Connect with us

Technology

QualTek Announces Fourth Quarter and Annual 2021 Financial Results

Published

on

– Full year 2021 results include revenue of $612.2 million and adjusted EBITDA of $60.0 million

– Reported 24-month backlog at the end of Q4 2021 was $2.1 Billion, an increase of 22.0% over year end 2020

– Fourth quarter 2021 results include revenue of $147.1 million and adjusted EBITDA of $4.0 million

– Successfully completed four acquisitions and added significant new contract awards 

BLUE BELL, Pa., March 31, 2022 /PRNewswire/ — QualTek Services Inc. (“QualTek” or the “Company”) (NASDAQ: QTEK), a leading turnkey provider of infrastructure services to the North American 5G wireless, telecom, power grid modernization, and renewable energy sectors, announced today a strong 2021 fourth quarter and full-year financial results of its subsidiary QualTek HoldCo, LLC.

For the Fourth Quarter:

Fourth quarter 2021 revenue was up 11.0% to $147.1 million, compared to $132.4 million for the fourth quarter of 2020. Net loss from continuing operations for the fourth quarter 2021 was $81.1 million compared to net loss from continuing operations of $56.3 million in the fourth quarter of 2020.  Excluding one-time impairment of goodwill, Net loss from continuing operations for the fourth quarter 2021 was $28.6 million compared to a net loss from continuing operations of $27.5 million in the fourth quarter of 2020.  Fourth quarter 2021 adjusted EBITDA was $4.0 million compared to a loss of $13.5 million for the fourth quarter of 2020.  Backlog at the end of the fourth quarter was $2.1 billion which is a 22% increase over the fourth quarter 2020. 

For the Full Year:

Full year 2021 revenue was $612.2 million, a decline of 6.7% from $656.5 million for the full year 2020. Net loss from continuing operations for 2021 was $101.6 million compared to net loss from continuing operations of $94.2 million in 2020.  Excluding one-time impairment of goodwill, Net loss from continuing operations for 2021 improved to $49.1 million compared to a net loss from continuing operations of $65.4 million in 2020.  Full year 2021 adjusted EBITDA increased 356.9% to $60.0 million, compared to $13.1 million for the full year 2020. The increase in adjusted EBITDA was driven primarily by margin improvement initiatives across both the Telecom and Renewables & Recovery segments. On a pro-forma basis, assuming the recently closed acquisitions had been owned for the full year ending December 31, 2021, QualTek estimates adjusted EBITDA would be approximately 72.0 million. For the full year 2022, guidance remains unchanged.

As QualTek has indicated in the past, strong industry tailwinds including grid modernization and infrastructure improvements along with the C-band spectrum deployment are expected to drive major 5G infrastructure buildouts and provide significant growth opportunities across the business. The company is also seeing reductions in COVID-19 health and safety protocols in key regions allowing for a return to pre-covid scale and efficiency. QualTek expects continued growth in both segments during 2022 and beyond.

Scott Hisey, QualTek’s Chief Executive Officer, said, “2021 was a critical year for the company.  We successfully closed our SPAC transaction creating over $80 million of additional liquidity to allow us to execute on our strategic growth plan.  Full year 2021 adjusted EBITDA grew to $60.0 million, a $47 million increase from 2020. QualTek remains on a path to be a significant industry player across the telecommunications and power industries. We successfully grew our rolling two-year backlog by 22% to $2.1 billion during the year. This growth is a testament to our strong performance and our customer’s reliance on QualTek to play a critical role in building out 5G networks and participating in the long-term grid modernization initiatives. We are very excited for the future of QualTek.”

Management will hold a conference call to discuss these results on Friday, April 1, 2022, at 9:00 a.m. Eastern Time. The call-in number for the conference call is 1 (888) 330 – 2454 or 1 (240) 789 – 2714 using passcode 2965812. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company’s website at qualtekservices.com.

The following tables set forth the financial results for the periods ended December 31, 2021 and 2020:

BCP QUALTEK HOLDCO, LLC

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except per unit information)

For the Years Ended December 31,

2021

2020

Revenue

$                       612,241

$                        656,524

Costs and expenses:

Cost of revenues

502,688

597,583

General and administrative

50,994

47,049

Transaction expenses

3,826

988

Loss on legal settlement

2,600

Change in fair value of contingent consideration

(4,780)

(7,081)

Impairment of goodwill

52,487

28,802

Depreciation and amortization

53,675

46,475

Total costs and expenses

661,490

713,816

Loss from operations

(49,249)

(57,292)

Other income (expense):

Gain on sale/ disposal of property and equipment

587

729

Interest expense

(50,477)

(37,659)

Loss on extinguishment of convertible notes

(2,436)

Total other expense

(52,326)

(36,930)

Loss from continuing operations

(101,575)

(94,222)

Loss from discontinued operations

(8,851)

(3,865)

Net loss

(110,426)

(98,087)

Other comprehensive income (loss):

Foreign currency translation adjustments

111

239

Comprehensive loss

$                      (110,315)

$                        (97,848)

Earnings per unit:

Basic earnings per unit from continuing operations

$                         (47.24)

$                          (48.61)

Basic earnings per unit from discontinued operations

(4.05)

(1.93)

Basic earnings per unit from net loss

$                         (51.29)

$                          (50.54)

Basic weighted average common units outstanding

2,184,696

2,005,824

 

BCP QUALTEK HOLDCO, LLC

CONSOLIDATED BALANCE SHEETS

(in thousands, except unit information)

December 31, 

2021

2020

Assets

Current assets

226,523

192,223

Property and equipment, net

50,682

33,794

Intangible assets, net

364,174

345,816

Goodwill

28,723

58,522

Other long-term assets

1,657

1,241

Non-current assets of discontinued operations

9,272

Total assets

$                      671,759

$                     640,868

Liabilities and (Deficit) / Equity

Current liabilities

$                      130,533

$                     139,231

Current portion of long-term debt and capital lease obligations

127,375

27,249

Current portion of contingent consideration

9,299

9,968

Capital lease obligations, net of current portion

19,851

15,959

Long-term debt, net of current portion and deferred financing fees

418,813

397,464

Contingent consideration, net of current portion

21,457

8,161

Distributions payable

11,409

11,409

Non-current liabilities of discontinued operations

1,793

Total (deficit) / equity

(66,978)

29,634

Total liabilities and equity

$                      671,759

$                     640,868

 

BCP QUALTEK HOLDCO, LLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

For the Years Ended December 31,

2021

2020

Net cash (used in) provided by operating activities

$                            (17,942)

$                              13,457

Net cash used in investing activities

(43,532)

(3,963)

Net cash provided by (used in) financing activities

63,373

(9,712)

Effect of foreign currency exchange rate (translation) on cash

83

59

Net increase (decrease) in cash 

1,982

(159)

Cash:

Beginning of year

169

328

End of year

$                                2,151

$                                   169

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(in thousands)

For the Years Ended
December 31,

Revenue:

2021

2020

Telecom

$           498,221

$          587,614

Renewables and Recovery Logistics

114,020

68,910

Total consolidated revenue 

$           612,241

$          656,524

For the Years Ended
December 31,

Adjusted EBITDA Reconciliation:

2021

2020

Telecom adjusted EBITDA

$            32,542

$             2,409

Renewables and Recovery Logistics adjusted EBITDA

44,869

28,943

Corporate adjusted EBITDA

(17,376)

(18,213)

Total adjusted EBITDA

$            60,035

$           13,139

Less:

Management fees

(889)

(518)

Transaction expenses

(3,826)

(988)

Loss on legal settlement

(2,600)

Change in fair value of contingent consideration

4,780

7,081

Impairment of goodwill

(52,487)

(28,802)

Depreciation and amortization

(53,675)

(46,475)

Interest expense

(50,477)

(37,659)

Loss on extinguishment of convertible notes

(2,436)

Loss from continuing operations

$         (101,575)

$          (94,222)

The following tables set forth the financial results for the three-month periods ended December 31, 2021 and 2020:

BCP QUALTEK HOLDCO, LLC

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except per unit information)

(unaudited)

For the Three Months Ended December 31,

2021

2020

Revenue

$                          147,057

$                          132,444

Costs and expenses:

Cost of revenues

130,192

134,823

General and administrative

13,032

11,389

Transaction expenses

951

421

Loss on legal settlement

2,600

Change in fair value of contingent consideration

(236)

(7,081)

Impairment of goodwill

52,487

28,802

Depreciation and amortization

14,539

11,714

Total costs and expenses

213,565

180,068

Loss from operations

(66,508)

(47,624)

Other income (expense):

Gain on sale/ disposal of property and equipment

73

153

Interest expense

(14,699)

(8,835)

Total other expense

(14,626)

(8,682)

Loss from continuing operations

(81,134)

(56,306)

Loss from discontinued operations

(737)

(2,157)

Net loss

(81,871)

(58,463)

Other comprehensive income (loss):

Foreign currency translation adjustments

36

483

Comprehensive loss

$                           (81,835)

$                           (57,980)

Earnings per unit:

Basic earnings per unit from continuing operations

$                             (36.49)

$                             (28.46)

Basic earnings per unit from discontinued operations

(0.33)

(1.08)

Basic earnings per unit from net loss

$                             (36.82)

$                             (29.54)

Basic weighted average common units outstanding

2,223,554

2,005,824

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(in thousands)

(unaudited)

For the Three Months Ended
December 31,

Revenue:

2021

2020

Telecom

$           138,201

$          118,885

Renewables and Recovery Logistics

8,856

13,559

Total consolidated revenue 

$           147,057

$          132,444

For the Three Months Ended
December 31,

Adjusted EBITDA Reconciliation:

2021

2020

Telecom adjusted EBITDA

$              5,635

$          (13,619)

Renewables and Recovery Logistics adjusted EBITDA

2,688

4,716

Corporate adjusted EBITDA

(4,279)

(4,585)

Total adjusted EBITDA

$              4,044

$          (13,488)

Less:

Management fees

(138)

(127)

Transaction expenses

(951)

(421)

Loss on legal settlement

(2,600)

Change in fair value of contingent consideration

236

7,081

Impairment of goodwill

(52,487)

(28,802)

Depreciation and amortization

(14,539)

(11,714)

Interest expense

(14,699)

(8,835)

Loss from continuing operations

$           (81,134)

$          (56,306)

About QualTek

Founded in 2012, QualTek is a leading technology-driven provider of infrastructure services to the 5G wireless, telecom, power grid modernization, and renewable energy sectors across North America. QualTek has a national footprint with more than 80 operation centers across the U.S. and a workforce of over 5,000 people. QualTek has established a nationwide operating network to enable quick responses to customer demands as well as proprietary technology infrastructure for advanced reporting and invoicing. The Company will report within two operating segments: Telecommunications and Renewables and Recovery. For more information, please visit qualtekservices.com.

Forward Looking Statements

This communication contains forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements about the financial condition, results of operations, earnings outlook and prospects of QualTek. Forward-looking statements are typically identified by words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements are based on the current expectations of the management of QualTek and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made with the SEC by QualTek.

Should one or more of the risks or uncertainties materialize or should any of the assumptions made by the management of QualTek prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.

All pro forma numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

All subsequent written and oral forward-looking statements concerning the matters addressed in this communication and attributable to QualTek or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this communication. Except to the extent required by applicable law or regulation, QualTek undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this communication to reflect the occurrence of unanticipated events.

Media Contact:

QualTek IR/Communications
Gianna Lucchesi
PR@qualtekservices.com
(484) 804 – 4585

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/qualtek-announces-fourth-quarter-and-annual-2021-financial-results-301515380.html

SOURCE QualTek Services Inc.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Procare Solutions Celebrates 2024 Milestones with Key Achievements in Growth and Innovation

Published

on

By

DENVER, Dec. 30, 2024 /PRNewswire/ — Procare Solutions, a leader in child care management software, achieved several noteworthy milestones in our mission to help ensure the care, safety and education of children. These include many new product enhancements, partnerships and the addition of professional development training.

This year’s highlights include:

Updates to our digital curriculum that include earning approvals in several states ensuring compliance and ease of use for early childhood educators nationwideMobile app enhancements including new photo reactions and improved messaging to enhance staff communication, as well as new advanced registration features with custom forms and lead management to streamline administrative tasksIntegrations with our partners to help child care centers grow enrollment and improve their educational offerings, ensuring better outcomes for children and familiesThe acquisition of Bertelsen Education expanding Procare to include continuing education training for early childhood education and Head Start child care providers

“Our belief that every child deserves the best possible start is at the heart of everything we do,” said Procare Solutions CEO JoAnn Kintzel. “Each of these developments reflects our commitment to delivering robust, user-friendly solutions that support child care providers in achieving their goals.”

Supporting Early Childhood Education (ECE) Curriculum

Helping centers improve the education of young learners has always been, and continues to be, a top priority of Procare Solutions.

Our 2024 Child Care Management Software Industry Trends Report found that about 30% of survey respondents said each teacher spends between three and five hours a week doing lesson planning and a similar percentage noted their centers create their own curriculum.

Procare Early Learning powered by Learning Beyond Paper, an all-digital curriculum designed for ECE that is embedded into Procare, was updated and gained approval in several states. Aligning with state-approved ECE curriculum is essential for securing grant funding and providing high-quality education.

In the newest version, the hands-on, play-based activities got a boost by intentionally integrating them across multiple developmental domains and incrementally increasing their complexity throughout the year. And it also includes similar activities across various age groups to better support mixed-age classrooms.

Learning supports were enhanced to assist diverse learners, including guided lesson support videos for teachers. These videos show the step-by-step implementation of each activity focusing on elevating quality with teacher-child interactions and serve as a virtual mentor and coach for teachers.

Making ECE Professional Development Simpler

The Procare Solutions 2024 trends report also found that nearly one-third of respondents need more professional development for teachers and staff.

Through the acquisition of Bertelsen Education, a leader in professional development training, ECE providers using Procare gained access to professional development and continuing education courses.

By adding Bertelsen Education’s training courses, which are accredited in all 50 states, we continue to build on our comprehensive suite of solutions designed to support child care centers in delivering excellent early childhood education.

Improving Learning in Child Care Classrooms While Helping Grow Enrollment

ECE teachers in child care centers using Procare also can benefit from educational videos from MarcoPolo Learning, the award-winning global developer of educational products and instructional resources. In 2024, MarcoPolo Learning’s comprehensive library of developmentally appropriate short videos, educator guides and activities became available in Procare, making it easier for educators to incorporate the resources into their lesson plans.

And a new partnership with Lakeshore Learning, a leading developer and retailer of educational materials, supports child care providers by offering them access to high-quality educational materials at discounted rates.

Procare customers have access to a dedicated Lakeshore Learning eStore with hundreds of curated educational materials and resources specifically tailored for early childhood programs with a discount and free shipping.

Also in 2024, a new integration between Procare Solutions and IntelliKid Systems, a leading provider of child care enrollment and marketing software, offered a suite of marketing tools to connect time-strapped early childhood education centers with families searching for high-quality child care.

With Procare and IntelliKid Systems, the entire enrollment lifecycle is handled with ease, from inquiry to registration and everything in between.

This partnership adds marketing automation to the suite of robust enrollment tools already offered in Procare that include waitlist management, electronic documents and the Lead Insights dashboard that shows how effective a center is at converting prospective customers.

Using Technology to Help Child Care Leaders and Families

The Procare child care mobile app has long been a staple for communication between child care center staff and families. And in 2024, it added some fun too – families can now add an emoji reaction to photos posted to their child’s daily activity feed and staff users can view the reactions to see how their work is being recognized! The app got its own round of applause, finishing the year with a 4.9 out of 5-star rating in the Apple store.

Messaging features for child care center staff got a boost – staff can send and receive messages via Procare or text messages. The option to send text alerts allows administrators to communicate with staff members without a Procare account. These messages are sent as a text message to a staff member’s mobile device.

And Procare’s all-new registration and lead management solution allows centers to create multiple registration forms with unique fields and requirements, giving more freedom to customize registration for different purposes. On top of that, leads can now be reviewed ahead of time, with opportunities to identify and merge any potential duplicates. 

Recognition for Our Work

Procare Solutions CEO JoAnn Kintzel was named to the list of Calibre One’s 2024 ranking of the top 25 women leaders in U.S. private equity-backed software, the second year in a row she achieved this award. She also received the 2024 ASU+GSV Power of Women Award.

Tammie Hogan, our chief customer officer, made the Top 25 Women Chief Customer Officers of 2024, Women We Admire.

And we are proud to once again be honored with a Built In 2024 Best Places to Work Award. This annual awards program includes companies of all sizes, from startups to those in the enterprise, and honors both remote-first employers as well as companies in large tech markets across the U.S.

Procare Solutions was featured in the Software Advice FrontRunners report for Daycare Software category this year. The recognition underscores the value that Procare provides to users. Additional product awards we received include:

GetApp Category Leaders 2024Software Advice Front Runners 2024Capterra Short List for Daycare Software 2024SourceForge Fall Leader 2024G2 Fall Leader 2024

About Procare Solutions:

For over 30 years, Procare Solutions has been dedicated to empowering early childhood educators by providing products and services that enable them to focus on the care, safety and education of children.

We recognize the responsibility that comes with nurturing and educating children, which is why our child care management solutions are designed to automate business processes, help ensure safety and compliance, communicate with families and provide educational resources and training to help teachers and children thrive.

Over 40,000 satisfied customers have chosen Procare Solutions as their trusted partner in providing exceptional care for young minds.

For more information, visit ProcareSolutions.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/procare-solutions-celebrates-2024-milestones-with-key-achievements-in-growth-and-innovation-302340285.html

SOURCE Procare Solutions

Continue Reading

Technology

IBN Technologies Steps Up to Support Small Businesses Following Bench Accounting’s Sudden Shutdown

Published

on

By

MIAMI, Dec. 30, 2024 /PRNewswire/ — The unexpected closure of Bench Accounting has left thousands of small businesses scrambling to find reliable financial and accounting outsourcing services. This sudden disruption has created a significant gap, leaving many businesses without the external support they once relied on. Announced under the leadership of Bench’s CEO, the closure has forced countless organizations to seek dependable alternatives to manage their financial operations effectively. 

In response to this void, IBN Technologies LLC, a global leader in finance and accounting outsourcing, is stepping up to provide tools, expertise, and support small businesses need. With their proven track record and tailored solutions, IBN Technologies ensures that businesses can maintain financial stability and focus on growth during this challenging time. 

IBN technologies are a Bench Accounting Alternative 

With over 25 years of experience delivering cutting-edge finance and accounting solutions, IBN Technologies is uniquely positioned to provide comprehensive support for businesses impacted by this industry disruption. The company’s scalable and technology-driven services are designed to empower small businesses, enabling them to overcome challenges and achieve long-term stability. 

“At IBN Technologies, we empathize with the concerns of small businesses following the recent closure of Bench Accounting,” stated Ajay Mehta, CEO of IBN Technologies. “Our utmost priority is to stand beside these businesses as a reliable partner, offering them the necessary financial expertise to overcome their challenges and forge ahead with confidence.” 

Take control of your finances today! Book a free 30-minute consultation with our experts – https://www.ibntech.com/free-consultation/ ?pr=prnewswire 

Comprehensive Solutions Customized to Small Businesses 

IBN Technologies offers a comprehensive suite of finance and accounting services customized to meet the unique needs of small businesses, including: 

Bookkeeping and Accounting: Seamless bookkeeping services to maintain accurate, compliant financial records effortlessly.Payroll Management: Precision payroll processing customized to the specific needs of your workforce.Tax Preparation and Filing: Expert assistance to ensure tax compliance while maximizing savings.Virtual CFO Services: Strategic financial planning and insights without the cost of a full-time CFO.Financial Reporting and Analysis: Real-time insights into financial performance to support smarter, informed decisions. 

Rebuilding Confidence in Financial Management 

Rebuilding confidence in financial management begins with IBN Technologies. They provide expertise and tools that are needed to streamline business processes, ensure accuracy, and take full control of your finances. Trust IBN Technologies customized solutions to bring stability and drive growth for your business. 

“Our mission is to simplify financial management for small businesses while delivering unmatched value,” added by Ajay Mehta. “During this challenging time of Bench Accounting crunch base, we want to extend our unwavering support to all affected businesses. At IBN Technologies, we are committed to being your guiding light throughout this journey, providing the assistance you need at every step.” 

About IBN Technologies 

With 25 years of industry experience, IBN Technologies has established itself as an outsourcing specialist serving clients across the United States, United Kingdom, Middle East, and India. The company’s solutions adhere to rigorous international standards, including AP Automation services like P2P, Q2C, and Record-to-Report. IBN Technologies provides solutions compliant with ISO 9001:2015, 27001:2022, CMMI-5, and GDPR standard. Their comprehensive service portfolio encompasses IT, KPO, and BPO outsourcing services, specializing in finance and accounting solutions for CPAs, hedge funds, alternative investments, banking, travel, human resources, and retail industries.   

For businesses seeking to optimize their financial operations through AP automation, IBN Technologies provides expert guidance and support throughout the digital transformation journey, ensuring seamless integration and maximum operational efficiency.   

Contact Details:     
Pradip    
sales@ibntech.com      
+1 – 844 – 644 – 8440      

USA: IBN Technologies LLC     
66 West Flagler Street Suite 900 Miami, FL 33130      

India: Global Delivery Centre    
IBN Technologies Limited    
Kohinoor House, 2nd floor,    
691/A/1B, Plot no. 7,    
Bibwewadi Road, Pune-411037    

Logo: https://mma.prnewswire.com/media/2581946/IBN_Technologies_Logo.jpg 

View original content:https://www.prnewswire.co.uk/news-releases/ibn-technologies-steps-up-to-support-small-businesses-following-bench-accountings-sudden-shutdown-302340287.html

Continue Reading

Technology

Coro Medical Prepares to Roll Out Project AED365 Nationwide Donation Initiative

Published

on

By

Project AED365 Aims to Empower Communities, Youth Organizations, First Responders, and more by Providing Lifesaving Automated External Defibrillators (AEDs) Alongside Comprehensive Emergency Training and Equipment to Address Sudden Cardiac Arrest

FRANKLIN, Tenn., Dec. 30, 2024 /PRNewswire/ — Coro Medical, the leading provider of life-saving medical devices, today announced it is preparing to roll out Project AED365—a nationwide effort to donate 365 automated external defibrillators (AEDs) over the next year.

“At Coro Medical, we believe every second counts in a cardiac emergency. Project AED365 reflects our commitment to making life-saving technology accessible to communities across the nation,” said Travis Harris, CEO, Coro Medical. “By partnering with industry leaders and local organizations, we aim to ensure that no community is left unprepared when it matters most.”

Project AED365 is a national initiative dedicated to enhancing public safety, with Coro Medical committing to donate one AED each day for the next 365 days to selected organizations, communities, and individuals. Coro Medical is partnering with ZOLL Medical to provide ZOLL AED 3s for Project AED365. This collaboration ensures the availability of high-quality defibrillators to support the initiative’s mission of equipping communities with life-saving devices.

“ZOLL is proud to participate in the life-saving Project AED365, to help make our AEDs accessible to more youth programs and communities in need. During an emergency, ZOLL AEDs are designed so anyone can follow the step-by-step instructions to administer high-quality CPR and deliver a shock to a victim, with real-time feedback that helps deliver the best outcome. Getting more AEDs in more public places where emergencies could happen and increasing the public’s understanding that these devices are designed to help them, help others in an emergency, is critical to protecting the heartbeat of our communities. Providing the resources, education and equipping more of our communities with AEDs, empowering unexpected, ordinary people with the confidence to act is a life-saving legacy that we are humbled and proud to be a part of.” Said Troy Pflugner, Group Vice President, ZOLL Medical.

In addition, Coro Medical is collaborating with HSI to donate one free Remote Skill Verification (RSV) training with every AED. RSV is a revolutionary new way to get full certification training in CPR, AED, and First Aid from a live, authorized HSI Instructor. Furthermore, LifeVac, the creators of the innovative, non-powered, non-invasive airway clearance device, will also be donating one airway clearance device with every donated AED. This initiative ensures recipients have access to life-saving devices and emergency medical training.

“The HSI team is excited to collaborate with CoroMed and ZOLL Medical on Project AED365. It’s well known that effective bystander CPR and defibrillation with an AED immediately after sudden cardiac arrest can more than double a victim’s chance of survival, said Anthony Corwin, HSI General Manager, Emergency Care. “This is one of the reasons HSI is donating Remote Skills Verification (RSV) training with every donated AED. RSV is fully remote CPR, AED, and First Aid certification training with a live, authorized HSI Instructor. At HSI, we believe having AEDs and quality training should be part of every organization’s emergency plan.”

“LifeVac is honored to partner with Coro Medical to make donations to the community that can save a life. It’s organizations such as these that change the world,” Arthur Lih, CEO & Inventor, LifeVac.

According to the Sudden Cardiac Arrest Foundation, sudden cardiac arrest is a leading cause of death among adults over the age of 40 in the United States, and studies have shown that survival rates can be as high as 70% if an AED is used within 2 minutes of collapse, highlighting the urgent need for accessible AEDs in public spaces.

Communities, organizations, and individuals are encouraged to visit Project AED365 to submit AED donation requests. This initiative underscores Coro Medical’s commitment to advancing public safety and equipping communities with essential tools and knowledge to save lives, solidifying their role as a trusted leader in health and safety.

For more information about Project AED365 or to apply for an AED donation, please visit https://www.aed.us/project-aed365.

View original content to download multimedia:https://www.prnewswire.com/news-releases/coro-medical-prepares-to-roll-out-project-aed365-nationwide-donation-initiative-302340292.html

SOURCE Coro Med

Continue Reading

Trending