Day: June 16, 2021

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Japan And UAE Reinforce Trade Ties As Official Country Partner For ADIPEC 2021

ABU DHABI, UAE, June 16, 2021 /PRNewswire/ — Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) is proud to announce Japan’s Ministry of Economy, Trade and Industry (METI) as its latest sponsor and official Country Partner of the 2021 edition of the event.

Japan is the UAE’s top trade partner globally, with Japanese investments and advanced technologies playing a key role in supporting the UAE’s development, especially in advanced technology, energy transition, aviation and healthcare.

The partnership between ADIPEC, which is hosted by the Abu Dhabi National Oil Company (ADNOC), and METI supports bilateral trade ties and solidifies Japan and the UAE’s partnership to develop technologies that reduce carbon emissions. This theme will be an integral part of ADIPEC 2021.

The partnership comes after His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, and H.E. Kajiyama Hiroshi, Japan Minister of Economy, Trade and Industry (METI), met virtually to discuss new opportunities for strategic cooperation between the UAE and Japan. UAE and Japan agreed to cooperate on fuel ammonia and carbon recycling technologies during the virtual business meeting. Ammonia will play an important role in enabling the hydrogen economy in the future and can serve as a hydrogen carrier and zero-emission fuel.

Japan is ADNOC’s largest international importer of oil and gas products with approximately 25% of its crude oil imported from the UAE. The total value of non-oil trade between the UAE and Japan reached AED481.34 billion ($130.8 billion) over the past ten years from 2009 to 2019.

ADIPEC looks forward to welcoming METI live and in-person in Abu Dhabi from 15 – 18 November for the 2021 edition of the show, which marks a special occasion as celebrations will commence for 50 years of the UAE and ADNOC.

METI’s decision to partner with ADIPEC underscores the role that the event plays in uniting the global oil, gas and energy ecosystem and showcasing the opportunities that unlock new value in an evolving energy landscape.

Notes to editor:

About ADIPEC

Held under the patronage of the President of the United Arab Emirates, His Highness Sheikh Khalifa Bin Zayed Al Nahyan, and organised by the Global Energy division of dmg events, ADIPEC is the global meeting point for oil, gas and energy professionals. Standing as one of the world’s top energy events, and the largest in the world, ADIPEC is a knowledge-sharing platform that enables industry experts to exchange ideas and information that shape the future of the energy sector. The 37th year of ADIPEC will be hosted by the Abu Dhabi National Oil Company (ADNOC) and supported by the UAE Ministry of Energy and Infrastructure, Masdar, the Abu Dhabi Chamber, the Abu Dhabi Department of Culture and Tourism, Abu Dhabi Ports and the Department of Education and Knowledge.

To find out more about ADIPEC 2021 visit: www.adipec.com.

About dmg events

dmg events is a leading organiser of conferences, exhibitions and provider of information services and industry platforms. We keep businesses informed and connected through our live events and digital platforms.

dmg events organises more than 80 events across 25 countries, attracting over 700,000 in person attendees and delegates every year. dmg events has a global database of over 3m contacts enabling the industries we serve to remain connected, engaged and thrive. The company’s portfolio of products includes many industry-leading events in the energy, construction, hospitality and design, coatings and transportation sectors.

To find out more about dmg events visit: www.dmgevents.com.

About ADNOC 

ADNOC is one of the world’s leading diversified energy and petrochemicals groups. Based in Abu Dhabi, ADNOC is a primary catalyst for the UAE’s growth and diversification.

For further information on ADNOC visit: www.adnoc.ae.

Logo – https://mma.prnewswire.com/media/1176492/ADIPEC_Logo.jpg

For more information, please contact:
jenniferdrury@dmgevents.com
+971 (0) 2 444 4909

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Nikkiso Cryogenic Services Announces Asas Aljood (Saudi Arabia) to Become the Authorized Service Provider

TEMECULA, Calif., June 16, 2021 (GLOBE NEWSWIRE) — Nikkiso Cryogenic Industries’ Clean Energy & Industrial Gases Group (“Group”), a subsidiary of Nikkiso Co., Ltd (Japan), is proud to announce they have signed an agreement for Asas Aljood to become the Authorized Service Provider for Nikkiso Cryogenic Services (NCS) in the Kingdom of Saudi Arabia.

With the growth of the Middle East market, this agreement allows the Group to extend their regional presence for the industrial gases, hydrogen, natural gas processing and petrochemical industries. Beginning July 1, 2021, Asas Aljood will utilize their local workshops to offer aftermarket service and support for both pumps and turbo expanders including packaging, repairs, spare parts and field service.

Based in Dammam, Asas Aljood will serve to strengthen our existing regional presence in addition to the Group’s Middle East operation in Sharjah (UAE).

“The newly formed partnership with Nikkiso and Asas Aljood gives us strong regional presence in Saudi Arabia and strengthens our ability to better serve the Middle East markets,” according to Jim Estes, President, Nikkiso Cryogenic Services. “I am looking forward to continuing to provide Nikkiso’s customers top quality service and support by eliminating costly downtime to their operations and processes.”

Asas Aljood is a leading provider of support and maintenance services in the oil & gas, petrochemical and energy industries, among others.

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.nikkisoCEIG.com and www.nikkiso.com.

MEDIA CONTACT:

Anna Quigley
+1.951.383.3314
aquigley@cryoind.com

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LeddarTech Congratulates the MILLA Group’s Debut of Their Autonomous POD Equipped With the Leddar Pixell at Two Major June Events, Including the French Grand Prix 2021 F1 Race

MILLA Group Introduces Their Autonomous Shuttle Equipped With the Leddar Pixell LiDAR at Two Major June Events.

MILLA Group has selected LeddarTech sensing solutions as a critical contributor to the autonomous enablement of the MILLA POD, adopting the Leddar™ Pixell 3D solid-state LiDAR.

QUEBEC CITY, June 16, 2021 (GLOBE NEWSWIRE) — LeddarTech®, a global leader in Level 1-5 ADAS and AD sensing technology, is pleased to announce that its customer, France-based MILLA Group, has selected LeddarTech sensing solutions as a critical contributor to the autonomous enablement of the MILLA POD. MILLA has adopted LeddarTech’s award-winning 3D solid-state LiDAR, Leddar™ Pixell, for its 180-degree field of view and highly reliable object detection capabilities.

The MILLA Group, located in France, develops and markets an autonomous electric shuttle. MILLA is a leader in mobility and an essential resource for all public and private organizations wishing to implement an adapted, efficient, and sustainable mobility solution. MILLA will feature their fully autonomous electric POD vehicles, equipped with the Leddar Pixell, at two major June events in France.

June 16-19 VIVA Technology Conference in Paris, France

MILLA will showcase its fully autonomous POD shuttle at the world-renowned VIVA Technology Conference. This prestigious event involves representation from 125 countries. This year will feature such esteemed speakers as Tim Cook, CEO of Apple and Mark Zuckerberg, CEO of Facebook, and include the participation of over 13,000 startups.

June 17-20 Grand Prix de France de Formule 1 / Smart and Sustainable Mobility at Le Castellet, France

The MILLA fully autonomous POD will take center stage at the Smart & Sustainable Mobility event organized on-site at the French Grand Prix Formula 1 race, one of the world’s most popular sporting events. The MILLA POD will demonstrate its world-class technology and innovative approach to enhanced safety. The POD will operate fully autonomously without an onboard safety driver. Utilizing various sensors, including the Leddar Pixell, the POD creates a virtual safety and security bubble. Unlike many other autonomous shuttles, the MILLA POD will be supervised remotely by a monitoring engineer who can intervene and take control of the vehicle if needed. This innovative safety redundancy system is being further developed and will soon be available to enable one person to monitor up to 10 PODs at any one time. MILLA engineers have pioneered a significant step towards even greater safety technology that accelerates consumer confidence in the adoption of fully autonomous vehicles.

“I congratulate the MILLA Group on their participation in these prestigious events,” stated LeddarTech’s CEO, Charles Boulanger. “LeddarTech is honored to have contributed to their sensor suite by having our Leddar Pixell selected by the MILLA Group. The MILLA Group is committed to the safety and welfare of passengers and vulnerable road users, and LeddarTech shares their commitment. This recognition for safety first was also recognized by the RATP Group, a State-owned public transport operator present in 13 countries and on 4 continents, tasked with evaluating and qualifying autonomous public vehicles. The RATP reported that the operating systems of the MILLA POD, which included the Leddar Pixell, meet the stringent qualification requirements,” concluded Mr. Boulanger.

“The MILLA Group is proud of the innovative approach we have taken in the development of our autonomous vehicles,” stated MILLA Group’s President Frédéric Mathis. “The decision to engage with LeddarTech has enabled us to have full confidence in the ability of our MILLA PODs to operate safely and efficiently,” Mr. Mathis continued. “It is a tremendous opportunity for our company and a testament to our technology to have the opportunity to demonstrate our PODs at Grand Prix de France de Formule 1 / Smart and Sustainable Mobility and to present our technology at VIVA Technology Conference,” concluded Mr. Mathis.

About MILLA Group

MILLA Group is a leading independent French company of engineers specialized in the design, development, fabrication, and experimentation of new mobility products and services. MILLA’s new mobility concept provides a sustainable, modular, scalable, and adaptable transporting service accessible to everyone. Since 2019, MILLA’s shuttles have been rolling daily on open roads at the speed of 30 km/h in autonomous mode, a unique service on Earth. Today MILLA is the only mobility provider proposing on-demand and multi-modal transportation solutions (people and goods) for rural and peri-urban zones. The technologies implemented by MILLA Group have significant impacts also on the automotive industry. Major world-leading companies use MILLA’s services, such as robotization and automation of vehicles and their experimentation on open roads. www.millagroup.fr/

Contact: Éric Gendarme, Managing Director, MILLA Group, eric.g@milla.net

About LeddarTech

LeddarTech is a leader in environmental sensing platforms for autonomous vehicles and advanced driver assistance systems. Founded in 2007, LeddarTech has evolved to become a comprehensive end-to-end environmental sensing company by enabling customers to solve critical sensing and perception challenges across the entire value chain of the automotive and mobility market segments. With its LeddarVision™ sensor-fusion and perception platform and its cost-effective, scalable, and versatile LiDAR development solution for automotive-grade solid-state LiDARs based on the LeddarEngine™, LeddarTech enables Tier 1-2 automotive system integrators to develop full-stack sensing solutions for autonomy level 1 to 5. These solutions are actively deployed in autonomous shuttles, trucks, buses, delivery vehicles, smart cities/factories, and robotaxi applications. The company is responsible for several innovations in cutting-edge automotive and mobility remote-sensing applications, with over 95 patented technologies (granted or pending) enhancing ADAS and autonomous driving capabilities.

Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter, Facebook, and YouTube.

Contact:
Daniel Aitken, Vice-President, Global Marketing, Communications, and Product Management, LeddarTech Inc.
Tel.: + 1-418-653-9000 ext. 232
daniel.aitken@leddartech.com

Leddar, LeddarTech, LeddarSteer, LeddarEngine, LeddarVision, LeddarSP, LeddarCore, VAYADrive, VayaVision, and related logos are trademarks or registered trademarks of LeddarTech Inc. and its subsidiaries. All other brands, product names, and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/407e36d4-3e07-4f71-9bf4-c5daf605a7b6

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Atradius survey: 60% of all B2B invoices in the UAE are late in payment

Over half of businesses also report an increase in administrative costs associated with management of accounts receivable, mainly on assessing and monitoring customer credit risk.

HONG KONG SAR – Media OutReach – 16 June 2021 – According to the results of the latest “Payment Practices Barometer” survey conducted in Asia by Atradius, 60% of the B2B invoices on credit in the United Arab Emirates (UAE) were not settled on time, which is significantly higher than the 50% average for Asia as a whole. On average, it took businesses 40 days to collect payment from overdue invoices. More importantly, 8% of the B2B invoices in the UAE were write-offs, up considerably from 1% in last year’s survey results.

Over half (52%) of businesses also reported an increase in administrative costs associated with the management of accounts receivable, mostly spent on maintaining a credit department dedicated to assessing and monitoring customer credit risk.

The survey also revealed that the value of sales through open credit in the UAE dropped year-on-year, from 64% to 50%, which may reflect a contraction in sales amid the pandemic. However, more businesses polled in the UAE (37%) than in other markets across Asia (26%) increased the frequency of using open credit. Encouraging repeat business and winning new customers are the two most common reasons for the use of open credit, highlighting the pivotal role that this practice plays in enabling trade.

Looking ahead, compared with Asia (37%) overall, far more businesses polled in the UAE (53%) believe that their Days Sales Outstanding (DSO), the average number of days to collect payment for credit sales, will deteriorate over the coming months.

Respondents indicated that the greatest challenges to business profitability in 2021 will be maintaining adequate cash flow (29%), followed by falling demand for products and services (20%) and the containment of costs (16%). Despite these concerns, half of businesses surveyed in the UAE are optimistic about an improvement in their business performance over the next 12 months. Twice as many respondents in the UAE (32%) as in Asia (15%) believe this anticipated improvement will be mainly due to increased exports, which may reflect the UAE being one of the world’s most dynamic markets in export trade.

“The optimism among surveyed UAE businesses on their performance may reflect future opportunities in the UAE’s credit sale market, as the economy is supported by one of the world’s highest COVID-19 vaccination rates as of late May. However, expectations of a rapid rebound may be fragile amid valid concerns about challenges to business profitability. Under these circumstances, businesses in the UAE should assess how to strengthen their credit management processes to be more comprehensive and efficient. In particular, businesses should frequently adjust payment terms to reflect varying credit risk profiles and ensure effective invoice collection,” said Schuyler D’Souza, Managing Director Middle East at Atradius.

Atradius conducted the survey in the second quarter of 2021, collecting responses from 1,200 businesses across Asian markets including the UAE, China, Hong Kong, Indonesia, Singapore and Taiwan.

Download the full report here: https://atradius.com.hk/en/publications/payment-practices-barometer-uae-2021-dso-upward-trend-worries-businesses.html

About Atradius

Atradius is a global provider of credit insurance, surety and collection services, with a strategic presence in over 50 countries. The credit insurance, bond and collection products offered by Atradius protect companies around the world against the default risks associated with selling goods and services on credit. Atradius is a member of Grupo Catalana Occidente (GCO.MC), one of the largest insurers in Spain and one of the largest credit insurers in the world. You can find more information online at www.atradius.com.hk

Connect with Atradius on Social Media

Twitter 

https://twitter.com/atradius

LinkedIn

https://linkedin.com/company/atradiusasia

YouTube 

https://www.youtube.com/user/atradiusgroup

For further information: 

Sylvia Wong

Regional Marketing Manager – Asia

Phone: +852-3657-0810

E-mail: sylvia.wong@atradius.com

www.atradius.com.hk

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ReShape Lifesciences Completes Merger with Obalon Therapeutics

Shares of ReShape Lifesciences to commence trading on The Nasdaq Capital Market on June 16, 2021 under ticker symbol “RSLS”

Combination creates opportunity for ReShape to expand portfolio of FDA approved weight loss solutions and reimbursed virtual care services

SAN CLEMENTE, CA / ACCESSWIRE / June 16, 2021 / ReShape Lifesciences Inc. (NASDAQ:RSLS), a global weight-loss solutions leader, today announced the completion of the previously announced merger with Obalon Therapeutics. In connection with the merger’s closing, Obalon changed its name to ReShape Lifesciences Inc. and the combined company’s common stock will begin trading under the ticker symbol “RSLS” on The Nasdaq Capital Market beginning on June 16, 2021.

“As a Nasdaq listed company, ReShape is poised to take advantage of the numerous benefits that accompany this new status, including the opportunity to increase shareholder value and expand visibility in the broader investment community. Completing and reaching this significant milestone represents a pivotal moment in our company’s lifecycle,” said Bart Bandy, President and Chief Executive Officer of ReShape Lifesciences.

Mr. Bandy continued, “The completion of this merger strengthens our ability to focus on our growth priorities, including our global commercial operations, the integration from this transaction and our internal technologies in development. We are now more confident than ever in ReShape’s ability to be a premier and diversified leader in the physician led weight loss industry, dedicated to helping more patients achieve a better quality of life through safe, effective and accessible medical treatment.”

Leadership Structure

With the closing of the merger, the Board of Directors of the combined company consists of the five current members of the Board of Directors of ReShape and the executive officers of the combined company will be the current executive officers of ReShape.

Financial Terms and Advisory Details

Following the completion of the merger, ReShape stockholders and Obalon stockholders own 51% and 49% of the combined company’s outstanding common stock respectively.

Maxim Group LLC acted as the financial advisor for ReShape and Fox Rothschild LLP acted as legal counsel for ReShape. Canaccord Genuity Group Inc. acted as the financial advisor for Obalon and Latham & Watkins LLP acted as legal counsel to Obalon.

About ReShape Lifesciences Inc.

ReShape Lifesciences is America’s premier weight-loss solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. The FDA-approved Lap-Band® program provides minimally invasive, long-term treatment of obesity and is an alternative to more invasive surgical stapling procedures such as the gastric bypass or sleeve gastrectomy. The ReShape Vest™ System is an investigational (outside the U.S.) minimally invasive, laparoscopically implanted medical device that wraps around the stomach, emulating the gastric volume reduction effect of conventional weight-loss surgery. It helps enable rapid weight loss in obese and morbidly obese patients without permanently changing patient anatomy. The recently launched ReShapeCare™ Virtual health coaching program is a virtual telehealth weight management program that supports lifestyle changes for all weight-loss patients, to help them keep the weight off over time.

Forward-Looking Safe Harbor Statement:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by the use of words such as “expect,” “plan,” “anticipate,” “could,” “may,” “intend,” “will,” “continue,” “future,” other words of similar meaning and the use of future dates. Forward-looking statements in this press release include statements about the benefits of the merger, including the opportunity to increase shareholder value and expand visibility in the investment community. These forward-looking statements are based on the current expectations of our management and involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the failure to integrate the businesses and realize synergies and cost-savings from the merger or delay in realization thereof; operating costs and business disruption following the merger; transaction costs; actual or contingent liabilities; the adequacy of the combined company’s capital resources; other business effects, including the effects of industry, economic or political conditions outside of ReShape’s control; and the risks identified under the heading “Risk Factors” in ReShape’s Annual Report on Form 10-K, which was filed with the SEC on March 11, 2021, and Obalon’s Annual Report on Form 10-K, filed with the SEC on March 12, 2021, as well as both companies’ subsequent Quarterly Reports on Form 10-Q and other information filed by each company with the SEC. These and additional risks and uncertainties are described more fully in ReShape’s and Obalon’s filings with the SEC. We are providing this information as of the date of this press release and do not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise, except as required by law.

Company Contact:
Thomas Stankovich
Chief Financial Officer
ReShape Lifesciences Inc.
949-276-6042
tstankovich@ReShapeLifesci.com

Investor Contacts:
James Salierno/Daniel Kontoh-Boateng
Vice President
The Ruth Group
646-536-7028/7019
jsalierno@theruthgroup.com
dboateng@theruthgroup.com

SOURCE: ReShape Lifesciences Inc.

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Call for applications for the 2nd season of Viet Solutions – a contest for digital products/solutions by Viettel

HANOI, Vietnam, June 16, 2021 /PRNewswire/ — Vietnam’s Ministry of Information and Communications (MIC) and Viettel Group announces the second season of Viet Solutions – a contest to find products/solutions to accelerate the digital transformation progress. Interested parties can submit their application on the contest’s official website www.vietsolutions.net.vn until 15/8/2021.

Call for applications for the 2nd season of Viet Solutions - a contest for digital products/solutions by Viettel

With the goal of “Synergize to create digital societies”, the contest targets individuals, organizations worldwide that have products, solutions that in 10 fields: mobile application; healthcare; education; finance-banking; agriculture; transport and logistics; energy; resources and environment; manufacturing; corporate management. This year, Vietnam’s MIC and Viettel are searching for solutions to specific problems which are listed on the contest’s official website.

In this season, Viet Solutions also accepts business ideas and increases the prize pool three-fold. The winner will receive 300 million VND (12,000 USD), two 2nd runner-ups 200 million (8,500 USD), two 3rd runner-ups 150 million (6,400 USD).

All contestants qualified for the main event will have the opportunity to enter a partnership with Viettel that has a profit-sharing term of up to 75%. Contestants will also be trained in essential skills by professors of top economic universities, angel investors, and CEOs of top companies.

Vice Minister of MIC, Nguyen Huy Dung said: “There are many problems that need just the right idea to solve. This is the overarching idea of the current season of Viet Solutions”.

Viettel’s CEO, Mr. Le Dang Dzung said: “The incubator model of three parties, government, corporates, startups generates huge synergetic power. The MIC creates legal corridors. Viettel has a large market worldwide that allows contestants that provide new solutions, products environment to grow. The startup community will provide creative products, solutions to help to solve the issue set by the ministry and are suitable for businesses in the market. This model of collaboration will help Vietnam accelerate its digital transformation progress.”

Viet Solutions is an annual contest to find creative solutions that help to solve the current problem in society, contribute to the country’s digital transformation plan. After two seasons, there have been 554 applications submitted, total revenue from partnerships amounts to 20 billion VND (870,000 USD).

In the previous season, the contest chose three winners: Mismart – using UAV to monitor crop health; Map4D – a Vietnamese map platform and CyRada – a cloud and web security solution.

Application

  • Deadline: Sunday, 15 August 2021 ICT.
  • Information about eligibility etc. can be found on Viet Solutions website: http://vietsolutions.net.vn
  • All applications must be done via the Viet Solutions website.

Photo – https://mma.prnewswire.com/media/1533477/VS2021_01.jpg