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TAT Technologies Announces Proposed Private Placement to Israeli Institutional and Accredited Investors

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NETANYA, Israel, Sept. 1, 2024 /PRNewswire/ — TAT Technologies Ltd. (NASDAQ and TASE: TATT – News) (“TAT” or the “Company”), a leading provider of products and services to the commercial and military aerospace and ground defense industries, announced today that, following the approval of its Board of Directors, it has received and accepted commitments from Israeli institutional and accredited investors (as defined under Israel’s Securities Law, 5728-1968) (the “Investors”), to participate in a private placement (the “Private Placement”) of Ordinary Shares of the Company (“Ordinary Shares”).

The Company is expected to issue and sell to the Investors an aggregate of 673,340 Ordinary Shares (the “Shares”), for a purchase price of NIS 54.95 per Share (approximately $15.03 per Share*). The newly issued Shares are expected to represent approximately 6.2% of the Company’s issued and outstanding Ordinary Shares after the consummation of such sale. The closing of the transaction is subject to customary closing conditions and is expected to be completed in September 2024.

The Company expects to receive net proceeds from the sale of the Shares, after deducting offering expenses, of approximately NIS 36.5 million (or approximately $10.0 million*). The Company intends to use such proceeds for general corporate purposes.

In addition, FIMI Israel Opportunity FIVE, Limited Partnership and FIMI Opportunity V, L.P. (the “FIMI Funds”), the Company’s largest shareholder, notified the Company that it received and accepted commitments from Israeli institutional and accredited investors to purchase from the FIMI Funds an aggregate of 2,349,706 Ordinary Shares, for a purchase price of NIS 54.95 per Ordinary Share (approximately $15.03 per Ordinary Share*), or an aggregate of NIS 129.1 million (approximately $35.3 million*). The Company will not receive any proceeds from the sale of the Ordinary Shares by the FIMI Funds. Following the consummation of the Private Placement and the private sale of Ordinary Shares by the FIMI Funds, the FIMI Funds are expected to beneficially own approximately 26.8% of the Company’s issued and outstanding Ordinary Shares.

The Private Placement and the sale by the FIMI Funds are being made in Israel only and not to U.S. persons, as defined in Rule 902 of the U.S. Securities Act of 1933, as amended (the “Securities Act”), pursuant to a registration exemption afforded by Regulation S promulgated under the Securities Act, and the Shares will be subject to certain transfer restrictions. The Shares will not be registered under the Securities Act and will not be offered or sold in the United States without registration or applicable exemption from the registration requirements according to the Securities Act.

This press release does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities or a solicitation of any vote or approval nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation, sale, issuance or transfer would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

* Calculated based on the exchange rate of $1.00:NIS 3.656, as published by the Bank of Israel on August 30, 2024.

Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to our expectations regarding the issuance and sale of the shares, the closing date of the transaction, and the Company’s intended use of the proceeds from the sale of the Shares. Our expectations and beliefs regarding these matters may not materialize, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected, including, without limitation, as a result of the war and hostilities between Israel and Hamas, Hezbollah and Iran. The forward-looking statements contained in this press release are subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 6, 2024. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law.

About TAT Technologies Ltd.

TAT Technologies Ltd. is a leading provider of services and products to the commercial and military aerospace and ground defense industries. TAT operates under four segments: (i) Original equipment manufacturing (“OEM”) of heat transfer solutions and aviation accessories through its Gedera facility; (ii) MRO services for heat transfer components and OEM of heat transfer solutions through its Limco subsidiary; (iii) MRO services for aviation components through its Piedmont subsidiary; and (iv) Overhaul and coating of jet engine components through its Turbochrome subsidiary. TAT controlling shareholders is the FIMI Private Equity Fund.

TAT’s activities in the area of OEM of heat transfer solutions and aviation accessories primarily include the design, development and manufacture of (i) broad range of heat transfer solutions, such as pre-coolers heat exchangers and oil/fuel hydraulic heat exchangers, used in mechanical and electronic systems on board commercial, military and business aircraft; (ii) environmental control and power electronics cooling systems installed on board aircraft in and ground applications; and (iii) a variety of other mechanical aircraft accessories and systems such as pumps, valves, and turbine power units.

TAT’s activities in the area of MRO Services for heat transfer components and OEM of heat transfer solutions primarily include the MRO of heat transfer components and to a lesser extent, the manufacturing of certain heat transfer solutions. TAT’s Limco subsidiary operates an FAA-certified repair station, which provides heat transfer MRO services for airlines, air cargo carriers, maintenance service centers and the military.

TAT’s activities in the area of MRO services for aviation components include the MRO of APUs, landing gears and other aircraft components. TAT’s Piedmont subsidiary operates an FAA-certified repair station, which provides aircraft component MRO services for airlines, air cargo carriers, maintenance service centers and the military.

TAT’s activities in the area of overhaul and coating of jet engine components includes the overhaul and coating of jet engine components, including turbine vanes and blades, fan blades, variable inlet guide vanes and afterburner flaps.

For more information of TAT Technologies Ltd., please visit our web-site: www.tat-technologies.com 

Contact:
Mr. Ehud Ben-Yair
Chief Financial Officer
Tel: 972-8-862-8503
ehudb@tat-technologies.com

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SOURCE TAT Technologies Ltd.

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Technology

INTOUCH INSIGHT ANNOUNCES Q3 2024 FINANCIAL RESULTS

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OTTAWA, ON, Nov. 21, 2024 /CNW/ – Intouch Insight Ltd, (“Intouch” or “the Company”) (TSXV: INX) (OTCQX: INXSF) a leader in customer experience measurement solutions, today announced financial results for the quarter ended September 30, 2024.

Key highlights for Q3 2024

Revenue increased 18% to $6,656,664 compared to $5,634,594 in Q3 2023.Recurring services revenue increased 23% to $5,761,966 from $4,678,154 the prior year Q3.Gross margin increased to 48.2% from 41.7% in Q2 2024 due to the shift in product mix.SaaS revenues grew 9% organically.Operating expenses have grown 7% compared to prior year’s Q3 as acquisition integration efforts continue.Adjusted EBITDA remained positive increasing to $575,889 compared to $296,515 in Q2, 2024 and $509,762 in prior year Q3.

“Our financials illustrate that Intouch is a growing, profitable and financially self-sufficient business.  Sales and marketing efforts are building on our thought leadership and improving brand recognition, particularly in the key target market segments of Quick Serve Restaurants and Petro Convenience, as evidenced by recent mainstage speaking invitations for four industry events,” said Cameron Watt, President & Chief Executive Officer of the Company.

“This year will mark the second year in a row with revenues over $25 Million and we expect growth to continue well beyond this level into the future,” said Watt.

Consolidated Statements of Operations

Q3 2024

Q3 2023

Revenue

$    6,656,664

$    5,634,594

Cost of services

3,445,180

2,719,682

Gross margin

3,211,484

2,914,912

Total operating expenses

2,844,721

2,656,381

Income from operating activities

366,763

258,531

Non-operating (expenses) income 

87,297

(83,076)

Income tax recovery (expense)

Net income (loss)

$       454,060

$       175,455

About Intouch Insight

Intouch Insight offers a complete portfolio of customer experience management (CEM) products and services that help global brands delight their customers, strengthen brand reputation and improve financial performance. Intouch helps clients collect and centralize data from multiple customer touch points, gives them actionable, real-time insights, and provides them with the tools to continuously improve customer experience. Founded in 1992, Intouch is trusted by over 300 of North America’s most-loved brands for their customer experience management, customer survey, mystery shopping, mobile forms, operational and compliance audits, geolocation data capture and event marketing automation solutions. For more information, visit intouchinsight.com.

Certain statements included in this news release contain forward looking statements that are made of the date hereof, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  Such statements reflect the Company’s current views with respect to future events, including the acquisition, future revenues and references to the Company’s expansion and growth of the business and operations, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties. Please refer to the risks set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents that can be found on SEDAR at www.sedar.com.   The Company does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Intouch Insight Ltd.

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Beacon Healthcare Systems Expands Leadership Team with Addition of Ayman Mohamed as Chief Technology Officer

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HUNTINGTON BEACH, Calif., Nov. 21, 2024 /PRNewswire/ — Beacon Healthcare Systems, is pleased to announce the appointment of Ayman Mohamed as its new Chief Technology Officer, effective November 18, signaling a new direction in innovation and technology leadership. With over 20 years of senior leadership, strategic, and operational product management experience, Ayman brings a wealth of knowledge and expertise to the role.

Beacon Healthcare Systems Expands Leadership Team with Addition of Ayman Mohamed as Chief Technology Officer

Ayman Mohamed is a seasoned technology leader with a proven track record of launching innovative products in new and existing markets, generating significant revenue streams, and creating profitable enterprises. His passion for building high-quality products and commitment to servant leadership have earned him a reputation for building trust and fostering collaborative, high-performing teams.

Throughout his career, Ayman has demonstrated a deep understanding of software architecture and broad hands-on technical skills. He has successfully helped organizations succeed, with experience spanning startups and larger companies in the San Francisco Bay and Washington DC metro areas. In his new role at Beacon Healthcare Systems, Ayman will lead engineering and delivery teams, develop a product roadmap, and lead technology development, testing, and implementation efforts.

“We are thrilled to have Ayman join Beacon Healthcare Systems at this pivotal time. Our vision is to harness cutting-edge technologies to enhance our products, implementations, and continue to give our clients the level of quality they expect,” said Todd Petersen, CEO.

Ayman Mohamed’s previous roles include leadership positions at Amazon Web Services, American Well, Avizia, Intersections Inc, Zumetrics, Moasis Global, and Ultra Zoom Technologies. His strategic and operational skills, combined with his ability to thrive in dynamic environments and his bias for action, make him an invaluable asset to Beacon Healthcare Systems.

About Beacon Healthcare Systems. Beacon Healthcare Systems streamlines the business of healthcare through reliable innovative SaaS technology delivered by industry experts. With a focus on appeals and grievances, compliance, and analytics, Beacon HCS is the first place health plans turn when looking for a trusted, experienced partner that can help them reduce costs, grow revenue, and achieve their strategic goals. Founded in 2011, Beacon HCS is a privately held California-based company. Visit our website at www.beaconhcs.com

Media Contact: 9048744189 | Dkroog@beacon@beaconhcs.com 

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SOURCE Beacon Healthcare Systems

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NASA Awards Test Operations Contract

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WASHINGTON, Nov. 21, 2024 /PRNewswire/ — NASA has selected Sierra Lobo, Inc. of Fremont, Ohio, to provide for test operations, test support, and technical system maintenance activities at NASA’s Stennis Space Center near Bay St. Louis, Mississippi.

The NASA Stennis Test Operations Contract is fixed-price, level-of-effort contract that has a value of approximately $47 million. The performance period begins July 1, 2025, and extends three years, with a one-year base period and two one-year option periods.

The contract will provide test operations support for customers in the NASA Stennis test complex. It also will cover the operation and technical systems maintenance of the high-pressure industrial water, high-pressure gas, and cryogenic propellant storage support areas, as well as providing welding, fabrication, machining, and component processing capabilities.

NASA Stennis is the nation’s largest propulsion test site, with infrastructure to support projects ranging from component and subscale testing to large engine hot fires. Researchers from NASA, other government agencies, and private industry utilize NASA Stennis test facilities for technology and propulsion research and developmental projects.

For information about NASA and other agency programs, visit:

https://www.nasa.gov

View original content to download multimedia:https://www.prnewswire.com/news-releases/nasa-awards-test-operations-contract-302313691.html

SOURCE NASA

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