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EchoStar Announces Financial Results for the Three and Twelve Months Ended December 31, 2023

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ENGLEWOOD, Colo., Feb. 29, 2024 /PRNewswire/ — EchoStar Corporation (NASDAQ: SATS) announced its financial results for the three and twelve months ended December 31, 2023.

Twelve Months Ended December 31, 2023:

EchoStar reported 2023 total revenue of $17.02 billion, compared to $18.63 billion in 2022. The net decrease in revenue primarily resulted from subscriber declines, most significantly in its Pay-TV segment.Net loss attributable to EchoStar in 2023 was $1.70 billion, compared to net income of $2.48 billion in 2022. The net loss in 2023 was primarily attributable to a noncash impairment to goodwill totaling approximately $758 million, and an adjustment to the carrying value of the 800 MHz purchase option totaling approximately $1.8 billion. Diluted loss per share was $6.28 in 2023, compared to earnings per share of $8.05 in 2022. Excluding the tax affected impact of the goodwill impairment and the 800 MHz adjustment, 2023 net income attributable to EchoStar would have been approximately $361 million.Consolidated OIBDA totaled $1.32 billion, compared to $3.41 billion in 2022. (See OBIDA definition and non-GAAP reconciliation below.) The decrease in OIBDA was primarily attributable to the noncash impairment to goodwill and the subscriber declines previously discussed.

“We closed the year with the completion of the merger with DISH Network. The transaction combined DISH Network’s satellite technology, streaming services, engineering expertise, retail wireless business, and nationwide 5G network with EchoStar’s premier satellite communications solutions, enterprise go-to-market capabilities, and U.S.-based manufacturing. Collectively, it creates a global leader in terrestrial and non-terrestrial wireless connectivity, and entertainment services,” said Hamid Akhavan, president and CEO, EchoStar Corporation. “With the close of the merger, we will continue to integrate our business and realize savings and operational efficiencies. We also will increase our focus on identifying and targeting the best, most profitable customers in each of our addressable market segments – Pay-TV, Retail Wireless, and Broadband and Satellite Services.”

Three Months Ended December 31, 2023:

Consolidated revenue totaled $4.16 billion for the fourth quarter, compared to $4.53 billion in the year-ago quarter. The net decrease in revenue primarily resulted from subscriber declines, most significantly in the Pay-TV segment.Net loss attributable to EchoStar totaled $2.03 billion for the fourth quarter, compared to net income attributable to EchoStar of $984 million in the year-ago quarter. The net loss in the fourth quarter of 2023 was primarily attributable to a noncash impairment to goodwill totaling approximately $758 million, and an adjustment to the carrying value of the 800 MHz purchase option totaling approximately $1.6 billion. Diluted loss per share was $7.48 for the quarter, compared to earnings of $3.21 per share in the year-ago quarter.Consolidated OIBDA totaled negative $370 million for the fourth quarter, compared to $735 million in the year-ago quarter. The decrease in OIBDA was primarily attributable to the noncash impairment to goodwill and the subscriber declines previously discussed.Net Pay-TV subscribers decreased approximately 314,000 in the fourth quarter, compared to a decrease of approximately 268,000 in the year-ago quarter. The company closed the quarter with 8.53 million Pay-TV subscribers including 6.47 million DISH TV subscribers and 2.06 million SLING TV subscribers. This increase in net Pay-TV losses resulted from the increase in net DISH TV subscriber losses due to lower gross new DISH TV subscriber activations and a higher DISH TV churn rate, offset by the decrease in net SLING TV subscriber losses due to lower subscriber disconnects in 2023 as a result of our emphasis on acquiring higher-quality subscribers.Retail Wireless net subscribers decreased by approximately 123,000 in the fourth quarter, compared to a net decrease of 25,000 in the year-ago quarter. The company closed the quarter with 7.38 million Retail Wireless subscribers. This increase in net Retail Wireless subscriber losses primarily resulted from lower gross new Retail Wireless subscriber activations, partially offset by a lower Retail Wireless churn rate due to our emphasis on acquiring and retaining higher-quality subscribers.Broadband net subscribers decreased by approximately 59,000 in the fourth quarter, compared to a decrease of 57,000 in the year-ago quarter. The company closed the quarter with 1.00 million Broadband subscribers. This increase in net Broadband subscriber losses primarily resulted from our capacity limitations, competitive pressure from satellite-based competitors and other technologies, and a more selective customer screening. The EchoStar XXIV satellite, also known as Jupiter 3, began service in December 2023, bringing additional broadband capacity and is expected to be an integral part of the Broadband and Satellite Services segment business.

Set forth below is a table highlighting certain of EchoStar’s segment results for the three and twelve months ended December 31, 2023 and 2022 (all U.S. GAAP amounts reference results from operations):

For the three months ended
December 31,

For the years ended
December 31,

2023

2022

2023

2022

(in thousands)

Revenue

Pay-TV

$     2,816,787

$    3,106,149

$   11,571,159

$  12,505,392

Retail Wireless

898,284

928,095

3,692,372

4,135,129

5G Network Deployment

24,027

17,406

91,928

65,768

Broadband and Satellite Services

449,779

499,857

1,755,559

1,998,093

All Other & Eliminations

(26,281)

(18,490)

(95,420)

(70,136)

Total

$     4,162,596

$    4,533,017

$   17,015,598

$  18,634,246

Net Income (loss) attributable to EchoStar

$    (2,029,882)

$      984,264

$    (1,702,057)

$    2,477,720

Purchases of property and equipment, net of refunds and other receipts (including capitalized interest related to regulatory authorizations)

Pay-TV

$         75,212

$        39,835

$        242,736

$       131,093

Retail Wireless

$                   –

–

$                    –

$                   –

5G Network Deployment

$       841,522

1,084,441

$     3,748,624

$    3,580,518

Broadband and Satellite Services

$         61,172

76,517

$        233,423

$       325,891

All Other & Eliminations

$                   –

(560)

$                    –

$         (2,721)

Total 

$       977,906

$    1,200,233

$     4,224,783

$    4,034,781

 

Reconciliation of GAAP to Non-GAAP Measurement:

For the Year Ended December 31, 2023

Pay-TV

Retail
Wireless

5G Network
Deployment

Broadband
and
Satellite
Services


Eliminations

Consolidated

(In thousands)

Segment operating income (loss)

$

2,699,810

$

(643,184)

$

(1,881,369)

$

(458,609)

$

5,443

$

(277,909)

Depreciation and amortization

381,292

221,968

620,685

419,262

(45,284)

1,597,923

OIBDA

$

3,081,102

$

(421,216)

$

(1,260,684)

$

(39,347)

$

(39,841)

$

1,320,014

For the Year Ended December 31, 2022

 Pay-TV

 Retail
Wireless

 5G Network
Deployment

 Broadband
and
Satellite
Services


Eliminations

 Consolidated 

 (In thousands)

Segment operating income (loss)

$

2,933,898

$

(77,264)

$

(810,968)

$

181,615

$

5,557

$

2,232,838

Depreciation and amortization

428,471

177,914

131,566

462,748

(25,804)

1,174,895

OIBDA

$

3,362,369

$

100,650

$

(679,402)

$

644,363

$

(20,247)

$

3,407,733

For the three months Ended December 31, 2023

Pay-TV

Retail
Wireless

5G Network
Deployment

Broadband
and
Satellite
Services


Eliminations

Consolidated

(In thousands)

Segment operating income (loss)

$

714,319

(344,312)

(682,701)

(540,152)

720

(852,127)

Depreciation and amortization

95,145

53,371

235,615

107,466

(9,273)

482,325

OIBDA

$

809,464

$

(290,941)

$

(447,087)

$

(432,686)

$

(8,553)

$

(369,803)

For the three months Ended December 31, 2022

 Pay-TV

 Retail
Wireless

 5G Network
Deployment

 Broadband
and
Satellite
Services


Eliminations

 Consolidated 

 (In thousands)

Segment operating income (loss)

$

748,729

(118,424)

(254,963)

50,418

1,753

427,513

Depreciation and amortization

100,398

50,534

53,914

111,115

(8,093)

307,869

OIBDA

$

849,127

$

(67,891)

$

(201,048)

$

161,533

$

(6,339)

$

735,382

 

Note on Use of Non-GAAP Financial Measures

OIBDA is defined as “Operating income (loss)” plus “Depreciation and amortization.”

OIBDA, which is presented by segment above, is a non-GAAP measure reconciled to “Operating income (loss)” and does not purport to be an alternative to operating income (loss) as a measure of operating performance. We believe this measure is useful to management, investors and other users of our financial information in evaluating operating profitability of our business segments on a more variable cost basis as it excludes the depreciation and amortization expenses related primarily to capital expenditures and acquisitions for those business segments, as well as in evaluating operating performance in relation to our competitors.

The consolidated financial statements of EchoStar for the periods ended December 31, 2023, are attached to this press release. Detailed financial data and other information are available in EchoStar’s Annual Report on Form 10-K for the period ended December 31, 2023, filed today with the Securities and Exchange Commission.

EchoStar will host a conference call to discuss its earnings on Friday, March 1, 2024, at noon Eastern Time. The conference call will be broadcast live in listen-only mode on EchoStar’s investor relations website at ir.echostar.com. To attend the call, please dial: (877) 484-6065 (U.S.) or (201) 689-8846. When prompted on dial-in, please utilize the conference ID (13744790) or ask for the “EchoStar Corporation Q4 and Full Year 2023 Earnings Conference Call.” Please dial in at least 10 minutes before the call to ensure timely participation.

About EchoStar Corporation

EchoStar Corporation (Nasdaq: SATS) is a premier provider of technology, networking services, television entertainment and connectivity, offering consumer, enterprise, operator and government solutions worldwide under its EchoStar®, Boost Mobile®, Boost Infinite, Sling TV, DISH TV, Hughes®, HughesNet®, HughesON™, and JUPITER™ brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary and in Australia, the company operates as EchoStar Global Australia. For more information, visit www.echostar.com and follow EchoStar on X (Twitter) and LinkedIn.

Safe Harbor Statement under the US Private Securities Litigation Reform Act of 1995

This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words “believe,” “anticipate,” “goal,” “seek,” “estimate,” “expect,” “intend,” “project,” “continue,” “future,” “will,” “would,” “can,” “may,” “plans,” and similar expressions and the use of future dates are intended to identify forward–looking statements. Although management believes that the expectations reflected in these forward–looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. We assume no responsibility for the accuracy of forward-looking statements or information or for updating forward-looking information or statements. These statements are subject to certain risks, uncertainties, and assumptions. See “Risk Factors” in EchoStar’s Annual Report on Form 10-K for the period ended December 31, 2023 as filed with the Securities and Exchange Commission and in the other documents EchoStar files with the Securities and Exchange Commission from time to time.

ECHOSTAR CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share amounts)

As of  

 December 31, 

December 31,

2023

2022

Assets

Current Assets:

Cash and cash equivalents

$

1,821,376

$

2,497,536

Marketable investment securities

623,044

1,809,898

Trade accounts receivable, net of allowance for credit losses of $74,390
and $59,790, respectively

1,122,139

1,182,597

Inventory

665,169

625,979

Prepaids and other assets

644,005

617,819

Other current assets

16,081

23,884

Total current assets

4,891,814

6,757,713

Noncurrent Assets:

Restricted cash, cash equivalents and marketable investment securities

118,065

117,011

Property and equipment, net

9,561,834

7,904,957

Regulatory authorizations, net

38,572,980

37,395,604

Other investments, net

314,370

524,905

Operating lease assets

3,065,448

2,823,834

Intangible assets, net

172,892

1,113,298

Other noncurrent assets, net

411,491

2,110,959

Total noncurrent assets

52,217,080

51,990,568

Total assets

$

57,108,894

$

58,748,281

Liabilities and Stockholders’ Equity (Deficit)

Current Liabilities:

Trade accounts payable

$

774,011

$

1,023,537

Deferred revenue and other

754,658

833,213

Accrued programming

1,427,762

1,298,777

Accrued interest

297,678

298,043

Other accrued expenses and liabilities

1,717,826

1,436,485

Current portion of long-term debt and finance lease obligations

3,046,654

1,552,559

Total current liabilities

8,018,589

6,442,614

Long-Term Obligations, Net of Current Portion:

Long-term debt and finance lease obligations, net of current portion

19,717,266

21,343,561

Deferred tax liabilities, net

5,014,309

5,354,756

Operating lease liabilities

3,121,307

2,808,774

Long-term deferred revenue and other long-term liabilities

849,131

748,384

Total long-term obligations, net of current portion

28,702,013

30,255,475

Total liabilities

36,720,602

36,698,089

Commitments and Contingencies

Redeemable noncontrolling interests

438,382

464,359

Stockholders’ Equity (Deficit):

Class A common stock, $0.001 par value, 1,600,000,000 shares authorized,
140,153,020 and 138,128,368 shares issued and outstanding, respectively

140

138

Class B common stock, $0.001 par value, 800,000,000 shares authorized,
131,348,468 shares issued and outstanding

131

131

Additional paid-in capital

8,301,979

8,222,599

Accumulated other comprehensive income (loss)

(160,056)

(175,267)

Accumulated earnings (deficit)

11,737,983

13,440,040

Total EchoStar stockholders’ equity (deficit)

19,880,177

21,487,641

Noncontrolling interests

69,733

98,192

Total stockholders’ equity (deficit)

19,949,910

21,585,833

Total liabilities and stockholders’ equity (deficit)

$

57,108,894

$

58,748,281

 

ECHOSTAR CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per share amounts)

For the Years Ended December 31,

2023

2022

2021

Revenue:

Service and other revenue

$

16,145,763

$

17,596,265

$

18,598,313

Equipment sales and other revenue

869,835

1,037,981

1,220,365

Total revenue

17,015,598

18,634,246

19,818,678

Costs and Expenses (exclusive of depreciation and amortization):

Cost of services

9,510,427

10,111,341

10,717,333

Cost of sales – equipment and other

2,434,904

2,099,136

1,778,471

Selling, general and administrative expenses

2,989,154

3,015,325

2,686,279

Depreciation and amortization

1,597,923

1,174,895

1,213,946

Impairment of long-lived assets and goodwill

761,099

711

245

Total costs and expenses

17,293,507

16,401,408

16,396,274

Operating income (loss)

(277,909)

2,232,838

3,422,404

Other Income (Expense):

Interest income, net

207,374

93,240

33,903

Interest expense, net of amounts capitalized

(90,357)

(79,217)

(111,151)

Other, net

(1,770,792)

1,088,441

4,716

Total other income (expense)

(1,653,775)

1,102,464

(72,532)

Income (loss) before income taxes

(1,931,684)

3,335,302

3,349,872

Income tax (provision) benefit, net

296,860

(798,410)

(828,437)

Net income (loss)

(1,634,824)

2,536,892

2,521,435

Less: Net income (loss) attributable to noncontrolling interests, net of tax

67,233

59,172

35,150

Net income (loss) attributable to EchoStar

$

(1,702,057)

$

2,477,720

$

2,486,285

Weighted-average common shares outstanding – Class
A and B common stock:

Basic

270,842

270,102

275,117

Diluted

270,842

307,733

313,122

Earnings per share – Class A and B common stock:

Basic net income (loss) per share attributable to EchoStar

$

(6.28)

$

9.17

$

9.04

Diluted net income (loss) per share attributable to EchoStar

$

(6.28)

$

8.05

$

7.94

 

ECHOSTAR CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

For the Years Ended December 31,

2023

2022

2021

Cash Flows From Operating Activities:

Net income (loss)

$

(1,634,824)

$

2,536,892

$

2,521,435

Adjustments to reconcile net income (loss) to net cash flows from operating activities:

Depreciation and amortization

1,597,923

1,174,895

1,213,946

Impairment of long-lived assets and goodwill

761,099

711

245

Realized and unrealized losses (gains) on investments, impairments and other

(46,888)

(72,371)

(7,541)

Realized and unrealized losses (gains) on derivatives

1,693,387

(1,015,387)

13,000

Non-cash, stock-based compensation

51,514

82,994

59,379

Deferred tax expense (benefit)

(337,222)

729,587

639,708

Changes in allowance for credit losses

14,600

6,590

(34,635)

Change in long-term deferred revenue and other long-term liabilities

15,825

83,453

65,943

Other, net

166,383

253,784

135,871

Changes in current assets and current liabilities, net

Trade accounts receivable

20,622

(74,812)

206,995

Prepaid and accrued income taxes

15,836

(36,115)

81,197

Inventory

(37,981)

16,200

(175,918)

Other current assets

(40,290)

21,737

(47,144)

Trade accounts payable

4,108

90,721

86,219

Deferred revenue and other

(78,555)

(71,709)

(62,034)

Accrued programming and other accrued expenses

267,110

(105,980)

(41,293)

Net cash flows from operating activities

2,432,647

3,621,190

4,655,373

Cash Flows From Investing Activities:

Purchases of marketable investment securities

(2,407,546)

(1,965,859)

(6,338,641)

Sales and maturities of marketable investment securities

3,710,544

4,159,830

4,390,903

Purchases of property and equipment

(3,100,921)

(3,050,472)

(1,619,312)

Refunds and other receipts of purchases of property and equipment

38,611

—

—

Capitalized interest related to regulatory authorizations

(1,162,473)

(984,309)

(777,885)

Proceeds from other debt investments

148,448

—

—

Refund of regulatory authorizations deposit

—

—

337,490

Purchases of regulatory authorizations, including deposits

(2,009)

(7,206,865)

(122,657)

Other, net

(33,386)

(11,900)

(116,621)

Net cash flows from investing activities

(2,808,732)

(9,059,575)

(4,246,723)

Cash Flows From Financing Activities:

Repayment of long-term debt and finance lease obligations

(121,981)

(86,229)

(89,958)

Redemption and repurchases of senior notes

(1,460,635)

(2,056,821)

(2,901,818)

Proceeds from issuance of senior notes

1,500,000

2,000,000

6,750,000

Repurchases of convertible notes

(182,834)

—

—

Early debt extinguishment gains (losses)

73,024

—

—

Net proceeds from Class A common stock options exercised and stock issued under the
Employee Stock Purchase Plan

10,598

27,438

68,182

Purchase of Northstar Manager, LLC’s ownership interest in Northstar Spectrum

(109,432)

—

—

Treasury share repurchase

—

(89,303)

(261,436)

Debt issuance costs and debt (discount) premium

21,635

(51,121)

(34,459)

Other, net

(7,496)

(18,413)

(15,507)

Net cash flows from financing activities

(277,121)

(274,449)

3,515,004

Effect of exchange rates on cash and cash equivalents

3,004

(2,306)

(3,749)

Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents

(650,202)

(5,715,140)

3,919,905

Cash, cash equivalents, restricted cash and cash equivalents, beginning of period

2,561,803

8,276,943

4,357,038

Cash, cash equivalents, restricted cash and cash equivalents, end of period

$

1,911,601

$

2,561,803

$

8,276,943

 

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SOURCE EchoStar Corporation

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Technology

WorldSkills Lyon 2024: Talented Winners, Long-lasting Legacy

Published

7 mins ago

on

September 19, 2024

By

LYON, France, Sept. 19, 2024 /PRNewswire/ — After an intense week of competition, the 47th WorldSkills Competition has officially wrapped up, marking the end of a thrilling journey for 1,400 young professionals from around the globe. For four days, participants representing nearly 70 countries and regions competed fiercely in 59 diverse skill areas, transforming Lyon’s Eurexpo into a vibrant hub of craftsmanship and international talent.

From day one, the atmosphere was charged with energy as competitors showcased their expertise in sectors ranging from Manufacturing and Engineering to Fashion, Digital Technology, and Healthcare. The level of dedication and precision demonstrated throughout the week was a testament to the profound commitment these young professionals have to their trades, as well as their determination to showcase their nation’s worth on the global stage.

Last night, the closing ceremony of WorldSkills Lyon 2024, held at Groupama Stadium, brought the event to an emotional close with the announcement of medalists in each skill category. Four medals were awarded in each skill: Gold Medal, Silver Medal, Bronze Medal, and the Medallion for Excellence. This ceremony underscored the core belief of the WorldSkills movement: excellence is found in diversity – diversity of profiles, backgrounds, expertise, and techniques.

The list of medalists is now available. Visit https://worldskills.org/what/competitions/worldskills-lyon-2024/#results to discover the winners!

What’s next?

The impact of WorldSkills Lyon 2024 extends far beyond the event itself. As the competition unfolded, and millions of people followed it in person or through media, WorldSkills Lyon 2024 spotlighted the crucial role of vocational education in today’s world and in shaping our shared future. By celebrating excellence, the competition highlighted the incredible ability of youth to drive the change our world needs through their energy and dedication. The legacy of this event lies in every vocation it has sparked and every future career it has inspired. This 47th edition has once again shown the world that where there is skill, there is a way.

Media Contacts: 
Alice Nahon
PR Officer
alice.nahon@publicis.com 

Anne-Laure TRONC
Press Relation Manager
media@worldskillslyon2024.com 

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LG NOVA EXPANDS EFFORTS TO DRIVE INNOVATION GROWTH THROUGH NEW PARTNER ALLIANCE PROGRAM

Published

7 mins ago

on

September 19, 2024

By

New Program Connects LG, Strategic Partners and Startups to Ignite Collaboration and Development of Innovative Ideas for a Better Future

SANTA CLARA, Calif., Sept. 19, 2024 /PRNewswire/ — LG Electronics today announced the launch of the LG NOVA Partner Alliance Program – a platform that brings together corporate partners and startups for cross-industry collaborations, technology and business development, and commercial partnerships to catalyze the growth of innovations for the future.

Spearheaded by LG NOVA, LG Electronics’ North America Innovation Center, the Program extends the success of LG NOVA’s mission to co-create new ventures with startups to its corporate partners with the goal to encourage exponential growth of new innovations in the market by creating more pathways for innovative ideas to flourish at a greater rate.

Joining the Partner Alliance Program at launch are Fujitsu Research of America, Hyundai CRADLE, IBM, Mayo Clinic Innovation Exchange, Niantic and the West Virginia Department of Economic Development. These organizations have all signed on to work with LG NOVA and its extensive startup ecosystem to generate and explore new concepts; develop, test, and validate those concepts; and collaborate on innovative product solutions or even co-create new businesses. Additional partners will be added to the Partner Alliance Program in the coming months.

“The new Partner Alliance Program aligns with our core mission to collaborate and create an ecosystem for startups to thrive and ensure that the innovations today become the market-leading solutions of tomorrow,” said Dr. Sokwoo Rhee, corporate executive vice president for Innovation, LG Electronics and head of LG NOVA.

Kevin Chong, LG NOVA’s head of corporate and business development, said, “This program is a win-win for all parties, including LG, as we continue to explore new ideas for business co-creation. The growth of new ideas and cross-industry collaboration will help the markets move forward faster towards a better future that benefits all of us, businesses, people and the planet.”

In bringing on corporate partners to its Program, LG NOVA is helping to create more opportunities for startups to find quintessential industry partners that will help it reach commercial success at a larger level, Chong explained. For the corporate partners, finding innovative startups to work with will help them address new market opportunities, extend their businesses into new areas and better address the changing needs of their customers. 

The Partner Alliance Program will leverage the resources of LG Electronics existing business units while also tapping into the pipeline of startups and resources available through the LG NOVA’s Mission for the Future initiative – a broad umbrella of programs designed around engaging with the entire innovation ecosystem to explore ideas on creating a better future through collaboration and tech innovations.

LG NOVA and the newly announced partners in the Partner Alliance Program plan to share more about their goals and vision for this program at the 2024 LG NOVA InnoFest, Sept. 25-26, at the Palace of Fine Arts in San Francisco, Calif.

LG NOVA’s annual InnoFest conference unites business leaders, innovators and investors to collaborate on solutions for a better future, this year, under the theme of “Lighting the Halo of Innovation,” inspiring attendees to focus on impactful co-creation and bold ideas. For more information about this year’s event visit https://innofest.lgnova.com/. 

About LG NOVA
LG NOVA, the North America Innovation Center for global innovation leader LG Electronics, is a team focused on bringing innovation from the outside to LG. LG NOVA is based in Santa Clara, Calif. The center’s mission is to fuel innovation for LG and its partners by establishing a community to create, nurture and grow businesses. Learn more about LG NOVA at www.lgnova.com.

About LG Electronics USA
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $60-billion-plus global innovator in technology and manufacturing. In the United States, LG sells a wide range of innovative home appliances, home entertainment products, commercial displays, air conditioning systems, energy solutions and vehicle components. LG is an 11-time ENERGY STAR® Partner of the Year. www.LG.com.

Media Contact:

LG Electronics USA

Linda Quach
+1 408 903 3045
linda.quach@lge.com

Partners & Quotes

Fujitsu Research of America

“We are excited to join LG NOVA in the Partner Alliance Program to explore new collaboration opportunities with them. LG NOVA approach to innovation and the Partner Alliance Program is a meaningful way for organizations from across different market sectors to come together and innovate,” said Takuto Komatsuki, Senior Director at Fujitsu Research of America.

About Fujitsu Research of America

Fujitsu Research of America is focused on developing cutting-edge technologies to solve digital transformation (DX) challenges faced by its customers. Its vision is to build a sustainable world through innovation and trusted partnerships. At Fujitsu Research of America (FRA), we have a myriad of very talented people working in a variety of areas – AI with transparency and ethics, social digital twin, web 3.0 technologies, quantum algorithms, and much more.

About Hyundai CRADLE

Hyundai CRADLE for Human-centered Mobility Innovation

Hyundai CRADLE is Hyundai Motor’s corporate venturing and open innovation business, which partners and invests extensively in prominent global startups to accelerate the development of advanced future automotive technologies. CRADLE identifies newly established startups that focus, amongst others, on ‘Disruptive Innovations.’

About IBM

IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service.

Visit www.ibm.com for more information.

Mayo Clinic Innovation Exchange

“We look forward to collaborating with the LG NOVA team to share our expertise in healthcare innovation and to explore new opportunities with startups seeking to improve patient care and health outcomes.” said Jennie Kung, Vice Chair of the Mayo Clinic Innovation Exchange.

About The Mayo Clinic Innovation Exchange

The Mayo Clinic Innovation Exchange is a dynamic platform designed to accelerate healthcare innovation and foster collaboration among the global healthcare community. Leveraging Mayo Clinic’s world-class expertise and resources, the Innovation Exchange bridges the gap between emerging technologies and clinical practice, research, and education to bring breakthrough innovations to market, all for one shared mission—to benefit patients.

Niantic

“We see a great opportunity for entirely new spatial experiences leveraging AI and our 3D map
technology, tools and services to come to the forefront in the near future. We’re glad to see the
LG NOVA Partner Alliance program launch, as it has the potential to lead us to greater
collaboration across the growing ecosystem,” said Maryam Sabour, Director of Business
Development and Strategic Partnerships Lead at Niantic. 

About Niantic

Niantic’s global-scale augmented reality platform and digital map power spatial computing experiences in the real world. Incubated out of the Maps team at Google, Niantic first created Ingress and then Pokémon GO, a collaboration with The Pokémon Company, which has become a cultural phenomenon and hit game played by tens of millions of people each month. Niantic’s maps platform, which powers Pokémon GO, also supports the company’s other games and applications including Pikmin Bloom, Peridot, Monster Hunter Now and Niantic Scaniverse. Niantic’s mapping, AR and mixed reality platforms, tools and services are used by thousands of developers around the world. 

West Virginia Department of Economic Development

“West Virginia’s Department of Economic Development is eager to collaborate with LG NOVA through the new Partner Alliance program,” said West Virginia Department of Economic Development Executive Director, Mike Graney. “We look forward to strengthening our relationship with LG and engaging with the businesses throughout West Virginia.”

About the West Virginia Department of Economic Development

There is no better place to build and grow a business in the Eastern United States than West Virginia. The West Virginia Department of Economic Development’s mission is to improve the quality of life for all West Virginians by strengthening our communities and expanding the state’s economy to create more and better jobs.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/lg-nova-expands-efforts-to-drive-innovation-growth-through-new-partner-alliance-program-302253233.html

SOURCE LG Electronics USA

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Behr Paint Company Hosts First Student Design Competition

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7 mins ago

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September 19, 2024

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Design students encouraged to enter for a chance to win $3,000, plus $1,000 for their design school

SANTA ANA, Calif., Sept. 19, 2024 /PRNewswire/ — Today, Behr Paint Company announces its first-ever BEHR® Student Design Competition in partnership with MattoBoard, a 3D virtual sampling platform for designers. The competition is open starting today, September 19, through November 10, 2024, for full-time or part-time emerging professional design students.* 

Behr Paint invites design students to submit an original design plan for any commercial space such as hospitality, workplace, healthcare, multifamily and more. The design theme, “No Clear Boundaries,” draws inspiration from the BEHR 2025 Commercial Color Forecast, which celebrates the fluidity between designed environments that reflect the intersection of the past and future, digital and physical, and timeless and modern. Entrants must incorporate colors from the BEHR 2025 Commercial Color Forecast in their design along with BEHR’s 2025 Color of the Year, Rumors, a deep and timeless shade of ruby red. 

The competition was created to champion emerging designers by providing specialized resources and opportunities to showcase and celebrate their talents. “As a judge of the BEHR Student Design Competition, I am excited to see how each student embraces color and design,” said Erika Woelfel, Vice President of Color & Creative Services at Behr Paint Company. “At Behr, we are committed to supporting the careers of the next generation of designers, and I look forward to seeing the students’ creativity shine through.”  

The judging panel will also include Guy Adam Ailion, Architect and CEO / Co-Founder of MattoBoard; Kayla Kratz, Director of Color & Designer Segment at Behr Paint Company; and Amber Jones, Director of Architect & Designer Strategic Initiatives at Behr Paint Company.

The winner of the 2024 BEHR Student Design Competition will be awarded a $3,000 cash prize and $1,000 for their design school. The runner-up will receive a $1,500 cash prize, and the second runner-up will receive a $500 cash prize. All winners will also receive a 1-year MattoBoard Pro Subscription to continue using the platform for their design needs. Winners will be announced in December 2024 and will be featured on BEHR’s and MattoBoard’s social channels, blog, and email.

To learn more about the 2024 BEHR Student Design Competition and how to enter, visit www.behr.com/designcompetition.

*NO PURCHASE NECESSARY. PURCHASE WILL NOT IMPROVE OPPORTUNITY TO WIN.
INTERNET AND MATTOBOARD ACCOUNT REQUIRED. Trade contest offered in the 50 U.S. & U.S. Territories (“U.S.”) to full/part-time emerging Design students at U.S. eligible Institution (see Rules) who are legal U.S. res., 18+. Ends 11:59 P.M. PT 11/10/24. See Official Rules at: www.behr.com/designcompetition for entry, judging criteria and limitations. Void where prohibited. Sponsor: Behr Process LLC.

About Behr Paint Company
Founded in 1947, Behr Paint Company is one of the largest manufacturers of paints, primers, decorative finishes, stains, surface preparation and application products for do-it-yourselfers and professionals in the United States, Canada, and Mexico. The Santa Ana, Calif.-based company, and maker of BEHR®, KILZ® and WHIZZ® brands, are dedicated to meeting the project needs of DIYers, designers and professional paint contractors with an unwavering commitment to quality, innovation, and value. For more information, visit Behr.com. Professional paint contractors and designers can visit Behr.com/Pro to learn about products, color tools and services. Behr Paint Company is a subsidiary of Masco Corporation (NYSE: MAS).

Behr and the Behr logo are registered trademarks of Behr Process LLC.

About MattoBoard
MattoBoard is the first virtual sample library (VSamples©) and 3D moodboarding tool for interior designers. Designers can search, discover, curate and specify interior materials and products in real-time using light and shadow to examine texture and detail. Designers can download and share beautiful, photo-realistic boards and material spec sheets. MattoBoard’s mission is to bring a ‘touch and feel’ industry into the future by pioneering virtual sampling for designers and brands.

Media Contact: behrpro@mbooth.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/behr-paint-company-hosts-first-student-design-competition-302252741.html

SOURCE Behr Paint Company

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