Technology

LION ELECTRIC ANNOUNCES FURTHER AMENDMENTS TO CERTAIN SENIOR CREDIT INSTRUMENTS

Published

2 months ago

November 18, 2024

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.

Technology

TapestryHealth and Third Eye Health Announce Strategic Partnership

Published

11 minutes ago

January 13, 2025

Undeniable synergies accelerate growth while exponentially improving care

STRATFORD, Conn., Jan. 13, 2025 /PRNewswire/ — TapestryHealth is excited to announce a new strategic partnership with Third Eye Health, a move that will enhance the technical capabilities of Third Eye’s clinicians while significantly expanding TapestryHealth’s reach into hundreds of additional post-acute care facilities across the United States.

The partnership will allow Tapestry to offer Third Eye Health’s best-in-class virtual care solution to its customers to provide on demand care on nights and weekends as part of Tapestry’s comprehensive technology and provider solution for creating an integrated 24/7 safety net wrapped around each resident. This will expand the technical capabilities for the clinicians on the Third Eye Health team.

“TapestryHealth has evolved from a technology-enabled telemedicine provider into one of the nation’s leading technology companies serving the post-acute care sector,” said Mordy Eisenberg, Co-Founder and Chief Growth & Product Officer of TapestryHealth. “Given our origins in telemedicine, we were often viewed as competitors to Third Eye Health. However, this partnership makes far more sense. Today, Tapestry offers the most comprehensive suite of healthcare technologies for skilled nursing facilities (SNFs) across the country. By integrating these technologies, we empower Third Eye’s clinicians to transition from being reactive responders to proactive care providers and allow us to offer Third Eye’s proven, vetted telehealth solution to our customers.”

Dan Herbstman, Co-Founder and CEO of Third Eye Health, echoed this sentiment: “The synergies between our two companies are undeniable. Tapestry has a deep understanding of our business and the advanced technology to elevate our service capabilities immediately. With our extensive national network and established presence in the post-acute care space, we are uniquely positioned to accelerate Tapestry’s growth while enhancing the quality of care provided to tens of thousands of elderly residents. This partnership truly exemplifies a win-win scenario.”

The collaboration began in November 2024, with both teams working closely to integrate their respective strengths. In a joint statement, Dr. Zahra Shariff, Chief Medical Officer of Third Eye Health, and Dr. Hans Jenkins, Chief Medical Officer at TapestryHealth, said, “This partnership will positively impact thousands of nursing home residents by offering a higher standard of care and providing hospitals with trusted post-acute facilities capable of delivering advanced 24/7 medical services.”

About TapestryHealth

TapestryHealth is the leader in monitoring and managing the health risk of the nation’s chronically ill senior population, delivering daily patient-centric health risk analytics, monthly health assessments and continuous vitals monitoring.

TapestryHealth is working in collaboration with its provider partners and in strategic alignment with public and private payors to deploy an integrated platform of technology and services which accelerate care interventions to patients and help bolster clinical capacity in long term care settings. Learn more at tapestryhealth.com.

About Third Eye Health
Third Eye Health is the leading virtual care provider and platform in the post-acute and long-term care settings. The company is focused on providing expert medical care at the bedside, ensuring the patient and resident gets the right care, at the right place at the right time to help prevent unnecessary trips to the hospital. During nights, weekends and holidays, Third Eye Health offers immediate virtual access to post-acute experienced physicians, nurse practitioners and physician assistants through its proprietary technology, integrated into workflow and existing electronic health records systems, paired with a care coordination system and analytics and reporting platform. Third Eye Health is growing rapidly with almost 1,000 customers, including the leading skilled nursing, senior living, primary care provider groups, accountable care organizations, health systems and insurers.

Contact: Mordy Eisenberg
meisenberg@tapestryhealth.com (845) 517-7842

View original content to download multimedia:https://www.prnewswire.com/news-releases/tapestryhealth-and-third-eye-health-announce-strategic-partnership-302349542.html

SOURCE TapestryHealth

Technology

Wealth Access Announces Integration with Q2’s Digital Banking Platform

Published

11 minutes ago

January 13, 2025

Financial Institutions can now provide data insights solution to account holders through Q2’s Digital Banking Platform

NASHVILLE, Tenn., Jan. 13, 2025 /PRNewswire/ — Wealth Access, the leading customer data insights platform that unifies and enriches data to power hyper-personalized experiences for financial institutions, today announced an integration with Q2’s Digital Banking Platform, via the Q2 Partner Accelerator Program. Q2 Holdings, Inc. (NYSE: QTWO) is a leading provider of digital transformation solutions for financial services.

Wealth Access’ integration with the Q2 Digital Banking Platform allows financial institutions to access their data through a single entry point. Through intelligent data unification across multiple systems, the platform generates dynamic balance sheets, allowing service teams to break down silos, view each client’s complete financial history, and collaborate across business lines. Wealth Access delivers deep insights that fuel hyper-personalized banking interactions, strengthen customer loyalty, and drive increased revenue.

The Q2 Partner Accelerator Program, through the Q2 Innovation Studio, allows in-demand financial services companies who are leveraging the Q2 Software Development Kit (SDK) to pre-integrate their technology to the Q2 Digital Banking Platform. This enables financial institutions to work with these partners, purchase their solutions and rapidly deploy their standardized integrations to their customers.

Lisa Fulton, COO at Lake City Bank, said, “At Lake City Bank, relationships and innovation are our foundation. Our integrations with Wealth Access and Q2 embody this commitment, enabling us to deliver an accessible digital banking solution with a seamless Wealth Advisory customer experience.”

“Bankers continue to grapple with data silos, isolating valuable customer information and disrupting the customer experience,” said David Benskin, CEO and founder of Wealth Access. “Our platform unifies and enriches the bank’s existing data to drive more effective decision-making and enhance customer experiences. Through our Q2 integration, Wealth Access is helping bankers unlock greater revenue potential and maximize customer experiences.”

“We’re excited to welcome Wealth Access to the Q2 Accelerator Partner Program to make integrated wealth advisory services available to interested financial institutions and their end customers through the Q2 Digital Banking Platform,” Johnny Ola, SVP of Q2 Innovation Studio at Q2 said. “It’s great to see the collaboration between Wealth Access and Lake City Bank to offer these capabilities and services.”

To learn more about Wealth Access and the Q2 Innovation Studio Partner Accelerator Program, please click here.

About Wealth Access

Wealth Access is the leading wealth data insights platform, pioneering the transformation of wealth management in banking. By intelligently unifying records across multiple systems, Wealth Access creates living balance sheets that enable service teams to see each client’s complete financial story, work across business lines to improve customer loyalty and drive higher revenue. As a result of its innovative enterprise-class solutions, Wealth Access today supports a variety of clients from RIAs, trust companies, brokers, regional and national banks.

About Q2 Holdings, Inc.

Q2 is a leading provider of digital transformation solutions for financial services, serving banks, credit unions, alternative finance companies, and fintechs in the U.S. and internationally. Q2 enables its financial institution and fintech customers to provide comprehensive, data-driven digital engagement solutions for consumers, small businesses and corporate clients. Headquartered in Austin, Texas, Q2 has offices worldwide and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com. Follow us on LinkedIn and X to stay up to date.

View original content to download multimedia:https://www.prnewswire.com/news-releases/wealth-access-announces-integration-with-q2s-digital-banking-platform-302349408.html

SOURCE Wealth Access

Technology

Baseus Wins Three Prestigious Awards Following CES 2025 Innovation Honors

Published

11 minutes ago

January 13, 2025

LAS VEGAS, Jan. 13, 2025 /PRNewswire/ — Building on the momentum of winning two CES Innovation Awards earlier this year, Baseus has achieved yet another milestone by securing three additional prestigious awards at CES 2025. These accolades reinforce Baseus’ position as a leader in the consumer electronics industry and highlight its unwavering commitment to user-centric innovation.

Award-Winning Products: A Testament to Excellence

CES Innovation Awards Honorees

The CES Innovation Awards, known for celebrating outstanding design and engineering in consumer technology, recognize groundbreaking innovation and products that significantly benefit users. Baseus’ recognition as a two-time honoree in 2025 showcases its technological leadership and dedication to enhancing modern lifestyles.

Baseus EnerGeek MiFi Power Bank

The Baseus EnerGeek MiFi Power Bank was named one of the CES Innovation Awards 2025 honorees for its groundbreaking innovation in mobile power solutions. This 3-in-1 67W power bank is perfect for both leisure and business travel, offering seamless cross-regional 4G connectivity for up to 10 devices across 100+ countries. Its eSIM-enabled design allows users to manage and recharge data effortlessly via the Baseus app. Compact and lightweight, the power bank boasts a 20,000mAh capacity, delivering reliable power alongside flexible, customizable mobile internet data plans.

Baseus Spacemate Series 11-in-1 (Mac) Docking Station

The Baseus Spacemate Series 11-in-1 (Mac) Docking Station, a CES Innovation Awards 2025 honoree, redefines efficient workspaces with 4K@60Hz triple display support for macOS powered by DisplayLink technology. It delivers superior productivity with 10Gbps data transfer, 100W PD fast charging, and a sleek upright design with a magnetic base for better cable management. The built-in LED screen displays real-time connection status, while a screen-lock button ensures data security, seamlessly blending performance, organization, and privacy into one innovative device.

CES Picks Awards 2025 – TechRadar Pro Picks

The TechRadar Pro Picks Award celebrates brands that lead the industry with innovation and creative solutions. Judged by a panel of seasoned industry experts, this award recognizes the best new products showcased at CES.

According to TechRadar Pro’s editorial team, the award honors exceptional achievements across consumer technology, custom installations, and groundbreaking innovations that enhance businesses of all sizes. Baseus was among the standout winners, a reflection of its dedication to creating practical, reliable, and user-focused solutions.

Baseus Spacemate Series 11-in-1 (Mac) Docking Station

Winning the TechRadar Pro Picks Award, the Baseus Spacemate Series 11-in-1 (Mac) Docking Station raises the bar in modern workspaces with its versatile features and productivity-focused design.

Baseus Nomos Qi2 5-in-1 140W Desktop Charger

The Nomos Qi2 5-in-1 140W Desktop Charger, among the other product offerings honored with the TechRadar Pro Picks Award, is a must-have for hybrid workspaces. Featuring five high-performance ports and Baseus’ advanced BSFT (Baseus Safe Fast Charging) technology, it delivers unmatched speed, safety, and reliability—perfectly tailored to meet the demands of modern professionals.

Trusted Reviews Best in Show CES 2025

Baseus Spacemate Series 11-in-1 (Mac) Docking Station

The Trusted Reviews Best in Show Award is a hallmark of innovation and excellence, celebrating the most deserving technology at CES. The Baseus Spacemate Docking Station captured this coveted award for its cutting-edge functionality, elegant design, and unparalleled performance.

Trusted Reviews commended the product’s ability to push its category forward, providing professionals with an exceptional tool tailored to their needs. Winners of this award receive the Trusted Reviews seal of approval, benefiting from coverage across the platform’s website and social media channels, which reach millions of readers globally.

From Innovation to Industry Leadership: Baseus Continues to Shine

The five prestigious awards garnered at CES 2025 further cement Baseus’ position as an industry leader. With two CES Innovation Awards, two TechRadar Pro Picks Awards, and the Trusted Reviews Best in Show Award, Baseus showcases its unwavering dedication to innovation and excellence.

Guided by its philosophy, “Base On User,” Baseus remains committed to redefining technology with practical and reliable solutions that empower users worldwide. As the brand continues to set new benchmarks, it reaffirms its dedication to shaping the future of consumer electronics.

About Baseus

Founded in 2011, Baseus was born out of utmost care for users. The company embodies its slogan: Practical. Reliable. Base on User. This shows the pursuit of ultimate practicality to solve users’ problems with outstanding design and fashionable appearances that also reflect reliability, high quality, and cost-effectiveness. Baseus delivers a variety of products – including Portable Chargers, Desktop Chargers, Wall Chargers, Wireless Earbuds, and Docking Stations. Chosen by 300 million users and providing 6 billion services, Baseus delivers over 100 million practical and aesthetic products each year, continuously enhancing users’ sense of fulfillment. Join the Baseus family today to see a new world of technological innovation.

Media Contact:
Name: Baseus PR Team
Phone: +1 (213) 512-7063
Email: pr@baseus.com
Baseus Technology (HK) Co., Ltd

View original content to download multimedia:https://www.prnewswire.com/news-releases/baseus-wins-three-prestigious-awards-following-ces-2025-innovation-honors-302348990.html

SOURCE Baseus Technology (HK) Co., Ltd