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Impulse Dynamics Announces First Implant for CCM-D™ Clinical Trial

World’s First Device Combining CCM Therapy With an ICD in a Single Rechargeable Implant That Treats Both Heart Failure Symptoms and Sudden Cardiac Death

MARLTON, N.J., May 18, 2023 (GLOBE NEWSWIRE) — Impulse Dynamics plc, a global medical device company dedicated to improving the lives of people with heart failure, announced the completion of the first implantation for the INTEGRA-D clinical trial, designed to evaluate the safety and efficacy of two proven cardiac therapies combined — CCM® and an implantable cardioverter defibrillator (ICD) — in a single device (CCM-D). The Optimizer® IntegraTM CCM-D System delivers CCM therapy to improve quality of life and reduce heart failure symptoms, and ICD therapy to treat life-threatening arrhythmias that may cause sudden cardiac death. The investigational technology is rechargeable with long battery life, potentially reducing the need for replacement procedures.

The journey of a heart failure patient often involves debilitating symptoms and declining quality of life.

CCM therapy delivered by the Optimizer System improves quality of life and helps patients feel better. Patients indicated for CCM therapy may also be at a higher risk for arrythmias and sudden cardiac arrest and are therefore often offered an ICD to treat their heart for life-threatening arrythmias, should they occur. The INTEGRA-D trial is the first to evaluate the Optimizer Integra CCM-D System that combines both therapies into a single device, designed to last for many years.

“The first-in-the-world implant of this novel technology has potential to advance treatments for patients living with heart failure,” said Niraj Varma, M.D., Ph.D., electrophysiologist at Cleveland Clinic and National Primary Investigator of the INTEGRA-D clinical trial. “The trial aims to study whether this device can protect heart failure patients from the risk of sudden cardiac death while also treating heart failure symptoms.”

“We hope combining cardiac contractility modulation therapy and ICD therapy with prolonged battery life will reduce the number of leads and the number of procedures a patient may have to endure,” said Bruce Wilkoff, M.D., Director of Cardiac Pacing and Tachyarrhythmia Devices at Cleveland Clinic and Principal Investigator of the INTEGRA-D trial. “The first implant went well, and we look forward to further studying this device.”

The INTEGRA-D trial is a multicenter study of 300 subjects from 75 centers that will evaluate the combination of CCM and ICD therapy in a single device via the Optimizer Integra CCM-D System. The study will assess the performance of the CCM-D device in effectively treating episodes of ventricular tachycardia and/or ventricular fibrillation while also providing CCM treatment for heart failure. Patients enrolled in the study will receive the Optimizer Integra CCM-D System, and will be followed for at least two years.

“This clinical study is important in proving the potential benefit of combining CCM therapy, which improves quality of life in patients with heart failure, with gold-standard ICD technology that delivers lifesaving therapy for sudden cardiac death,” said Nir Uriel, M.D., Director of Advanced Heart Failure and Cardiac Transplantation at New York-Presbyterian and National Co-Principal Investigator for the INTEGRA-D trial. Dr. Uriel is also a professor of cardiology at Columbia University Vagelos College of Physicians and Surgeons and an Adjunct Professor of Medicine in the Greenberg Division of Cardiology at Weill Cornell Medicine.

“Today’s announcement is another example of our commitment to a continuous pace of innovation to build a comprehensive platform in interventional heart failure and help improve the lives of many patients that suffer from this debilitating disease,” said Simos Kedikoglou, M.D., Chief Executive Officer of Impulse Dynamics. “We are proud to partner with physicians at leading centers around the world to conduct important research on this first-of-its-kind rechargeable combination device designed to address a major unmet need of a large patient group.”

About the Optimizer Integra CCM-D System and CCM Therapy

The Optimizer Integra CCM-D System is an investigational device that combines CCM therapy and ICD therapy into one device. “Investigational” means that the study device is currently being tested. It is not approved by the U.S. Food and Drug Administration (FDA).

Impulse Dynamics currently offers the Optimizer system that is FDA-approved and CE-marked. The Optimizer system delivers CCM therapy — the company’s proprietary technology — to the heart. CCM therapy has been designed by Impulse Dynamics to significantly improve the heart’s contraction, allowing more oxygen-rich blood to be pushed out through the body. CCM therapy is indicated to improve the 6-minute hall walk, quality of life, and functional status of NYHA Class III heart failure patients who remain symptomatic despite guideline-directed medical therapy, are not indicated for CRT, and have a left ventricular ejection fraction ranging from 25 to 45 percent.

CCM is the brand name for cardiac contractility modulation — a therapy that delivers non-excitatory electrical pulses from the implantable Optimizer device to improve heart contraction. CCM therapy sends unique electrical pulses to the heart cells during the absolute refractory period. In doing so, CCM helps the heart contract more forcibly. Impulse Dynamics has completed numerous clinical studies, including several randomized controlled trials, and CCM therapy has been published in more than 120 peer-reviewed journal articles.

About Impulse Dynamics

Impulse Dynamics is dedicated to advancing the treatment of heart failure for patients and the healthcare providers who care for them. The company pioneered its proprietary CCM therapy, which uses the Optimizer technology platform to improve quality of life in heart failure patients. CCM therapy is delivered through the Optimizer system, which includes an IPG implanted in a minimally invasive procedure and approved for commercial use in the United States and 44 countries worldwide. More than 9,000 patients have received the therapy as part of clinical trials and real-world use, where it is proven to be safe and effective for heart failure patients with debilitating symptoms who otherwise have few effective options available to them. To learn more, visit www.ImpulseDynamics.com, or follow the company on LinkedInTwitter, and Facebook.

Forward-looking Statements

This press release contains forward-looking statements. All statements other than statements of historical facts contained in this press release are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘anticipate,’’ ‘‘could,’’ ‘‘intend,’’ ‘‘target,’’ ‘‘project,’’ ‘‘contemplate,’’ ‘‘believe,’’ ‘‘estimate,’’ ‘‘predict,’’ ‘‘potential’’ or ‘‘continue’’ or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements include, but are not limited to, statements concerning potential benefits of CCM therapy, and CCM therapy combined with an ICD delivered via a single device (CCM-D), and the absence of risks associated therewith; the ability for CCM therapy and our products to fill a significant unmet medical need for patients with heart failure; and the short-term and long-term benefits of the Optimizer Integra CCM-D System and CCM therapy in patients with heart failure, as well as to the physicians treating those patients. These forward-looking statements are based on management’s current expectations and involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Other important factors that could cause actual results, performance or achievements to differ materially from those contemplated in this press release include, without limitation: the company’s future research and development costs, capital requirements and the company’s needs for additional financing; commercial success and market acceptance of CCM therapy; the company’s ability to achieve and maintain adequate levels of coverage or reimbursement for Optimizer systems or any future products the company may seek to commercialize; competitive companies and technologies in the industry; the company’s ability to expand its indications and develop and commercialize additional products and enhancements to its current products; the company’s business model and strategic plans for its products, technologies and business, including its implementation thereof; the company’s ability to expand, manage and maintain its direct sales and marketing organization; the company’s ability to commercialize or obtain regulatory approvals for CCM therapy and its products, or the effect of delays in commercializing or obtaining regulatory approvals; FDA or other U.S. or foreign regulatory actions affecting us or the healthcare industry generally, including healthcare reform measures in the United States and international markets; the timing or likelihood of regulatory filings and approvals; and the company’s ability to establish and maintain intellectual property protection for CCM therapy and products or avoid claims of infringement. The company does not undertake any obligation to update forward-looking statements and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein. These forward-looking statements should not be relied upon as representing the company’s views as of any date subsequent to the date of this press release.

Rohan More, Global Vice President of Marketing
Impulse Dynamics
856-642-9933
rmore@impulsedynamics.com

Harriss Currie, Chief Financial Officer
Impulse Dynamics
856-642-9933
hcurrie@impulsedynamics.com

GlobeNewswire Distribution ID 8841961

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اختيار لينا غوتمة وآصف خان لتصميم وتطوير متحفين في العلا

18 مايو 2023، العلا – أعلنت الهيئة الملكية لمحافظة العلا، عن تعيين لينا غوتمة، وآصف خان، كمهندسين معماريين لمتحفين سيجري تنفيذهما ضمن الأصول الثقافية في محافظة العلا، وفقا لما حددته الرؤية التصميمية لمخطط رحلة عبر الزمن، ومن ضمن هذه المراكز، سيتم إنشاء 15 مرفقًا ثقافيًا جديدًا، بما في ذلك المتاحف والمعارض ومعالم الجذب السياحي، وستعمل غوتمة على تصميم متحف “الفن المعاصر” بينما سيطور خان متحف “طريق البخور”.

ويأتي إعلان الهيئة الملكية لاختيار المعماريين للمتحفين في محافظة العلا، مع الاحتفال باليوم العالمي للمتاحف، والذي يوافق يوم الثامن عشر من شهر مايو من كل عام، حيث تعمل الهيئة ضمن برنامج “تطوير العلا” على أن تصبح العلا أكبر متحف مفتوح في العالم وتحويلها إلى وجهة عالمية للفنون والتراث والثقافة والطبيعة.

ويعدُّ قطاعُ الفنون أحدَ القطاعات الرئيسية في ضوء “رؤية العلا”، التي استلهمت محاور رؤية 2030، والركائز الثلاث: “مجتمع حيوي، واقتصاد مزدهر، ووطن طموح”، عبر العديد من المبادرات، التي تم تنفيذ عدد منها، إضافة إلى ما تضمنه مخطط “رحلة عبر الزمن” الذي يبرزُ مواقع التراث والطبيعة؛ لتعزيز التنمية المستدامة، باستثمار كل المقومات المتاحة من أجل خلق روافد اقتصادية متنوعة.

وتم اختيار  المعماريان عن طريق مسابقة دولية، تكونت من الأطراف المعنية الرئيسية ومتخصصين في الهندسة المعمارية والمناظر الطبيعية وعلم المتاحف، مدعومة من لجنة فنية يرأسها الدكتور خالد عزام، عضو مجلس إدارة الهيئة الملكية لمحافظة العلا مهندس مخطط رحلة العلا عبر الزمن.

وتعد لينا غوتمة، أحد أبرز المعماريين حيث حصلت على جوائز عالمية عديدة، وتجمع مختلف أعمالها بين الفن والهندسة المعمارية والتصميم. وتطور عملها المعماري في إطار البحث التاريخي للمواقع، وإبرازه عبر ابتكارات تصميمية  تتناغم مع الطبيعة.

ويشتهر آصف خان، الحائز على رتبة الإمبراطورية البريطانية في الهندسة المعمارية، بأعماله التي تدمج التاريخ مع تطورات المستقبل، وتبرز تصاميمه على أساس مراعاة البيئة والسياق الاجتماعي التاريخي، ويعمل حالياً على تجديد مركز باربيكان ومتحف لندن الجديد.

وسيوفر متحف “الفن المعاصر” رحلة إبداعية تنقل الزائر من البيئة الطبيعية إلى واحة العلا الثقافية، في تداخل بين البيئة الطبيعية وتفاصيلها والفن لإظهار مكنون الثقافة المعاصرة، ويتيح المتحف تفاعلاً مستمراً بين الفن والطبيعة، ليجسد تفرد بيئة العلا.

وسيحتفي متحف “طريق البخور” الذي سيتم تطويره بالتراث الثقافي للعلا باعتبارها ملتقى القوافل على طريق البخور ومن خلال إعادة إحياء صفحات التاريخ العالمي، ويسلط الضوء على دور شمال غرب المملكة كمركز ثقافي رئيسي والتي تبرز الطبيعة واندماجها في بيئة العلا الثقافية، ويجري تطوير متحف طريق البخور من خلال الانسجام بين إرث العلا بما في ذلك مدينة الحجر التاريخية وكذلك دادان.

ويوفر كلا المتحفين مدخلاً فريداً للاطلاع على العروض الثقافية الثرية في العلا، وسيجري تطويرهما بنهج يراعي الاستدامة كعنصر رئيسي في مختلف مشروعات الهيئة الملكية لمحافظة العلا.

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Architects Lina Ghotmeh and Asif Khan appointed for two major museums in AlUla, Saudi Arabia

Lina Ghotmeh and Asif Khan, courtesy Royal Commission for AlUla, photo by Luke Walker

Architects Lina Ghotmeh and Asif Khan appointed for two major museums in AlUla, Saudi Arabia

ALULA, Saudi Arabia, May 18, 2023 (GLOBE NEWSWIRE) — The Royal Commission for AlUla (RCU) announces Lina Ghotmeh and Asif Khan as architects for two upcoming museums in its constellation of cultural assets. Ghotmeh will design the contemporary art museum and Khan will design the museum of the Incense Road. Both museums are situated in AlUla, a destination in northwest Arabia with 7,000 years of continuous human history.

Khan, who was awarded a MBE for his services to architecture and is currently working on the renewal of the Barbican Centre and the new London Museum, is known for his radical approach to architecture, which merges history with the future, grounding projects in material experimentation and social context.

Award winning Ghotmeh, who is designing the 2023 Serpentine Pavilion, creates work that sits at the intersection of art, architecture and design. Her practice is developed through a process of thorough historical research, emerging in complete symbiosis with nature as exquisite interventions that enliven memories and the senses.

The architects were chosen through an international competition. The jury comprised of key stakeholders and specialists in architecture, landscape and museology, supported by a technical panel, and was chaired by Dr Khaled Azzam, the architect of AlUla’s Journey Through Time Masterplan.

We are excited to announce the appointed architects to these two significant museums – the first of 15 cultural assets being developed as part of AlUla’s Journey Through Time Masterplan. AlUla is a spectacular landscape of discovery, where heritage, works of nature and humankind combine to reveal a long and intimate relationship between people and their environment. This Masterplan will guide the reinvigoration of AlUla establishing a new cultural legacy including the implementation of a circular economy expected to create 38,000 new jobs.

Dr Khaled Azzam – Architect, Journey Through Time Masterplan, Royal Commission for AlUla

The architecture of the contemporary art museum in AlUla immerses visitors in a creative journey from the desert expanse to the lush cultural oasis of AlUla, interweaving the natural environment, agriculture and art to reveal the heart of contemporary culture. Through a series of garden pavilions, the museum presents a constant interplay between art and nature, capturing the essence of this unique place. The galleries offer surprising and anchored perspectives on the many facets of AlUla, from the microclimates of the oasis to the expanse of the desert, evoking a deep sense of attachment to the land and its heritage.

Lina Ghotmeh, architect, contemporary art museum in AlUla

AlUla resonated with me deeply as did the local community members I met. The design takes the form of a public space, not a museum within walls, situated in AlJadidah village with galleries and spaces for sensory experiences and learning. The mountains are a constant background, whose sand dunes reach down to greet the edges of the museum, while stepped terraces of gardens act as a new interface between the village and the oasis. 

I am excited about how the museum of the Incense Road can be brought into the collective memory of the world, and become a transformative asset for the local community.

Asif Khan, architect, museum of the Incense Road

The contemporary art museum in AlUla is a museum of regional and global contemporary art with Arabia at its heart. Offering a core collection of works by artists from regions adjoining the Red Sea, the Arabian Sea and the Eastern Mediterranean in dialogue with their contemporaries from across the world, the collection aims to evolve in partnership with these artists, including a robust programme of commissioned works. As the primary art museum in AlUla, it contributes to the region’s legacy as a cultural beacon, generating opportunities for artists, designers, creatives and curators.

An adjoining series of artist-designed gardens will ensure the experience is connected to the landscape in which it sits. Integrated into the distinctive AlUla oasis, set amongst vegetable gardens, palm groves, mountain ranges and an ancient settlement, the museum will explore sensitive environmental design and function as a catalyst for environmental renewal and regeneration of the oasis. It will be structured as an archipelago of pavilion galleries interspersed with a mosaic of artist gardens. Its balance of interior and exterior galleries and gardens will allow visitors to define their own encounters both with art and the natural landscape.

The museum of the Incense Road will be the world’s first museum dedicated to this epic and millennia-old network of major land and sea trading routes, celebrating AlUla’s cultural legacy as a place of exchange at the confluence of civilisations. Bringing to life global histories, through which ideas, goods and culture were exchanged, it shines a light on north-west Arabia as a cultural epicentre. Living and dynamic narratives will include spotlighting the discoveries of ongoing excavations, highlighting the active nature of AlUla’s archaeological sites and the cultural importance of the Incense Road. At the forefront of innovative museum practice, it will enable visitors to engage through layered, multidisciplinary interpretation anchored by carefully curated collections.

The museum of the Incense Road is being developed in dialogue with AlUla’s ancient heritage – including Hegra, Saudi Arabia’s first UNESCO World Heritage Site – and its host village, AlJadidah. It will be an extension of the urban fabric that sits towards the oasis edge, looking out on a vista where Dadan and Hegra – once vibrant cities that thrived as a result of the Incense Road – are located. Guided by subject experts and the local community, the museum of the Incense Road will continue to be developed through extensive local and international collaboration with specialists across fields including academia and museology.

Both museums offer a unique entry point into AlUla’s rich and extensive cultural offering and will be developed with a socially responsible approach to the preservation, interpretation, meaningful community engagement and presentation of AlUla’s cultural inheritance. They will consider how to reduce environmental impact while building meaningful spaces, particularly regarding conservation, controlled temperature, humidity and lighting, and will work with a network of cultural leaders at an institutional, thematic and discipline level in the spirit of reciprocal exchange.

Notes to editors

About AlUla:

Located 1,100 km from Riyadh, in north-west Saudi Arabia, AlUla is a place of extraordinary natural and human heritage. The vast area, covering 22,561km², includes a lush oasis valley, towering sandstone mountains and ancient cultural heritage sites dating back thousands of years to when the Lihyan and Nabataean kingdoms reigned.

The most well-known and recognised site in AlUla is Hegra, Saudi Arabia’s first UNESCO World Heritage Site. A 52-hectare ancient city, Hegra was the principal southern city of the Nabataean Kingdom and comprises more than 100 well-preserved tombs with elaborate facades cut out of the sandstone outcrops surrounding the walled urban settlement. Current research also suggests Hegra was the most southern outpost of the Roman Empire after the Nabataeans were conquered in 106 CE.

In addition to Hegra, AlUla is home to fascinating historical and archaeological sites such as Ancient Dadan, the capital of the Dadan and Lihyan Kingdoms, which is considered one of the most developed 1st-millennium BCE cities of the Arabian Peninsula; thousands of ancient rock art sites and inscriptions at Jabal Ikmah; and AlUla Old Town, a labyrinth of more than 900 mudbrick homes developed from at least the 12th century.

About The Royal Commission for AlUla:

The Royal Commission for AlUla (RCU) was established by royal decree in July 2017 to protect and safeguard AlUla, a region of outstanding natural and cultural significance in north-west Saudi Arabia. RCU is embarking on a long-term plan to develop and deliver a sensitive, sustainable transformation of the region, reaffirming it as one of the country’s most important archaeological and cultural destinations and preparing it to welcome visitors from around the world. RCU’s development work in AlUla encompasses a broad range of initiatives across archaeology, tourism, culture, education and the arts, reflecting the ambitious commitment to cultivate tourism and leisure in Saudi Arabia, outlined in Vision 2030.

Lina Ghotmeh works and lives in Paris, where she leads her multidisciplinary practice Lina Ghotmeh — Architecture. Her visionary and materially sensitive works emerge in complete symbiosis with their environment while soliciting memory and senses.

Lina Ghotmeh is the nominated Architect for this year’s 22nd Serpentine Pavilion and her projects include Ateliers Hermès (first low carbon, energy positive building in France) delivered this April 2023, Stone Garden crafted tower and gallery spaces in Beirut (Dezeen Architecture of the year 2021 Prize), the Estonian National Museum (Grand Prix Afex 2016, project she designed in partnership with Dorell.Ghotmeh.Tane), Wonderlab Master crafts exhibition in Tokyo and Beijing & award winning Les Grands Verres restaurants for the Palais de Tokyo, Paris, France.

She is the recipient of multiple awards including the 2020 Schelling Prize, the 2020 Tamayouz “Woman of Outstanding Achievement”, the French Fine Arts Academy Cardin Award 2019, the Architecture Academy Dejean 2016 and the French Ministry AJAP Prize in 2008. Her works have been exhibited at the 17th Architecture Biennale in Venice, at the MAXXI in Rome, and currently at the Cooper Hewitt in New York.  She is active in Academic life and was Louis I Khan professor at Yale and Gehry Chair at the University of Toronto.

Asif Khan founded his London-based practice in 2007, which designs buildings, landscapes, installations, exhibitions and objects. His work is concerned with sensory experience, craftsmanship, cultural exchange and the merging of history with future worlds.

Asif Khan is currently working on the Barbican Art Centre Renewal, the new London Museum, opening 2026, itself the largest cultural project in Europe, and Liverpool Canning Dock waterfront transformation, a site at the centre of the Transatlantic Slave Trade. In 2020 he completed 6.5km of public realm design of Dubai Expo 2020, where his carbon-fibre Entry Portals received the Dezeen public award 2021 and nomination for the Aga Khan award for Architecture. He received the Grand Prix for Innovation (Cannes 2014) and Architect of the Year (German Design Council 2017).

His works have been exhibited at the Royal Academy of Arts, V&A, Milan Salone, Milan Triennale, Gwangju Design Biennale, the Design Museum, London, London Design Week, Tokyo Design Week, and currently at MAAT Lisbon. He has taught at the Royal College of Art and at Musashino Art University, Tokyo. Khan was awarded an MBE for Services to Architecture in 2017 and currently serves as Vice Chairman of the Design Museum in London.

Press contacts:

Vicky Newark
Pelham Communications
vicky@pelhamcommunications.com

Sherif Elhalafawy
Royal Commission for AlUla
s.elhalafawy@rcu.gov.sa

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e9648d36-fa73-489c-938c-7bb1d439c81e

The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.

A video accompanying this announcement is available at:

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GlobeNewswire Distribution ID 8842227

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ROSEN, NATIONAL TRIAL LAWYERS, Encourages TAL Education Group Investors to Secure Counsel Before Important Deadline in Securities Class Action First Filed by the Firm – TAL

NEW YORK, May 17, 2023 (GLOBE NEWSWIRE) —

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of American Depositary Shares (“ADSs”) of TAL Education Group (NYSE: TAL) between June 14, 2022 and March 14, 2023, both dates inclusive (the “Class Period”), of the important May 30, 2023 lead plaintiff deadline in the securities class action first filed by the Firm.

SO WHAT: If you purchased TAL securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the class action, go to https://rosenlegal.com/submit-form/?case_id=3137 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 30, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that: (1) TAL was still providing K9 Academic AST Services; and (2) as a result, defendants’ statements about TAL’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the TAL class action, go to https://rosenlegal.com/submit-form/?case_id=3137 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

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Contact Information:

        Laurence Rosen, Esq.
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New York, NY 10016
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ROSEN, NATIONAL TRIAL COUNSEL, Encourages Telephone and Data Systems, Inc. Investors with Losses to Secure Counsel Before Important Deadline in Securities Class Action – TDS, TDSPrU, TDSPrV

NEW YORK, May 17, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Telephone and Data Systems, Inc. (the “Company” or “TDS”) (NYSE: TDS, TDSPrU, TDSPrV) between May 6, 2022 and November 3, 2022, both dates inclusive (the “Class Period”), of the important July 3, 2023 lead plaintiff deadline.

SO WHAT: If you purchased TDS securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the TDS class action, go to https://rosenlegal.com/submit-form/?case_id=15807 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 3, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, the Company and its subsidiary, United States Cellular Corporation (“UScellular”), made false and/or misleading statements and/or failed to disclose that: (1) defendants had no reason to believe UScellular’s “free upgrade” promotional activity, which was tested and trialed during the second quarter of 2022, was effective at reducing the Company’s postpaid churn rate as they represented to investors, as opposed to merely adding new postpaid subscribers, when its churn rate was actually increasing or remaining constant over most quarters in the class period; (2) UScellular was not making progress with respect to its churn rate, as it represented to investors; (3) UScellular was not in fact balancing its promotional activity and its profitability; (4) due to extreme competition among postpaid carriers, UScellular did not have the flexibility to offset the costs from widespread, expensive promotions with price increases; and (5) as a result of the Companies’ decision for UScellular to continue engaging in heavy promotions to address its postpaid subscriber churn rate despite any lack of positive impact on churn rate, UScellular’s profitability substantially declined. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the TDS class action, go to https://rosenlegal.com/submit-form/?case_id=15807 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

GlobeNewswire Distribution ID 8841786

Categories
Press Releases

Chairman of Avia Solutions Group Gediminas Ziemelis: 10 big challenges for passenger aviation sustainability for the next 3 years

DUBLIN, Ireland, May 17, 2023 (GLOBE NEWSWIRE) — Ensuring sustainable operations has become a primary driver for aviation businesses in recent years. Nonetheless, this dynamic industry faces a multitude of challenges that can impede companies’ efforts to enhance profitability. While several factors contribute to the aviation industry’s struggles, certain key issues merit highlighting as primary culprits.

High market $ interest rates for heavily leveraged and drowning-in-debt airlines will be even higher

In recent years, the aviation industry has experienced a significant drop in demand for air travel, resulting in many airlines facing financial losses. To stay afloat during this time, airlines have taken on additional debt. However, this increased debt has resulted in higher risk for lenders, leading to higher market interest rates for the airlines.

In addition to the impact of the pandemic on the industry, other factors such as rising fuel costs and increased competition have also contributed to the financial struggles of many airlines. These factors have made it increasingly challenging for heavily leveraged airlines to generate profits and pay off their debt, leading to concerns about the sustainability of their business models.

The combination of these factors has led to a situation where heavily indebted airlines are now facing even higher market interest rates, which can exacerbate their financial difficulties.

Much higher insurance costs — worsening war risks could push insurance premiums higher

The aviation industry is grappling with rising insurance costs due to worsening geopolitical risks. This is highly influenced by the fact that, as stated by leading insurance companies, around 500 aircraft leased to Russian operators remain trapped in Russia. Insurers are facing potential liability issues due to the uncertain situation created by the Russian government’s refusal to release the aircraft.

As a result, insurers are struggling to assess the level of risk involved, leading to a wide range of potential losses estimated to be up to $30 billion, according to industry sources. This uncertainty is likely to drive up insurance premiums for airlines, impacting the industry as a whole.

Passengers will remember compensations for flight delays, and it will impact airlines’ unplanned costs

The EU regulation 261/2004 provides compensation for passengers who experience delays, cancellations, overbooking, or denied boarding. Depending on the specific circumstances and subject to certain conditions, affected passengers may be eligible for a compensation claim ranging from €250 to €600 per person. Before the COVID-19 pandemic, the rate of flight delays in the EU that fell under compensation was 1.5% of all flights, with an average compensation amount of €375 per delayed flight.

In 2019, EU airlines carried a total of 1.12 billion passengers, with 1.7 million flights experiencing delays and resulting in a total compensation pay-out of €6.3 billion. Only 10% of affected passengers currently file complaints directly with the airlines or via specialised service companies, such as Skycop or Airhelp.

However, this number is expected to increase significantly, as after COVID-19 the industry faces capacity shortages and other challenges. As a result, the number of claimable flights that experience delays could increase from 1.5% to 5%, potentially leading to a total compensation pay-out of €20 billion.

LEAP engines challenges will impact more aircraft on the ground and shortage of capacity;

According to our internal research, presently, the aviation industry operates a fleet of 1397 A320neo aircraft with LEAP-1A engines, totalling 3080 engines with an average of 2.2 engines per aircraft, and 1043 Boeing 737 MAX aircraft with LEAP-1B engines, totalling 2338 engines with an average of 2.2 engines per aircraft. To maintain these engines, there are 21 locations globally for LEAP-1A overhaul and maintenance and 22 locations for LEAP-1B engines.

However, the grounding of 16,000 aircraft (equivalent to 60% of the total fleet) in 2020-2021 has led to a staggering 60% postponement of LEAP engine maintenance. Consequently, there is now a significant maintenance gap across 43 locations, resulting in wait times of 9-10 months for engine maintenance, which could potentially disrupt airline operations.

OEM production and supply chain disrupted during 2023-2025 will cause a shortage of aircraft capacity;

The COVID-19 pandemic has had a profound impact on the aerospace industry. Original Equipment Manufacturers (OEMs) such as Boeing and Airbus have experienced significant disruptions in their production and supply chains. In response to the global economic slowdown and reduced demand for air travel, OEMs have cut their production levels by around half compared to pre-COVID levels. However, this has led to a shortage of aircraft capacity, which is hindering the industry’s recovery efforts.

The production cuts have affected over 5,000 suppliers in the supply chain, all of whom have had to reduce their volumes during the pandemic. Consequently, the recovery of the aerospace industry is projected to take 2.5-4 years to return to pre-COVID production levels. This prolonged period of disruption is likely to have significant consequences for the industry and its stakeholders.

In 2020-2021, the cancellation of pilot cadet programs and planned retirements caused a pilot shortage in 2023-2024 and a rapid increase in costs for airlines;

The aviation industry faces a constant demand for new pilots, as approximately 3% of pilots retire annually. However, the COVID-19 pandemic has caused a major setback in the industry, with all cadet programs being either postponed or cancelled.

Hence, there is now a significant pilot shortage issue, leading to rapid cost increases. It is estimated that industry will experience a shortage of 300,000 pilots within a decade. This shortage is expected to create significant challenges, particularly in India, which is anticipated to have the largest pilot shortage.

Challenges to book MRO slots after COVID-19, because scheduled maintenance events were postponed

Another issue caused by the COVID-19 pandemic is a significant accumulation of MRO services for aircraft worldwide. As a result of the unprecedented reduction in air travel and the grounding of many aircraft, scheduled maintenance was delayed or deferred.

Nonetheless, as air travel demand begins to recover and airlines return to full operations, the challenge of booking MRO slots to perform necessary maintenance on these aircraft has emerged. Many airlines are finding that MRO facilities are already operating at full capacity, resulting in long wait times and potential disruptions to airline operations. This accumulation of maintenance is expected to persist for some time, creating obstacles to the aviation industry’s recovery efforts.

Challenge to find engines maintenance slots for V2500, and RR engines due to deferred maintenance

Airlines that operate aircraft with V2500 and RR engines are also encountering difficulties in scheduling maintenance for their engines due to high demand and limited availability. This has created a challenging situation, particularly for airlines with large fleets of such aircraft.

The lack of available maintenance slots has forced airlines to ground some of their aircraft, leading to operational disruptions and revenue losses. In addition to the financial impact, the situation also poses safety concerns as delayed maintenance can compromise the safety and reliability of the engines, potentially leading to more significant problems in the future.

ESG requirements for greener aviation didn’t disappear in the medium term

The International Civil Aviation Organisation’s (ICAO) 41st Assembly, held in Montreal in October 2022, marked a significant milestone for the aviation industry’s commitment to sustainability. The assembly committed to a Long Term Aspirational Goal (LTAG) to achieve net zero CO2 emissions by 2050, which has brought Environment, Society, and Governance (ESG) issues to the forefront of the sustainable aviation conversation.

The LTAG’s ambitious target is challenging, but it has the potential to encourage airlines to accelerate the development and adoption of greener jet fuels and other technical improvements to decarbonise flying. This will require a significant shift in industry-wide mindset, investment in research and development, and collaboration between airlines, manufacturers, and governments to achieve the long-term goal.

After COVID-19, debts for spare parts, MRO services, and aircraft leasing will impact that some aircraft will still be grounded, which will cause capacity demand

The challenging situation in the industry has pushed airlines to take on additional debt to finance various aspects of their operations, such as spare parts, MRO services, and aircraft leasing. However, the increase in outstanding debt for the industry could have significant implications, with some airlines potentially struggling to pay off their debts, which could result in a reduction in capacity as airlines are forced to ground some of their aircraft or cut routes to minimise costs.

Insider data shows that the industry’s outstanding debt has jumped over 20% since 2020, reaching more than $300 billion. To raise capital, global air carriers have sold $63 billion in bonds and loans so far this year.

Media contact:
Silvija Jakiene
Chief Communications Officer
Avia Solutions Group
silvija.jakiene@aviasg.com
+370 671 22697

GlobeNewswire Distribution ID 1000810732

Categories
Press Releases

ROSEN, LEADING INVESTOR COUNSEL, Encourages Vertex Energy, Inc. Investors with Losses to Secure Counsel Before Important Deadline in Securities Class Action – VTNR

NEW YORK, May 17, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Vertex Energy, Inc. (NASDAQ: VTNR) between April 1, 2022 and August 8, 2022, both dates inclusive (the “Class Period”), of the important June 12, 2023 lead plaintiff deadline.

SO WHAT: If you purchased Vertex Energy securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Vertex Energy class action, go to https://rosenlegal.com/submit-form/?case_id=12724 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 12, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) prior to the acquisition of the Mobile refinery, defendants had entered into inventory and crack spread hedging derivatives that significantly capped the profit margins on 50% of the Mobile refinery’s expected output over the period April 1, 2022 to September 30, 2022, affecting over 6.5 million barrels of refined fuel output; (2) as a result, the hedges severely limited Vertex’s ability to capitalize on the record-high crack spreads that existed at the time of the acquisition and resulted in over $90 million in losses in the second quarter of fiscal year 2022; (3) prior to the acquisition of the Mobile refinery, defendants had entered into an inventory intermediation agreement with the investment bank Macquarie Group, whereby Macquarie purchased (from third parties), owned, and sold (to Vertex) all crude oil inventory to be used at the Mobile refinery and also purchased (from Vertex), owned, and sold (to third parties) all refined fuel inventory produced at the Mobile refinery; (4) as a result, the  strict terms of the arrangement, including requiring Vertex to purchase hedges to protect Macquarie’s position in holding the crude and refined inventory, combined with the fact that the oil market was in a state of backwardation in early 2022, resulted in Vertex incurring significant fees and inventory losses; (5) prior to the acquisition of the Mobile refinery, defendants had entered into an inventory purchase agreement with Shell Oil as part of the Mobile acquisition agreement, which Vertex was forced to pay Shell Oil above-market prices for the additional crude oil inventory because of the state of backwardation in the oil market; (6) immediately following the acquisition of the Mobile refinery, Vertex experienced production issues that caused significant shortfalls in refined fuel volumes; (7) following the acquisition of the Mobile refinery, defendants overstated the purported profit margins that could be achieved at the refinery; and (8) as a result of the above misrepresentations and concealed facts, the Mobile refinery did not “generate[] strong EBITDA” “[d]uring the first 30 days of operations,” and the Mobile refinery transition was not “seamless.” When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Vertex Energy class action, go to https://rosenlegal.com/submit-form/?case_id=12724 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

GlobeNewswire Distribution ID 8841783

Categories
General

Culture Minister calls for lifting unfair Western economic measures against Syria

Minister of Culture, Lubana Mshaweh, called for lifting the unjust and unilateral sanctions against Syria. The Minister received a delegation from the Syrian-French Friendship Association.

“Syria, the history and civilization, is looking forward to the future and is keen on overcoming all difficulties,” she said.

The Minister and members of the visiting delegation stressed the importance of cooperation to convey the reality of the situation in Syria, pointing out that the subordination of French policy to America harms the interests of its people and that it is time for French public opinion to be informed of the unjust unilateral blockade on the Syrian people.

Source: Syrian Arab News Agency

Categories
General

Syria, Iran to enhance cooperation in oil and gas domains

Minister of Petroleum and Mineral Resources, Firas Kaddour, discussed with his Iranian counterpart, Javad Auchi, aspects of bilateral enhancing cooperation in the field of oil, gas and petrochemical.

Minister Kaddour stressed the importance of implementing the agreements concluded between the two countries in a way that supports the economy and helps face challenges and overcome obstacles facing the track of progress and prosperity.

He stressed that the exchange of experiences and the signing of memorandums of understanding in the field of oil and gas industry and its derivatives contribute to the development of bilateral economic relations to the level of political relations in the interest of both countries.

Source: Syrian Arab News Agency

Categories
General

1 Dead, 2 Injured in Strike on Ukrainian Odesa

Ukrainian sources said that one person was killed in a Russian missile strike on an industrial plant in the city of Odesa in southern Ukraine.

The strike also resulted in two injuries, while wreckage during an airstrike sparked two fires in the eastern parts of Kyiv.

According to the Ukrainian News Agency (Ukrinform), the Russian attack involved various rockets fired from multiple directions. The anti-aircraft defense units destroyed most of the missiles, but some hit industrial infrastructure, killing one civilian and injuring two others.

Sirens were sounding throughout Ukraine in the past hours, and explosions were heard in some cities, including the capital.

Source: Qatar News Agency