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EBIX EXITS CHAPTER 11 AND IS DEBT FREE WORLDWIDE NOW

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JOHNS CREEK, Ga. and NOIDA, India, Sept. 3, 2024 /PRNewswire/ — Ebix Inc., a leading international supplier of on-demand software and e-commerce services to the insurance, financial, healthcare, and e-learning industries, announced today that it has successfully completed its Chapter 11 restructuring process and has emerged as a financially and operationally stronger company that is well-positioned for the future. The 12,000+ employee Company is now debt-free worldwide.

On Friday, August 30, 2024 (the “Effective Date”), Ebix exited Chapter 11 in a record period of less than 9 months and the restructuring plan blessed by the US courts became effective. Earlier, on August 2, 2024 the Court had confirmed the plan, commending the parties for a ‘marvelous job’ done. This complex, cross-border matter resolution involved Sidley lawyers and staff from the New York, Chicago, Los Angeles, Century City, Houston, Dallas, Washington, D.C., San Francisco, London, Singapore, and Hong Kong offices; besides professionals from multiple multinational accounting and investment banking firms.

Ebix is one of the few rare companies that entered Chapter 11 with a trailing 12-month EBITDA of approximately $145 million, on account of non-operating loans being called by its lenders. With 23-years of consistently profitable results and a shareholder return of 27,500% at one time, Ebix‘s entry into Chapter 11 on non-operating grounds was sudden and rather unexpected. Today, when Ebix has exited Chapter 11, it has reason to feel confident about its future on various grounds –

Consolidation into Eraaya – With Eraaya LifeSpaces Limited (‘Eraaya’) emerging as the successful plan sponsor, Ebix Inc worldwide results will now be consolidated into Eraaya, a publicly traded company on the Bombay Stock Exchange (BSE: ERAAYA). Ebix will continue to be a US domiciled company, following the laws of the respective international geographies it operates in. Eraaya’s investment into Ebix will not affect any of Ebix’s responsibilities adversely in any geography, as the Company will continue to operate as usual.Visionary Leadership to Continue – Ebix Founder, Robin Raina, will continue to serve as CEO and Chairman of Ebix. A visionary entrepreneur who is the brain behind the Ebix worldwide franchise, Robin Raina has pioneered innovative concepts that propelled Ebix to be featured five times on Fortune’s 100 Fastest Growing Companies list. With a remarkable 23-year track record of profitability and delivering over 275x shareholder return at one time, Robin Raina epitomizes consistent financial discipline.Integrated Group Vision – With the goal of ensuring maximization of shareholder return for Eraaya shareholders, and to deliver world-class compliance and consistent growth & profitability, Robin Raina has also been appointed as the Chairman of the Board for Eraaya.Continued Focus on Clients – Ebix, Inc will continue to be a US Company, ensuring continuity and world-class products & services to its client base in the United States that encompasses state governments, 80 of the Fortune 500 companies, medical schools, hospitals, doctors, and tens of thousands of insurance entities including insurers, brokers, TPAs, Banks etc. All US contracts will continue to be serviced from the US company, with no changes to the Company’s tax ID, workers compensation or clients’ agreements, that will continue to be serviced following US law as usual.Consistent Continued Leadership – Ebix’s international subsidiaries across the world that service clients in more than 75 countries today, will continue to operate as usual. Ebix’s entire international senior management that has spearheaded Ebix’s growth and profitability story for more than two decades, will continue as usual and will lead Ebix through its future growth. All international client agreements will continue to be serviced as such, following the existing client and partner agreements under the laws of the respective country, while being serviced by the same Ebix personnel who have always been interacting with clients, as usual.EbixCash Growth Story Continues – Ebix’s Indian EbixCash operations will continue as usual. With a ‘Phygital’ strategy that combines over 650,000 physical distribution outlets in India and many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio of software and services encompasses domestic and international money remittance, foreign exchange (Forex), travel, pre-paid gift cards, utility payments, lending and wealth management across 75+ countries including India. EbixCash’s Forex operations are carried out primarily through 82 retail branches, retail kiosks in 28 international airports, including Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata, 12 seaports, over 250 franchise partners across 69 cities, as well as offered through more than 1200 corporate clients, more than 27 bank clients, and 5-star hotels in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of the leading non-bank travel exchanges based in India and catering to approximately 517,000 agents and approximately 17,900 registered corporate clients. EbixCash’s financial technologies business offers software solutions at the enterprise level for banks, asset and wealth management companies and trust companies across 75+ countries. EbixCash’s Bus Exchange business delivers on-demand technology solutions to power information technology across 14+ state roadways corporations and tens of thousands of buses. EbixCash’s business process outsourcing services provide information technology and call center services to a variety of industries.Debt-Free Company – Ebix now is debt free worldwide. With a clean balance sheet, an 85% recurring revenue business, a 23-year history of delivering consistent profitability and operating cash flows, the Company seems well positioned now to embark on its goal of delivering strong EBITDA and cash flows again.International Backing – As a true international Company with a multinational DNA helical structure, Ebix continues to secure international backing for its international expansion, future acquisition strategy and the stated goal of a diversified investor base. As a part of that endeavor, Ebix has already secured investments from marquee US investors Watch Hill Capital and Melanie Lane Partner Series. The intent of Eraaya and Ebix is to continue to grow its international investor base.

Ebix CEO and Chairman, Robin Raina said, “Today marks a significant milestone in Ebix’s 48-year history. Through the relentless efforts of our team of advisors and employees worldwide, we are moving forward in an incredibly strong market position with an exciting road ahead of us. Now with a solid financial foundation, a leaner, more efficient operating model, and plans to raise more liquidity to invest in our business, Ebix has outstanding potential to drive long-term profitable growth. Both in the US and around the world, we are poised to capitalize on our industry leadership, deep operational expertise and our iconic global brand.”

Robin said, “Ebix 2.0 intends to be lean, efficient, and focused on consistent profitable growth. We are aware that our strength is our focus on pioneering world leading on-demand software Exchanges, our distribution reach, our understanding of worldwide regulations, our dominance in various sectors in specific geographies and the barriers to entry in the highly regulated sectors that we operate in. We intend to leverage all these strengths while continuing to deliver world-class services to our clients worldwide.”

Robin added, “I am quite confident that this is only the beginning phase of delivering even greater value to our stakeholders. Thank you to the Ebix team around the world and to our new investor group, and to our customers, franchisees, providers and partners for your confidence and support during this process. I must add that as the Eraaya Chairman, I am equally committed to delivering consistent profitability, growth and shareholder return to the Eraaya investor base also.”

About Ebix, Inc.

With approximately 200 offices across 6 continents, Ebix, Inc., endeavors to provide on-demand infrastructure exchanges to the insurance, financial services, travel, and healthcare industries.

With a ‘Phygital’ strategy that combines over 650,000 physical distribution outlets in India and many Southeast Asian Nations (‘ASEAN’) countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio of software and services encompasses domestic and international money remittance, foreign exchange (Forex), travel, pre-paid gift cards, utility payments, lending and wealth management across 75+ countries including India. EbixCash’s Forex operations are carried out primarily through 82 retail branches, 62 retail kiosks in 16 international airports, including Delhi, Mumbai, Hyderabad, Chennai and Kolkata, 12 seaports, over 250 franchise partners across 69 cities, as well as offered through more than 1200 corporate clients, more than 27 bank clients, and 5-star hotels in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of the leading non-bank travel exchanges based in India and catering to approximately 517,000 agents and approximately 17,900 registered corporate clients. EbixCash’s financial technologies business offers software solutions at the enterprise level for banks, asset and wealth management companies and trust companies within India, Southeast Asia, the Middle East and Africa. EbixCash’s business process outsourcing services provide information technology and call center services to a variety of industries.

Through its various SaaS-based software platforms, Ebix employs thousands of domain-specific technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Company’s website at www.ebix.com  

 

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JinkoSolar’s Perovskite Tandem Solar Cell Based on N-type TOPCon Sets New Record with Conversion Efficiency of 33.84%

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January 6, 2025

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SHANGRAO, China, Jan. 6, 2025 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (the “Company,” or “JinkoSolar”) (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that it has achieved a significant breakthrough in the development of its N-type TOPCon-based perovskite tandem solar cell. Independently tested by the Shanghai Institute of Microsystem and Information Technology, Chinese Academy of Sciences, the cell achieved an impressive conversion efficiency of 33.84%, surpassing JinkoSolar’s previous record of 33.24%. This achievement marks the 27th time JinkoSolar has set a world record for efficiency and power output for PV products.

The record-breaking perovskite tandem solar cell utilizes JinkoSolar’s N-type high-efficiency monocrystalline TOPCon solar cell as the bottom cell, enhanced by significant advancements across multiple key technologies. Innovations such as full-area passivated contact technology, perovskite interfacial defect passivation technology, and bulk defect passivation technology have contributed to the enhanced efficiency of the perovskite/TOPCon tandem cell. The results once again break the conversion efficiency limit of single-junction crystalline silicon cells. This achievement highlights the compatibility of TOPCon as a mainstream solar cell technology with the next-generation perovskite/silicon tandem cell technology, paving the way for new possibilities in the future development of the photovoltaic industry.

Dr. Jin Hao, CTO of Jinko Solar Co., Ltd., said, “Once again, we have achieved remarkable progress in solar cell efficiency as a result of our ongoing investments in R&D and steadfast commitment to excellence. This milestone strengthens our confidence in our ability to achieve further technological breakthroughs as we work toward building a greener and more sustainable energy future.” 

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.

JinkoSolar had over 10 productions facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Canada, Malaysia, the United Arab Emirates, Denmark, Indonesia, Nigeria and Saudi Arabia, and a global sales network with sales teams  in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of September 30, 2024.

To find out more, please see: www.jinkosolar.com 

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: pr@jinkosolar.com 

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City of Philadelphia Transforms Right-of-Way Management with New INRIX Road Rules Products

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January 6, 2025

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KIRKLAND, Wash. and PHILADELPHIA , Jan. 6, 2025 /PRNewswire/ — The City of Philadelphia announced today it has selected INRIX, a leading provider of transportation data and analytics, to help the City revolutionize curb and right-of-way (ROW) management using NEW products offered in the INRIX IQ suite.

The City of Philadelphia has selected INRIX to help the City revolutionize curb and right-of-way management

The City of Philadelphia received USDOT Strengthening Mobility and Revolutionizing Transportation  (SMART) grant funding to optimize the use of the limited space in the ROW by creating a clear way to organize and communicate its rules and policies. The new cloud-based product, INRIX IQ Road Rules, will hold digital twin information about the City’s streets, sidewalks, and curbs. It allows staff to communicate temporary and permanent rule changes across internal departments and externally to stakeholders such as digital mapping companies (e.g., Apple, Google, HERE, Mapbox, TomTom) and fleet operators (e.g., autonomous vehicles, delivery companies, rideshare).

“Road Rules gives the City more capacity to improve ROW management through data and technology,” said Akshay Malik, Smart Cities Director, City of Philadelphia. “We can leverage existing data standards from the Open Mobility Foundation to map the ROW in more detail and test new ways to digitally manage it through our pilot in Center City, improving safety for drivers, cyclists, and pedestrians.”

INRIX enables agency staff to take a data-driven approach to curb and ROW management to improve safety, reduce congestion, and improve access to local businesses. Road Rules provides the City of Philadelphia several key capabilities:

Creation of a building-face-to-building-face digital twin of the ROW — including travel lanes, curbs, and sidewalks — in the pilot zonePre-loaded inventory of curb rules in the entire city centerDeep insights into use of the curb, including real-time and historic information on occupancyAdvanced tools for digital editing and coordination of ROW regulationsStandardized communication of digital ROW rules through state of the practice versions of the Curb Data Specification (CDS) and Mobility Data Specification (MDS) APIs

“The building-face-to-building-face ROW is utilized by a myriad of stakeholders, including people walking, biking, waiting for and riding public transportation, driving, and freight deliveries. In recent years, the public ROW has become a laboratory for new uses such as shared scooters, ride hail drop-offs and pick-ups, parklets, play streets, food delivery, autonomous vehicles, and sidewalk robots. This experimentation will only increase in upcoming years and cities need tools to steer these initiatives towards their long-held goals,” said Ahmed Darrat, Chief Product Officer at INRIX. “Urban areas are complex ecosystems that require meticulous planning and management. INRIX IQ’s robust insights across traffic, incident, parking, and safety management provide a comprehensive digital view while our Road Rules products allow staff to it intuitively and seamlessly act on emerging initiatives and digitally communicate rules to the wide array of stakeholders as they happen.”

“The open-source standards stewarded by the Open Mobility Foundation (OMF) give local government more effective tools to address policy priorities. We’re excited to see member organizations INRIX and the City of Philadelphia further the state of the practice by using the Mobility Data Specification and Curb Data Specification to digitally manage the full public right of way,” said Andrew Glass-Hastings, Executive Director, Open Mobility Foundation. “This SMART grant – and the partnerships and learnings it will produce – represents the next step in OMF’s mission of transforming how cities manage public space using well-designed, open-source technology.”

Philadelphia joins innovative cities like Portland, San Francisco, and Minneapolis in deploying INRIX cutting-edge digital infrastructure management solutions as part of their SMART grant projects. Other cities like Nashville are leveraging the same tools and pre-loaded parking data for day-to-day curb management. Through its data-as-a service and software-as-a-service applications, INRIX collects and maintains information about the full ROW, including APIs consumed by private sector stakeholders through the INRIX ecosystem of enterprise customers, all while minimizing the need for large up-front costs and efforts and eliminating the need for ongoing contractor services.

For more information about Philadelphia’s Smart City initiatives, visit https://www.phila.gov/programs/smartcityphl/.

About INRIX
Founded in 2004, INRIX pioneered intelligent mobility solutions by transforming big data from connected devices and vehicles into mobility insights. This revolutionary approach enabled INRIX to become one of the leading providers of data and analytics into how people move. By empowering cities, businesses, and people with valuable insights, INRIX is helping to make the world smarter, safer, and greener. With partners and solutions spanning across the entire mobility ecosystem, INRIX is uniquely positioned at the intersection of technology and transportation – whether keeping road users safe, improving traffic signal timing to reduce delay and greenhouse gasses, optimizing last mile delivery, or helping uncover market insights. Learn more at INRIX.com.

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Under the patronage of the UAE President, Abu Dhabi Sustainability Week 2025 (ADSW 2025) to take place in the emirate

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January 6, 2025

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ABU DHABI, UAE, Jan. 6, 2025 /CNW/ — Under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, the 2025 edition of Abu Dhabi Sustainability Week (ADSW) will take place from 12-18 January in Abu Dhabi, bringing together global leaders to accelerate sustainable development and advance socioeconomic progress.  

As the first major event in the global sustainability calendar, ADSW 2025, themed ‘The Nexus of Next. Supercharging Sustainable Progress’, will connect and empower policymakers and business and civil society leaders to explore pathways to fast-track the transformation to a sustainable economy and spark a new era of prosperity for all.

The event will showcase how the convergence of advanced technologies including artificial intelligence (AI), energy and human expertise can supercharge sustainable development and unlock a potential US$10 trillion economic transformation opportunity.

His Excellency Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, said: “Abu Dhabi Sustainability Week 2025 will act as a nexus for global business leaders, policymakers and entrepreneurs, leveraging interconnected solutions that build a more prosperous future for all. With three megatrends shaping our world – the rise of the Global South and emerging markets, the transformation of energy systems, and the exponential growth of AI – advanced technologies now provide an unprecedented opportunity for socioeconomic and environmental development. ADSW 2025 must be the launchpad not just for policy but for action, building the connections to supercharge sustainable progress.”

ADSW 2025 confirmed partners include the Department of Energy (DoE), Abu Dhabi National Oil Company (ADNOC), Emirates Global Aluminium (EGA), EMSTEEL, Dubai Electricity and Water Authority (DEWA), Mubadala, Huawei, GE Vernova, HSBC, Agility, Abu Dhabi Investment Office (ADIO), TotalEnergies, Fertiglobe, 1PointFive, bp, BEEAH, Emirates Water and Electricity Company (EWEC) and Dii Desert Energy.

For more than 15 years, ADSW has provided a global platform to foster multi-stakeholder collaboration to address global challenges and accelerate growth. It has enabled high-value agreements and strategic partnerships between governments, industry leaders, and clean energy pioneers worldwide, driving impactful alliances and advancing the global sustainability agenda.

Standing at the intersection of bold new ideas and action, ADSW 2025 recognizes the need for widescale systemic change, connecting energy, data, finance, trade, and natural ecosystems to drive exponential, sustainable growth. ADSW 2025 will feature an engaging program of high-profile sessions, forums, partner-led events and high-level networking opportunities.

ADSW 2025 begins with the annual IRENA Assembly, taking place on 12 and 13 January, and the Global Climate Finance Annual Meeting on 13 January. The ADSW Opening Ceremony, held at the Abu Dhabi National Exhibition Centre (ADNEC) on Tuesday, 14 January, will set the scene for the week ahead. The ADSW Summit and the Green Hydrogen Summit will convene global leaders for impactful dialogues focused on fostering collaboration, unlocking investment opportunities and enabling cutting-edge partnerships. As one of the key events under ADSW, the World Future Energy Summit will continue to play a critical role in driving business growth and knowledge sharing. Over the years, the World Future Energy Summit has fostered a remarkable number of transactions, with 450 companies exhibiting in 2024. In 2025, the summit will feature the Innovation Hub, providing space for over 55 entrepreneurs and startups to showcase their breakthrough technologies and inventions to the public.

ADSW 2025 will also feature the annual Women in Sustainability, Environment and Renewable Energy (WiSER) forum, amplifying women’s voices in the sustainability debate and will bring 3,500 young people together with its Youth 4 Sustainability (Y4S) Forum and Hub, actively engaging youth in a three-day program designed to empower them to act, innovate and become climate leaders.

The Zayed Sustainability Prize – the UAE’s pioneering award for innovative solutions to global challenges – will also hold a series of events at ADSW 2025, including the Zayed Sustainability Prize Awards Ceremony on 14 January and the Forum & Investor Connect. The Zayed Sustainability Prize honors and empowers those who are spearheading transformative change across the categories of Health, Food, Energy, Water, Climate Action, and Global High Schools. Over the past 16 years, the 117 Prize winners have positively impacted more than 384 million lives worldwide, creating sustainable economic and social development opportunities, and improving access to affordable and reliable energy, safe drinking water, nutritious food and quality healthcare.

Key dates for ADSW 2025 include the IRENA Assembly on 12-13 January, followed by the Global Climate Finance Annual Meeting on 13 January. The ADSW Opening Ceremony and Zayed Sustainability Prize Awards Ceremony will take place on 14 January, while the ADSW Summit will take place on 14-15 January. The World Future Energy Summit, Youth 4 Sustainability (Y4S) Forum and Hub will take place on 14-16 January. 15 January will feature the Women in Sustainability, Environment and Renewable Energy (WiSER) Forum, while 16 January will host the Green Hydrogen Summit, Zayed Sustainability Prize Forum and Investor Connect. The event will conclude with The Festival at Masdar City on 17-18 January.

For more information, please visit www.adsw.ae.

About Abu Dhabi Sustainability Week 

Abu Dhabi Sustainability Week (ADSW) is a global platform supported by the UAE and its clean energy leader, Masdar, to address the world’s most pressing sustainability challenges through crucial conversations accelerating responsible development and fostering inclusive economic, social and environmental progress. 

For more than 15 years, ADSW has convened decision-makers from governments, the private sector and civil society to advance the global sustainability agenda through dialogue, cross-sector collaboration and impactful solutions. Throughout the year, ADSW conversations and initiatives facilitate knowledge sharing and collective action that will ensure a sustainable world for future generations. 

About Masdar 

Masdar (Abu Dhabi Future Energy Company) is one of the world’s fastest-growing renewable energy companies. As a global clean energy pioneer, Masdar is advancing the development and deployment of solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate energy systems transformation and help the world meet its net-zero ambitions. Established in 2006, Masdar developed and invested in projects in over 40 countries with a combined capacity of over 31.5 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future. 

Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is targeting a renewable energy portfolio capacity of 100GW by 2030 while aiming to be a leading producer of green hydrogen by the same year.

Contact:

For media inquiries, please contact: press@masdar.ae

For more information, please visit: https://www.masdar.ae and connect: facebook.com/Masdar.ae and twitter.com/Masdar

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