million loan to Scape North America for the development of a 451–unit multifamily project in Boston's Fenway neighborhood, a $150 million renovation loan to WS Communities for six multifamily redevelopments and a bridge loan for a mixed–use development site in Santa Monica and San Fernando Valley, a $102 million construction loan to Invesca Development Group to finish a 98% complete multifamily project in Pompano Beach, Florida and begin construction for a mixed–use property in Plantation, Florida, a $50 million bridge loan to refinance the Pompano Beach 214–unit luxury rental apartment, retiring its initial construction loan in November, and an $18 million loan to Houston–based medical office development firms for a six–story Class A medical office building located in The Heights neighborhood of Houston, Texas.

Madison Realty Capital brings its comprehensive experience as an owner and developer to its lending business and uses its expertise as a lender to enhance its ownership and development strategies, creating a symbiotic relationship across the business. The firm is a valued partner to both institutional sponsors and leading independent developers, known for speed, flexibility, and certainty of execution in complex situations.

About Madison Realty Capital

Madison Realty Capital is a New York City based real estate private equity firm focused on debt and equity investment strategies with regional offices in key markets including Los Angeles and Dallas. Founded in 2004, MRC has closed on approximately $13 billion of transactions in the multifamily, retail, office, industrial and hotel sectors nationwide. The firm manages investments in the United States on behalf of a global investor base. MRC is a fully integrated firm with over 60 employees across all real estate investment, development, and property management disciplines. Among other industry recognitions, MRC has been named to the Commercial Observer's prestigious "Power 100" list of New York City real estate players and is consistently cited as one of the industry's top construction lenders. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.


GLOBENEWSWIRE (Distribution ID 8151743)

Bombardier Reports Full Year 2020 Financial Results, Provides 2021 Guidance and Outlines Actions to Drive Profitability and Productivity

  • 2020 revenues from Business Aircraft activities reached $5.6 billion, growing 3% year–over–year on 114 deliveries, 44 of which were in the fourth quarter, including a record 16 Global 7500 aircraft deliveries
  • 2020 adjusted EBITDA(1) of $200 million from continuing operations; $912 million of reported EBIT, reflects the accounting gains on disposal of the CRJ and aerostructures businesses
  • Fourth Quarter Free Cash Flow(1) (FCF) generation of $523 million from continuing operations before interest and taxes, ahead of plan; cash flow from operating activities of $323 million for the fourth quarter
  • Pro forma cash and cash equivalents(2) of $5.4 billion, including Cash on hand of $1.8 billion at Bombardier Inc. on December 31, 2020 and $3.6 billion of proceeds from the recently closed sale of Transportation once it becomes fully available; Pro–forma net debt(3) of approximately $4.7 billion
  • Company–wide initiative to drive profitability and productivity underway; Targeting savings of approximately $400 million(4) annually by 2023
  • Learjet production to end in Q4 2021, allowing the Company to focus on more profitable Challenger and Global aircraft families; Wichita to become Centre of Excellence for specialized aircraft platforms
  • 2021 outlook(4): Revenues expected to grow organically; Adjusted EBITDA and EBIT(1) expected to increase to greater than $500 million and $100 million respectively, and FCF usage expected to be better than $500 million, including one–time costs and investments
  • Company to host an Investor Day on March 4, 2021

All amounts in this press release are in U.S. dollars, unless otherwise indicated.
Amounts in tables are in millions except per share amounts, unless otherwise indicated.

MONTRÉAL, Feb. 11, 2021 (GLOBE NEWSWIRE) — Bombardier (TSX: BBD.B) today reported its fourth quarter and full year 2020 results, provided guidance for 2021 and outlined a number of actions to drive profitability and productivity as the Company focuses exclusively on designing, building and servicing the world's best business jets.

"With our strategic repositioning now complete, we are very excited to embark on our journey as a pure–play business jet company," said ric Martel, President and Chief Executive Officer, Bombardier Inc. "Our unmatched product portfolio, world–class customer services network, and incredibly talented employees give us a strong foundation to build upon. We are encouraged by our momentum in the fourth quarter and are confident in the actions we are taking to navigate through the pandemic and better position the Company for a market recovery."

Overview 2020 Financial Performance

Revenues from Business Aircraft activities reached $5.6 billion in 2020, reflecting a 3% year–over–year improvement, driven by the ramp up in Global 7500 deliveries, which reached a record 16 deliveries in the fourth quarter, partially offset by the significant impact of COVID–19 on other programs and services revenues.

Adjusted full year EBITDA and adjusted EBIT(1) for continuing operations of $200 million and $(211) million, respectively, reflect the impact of the COVID–19 pandemic on deliveries and services, as well as a lower contribution of early Global 7500 units. Reported EBIT of $0.9 billion reflects the accounting gains on disposals of the CRJ and aerostructures businesses.

Fourth quarter free cash flow generation from continuing operations before interest and taxes was $523 million. This was better than expected and notwithstanding a $160 million negative impact made in the quarter due to the winding down of the Company's reverse factoring program. Full year free cash flow usage from continuing operations was $1.9 billion, reflecting pandemic–related disruptions, and including corporate and interest expenses, which will be lower in 2021 given the expected debt paydown and restructuring actions announced today.

Bombardier begins 2021 with pro forma cash and cash equivalents of approximately $5.4 billion, including the proceeds from the recently closed sale of Transportation and a pro forma net debt of approximately $4.7 billion.

Driving Profitability and Productivity

Bombardier has and will be launching a number of actions to improve profitability and cash generation. The goal is to make the organization more efficient and agile, capable of delivering stronger financial performance under the current market conditions, while also establishing a lower cost base to grow from, once the market recovers. With these actions, the Company aims to generate $400 million annually in recurring savings by 2023. Savings are expected to be approximately $100 million in 2021; the Company will take a one–time charge of $50 million this year to support its restructuring actions.

Specific actions include consolidating Bombardier's Global aircraft completion work in Montral; reviewing options for underutilized hangar and industrial space at our Qubec facilities; and reducing its overall workforce by approximately 1,600 positions, including reductions associated with progress on the Global 7500 learning curve. These reductions, together with the completion of previously announced restructuring actions and the divestiture of the electrical wiring interconnection system business in Quertaro, Mexico, should bring the Corporation's global workforce to about 13,000 by year–end.

"Workforce reductions are always very difficult, and we regret seeing talented and dedicated employees leave the company for any reason," said Martel. "But these reductions are absolutely necessary for us to rebuild our company while we continue to navigate through the pandemic."

Bombardier also announced it will end production of Learjet aircraft later this year, allowing the Company to focus on its more profitable Challenger and Global aircraft families and accelerate the expansion of its customer services business.

"With more than 3,000 aircraft delivered since its entry–into–service in 1963, the iconic Learjet aircraft has had a remarkable and lasting impact on business aviation. Passengers all over the world love to fly this exceptional aircraft and count on its unmatched performance and reliability. However, given the increasingly challenging market dynamics, we have made this difficult decision to end Learjet production," explained Martel.

Bombardier will continue to fully support the Learjet fleet well into the future, and to this end, today launched the Learjet RACER remanufacturing program for Learjet 40 and Learjet 45 aircraft. RACER program includes a bundled set of enhancements, including interior and exterior components, new avionics, high–speed connectivity, engine enhancements, and improved aircraft maintenance costs. The RACER remanufacturing program will be offered exclusively through Bombardier's service centre in Wichita, Kansas.

Bombardier's Wichita facility will continue to serve as the Company's primary flight–test centre and be a key part of its global services network. In addition, Bombardier has designated Wichita as the Centre of Excellence for its specialized aircraft business and expects the facility will play a leading role in future special mission modification contracts.

2021 Guidance

With Bombardier's repositioning to a pure–play business aviation company now complete, 2021 will be a transition year as the Company executes its productivity actions, further matures Global 7500 production and begins to address its capital structure.

Revenues from business aircraft activities in 2021 are expected to be better than 2020 based on a gradual economic recovery scenario.

Adjusted EBITDA is expected to increase to greater than $500 million, reflecting ongoing progress on the Global 7500 learning curve, growth in customer services and the partial impact of the cost reduction actions. Adjusted EBIT is expected to be greater than $100 million.

Free cash flow usage in 2021 is expected to be better than $500 million, including one–time outflows related to the closing of the reverse factoring program; residual value guarantees; and the previously mentioned restructuring charge, which collectively are estimated to be approximately $200 million.

Investor Day

Bombardier will host a virtual Investor Day on March 4, 2021, during which the Leadership team will provide updates on its market outlook, debt management strategy and cost reduction actions. Details will be provided in a separate media advisory and posted on the company's website www.ir.bombardier.com at a later date in the near future.

Selected results

RESULTS
For the fiscal years ended December 31 2020 2019 Variance
restated
 (5)
Revenues (6) $ 6,487 $ 7,488 (13 ) %
Adjusted EBITDA $ 200 $ 684 (71 ) %
Adjusted EBITDA margin 3.1 % 9.1 % (600) bps
Adjusted EBIT $ (211 ) $ 400 nmf
Adjusted EBIT margin (3.3 ) % 5.3 % (860) bps
EBIT $ 912 $ (520 ) nmf
EBIT margin 14.1 % (6.9 ) % 2100 bps
Net loss from continuing operations $ (170 ) $ (1,541 ) 89 %
Net loss from discontinued operations $ (398 ) $ (66 ) (503 ) %
Net loss $ (568 ) $ (1,607 ) 65 %
Diluted EPS from continuing operations (in dollars) $ (0.08 ) $ (0.65 ) $ 0.57
Diluted EPS from discontinued operations (in dollars) $ (0.29 ) $ (0.11 ) $ (0.18 )
$ (0.37 ) $ (0.76 ) $ 0.39
Adjusted net loss $ (1,115 ) $ (406 ) (175 ) %
Adjusted EPS (in dollars) $ (0.47 ) $ (0.18 ) $ (0.29 )
Cash flows from operating activities
Continuing operations $ (1,672 ) $ (253 ) (561 ) %
Discontinued operations $ (1,149 ) $ (427 ) (169 ) %
$ (2,821 ) $ (680 ) (315 ) %
Net additions to PP&E and intangible assets
Continuing operations $ 221 $ 366 (40 ) %
Discontinued operations $ 133 $ 157 (15 ) %
$ 354 $ 523 (32 ) %
Free cash flow usage
Continuing operations $ (1,893 ) $ (619 ) (206 ) %
Discontinued operations $ (1,282 ) $ (584 ) (120 ) %
$ (3,175 ) $ (1,203 ) (164 ) %
As at December 31 2020 2019 Variance
Cash and cash equivalents excluding Transportation $ 1,779 $ 2,089 (15 ) %
Cash and cash equivalents from Transportation $ 671 $ 540 24 %
$ 2,450 $ 2,629 (7 ) %
Available short–term capital resources(7) $ 3,203 $ 3,925 (18 ) %
Aviation order backlog (in billions of dollars)
Business aircraft $ 10.7 $ 14.4 (26 ) %
Other aviation(8) $ "" $ 1.9 (100 ) %
RESULTS
Fourth quarters ended
December 31
 Fiscal years ended
December 31
2020
 2019 2020
 2019
restated
 restated
Revenues $ 2,337 $ 2,412 $ 6,487 $ 7,488
Cost of sales 2,248 2,109 5,971 6,447
Gross margin 89 303 516 1,041
SG&A 117 126 420 557
R&D 144 65 320 156
Share of income of joint ventures and associates "" (56 ) (2 ) (34 )
Other income (7 ) "" (11 ) (38 )
Adjusted EBIT (165 ) 168 (211 ) 400
Special items (598 ) 1,628 (1,123 ) 920
EBIT 433 (1,460 ) 912 (520 )
Financing expense 240 236 1,060 996
Financing income (28 ) (93 ) (27 ) (226 )
EBT 221 (1,603 ) (121 ) (1,290 )
Income taxes 236 (75 ) 49 251
Net loss from continuing operations $ (15 ) $ (1,528 ) $ (170 ) $ (1,541 )
Net loss from discontinued operations $ (322 ) $ (191 ) $ (398 ) $ (66 )
Net loss $ (337 ) $ (1,719 ) $ (568 ) $ (1,607 )
Attributable to
Equity holders of Bombardier Inc. $ (423 ) $ (1,770 ) $ (868 ) $ (1,797 )
NCI $ 86 $ 51 $ 300 $ 190
EPS (in dollars)
Basic and diluted $ (0.18 ) $ (0.74 ) $ (0.37 ) $ (0.76 )
EPS from continuing operations (in dollars)
Basic and diluted $ (0.01 ) $ (0.64 ) $ (0.08 ) $ (0.65 )
As a percentage of total revenues
Gross margin 3.8 % 12.6 % 8.0 % 13.9 %
Adjusted EBIT (7.1 ) % 7.0 % (3.3 ) % 5.3 %
EBIT 18.5 % (60.5 ) % 14.1 % (6.9 ) %


SEGMENTED RESULTS AND HIGHLIGHTS

Aviation

RESULTS
For the fiscal years ended December 31 2020 2019 Variance
Revenues
Business aircraft 5,593 5,417 3 %
Other aviation 895 2,084 (57 ) %
Total Revenues 6,488 7,501 (14 ) %
Aircraft deliveries (in units)
Business aircraft 114 142 (28 )
Commercial aircraft (9) 5 33 (28 )
Adjusted EBITDA $ 286 $ 812 (65 ) %
Adjusted EBITDA margin 4.4 % 10.8 % (640) bps
Adjusted EBIT $ (125 ) $ 531 (124 ) %
Adjusted EBIT margin (1.9 ) % 7.1 % (900) bps
EBIT $ 937 $ 1,194 (22 ) %
EBIT margin 14.4 % 15.9 % (150) bps
Net additions to PP&E and intangible assets $ 221 $ 373 (41 ) %
As at December 31 2020
 2019 Variance
Order backlog (in billions of dollars)
Business aircraft $ 10.7 $ 14.4 (26 ) %
Other aviation $ "" $ 1.9 (100 ) %
  • Revenues from Business Aircraft activities reached $5.6 billion in 2020, growing 3% year–over–year driven by the continued ramp up of Global 7500 aircraft deliveries, notwithstanding production rate adjustments on other platforms to align with market conditions and customer requirements in response to the COVID–19 pandemic.
    • Business aircraft manufacturing revenues increased 11% year–over–year, driven by the Global 7500 market shares gains in the extra long–range segment.
    • Services revenues were $988 million, 21% lower year–over–year, as the COVID–19 pandemic drove business jet utilization across the industry lower. The Corporation continues to position itself to capture future growth opportunities in aftermarket services by adding significant new capacity to its global network with major expansion projects underway in Singapore, London, Melbourne and Miami.
  • Business aircraft delivered 114 aircraft including specialized aircraft during the year, comprised of 59 Global, 44 Challenger, and 11 Learjet.
    • Deliveries peaked during the fourth quarter with 44 aircraft delivered, including a record 16 Global 7500 deliveries.
  • Other aviation revenues from commercial aircraft and aerostructures activities, which were divested during the course of the year, were $895 million.
  • Adjusted EBITDA and adjusted EBIT of 4.4% and (1.9)%, respectively, reflect lower aircraft deliveries and services activities, and low contribution of early Global 7500 units as the program continues to progress on its production learning curve, combined with the impact of reshaping a commercial agreement. Reported EBIT of $0.9 billion reflects the accounting gains on disposals of the CRJ and aerostructures businesses.
  • Business aircraft's multi–year backlog totalled $10.7 billion at the end of the year, reflecting higher order activity in the fourth quarter, net of reshaping a commercial agreement reclaiming 12 Global 7500 positions.
    • In December, Bombardier announced a firm order for 10 Challenger 350 aircraft in a transaction valued at $267 million, based on 2020 list prices. The firm commitment from an undisclosed customer represents one of the largest business jet orders of 2020 and underscores the desirability of best–selling Challenger 350 aircraft amid strong interest in business aviation and the enhanced safety it provides.

About Bombardier
Bombardier is a global leader in aviation, creating innovative and game–changing planes. Our products and services provide world–class experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montral, Canada, Bombardier is present in more than 12 countries including its production/engineering sites and its customer support network. The Corporation supports a worldwide fleet of approximately 4,900 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals.

News and information is available at bombardier.com or follow us on Twitter @Bombardier.

Bombardier, Challenger, Challenger 350, Global, Global 7500, Learjet, Learjet 40 and Learjet 45 are trademarks of Bombardier Inc. or its subsidiaries.

For information

Jessica McDonald
Advisor, Media Relations and Public Affairs
Bombardier Inc.
+1 514 861 9481		 Patrick Ghoche
Vice President, Investor Relations
Bombardier Inc.
+1 514 861 5727

Readers are strongly advised to view a more detailed discussion of our results by segment in our Management's Discussion and Analysis and Consolidated financial statements which are posted on our website at ir.bombardier.com.

bps: basis points
nmf: information not meaningful

(1) Non–GAAP financial measures. Refer to the Non–GAAP financial measures and Liquidity and capital resources sections in the MD&A of the Corporation's financial report for the fiscal year ended December 31, 2020 for definitions of these metrics and the Analysis of results section thereafter for reconciliations to the most comparable IFRS measures.
(2) Non–GAAP financial measure. Pro–forma cash and cash equivalents includes cash and cash equivalents at Bombardier Inc. (excluding Transportation) of $1.8 billion as of December 31, 2020 and net proceeds of approximately $3.6 billion from the sale of Bombardier Transportation, which assumes the full monetization of Alstom shares worth approximately $600 million, the release of any cash not immediately available and is before the deployment of proceeds against any debt payment.
(3) Non–GAAP financial measure. Pro–forma net debt is defined as Long–term debt of $10.1 billion less cash and cash equivalents at Bombardier Inc. (excluding Transportation) of $1.8 billion as of December 31, 2020 less net proceeds of approximately $3.6 billion from the sale of Bombardier Transportation, which includes approximately $600 million of Alstom shares.
(4) See the forward–looking statements disclaimer at the end of this press release as well as the guidance and forward–looking statements section in the Overview section in the MD&A of the Corporation's financial report for the fiscal year ended December 31, 2020, for details regarding the assumptions on which the forward–looking statements are based.
(5) Transportation was classified as discontinued operations as of December 31, 2020. As a result, the results of operations have been restated for comparative periods. Refer to Note 31 – Discontinued operations to our Consolidated financial statements for more details.
(6) Includes continuing operations only.
(7) Defined as cash and cash equivalents including cash and cash equivalents from Transportation plus the undrawn amounts under Transportation's revolving credit facility and our senior secured term loan.
(8) Included the firm orders amounting to $1.1 billion from the aerostructures businesses presented under Assets held for sale as of December 31, 2019. Also included 20 firm orders for CRJ900 as of December 31, 2019. The backlog for the CRJ Series aircraft program amounting to $0.4 billion was removed as a result of the closing of the sale of the CRJ Series aircraft program to MHI on June 1, 2020.
(9) On May 31, 2019, the Corporation completed the sale of the Q Series aircraft program assets, including aftermarket operations and assets, to De Havilland Aircraft of Canada Limited (formerly Longview Aircraft Company of Canada Limited). On June 1, 2020, the Corporation completed the sale of the regional jet program to Mitsubishi Heavy Industries, Ltd. (MHI).

CAUTION REGARDING NON–GAAP MEASURES
This press release is based on reported earnings in accordance with IFRS and on the following non–GAAP financial measures:

Non–GAAP financial measures
Adjusted EBIT EBIT excluding special items. Special items comprise items which do not reflect the Corporation's core performance or where their separate presentation will assist users of the consolidated financial statements in understanding the Corporation's results for the period. Such items include, among others, the impact of restructuring charges, impact of business disposals and significant impairment charges and reversals.
Adjusted EBITDA Adjusted EBIT plus amortization and impairment charges on PP&E and intangible assets.
Adjusted net income (loss) Net income (loss) excluding special items, accretion on net retirement benefit obligations, certain net gains and losses arising from changes in measurement of provisions and of financial instruments carried at FVTP&L and the related tax impacts of these items.
Adjusted EPS EPS calculated based on adjusted net income attributable to equity holders of Bombardier Inc., using the treasury stock method, giving effect to the exercise of all dilutive elements.
Free cash flow (usage) Cash flows from operating activities less net additions to PP&E and intangible assets.

Non–GAAP financial measures are mainly derived from the consolidated financial statements but do not have standardized meanings prescribed by IFRS. The exclusion of certain items from non–GAAP performance measures does not imply that these items are necessarily non–recurring. Other entities in our industry may define the above measures differently than we do. In those cases, it may be difficult to compare the performance of those entities to ours based on these similarly–named non–GAAP measures.

Adjusted EBIT, adjusted EBITDA, adjusted net income (loss) and adjusted EPS
Management uses adjusted EBIT, adjusted EBITDA, adjusted net income (loss) and adjusted EPS for purposes of evaluating underlying business performance. Management believes these non–GAAP earnings measures in addition to IFRS measures provide users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. Adjusted EBIT, adjusted EBITDA, adjusted net income (loss) and adjusted EPS exclude items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on these financial measures. Management believes these measures help users of MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Free cash flow (usage)
Free cash flow is defined as cash flows from operating activities less net additions to PP&E and intangible assets. Management believes that this non–GAAP cash flow measure provides investors with an important perspective on the Corporation's generation of cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long–term value creation. This non–GAAP cash flow measure does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity generation.

Reconciliations of non–GAAP financial measures to the most comparable IFRS financial measures are provided in the tables hereafter, except for the following reconciliations:

  • adjusted EBIT to EBIT "" see the Results of operations tables in the reporting segments and Consolidated results of operations section; and
  • free cash flow usage to cash flows from operating activities "" see and the tables below and the Free cash flow usage table in the Liquidity and capital resources section.
Reconciliation of segment to consolidated results
Fourth quarters ended
December 31
 Fiscal years ended
December 31
2020
 2019 (1) 2020
 2019 (1)
Revenues
Aviation $ 2,337 $ 2,413 $ 6,488 $ 7,501
Transportation(1) 2,076 1,793 7,844 8,269
Corporate and Others "" (1 ) (1 ) (13 )
$ 4,413 $ 4,205 $ 14,331 $ 15,757
Reclassification(1) (2,076 ) (1,793 ) (7,844 ) (8,269 )
$ 2,337 $ 2,412 $ 6,487 $ 7,488
Adjusted EBIT(2)
Aviation $ (149 ) $ 143 $ (125 ) $ 531
Transportation(1) (340 ) (234 ) (610 ) 70
Corporate and Others(3) (16 ) 25 (86 ) (131 )
$ (505 ) $ (66 ) $ (821 ) $ 470
Reclassification(1) 340 234 610 (70 )
$ (165 ) $ 168 $ (211 ) $ 400
Special Items
Aviation $ (628 ) $ 49 $ (1,062 ) $ (663 )
Transportation(1) (4 ) 2 8 48
Corporate and Others 30 1,579 (61 ) 1,583
$ (602 ) $ 1,630 $ (1,115 ) $ 968
Reclassification(1) 4 (2 ) (8 ) (48 )
$ (598 ) $ 1,628 $ (1,123 ) $ 920
EBIT
Aviation $ 479 $ 94 $ 937 $ 1,194
Transportation(1) (336 ) (236 ) (618 ) 22
Corporate and Others(3) (46 ) (1,554 ) (25 ) (1,714 )
$ 97 $ (1,696 ) $ 294 $ (498 )
Reclassification(1) 336 236 618 (22 )
$ 433 $ (1,460 ) $ 912 $ (520 )

Reconciliation of adjusted EBITDA to EBIT (4)
Fourth quarters
ended December 31
 Fiscal years
ended December 31
2020 2019 2020 2019
EBIT $ 433 $ (1,460 ) $ 912 $ (520 )
Amortization 164 91 411 283
Impairment charges on PP&E and intangible assets(5) 17 "" 42 1
Special items excluding impairment charges on PP&E and intangible assets(5) (615 ) 1,628 (1,165 ) 920
Adjusted EBITDA $ (1 ) $ 259 $ 200 $ 684

(1) Transportation was classified as discontinued operations as of December 31, 2020. As a result, the results of operations have been restated for comparative periods. Refer to Note 31 – Discontinued operations to our Consolidated financial statements for more details.
(2) Non–GAAP financial measure. Refer to the Non–GAAP financial measures section for a definition of this metric.
(3) Includes share of income from ACLP of $3 million for fiscal year ended December 31, 2020. ($57 million and $37 million for the fourth quarter and fiscal year ended December 31, 2019, respectively. The share of net gains from ACLP in the fourth quarter of 2019 includes certain provision reversals within ACLP amounting to approximately $60 million.) On February 12, 2020, Bombardier transferred its remaining interest in ACLP to Airbus and the Government of Qubec.
(4) Includes continuing operations only.
(5) Refer to the Consolidated results of operations section for details regarding special items.

Reconciliation of adjusted net income (loss) to net loss and computation of adjusted EPS(1)
Fourth quarters ended December 31
2020
 2019
(per share)
 (per share)
Net loss from continuing operations $ (15 ) $ (1,528 )
Adjustments to EBIT related to special items(2) (598 ) $ (0.25 ) 1,628 $ 0.68
Adjustments to net financing expense related to:
Accretion on net retirement benefit obligations 13 0.01 17 $ ""
Net change in provisions arising from changes in interest rates and net loss on certain financial instruments (24 ) (0.01 ) (78 ) (0.03 )
Tax impact of special(2) and other adjusting items 149 0.06 (28 ) (0.01 )
Adjusted net income (loss) (475 ) 11
Preferred share dividends, including taxes 1 (7 )
Adjusted net income (loss) attributable to equity holders of Bombardier Inc. $ (474 ) $ 4
Weighted–average adjusted diluted number of common shares (in thousands) 2,419,541 2,397,868
Adjusted EPS $ (0.20 ) $ 0.00

Reconciliation of adjusted EPS to diluted EPS (in dollars) (1)
Fourth quarters ended December 31
2020
 2019
Diluted EPS from continuing operations $ (0.01 ) $ (0.64 )
Impact of special(2) and other adjusting items (0.19 ) 0.64
Adjusted EPS $ (0.20 ) $ 0.00

Reconciliation of adjusted net loss to net loss and computation of adjusted EPS(1)
Fiscal years ended December 31
2020
 2019
(per share)
 (per share)
Net loss from continuing operations $ (170 ) $ (1,541 )
Adjustments to EBIT related to special items(2) (1,123 ) $ (0.47 ) 920 $ 0.39
Adjustments to net financing expense related to:
Loss on repurchase of long–term debt(2) "" "" 84 0.03
Accretion on net retirement benefit obligations 52 0.02 56 0.02
Net change in provisions arising from changes in interest rates and net loss (gain) on certain financial instruments 159 0.07 (140 ) (0.06 )
Tax impact of special(2) and other adjusting items (33 ) (0.01 ) 215 0.09
Adjusted net loss (1,115 ) (406 )
Preferred share dividends, including taxes (18 ) (21 )
Adjusted net loss attributable to equity holders of Bombardier Inc. $ (1,133 ) $ (427 )
Weighted–average adjusted diluted number of common shares (in thousands) 2,408,209 2,383,987
Adjusted EPS $ (0.47 ) $ (0.18 )

Reconciliation of adjusted EPS to diluted EPS (in dollars)(1)
Fiscal years ended December 31
2020
 2019
Diluted EPS from continuing operations $ (0.08 ) $ (0.65 )
Impact of special(2) and other adjusting items (0.39 ) 0.47
Adjusted EPS $ (0.47 ) $ (0.18 )

(1) Includes continuing operations only.
(2) Refer to the Consolidated results of operations section for details regarding special items.

Reconciliation of free cash flow (usage) (1) to cash flows from operating activities
Fourth quarters
ended December 31
 Fiscal years
ended December 31
2020 2019 2020 2019
Cash flows from operating activities 323 1,073 $ (2,821 ) $ (680 )
Net additions to PP&E and intangible assets (114 ) (121 ) (354 ) (523 )
Free cash flow (usage) (1) $ 209 $ 952 $ (3,175 ) $ (1,203 )

(1) Non–GAAP financial measure. Refer to the Non–GAAP financial measures section for a definition of this metric.

FORWARD–LOOKING STATEMENTS

This press release includes forward–looking statements, which may involve, but are not limited to: statements with respect to our objectives, anticipations and outlook or guidance in respect of various financial and global metrics and sources of contribution thereto, targets, goals, priorities, market and strategies, financial position, financial performance, market position, capabilities, competitive strengths, credit ratings, beliefs, prospects, plans, expectations, anticipations, estimates and intentions; general economic and business outlook, prospects and trends of an industry; customer value; expected demand for products and services; growth strategy; product development, including projected design, characteristics, capacity or performance; expected or scheduled entry–into–service of products and services, orders, deliveries, testing, lead times, certifications and execution of orders in general; competitive position; expectations regarding revenue and backlog mix; the expected impact of the legislative and regulatory environment and legal proceedings; strength of capital profile and balance sheet, creditworthiness, available liquidities and capital resources, expected financial requirements, and ongoing review of strategic and financial alternatives; the introduction of, productivity enhancements, operational efficiencies, cost reduction and restructuring initiatives, and anticipated costs, intended benefits and timing thereof; the anticipated business transition to growth cycle and cash generation; expectations, objectives and strategies regarding debt repayment, refinancing of maturities and interest cost reduction; expectations regarding availability of government assistance programs, compliance with restrictive debt covenants; expectations regarding the declaration and payment of dividends on our preferred shares; intentions and objectives for our programs, assets and operations; and the impact of the COVID–19 pandemic on the foregoing and the effectiveness of plans and measures we have implemented in response thereto; and expectations regarding gradual market and economic recovery in the aftermath of the COVID–19 pandemic. As it relates to the sale of the Transportation business to Alstom, this press release also contains forward–looking statements with respect to the benefits of such transaction, the use of the proceeds derived from the transaction and its impact on our outlook, guidance and targets, operations, infrastructure, opportunities, financial condition, business plan and overall strategy.

Forward–looking statements can generally be identified by the use of forward–looking terminology such as "may", "will", "shall", "can", "expect", "estimate", "intend", "anticipate", "plan", "foresee", "believe", "continue", "maintain" or "align", the negative of these terms, variations of them or similar terminology. Forward–looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of our current objectives, strategic priorities, expectations, outlook and plans, and in obtaining a better understanding of our business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.

By their nature, forward–looking statements require management to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecast results set forth in forward–looking statements. While management considers these assumptions to be reasonable and appropriate based on information currently available, there is risk that they may not be accurate. The assumptions underlying the forward–looking statements made in this press release in relation to the sale of the Transportation business to Alstom discussed herein include the following material assumptions: the realization of the intended benefits from this transaction and the deployment of proceeds towards debt pay down. For additional information, including with respect to other assumptions underlying the forward–looking statements made in this press release, refer to the Guidance and Forward–looking Statements section in the MD&A of our financial report for the fiscal year ended December 31, 2020. Given the impact of the changing circumstances surrounding the COVID–19 pandemic and the related response from the Corporation, governments (federal, provincial and municipal), regulatory authorities, businesses, suppliers, customers, counterparties and third–party service providers, there is inherently more uncertainty associated with the Corporation's assumptions as compared to prior years.

Certain factors that could cause actual results to differ materially from those anticipated in the forward–looking statements include, but are not limited to, risks associated with general economic conditions, risks associated with our business environment (such as risks associated with the financial condition of business aircraft customers; trade policy; increased competition; political instability and force majeure events or global climate change), operational risks (such as risks related to developing new products and services; development of new business ; order backlog; the transition to a pure–play business aviation company; the certification of products and services; the execution of orders; pressures on cash flows and capital expenditures based on seasonality and cyclicality; execution of our strategy, productivity enhancements, operational efficiencies, restructuring and cost reduction initiatives; doing business with partners; product performance warranty and casualty claim losses; regulatory and legal proceedings; environmental, health and safety risks; dependence on certain customers, contracts and suppliers; supply chain risks; human resources; reliance on information systems; reliance on and protection of intellectual property rights; reputation risks; risk management; tax matters; and adequacy of insurance coverage), financing risks (such as risks related to liquidity and access to capital markets; retirement benefit plan risk; exposure to credit risk; substantial debt and interest payment requirements; restrictive debt covenants; reliance on debt management and interest cost reduction strategies; and reliance on government support), market risks (such as foreign currency fluctuations; changing interest rates; increases in commodity prices; and inflation rate fluctuations). For more details, see the Risks and uncertainties section in Other in the MD&A of our financial report for the fiscal year ended December 31, 2020. Any one or more of the foregoing factors may be exacerbated by the ongoing COVID–19 outbreak and may have a significantly more severe impact on the Corporation's business, results of operations and financial condition than in the absence of such outbreak. As a result of the current COVID–19 pandemic, additional factors that could cause actual results to differ materially from those anticipated in the forward–looking statements include, but are not limited to: risks related to the impact and effects of the COVID–19 pandemic on economic conditions and financial markets and the resulting impact on our business, operations, capital resources, liquidity, financial condition, margins, prospects and results; uncertainty regarding the magnitude and length of economic disruption as a result of the COVID–19 outbreak and the resulting effects on the demand environment for our products and services; uncertainty regarding market and economic recovery in the aftermath of the COVID–19 pandemic; emergency measures and restrictions imposed by public health authorities or governments, fiscal and monetary policy responses by governments and financial institutions; disruptions to global supply chain, customers, workforce, counterparties and third–party service providers; further disruptions to operations, orders and deliveries; technology, privacy, cyber security and reputational risks; and other unforeseen adverse events.

Readers are cautioned that the foregoing list of factors that may affect future growth, results and performance is not exhaustive and undue reliance should not be placed on forward–looking statements. Other risks and uncertainties not presently known to us or that we presently believe are not material could also cause actual results or events to differ materially from those expressed or implied in our forward–looking statements. The forward–looking statements set forth herein reflect management's expectations as at the date of this report and are subject to change after such date. Unless otherwise required by applicable securities laws, we expressly disclaim any intention, and assume no obligation to update or revise any forward–looking statements, whether as a result of new information, future events or otherwise. The forward–looking statements contained in this press release are expressly qualified by this cautionary statement.


GLOBENEWSWIRE (Distribution ID 8151534)

Iran’s Static Kitten Cyberespionage Group Actively Attacking Kuwait, UAE

REDWOOD CITY, Calif., Feb. 10, 2021 (GLOBE NEWSWIRE) — Anomali, the leader in intelligence–driven cybersecurity solutions, today announced availability of a new Anomali Threat Research report that details how Iran–backed cyberespionage group Static Kitten is currently conducting a campaign against government agencies in Kuwait, the United Arab Emirates (UAE), and likely the broader Middle East. Among the key findings:

  • Anomali assesses that the Iran–nexus cyberespionage group Static Kitten is likely the threat actor, based on the combination of Israeli geopolitical–themed lures, Ministry of Foreign Affairs (MOFA) references, and the use of specific tactics and techniques in the campaign.
  • Government agencies in the United Arab Emirates (UAE), Kuwait, and likely the broader Middle East are being targeted.
  • Static Kitten is attempting to install a remote management tool called ScreenConnect (acquired by ConnectWise 2015) in target computers.

"The Middle East has long been a flashpoint for cyber and kinetic espionage activities. Organizations that call this part of the world home need to be especially vigilant, as things like growing remote workforces, 5G deployment, and cloud adoption continually expand attack surfaces," said AJ Nash, Sr. Director of Cyber Intelligence Strategy, Anomali. "To remain protected while conducting business in today's cyber landscape, organizations need to have access to intelligence that enables threat analysts to conduct efficient investigations, detect threats, and drive fast response efforts."

For complete research details including IOCs, read: Probable Iranian Cyber Actors (Static Kitten) Conducting Cyberespionage Campaign Targeting UAE and Kuwait Government Agencies

For more information about Iran–backed threat actors, download: Islamic Republic of Iran Cybersecurity Profile from Anomali Threat Research

Twitter: https://twitter.com/Anomali
LinkedIn: https://www.linkedin.com/company/anomali/
Blog: https://www.anomali.com/blog

About Anomali
Anomali is the leader in intelligence–driven cybersecurity. More than 1,500 public and private sector organizations rely on Anomali to see and detect threats more quickly, reduce the risk of security breaches, and improve security operations productivity. Anomali solutions serve customers around the world in nearly every major industry vertical, including many of the Global 2000. As an early threat intelligence innovator, Anomali was founded in 2013 and is backed by leading venture firms including GV, Paladin Capital Group, In–Q–Tel, Institutional Venture Partners, and General Catalyst. Learn more at www.anomali.com.

News Contact
Joe Franscella
news@anomali.com


GLOBENEWSWIRE (Distribution ID 8150975)

Report Urges U.S. and Allies to Recommit to Prevent Nuclear Proliferation

CHICAGO, Feb. 10, 2021 (GLOBE NEWSWIRE) — A new report by a task force chaired by Chuck Hagel, Malcolm Rifkind, and Kevin Rudd and convened by the Chicago Council on Global Affairs, argues fraying American alliances and a rapidly changing security environment have begun to call into question America's nuclear security guarantees and threaten the long–term viability of the 50–year–old nuclear nonproliferation regime. The report offers specific recommendations and a framework to ensure America's allies will continue to feel secure without requiring their own nuclear weapons.

"In the absence of U.S. leadership over the past four years, our allies are asking questions about the credibility of the American nuclear guarantee," said project director Ivo Daalder, former U.S. Ambassador to NATO and president of the Chicago Council on Global Affairs. "A change in administration alone is unlikely to suffice in reestablishing U.S. credibility. The United States must do everything in its power to work with its allies to rebuild confidence in their joint framework for collective defense."

"Recommitting to America's allies requires recommitting to nuclear deterrence," said Hagel, former U.S. Secretary of Defense. "President Biden must reaffirm America's security commitments, reverse decisions that have harmed our relationships, and negotiate fair agreements that will ensure the U.S. can maintain troops in Europe and Asia."

The report, "Preventing Nuclear Proliferation and Reassuring America's Allies," is the product of the Task Force on U.S. Allies and Nuclear Weapons Proliferation, a group of 16 former U.S., European, and Asian foreign and defense ministers and other national security and defense advisers who have been working together for 12 months to develop specific recommendations.

Task force recommendations include:

  • Rebuild U.S. Leadership by reaffirming America's security commitments, raising the importance of nuclear weapons issues in alliances, and building European and Asian defense capabilities.
  • Strengthen European Defense Capabilities by ensuring Europe takes more responsibility for its own defense and security and focuses defense cooperation on real military capabilities. France and Britain should deepen their nuclear cooperation and extend their deterrents to European allies.
  • Coordinate Multilateral Deterrence in Asia with the United States proposing the creation of an Asian Nuclear Planning Group to bring Australia, Japan, and South Korea into the U.S. nuclear planning processes.
  • Expand Multilateral Arms Control with the five Permanent Members of the U.N. Security Council committing to a dialogue on nuclear weapons issues and negotiating nuclear confidence–building and transparency measures, and engaging China in all efforts to multilateralize nuclear arms control.

"While Chinese ambitions are a threat to the security climate, China is an essential part of the conversation," said Rudd, former Prime Minister of Australia. "These first steps could make a significant difference in quelling allies' fears and coordinating deterrence efforts."

"Britain and France have a critical role to play in helping Europe build up the nuclear dimension of its defense and security efforts," said Rifkind, former U.K. Foreign Secretary and Secretary of Defense. "By recognizing European security and vital interests are inextricably linked, the two countries can begin to develop a strong, European–oriented nuclear deterrent capability."

In addition to the cochairs, the task force membership consisted of:

Task Force Members

  • Nobuyasu Abe, former Commissioner, Japan Atomic Energy Commission
  • Carl Bildt, former Swedish Prime Minister and Minister of Foreign Affairs
  • Rick Burt, former U.S. Ambassador to Germany and Chief Negotiator for START
  • Espen Barth Eide, former Norwegian Foreign Minister and Defense Minister
  • Franois Heisbourg, former Chairman, International Institute for Strategic Studies
  • Wolfgang Ischinger, former German State Secretary of Foreign Affairs
  • Nobukatsu Kanehara, former Japanese Deputy National Security Adviser
  • Lee Sanghee, former Korean Minister of Defense and Chairman of Joint Chiefs of Staff
  • Curtis Scaparrotti, former NATO Supreme Allied Commander Europe
  • Radek Sikorski, former Polish Foreign Minister and Defense Minister
  • Sinan lgen, former Turkish Foreign Service Officer
  • Byung–se Yun, former Korean Minister of Foreign Affairs

The task force cochairs and project director are available for interviews upon request. To coordinate, contact media@thechicagocouncil.org.


GLOBENEWSWIRE (Distribution ID 8150882)

REMINDER: Bombardier to Report Fourth Quarter and Full Year 2020 Financial Results on February 11, 2021   

MONTRÉAL, Feb. 10, 2021 (GLOBE NEWSWIRE) — Bombardier (TSX: BBD.B) will publish its financial results for the fourth quarter and full year ended December 31, 2020 on Thursday, February 11, 2021.

On February 11, 2021 at 8:00 a.m., EST, Bombardier will hold a webcast/conference call intended for investors and financial analysts to review the company's financial results for the fourth quarter ended December 31, 2020 and full year 2020 results.

A live webcast of the call and relevant financial charts will be available at http://ir.bombardier.com.

Stakeholders wishing to listen to the presentation and question and answer period by telephone may dial one of the following conference call numbers:

In English: 514–392–1587, passcode: 3221229# or
1–877–395–0279, passcode: 3221229# (toll–free in North America)
+800 4222 8835, passcode: 3221229# (overseas calls)
In French: (with translation) 514–861–1381, passcode: 5935392# or
1–877–695–6175, passcode: 5935392# (toll–free in North America)
+800 4222 8835, passcode: 5935392# (overseas calls)

The replay of this call will be available on Bombardier's website shortly after the end of the webcast.

About Bombardier
Bombardier is a global leader in aviation, creating innovative and game–changing planes. Our products and services provide world–class experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montral, Canada, Bombardier is present in more than 12 countries including its production/engineering sites and its customer support network. The Corporation supports a worldwide fleet of approximately 4,900 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals.

News and information is available at bombardier.com or follow us on Twitter @Bombardier.

Bombardier is a trademark of Bombardier Inc.

For Information

Jessica McDonald
Media Relations and Public Affairs
Bombardier Inc.
+1 514 262 7255


GLOBENEWSWIRE (Distribution ID 8150266)

Nikkiso Clean Energy & Industrial Gases Group’s Pump Unit Acquires Intellectual Property to Manufacture Electric Mechanical Actuators

TEMECULA, Calif., Feb. 10, 2021 (GLOBE NEWSWIRE) — Nikkiso Cryogenic Industries' Clean Energy & Industrial Gases Group (CE&IG), a subsidiary of Nikkiso Co., Ltd (Japan), announces their Pump Unit has acquired the intellectual property (IP) to manufacture and assemble electric–mechanical actuators (EMA) and the associated control panels.

The high force EMA coupled to a cryogenic reciprocating pump eliminates the need for a gearbox and crankcase, which provides a compact layout for vertical submerged pump design. The EMA also provides complete control of the reciprocating pump's piston speed and position, allowing for a wider turndown range, pulsation–free operation for multiple unit arrangements, and enhanced reliability.

CE&IG's Pump Unit's EMA actuated pumps have been in various phases of testing for the last four years including actual operation in a prototype hydrogen fueling station. The EMA actuated reciprocating pump is immediately available for hydrogen applications that require up to 900 Barg discharge pressure. High pressure LNG fuel supply pumps for marine industry applications will be available in the near future.

"This is an exciting next step for our Group and a significant benefit for our customers. CE&IG will now be able to manufacture the complete pump assembly (from cryogenic head to the drive unit) and provide our customers with a complete factory supported solution," according to Peter Wagner, CEO of Cryogenic Industries and President of the Group.

With the IP acquisition, CE&IG's Pump Unit will manufacture and assemble the EMAs at its Nikkiso ACD factory in Santa Ana, California.

ABOUT CRYOGENIC INDUSTRIES
Cryogenic Industries, Inc. (now a member of Nikkiso Co., Ltd.) member companies manufacture engineered cryogenic gas processing equipment and small–scale process plants for the liquefied natural gas (LNG), well services and industrial gas industries. Founded over 50 years ago, Cryogenic Industries is the parent company of ACD, Cosmodyne and Cryoquip and a commonly controlled group of approximately 20 operating entities.

For more information please visit www.cryoind.com and www.nikkiso.com.

MEDIA CONTACT:
Anna Quigley
+1.951.383.3314
aquigley@cryoind.com


GLOBENEWSWIRE (Distribution ID 8150330)

Swift Navigation Raises $50 Million Series C Round to Accelerate Consumer Adoption of Automotive Safety and Precise Navigation Applications Across the Globe

SAN FRANCISCO, Feb. 09, 2021 (GLOBE NEWSWIRE) — Swift Navigation, a San Francisco–based tech firm redefining GNSS (Global Navigation Satellite System) and precise positioning technology for autonomous vehicles, automotive, mobile and mass–market applications, today announced that it has raised a $50 million Series C round of financing led by existing investors Forest Baskett and Greg Papadopoulos of New Enterprise Associates (NEA), existing investor Eclipse Ventures and new investors, including EPIQ Capital Group and KDDI Open Innovation Fund. To date, the company has raised a total of $97.6 million in funding.

Since its Series B round of financing, Swift has delivered a higher performance precise positioning service and expanded its global coverage to meet the needs of an on–demand economy and higher levels of autonomy. Swift's customers across the globe include automotive OEMs, last–mile delivery providers, mobile providers and those building rail, industrial, micromobility and IoT platforms for mass–market applications. Swift plans to use its latest round of funding to scale customer deployments and continue its worldwide expansion.

Swift offers a comprehensive GNSS platform, consisting of the receiver–agnostic Starling software positioning engine that easily integrates with the automotive sensor suite and pulls centimeter–accurate location corrections from Skylark""Swift's wide area, cloud–based GNSS precise positioning service that delivers real–time, secure and highly–available location data across the contiguous U.S., Europe, Japan, South Korea, Australia and a growing number of countries worldwide""to deliver absolute positioning at the continental scale required by today's safety–critical autonomous applications.

The benefits of Swift's precise positioning solution for its varying customer applications abound. Swift's platform enables automotive OEMs to easily integrate precise positioning and high–confidence location features into their latest vehicles. Swift's precision GNSS solutions improve last–mile operations, allowing fleet managers to optimize delivery routes, minimize fuel and operational costs and crowd–source information to reduce delays. Swift's highly accurate positioning technology is easily integrated into leading mobile devices and platforms, enhancing location–driven mobile applications. Swift Navigation's cloud–based architecture allows mobile devices and vehicles to achieve lane–level location accuracy without geographic restrictions and with the utmost privacy and security.

"In the past few years, Swift Navigation has expanded across the globe, offering an ever–expanding service that is scalable to service millions of users," said Greg Papadopoulos, PhD, Venture Partner at NEA. "NEA is delighted to lead this Series C round of financing, which will allow Swift to accelerate customer adoption in automotive safety and autonomy applications."

"We are grateful to have an amazing investor base behind us who support our mission of enabling more efficiency and integrity in navigating the world. It is with their support that we were able to scale our customers' autonomous and navigation applications globally," added Timothy Harris, Co–Founder and CEO of Swift Navigation. "Thank you to NEA, Eclipse, EPIQ and KDDI for sharing our vision of the importance of precision navigation in moving people, packages and vehicles more safely around the globe."

To learn more about how to easily integrate Swift's solutions into your application, visit swiftnav.com or contact sales@swiftnav.com.

ABOUT SWIFT NAVIGATION

Swift Navigation provides precise positioning solutions for automotive, autonomous vehicle, mobile and mass–market applications. What began as the GNSS industry's first low–cost, high–accuracy, real–time kinematic (RTK) receiver has evolved into a Swift Navigation ecosystem of positioning solutions for autonomous applications. From the continental GNSS precise positioning service delivered from the cloud by Skylark, the hardware–independent, integrated software solution that is the Starling positioning engine, to the centimeter–level accurate Piksi Multi and ruggedized Duro and Duro Inertial RTK receivers, Swift Navigation is enabling a future of autonomous vehicles to navigate and understand the world. Learn more online at swiftnav.com, follow Swift on Twitter @Swiftnav

Press Contact:
Swift Navigation
press@swiftnav.com


GLOBENEWSWIRE (Distribution ID 8149200)

IFG Ends Successful IP Infringement Case in South Africa

BAKERSFIELD, Calif., Feb. 09, 2021 (GLOBE NEWSWIRE) — INTERNATIONAL FRUIT GENETICS LLC (IFG) After several years of sometimes acrimonious lawsuits, IFG has finally come to the end of infringement proceedings in which it sought to protect its proprietary grape varietals in the Western Cape, South Africa.

During 2010, IFG concluded a suite of licensing, planting, and marketing agreements with a table grape grower in Paarl, South Africa, as well as other associated farming entities. In terms of the agreements, the grower was licensed to plant, grow and market several IFG grape varieties in South Africa, which was done successfully over several years. However, during an inspection, IFG determined that this grower had unlawfully propagated some of the varietals beyond license limits and was growing and propagating an IFG varietal before protection for the variety was granted in South Africa. Upon further investigation, IFG determined that the grower had stolen a slip of the varietal from one of the IFG founder's vineyards in California while visiting and had transported it to South Africa, where it was grafted, propagated, and commercially grown.

Due to the growers' unlawful conduct, IFG canceled all of the agreements it had with the licensee and asked that the grower to cease all use of IFG's proprietary plant material and destroy all IFG proprietary plant material by cutting off all vines below the graft union. Unfortunately, the grower refused to do so, forcing IFG to take more drastic measures, including the freezing of bank accounts and contempt of court proceedings for failure to comply with the court's orders.

Ultimately, when it became clear to the grower that IFG was taking the necessary steps required to protect their intellectual property, the grower agreed and complied by cutting the vines below the graft union on all IFG varietals.

This case marks a stunning success for IFG and for all owners of plant breeders' rights, which are an extremely valuable form of intellectual property. Respect of these rights allows breeders globally to make the continued investments, ensuring that the table grape industry has a bright and vibrant future.

"It was a long road, and we are glad to come to the end of it, but we have no regrets," said Andy Higgins, CEO of IFG. "Our intellectual property rights are the heart of our business, and we need to protect them. We will not hesitate to take similar action in other parts of the world should there be a need to do so."

For more information, visit www.ifg.world

Media Contact:

Olivia Riley
Bastion Elevate
949–522–0549
olivia@bastionelevate.com


GLOBENEWSWIRE (Distribution ID 8149504)

Nyxoah receives FDA approval for full-body 1.5T and 3T MRI compatibility for the Genio® system to treat Obstructive Sleep Apnea (OSA)

PRESS RELEASE

Nyxoah receives FDA approval for full–body 1.5T and 3T MRI compatibility for the Genio system to treat Obstructive Sleep Apnea (OSA)

Mont–Saint–Guibert, Belgium "" 9th February 2021 "" Nyxoah SA (Euronext: NYXH) ("Nyxoah" or the "Company"), a health–technology company focused on the development and commercialization of innovative solutions and services to treat Obstructive Sleep Apnea (OSA), today announces that the Company has received approval by the Food and Drug Administration (FDA) for the Magnetic Resonance Imaging (MRI) conditional labeling for the Genio neurostimulation–based OSA therapy, currently being evaluated in the DREAM pivotal IDE study.

This revised labeling ensures that patients who receive the Genio system and those already implanted can now undergo full–body 1.5T and 3T MRI diagnostic scans within approved parameters, and access the benefits of Genio unique bilateral stimulation therapy.

The DREAM (Dual–sided Hypoglossal neRvE stimulAtion for the treatMent of Obstructive Sleep Apnea) study is an Investigational Device Exemption (IDE) trial designed to support the marketing authorization of the Genio system in the United States. This is a multicenter study being conducted worldwide including sites in the United States, Germany, Belgium and Australia.

Olivier Taelman, Chief Executive Officer of Nyxoah, commented: "The approval by the Food and Drug Administration (FDA), received only a week after similar CE mark approval in Europe, confirms again the unique and unparalleled design of our technology. With the prevalence of MRI scans in the United States being one of the highest in the world, we are delighted that Nyxoah will be able to fulfil the currently unmet need for full–body 1.5T and 3T MR conditional labeling. Such an extensive labeling is unique to Nyxoah in the field of neurostimulation–based OSA therapies. Currently other therapies cannot fully address this need due to limitations to 1.5T MRI scans and body areas exclusion. As a company, Nyxoah always puts the patient first and seeks to ensure minimal disruption of their daily life and optimal Quality of Life (QOL)."

Prof. B. Tucker Woodson, MD, added: "As the Principal Investigator for the DREAM pivotal IDE study, I'm really pleased with the FDA approval for full–body 1.5T and 3T MRI compatibility for the Genio system. MRI scans are often the preferred diagnostic imaging modality for comorbidities affecting OSA patients. This extensive MRI labeling will be a major benefit for all OSA patients who currently receive the Genio therapy in the United States as part of the DREAM IDE clinical trial, ensuring that they can undergo MRI scans in full safety."

– ENDS –

For further information, please contact:

Nyxoah
Milena Venkova, Corporate Communications Manager
milena.venkova@nyxoah.com
+32 490 11 93 57

About Nyxoah

Nyxoah is a healthtech company focused on the development and commercialization of innovative solutions and services to treat Obstructive Sleep Apnea (OSA). Nyxoah's lead solution is the Genio system, a CE–validated, patient–centered, next generation hypoglossal neurostimulation therapy for OSA, the world's most common sleep disordered breathing condition that is associated with increased mortality risk1 and comorbidities including cardiovascular diseases, depression and stroke.
Following the successful completion of the BLAST OSA study in patients with moderate to severe OSA, the Genio system received its European CE Mark in 2019. The Company is currently conducting the BETTER SLEEP study in Australia and New Zealand for therapy indication expansion, the DREAM IDE pivotal study for FDA approval and a post–marketing EliSA study in Europe to confirm the long–term safety and efficacy of the Genio system.
For more information, please visit www.nyxoah.com.

Caution "" CE marked since 2019. Investigational device in the United States. Limited by U.S. federal law to investigational use in the United States.

1 Young T. et al: Sleep Disordered Breathing and Mortality: Eighteen–Year Follow–up of the Wisconsin Sleep Cohort, Sleep. 2008 Aug 1; 31(8): 1071""1078.

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GLOBENEWSWIRE (Distribution ID 1000455316)