Salsify Customers Drive Valuable Business Outcomes Through Organizational Efficiency, Increased Performance, and AI Impact in 2024
Enthusiastic Adoption of Salsify PXM Advance Platform, AI Innovation, and Network Expansion Delivers its 7th consecutive year of Double Digit ARR Growth
BOSTON, Feb. 13, 2025 (GLOBE NEWSWIRE) -- Salsify, the Product Experience Management (PXM) platform empowering brand manufacturers, distributors, and retailers to win on the digital shelf, today announced another year of double digit ARR growth in 2024, driven by the business value created by its customers using Salsify. In 2024, 70,000 Salsify PXM users in 149 countries used 511 million automated workflow tasks to help publish over 2 billion products across more than 950 destinations worldwide with increased efficiency and performance impact. The number of automated workflow tasks, a critical component of driving efficiency, represents a 40% increase over 2023.
The early 2024 announcement of Salsify PXM Advance, the company's new AI-propelled version of its platform, was a significant driver of customer investment in Salsify. The platform's Grocery Accelerator, which uses AI and automation to speed accurate, validated, and high-quality product data to market, became the company's fastest-adopted capability ever.
Over 200 new customers began their partnership with Salsify in 2024, including Virbac and Riviana Foods, Inc. By the end of 2024, 47% of Salsify's customers had migrated to the new PXM Advance platform, a record-breaking adoption rate. Customers increasing their commitment to Salsify in 2024 included Coty and Fortune Brand Innovations. Driven by the power of the new platform and the excellence of Salsify's customer success and services teams, the company is extremely proud that its customers continue to make recurring investments in the Salsify platform with a gross retention rate in the mid 90s. Salsify also achieved historic profitability in 2024 with double-digit EBITDA margins, ending the year with over $200 million in cash and cash equivalents on its balance sheet.
"In my first six months as Salsify CEO, customers have consistently cited two reasons why they continue to invest in Salsify: our platform and our people," said Piyush Chaudhari, CEO of Salsify. 'In 2025 and beyond, we will continue to direct our own investments to help them achieve both top-line and bottom-line growth through product experiences that truly matter - to their customers, end consumers, and B2B buyers.'
In 2024, Salsify invested $32 million in product innovation to advance the business value realized by its customers. This investment helped enable documented valuable outcomes across the Salsify customer base, including:
Speed to market: Salsify's investments in automated workflows and AI helped decrease the time it takes to bring products to market.
In three months, a global food brand reduced the time to market from seven days to minutes.
Using Grocery Accelerator, an ecommerce associate at a global CPG can verify the accuracy of 15 SKUs in 40 minutes, versus eight hours with their prior solution.
A national household goods company reduced time to market from six weeks to one week by using Salsify to syndicate content to Dollar General.
Performance Improvements: Accurate, complete, optimized product content created and syndicated to retailers using Salsify drives improved SEO and conversions, while increasing retail media Return on Ad Spend (ROAS).
A global electronics manufacturer improved their content scores on Walmart, rising from an average score of 86% to 94% across their portfolio.
A global wine and spirits brand saw their volume grow 24% at one of the largest grocers in the US after implementing a new Salsify direct connection that offered more robust content capabilities.
KIND has experienced significant improvement on the digital shelf since implementing Salsify, including a 10% sales lift on Kroger. They've also seen average compliance for bullet point product data increase from 17% to 96% and average image compliance from 57% to 90%.
A European food manufacturer was receiving daily fines due to submitting product data through a manual excel upload which was both time consuming and open to errors. Since implementing Salsify's GDSN solution, they have reached 100% compliance with the packaging requirements and zero penalties.
Dorel Juvenile invested in several major initiatives to improve their Enhanced Content quality and effectiveness that they saw paid off by more than doubling their conversions at Target.
'We have always believed in the value that publishing Enhanced Content through Salsify provides to enhance the customer experience and provide more information to help customers feel confident in their decision to buy our products,' said Daniel Desimone, Digital & Ecommerce Product Manager at Dorel Juvenile. 'Their Enhanced Content Analytics has taken that a step further, allowing us to make more data-driven decisions about our content development. We invested in several major initiatives around Enhanced Content that we can see paid off by more than doubling our conversions at Target.'
Tech Consolidation: In a time when IT organizations are looking to streamline their tech stack for greatest efficiency and ROI, Salsify's investments in enterprise-scale data governance, global IT administration, and industry-leading workflows has enabled customers to replace legacy PIM solutions and consolidate on Salsify.
In 2024, a global CPG brand expanded their use of Salsify PXM Advance to replace their separate legacy PIM solution and launched seven markets in five months.
Global PXM Network Growth: The reach and impact of our customers is directly tied to the continually expanding network of retailer, distributor, and commerce endpoints they can reach through Salsify's network. In 2024, Salsify expanded reach and impact at commerce destinations around the globe:
Salsify's investment in Amazon success paid off in 2024, expanding to 16 markets and launching the Amazon Feedback Status Report, now used by hundreds weekly to optimize listings.
In 2024, Salsify connected directly to Walmart's OmniSpec API Suite, enabling seamless content publishing—over 2.3 million SKUs were uploaded by 1P and 3P sellers.
The company also introduced eight new bi-directional retailer connections, breaking down existing walled gardens that prevent the continual collaboration and optimization of product content.
Enhanced content expanded with 13 new destinations, enhancing the shopping experience and driving conversions, including Ulta, Staples, and more.
Meanwhile, Salsify's free Open Catalog saw 40% more products added and 41% growth in retailer engagement, ensuring continual access to the industry's most up-to-date content.
In addition in 2024, Salsify was recognized as a 'Leader' in the IDC's latest PIM market evaluation, 'IDC MarketScape: Worldwide Product Information Management Applications for Commerce 2024-2025 Vendor Assessment', which stated, 'Salsify's PIM provides strong governance, taxonomy, and hierarchy capabilities while remaining flexible enough to support omnichannel data management. It can store a golden product information record while transforming those records to meet endpoint requirements quickly and at scale.'
As a reflection of their innovation and success with Salsify, many customers shared the stories of their success with the industry. The latest case studies appear on the Salsify website. The most outstanding examples of customer performance, growth, and innovation during 2024 will be recognized with Digital Shelf Transformer Awards at the Digital Shelf Summit in New Orleans from April 7th-9th.
For more information, visit www.salsify.com.
About Salsify
Salsify helps thousands of brand manufacturers, distributors, and retailers in over 140 countries collaborate to win on the digital shelf. The company's Product Experience Management (PXM) platform enables organizations to centralize all of their product content, connect to the commerce ecosystem, and automate business processes in order to deliver the best possible product experiences across every selling destination.
Learn how the world's largest brands, including Mars, L'Oreal, Coca-Cola, Bosch, and ASICS, as well as retailers and distributors such as DoorDash, E.Leclerc, Carrefour, Metro, and Intermarché use Salsify every day to drive efficiency, power growth, and lead the digital shelf. For more information, please visit: www.salsify.com.
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By GlobeNewswire Published on June 5, 2025, 04:55 IST THIS PRESS RELEASE MAY NOT BE DISTRIBUTED, RELEASED, OR PUBLISHED, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, BELARUS, CANADA, HONG KONG, JAPAN, NEW ZEELAND, RUSSIA, SWITZERLAND, SINGAPORE, SOUTH AFRICA, SOUTH KOREA, SWITZERLAND, RUSSIA, BELARUS, OR ANY OTHER JURISDICTION IN WHICH SUCH ACTIONS, WHOLLY OR IN PART, WOULD BE UNLAWFUL OR DEMAND ADDITIONAL REGISTRATION OR OTHER MEASURES. PLEASE REFER TO 'IMPORTANT INFORMATION' IN THE END OF THIS PRESS RELEASE. Alvotech has carried out a private placement of 7,500,000 SDRs and ordinary shares at a price of SEK 100.00 per SDR and ISK 1320.83 per ordinary share, raising gross proceeds of SEK 750 million REYKJAVIK, ICELAND (June 4, 2025) — Alvotech (NASDAQ: ALVO, the 'Company') has completed a private placement of the equivalent of 7,500,000 shares in Swedish Depository Receipts ('SDRs') and ordinary shares (ALVOIS) at a price of SEK 100.00 per SDR and ISK 1320.83 per ordinary share, with the ISK price being the equivalent of the SEK price (the 'Placement'), for aggregate gross proceeds to the Company of SEK 750 million. The price was determined through an accelerated bookbuilding procedure conducted by DNB Carnegie and Citi as Joint Global Coordinators and Joint Bookrunners, and SEB and ACRO as Joint Bookrunners (together the 'Joint Bookrunners'). 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About Alvotech Alvotech is a biotech company, founded by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high-quality, cost-effective products and services, enabled by a fully integrated approach and broad in-house capabilities. Two biosimilars, to Humira® (adalimumab) and Stelara® (ustekinumab), are already approved and marketed in multiple global markets. The current development pipeline includes nine disclosed biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer. Alvotech has formed a network of strategic commercial partnerships to provide global reach and leverage local expertise in markets that include the United States, Europe, Japan, China, and other Asian countries and large parts of South America, Africa and the Middle East. 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Except as specifically set forth therein, Alvotech disclaims responsibility for the content of periodic filings, disclosures and other reports made available by its partners. For more information, please visit None of the information on the Alvotech website shall be deemed part of this press release. Important information The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions by law. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release is for information purposes only and does not constitute an offer to sell or an offer, or the solicitation of an offer, to acquire or subscribe for SDRs, shares or other securities issued by the Company, neither by the Company or anyone else, in any jurisdiction where such offer or invitation would be illegal prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction. This press release is not a prospectus for the purposes of Regulation (EU) 2017/1129 (the 'Prospectus Regulation') and has not been approved by any regulatory authority in any jurisdiction. The Company has not authorised any offer to the public of SDRs, shares or other securities in any member state of the EEA and no prospectus has been or will be prepared in connection with the Placement. In any EEA Member State, this communication is only addressed to and is only directed at 'qualified investors' in that Member State within the meaning of the Prospectus Regulation. This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The SDRs, the ordinary shares underlying the SDRs and the new ordinary shares referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the 'Securities Act'), or under the securities laws of any state or other jurisdiction of the United States and, accordingly, may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with applicable state securities law. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The sale of the securities referred to herein in the United States is being made solely to a limited number of 'qualified institutional buyers' as defined in Rule 144A in reliance on an exemption from the registration requirements of the Securities Act. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into Australia, Belarus, Canada, Hong Kong, Japan, New Zeeland, Russia, Switzerland, Singapore, South Africa, South Korea, or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations. In the United Kingdom, this press release and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, 'qualified investors' who are (i) persons having professional experience in matters relating to investments who fall within the definition of 'investment professionals' in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order'); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as 'relevant persons'). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it. This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the new shares. Any investment decision to acquire or subscribe for shares in connection with the Placement must be made on the basis of all publicly available information relating to the Company and the Company's shares. Such information has not been independently verified by the Joint Bookrunners. The Joint Bookrunners are acting for the Company and no one else in connection with the Placement and are not responsible to anyone other than the Company for providing the protections afforded to its clients nor for giving advice in relation to the Placement or any other matter referred to herein. This press release does not constitute a recommendation for any investors' decisions regarding the Placement. Each investor or potential investor should conduct a self-examination, analysis and evaluation of the business and information described in this press release and any publicly available information. The price and value of the securities can decrease as well as increase. Achieved results do not provide guidance for future results. Neither the contents of the Company's website nor any other website accessible through hyperlinks on the Company's website are incorporated into or form part of this press release. Failure to follow these instructions may result in a breach of the Securities Act or applicable laws in other jurisdictions. Alvotech forward-looking statements Certain statements in this communication may be considered 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements generally relate to future events or the future financial operating performance of Alvotech and may include, for example, the timing of the settlement of the Placement, Alvotech's ability to satisfy the closing conditions and close the Placement, the anticipated use of proceeds from the Placement, Alvotech's future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the market in which the Company operates. In some cases, you can identify forward-looking statements by terminology such as 'may', 'should', 'expect', 'intend', 'will', 'estimate', 'anticipate', 'believe', 'predict', 'potential', 'aim' or 'continue', or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Alvotech and its management, are inherently uncertain and are inherently subject to risks, variability, and contingencies, many of which are beyond Alvotech's control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) changes in applicable laws or regulations; (2) the possibility that Alvotech may be adversely affected by economic, business, and/or competitive factors; (3) Alvotech's estimates of expenses and profitability; (4) Alvotech's ability to develop, manufacture and commercialize the products and product candidates in its pipeline; (5) actions of regulatory authorities, which may affect the initiation, timing and progress of clinical studies or future regulatory approvals or marketing authorizations; (6) the ability of Alvotech or its partners to respond to inspection findings and resolve deficiencies to the satisfaction of the regulators; (7) the ability of Alvotech or its partners to enrol and retain patients in clinical studies; (8) the ability of Alvotech or its partners to gain approval from regulators for planned clinical studies, study plans or sites; (9) the ability of Alvotech's partners to conduct, supervise and monitor existing and potential future clinical studies, which may impact development timelines and plans; (10) Alvotech's ability to obtain and maintain regulatory approval or authorizations of its products, including the timing or likelihood of expansion into additional markets or geographies; (11) the success of Alvotech's current and future collaborations, joint ventures, partnerships or licensing arrangements; (12) Alvotech's ability, and that of its commercial partners, to execute their commercialization strategy for approved products; (13) Alvotech's ability to manufacture sufficient commercial supply of its approved products; (14) the outcome of ongoing and future litigation regarding Alvotech's products and product candidates; (15) the impact of worsening macroeconomic conditions, including tariffs on Alvotech's products in the U.S. or other markets, rising inflation and interest rates and general adverse market conditions, including the impact of conflicts in Ukraine, the Middle East and other global geopolitical tension, on the Company's business, financial position, strategy and anticipated milestones; and (16) other risks and uncertainties set forth in the sections entitled 'Risk Factors' and 'Cautionary Note Regarding Forward-Looking Statements' in documents that Alvotech may from time to time file or furnish with the SEC. There may be additional risks that Alvotech does not presently know or that Alvotech currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Alvotech does not undertake any duty to update these forward-looking statements or to inform the recipient of any matters of which it becomes aware of which may affect any matter referred to in this communication. 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Information to distributors Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ('MiFID II'); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the 'MiFID II Product Governance Requirements'), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any 'manufacturer' (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Company's shares have been subject to a product approval process, which has determined that such shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II (the 'Positive Target Market'); and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II. 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- Business Upturn
BWR Exploration Inc. Closes Tranche 2 of the Bridge Financing Pursuant to a Business Combination Transaction with Electro Metals and Mining Inc.
By GlobeNewswire Published on June 5, 2025, 05:00 IST TORONTO, June 04, 2025 (GLOBE NEWSWIRE) — BWR Exploration Inc. (BWR.V TSX.V) ('BWR'), is pleased to announce that as per the previously announced Bridge Financing regarding a proposed business combination with Electro Metals and Mining Inc. ('Electro'), a federally registered private company, both companies have raised $240,000, surpassing the minimum aggregate amount needed as a condition of the proposed business combination as announced on December 27, 2024. Private Placements It was a condition of completion of the Transaction (as described herein) that each of each of BWR and Electro complete a unit financing to raise a minimum of $220,000 up to a combined $300,000 for immediate use for near term commitments and to advance the Transaction (the 'Bridge Financings'). BWR and Electro have raised an aggregate of $240,000. BWR Bridge Financing – Tranche 2 BWR has successfully raised an additional $50,000 in its bridge financing. In the second tranche, BWR issued 2,500,000 Units, with each Unit comprised of one BWR Common Share and one BWR Warrant, at a price of $0.02 per Unit. Each BWR Warrant is exercisable into one BWR Common Share at a price of $0.05 per BWR Warrant, exercisable up to five years from the date of issuance. BWR announced the closing of its first tranche on February 14, 2025, raising $40,000 with the issuance of 2,000,000 Units. BWR has raised an aggregate total of $90,000. The Units contain a four-month and one day hold period set to expire on October 5, 2025, with the first tranche expiring on June 7, 2025. The proceeds will be used to cover costs related to the proposed business combination. No finder's fees were paid as part of the BWR Bridge Financing in either tranche one or two. Certain directors and other insiders of BWR participated in the BWR Bridge Financing and subscribed for 1,250,000 Units for an aggregate price of $25,000, an amount no more than the maximum amount permissible under applicable securities laws and regulatory rules. Participation by the directors and other insiders in the BWR Bridge Financing is considered a 'related party transaction' pursuant to Multilateral Instrument 61- 101 – Protection of Minority Security Holders in Special Transactions ('MI 61-101'). BWR is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the insiders' participation in the BWR Bridge Financing in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value (as determined under MI 61-101) of any securities issued under the BWR Bridge Financing (and the consideration paid to BWR therefor) to interested parties (as defined under MI 61-101) did not exceed 25% of BWR's market capitalization (as determined under MI 61-101). Electro Bridge Financing Electro has now raised an aggregate of $150,000, exceeding its' minimum raise of $120,000, having issued 937,500 Electro Units at $0.16 (see news release dated December 27, 2024). Each Electro Unit consists of one Electro Ordinary Share and one warrant to purchase one Electro Ordinary Share at an exercise price of $0.25 for a period of two years from the date the Electro Ordinary Shares are listed on a public stock exchange. A total of 22,313 Broker Warrants as Finder's Compensation (as defined below) were issued as part of the Electro Bridge Financing. The Transaction As reported and detailed in the December 27, 2024 press release, it is intended that BWR and Electro will enter into a business combination by way of a reverse takeover ('RTO') structured as a share exchange, three-cornered amalgamation, merger, amalgamation, arrangement or other similar form of transaction (collectively, the forgoing with any related transaction, which will result in Electro and all of its subsidiaries and affiliates becoming directly or indirectly wholly-owned subsidiaries of BWR (the 'Resulting Issuer')). The parties agree, however, that the final structure of the business combination is subject to receipt by the parties of satisfactory tax, corporate and securities law advice in each party's sole discretion. The Transaction is an arm's length transaction. Further details of the Transaction and definitive agreement will be disclosed in due course. In accordance with the policies of the Toronto Venture Exchange ('TSXV'), trading of BWR shares has been halted as a result of the December 27, 2024 announcement and will not resume trading until such time as the TSXV determines according to its policies including, the issuance of a comprehensive news release announcing that amongst other conditions that a definitive agreement has been reached between BWR and Electro. Finder's Fee In conjunction with the Transaction the parties may issue Finder's Fees of cash and warrants (collectively, 'Finders' Compensation') to arm's length third parties that introduce investors, and such third parties will have the right to allocate to their designated company or certain individuals prior to the closing of the Transaction. The Finders' Compensation will be related to the securities issued as part of the Private Placements and will be up to 7% cash and 7% finders warrants at the same terms as the applicable Private Placement. For further information, please contact: BWR Exploration Inc. Neil NovakPhone: (416) 848 6866 Email: [email protected] Electro Metals and Mining HodgesPhone: (647) 271 3817 Email: [email protected] Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release. Forward-Looking Information Completion of the proposed Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable, disinterested shareholder approval. Where applicable, the proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the proposed Transaction will be completed as proposed or at all. Investors are cautioned that any information released or received with respect to the proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of BWR should be considered highly speculative. The TSXV has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release. All information contained in this news release with respect to BWR and Electro was supplied by the parties, respectively, for inclusion herein, and each such party has relied on the other party for any information concerning such party. This news release contains forward-looking statements relating to the timing and completion of the proposed Transaction, the share capital of the Resulting Issuer, the future operations of BWR, Electro, and the Resulting Issuer, the proposed directors, officers and advisors of the Resulting Issuer and other statements that are not historical facts. Forward-looking statements are often identified by terms such as 'will', 'may', 'should', 'anticipate', 'expects' and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the proposed Transaction and the future plans and objectives of BWR, Electro, and the Resulting Issuer are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from BWR's, Electro's, and the Resulting Issuer's expectations include the failure to satisfy the conditions to completion of the proposed Transaction set forth above and other risks detailed from time to time in the lings made by BWR, Electro, and the Resulting Issuer with securities regulators. The reader is cautioned that assumptions used in the preparation of any forward- looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of BWR, Electro, and the Resulting Issuer. As a result, BWR, Electro, and the Resulting Issuer cannot guarantee that the proposed Transaction will be completed on the terms and within the time disclosed herein or at all. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward- looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and BWR, Electro, and the Resulting Issuer expressly disclaim any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. 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