Liquidity created by the transaction enables OnTrac to advance operational and growth initiatives, strengthen its financial profile, and continue its expansion as the only last-mile alternative to the national carriers.

VIENNA, Va., Nov. 15, 2024 /PRNewswire-PRWeb/ — OnTrac Final Mile (“OnTrac” or the “Company”), a leading last-mile delivery e-commerce parcel carrier, today announced it has reached an agreement with more than 85% of the holders of its first and second lien term loans for a comprehensive financing and exchange transaction that includes new debt financing, extended debt maturities, and other liquidity enhancements. All existing OnTrac lenders will be offered the opportunity to participate in the transaction.

OnTrac is the largest last-mile delivery company in the U.S. outside of the national carriers, reaching over 70% of the population in two days or less. The Company has a footprint of 16 highly automated sort centers and nearly 100 branches across the U.S. and recently completed its expansion to the Midwest and South-Central regions. OnTrac continues to invest in its network and expand its geographies served and value proposition with customers, offering same-day delivery, 7-day delivery, and transcontinental shipping, with additional near-term service launches on the horizon.

“This transaction will strengthen our balance sheet and enhance our ability to help current and future customers to provide excellent service to their consumers,” said OnTrac CEO Mike Duffy. “We will continue identifying new opportunities for growth, expanding our geographic reach, investing in technology and automation to improve the customer experience, and completing the transition from a super-regional to a national carrier.”

Evercore Group LLC served as exclusive financial advisor and Weil, Gotshal & Manges LLP served as exclusive legal advisor to the Company.

PJT Partners Inc. served as exclusive financial advisor and Gibson, Dunn & Crutcher LLP served as exclusive legal advisor to the ad hoc group of lenders.

About OnTrac Final Mile
OnTrac is a leading last-mile delivery solutions provider, serving e-commerce retailers. Headquartered in Vienna, Virginia, the Company’s footprint stretches across the United States to reach approximately 70% of the population in 35 states and Washington, D.C. and enhance retailers’ ability to meet growing demand in the consumer e-commerce delivery market. OnTrac has evolved into a critical part of the e-commerce infrastructure and is trusted by leading retailers and shippers that desire reduced transit times and increased flexibility within their supply chains. Learn more at http://www.ontrac.com or follow us on LinkedIn, Twitter, YouTube, or Facebook.

Media Contact

Caroline Taylor, OnTrac, (703) 662-2215, mediarelations@ontrac.com, www.ontrac.com 

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Welcomes 1,100+ Startups and a Global Audience of 5,000 at Bharat Startup Festival

NOIDA, India, Nov. 15, 2024 /PRNewswire/ — Amity Innovation Incubator, in collaboration with the Bharat Startup India Summit (BSIS), organized the Noida Edition of the Bharat Startup Yatra, which saw an enthusiastic gathering of over 1,100 startups and a live audience of 5,000 from 14 countries and 29 cities worldwide. Hosted at Amity University, Noida, the Bharat Startup Festival marks a historic milestone as the first multi-country startup ecosystem hybrid program held in Bharat.

The event’s Chief Guest, Hon’ble Shri Sunil Kumar Sharma, Minister of Electronics & IT, Government of Uttar Pradesh, commended Dr. Aseem Chauhan, Chancellor of Amity University, and Shri Vinayak Nath, President of BSIS, for initiating this unique national program. He emphasized the importance of leadership and highlighted the government’s commitment to empowering young entrepreneurs to drive the state and national economy forward.

Speaking at the event, Dr. Aseem Chauhan, Chancellor of Amity University and President, Amity Innovation Incubator, highlighted Amity’s leading role in fostering innovation and entrepreneurship across its campuses. He praised the Amity Innovation Incubator for its efforts in supporting budding entrepreneurs on their journey to success and establishing Amity as a model in the startup ecosystem.

Shri Awanish Awasthi, IAS (Retd.), Chief Advisor to the Chief Minister of Uttar Pradesh, noted the timeliness and impact of the Bharat Startup Festival, emphasizing the festival’s role in guiding startups through the ecosystem with a holistic approach. He further emphasized Uttar Pradesh’s mission to achieve a $1 trillion economy under the leadership of Chief Minister Shri Yogi Adityanath and expressed confidence in Amity’s startups to contribute significantly to the state and nation’s economic growth.

Mr. Vinayak Nath, National President of BSIS, shared insights on India’s rapid ascent as the third-largest startup ecosystem globally, with aspirations to reach the second position by 2026. He highlighted Uttar Pradesh’s talent pool, noting that nearly half of India’s unicorn founders originate from the state. Nath also announced the launch of a BSIS Industry Cell at all Amity campuses globally, which will provide a single-window interface to connect startups with investors, mentors, and government programs.

The event featured interesting Panel Discussions and Fireside Chats with experts from well-known corporations including Microsoft, Thinkuvate, Kent RO, and others, who discussed the future of AI, Deep Tech, and their impact on startup fundraising.

Mr. Vinay Kumar, Director of AI Microsoft, APAC, outlined the transformative role of artificial intelligence (AI) in industries such as healthcare, finance, manufacturing, and education, stressing AI’s potential to drive data-driven decisions and automate processes for enhanced customer experiences.

The event concluded with a Vote of Thanks by Smt. Swati Nath, CEO & Secretary General of BSIS, and was attended by prominent leaders, including Col. Saurabh Sanyal, Advisor-in-Chief, BSIS, Mr. Mahesh Gupta, Chairman, Kent RO, Dr. Balvinder Shukla, Vice-Chancellor, Amity University – Uttar Pradesh and Mr. Shammi Khanna, Co- Founder & Managing Partner, Dolce Vita Advisors.

About Amity Innovation Incubator

The Amity Innovation Incubator, a pioneering concept within Indian universities, is supported by the Department of Science and Technology (DST), Government of India. It was recognized in the band of ‘Top Performers’ among the best incubators of India by the Atal Innovation Mission, NITI Ayog and was recently awarded ‘Incubator of the Year 2024’ by the Asian Association of Business Incubation. Known for its rigorous selection process, the incubator has been instrumental in supporting tech-based startups that have earned accolades on platforms like ‘The Power of Ideas,’ Red Herring Global, Tata NEN, and the NASSCOM Innovation Awards. The Incubator was awarded ‘Best Innovation Incubator’ by Business World and ranked 3rd among brilliant startup incubators by Entrepreneur magazine. 

Photo: https://mma.prnewswire.com/media/2559180/Amity_Bharat_Startup_Festival.jpg

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SHANGHAI, Nov. 15, 2024 /PRNewswire/ — S-Tron Shanghai 2024, the leading global technology innovation event, wrapped up its successful run at the West Bund Art Center in Shanghai from September 20-21, 2024. The event brought together over 11,000 professionals from around the world, including top technology leaders, cutting-edge startups, investment firms, and industry experts, fostering a dynamic platform for dialogue on China’s technological landscape and the future of global innovation.

Event Highlights:

Attendees: Over 11,000 professionals registeredIndustry Leaders: 200+ top technology executives and visionaries sharing insightsInvestors: 1,500+ investment institutions seeking emerging opportunitiesExhibitors: 140+ innovative startups unveiling breakthrough technologies

Diverse Discussions on Emerging Technologies

This year’s event featured over 60 sessions covering topics such as artificial intelligence, biotechnology, energy transformation, and sustainable development. The 48-hour conference hosted more than 200 speakers who provided expert analysis on global technology trends and market dynamics through keynote addresses, panel discussions, and fireside chats.

Global Startup Pitch Competition: Driving Innovation

A major highlight of the event was the Global Startup Pitch Competition, which saw over 500 startups from 20+ countries compete for the top prize. After an intensive two-month selection process, 80+ high-quality startups advanced to the final stage, representing industries such as health, mobility, sustainability, advanced manufacturing, and more. Hangzhou Nanomics Biotechnology Co., Ltd. emerged as the winner in the Life and Health Track, impressing the judges with its groundbreaking solution. The victory not only brought the startup significant recognition but also attracted strong investment interest.

Exhibition: Showcasing Cutting-Edge Innovations

More than 140 exhibitors presented interactive displays and real-world applications of their innovations, captivating attendees with the potential to reshape industries. The exhibition featured products spanning various sectors, from advanced manufacturing to sustainable solutions, drawing attention from investors and strategic partners.

Global Collaboration and Cross-Border Innovation

With more than 20% of participants coming from overseas, S-Tron Shanghai 2024 demonstrated its role as a catalyst for international collaboration. Corporate leaders and innovators from diverse regions engaged in valuable exchanges, fostering cross-border partnerships and furthering the global integration of emerging technologies.

Commitment to Sustainability

S-Tron Shanghai 2024 set a new benchmark for eco-conscious events by going fully paperless and utilizing AI-powered simultaneous translation, reducing resource waste. Exhibitors also embraced green technology, showcasing solutions designed with environmental sustainability in mind.

The Role of Volunteers: A Cornerstone of Success

The seamless execution of this year’s event was made possible by the dedication of over 713 volunteers, selected from nearly 2,000 applicants. Their contributions ensured that the event ran smoothly, providing an exceptional experience for all attendees and underscoring the power of community support in delivering impactful events.

Looking Ahead to S-Tron Shanghai 2025

In his closing remarks, Sean Song, Founder and President of S-Tron China, expressed his commitment to continuing the innovation-driven mission of S-Tron. “S-Tron will remain at the forefront of technological advancement, nurturing the next generation of innovators and fostering a thriving global innovation ecosystem,” he said. He also confirmed that the next edition of S-Tron Shanghai will take place on September 23-24, 2025.

About S-Tron

S-Tron is a global leader in innovation, providing a platform to showcase groundbreaking ideas and technologies. By connecting innovators, industry leaders, and investors, S-Tron is not only pushing the boundaries of technology but also catalyzing cross-sector and cross-border collaboration. As it continues to reshape the future, S-Tron remains dedicated to exploring the infinite possibilities of innovation.

For more information and to register for S-Tron Shanghai 2025, visit www.s-union.cn/

See also S-Tron Shanghai 2024 official aftermovie: https://youtu.be/4L7ZNSNtVKQ

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