News Hub | News Direct

Transportation

Airlines Automotive Electric Vehicles Logistics Maritime
Article thumbnail News Release

Cooper Standard Announces Date for Release of Fourth Quarter and Full Year 2022 Results, Provides Details for Management Conference Call

Cooper Standard

Cooper-Standard Holdings Inc. (NYSE: CPS) expects to release its financial results for the fourth quarter and full year 2022 on Thursday, February 16 after market close. The Company’s earnings results will be posted to the Cooper Standard website ( http://www.ir.cooperstandard.com ) once released. Cooper Standard will host a conference call on Friday, February 17 at 9 a.m. ET. The Company’s Chairman and Chief Executive Officer Jeffrey Edwards and Chief Financial Officer Jonathan Banas will discuss the financial results, provide a general business update and respond to investor questions. Investors and other interested parties may listen to the call by accessing the online, real-time webcast at https://edge.media-server.com/mmc/p/jqkaw9ec. Those who wish to participate by phone in the live conference, including representatives of the investment community who would like to ask questions during Q&A, will need to pre-register for the call by visiting https://register.vevent.com/register/BI5e9540006e474e22ab2fd8f8bc2ae7d2. Once registration is completed, participants will be provided with a dial-in number and a personalized conference code to access the call. Participants should dial in at least five minutes prior to the start of the call. A replay of the webcast will be available on the investors’ portion of the Cooper Standard website ( http://www.ir.cooperstandard.com ) shortly after the live event. About Cooper Standard Cooper Standard, headquartered in Northville, Mich., with locations in 21 countries, is a leading global supplier of sealing and fluid handling systems and components. Utilizing our materials science and manufacturing expertise, we create innovative and sustainable engineered solutions for diverse transportation and industrial markets. Cooper Standard's approximately 23,000 employees are at the heart of our success, continuously improving our business and surrounding communities. Learn more at www.cooperstandard.com or follow us on Twitter @CooperStandard. ### CPS_F Contact Details Contact for Media Chris Andrews +1 248-596-6217 CAndrews@cooperstandard.com Contact for Analysts Roger Hendriksen +1 248-596-6465 roger.hendriksen@cooperstandard.com Company Website https://www.cooperstandard.com/

January 31, 2023 08:30 AM Eastern Standard Time

Article thumbnail News Release

Volatus Aerospace Completes Acquisition of Empire Drone in New York

Volatus Aerospace Corp.

Volatus Aerospace Corp. (TSXV: VOL) (OTCQB: VLTTF) ("Volatus" or "the Company") is pleased to announce that it has finalized the arms-length acquisition of New York based Empire Drone Company LLC. The acquisition, first announced November 28 th, 2022, provides Volatus with expanded distribution for drone technologies in the American Market and a corresponding increase in gross margin performance for all US sales. “The addition of this company adds approximately $2.3M in trailing proforma revenue with an estimated 7% proforma EBITDA,” said Abhinav Singhvi, Chief Financial Officer for Volatus Aerospace. “The ability to support our US sales with domestic inventory and support is also expected to improve general gross margin, inventory turnover, and make our logistics management more efficient.” Under the terms of the agreement, Volatus will purchase 100% of the company for a cash consideration USD$300,000 on Closing; (ii) issuance of 721,538 common shares at a deemed price of CDN$0.65 per common share on closing; and (iii) subject to certain revenue milestones 12 months after closing, issue up to an additional 721,538 common shares at a deemed floor price of CDN$0.65 per common share or 30 days VWAP on first anniversary from closing, whichever is higher. Volatus Aerospace distributes products and services in Canada under the Volatus Aerospace, OmniView Tech, MVT Geo-solutions, Canadian Air National, and Synergy Aviation brands; in the USA under the Volatus Aerospace USA, ConnexiCore, and Empire Drone Brands; in South America under the Volatus Aerospace LATAM brands; and in European Markets under the Volatus Aerospace UK, and iRed Remote Sensing brands. *Non-IFRS measure. Earnings before interest, taxes, depreciation and amortization ("EBITDA") should not be construed as alternatives to comprehensive loss or income determined in accordance with IFRS. EBITDA does not have any standardized meaning under IFRS and, therefore, may not be comparable to similar measures presented by other issuers. The Company defines EBITDA as IFRS net loss excluding interest expense, depreciation and amortization expense. The Company believes that EBITDA is a meaningful financial metric as it measures cash generated from operations which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. About Volatus Aerospace: Volatus Aerospace Corp. is a leading provider of integrated drone solutions throughout North America and growing into Latin America and globally. Volatus serves civil, public safety, and defense markets with imaging and inspection, security and surveillance, equipment sales and support, training, as well as R&D, design, and manufacturing. Through our subsidiary, Volatus Aviation, we are introducing green and innovative drone solutions to supplement and replace traditional aircraft and helicopters for long-linear inspections such as pipeline, energy, rail, and cargo services. Volatus is committed to carbon neutrality; the fostering of a safe, equitable and inclusive workplace; and responsible governance. Forward-Looking Information This news release contains statements that constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Often, but not always, forward-looking information and forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the foregoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes information regarding: (i) the business plans and expectations of the Company; and (ii) expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial, and economic data and operating plans, strategies, or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information and forward-looking statements reflect the Company’s current beliefs and is based on information currently available to it and on assumptions it believes to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: the commercialization of drone flights beyond visual line of sight and potential benefits to the Company; and meeting the continued listing requirements of the TSXV. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. The forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. Source: Volatus Aerospace Corp. TSXV: VOL Contact Details Abhinav Singhvi +1 514-447-7986 abhinav.singhvi@volatusaerospace.com Company Website https://volatusaerospace.com

January 31, 2023 07:43 AM Eastern Standard Time

Image
Article thumbnail News Release

Cooper Standard Announces Successful Completion of Previously Announced Refinancing Transactions

Cooper Standard

Cooper-Standard Holdings Inc. (NYSE: CPS) (“CPS”) today announced the completion by CPS’s wholly owned subsidiary, Cooper-Standard Automotive Inc. (the “Issuer”), of its previously announced refinancing transactions (the “Refinancing Transactions”), including: the issuance (the “Concurrent Notes Offering”) of $580.0 million aggregate principal amount of the Issuer’s new 13.50% Cash Pay / PIK Toggle Senior Secured First Lien Notes due 2027 (the “New First Lien Notes”) (including approximately $61.7 million of New First Lien Notes issued pursuant to the commitments by the backstop commitment parties); the exchange (the “Exchange Offer”) of approximately $357.4 million of the Issuer’s existing 5.625% Senior Notes due 2026 (the “2026 Senior Notes”), representing 89.36% of the aggregate outstanding principal amount of the 2026 Senior Notes, for the same principal amount of the Issuer’s new 5.625% Cash Pay / 10.625% PIK Toggle Senior Secured Third Lien Notes due 2027 (the “New Third Lien Notes,” and together with the New First Lien Notes, the “New Notes”); the effectiveness of a supplemental indenture to the indenture governing the 2026 Senior Notes, which removes substantially all of the covenants, certain events of default and certain other provisions contained in the 2026 Senior Notes and the indenture governing the 2026 Senior Notes and releases and discharges the guarantee of the 2026 Senior Notes by CPS; the effectiveness of the previously announced amendment of the Issuer’s Third Amended and Restated Loan Agreement; the repayment of all of approximately $319.6 million outstanding under the Issuer’s existing senior term loan facility; and the redemption of all $250.0 million of the Issuer’s existing 13.000% Senior Secured Notes due 2024. Goldman Sachs & Co. LLC acted as dealer manager in connection with the Exchange Offer and as financial advisor to CPS and the Issuer in connection with the Refinancing Transactions. Simpson Thacher & Bartlett LLP acted as legal counsel to CPS and the Issuer in connection with the Refinancing Transactions. Houlihan Lokey Capital, Inc. acted as financial advisor and Willkie Farr & Gallagher LLP acted as legal advisor to the backstop commitment parties. This communication is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security and does not constitute an offer, solicitation or sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Concurrent Notes Offering and the Exchange Offer were made, and the New Notes were offered and issued, pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), only (a) in the United States to holders of 2026 Senior Notes who are “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) and (b) outside the United States to holders of 2026 Senior Notes who are persons other than U.S. persons. Forward Looking Statements This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor created thereby. Our use of words “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “believe,” “outlook,” “guidance,” “forecast,” or future or conditional verbs, such as “will,” “should,” “could,” “would,” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, we cannot assure you that these expectations, beliefs and projections will be achieved. Forward-looking statements are not guarantees of future performance and are subject to significant risks and uncertainties that may cause actual results or achievements to be materially different from the future results or achievements expressed or implied by the forward-looking statements. Among other items, such factors may include: Impacts, including commodity cost increases and disruptions, related to the war in Ukraine and the ongoing COVID-19 pandemic; our ability to offset the adverse impact of higher commodity and other costs through negotiations with our customers; the impact, and expected continued impact, of the COVID-19 outbreak on our financial condition and results of operations; significant risks to our liquidity presented by the COVID-19 pandemic risk; prolonged or material contractions in automotive sales and production volumes; our inability to realize sales represented by awarded business; escalating pricing pressures; loss of large customers or significant platforms; our ability to successfully compete in the automotive parts industry; availability and increasing volatility in costs of manufactured components and raw materials; disruption in our supply base; competitive threats and commercial risks associated with our diversification strategy through our Advanced Technology Group; possible variability of our working capital requirements; risks associated with our international operations, including changes in laws, regulations, and policies governing the terms of foreign trade such as increased trade restrictions and tariffs; foreign currency exchange rate fluctuations; our ability to control the operations of our joint ventures for our sole benefit; our substantial amount of indebtedness and variable rates of interest; our ability to refinance our indebtedness and obtain adequate financing sources in the future; operating and financial restrictions imposed on us under our debt instruments; the underfunding of our pension plans; significant changes in discount rates and the actual return on pension assets; effectiveness of continuous improvement programs and other cost savings plans; manufacturing facility closings or consolidation; our ability to execute new program launches; our ability to meet customers’ needs for new and improved products; the possibility that our acquisitions and divestitures may not be successful; product liability, warranty and recall claims brought against us; laws and regulations, including environmental, health and safety laws and regulations; legal and regulatory proceedings, claims or investigations against us; work stoppages or other labor disruptions; the ability of our intellectual property to withstand legal challenges; cyber-attacks, data privacy concerns, other disruptions in, or the inability to implement upgrades to, our information technology systems; the possible volatility of our annual effective tax rate; the possibility of a failure to maintain effective controls and procedures; the possibility of future impairment charges to our goodwill and long-lived assets; our ability to identify, attract, develop and retain a skilled, engaged and diverse workforce; our ability to procure insurance at reasonable rates; and our dependence on our subsidiaries for cash to satisfy our obligations; and other risks and uncertainties, including those detailed from time to time in periodic reports filed by CPS with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements. Our forward-looking statements speak only as of the date of this press release and we undertake no obligation to publicly update or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except where we are expressly required to do so by law. Contact Details Contact for Analysts: Roger Hendriksen +1 248-596-6465 roger.hendriksen@cooperstandard.com Contact for Media: Chris Andrews +1 248-596-6217 candrews@cooperstandard.com Company Website https://www.cooperstandard.com/

January 30, 2023 08:30 AM Eastern Standard Time

Article thumbnail News Release

Surge Battery Metals: This Mining Company Has Some Exciting Announcements

Surge Battery Metals

By Johnny Rice, Benzinga Greg Reimer, President & CEO of Surge Battery Materials Inc. (TSX-V: NILI) (OTC Pink: NILIF), was recently interviewed by Benzinga. Surge Battery Materials is an ESG-mandated mining company focused on battery metals that will advance the adoption of electric vehicles (EVs). The company says it is at the forefront of a new era of mining. The company has recently received exciting results from test sites in Nevada. These results may indicate a “significant commercial discovery.” Watch the full interview here: This article was originally published on Benzinga here. Surge Battery Metals Inc. is a Canadian based exploration company focused on locating and developing high value deposits of clean energy battery metals that are vital to the rapidly growing electric vehicle (EV) market. This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice. Contact Details Investor Relations info@surgebatterymetals.com Company Website https://surgebatterymetals.com

January 27, 2023 08:30 AM Eastern Standard Time

Video
Article thumbnail News Release

IQST – iQSTEL Reminds Shareholders To Get Their Votes In Before Annual Meeting Next Week On January 31, 2023

iQSTEL Inc.

McapMediaWire - iQSTEL, Inc. (OTCQX: IQST ) today issued a reminder to all shareholders to vote in advance of the upcoming annual shareholder meeting scheduled for January 31, 2023, at 11 am (EDT). iQSTEL’s 2022 operational performance was the best ever in the company’s history having exceeded its $90 million revenue forecast and reaching profitability an entire quarter ahead of schedule. Management expects 2023 to be even better despite challenging economic indicators and wants to hear shareholders thoughts on how the company can further bolster itself against economic conditions and stretch itself to go even further. FY-2023 OBJECTIVES: About the Company: Estimated FY-2023 revenue forecast of $105 Million. Estimated FY-2023 year-end consolidated positive net income of over $1 million. The Telecom Division, Internet of Things (IoT) Business Line, Fintech Division, and Electric Vehicle Division will establish revenue and profit by year end. The Telecom Business will be reorganized and rebranded for easy customer recall. The company will release a new Fintech product with more features this year. The company will also discontinue its plan to implement a buy/sell crypto functionality in light of current crypto exchange market conditions. Our Electric Vehicle division will perform a rebranding with plans to manufacture two batches of motorcycles for EU and USA this year. The company M&A campaign will continue targeting opportunities to rapidly increases revenue and profit. About the Stock Market: The upcoming annual shareholder meeting will emphasize our commitment to engaging shareholders in an ever-closer relationship. The company will continue its dual listing efforts in order to gain attention for more international investors. At the same time, we will keep the preparations for a Nasdaq up-listing once market conditions improve and can potentially facilitate an organic increase in iQSTEL’s share price to meet minimum listing standards. These objectives are challenging but the Company, Independent Board of Directors, Management, and Employees are ready and focus on the achievement of them. Management is encouraging shareholder activism and invites shareholders to introduce any other business to be brought before the annual meeting for consideration. Shareholders are now able to cast their proxy votes in advance of the annual shareholder meeting scheduled for January 31, 2023, at 11 am (EDT). For more information visit www.iqstel.com/investors. An email and printed proxy cards have been sent to all shareholders of record with instructions on how to vote online or by mail. If you did not receive an email or post mail with the voting instructions and believe you have, please email investors@iqstel.com. The company has filed a Definitive Proxy Statement for shareholders to elect directors and ratify the company’s independent registered public accounting firm. The Proxy also facilitates the introduction of any other business to be brought before the annual meeting for consideration. About iQSTEL Inc.: iQSTEL Inc. (OTCQX: IQST) ( www.iQSTEL.com ) is a US-based publicly listed company holding an Independent Board of Directors and Audit Committee with a presence in 19 countries and 70 employees offering leading-edge services through its four business lines. The Telecom Division (www.iqstelecom.com), which represents the majority of current operations, offers VoIP, SMS, proprietary Internet of Things (IoT) solutions, and international fiber-optic connectivity through its subsidiaries: Etelix, SwissLink, Smartbiz, Whisl, IoT Labs, and QGlobal SMS. The Fintech business line ( www.globalmoneyone.com ) ( www.maxmo.vip ) offers a complete Fintech ecosystem MasterCard Debit Card, US Bank Account (No SSN Needed), Mobile App/Wallet (Remittances, Mobile Top Up). Our Fintech subsidiary, Global Money One, is to provide immigrants access to reliable financial services that make it easier to manage their money and stay connected with their families back home. The BlockChain Platform Business Line ( www.itsbchain.com ) offers our proprietary Mobile Number Portability Application (MNPA) to serve the in-country portability needs through its subsidiary, itsBchain. The Electric Vehicle (EV) Business Line ( www.evoss.net ) offers electric motorcycles to work and have fun in the USA, Spain, Portugal, Panama, Colombia, and Venezuela. EVOSS is also working on the development of an EV Mid Speed Car to serve the niche of the 2nd car in the family. Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other information relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates, and projections about our business based partly on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may and are likely to differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release, and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release. This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. iQSTEL Inc. IR US Phone: 646-740-0907 IR Email: investors@iqstel.com Contact Details iQSTEL Inc. Leandro Iglesias +1 646-740-0907 investors@iqstel.com Company Website https://www.iqstel.com/

January 26, 2023 09:40 AM Eastern Standard Time

Article thumbnail News Release

America Is Behind In The Electric Vehicle Race - Here’s A Company Hoping To Change That

Eli Electric Vehicles

By Faith Ashmore, Benzinga Interested in investing in Eli Electric’s campaign? Click here to get started. While the global electric vehicle (EV) market is flourishing, the U.S. is trailing behind. In 2021, EVs made up approximately 14% of all new vehicles sold in Europe, and in China, EVs made up 9% of all sales. In some European countries, like Norway, EV sales make up well over 50% of cars sold. Comparatively, EVs only accounted for 4% of cars sold in the U.S. in 2021. There are a lot of contributing factors to why U.S. consumers are slower to adopt EV technology. Historically, relaxed U.S. regulation has led to lower gas prices in the states compared to countries across the Atlantic; in Europe, EVs can be looked at as an economically and environmentally-friendly purchase, an opinion that is relatively less common in the U.S. The U.S. is more dependent on vehicles than other western countries because of the relative lack of accessible and ample public transportation, even in some of the country's largest metropolitan areas. Then, there is the cultural attachment and loyalty to bigger vehicles. In the U.S., where preference is sometimes not based on purpose, 75% of truck owners in the U.S. use their truck for towing one time a year or less and 35% of truck owners use the bed of their trucks once a year or never. However, despite the U.S. showing less interest in the EV market than its European and Asian counterparts, the market is still growing. Even more interesting are projections for the micro-electric vehicle market. A micro vehicle is the smallest size of car available with three or four wheels and a smaller engine. Many micro vehicles are electric. Nearly 70% of the global population is projected to live in cities by 2050. While pickup trucks can be great for rural areas, there is a need for smaller cars and cars designed specifically for cities. In the U.S., 50% of daily trips are under 3 miles and 75% of all car trips are under 10 miles. Cities are where micro vehicles are taking off. The micro electric vehicle market is projected to reach $22.11 billion in 2029 with a compound annual growth rate of 12.7% between 2022-2029. In 2021, the industry was worth $8.32 billion. There is a growing demand for cars that fit one or two people and are designed for trips under 10 miles. The U.S. government is also making a more concerted effort to encourage EV expansion. President Joe Biden’s administration’s goal is to have 50% of all vehicles be electric by 2050 and is taking action to increase the amount of charging stations to 500,000 by 2030. The EV market in the U.S. likely needs innovators in the industry to shift public opinion toward EV enthusiasm. A Unique EV Model Specifically Designed For Cities Los Angeles-based company Eli Electric Vehicles has created a unique EV model designed specifically for cities, Eli ZERO. Eli ZERO is a neighborhood electric vehicle (NEV) and can be driven on any street in the U.S. with a speed limit of 35mph and lower. In cities like New York City, the Eli ZERO can be driven on 90% of the streets. The Eli ZERO model is less than half the size and 3 to 10x more energy efficient than a conventional car, according to the company. Their car starts at $11,999 and has a battery with a range of 45 to 90 miles. It is designed with cities and consumer needs in mind. The Eli ZERO reimagines micro vehicles by focusing on creating a vehicle that drastically reduces emissions while decongesting cities and communities. Eli Electric says it is already having success in European markets with more than 20 dealers and 3 distributors. The company has been certified street legal in the U.S. and is excited to expand its vision to a growing market. Eli Electric has the capacity to grow and currently has a partnership with OEM manufacturers allowing it to potentially produce over 15,000 units per year. The company is currently hosting another round of crowdfund raising to help meet the surging market and to expand sales in the U.S. It has a history of successful grassroots campaigning – the company has nearly 3,000 investors on board and during its first fundraising push, it raised $11 million and used the funds to produce Eli ZERO and launch sales in Europe. With the investment it is looking for, Eli Electric could be positioned to be a leader in the European and North American markets it operates in. Click here to read more about Eli Electric’s raise and how to invest. This article was originally published on Benzinga here. Eli Electric Vehicles is reimagining personal vehicles by creating advanced, efficient and affordable micro-EVs for daily short trips. Headquartered in California and Beijing, Eli aims to be the leader in electric transportation for short-range and high frequency trips. It’s flagship micro-EV, Eli ZERO, is a next generation personal vehicle that empowers riders to reconnect with their neighborhood and cities and ultimately reduce the congestion, inefficiency and pollution caused by oversized highway cars. This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice. Contact Details Tim Zheng tim@eli.world Company Website https://www.eli.world/

January 26, 2023 08:30 AM Eastern Standard Time

Article thumbnail News Release

Travel Technology Association Files Comments with DoT Supporting Transparency & Consumer Protections

Travel Tech

The Travel Technology Association (Travel Tech), the voice of the travel technology industry and consistent advocate for public policy that supports a competitive and transparent marketplace, filed comments today in response to the Department of Transportation’s (DOT) Notice of Proposed Rulemaking (NPRM) on “ Enhancing Transparency of Airline Ancillary Service Fees ” (DOT-OST-2022-0109). “Travel Tech has long supported the U.S. Department of Transportation’s efforts to ensure consumers have access to critical ancillary fee information. We did so in 2014 and are doing so again in 2023,” stated Laura Chadwick, President & CEO of the Travel Technology Association. “For too long, consumers have lacked the consistent ability to know the true cost of different flight options.” In its comments, Travel Tech addresses how ancillary fee information should be provided to ticket agents. In its proposed rule, the DOT seeks to omit global distribution systems from receiving mandatory ancillary fee data from airlines. “Travel Tech strongly recommends that ancillary fee data be shared with all channels that distribute fare and schedule information,” Chadwick continued. “It is the most simple and direct way to solve the issue of ancillary fee transparency for consumers.” Travel Tech also filed a petition today requesting a hearing on DOT’s proposed requirement to display the critical ancillary fee information on the first page of online search results. Travel Tech addresses this matter in its comments. “Our members are the leading innovators in creating consumer-friendly online travel information sites. We are deeply concerned about the DOT’s first-page search results requirements included in the proposed regulation. These rules, if adopted as written, will clutter and confuse the online air travel shopping experience for consumers. This is especially true for travel comparison sites that display multiple airlines’ schedules and fares,” said Chadwick. “In our comments and hearing petition, we argue that the Department should not displace ticket agents’ well-established expertise with a government-regulated website design mandate. Ticket agents should have the flexibility to design appropriate displays of ancillary fees and develop innovative new methods for consumers as well,” Chadwick continued. ### About Travel Tech The Travel Technology Association (Travel Tech) is the voice of the travel technology industry, advocating for public policy that promotes transparency and competition in the marketplace to encourage innovation and preserve consumer choice. Travel Tech represents the leading innovators in travel technology, including global distribution systems, online travel agencies and metasearch companies, travel management companies, and short-term rental platforms. To schedule an interview with a Travel Tech spokesperson, contact Dan Rene of kglobal at 202-329-8357 or daniel.rene@kglobal.com. Contact Details Travel Technology Association Dan Rene +1 202-329-8357 daniel.rene@kglobal.com Company Website https://www.traveltech.org.

January 24, 2023 10:00 AM Eastern Standard Time

Article thumbnail News Release

Agora Data Attains SOC 2 Compliance Certification, Also Meets FTC Safeguards Rule for Protecting Customer Information

Agora

Agora Data, Inc., received a compliance certification with the American Institute of Certified Public Accountants (AICPA’s) System and Organization Controls (SOC) 2. Agora Data’s SOC 2 Type II standard for information security was certified by an independent, trusted third party CPA firm on January 13, 2023. The SOC 2 compliance certification is an industry-recognized designation that further reinforces Agora Data’s ongoing commitment to automotive dealer customers, vendors, partners, and personnel connected to Agora Data’s systems. Agora Data met the rigorous and high industry standards set by the AICPA for information security to receive the SOC 2 Type II designation. “Agora Data has always prioritized the importance of protecting customer information. The SOC 2 certification is an industry gold standard for security for technology companies that work with sensitive information,” said Chad Stilwell, Chief Technology Officer, Agora Data. “This accomplishment further validates the security measures we’ve already put in place to protect our infrastructure and is one of many best-in-class initiatives the company has implemented to optimize business security and performance for all stakeholders.” SOC 2 is an auditing measure that ensures service providers securely manage user data and requires a clean audit to receive certification. Compliance of SOC 2 Type II covers multiple categories for operational effectiveness including: Information and systems are protected against unauthorized access, unauthorized disclosure of information, and damage to systems that could compromise the availability, processing integrity, confidentiality, and privacy of information or systems and affect the entity’s ability to achieve its objectives. Audit controls are in place such as system and security monitoring, employee onboarding and termination processes, background check on all employees, data encryption in transit and at rest, multi-factor authentication, segregation of duties, and ongoing risk assessments. Agora Data’s SOC 2 compliance goes beyond the requirements of the Gramm-Leach-Bliley Act, a congressional law known as the Safeguards Rule overseen by the Federal Trade Commission (FTC). The Safeguards Rule requires financial institutions – companies that offer financial products or services like loans, financial or investment advice, or insurance – to explain their information-sharing practices to safeguard sensitive data, including personally identifiable information. Under the 2021 amendment to the Act, or Safeguards Rule, U.S. auto dealers are required to undertake a series of procedural, technical, and contractual steps to protect customer and other personal data. The requirements must be in place by June 9, 2023. Information to help auto dealers understand their obligations under the Safeguards Rule can be found on the National Automotive Dealers Association website at this link. Agora Data is a fintech company transforming automotive financing for U.S. auto dealers offering in-house financing for non-prime customers. The company provides auto dealers with access to ample, affordable capital with precision loan performance data and analytics. Agora Data, Inc. Agora Data, Inc., an automotive industry fintech, is the nation’s leading resource for auto dealers and finance companies. Auto loan originators can secure affordable capital to build their own non-prime captive finance solution, obtain actionable loan performance data to improve their lending portfolios, and use other products to grow their business safely. Powered by patent pending technology, originators can access real-time data analytics and planning resources to help optimize the performance of their portfolios. Agora Data made history by closing the first-ever crowdsourced non-prime auto securitization in 2020 and continually brings groundbreaking products to an underserved market. For more information, visit www.agoradata.com or contact us at 1-877-592-4672. # # # Contact Details Shelly Vandeven +1 682-282-4130 media@agoradata.com Company Website https://agoradata.com/

January 24, 2023 09:06 AM Eastern Standard Time

Article thumbnail News Release

CARNOW, VINCUE ANNOUNCE STRATEGIC PARTNERSHIP TO REVOLUTIONIZE VEHICLE BUYING EXPERIENCE

DealerCue Automotive Corp.

Today, CarNow and VINCUE announced a new, long-term partnership that will significantly impact the automotive industry. The collaboration combines VINCUE’s powerhouse next-gen inventory management platform capabilities with CarNow’s award-winning Real-Time Retail™ platform. As part of the partnership, CarNow will leverage VINCUE Competitive Pricing & Appraisal comprehensive data with CarNow’s Real-Time Retail platform. VINCUE gains access to CarNow’s advanced messaging capabilities, which will further enhance the user experience on the VINCUE dealer website platform. “With technology playing an increasingly vital role in every aspect of business, VINCUE recognized we could accelerate the development of our digital solution with the right partner,” explained Chris Hoke, VINCUE Founder, Chief Executive Officer, and Chief Technology Officer. “We’ve brought together deep skills in business and technology strategy, product ideation, as well as technology development and deployment to help support dealers and their customers across the country.” “The decision to partner with VINCUE was an easy one, as it provided functionality that our dealer partners have been asking for,” said Tim Cox, Co-Founder and Chief Evangelist for CarNow. “This is more than two companies simply integrating products. Our combined values, goals, and strategies are uniquely aligned and we believe this strategic partnership empowers us both to drive far more business impact for our dealers and their customers.” By virtually connecting the two companies, CarNow and VINCUE will be better prepared to address the evolving needs of the market. CarNow customers will benefit from learning their vehicle’s Highest Authentic Value ™ by tapping into the VINCUE database, which indexes more than 40,000 dealer websites on a daily basis. Those who use VINCUE to power their websites will now have the ability to engage with leads in real-time. The ability to instantaneously engage with shoppers at their point of interest, including on their own terms, platform, and device, is proven to increase the opportunity of sale and generate more profits. Leaders at both companies are determined to make the car buying and selling experience easier for dealers and their customers. This integration helps both companies get that much closer to that goal and continues to push others in the automotive industry toward further innovation. Teams from both CarNow and VINCUE will be in Dallas later this week for the National Automotive Dealers Association (NADA) Convention, which is positioned as the top retail automotive event of the year. An average of 10,000 dealerships, including 65% of the Top 150 are expected to be in attendance. About CarNow CarNow is a market leader in digital retailing solutions for the automotive industry. CarNow creates frictionless, real-time enterprise software solutions to facilitate the transaction between dealers and consumers. Through CarNow’s solutions, shoppers receive enhanced virtual showroom services and live support at any time, from anywhere, and on any device. About VINCUE VINCUE is transforming the retail automotive software industry by providing dealers with new, innovative end-to-end inventory lifecycle management and market pricing solutions. This gives dealers access to real-time data and tools in a single system to stock smarter, increase turn, compete effectively, and above all else — maximize profits. Contact Details Chief Marketing Officer Angela Rizzo +1 913-200-3301 angelarizzo@dealercue.com Lou Laste +1 678-492-2737 lou.laste@yahoo.com Company Website https://vincue.com/

January 24, 2023 08:00 AM Eastern Standard Time

1 ... 3637383940 ... 106