Global Bone Graft and Substitute Market (2017-2023) – Segmented by Type, Application & Region – Research and Markets

DUBLIN–(BUSINESS WIRE)–Research and Markets has announced the addition of the “Global Bone Graft and Substitute Market Insights, Opportunity, Analysis, Market Shares And Forecast 2017 – 2023” report to their offering.
The global bone graft and substitutes market is anticipated to grow at a CAGR of 4.7% during 2016 to 2023. Bones have the usual capability to rebuild, but the surgical intervention is required to regenerate the bone if the defects exceed a critical size. The healing of fractures is a physiological process that fallouts in bone union. It is estimated that 5 to 10% of all fractures are related with reduced healing. Hereafter, currently, numerous bone grafts and substitutes are offered to redevelop the bone.
According to the American Academy of Orthopaedic Surgeons, the ideal BGS (bone graft substitute) is easy to use, biocompatible, osteoconductive, osteoinductive, looks like bone, and are cost effective. The major factors which are driving the bone graft and substitute market are rising incidences of musculoskeletal conditions due to sudden exertion and repetitive strain, increasing base of elderly population, development of biocompatible synthetic bone grafts which is used for sinus lift procedure. The major restraints of the bone grafts and substitutes market are high cost of surgeries, and the stringent regulatory approval process.
The global bone grafts and substitutes market is segmented into its type and application. The type segment of bone grafts and substitutes market is sub segmented into allografts, bone graft substitutes. The application segment of the bone grafts and substitutes market is further divided into spinal fusion, long bone, foot and ankle, craniomaxilofacial, joint reconstruction, dental. Constant efforts to develop enhanced allografts for example demineralized bone matrix grafts with greater osteoinductive and osteoconductive abilities are expected to have a constructive impact on the development of the market during the forecast period.
Companies Mentioned
Baxter International
Depuy Synthes
Integra Lifesciences Holdings Corporation
Johnson & Johnson
Medtronic Plc
Musculoskeletal Transplant Foundation
Nuvasive, Inc.
Orthofix Holdings, Inc
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Orthovita, Inc
Stryker Corporation
Smith & Nephew, Inc.
Wright Medical Group N.V.
Xtant Medical Holdings, Inc
Zimmer Biomet Holdings, Inc.
Key Topics Covered:
1. Introduction
2. Market Overview
3. Market Determinants
4. Market Segmentation
5. Competitive Landscape
6. Global Bone Grafts And Substitute Market By Region
7. Company Profiles
For more information about this report visit


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AQR Capital Management UK Regulatory Announcement: Form 8.3 – John Wood Group PLC

FORM 8.3
Rule 8.3 of the Takeover Code (the “Code”)
(a) Full name of discloser:   AQR Capital Management, LLC (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
  (c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree
John Wood Group PLC (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:   (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure

23/05/2017 (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
Class of relevant security:   4 2/7p ordinary  
Interests   Short positions Number   % Number   % (1) Relevant securities owned and/or controlled: 313,619 0.0818 (40,054) (0.0105) (2) Cash-settled derivatives: 605,885 0.1581 (12,252,320) (3.1976) (3) Stock-settled derivatives (including options) and agreements to purchase/sell: – – – – TOTAL:
919,504 0.2400 (12,292,374) (3.2080) All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
(b) Rights to subscribe for new securities (including directors’ and other employee options)
Class of relevant security in relation to which subscription right exists:   Details, including nature of the rights concerned and relevant percentages:   3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
(a) Purchases and sales
Class of relevant security   Purchase/sale   Number of securities   Price per unit (b) Cash-settled derivative transactions
Class of relevant security   Product description e.g. CFD
  Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position
  Number of reference securities   Price per unit Equity Swap Decreasing a long position 63500 £7.6595 Equity Swap Increasing a short position 13319 £7.6617 (c) Stock-settled derivative transactions (including options)
(i) Writing, selling, purchasing or varying
Class of relevant security   Product description e.g. call option   Writing, purchasing, selling, varying etc.   Number of securities to which option relates   Exercise price per unit   Type e.g. American, European etc.
  Expiry date   Option money paid/ received per unit (ii) Exercise
Class of relevant security   Product description e.g. call option
  Exercising/ exercised against   Number of securities   Exercise price per unit (d) Other dealings (including subscribing for new securities)
Class of relevant security   Nature of dealing e.g. subscription, conversion
  Details   Price per unit (if applicable) 4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”
(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”
(c) Attachments
Is a Supplemental Form 8 (Open Positions) attached? No Date of disclosure:   24/05/2017 Contact name: Kevinraj Bhatia Telephone number: 203 742 6683 Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.
The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel’s website at
Short Name: AQR Capital Management Category Code: RET Sequence Number: 583948 Time of Receipt (offset from UTC): 20170524T140713+0100


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PURE Bioscience Receives Final FDA Acknowledgement Letter

SAN DIEGO–(BUSINESS WIRE)–PURE Bioscience, Inc. (OTCQB: PURE), creator of the patented non-toxic silver dihydrogen citrate (SDC) antimicrobial, announced that the Company has received final acknowledgement from the US Food and Drug Administration (FDA) that its Food Contact Notification (FCN) for use of PURE Control® in raw poultry processing to reduce pathogens became effective last week. The FCN for PURE Control will be added to the list of effective notifications for FCNs, which is available on the FDA website:
As previously announced on April 27, 2017, the FDA had completed its review of the safety and efficacy of the proposed use of SDC in concentrations up to 160 PPM as a raw poultry processing aid, and set an effective date of May 18, 2017.
USDA In-Plant Poultry Processing Trial
On Monday PURE is initiating an in-plant raw poultry processing trial in which SDC-based PURE Control will be spray applied to whole chicken carcasses during Online Reprocessing (OLR). The USDA has already approved PURE Control for use in pre-OLR and post chill poultry processing.
This trial is now expected to be completed by early calendar Q3. PURE has just received the necessary scheduling clearances from the plant and the local FSIS inspector.
The trial will be conducted following the protocol proposed by PURE and approved by the USDA-FSIS, and will be monitored by FSIS inspection personnel in the plant.
Assuming a successful plant trial, and that no additional trials are required by the USDA, PURE anticipates that the USDA-FSIS will issue a “Letter of No Objection” in approximately 4-6 weeks after completion of the trial, stating that PURE Control is approved for use in OLR applications and list SDC as an approved poultry processing aid in Attachment 1 of the FSIS Directive 7120.1 Table 3.
Upon receipt of the “Letter of No Objection,” PURE can immediately commercialize PURE Control for OLR applications and begin to market PURE Control as a superior raw poultry processing aid into the +$350m US market.
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Superior Benefits of PURE Control
FDA approved PURE Control antimicrobial is applied directly onto raw poultry carcasses, parts and organs as a spray or dip during processing to eliminate pathogens causing foodborne illness, including Salmonella. PURE is not aware of any equally effective, lower toxicity solution to eliminate Salmonella in poultry processing – and believes PURE Control is the breakthrough solution the poultry industry has been seeking.
SDC is distinguished by the fact that it is both more effective and non-toxic. Currently used poultry processing intervention chemistries, most notably Peracetic acid (or PAA), are highly toxic, irritants to users, negatively impact the environment, are corrosive to equipment, and have a negative yield impact.
Hank R. Lambert, CEO of PURE, said, “We are enthusiastically taking the final steps toward commercializing PURE Control as a raw poultry processing aid – our second large and important US market for the product. Once we complete the in-plant poultry trial for OLR applications and obtain USDA approval, we look forward to achieving meaningful market penetration in the US processing aids markets for both poultry and produce, a combined +$650m US market opportunity.”

About PURE Bioscience, Inc.
PURE Bioscience, Inc. is focused on developing and commercializing our proprietary antimicrobial products primarily in the food safety arena — providing solutions to the health and environmental challenges of pathogen and hygienic control. Our technology platform is based on patented stabilized ionic silver, and our initial products contain silver dihydrogen citrate, or SDC. SDC is a broad-spectrum, non-toxic antimicrobial agent, which offers 24-hour residual protection and formulates well with other compounds. As a platform technology, SDC is distinguished from existing products in the marketplace because of its superior efficacy, reduced toxicity and it mitigates bacterial resistance. PURE is headquartered in El Cajon, California (San Diego metropolitan area). Additional information on PURE is available at
Forward-looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause our actual results to differ materially from any forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the Company’s ability to receive required regulatory approvals for use of PURE Control in OLR poultry processing, including the required data from plant trials, on a timely basis, or at all; the Company’s failure to implement or otherwise achieve the benefits of its proposed business initiatives and plans; acceptance of the Company’s current and future products and services in the marketplace, including the Company’s ability to convert successful evaluations and tests into customer orders, the timing of customer testing and orders, customers continuing to place product orders as expected and to expand their use of the Company’s products throughout their operations; the ability of the Company to develop effective new productsand to receive required regulatory approvals for such products, including the required data from plant trials; competitive factors; dependence upon third-party vendors, including to manufacture its products; and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission (the SEC), including its Form 10-K for the fiscal year ended July 31, 2016, its Form 10-Q for the first quarter ended October 31, 2016 and its Form 10-Q for the second quarter ended January 31, 2017. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.


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Navios Maritime Holdings Inc. Reports Financial Results for the First Quarter Ended March 31, 2017

• $95.3 million Revenue for Q1 2017• $28.6 million net cash from operating activities for Q1 2017• $17.5 million Adjusted EBITDA for Q1 2017• $138.2 million of cash as of March 31, 2017• Positioned to capture market recovery
Industry leading operating efficiencies  – Operating cost is estimated 40% lower than the average of listed peers for 2016  - 43% decrease in G&A over the last two years based on Q1 annualized run-rateSignificant upside to market recovery in the remaining nine months of 2017  – 66.9% of available days with market exposure – 11,684 days  – 33.1% of available days fixed – 5,778 days • Formed Navios Maritime Containers Inc.:
6.7% initial equity stake + 1.7% equity opportunity through warrantsInitial target: 14-vessel fleet of Rickmers Maritime Trust Pte (“RMT”) MONACO, May 24, 2017 (GLOBE NEWSWIRE) — Navios Maritime Holdings Inc. (“Navios Holdings” or “the Company”) (NYSE:NM), a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the first quarter ended March 31, 2017.
Angeliki Frangou, Chairman and Chief Executive Officer, stated, “I am pleased with our results for the first quarter, in which we recorded revenue of $95.3 million, EBITDA of $17.5 million and net cash from operating activities of $28.6 million. We also ended the quarter with $138.2 million in cash, while having no committed growth capex or any significant debt maturities until 2019. In a recovering market, we are positioned to enjoy substantial free cash flow from an increase in charter rates.”
Angeliki Frangou continued, “Navios Holdings is a diversified company that directly controls 66 modern dry bulk vessels and manages almost 200 vessels in its broader fleet. The fleet size provides purchasing power and cost savings opportunities. Our operating leverage allows our costs to be substantially below the average of the listed peers, savings that accrue directly to our stakeholders. The strength of Navios Holdings’ sponsorship allowed Navios Partners to grow significantly by raising $100 million in the first quarter and entering into an agreement to acquire the RMT fleet. In addition, it allowed Navios Containers to raise $75 million of gross equity proceeds in its initial capitalization. Navios Holdings also agreed to acquire control of the FSL Trust which owns 22 vessels (five containers and 17 tankers), subject to various conditions.”
Navios Maritime Containers Inc. (“Navios Containers”)
In April 2017, Navios Maritime Partners L.P. (“Navios Partners”) agreed to acquire the entire container fleet (the “Fleet”) of Rickmers Maritime Trust Pte. (the “Trust”). The Fleet consists of 14 Container vessels. The acquisition of the first five vessels, each with a capacity of 4,250 TEU, is expected in May 2017.
Navios Containers, a newly formed Marshall Islands company, agreed to sell an aggregate of 15.0 million of its shares to Navios Partners, Navios Holdings and third party investors for aggregate consideration worth approximately $75.0 million.
Navios Containers intends to use the proceeds to acquire the Fleet that Navios Partners previously agreed to purchase from the Trust as well as for further vessel acquisitions, working capital and general corporate purposes. The offering is expected to close on or about June 1, 2017.
Navios Partners will invest $30 million and receive 40% of the equity, and Navios Holdings will invest $5 million and receive 6.7% of the equity of Navios Containers. Each of Navios Partners and Navios Holdings will also receive warrants, with a five-year term, for 6.8% and 1.7% of the equity, respectively.
The acquisition is subject to a number of conditions, and no assurance can be provided that the acquisition will close at all or in part. Navios Containers also announced that it intends to file an application to register on the Norwegian Over-The-Counter market (N-OTC). Navios Containers expects to be registered on or about June 1, 2017.
First Ship Lease Trust (“FSL Trust”)
Navios Holdings executed, for itself and/or for its affiliates (“Navios”), an exclusivity agreement and term sheet to purchase directly or indirectly, 100% of FSL Asset Management Pte. Ltd. (“FSL Asset”) and not less than a total of 50.1% of FSL Trust from an existing shareholder and FSL Trust. FSL Trust is listed on the Mainboard of the Singapore Exchange Securities Trading Limited.
FSL Trust is a Singapore-based business trust which owns a diversified fleet of 22 modern and high-quality oceangoing vessels (the “FSL Fleet”). The Fleet includes 12 product tankers, three chemical tankers, two crude oil tankers and five container vessels.
The acquisition is subject to a number of conditions, including (1) the satisfactory restructuring of the existing mortgage debt and other loan facilities of FSL Trust, (2) waiver by the Securities Industry Council of any obligation for Navios to make a mandatory take-over offer for all the units in FSL Trust (the “Whitewash Waiver”) and (3) approval of FSL Trust’s independent unitholders of the Whitewash Waiver.  No assurance can be provided that these conditions will be satisfied and that any acquisition will be concluded at all or in part.
The parties have agreed to negotiate exclusively with each other and will seek to execute definitive agreements by September 30, 2017.
Asset Sales
Navios Holdings agreed to sell two Handymax vessels, the Navios Ionian and the Navios Horizon for $11.8 million net proceeds. These vessels are collateral to the Company’s 7.375% First Priority Ship Mortgage Notes due in 2022.
Debt Refinancing
Navios Holdings refinanced one of its existing debt facilities securing a 2010 built Capesize vessel with a $15.3 million new bank loan. The new loan has a term of 4.25 years and an amortization profile of 10 years.
Navios South American Logistics Inc. (“Navios Logistics”)
In May 2017, Navios Logistics acquired two product tankers, Ferni H and San San H for $11.2 million which we previously operated under capital lease with an obligation to purchase in 2020. The remaining capital lease obligation was terminated after the acquisition of the vessels. The acquisition of the two product tankers was financed with a $14.0 million five year term loan.
Fleet update
Navios Holdings controls a fleet of 66 operating vessels totaling 6.7 million dwt, of which 40 are owned and 26 are chartered-in under long-term charters (collectively, the “Core Fleet”). The fleet consists of 21 Capesize, 23 Panamax, 20 Ultra Handymax and two Handysize vessels and the current average age of operating fleet is 8.1 years.
As of May 19, 2017, Navios Holdings has chartered-out 33.1% of available days for the remaining nine months of 2017 (excluding index and profit sharing days). The average contracted daily charter-in rate for the long-term charter-in vessels for the remaining nine months of 2017 is $12,471.
The above figures do not include the fleet of Navios Logistics and vessels servicing contracts of affreightment.

Exhibit II provides certain details of the Core Fleet of Navios Holdings. It does not include the fleet of Navios Logistics.
Earnings Highlights
EBITDA, Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss per Share are non-U.S. GAAP financial measures and should not be used in isolation or as substitution for Navios Holdings’ results calculated in accordance with U.S. GAAP.
See Exhibit I under the heading, “Disclosure of Non-GAAP Financial Measures,” for a discussion of EBITDA, Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss per Share of Navios Holdings (including Navios Logistics), and EBITDA of Navios Logistics (on a stand-alone basis), and a reconciliation of such measures to the most comparable measures calculated under U.S. GAAP.
First Quarter 2017 and 2016 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):
The first quarter 2017 and 2016 information presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.
  Three Month Period Ended Three Month Period Ended    March 31,  March 31,   2017  2016    (unaudited) (unaudited) Revenue $95,346  $101,487  Net Loss $(48,719)  $(7,465)  Adjusted Net Loss $(39,621) (1) $(29,650) (2) Net cash provided by operating activities $28,592  $28,940  EBITDA $8,434  $45,424  Adjusted EBITDA $17,532 (1) $30,553 (2) Basic Loss per Share $(0.45)  $(0.11)  Adjusted Basic Loss per Share $(0.37) (1) $(0.32) (2)  (1) Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss per Share for the three months ended March 31, 2017 exclude a $9.1 million impairment loss relating to the sale of Navios Ionian.
(2) Adjusted EBITDA for the three months ended March 31, 2016 excludes $14.9 million compensation from the early redelivery of a vessel from its charterer. Adjusted Net Loss and Adjusted Basic Loss per Share for the three months ended March 31, 2016 exclude the compensation described above and a $7.3 million income from the write-off of an intangible liability due to the early redelivery of the same vessel.
Revenue from dry bulk vessel operations for the three months ended March 31, 2017, was $51.5 million as compared to $46.3 million for the same period during 2016. The increase in dry bulk revenue was mainly attributable to (i) the improved freight market and the increase in the time charter equivalent rate (“TCE”) per day by 12.1% to $7,857 per day in the first quarter of 2017, as compared to $7,008 per day in the same period of 2016 and (ii) the improved utilization of the fleet of 99.8% in the first quarter of 2017, as compared to 98.4% in the same period of 2016. This increase was partially mitigated by a net decrease in available days of our fleet by 157 days.
Revenue from the logistics business was $43.8 million for the three months ended March 31, 2017 as compared to $55.2 million for the same period during 2016. The decrease was mainly attributable to a decrease of $7.6 million in the barge business due to less volume of cargo transported during the period, a decrease of $3.4 million in the cabotage business mainly due to lower utilization of our fleet and a decrease of $0.4 million relating to the port operations.
Net Loss of Navios Holdings was $48.7 million for the three months ended March 31, 2017, as compared to $7.5 million for the same period during 2016. Net loss was affected by items described in the table above. Excluding these items, Adjusted Net Loss of Navios Holdings for the three months ended March 31, 2017 was $39.6 million as compared to $29.7 million for the same period of 2016. The $9.9 million increase in Adjusted Net Loss was mainly due to (i) a $13.1 million decrease in Adjusted EBITDA; and (ii) a $0.2 million increase in share-based compensation expense. This overall increase in Net Loss was partially mitigated by (i) a $1.6 million decrease in depreciation and amortization; (ii) a $1.4 million decrease in income tax expense; and (iii) a $0.4 million decrease in interest expense and finance cost, net.
Net Loss of Navios Logistics was $3.0 million for the three month period ended March 31, 2017, as compared to net income of $5.7 million for the same period in 2016.
Adjusted EBITDA of Navios Holdings for the three months ended March 31, 2017, decreased by $13.1 million to $17.5 million as compared to $30.6 million for the same period of 2016. The decrease in Adjusted EBITDA was primarily due to (i) a $7.9 million decrease in equity in net earnings from affiliated companies; (ii) a $6.2 million decrease in revenue; and (iii) a $4.3 million increase in time charter, voyage and logistics business expenses. This overall decrease was partially mitigated by (i) a $3.2 million decrease in net income attributable to the noncontrolling interest; (ii) a $1.8 million decrease in other expense, net; (iii) a $0.2 million decrease in general and administrative expenses (excluding share-based compensation expenses); and (iv) a $0.1 million decrease in direct vessel expenses (excluding the amortization of deferred drydock and special survey costs).
EBITDA of Navios Logistics was $10.1 million for the three month period ended March 31, 2017 as compared to $21.1 million for the same period in 2016.
Fleet Summary Data:
The following table reflects certain key indicators indicative of the performance of the Navios Holdings’ dry bulk operations (excluding the Navios Logistics fleet) and its fleet performance for the first quarter ended March 31, 2017 and 2016, respectively.
  Three Month Three Month  Period Ended Period Ended  March 31, March 31,  2017 2016  (Unaudited) (Unaudited)Available Days (1) 5,803  5,960 Operating Days (2) 5,791  5,861 Fleet Utilization (3) 99.8%  98.4% Equivalent Vessels (4) 64  65 TCE (5)$7,857 $7,008 
(1) Available days for the fleet are total calendar days the vessels were in Navios Holdings’ possession for the relevant period after subtracting off-hire days associated with major repairs, drydocking or special surveys. The shipping industry uses available days to measure the number of days in a relevant period during which vessels should be capable of generating revenues. (2) Operating days are the number of available days in the relevant period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues. (3) Fleet utilization is the percentage of time that Navios Holdings’ vessels were available for generating revenue, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure a company’s efficiency in finding suitable employment for its vessels. (4) Equivalent Vessels is defined as the total available days during a relevant period divided by the number of days of this period. (5) TCE is defined as voyage and time charter revenues less voyage expenses during a relevant period divided by the number of available days during the period.  Conference Call: 
As previously announced, Navios Holdings will host a conference call today, May 24, 2017, at 8:30 am ET, at which time Navios Holdings’ senior management will provide highlights and commentary on earnings results for the first quarter ended March 31, 2017.
A supplemental slide presentation will be available on the Navios Holdings website at under the “Investors” section by 8:00 am ET on the day of the call.
Conference Call details:
Call Date/Time: Wednesday, May 24, 2017, at 8:30 am ET Call Title: Navios Holdings Q1 2017 Financial Results Conference Call US Dial In: +1.877.480.3873 International Dial In: +1.404.665.9927 Conference ID: 20913573 
The conference call replay will be available shortly after the live call and remain available for one week at the following numbers:
US Replay Dial In: +1.800.585.8367 International Replay Dial In: +1.404.537.3406 Conference ID: 20913573
This call will be simultaneously Webcast. The Webcast will be available on the Navios Holdings website,, under the “Investors” section. The Webcast will be archived and available at the same Web address for two weeks following the call.
About Navios Maritime Holdings Inc.
Navios Maritime Holdings Inc. (NYSE:NM) is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of dry bulk commodities including iron ore, coal and grain. For more information about Navios Holdings please visit our website:
About Navios South American Logistics Inc.
Navios South American Logistics Inc. is one of the largest logistics companies in the Hidrovia region of South America, focusing on the Hidrovia region river system, the main navigable river system in the region, and on cabotage trades along the eastern coast of South America. Navios Logistics serves the storage and marine transportation needs of its petroleum, agricultural and mining customers through its port terminals, river barge and coastal cabotage operations. For more information about Navios Logistics please visit its website:
About Navios Maritime Partners L.P.
Navios Partners (NYSE:NMM) is a publicly traded master limited partnership which owns and operates container and dry bulk vessels. For more information, please visit its website at
About Navios Maritime Acquisition Corporation
Navios Acquisition (NYSE:NNA) is an owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. For more information about Navios Acquisition, please visit its website:
About Navios Maritime Midstream Partners L.P.
Navios Maritime Midstream Partners L.P. (NYSE:NAP) is a publicly traded master limited partnership which owns and operates crude oil tankers under long-term employment contracts. For more information, please visit its website at
About Navios Maritime Containers Inc.
Navios Maritime Containers Inc. is a growth vehicle dedicated to the container sector of the maritime industry. For more information, please visit its website at
Forward Looking Statements – Safe Harbor
This press release and our earnings call contain and will contain forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including cash flow generation for the remainder of 2017, future contracted revenues, potential capital gains, our ability to take advantage of dislocation in the market, and Navios Holdings’ growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “may,” “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenue and time charters. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Holdings at the time these statements were made. Although Navios Holdings believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Holdings. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles, our continued ability to enter into long-term time charters, our ability to maximize the use of our vessels, expected demand in the dry cargo shipping sector in general and the demand for our Panamax, Capesize and UltraHandymax vessels in particular, fluctuations in charter rates for dry cargo carriers vessels, the aging of our fleet and resultant increases in operations costs, the loss of any customer or charter or vessel, the financial condition of our customers, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, increases in costs and expenses, including but not limited to: crew wages, insurance, provisions, port expenses, lube oil, bunkers, repairs, maintenance, and general and administrative expenses, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, general domestic and international political conditions, competitive factors in the market in which Navios Holdings operates, the value of our publicly traded subsidiaries, risks associated with operations outside the United States; and other factors listed from time to time in Navios Holdings’ filings with the Securities and Exchange Commission, including its Form 20-F’s and Form 6-K’s. Navios Holdings expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Holdings’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Holdings makes no prediction or statement about the performance of its common stock.
 EXHIBIT I NAVIOS MARITIME HOLDINGS INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Expressed in thousands of U.S. dollars – except share and per share data)     Three Month  Three Month    Period Ended  Period Ended    March 31, 2017  March 31, 2016    (unaudited)  (unaudited)Revenue   $95,346  $101,487 Administrative fee revenue from affiliates    5,298   5,482 Time charter, voyage and logistics business expenses    (50,726)  (46,381)Direct vessel expenses(1)    (30,044)  (30,074)General and administrative expenses incurred on behalf of affiliates    (5,298)  (5,482)General and administrative expenses(2)    (6,384)  (6,438)Depreciation and amortization    (25,623)  (19,827)Interest expense and finance cost, net    (27,422)  (27,750)Impairment loss on sale of vessel    (9,098)  — Other (expense)/ income, net    (1,355)  11,664 Loss before equity in net earnings of affiliated companies    (55,306)   (17,319) Equity in net earnings of affiliated companies    5,082   12,952 Loss before taxes   $(50,224)  $(4,367) Income tax benefit/ (expense)    417   (1,045)Net loss    (49,807)   (5,412) Less: Net loss/ (income) attributable to the noncontrolling interest    1,088   (2,053)Net loss attributable to Navios Holdings common stockholders   $(48,719)  $(7,465) Loss attributable to Navios Holdings common stockholders, basic and diluted   $(51,363)  $(11,437) Basic and diluted loss per share attributable to Navios Holdings common stockholders   $(0.45)  $(0.11) Weighted average number of shares, basic and diluted    115,168,874   106,036,603             (1) Includes expenses of Navios Logistics of $17.5 million and $16.7 million for the three months ended March 31, 2017 and 2016, respectively. (2) Includes expenses of Navios Logistics of $3.5 million and $3.3 million for the three months ended March 31, 2017 and 2016, respectively.
                  NAVIOS MARITIME HOLDINGS INC.  Other Financial Data            March 31,  December 31,    2017   2016    (unaudited)  (unaudited)  ASSETS         Cash and cash equivalents, including restricted cash$  138,190  $  141,378  Other current assets 115,832   131,762  Deposits for vessels, port terminals and other fixed assets 153,314   136,891  Vessels, port terminal and other fixed assets, net 1,790,395   1,821,101  Other noncurrent assets 262,382   234,612  Goodwill and other intangibles 285,431   287,151  Total assets$   2,745,544   $   2,752,895                     LIABILITIES AND STOCKHOLDERS’ EQUITY        Current liabilities, including current portion of long-term debt, net 236,836   251,783  Senior and ship mortgage notes, net 1,297,502   1,296,537  Long-term debt, net of current portion 319,147   324,731  Other noncurrent liabilities 137,310   76,291  Total stockholders’ equity 754,749   803,553  Total liabilities and stockholders’ equity$   2,745,544   $   2,752,895                      Three Month Period Ended March 31, 2017  Three Month Period Ended March 31, 2016   (unaudited)  (unaudited)  Net cash provided by operating activities$  28,592  $  28,940  Net cash used in investing activities$  (22,977)  $  (84,663)  Net cash (used in)/provided by financing activities$  (7,871)  $  47,074            Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss per Share are “non-U.S. GAAP financial measures” and should not be used in isolation or considered substitutes for net income/ (loss), cash flow from operating activities and other operations or cash flow statement data prepared in accordance with generally accepted accounting principles in the United States.
EBITDA represents net (loss)/income attributable to Navios Holdings’ common stockholders before interest and finance costs, before depreciation and amortization, before income taxes and before stock-based compensation. Adjusted EBITDA represents EBITDA, excluding certain items as described under “Earnings Highlights”. Adjusted Loss and Adjusted Basic Loss per Share, represent Net Loss and Basic Loss per Share, excluding certain items as described under “Earnings Highlights”. We use EBITDA and Adjusted EBITDA as liquidity measures and reconcile EBITDA and Adjusted EBITDA to net cash provided by operating activities, the most comparable U.S. GAAP liquidity measure. EBITDA is calculated as follows: net cash provided by operating activities adding back, when applicable and as the case may be, the effect of (i) net increase/(decrease) in operating assets, (ii) net (increase)/decrease in operating liabilities, (iii) net interest cost, (iv) deferred finance charges and gains/(losses) on bond and debt extinguishment, (v) provision for losses on accounts receivable, (vi) equity in affiliates, net of dividends received, (vii) payments for drydock and special survey costs, (viii) noncontrolling interest, (ix) gain/ (loss) on sale of assets/ subsidiaries, (x) unrealized (loss)/gain on derivatives, and (xi) loss on sale and reclassification to earnings of available-for-sale securities and impairment charges. Navios Holdings believes that EBITDA and Adjusted EBITDA are a basis upon which liquidity can be assessed and represents useful information to investors regarding Navios Holdings’ ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. Navios Holdings also believes that EBITDA and Adjusted EBITDA are used (i) by prospective and current lessors as well as potential lenders to evaluate potential transactions; (ii) to evaluate and price potential acquisition candidates; and (iii) by securities analysts, investors and other interested parties in the evaluation of companies in our industry.
EBITDA and Adjusted EBITDA are presented to provide additional information with respect to the ability of Navios Holdings to satisfy its respective obligations, including debt service, capital expenditures, working capital requirements and pay dividends. While EBITDA and Adjusted EBITDA are frequently used as measures of operating results and the ability to meet debt service requirements, the definitions of EBITDA and Adjusted EBITDA used here may not be comparable to those used by other companies due to differences in methods of calculation.
EBITDA and Adjusted EBITDA have limitations as an analytical tool, and therefore, should not be considered in isolation or as a substitute for the analysis of Navios Holdings’ results as reported under U.S. GAAP. Some of these limitations are: (i) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; (ii) EBITDA and Adjusted EBITDA do not reflect the amounts necessary to service interest or principal payments on our debt and other financing arrangements; and (iii) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future. EBITDA and Adjusted EBITDA do not reflect any cash requirements for such capital expenditures. Because of these limitations, among others, EBITDA and Adjusted EBITDA should not be considered as a principal indicator of Navios Holdings’ performance. Furthermore, our calculation of EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies due to differences in methods of calculation.
Navios Logistics EBITDA and Adjusted EBITDA are used to measure its operating performance.
The following tables provide a reconciliation of EBITDA and Adjusted EBITDA of Navios Holdings (including Navios Logistics) and EBITDA of Navios Logistics on a stand-alone basis:
Navios Holdings Reconciliation of EBITDA and Adjusted EBITDA to Cash from Operations
  March 31,  March 31, Three Months Ended 2017  2016  (in thousands of U.S. dollars) (unaudited)  (unaudited)            Net cash provided by operating activities $28,592   $28,940   Net (decrease)/ increase in operating assets  (31,043)    11,329   Net increase in operating liabilities  (14,690)    (29,403)   Net interest cost  27,422    27,750   Deferred finance charges  (1,389)    (1,284)   Provision for losses on accounts receivable  (254)    (106)   Equity in affiliates, net of dividends received  821    8,888   Payments for drydock and special survey  5,955    1,363   Noncontrolling interest  1,088    (2,053)   Other gain on assets  1,030    —   Impairment loss on sale of vessel  (9,098)    —   EBITDA $8,434   $45,424   Impairment loss on sale of vessel  9,098    —   Compensation from early redelivery of a vessel from its charterer  —    (14,871)   Adjusted EBITDA $17,532   $30,553               Navios Logistics EBITDA Reconciliation to Net (loss)/ income
    March 31,  March 31, Three Months Ended 2017  2016 (in thousands of U.S. dollars) (unaudited)  (unaudited)            Net (loss)/ income $(3,007)   $5,674  Depreciation and amortization  6,090    6,674  Amortization of deferred drydock and special survey costs  1,698    1,598  Interest expense and finance cost, net  5,781    6,204  Income tax (benefit)/ expense  (484)    976  EBITDA $10,078   $21,126            
EXHIBIT IIOwned Vessels        Vessel Name Vessel Type Year Built Deadweight (in metric tons) Navios Serenity Handysize 2011 34,690 Navios Ionian (1) Ultra Handymax 2000 52,067 Navios Horizon (1) Ultra Handymax 2001 50,346 Navios Herakles Ultra Handymax 2001 52,061 Navios Achilles Ultra Handymax 2001 52,063 Navios Vector Ultra Handymax 2002 50,296 Navios Meridian Ultra Handymax 2002 50,316 Navios Mercator Ultra Handymax 2002 53,553 Navios Arc Ultra Handymax 2003 53,514 Navios Hios Ultra Handymax 2003 55,180 Navios Kypros Ultra Handymax 2003 55,222 Navios Astra Ultra Handymax 2006 53,468 Navios Ulysses Ultra Handymax 2007 55,728 Navios Celestial Ultra Handymax 2009 58,063 Navios Vega Ultra Handymax 2009 58,792 Navios Magellan Panamax 2000 74,333 Navios Star Panamax 2002 76,662 Navios Amitie Panamax 2005 75,395 Navios Northern Star Panamax 2005 75,395 Navios Taurus Panamax 2005 76,596 Navios Asteriks Panamax 2005 76,801 Navios Galileo Panamax 2006 76,596 N Amalthia Panamax 2006 75,318 N Bonanza Panamax 2006 76,596 Navios Avior Panamax 2012 81,355 Navios Centaurus Panamax 2012 81,472 Navios Sphera Panamax 2016 84,872 Navios Stellar Capesize 2009 169,001 Navios Bonavis Capesize 2009 180,022 Navios Happiness Capesize 2009 180,022 Navios Phoenix Capesize 2009 180,242 Navios Lumen Capesize 2009 180,661 Navios Antares Capesize 2010 169,059 Navios Etoile Capesize 2010 179,234 Navios Bonheur Capesize 2010 179,259 Navios Altamira Capesize 2011 179,165 Navios Azimuth Capesize 2011 179,169 Navios Ray Capesize 2012 179,515 Navios Gem Capesize 2014 181,336 Navios Mars Capesize 2016 181,259         (1) Agreed to be sold. 
Long term Chartered-in Fleet in Operation   Vessel Name Vessel Type Year Built Deadweight (in metric tons) Purchase Option(1) Navios Lyra Handysize 2012 34,718 Yes (2) Navios Primavera Ultra Handymax 2007 53,464 Yes Mercury Ocean Ultra Handymax 2008 53,452 No Kouju Lily Ultra Handymax 2011 58,872 No Navios Oriana Ultra Handymax 2012 61,442 Yes Navios Mercury Ultra Handymax 2013 61,393 Yes Navios Venus Ultra Handymax 2015 61,339 Yes Osmarine Panamax 2006 76,000 No Navios Aldebaran Panamax 2008 76,500 Yes KM Imabari Panamax 2009 76,619 No Navios Marco Polo Panamax 2011 80,647 Yes Navios Southern Star Panamax 2013 82,224 Yes Sea Victory Panamax 2014 77,095 Yes Navios Sky Panamax 2015 82,056 Yes Navios Amber Panamax 2015 80,994 Yes Navios Coral Panamax 2016 84,904 Yes Navios Dolphin Panamax 2017 81,630 Yes Navios Citrine Panamax 2017 81,626 Yes Equator Prosper Capesize 2000 170,000 No Pacific Explorer Capesize 2007 177,000 No King Ore Capesize 2010 176,800 Yes Navios Koyo Capesize 2011 181,415 Yes Navios Obeliks Capesize 2012 181,415 Yes Dream Coral Capesize 2015 181,249 Yes Dream Canary Capesize 2015 180,528 Yes Navios Felix Capesize 2016 181,221 Yes           (1) Generally, Navios Holdings may exercise its purchase option after three to five years of service.(2) Navios Holdings holds the initial 50% purchase option on the vessel.  
Navios Maritime Holdings Inc.


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Automotive Artificial Intelligence Revenue to Reach $14 Billion by 2025, According to Tractica

BOULDER, Colo.–(BUSINESS WIRE)–The automotive industry has seen the promise of artificial intelligence (AI) technology, and is among the industries at the forefront of using AI to augment human actions and to mimic the actions of humans, while also harnessing the advanced reaction times and pinpoint precision of machine-based systems. According to a new report from Tractica, both semi-autonomous and the fully autonomous vehicles of the future will rely heavily on AI systems.
“Artificial intelligence is not restricted to autonomous driving, however,” says principal analyst Keith Kirkpatrick. “Suppliers and automakers realize that AI can also be used to make life in the car more convenient and personalized, for both the driver and the passengers, in addition to enabling greater automation for a range of areas including vehicle maintenance, customer service, fleet management, and navigation, among others.”
Tractica forecasts that the top use cases for automotive AI applications, in order of revenue potential, are as follows:
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1. Machine/vehicular object detection/identification/avoidance2. Personalized services in cars3. Building generative models of the real world4. Predictive maintenance5. Localization and mapping6. Sensor data fusion in machinery7. Predicting demand for on-demand taxis8. Simulating worlds for AI training9. Automated on-road customer service10. Truck platooning11. Vehicle network and data security12. Surge pricing for on-demand taxis13. Virtual testing and simulation for racing cars14. Driver face analytics and emotion recognition15. Gesture recognition
Tractica forecasts that, together, these use cases will drive AI hardware, software, and services revenue in the automotive industry from $404 million in 2016 to $14.0 billion by 2025, representing a compound annual growth rate of 48.3%.
Tractica’s report, “Artificial Intelligence for Automotive Applications”, provides detailed market forecasts for AI hardware, software, and services in the automotive market during the period from 2016 through 2025. The technologies covered include machine learning, deep learning, NLP, computer vision, machine reasoning, and strong AI. The forecast covers 15 key use cases for automotive AI, segmented by world region. Profiles are also included for 30 key participants in the emerging automotive AI market ecosystem. An Executive Summary of the report is available for free download on the firm’s website.
About Tractica
Tractica is a market intelligence firm that focuses on human interaction with technology. Tractica’s global market research and consulting services combine qualitative and quantitative research methodologies to provide a comprehensive view of the emerging market opportunities surrounding Artificial Intelligence, Robotics, User Interface Technologies, Wearable Devices, and Digital Health. For more information, visit or call +1.303.248.3000.
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South African Electricity Market Snapshot Report 2017 – Research and Markets

DUBLIN–(BUSINESS WIRE)–Research and Markets has announced the addition of the “South African Electricity Market – 2016 Snapshot” report to their offering.
The electricity sector in South Africa has witnessed dynamic changes over the past few years. Sharp increases in electricity tariffs have been a prominent feature of the electricity supply industry in South Africa. Declining global commodity prices and increasing electricity prices have had a detrimental impact on the mining and manufacturing industry, which have experienced sluggish growth. The economy of South Africa is witnessing a gradual change with increased contribution from the services sector.
As such, the demand for electricity has reduced. Decreasing costs of renewable energy technologies, regulatory reforms, market restructuring, coupled with the risks and delays associated with base-load coal and nuclear power will largely determine the future of the electricity sector in South Africa.
Key Questions this Study will Answer:
What are the key macro-economic indicators and economic outlook for South Africa?
What is the structure of the Electricity Supply Industry (ESI) in South Africa and its key stakeholders?
What is the current status of power generation and proposed future generation mix for the country?
How has the electricity and peak demand developed in the past and what is the expected future growth?
What is the status of electricity transmission and distribution in South Africa?
What factors (drivers and restraints) could prove decisive in the development of the electricity sector in future?

Key Topics Covered:
1. Executive Summary
2. Introduction
3. South Africa-Introduction
4. Regulatory Framework and Organisations
5. Electricity Generation
6. Electricity Transmission
7. Electricity Distribution and Supply
8. Peak Demand and Energy Projections
9. Electricity Tariffs
10. Drivers and Restraints
11. Growth Opportunities and Companies to Action
12. The Last Word
14. Appendix
For more information about this report visit


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Digital Power Corporation Adds VOX Power High Density Modular Products

FREMONT, Calif., May 24, 2017 (GLOBE NEWSWIRE) — Digital Power Corporation (NYSE MKT:DPW), (“Digital Power” or the “Company”), a developer and manufacturer of power supply solutions for the most demanding applications in the telecom, medical, industrial and military markets, announced that it has signed a distribution agreement with VOX Power Ltd. (VOX), a provider of state-of-the-art AC/DC modular configurable power supplies to global industrial, medical and defense markets.
Photos accompanying this announcement are available at
Under the terms of the agreement, the Digital Power NEVO and VCCM conduction cooled series power supply solutions will incorporate VOX chassis and modules that are designed for information technology, medically approved products and defense applications. The VCCM series devices include small form-factor, high density, modular and configurable power supplies with power densities that exceed 25W/in3.
Designed with highest reliability and versatility in mind, both the NEVO and VCCM series devices are suitable for applications that range from the most controlled environments to the harshest conditions. Standard features include fully adjustable output voltage, externally controllable voltage and current, and series or parallel outputs. Each device can accommodate up to four isolated DC output modules and each module uses SMT components to ensure reliability. Devices can be configured as conduction, convection or forced air cooled. This versatility allows units to be seamlessly integrated across a vast range of applications and makes the devices ideal for standardizing power platforms.
To support customers who often require fast fulfillment of orders for prototypes, pre-production devices and small quantities, Digital Power will offer quick turn-around times for the final assembly, voltage adjustment, testing, packaging and delivery of these configured miniature power supplies. For evaluation units and small quantities, devices typically can be delivered in one to three days. The lead time for production volumes is typically 12 weeks.

For complete NEVO and VCCM series specifications, installation and user documentation, CAD drawings, safety certificates, and EMC and HALT reports, visit
Commenting on the agreement with VOX, Digital Power Corporation President and CEO Amos Kohn said, “We are committed to bringing to market the most advanced and power dense solutions available. The NEVO and VCCM series devices with VOX chassis and modules provide options for our customers who have a variety of low to medium volume applications that require multiple or single output power solutions. With these devices, customers can configure their solutions from inventory as needed and prepare multiple output solutions up to 600 watts and single output solutions in the Kilowatt range within one day.”
About Digital Power CorporationHeadquartered in Fremont, California, Digital Power Corporation designs, manufactures and sells high- grade, customized and off-the-shelf power system solutions. Its products are used in the most demanding telecom, industrial, medical and military applications where customers require high density, high efficiency and ruggedized power solutions. The Company’s wholly owned subsidiary, Digital Power Limited, which does business as Gresham Power Electronics is based in Salisbury, UK.   Digital Power’s headquarters is located at 48430 Lakeview Blvd., Fremont, California 94538; 1-877-634-0982 e-mail: Website:
Forward Looking Statements The foregoing release contains “forward looking statements” regarding future events or results within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements concerning the Company’s current expectations regarding revenues from contracts. The Company cautions readers that such “forward looking statements” are, in fact, predictions that are subject to risks and uncertainties and that actual events or results may differ materially from those anticipated events or results expressed or implied by such forward-looking statements. As previously noted, the current customers associated with the aforementioned contracts may modify their purchase forecasts for these products that would increase or decrease the Company’s actual revenue versus current revenue forecast for these customers. The Company disclaims any current intention to update its “forward looking statements,” and the estimates and assumptions within them, at any time or for any reason. More information about potential risk factors that could affect the Company’s business and financial results are included in the Company’s most recent filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available on the Company’s website at 
The photos are also available at Newscom,, and via AP PhotoExpress.
For Investor Relations inquiries: or 1-888-753-2235.


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