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LION ELECTRIC ANNOUNCES FURTHER WORKFORCE REDUCTION IN THE CONTEXT OF ONGOING CCAA PROCEEDINGS

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MONTREAL, Jan. 3, 2025 /CNW/ – The Lion Electric Company (NYSE: LEV) (TSX: LEV) (“Lion” or the “Company”) announced today a reduction of its workforce through temporary layoffs of approximately 150 employees, in both Canada and the United States, across all departments within the organization. Following this workforce reduction, Lion will have approximately 160 employees who will mainly focus on assisting Lion’s customers with the maintenance and servicing of school buses and trucks.

The Company was required to implement this workforce reduction in the context of its ongoing proceedings under the Companies’ Creditors Arrangement Act (“CCAA”) as per the terms and conditions of the debtor-in-possession (DIP) financing provided by the lenders under the Company’s senior revolving credit agreement in connection with such proceedings, in order to fund the sale and investment solicitation process (“SISP”) being conducted in the context of the proceedings as well as the Company’s operations during the restructuring process.

As previously announced, the Superior Court of Quebec (Commercial Division) issued on December 18, 2024 an initial order granting the Company and its subsidiaries protection under the CCAA as well as an order approving a SISP in respect of the Company’s business or assets. Documents relating to the Company’s restructuring process are available on the monitor’s website at https://www.insolvencies.deloitte.ca/en-ca/pages/Lion-Electric-Company.aspx.

ABOUT LION ELECTRIC

Lion Electric is an innovative manufacturer of zero-emission vehicles, including 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 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 management’s discussion and analysis 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 as at September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 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-workforce-reduction-in-the-context-of-ongoing-ccaa-proceedings-302342038.html

SOURCE The Lion Electric Co.

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Srini Rajamani appointed as CEO of Opus Technologies, Inc.

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January 7, 2025

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Srini Rajamani to Lead the Next Phase of Innovation and Growth for Opus Technologies.

ALPHARETTA, Ga., Jan. 7, 2025 /PRNewswire/ — Opus Technologies, a leading payments technology solutions provider, today announced the appointment of Srini Rajamani as its new Chief Executive Officer, effective immediately. Srini will succeed Praveen TM, who will continue to be part of the leadership team at Opus. Srini has previously held leadership roles at Wipro Limited, where he successfully drove innovation and implemented growth strategies across industry segments. He was a member of the Wipro Executive Council.

Ramesh Mengawade, Chairman of Opus, said: “I am confident that Srini will lead Opus into the next phase of growth and innovation through his strategic acumen and extensive industry experience. Under Srini’s leadership, Opus will continue to leverage AI/ML to deliver transformative solutions to our payments industry clients. “I also want to express my deep gratitude to Praveen TM for laying a strong foundation for Srini to build on”, added Ramesh.

“Opus Technologies is uniquely positioned to solve the most critical business challenges facing banks and payments companies today. With our product-driven mindset and innovative solutions, we aim to set new benchmarks in the industry,” said Srini Rajamani. “Our AI-powered platform, FinGeniusAI, addresses the complex challenges of the payment industry, while Paysemble™, our payment accelerator and integration solution, empowers clients to overcome integration hurdles and achieve faster time-to-market. My focus will be on expanding this portfolio and introducing new solution offerings that resonate with the evolving needs of our clients”, added Srini.

Opus Technologies is part of the Opus Group. For nearly three decades, Opus Group has been delivering innovative payment technology solutions globally, with three of its companies being acquired by Fortune 500 organizations, including Mastercard Inc., and Western Union.

About Opus Technologies:

Opus Technologies, part of Opus Group, is a leading provider of outcome-driven payment strategies and combines its deep technology proficiency with unmatched payments domain expertise to deliver exceptional value to its clients.

Visit https://opustechglobal.com/ to learn more. Follow Opus on LinkedIn.

View original content to download multimedia:https://www.prnewswire.com/news-releases/srini-rajamani-appointed-as-ceo-of-opus-technologies-inc-302343934.html

SOURCE Opus Technologies Inc.

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UnionPay International Partners with P.MED and StudyPENANG to Enhance Penang’s Healthcare and Education Sectors, Strengthening its Position as the Preferred Payment Solution for International Tourists and Students

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January 7, 2025

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GEORGE TOWN, Malaysia, Jan. 7, 2025 /PRNewswire/ — UnionPay International, a global leader in payment solutions, is proud to announce a landmark partnership with the Penang Centre for Medical Tourism (P.MED) and StudyPENANG. This strategic collaboration reinforces UnionPay International’s commitment to becoming the preferred payment solution for high-value transactions, particularly within the healthcare and education sectors.

In 2023, Malaysia’s healthcare travel industry generated RM2.23 billion in revenue, with Penang attracting 50% of Indonesia’s medical tourists. As part of this partnership, UnionPay International will enable medical tourists and healthcare service providers in Penang to benefit from their payment solutions, ensuring smooth, secure transactions for high-ticket size medical services.

UnionPay International’s collaboration with local hospitals will also provide exclusive privileges for its cardholders, such as a dedicated customer helpline for personalized service, ensuring that tourists receive the highest level of care and convenience. Beyond hospital visits, UnionPay International recognizes that medical tourists often require additional services, such as hotel stays, meals, and leisure activities. To meet these needs, UnionPay International is working with various providers in Penang to offer a holistic experience, giving tourists access to a wide range of privileges and discounts on accommodations, food, and tourism services, ensuring a comfortable and memorable stay in Penang.

Penang has become a thriving hub for international students, attracting students from around the world due to its high-quality education institutions and diverse, multicultural environment. The largest groups of international students in Penang currently come from China’s Mainland, Bangladesh, and Indonesia—markets where UnionPay International already has a strong presence.

Through this partnership, UnionPay International will leverage its extensive cardholder base to further enhance Penang’s appeal as a preferred educational destination. By offering secure, efficient payment solutions, UnionPay International aims to simplify financial transactions for international students, whether they are paying tuition fees, managing daily living expenses, or engaging in cross-border transfers.

With UnionPay International’s trusted payment network and strong market presence, the partnership will further position Penang as a top educational destination for international students, offering not only financial convenience but also exclusive privileges that enhance the overall student experience. This collaboration will empower Penang to attract even more international students, contributing to Malaysia’s goal of hosting 250,000 international students by 2025.

UnionPay International’s entry into Penang’s healthcare and education markets aligns with its broader goal to become the preferred payment channel for tourists—especially for large-ticket expenditures such as medical and educational services. UnionPay International’s secure, multi-channel payment solutions will provide both tourists and students with peace of mind when making high-value payments, offering enhanced security and convenience across the entire transaction journey.

By collaborating with key local service providers and institutions, UnionPay International aims to create an integrated experience for medical tourists and students, making Penang an even more attractive destination for those seeking high-quality healthcare and world-class education. As Malaysia continues to grow as a key player in both industries, UnionPay International’s seamless payment solutions will be crucial in driving forward the state’s global competitiveness.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/unionpay-international-partners-with-pmed-and-studypenang-to-enhance-penangs-healthcare-and-education-sectors-strengthening-its-position-as-the-preferred-payment-solution-for-international-tourists-and-students-302343942.html

SOURCE UnionPay International

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Pollo AI Launches Consistent Character Video to Maintain Consistency of Characters, Objects, or Scenes in Generated Videos

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12 minutes ago

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January 7, 2025

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SINGAPORE, Jan. 7, 2025 /PRNewswire/ — Pollo AI  continues to raise the bar in AI video generation with the addition of its latest feature: Consistent Character Video, which can transform still images into high quality AI videos, while maintaining consistency of characters, objects, or scenes throughout every frame.

Users can upload one or up to three images of a subject to the tool – it could be a person’s face, for example, or image(s) of an inanimate object, like an appliance or piece of clothing, or image(s) of specific scenes. The AI video generator will then use the image(s) as the reference point(s) when generating its video content, ensuring that the original visuals are accurately and consistently portrayed.

This way, users can make multiple videos while keeping the same consistent subjects. They can make themselves the star of numerous clips, for example, or incorporate real-life items into their video creations. While other elements of the videos may change, the core subjects you choose will always remain consistent.

The uses for this are numerous. Brands, for example, could upload images of their latest products and then make various AI-generated videos featuring those products in a range of settings and scenarios. Or creators could make entire feature-length films by generating multiple short-form AI videos with the same consistent subjects in different scenes.

You could even upload an image of a famous landmark or monument, and instruct the tool to use that throughout your video creations. This makes it so much easier to create sequences or series of videos with the same consistent background, environment, or setting – a feat that many AI video generators have historically struggled with.

It’s a huge leap forward for AI video technology. Before the Consistent Character Video Generator, many users had expressed frustration when it came to trying to keep the same characters and subjects in multiple AI-generated videos. But with this new tool, that challenge has been solved.

What’s more, the Consistent Character Video Generator is backed up by Pollo AI’s advanced algorithms and powerful technology. Thanks to that, it’s able to make some of the most visually impressive AI videos, with cinematic levels of quality, fluid motion, realistic physics, and other desirable characteristics.

Plus, just like other AI videos generated with Pollo AI, the user has total control over various aspects, such as the aspect ratio, the length of the video, the resolution, and the camera movement. With this bold new addition, Pollo AI continues to assert itself as one of the leading and most innovative names in the AI video sphere.

View original content:https://www.prnewswire.com/news-releases/pollo-ai-launches-consistent-character-video-to-maintain-consistency-of-characters-objects-or-scenes-in-generated-videos-302343975.html

SOURCE cocosign

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