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LION ELECTRIC ANNOUNCES FURTHER AMENDMENTS TO CERTAIN SENIOR CREDIT INSTRUMENTS

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MONTREAL, Nov. 18, 2024 /CNW/ – The Lion Electric Company (NYSE: LEV) (TSX: LEV) (“Lion” or the “Company”), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, announced today that it has entered into further amendments to certain of its senior credit instruments, namely (i) its senior revolving credit agreement entered into with a syndicate of lenders represented by National Bank of Canada, as administrative agent and collateral agent, and including Bank of Montreal and Federation des Caisses Desjardins du Québec (the “Revolving Credit Agreement”), and (ii) its loan agreement entered into with Finalta Capital Fund, L.P., as lender and administrative agent, and Caisse de dépôt et placement du Quebec (through one of its subsidiaries), as lender (the “Finalta CDPQ Loan Agreement”).

The amendments to the Revolving Credit Agreement provide for, among other things, the extension of the period applicable to the previously announced suspension of the financial covenants thereunder from November 15, 2024, to November 30, 2024 (the “covenant relief period”) and the removal of the minimum liquidity covenant under the Credit Agreement during the covenant relief period. The amendments to the Finalta CDPQ Loan Agreement provide for, among other things, the removal of the minimum liquidity covenant thereunder and the addition of restrictions on the Company’s use of receivables to be received by the Company during the period. The Company will also be required under each of the Revolving Credit Agreement and the Finalta CDPQ Loan Agreement during the covenant relief period to comply in all respects with cash flow projections and a contingency plan agreed to with the lenders.

In the event the Company cannot raise additional funds or negotiate amendments, concessions or waivers with its lenders, the Company expects that it will not be able to remain in compliance under the terms of the Revolving Credit Agreement and Finalta CDPQ Loan following expiry of the covenant relief period or repay the amounts owed under the Finalta CDPQ Loan upon maturity on November 30, 2024. Any breach under the Company’s debt instruments could result, either directly or as a result of the application of cross default or cross acceleration provisions, in the Company’s lenders exercising their rights thereunder, including to request immediate repayment of amounts borrowed by the Company.  As a result, the Company has been actively engaged in discussions with certain of its lenders regarding potential alternatives relating to a restructuring of its obligations. The Company also continues to fully consider all potential sources of financing and/or other alternatives, which alternatives may include a sale of the business or certain of its assets, strategic investments and/or any other similar opportunities or alternatives.

ABOUT LION ELECTRIC

Lion Electric is an innovative manufacturer of zero-emission vehicles. The Company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric school buses. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.

Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life. Lion shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws and within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”), including statements regarding the amendments entered into by the Company, the Company’s ability to remain in compliance under its debt instruments, discussions regarding potential alternatives relating to a restructuring of the Company’s obligations, the Company’s evaluation of other opportunities or alternatives, statements about Lion’s beliefs and expectations and other statements that are not statements of historical facts. Forward-looking statements may be identified by the use of words such as “believe,” “may,” “will,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “could,” “plan,” “project,” “potential,” “seem,” “seek,” “future,” “target” or other similar expressions and any other statements that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements may contain such identifying words. The forward-looking statements contained in this press release are based on a number of estimates and assumptions that Lion believes are reasonable when made. Such estimates and assumptions are made by Lion in light of the experience of management and their perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. For additional information on estimates, assumptions, risks and uncertainties underlying certain of the forward-looking statements made in this press release, please consult section 23.0 entitled “Risk Factors” of the Company’s annual management’s discussion and analysis of financial condition and results of operations (MD&A) for the fiscal year 2023 and in other documents filed with the applicable Canadian regulatory securities authorities and the Securities and Exchange Commission, including the Company’s interim MD&As. Many of these risks are beyond Lion’s management’s ability to control or predict. All forward-looking statements attributable to Lion or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained and risk factors identified in the Company’s annual MD&A for the fiscal year 2023 and in other documents filed with the applicable Canadian regulatory securities authorities and the Securities and Exchange Commission. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. Except as required under applicable securities laws, Lion undertakes no obligation, and expressly disclaims any duty, to update, revise or review any forward-looking information, whether as a result of new information, future events or otherwise.

See section 2.0 of the Company’s interim MD&A for the three and nine months ended September 30, 2024 (the “Interim MD&A”), entitled “Basis of Presentation,” section 15.0 of the Company’s Interim MD&A entitled “Liquidity and Capital Resources,” and note 2 of the Company’s unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2024 which indicate the existence of material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern.

View original content:https://www.prnewswire.com/news-releases/lion-electric-announces-further-amendments-to-certain-senior-credit-instruments-302308110.html

SOURCE The Lion Electric Co.

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Guidehouse Adds Two Leaders to Growing Health Segment

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November 18, 2024

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Mark Korth and Angela Hunt, RN, join as partners to help healthcare organizations advance clinical and operational performance

MCLEAN, Va., Nov. 18, 2024 /PRNewswire/ — Guidehouse, a global consultancy providing advisory, digital, and managed services to the commercial and public sectors, has added two partners, Mark Korth and Angela Hunt, RN, to the firm’s Health segment.

A former health system C-suite executive, Korth will support providers with optimizing large-scale mergers and integrations, transformations, and operating model implementation. Hunt will assist providers with improving quality, clinical documentation and coding, payer contracting, and operating performance.

“We are thrilled to welcome Angela and Mark to Guidehouse,” said Tim Kinney, Guidehouse partner and Payer/Provider practice leader. “Their deep expertise and proven leadership in the healthcare industry will enhance our ability to provide innovative, patient-centered solutions that address our clients’ most pressing challenges. Angela’s and Mark’s unique perspectives will be invaluable as we continue to help healthcare leaders meaningfully serve their communities.”

Korth joins Guidehouse following a more than 25-year career leading large health systems, hospitals, and medical groups. A strategic executive with a proven ability to guide mergers, partnerships, and systemwide transformations, he has consistently advanced initiatives that improved population health and delivered sustainable margins. Korth’s experience spans large for-profit and nonprofit hospitals and health systems, having served as CEO, regional president, system chief transformation officer, and chief operating officer. 

With close to 30 years of strategic experience, Hunt brings a proven track record of leading teams through complex projects that have helped health systems and physician enterprises improve clinical and operational outcomes. Her proficiency spans data analytics, change management, clinical data management, strategic communication, and detailed outcomes improvement. This includes working with IT departments to develop analytics to better focus clinical integrity teams through benchmark opportunities in high volume MS-DRGs.

With 19 Best in KLAS® awards, Guidehouse’s Health segment serves providers, government agencies, life sciences companies, payers, and other healthcare organizations. Backed by proven success in modernizing and innovating healthcare services, finances, and operations, the firm delivers a comprehensive approach to solving interrelated industry challenges.

About Guidehouse
Guidehouse is a global consultancy providing advisory, digital, and managed services to the commercial and public sectors. Guidehouse is purpose-built to serve the national security, financial services, healthcare, energy, and infrastructure industries. Disrupting legacy consulting delivery models with its agility, capabilities, and scale, the firm delivers technology-enabled and focused solutions that position clients for innovation, resilience, and growth. With high-quality standards and a relentless pursuit of client success, Guidehouse’s more than 17,000 employees collaborate with leaders to outwit complexity and achieve transformational changes that meaningfully shape the future. guidehouse.com

Media Contact:
Guidehouse
Cecile Fradkin cfradkin@scprgroup.com  

View original content to download multimedia:https://www.prnewswire.com/news-releases/guidehouse-adds-two-leaders-to-growing-health-segment-302307957.html

SOURCE Guidehouse

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Northern Virginia: The Hidden Giant of U.S. Tech? NVTC Study Reveals World Class Talent, Investments in AI, Cybersecurity, and Cloud

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November 18, 2024

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Survey of 82 Northern Virginia Companies Underscores Region’s Tech Opportunity and How it Is Poised for Continued Growth

MCLEAN, Va, Nov. 18, 2024 /PRNewswire-PRWeb/ — The Northern Virginia Technology Council (NVTC) today announced the findings of a groundbreaking study of top technology executives in Northern Virginia. The findings highlight the region’s position as one of the nation’s leading technology hubs, while exploring the opportunities and challenges that will shape the region’s future growth and innovation.

The study is based on a survey of 82 top technology organizations in the Northern Virginia (NOVA) region, as well as in-depth interviews with 30+ senior executives, and evaluates the region across five key dimensions: Talent, Innovation, Ecosystem, Business Attractiveness, and Proximity to the U.S. Federal Government.

“Northern Virginia is finally getting the recognition it deserves as a technology powerhouse,” said NVTC President and CEO, Jennifer Taylor. “We have the second highest tech employment of any U.S. metro area with 11.2% of the workforce, we are the largest data center market in the world with over two-times total inventory of the next largest market, and we have 2.5 times more computer science graduates than peer-tech hubs like New York, San Francisco, and Seattle. The growth opportunity in this region is clear.”

What the study found:

Talent Access, Skills Gaps: 73% of employers consider access to talent a key advantage, with 55% ranking it as the top factor defining a leading tech hub. Tech leaders noted challenging skills gaps in AI/ML (62%), Cybersecurity (43%), and Software Development (39%). The Northern Virgina region boasts the nation’s second highest net tech employment by metro area – only behind New York City — with 376K tech industry and tech occupation workers, providing a rich and diverse talent pool. In net tech employment, the region is slightly ahead of tech hubs including San Francisco, San Jose, Los Angeles, and Dallas.

Innovation Focus: GenAI, cybersecurity, and cloud computing are the top three emerging technologies that organizations are investing in for NOVA-specific operations over the next 2-3 years. 89% of NOVA tech leaders are investing in Generative AI, 83% in Cybersecurity and Digital Identity, and 61% in Cloud and Edge Computing. Early-stage tech like Space and Quantum are in the early stages of tech adoption.

Ecosystem: NOVA excels in developing growth-stage companies, ranking #1 in the number of firms that scaled up (>50 employees within 10 years) and #1 in the density of high-growth companies (>$2M revenue per 1K firms), compared to peers. Northern Virginia excels at scaling growth-stage companies, and recent surges in VC funding, start-ups, and five-year survival rates highlight its potential. However, one in three tech leaders still cite investment capital and entrepreneurial ecosystem as barriers. Leaders say more support is needed, including tech accelerators and incubators.

Business Attraction: Tech organizations are committed to Northern Virginia – 77% of surveyed organizations plan to stay in NOVA, with 29% considering expanding within the region in the next three years. NOVA boasts the nation’s largest data center market (~5x capacity of Silicon Valley). Still, executives say the high cost of living and transportation issues make it harder to attract and retain key talent.

Federal Government: Tech firms value Northern Virginia’s unique access to the federal government, prompting many major technology companies to have large offices in the region to be close to the federal government to bring IT solutions that address their mission challenges. In fact, companies in Northern Virginia received 31% of federal government’s IT contracting spend in 2023, totaling $24B. However, start-ups and niche firms face high barriers to entry due to contract procurement hurdles.

“This research confirms what many of us have long known – Northern Virginia is a powerhouse in the tech industry,” said Bruce Caswell, chair of the NVTC Board and CEO, Maximus. “Our unique combination of world-class talent, proximity to the federal government, and our focus on cutting-edge technologies like AI and cybersecurity positions us for continued growth and innovation. As we look to the future, NVTC is committed to addressing the challenges identified in this study and further strengthening our region’s tech ecosystem.”

The study, in line with NVTC’s mission, is intended to foster collaboration across the region to address challenges and drive future innovation. As Jennifer Taylor commented, “We see this as the start of an important conversation about the region and the path forward to address the challenges. We are enthusiastic about working with stakeholders across Northern Virginia – including both private sector leaders, university leaders and our public officials – to put these insights into strategic action.

Read the Study & Watch the Webinar

The full study, which provides a comprehensive analysis of Northern Virginia’s technology ecosystem, is available for download at: https://www.nvtc.org/communities/2024-northern-virginia-tech-innovation-study/

An NVTC webinar on Tuesday, November 19, 2024 will review the study findings with a panel of local technology leaders from Amazon Web Services, GDIT, Maximus and ScienceLogic. Register to join the live webinar at: https://www.nvtc.org/event/hidden-in-plain-sight-northern-virginias-rise-as-a-us-tech-giant/

Contact:
Tarin Horan
Northern Virginia Technology Council (NVTC)
thoran@nvtc.org
703.946.0319

About the Northern Virginia Technology Council:
NVTC is where the region’s tech community comes together. From bold startups to Fortune 100 giants, we represent over 470 members across sectors shaping the future of technology. NVTC drives innovation, fosters connections, and advocates for policies that fuel growth and position Northern Virginia as a global leader in technology. Through its initiatives in cybersecurity, AI, cloud computing, and beyond, NVTC empowers the tech community to shape the future. Whether it’s through policy advocacy, peer networks, or industry promotion, NVTC drives innovation that’s transforming the world. Learn more at http://www.nvtc.org

Media Contact

Tarin Horan, NVTC, 7039460319, thoran@nvtc.org, www.nvtc.org

View original content to download multimedia:https://www.prweb.com/releases/northern-virginia-the-hidden-giant-of-us-tech-nvtc-study-reveals-world-class-talent-investments-in-ai-cybersecurity-and-cloud-302308165.html

SOURCE NVTC; NVTC

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Record-Breaking Pledge to USD Will Transform University’s STEM Programs

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November 18, 2024

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SAN DIEGO, Nov. 18, 2024 /PRNewswire/ — The University of San Diego (USD) received a record-breaking pledge from Darlene Marcos Shiley, philanthropist and Chair Emerita of USD’s Board of Trustees, totaling $75 million. It’s the largest gift in university history and among the largest ever given to any Catholic university in the country. The gift will touch several different areas of USD’s campus, with a primary emphasis on creating what will be known as the ‘Shiley STEM Initiative‘, expanding innovative STEM (science, technology, engineering and math) programs, and funding new, state-of-the-art STEM facilities on USD’s campus.

“Darlene Shiley is one of the most generous and kind individuals that anyone could ever meet. She’s always looking out for humanity and the best interests of our society, and she loves our students,” said USD President James T. Harris III, DEd. “We are a better institution because of Darlene Shiley and her late husband, Donald, and what they’ve decided to do for this institution and for this world.”

The Shiley-Marcos School of Engineering and College of Arts and Sciences embody USD’s mission to shape well-rounded leaders with a liberal arts education. Both schools boast impressive alumni in STEM, including two NASA astronauts. This gift will build upon USD’s commitment to STEM, meet the needs of growing biotechnology and scientific sectors in San Diego, and help train future STEM leaders and researchers.

“STEM fields touch all different aspects of our lives, and I believe they can be a force for good in our society,” Shiley said. “I was drawn to USD because of its emphasis on a values-based education. This gift fulfills my husband’s and my goals and makes me feel like I’ve made an impact. Now I hope it helps future students take what they learn at USD and make a positive impact of their own.”

Shiley’s gift comes at a key time for USD, where the number of students majoring in STEM disciplines has grown by 50 percent in the past decade. This gift will help expand USD’s STEM offerings by establishing a new integrated STEM space that connects engineering and the natural sciences, as well as expanded opportunities for undergraduate students to participate in research.

The pledge will also be directed to scholarships and programs benefiting veterans and military-connected students, as well as additional funding for USD’s top-ranked MFA in acting, The Old Globe and USD Shiley Graduate Theatre Program.

View original content to download multimedia:https://www.prnewswire.com/news-releases/record-breaking-pledge-to-usd-will-transform-universitys-stem-programs-302307922.html

SOURCE University of San Diego

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