Technology
V2X Delivers Solid Fourth Quarter and Full-Year 2023 Results
Published
10 months agoon
By
Fourth Quarter 2023 Summary
Reported record revenue of $1.04 billion, up +6.4% y/y Achieved y/y revenue growth of 31% in the Pacific and 18% in the Middle EastOperating income of $38.5 million; adjusted operating income1 of $76.2 million Net income (loss) of ($0.5) million, up $10.1 million y/yAdjusted EBITDA1 of $82.1 million with a margin1 of 7.9%Diluted EPS of ($0.02); Adjusted diluted EPS1 of $1.22Strong year-to-date cash flow from operations of $188.0 million; Achieved net debt reduction of $137.1 millionAwarded first substantial foreign military sales program valued at $400 million over 5 years
2024 Guidance:
Establishing full-year 2024 guidance with revenue and adjusted EBITDA1 growth of 5% at mid-point
MCLEAN, Va., March 5, 2024 /PRNewswire/ — V2X, Inc. (NYSE:VVX) announced fourth quarter and full-year 2023 financial results.
“I’m pleased to report a strong finish to 2023, with record revenue and strong operational performance which drove significant cash generation and net debt reduction,” said Chuck Prow, President and Chief Executive Officer of V2X. “I’d like to thank our teams that demonstrated agility and excellent performance, delivering 8% pro forma revenue1 growth for the full-year and 6% for the quarter. We made significant progress advancing V2X as a leader in the operational segment of the federal services market while continuing to position the company for long-term growth. The leading indicators for our business remain strong with a backlog of approximately $13 billion, $9 billion of bids submitted currently under evaluation, and a robust pipeline of opportunities valued at $15 billion expected to be submitted over the next twelve months. Our capabilities and position in an expanding market, present opportunities to drive continued growth and value for our shareholders and clients.”
“V2X achieved several milestones during the fourth quarter, which includes our first substantial foreign military sales (FMS) win valued at approximately $400 million over the next five years,” said Mr. Prow. “This program is a long-term aviation support and training contract in the Middle East and was a direct result of our multi-year FMS campaign. Importantly, our evolution as a company has been an enabler to participate in this market. With this opportunity, the total value of V2X FMS’ portfolio is approximately $700 million with accretive margins. We plan to build on this success and continue pursuing FMS opportunities that leverage our geographic footprint, strong partnerships, and core capabilities.”
Mr. Prow continued, “Our ability to provide full life cycle solutions from concept to fielding and sustainment is a significant differentiator that’s yielding results. During the quarter, we demonstrated our capabilities through the fielding of a defense platform that modernized existing systems. This program launched as an engineering development and prototyping effort with a new client and today has yielded a brand-new product that’s designed, produced, and sustained by V2X. Additionally, our engineering, integration, modernization and sustainment solutions resulted in approximately $70 million of awards to V2X in the fourth quarter.”
Mr. Prow concluded, “I’d like to thank our teams for their contributions in 2023 and progress executing our strategic framework: Expand the Base, Capture New Markets, Deliver with Excellence, and Enhance Culture. Looking ahead, V2X continues to transform to deliver enhanced capabilities in an expanding market. We have strong momentum, robust backlog, a highly aligned pipeline, limited recompetes, and high free cash generation that provides an excellent fundamental profile to support value creation.”
Fourth Quarter 2023 Results
“V2X reported revenue of $1.0 billion in the quarter, which represents 6.4% year-over-year growth,” said Shawn Mural, Senior Vice President and Chief Financial Officer. “Revenue growth in the quarter was achieved through exceptional team performance delivering milestones ahead of schedule, expansion on existing programs, and new business. This solid execution resulted in year-over-year revenue growth of 31% in the Pacific and 18% in the Middle East.”
“For the quarter, the Company reported operating income of $38.5 million and adjusted operating income1 of $76.2 million. Adjusted EBITDA1 was $82.1 million with a margin of 7.9%. Fourth quarter GAAP diluted EPS was ($0.02), due primarily to merger and integration related costs, amortization of acquired intangible assets, and interest expense. Adjusted diluted EPS1 for the quarter was $1.22.”
“V2X’s ability to generate strong cash flow with low capital expenditures is an important attribute of our business and one that we are extremely focused on as a primary avenue to enhance value for shareholders. I’m pleased to announce that during the quarter, our teams demonstrated outstanding performance in all aspects of cash conversion, driving significant collections, a record low DSO, and operating cash flow that exceeded our guidance. Net cash provided by operating activities was $188.0 million year to date. Adjusted net cash provided by operating activities1 year to date was $159.5 million, adding back $26.9 million of M&A and integration costs with $13.4 million of CARES act payments, and removing the contribution of the master accounts receivable purchase or MARPA facility of $68.8 million.”
“Solid cash generation enabled net debt reduction of $137.1 million for the year. At the end of the quarter, net debt for V2X was $1,083.6 million. Net consolidated indebtedness to EBITDA1 (net leverage ratio) was 3.3x, improved from 3.7x at the end of 2022. Additionally, we believe our strong fundamentals will allow V2X to achieve a net leverage ratio at or under 3.0x by the end of 2024.”
“Total backlog as of December 31, 2023, was $12.8 billion. Funded backlog was $2.8 billion. Bookings in the quarter were $0.6 billion, resulting in a trailing twelve-month book-to-bill of 1.1x. It’s important to note that backlog and bookings do not include the full performance period of the $400 million FMS program as the contract is being definitized and the $458 million F-5 Adversary aircraft award, discussed last quarter, as it remains in protest,” said Mr. Mural.
Full-Year 2023 Results
Full-year revenue was $3.963 billion, up 8% pro forma year-on-year. The Company reported full-year operating income of $124.4 million and adjusted operating income1 of $271.4 million. Full-year EBITDA1 was $293.9 million with a margin of 7.4%. Full-year GAAP diluted EPS was ($0.73), due primarily to merger and integration related costs, amortization of acquired intangible assets, and interest expense. Adjusted diluted EPS1 for 2023 was $3.74.
2024 Guidance
Mr. Mural concluded, “Based on the positive trends in our business we are setting the mid-point of our guidance for revenue and Adjusted EBITDA1 at $4.150 billion and $308 million, respectively, representing approximately 5% year-over-year growth. We expect revenue and adjusted EBITDA to be weighted more heavily in the second half of the year. Importantly, guidance at the mid-point assumes approximately 90% of revenue from existing contracts and less than 5% from recompetes.”
Guidance for 2024 is as follows:
$ millions, except for per share amounts
2024 Guidance
2024 Mid-Point
Revenue
$4,100
$4,200
$4,150
Adjusted EBITDA1
$300
$315
$308
Adjusted Diluted Earnings Per Share1
$3.85
$4.20
$4.03
Adjusted Net Cash Provided by Operating Activities1
$145
$165
$155
The Company is not providing a quantitative reconciliation with respect to this forward-looking non-GAAP measure in reliance on the “unreasonable efforts” exception set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, unusual, one-time, non-ordinary, or non-recurring costs, which relate to M&A, integration and related activities cannot be reasonably estimated. Forward-looking statements are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth in the Safe Harbor Statement below.
Fourth Quarter and Full-Year 2023 Conference Call
Management will conduct a conference call with analysts and investors at 8:00 a.m. ET on Tuesday, March 5, 2024. U.S.-based participants may dial in to the conference call at 877-407-3982, while international participants may dial 201-493-6780. A live webcast of the conference call as well as an accompanying slide presentation will be available here: https://app.webinar.net/WrwGVYwl6dA
A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through March 19, 2024, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 13743860 .
Presentation slides that will be used in conjunction with the conference call will also be made available online in advance on the “investors” section of the company’s website at https://gov2x.com/. V2X recognizes its website as a key channel of distribution to reach public investors and as a means of disclosing material non-public information to comply with its obligations under the U.S. Securities and Exchange Commission (“SEC”) Regulation FD.
Footnotes:
1 See “Key Performance Indicators and Non-GAAP Financial Measures” for descriptions and reconciliations.
About V2X
V2X builds smart solutions designed to integrate physical and digital infrastructure – by aligning people, actions, and outputs. Formed by the merger of Vectrus and Vertex, we bring a combined 120 years of successful mission support. Our lifecycle solutions improve security, streamline logistics, and enhance readiness.
The Company delivers a comprehensive suite of integrated solutions across the operations and logistics, aerospace, training, and technology markets to national security, defense, civilian and international clients. Our global team of approximately 16,000 employees brings innovation to every point in the mission lifecycle, from preparation to operations, to sustainment, as it tackles the most complex challenges with agility, grit, and dedication.
Contact Information
Investor Contact
Media Contact
Mike Smith, CFA
Angelica Spanos Deoudes
719-637-5773
571-338-5195
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the “Act”): Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act. These forward-looking statements include, but are not limited to, all the statements and items listed under “2024 Guidance” above and other assumptions contained therein for purposes of such guidance, other statements about our 2024 performance outlook, revenue, contract opportunities, and any discussion of future operating or financial performance.
Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “could,” “potential,” “continue” or similar terminology. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management.
These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside our management’s control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. For a discussion of some of the risks and uncertainties that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC.
We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
V2X, INC.
CONSOLIDATED STATEMENTS OF (LOSS) INCOME
Year Ended December 31,
(In thousands, except per share data)
2023
2022
2021
Revenue
$ 3,963,126
$ 2,890,860
$ 1,783,665
Cost of revenue
3,628,271
2,595,848
1,623,245
Selling, general and administrative expenses
210,439
239,241
98,400
Operating income
124,416
55,771
62,020
Loss on extinguishment of debt
(22,298)
—
—
Interest expense, net
(122,442)
(61,879)
(7,985)
Other expense, net
(4,194)
—
—
(Loss) income from operations before income taxes
(24,518)
(6,108)
54,035
Income tax (benefit) expense
(1,945)
8,222
8,307
Net (loss) income
$ (22,573)
$ (14,330)
$ 45,728
(Loss) earnings per share
Basic
$ (0.73)
$ (0.68)
$ 3.91
Diluted
$ (0.73)
$ (0.68)
$ 3.86
Weighted average common shares outstanding – basic
31,084
20,996
11,705
Weighted average common shares outstanding – diluted
31,084
20,996
11,836
V2X, INC.
CONSOLIDATED BALANCE SHEETS
December 31,
(In thousands, except shares and per share data)
2023
2022
Assets
Current assets
Cash, cash equivalents and restricted cash
$ 72,651
$ 116,067
Receivables
705,995
728,582
Inventory, net
46,981
44,974
Prepaid expenses and other current assets
49,242
42,309
Total current assets
874,869
931,932
Property, plant, and equipment, net
85,429
78,715
Goodwill
1,656,926
1,653,822
Intangible assets, net
407,530
497,951
Right-of-use assets
41,215
52,825
Other non-current assets
15,931
17,858
Total non-current assets
2,207,031
2,301,171
Total Assets
$ 3,081,900
$ 3,233,103
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable
$ 453,052
$ 406,706
Compensation and other employee benefits
158,088
168,038
Short-term debt
15,361
11,850
Other accrued liabilities
213,700
196,538
Total current liabilities
840,201
783,132
Long-term debt, net
1,100,269
1,262,811
Deferred tax liabilities
11,763
15,813
Operating lease liabilities
34,691
41,083
Other non-current liabilities
104,176
133,185
Total non-current liabilities
1,250,899
1,452,892
Total liabilities
2,091,100
2,236,024
Commitments and contingencies (Note 15)
Shareholders’ Equity
Preferred stock; $0.01 par value; 10,000,000 shares authorized; No shares issued and outstanding
—
—
Common stock; $0.01 par value; 100,000,000 shares authorized; 31,191,628 and 30,470,475 shares issued and outstanding as of December 31, 2023 and 2022, respectively
312
305
Additional paid in capital
762,324
748,877
Retained earnings
230,851
253,424
Accumulated other comprehensive loss
(2,687)
(5,527)
Total shareholders’ equity
990,800
997,079
Total Liabilities and Shareholders’ Equity
$ 3,081,900
$ 3,233,103
V2X, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
(In thousands)
2023
2022
2021
Operating activities
Net (loss) income
$ (22,573)
$ (14,330)
$ 45,728
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation expense
22,408
13,472
6,526
Amortization of intangible assets
90,423
48,643
10,028
Loss on disposal of property, plant, and equipment
683
59
65
Stock-based compensation
32,843
32,736
8,331
Deferred taxes
(7,509)
(15,554)
(7,280)
Amortization of debt issuance costs
9,067
7,805
912
Loss on extinguishment of debt
22,298
—
—
Gain on disposition of business
(450)
(2,082)
—
Changes in assets and liabilities:
Receivables
19,064
(52,311)
(36,376)
Inventory, net
(311)
(3,600)
(5,232)
Other assets
12,076
14,962
(7,613)
Accounts payable
43,153
71,837
56,985
Compensation and other employee benefits
(9,901)
42,878
1,133
Other liabilities
(23,303)
(51,020)
(11,868)
Net cash provided by operating activities
187,968
93,495
61,339
Investing activities
Purchases of capital assets and intangibles
(25,021)
(12,425)
(9,776)
Proceeds from the disposition of assets
16
9
16
Acquisition of business, net of cash acquired
—
193,677
262
Disposition of business
1,349
(5,303)
—
Distributions from (contributions to) joint venture
1,007
—
(3,145)
Net cash (used in) provided by investing activities
(22,649)
175,958
(12,643)
Financing activities
Proceeds from issuance of long-term debt
250,000
—
—
Repayments of long-term debt
(432,603)
(108,400)
(8,600)
Proceeds from revolver
922,750
392,000
529,000
Repayments of revolver
(922,750)
(472,925)
(594,000)
Proceeds from exercise of stock options
34
408
379
Payment of debt issuance costs
(8,818)
(2,325)
(17)
Prepayment premium on early redemption of debt
(1,600)
—
—
Payments of employee withholding taxes on share-based compensation
(18,036)
(1,994)
(2,347)
Net cash used in financing activities
(211,023)
(193,236)
(75,585)
Exchange rate effect on cash
2,288
1,337
(3,325)
Net change in cash, cash equivalents and restricted cash
(43,416)
77,554
(30,214)
Cash, cash equivalents and restricted cash – beginning of year
116,067
38,513
68,727
Cash, cash equivalents and restricted cash – end of year
$ 72,651
$ 116,067
$ 38,513
Supplemental Disclosure of Cash Flow Information:
Interest paid
$ 117,482
$ 54,267
$ 5,801
Income taxes paid
$ 8,356
$ 13,416
$ 9,703
Non-cash investing activities:
Purchase of capital assets on account
$ 3,043
$ 2,716
$ 277
Common stock issued for business acquisition
$ —
$ 630,636
$ —
Key Performance Indicators and Non-GAAP Measures
The primary financial performance measures we use to manage our business and monitor results of operations are revenue trends and operating income trends. Management believes that these financial performance measures are the primary drivers for our earnings and net cash from operating activities. Management evaluates its contracts and business performance by focusing on revenue, and operating income. Operating income represents revenue less both cost of revenue and selling, general and administrative (SG&A) expenses. Cost of revenue consists of labor, subcontracting costs, materials, and an allocation of indirect costs, which includes service center transaction costs. SG&A expenses consist of indirect labor costs (including wages and salaries for executives and administrative personnel), bid and proposal expenses and other general and administrative expenses not allocated to cost of revenue.
We manage the nature and amount of costs at the program level, which forms the basis for estimating our total costs and profitability. This is consistent with our approach for managing our business, which begins with management’s assessing the bidding opportunity for each contract and then managing contract profitability throughout the performance period.
In addition to the key performance measures discussed above, we consider adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, adjusted operating cash flow, and pro forma revenue to be useful to management and investors in evaluating our operating performance, and to provide a tool for evaluating our ongoing operations. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives. We provide this information to our investors in our earnings releases, presentations, and other disclosures.
Adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, adjusted net cash provided by (used in) operating activities, and pro forma revenue, however, are not measures of financial performance under GAAP and should not be considered a substitute for financial measures determined in accordance with GAAP. Definitions and reconciliations of these items are provided below.
Pro forma (PF) revenue is defined as the combined results of our operations as if the Merger had occurred on January 1, 2021.Adjusted operating income is defined as operating income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration, and related costs.Adjusted EBITDA is defined as operating income, adjusted to exclude depreciation and amortization of intangible assets, and items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration, and related costs.Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue.Adjusted net income is defined as net income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration and related costs, amortization of acquired intangible assets, amortization of debt issuance costs, and loss on extinguishment of debt.Adjusted diluted earnings per share is defined as adjusted net income divided by the weighted average diluted common shares outstanding.Cash interest expense, net is defined as interest expense, net adjusted to exclude amortization of debt issuance costs.Adjusted net cash provided by (used in) operating activities or adjusted operating cash flow is defined as net cash provided by (or used in) operating activities adjusted to exclude infrequent non-operating items, such as M&A payments and related costs.Net leverage ratio is defined as net debt (or total debt less unrestricted cash) divided by trailing twelve-month (TTM) bank EBITDA.
In this document, the Company presents certain forward-looking non-GAAP metrics. The Company does not provide outlook on a GAAP basis because the items that the Company excludes from GAAP to calculate the comparable non-GAAP measure can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of the Company’s routine operating activities. Additionally, management does not forecast many of the excluded items for internal use and therefore cannot create or rely on outlook done on a GAAP basis. The occurrence, timing, and amount of any of the items excluded from GAAP to calculate non-GAAP could significantly impact the Company’s fiscal 2023 GAAP results.
Non-GAAP Tables
($K, except per share data)
Three Months Ended
Twelve Months Ended
December 31,
2023
December 31,
2022
December 31,
2023
December 31,
2022
Revenue
$ 1,040,307
$ 978,167
$ 3,963,126
$ 2,890,860
Net income (loss)
$ (492)
$ (10,619)
$ (22,573)
$ (14,330)
Plus:
Income tax expense (benefit)
8,420
10,675
(1,945)
8,222
Other expense, net
1,859
—
4,194
—
Interest expense, net
28,497
30,971
122,442
61,879
Loss on extinguishment of debt
246
—
22,298
—
Amortization of intangible assets
22,606
20,046
90,423
48,643
M&A, integration and related costs
15,055
26,379
56,610
87,108
Adjusted operating income
$ 76,191
$ 77,452
$ 271,449
$ 191,522
Plus:
Depreciation expense
5,875
4,809
22,408
13,472
Adjusted EBITDA
$ 82,066
$ 82,261
$ 293,857
$ 204,994
Adjusted EBITDA margin
7.9 %
8.4 %
7.4 %
7.1 %
Minus:
Cash interest expense, net
26,305
27,069
113,375
54,074
Income tax expense, as adjusted
9,101
19,654
35,430
36,295
Depreciation expense
5,875
4,809
22,408
13,472
Other expense, net
1,859
—
4,194
—
Adjusted net income
$ 38,926
$ 30,729
$ 118,450
$ 101,153
($K, except per share data)
Three Months Ended
Twelve Months Ended
December 31,
2023
December 31,
2022
December 31,
2023
December 31,
2022
Diluted earnings (loss) per share
$ (0.02)
$ (0.35)
$ (0.73)
$ (0.68)
Plus:
M&A, integration and related costs
0.45
0.69
1.42
3.28
Amortization of intangible assets
0.68
0.53
2.26
1.84
Amortization of debt issuance costs and Loss on extinguishment of debt
0.11
0.10
0.79
0.29
Adjusted diluted earnings per share
$ 1.22
$ 0.97
$ 3.74
$ 4.73
Average shares outstanding
Basic, as reported
31,192
30,465
31,084
20,996
Diluted, as reported
31,192
30,465
31,084
20,996
Adjusted diluted
31,822
31,284
31,567
21,346
SUPPLEMENTAL INFORMATION
Revenue by client branch, contract type, contract relationship, and geographic region for the periods presented below was as follows:
Revenue by Client
Year Ended December 31,
(In thousands)
2023
%
2022
%
2021
%
Army
$ 1,633,525
41 %
$ 1,342,406
46 %
$ 1,134,849
64 %
Navy
1,233,463
31 %
713,732
25 %
224,407
13 %
Air Force
538,698
14 %
459,849
16 %
266,291
15 %
Other
557,440
14 %
374,873
13 %
158,118
8 %
Total revenue
$ 3,963,126
$ 2,890,860
$ 1,783,665
Revenue by Contract Type
Year Ended December 31,
(In thousands)
2023
%
2022
%
2021
%
Cost-plus and cost-reimbursable
$ 2,209,241
56 %
$ 1,625,196
56 %
$ 1,271,167
71 %
Firm-fixed-price
1,626,262
41 %
1,159,743
40 %
452,112
25 %
Time-and-materials
127,623
3 %
105,921
4 %
60,386
4 %
Total revenue
$ 3,963,126
$ 2,890,860
$ 1,783,665
Revenue by Contract Relationship
Year Ended December 31,
(In thousands)
2023
%
2022
%
2021
%
Prime contractor
$ 3,726,199
94 %
$ 2,695,067
93 %
$ 1,663,828
93 %
Subcontractor
236,927
6 %
195,793
7 %
119,837
7 %
Total revenue
$ 3,963,126
$ 2,890,860
$ 1,783,665
Revenue by Geographic Region
Year Ended December 31,
(In thousands)
2023
%
2022
%
2021
%
United States
$ 2,286,052
58 %
$ 1,494,255
52 %
$ 578,255
32 %
Middle East
1,193,598
30 %
1,024,674
35 %
1,000,877
56 %
Asia
264,346
7 %
167,629
6 %
61,927
3 %
Europe
219,130
5 %
204,302
7 %
142,606
9 %
Total revenue
$ 3,963,126
$ 2,890,860
$ 1,783,665
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SOURCE V2X, Inc.
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Research Focus Areas
The new initiative will focus on three primary research areas:
Neurological health: Investigating Klotho’s neuroprotective effects and its potential to slow cognitive decline in diseases like Alzheimer’s and Parkinson’s.Kidney function: Examining Klotho’s role in regulating mineral metabolism and its regenerative potential in treating chronic kidney disease (CKD).Cardiovascular health: Studying Klotho’s influence on vascular function and its ability to prevent vascular calcification, a key contributor to heart disease.
This research builds on existing collaborations at EWBG, where leading scientists focus on advancing Klotho-based therapies for regenerative health.
Klotho: A Potential Breakthrough in Longevity Medicine
Klotho is gaining attention for its ability to regenerate tissues and reverse damage caused by age-related diseases. Unlike NAD+, which primarily enhances cellular metabolism and energy production, Klotho offers a broader range of therapeutic applications, including tissue regeneration, cognitive function improvement, and cardiovascular health.
As we age, Klotho levels naturally decline, leading to conditions such as cognitive decline, heart disease, and kidney failure. Research suggests that restoring Klotho levels can reverse the effects of oxidative stress, inflammation, and cellular senescence, offering new treatment possibilities for a range of age-related diseases.
Professor Mike Chan: Leading the Charge in Klotho Research
Professor Mike Chan, a leading expert in stem cell therapy and longevity medicine, is spearheading this groundbreaking initiative at EWBG. His extensive experience in bio-regenerative medicine positions him as a key figure in exploring Klotho’s potential to revolutionize the treatment of age-related diseases. Through FCTI, a subsidiary of EWBG, Professor Chan and his team are developing therapies that combine stem cell technology and Klotho proteins to stimulate tissue regeneration in the brain, kidneys, and heart.
“By harnessing Klotho’s regenerative properties, we hope to address chronic conditions that were previously untreatable,” said Professor Chan. “Our ultimate goal is to improve quality of life and provide lasting solutions for those affected by aging-related diseases.”
The Future of Klotho in Longevity Medicine
The future of Klotho-based therapies looks promising, with Professor Mike Chan and EWBG at the forefront of this innovative field. As more research is conducted, Klotho is expected to play a pivotal role in advancing longevity medicine, offering a new approach to treating aging and chronic diseases. The potential applications of Klotho are vast, from neurodegenerative disease treatment to kidney regeneration and cardiovascular health.
With strong research partnerships, significant funding, and ongoing clinical trials, Klotho is poised to become a cornerstone of longevity medicine, transforming how we approach aging and disease. Professor Mike Chan’s leadership ensures that this promising protein will soon offer new hope to those seeking longer, healthier lives.
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View original content:https://www.prnewswire.co.uk/news-releases/european-wellness-biomedical-group-announces-new-klotho-research-initiative-led-by-prof-mike-chan-302338980.html
Technology
Apas Port Launches $20M Vehicle Loan Initiative with HARVEST FLOW on Plume Network to Empower Financial Inclusion in Emerging Countries, Starting in Cambodia
Published
2 hours agoon
December 25, 2024By
NEW YORK, Dec. 24, 2024 /PRNewswire/ — Apas Port Co., Ltd., a Tokyo-based Web3 company dedicated to deploying “kando”—a Japanese term for deep emotional engagement—into the digital realm, has announced the launch of HARVEST FLOW, a social impact-driven cryptocurrency lending platform. Committed to “social action”ーdelivering stable returns alongside meaningful social impact, HARVEST FLOW’s inaugural project is a $20 million initiative offering loans to TukTuk and four-wheel vehicle drivers in Cambodia who don’t have access to the financial system. This venture is set to operate on Plume Network, the leading Layer 1 blockchain specialized in Real-World Asset Finance (RWAfi), offering the necessary infrastructure to transform HARVEST FLOW’s vision of financial inclusion into scalable action.
Bridging Real-World Challenges Through Blockchain Innovation
HARVEST FLOW’s mission is to empower underserved communities and small businesses by granting access to affordable financing solutions. By leveraging blockchain technology, the platform addresses critical societal issues such as poverty alleviation and economic development, creating pathways for stable financial growth while delivering measurable social impact.
The initial focus of this initiative is to provide affordable financing options for TukTuk and four-wheel vehicle drivers in Cambodia—vital tools for local livelihoods. The project not only supports job creation but also enhances financial inclusion in emerging economies.
Why Plume Network?
As the first fully integrated L1 modular blockchain tailored for RWAfi, Plume Network provides the foundation for scalable, secure, and transparent financial ecosystems. With over 180 projects onboarded in its private devnet, Plume enables seamless tokenization and distribution of RWAs through its composable, EVM-compatible infrastructure.
How Plume Powers HARVEST FLOW:
End-to-End Tokenization: Streamlines the conversion of vehicle loans into blockchain-based assets.Investor Transparency: Advanced tools to track and visualize the social and financial impact of investments.Global Scalability: Infrastructure designed to handle the growing demands of HARVEST FLOW’s multi-region projects.DeFi Integration: Unlocks liquidity through decentralized finance primitives within the Plume ecosystem.
IoT-Backed Innovation for Loan Security
HARVEST FLOW’s projects are uniquely supported by embedded IoT technology within TukTuk engines, ensuring an exceptionally low loan default rate while building investor confidence.
Justin Chen, Head of Asset Strategy at Plume Network, noted: “This project highlights the power of combining blockchain and IoT devices to create innovative financial products that drive real-world impact. We’re excited to see HARVEST FLOW’s success on Plume and the positive change it will bring to the urban motility market in Southeast Asia.”
Looking Ahead
Starting with the vehicle mobility sector through 2025, HARVEST FLOW plans to expand into other sectors addressing social challenges and needs beyond 2026. This approach aims to ensure sustainable growth while delivering meaningful societal benefits, powered by Plume’s blockchain technology.
Masaki Minamide, director of HARVEST FLOW, stated: “Plume’s infrastructure empowers us to amplify our impact and support communities in need while offering our investors transparent and reliable returns. With this launch, we continue our mission to combine blockchain technology with meaningful social action.”
For more information, visit Plume Network or contact press@plumenetwork.xyz.
About Plume Network
Plume is the first fully integrated L1 modular blockchain focused on RWAfi, offering a composable, EVM-compatible environment for onboarding and managing diverse RWAs. With 180+ projects on its private devnet, Plume provides an end-to-end tokenization engine and a network of financial infrastructure partners, simplifying asset onboarding and enabling seamless DeFi integration for RWAs.
About HARVEST FLOW
Founded in April 2023, Apas Port Co., Ltd. is a Web3 production company with a mission to deploy “kando” (deep emotional impact) globally. The company leverages blockchain technology to connect carefully curated content with a co-creative community, acting as a “passport” to a new world of Web3 experiences.
X: https://x.com/HarvestFlow_io
Website: https://www.harvestflow.io/
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SOURCE Plume Network
Technology
South Clackamas Business Resource Center Launches Digital Community Platform
Published
3 hours agoon
December 24, 2024By
The Business Resource Center (BRC) of South Clackamas County unveils a new digital platform featuring an innovative business mapping system developed by COBID-certified IronGlove Studio. The website integrates advanced mapping technology with resource management tools to serve local businesses across nine communities, offering free consultations and scholarship opportunities for eligible residents.
OREGON CITY, Ore. and SOUTH CLACKAMAS COUNTY, Ore., Dec. 24, 2024 /PRNewswire-PRWeb/ — The Business Resource Center of South Clackamas County (BRC) is proud to announce the launch of its new website, https://brcscc.org, developed by Oregon City-based IronGlove Studio, LLC. The launch marks a significant expansion of its online presence and services, representing a major step forward in the BRC’s mission to support and empower local businesses and community members in the South Clackamas area.
Who is the Business Resource Center of South Clackamas County
The Business Resource Center (BRC) of South Clackamas County is a vital hub for small business support, resources, and training opportunities, dedicated to fostering economic growth and development in the region. Funded through the American Rescue Plan Act (ARPA) and operating until December 31, 2024, or until funding is exhausted, the BRC provides free consultations, training programs, and scholarships to empower small business owners in Gladstone, Oregon City, Beavercreek, Canby, Molalla, Mulino, Colton, Eagle Creek, and Estacada. Through initiatives like its comprehensive website and Local Business Map, the BRC connects entrepreneurs with the community, creating opportunities for growth and promoting sustainable, community-based economic development.
Key Offerings
Free Business Resource Consultations: Local entrepreneurs can access expert advice and guidance at no cost, ensuring they are not alone in their small business journey.
Exclusive Scholarship Opportunities: The BRC offers scholarships for Clackamas Community College’s Career & Technical Education programs, covering up to $3,500 per semester for eligible students in select zip codes.
Local Business Map: As part of its marketing initiative, the BRC features an innovative Local Business Map developed by IronGlove Studio. This custom solution integrates advanced mapping technology with COBID certification filters, enabling small businesses to connect with one another while providing valuable demographic insights for community stakeholders.
Website Performance
Since its soft launch in August 2024, the BRC website has quickly become a vital resource for the South Clackamas business community. The platform has attracted nearly 3,000 visitors, with users spending an average of 4 minutes engaging with the site’s resources and information. The site’s success is particularly evident in its scholarship program, which has already received 82 applications, including 6 from Spanish-speaking community members, demonstrating the BRC’s commitment to serving our diverse business community.
Strategic partnerships with Here is Oregon and Oregon’s Mt. Hood Territory allowed us to create targeted social media campaigns that have helped drive over 2,000 visitors to the site, resulting in more than 7,000 total pageviews. Visitors are actively engaging with the platform’s resources, averaging 2.7 actions per visit, including accessing business resources, downloading materials, and utilizing the local business map.
The platform, developed by IronGlove Studio, LLC of Oregon City, a COBID-certified firm, showcases innovative integration of WordPress with proprietary Angular mapping technology. “The BRC website demonstrates how enterprise-level solutions can be scaled down to serve community needs,” says Derek Neuts, Owner of IronGlove Studio. “By incorporating advanced features like COBID certification filters and demographic reporting capabilities, we’ve created a platform that not only connects consumers to businesses but also provides valuable insights for community development.”
Community Support
The BRC extends its gratitude to its advocates, partners and supporters, including the previous Oregon State Senator Bill Kennemer, previous Oregon State Representative (now Senator) — Mark Meek, the Chambers of Commerce for Canby, Estacada, Molalla and Oregon City, the Cities of Colton and Gladstone and the Hamlets of Beavercreek and Mulino.
“The launch of our comprehensive website marks a significant milestone in our commitment to supporting the South Clackamas County business community,” said Shatrine Krake, Director of Communications at the Business Resource Center of South Clackamas County. “This initiative offers an unbiased and equitable opportunity for every small business in the South Clackamas region to connect, discover, and grow through access to training, resources, and support.”
For more information or to schedule a free business consultation, visit https://brcscc.org.
Media Contact
Shatrine Krake, Director of Communications, Business Resource Center of South Clackamas County, 1 503-656-1619, shatrine@brcscc.org, https://brcscc.org/
Technical Development Contact: Derek Neuts, IronGlove Studio LLC, 1 503-501-4645, contact@ironglove.studio, https://www.ironglove.studio
View original content to download multimedia:https://www.prweb.com/releases/south-clackamas-business-resource-center-launches-digital-community-platform-302338692.html
SOURCE Business Resource Center of South Clackamas County
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