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News Article | October 28, 2016
Site: globenewswire.com

TORONTO, Oct. 28, 2016 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIG) (“Colliers”) announced today that the Toronto Stock Exchange (the “TSX”) has approved a change of its trading symbol. Effective at the opening of trading on Tuesday, November 1, 2016, the subordinate voting shares of Colliers will commence trading on TSX under the symbol “CIGI”. The previous TSX trading symbol was “CIG”. Following this change, the TSX and NASDAQ trading symbols for Colliers’ shares will be the same. Beginning November 1, 2016, all TSX information relating to Colliers, including stock trading and market data, will be reported under the new trading symbol, “CIGI”. Outstanding share certificates are not affected by the symbol change and will not need to be exchanged. About Colliers Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm. For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn. Forward-Looking Statements Certain information included in this news release is forward-looking, within the meaning of applicable securities laws. Much of this information can be identified by words such as “believe”, “expects”, “expected”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar expressions suggesting future outcomes or events. Colliers believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Forward-looking statements are based on current information and expectations that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those anticipated. These risks include, but are not limited to, risks associated with: (i) general economic and business conditions, which will, among other things, impact demand for Colliers’ services and the cost of providing services; (ii) the ability of Colliers to implement its business strategy, including Colliers’ ability to identify and acquire suitable acquisition candidates on acceptable terms and successfully integrate newly acquired businesses with its existing businesses; (iii) changes in or the failure to comply with government regulations; and (iv) such factors as are identified in the Annual Information Form of Colliers for the year ended December 31, 2015 under the heading “Risk Factors” (which factors are adopted herein and a copy of which can be obtained at www.sedar.com). Forward looking statements contained in this news release are made as of the date hereof and are subject to change. All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, Colliers undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.


News Article | May 11, 2017
Site: www.businesswire.com

BERN, Switzerland--(BUSINESS WIRE)--The DECT Forum, the international association of the wireless consumer and enterprise communication industry, is pleased to announce that the winners of the DECT Awards 2017 will be presented at the DECT ULE Technology Summit in Amsterdam (May 31 – June 1). The Awards 2017 are for end products in the four categories Innovation, Design, Enterprise, and ULE (Ultra Low Energy). The Awards 2017 jury is prestigiously staffed with technology and design experts Werner Helmich (Frontwise), Hugh Cautley (Cautley Consulting) and Pieter Hermans (Jakajima). Applications for the Awards 2017 can be registered until May 20, 2017. "We have already received an impressive number of product applications for the Awards 2016. Together with our jury of notable experts I would like to encourage even more candidates to apply for this excellent industry competion," said Andreas Zipp, Chairman of the DECT Forum. The Awards 2017 winners' ceremony will take place on the evening of the first day at the DECT ULE Technology Summit in Amsterdam (May 31 – June 1). The newly created event combines conference lectures, keynotes, workshops, hackathon, interoperability plugfest, and exhibition. The summit is an ideal opportunity to get first hand information on all relevant industry topics. Meet and listen to the experts, put a face to the name. The Technology Summit is a joint event of the DECT Forum and ULE Alliance, supported by Jakajima. Please find a direct link to registration, sponsorship and exhibition opportunities. DECT Security, DECT 6.0, J-DECT, CAT-iq are worldwide-adopted technologies with high relevance for cordless voice, wireless residential and enterprise communication. Full members of the DECT Forum are: Arcadyan, Ascom, Askey, AVM, Binatone, CIG, CTC advanced, Deutsche Telekom, Dialog Semiconductor, DSP Group, Gigaset, GN Netcom, Huawei, Invoxia, Mitel, NEC, Nemko, Panasonic, Plantronics, RTX, Sagemcom, Sennheiser, Sercomm, SGW Global, Spectralink, VTech, ZTE, and ZyXel. The DECT Forum is located in Bern, Switzerland. You can find us: www.dect.org Twitter: @DECT_Forum


LONDON, May 18, 2017 (GLOBE NEWSWIRE) -- VivoPower International PLC, a global next generation solar power company, today announced an Alliance Agreement with ReNu Energy (ASX:RNE) of Australia, pursuant to which ReNu Energy will have a right of first offer to acquire solar projects originated by VivoPower in Australia below 5MW in size.  In addition, VivoPower has entered into a term sheet with ReNu Energy for the transfer and operation of the first of these, the 600kW Amaroo Solar PV Project, subject to customary conditions precedent. Under the terms of the agreement, Renu Energy will pay an annual alliance fee for the initial five year term of the agreement calculated based on the number of projects acquired from VivoPower, which may be extended by VivoPower for an additional five years. For each project acquired, ReNu Energy will also pay an up-front origination fee to VivoPower, and will enter into a long-term agreement under which VivoPower will provide asset management services. “We are very pleased to partner with ReNu Energy and we hope that the sale of Amaroo is the first of many projects that we will transfer pursuant to the Alliance Agreement,” said Dr. Philip Comberg, Chief Executive Officer of VivoPower International PLC. “For VivoPower, the Alliance Agreement provides a unique strategic pathway to strengthen our build, transfer and operate (BTO) model for commercial, industrial and government (CIG) solar PV projects in Australia and to grow our base of long term recurring power services revenue.” CEO & Managing Director of RNE, Mr Chris Murray commented, “We are delighted to be partnering with VivoPower, a successful originator of solar PV projects across the globe. The Alliance Agreement will allow us to accelerate the growth of our portfolio of behind the meter renewable energy assets.” “The Amaroo Solar PV asset marks ReNu Energy’s first operational solar asset in what we aim to grow into a portfolio of solar PV projects. The Amaroo Project is operational and has a long term government offtake – an ideal project with which to launch our solar PV business and an example of future projects which we will seek to develop in conjunction with our partner, VivoPower. Amaroo will deliver an average annual contracted 20 year cash yield of 12.7% per annum, delivering positive cashflow to ReNu Energy.” VivoPower is a global next generation solar power company that operates a build, transfer and operate (BTO) model to establish an installed solar power asset base in a capital efficient manner. VivoPower does this by aggregating photovoltaic (PV) solar projects underpinned by long term power purchase agreements and then arranges corporate and project financing, engineering design and equipment procurement and manages the construction and development of such solar PV projects for asset owners. VivoPower intends to leverage this asset base to sell distributed generation power, and manage and provide power support services (encompassing operations, maintenance and optimization) and data driven energy services for commercial, industrial and government customers, pursuant to long term contracts with the asset owners so as to maximize the performance and value of their solar assets. ReNu Energy Limited (ASX:RNE) is a clean energy products and services Company, delivering independent power solutions through the development of, build, own, operate and maintain renewable energy projects in Australia.  The Company’s solar PV and embedded network projects will operate behind the meter, providing electricity directly to its customers in the commercial, industrial and agricultural sectors. ReNu Energy has one behind the meter bioenergy project in operation and is developing a second project. This communication includes certain statements that may constitute “forward-looking statements” for purposes of the U.S. federal securities laws.  Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions.  The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.  Forward-looking statements may include, for example, statements about the benefits of the transactions described in this communication and the returns expected to generated by the transaction. These statements are based on VivoPower’s managements’ current expectations or beliefs and are subject to risk, uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of VivoPower’s business. These risks uncertainties and contingencies include business conditions, fluctuations in customer demand, changes in accounting interpretations, management of rapid growth, intensity of competition from other providers of products and services, general economic conditions, geopolitical events and regulatory changes and other factors set forth in VivoPower’s filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. VivoPower is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of new information, future events, changes in assumptions or otherwise.


LONDON, May 18, 2017 (GLOBE NEWSWIRE) -- VivoPower International PLC, a global next generation solar power company, today announced an Alliance Agreement with ReNu Energy (ASX:RNE) of Australia, pursuant to which ReNu Energy will have a right of first offer to acquire solar projects originated by VivoPower in Australia below 5MW in size.  In addition, VivoPower has entered into a term sheet with ReNu Energy for the transfer and operation of the first of these, the 600kW Amaroo Solar PV Project, subject to customary conditions precedent. Under the terms of the agreement, Renu Energy will pay an annual alliance fee for the initial five year term of the agreement calculated based on the number of projects acquired from VivoPower, which may be extended by VivoPower for an additional five years. For each project acquired, ReNu Energy will also pay an up-front origination fee to VivoPower, and will enter into a long-term agreement under which VivoPower will provide asset management services. “We are very pleased to partner with ReNu Energy and we hope that the sale of Amaroo is the first of many projects that we will transfer pursuant to the Alliance Agreement,” said Dr. Philip Comberg, Chief Executive Officer of VivoPower International PLC. “For VivoPower, the Alliance Agreement provides a unique strategic pathway to strengthen our build, transfer and operate (BTO) model for commercial, industrial and government (CIG) solar PV projects in Australia and to grow our base of long term recurring power services revenue.” CEO & Managing Director of RNE, Mr Chris Murray commented, “We are delighted to be partnering with VivoPower, a successful originator of solar PV projects across the globe. The Alliance Agreement will allow us to accelerate the growth of our portfolio of behind the meter renewable energy assets.” “The Amaroo Solar PV asset marks ReNu Energy’s first operational solar asset in what we aim to grow into a portfolio of solar PV projects. The Amaroo Project is operational and has a long term government offtake – an ideal project with which to launch our solar PV business and an example of future projects which we will seek to develop in conjunction with our partner, VivoPower. Amaroo will deliver an average annual contracted 20 year cash yield of 12.7% per annum, delivering positive cashflow to ReNu Energy.” VivoPower is a global next generation solar power company that operates a build, transfer and operate (BTO) model to establish an installed solar power asset base in a capital efficient manner. VivoPower does this by aggregating photovoltaic (PV) solar projects underpinned by long term power purchase agreements and then arranges corporate and project financing, engineering design and equipment procurement and manages the construction and development of such solar PV projects for asset owners. VivoPower intends to leverage this asset base to sell distributed generation power, and manage and provide power support services (encompassing operations, maintenance and optimization) and data driven energy services for commercial, industrial and government customers, pursuant to long term contracts with the asset owners so as to maximize the performance and value of their solar assets. ReNu Energy Limited (ASX:RNE) is a clean energy products and services Company, delivering independent power solutions through the development of, build, own, operate and maintain renewable energy projects in Australia.  The Company’s solar PV and embedded network projects will operate behind the meter, providing electricity directly to its customers in the commercial, industrial and agricultural sectors. ReNu Energy has one behind the meter bioenergy project in operation and is developing a second project. This communication includes certain statements that may constitute “forward-looking statements” for purposes of the U.S. federal securities laws.  Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions.  The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.  Forward-looking statements may include, for example, statements about the benefits of the transactions described in this communication and the returns expected to generated by the transaction. These statements are based on VivoPower’s managements’ current expectations or beliefs and are subject to risk, uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of VivoPower’s business. These risks uncertainties and contingencies include business conditions, fluctuations in customer demand, changes in accounting interpretations, management of rapid growth, intensity of competition from other providers of products and services, general economic conditions, geopolitical events and regulatory changes and other factors set forth in VivoPower’s filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. VivoPower is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of new information, future events, changes in assumptions or otherwise.


LONDON, May 18, 2017 (GLOBE NEWSWIRE) -- VivoPower International PLC, a global next generation solar power company, today announced an Alliance Agreement with ReNu Energy (ASX:RNE) of Australia, pursuant to which ReNu Energy will have a right of first offer to acquire solar projects originated by VivoPower in Australia below 5MW in size.  In addition, VivoPower has entered into a term sheet with ReNu Energy for the transfer and operation of the first of these, the 600kW Amaroo Solar PV Project, subject to customary conditions precedent. Under the terms of the agreement, Renu Energy will pay an annual alliance fee for the initial five year term of the agreement calculated based on the number of projects acquired from VivoPower, which may be extended by VivoPower for an additional five years. For each project acquired, ReNu Energy will also pay an up-front origination fee to VivoPower, and will enter into a long-term agreement under which VivoPower will provide asset management services. “We are very pleased to partner with ReNu Energy and we hope that the sale of Amaroo is the first of many projects that we will transfer pursuant to the Alliance Agreement,” said Dr. Philip Comberg, Chief Executive Officer of VivoPower International PLC. “For VivoPower, the Alliance Agreement provides a unique strategic pathway to strengthen our build, transfer and operate (BTO) model for commercial, industrial and government (CIG) solar PV projects in Australia and to grow our base of long term recurring power services revenue.” CEO & Managing Director of RNE, Mr Chris Murray commented, “We are delighted to be partnering with VivoPower, a successful originator of solar PV projects across the globe. The Alliance Agreement will allow us to accelerate the growth of our portfolio of behind the meter renewable energy assets.” “The Amaroo Solar PV asset marks ReNu Energy’s first operational solar asset in what we aim to grow into a portfolio of solar PV projects. The Amaroo Project is operational and has a long term government offtake – an ideal project with which to launch our solar PV business and an example of future projects which we will seek to develop in conjunction with our partner, VivoPower. Amaroo will deliver an average annual contracted 20 year cash yield of 12.7% per annum, delivering positive cashflow to ReNu Energy.” VivoPower is a global next generation solar power company that operates a build, transfer and operate (BTO) model to establish an installed solar power asset base in a capital efficient manner. VivoPower does this by aggregating photovoltaic (PV) solar projects underpinned by long term power purchase agreements and then arranges corporate and project financing, engineering design and equipment procurement and manages the construction and development of such solar PV projects for asset owners. VivoPower intends to leverage this asset base to sell distributed generation power, and manage and provide power support services (encompassing operations, maintenance and optimization) and data driven energy services for commercial, industrial and government customers, pursuant to long term contracts with the asset owners so as to maximize the performance and value of their solar assets. ReNu Energy Limited (ASX:RNE) is a clean energy products and services Company, delivering independent power solutions through the development of, build, own, operate and maintain renewable energy projects in Australia.  The Company’s solar PV and embedded network projects will operate behind the meter, providing electricity directly to its customers in the commercial, industrial and agricultural sectors. ReNu Energy has one behind the meter bioenergy project in operation and is developing a second project. This communication includes certain statements that may constitute “forward-looking statements” for purposes of the U.S. federal securities laws.  Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions.  The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.  Forward-looking statements may include, for example, statements about the benefits of the transactions described in this communication and the returns expected to generated by the transaction. These statements are based on VivoPower’s managements’ current expectations or beliefs and are subject to risk, uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of VivoPower’s business. These risks uncertainties and contingencies include business conditions, fluctuations in customer demand, changes in accounting interpretations, management of rapid growth, intensity of competition from other providers of products and services, general economic conditions, geopolitical events and regulatory changes and other factors set forth in VivoPower’s filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. VivoPower is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of new information, future events, changes in assumptions or otherwise.


News Article | May 25, 2017
Site: www.eurekalert.org

The virus that causes chickenpox--varicella zoster virus (VZV)--possesses a protein that could enhance its ability to hijack white blood cells and spread throughout the body, according to new research published in PLOS Pathogens. The findings, presented by Víctor González-Motos of Hannover Medical School, Germany, and colleagues, may provide new insight into the poorly understood mechanism by which VZV spreads after initial infection in the respiratory tract. VZV causes chickenpox in children and can reactivate later in life to cause shingles. After infecting the respiratory tract, the virus hijacks the immune system's white blood cells, using them to spread in the body--including to the skin to cause chickenpox. To better understand this process, the researchers investigated whether VZV influences the function of chemokines, small immune system proteins that attract white blood cells to sites of infection and guide their movement within the body. The scientists focused on a VZV protein known as glycoprotein C, since previous research suggested it may play an important role in the infection cycle. In the lab, they performed chemotaxis experiments and found that the addition of glycoprotein C enhances the ability of chemokines to attract white blood cells, including white blood cells from the tonsils, which are a major target of VZV during initial infection. Further experiments uncovered the molecular details of the interaction between glycoprotein C and chemokines. The researchers also showed that VZV viral particles that had been genetically engineered to remove glycoprotein C had a reduced ability to enhance chemokine attraction of white blood cells, indicating the importance of glycoprotein C for this process. Overall, these results suggest that glycoprotein C may interact with chemokines to attract more white blood cells to the site of VZV infection, where the virus can hijack the white blood cells to spread to other parts of the body. Further research is needed to investigate whether this hypothesis holds up in human tissue. In your coverage please use this URL to provide access to the freely available article in PLOS Pathogens: http://journals. Citation: González-Motos V, Jürgens C, Ritter B, Kropp KA, Durán V, Larsen O, et al. (2017) Varicella zoster virus glycoprotein C increases chemokine-mediated leukocyte migration. PLoS Pathog 13(5): e1006346. https:/ Funding: This work was supported by the Niedersachsen-Research Network on Neuroinfectiology (N-RENNT) of the Ministry of Science and Culture of Lower Saxony to TFS, BS and AVB, by a Marie Curie Career Integration Grant to AVB (FP7-PEOPLE-2013-CIG, project number 631792, acronym INMA), by the Deutsche Forschungsgemeinschaft funded SFB-900 to AVB (TPB9), BS (TPC2) and TK (TPB10) and by the Deutsche Forschungsgemeinschaft funded "Excellent Cluster REBIRTH" to BS (Unit 8.1). The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript. Competing Interests: AEIP's affiliation is NovImmune, Geneva, Switzerland. The authors have declared that no competing interests exist.


News Article | April 26, 2017
Site: motherboard.vice.com

Developers of multiplayer video games often host referral programs encouraging existing players to recruit their friends for a boost in cash flow, and in that regard, the new referral contest from Star Citizen developer Cloud Imperium Games isn't much out of the ordinary. The same can't be said of the reactions from the players themselves. Venture into the Star Citizen subreddit, and you'll find it peppered with highly upvoted threads decrying the competition. Their concerns aren't without merit. Not only do many doubt Star Citizen is in an attractive enough position to lure in newcomers, but they're also pissed that Cloud Imperium seemingly aimed the promotion at prominent streamers rather than the rank-and-file players who've played all along. Considering Star Citizen's crowdfunding origins, the approach comes off as an insult. Today Star Citizen holds the record for the most money raised for a game through crowdfunding, and only one project—the DAO blockchain—beats it in crowdfunding overall. That's a staggering amount of cash, but Star Citizen is also a project of staggering ambition. It's so ambitious, in fact, that even years ago we wondered if Cloud Imperium could ever pull it off. And now here we are in 2017. Star Citizen can still wow audiences with new footage, but a hard-and-fast release date remains as elusive as Planet X. And in the midst of that uncertainty, Cloud Imperium is pushing out a referral contest that grants in-game rewards and the chance of a free trip to GamesCom to people who've brought anywhere from one to more than 2,942 people to the game. As many loyal current players see it, it's a strange marketing strategy considering how difficult it is to entice people to Star Citizen in its current state. "As someone who helps run a modest organization, I talk to and interact with people new to Star Citizen all the time," a Redditor named PoisonTaco says in a thread on the Star Citizen subreddit accusing Cloud Imperium's marketing of getting ahead of itself. "They keep coming in, just getting into the game, all excited. … Then somebody has to explain to them why the [persistent universe] is laggy. Someone has to explain why it's difficult to get into the game with a large group. Someone has to explain that all these things will be fixed in wonder patch 3.0 The problem is lots of people are being brought into this game, [but] they're uninformed and sold something that looks like it could be complete when it really isn't. " Mr. Taco also points out that Star Citizen does very little to welcome new players as it is, as there's currently no tutorial, no single-player mode, and no multiplayer mode that works exactly as it should. "What's worse is that players are now encouraged with rewards and a new contest to try and upsell the game as much as possible," he adds. "Usually in these cases, players will omit all the flaws and incomplete features." But it's not just that. Not only is the game still in a rough state, but many players believe Cloud Imperium's contest is aimed at amassing referral numbers that simply can't be reached by many of the normal players who've stuck with the game since the beginning. In one thread, for instance, FailureToReport argues that it's almost impossible to reach the reward goals unless you're a influential streamer or YouTuber. "I feel like rather than rewarding … average joe backers who have been putting out the word and doing their best to bring new blood to this game, CIG went the lazy route and just made a fast track reward program for streamers while handing a pink dragonfly [ship] (which I'm all for) and a shirt to us plebs," he says. It turns out there's some truth to that. In another post entitled "Where are the referral rewards for NORMAL backers?" Redditor tferroato points out that the players who were featured in Cloud Imperium's video for the promotion above are, in fact, the ones who are winning. Yet through almost thread, there's one dominant idea aimed at Cloud Imperium—finish a bit of what you have with that mountain-size pile of cash before trying to reel in more players. These are protests from players who've stuck through Star Citizen missing most of its deadlines, its surprising shift from the aging CryEngine to Amazon's Lumberyard, and the continued absence of a good new player experience. They now feel as though they're getting the shaft both in terms of rewards and appreciation of their loyalty, and it's not hard to see why. And, of course, with referrals having been a thing long before the contest, there's a big chance that Star Citizen is already in danger of draining its pool of interested players anyway. YouTuber General Makaba probably said it best in the comments for the referral contest's official video announcement, which currently has 991 downvotes versus 305 upvotes. "I swear to god, there will be no one left to buy the game when it comes out. LOL."


Stepan Chernovetsky, leading Ukrainian businessman and founder of top Eastern Europe venture capital firm Chernovetsky Investment Group, was arrested in July 2016 as part of a national Spanish police investigation into alleged money laundering offences and tax evasion. Almost one year on from his arrest and release, he is still unaware of the allegations against him. In July 2016, Mr Chertnovetskyi - then living in Barcelona with his family - was taken from his home and incarcerated for one month. His legal team successfully appealed his imprisonment. Three judges of the Appeal Court unanimously ordered for Mr. Chernovetskyi's release without any conditions to his freedom. They were satisfied that there was a lack of prima facie evidence of the alleged offences of money laundering or tax evasion. Despite this, Mr Chernovetskyi is still unaware of the detail of the allegations against him. The Spanish investigation remains under the secret summary procedure, meaning that those under investigation are not given information on the background of the potential charges against them. The procedure has previously been criticized in a report by Fair Trials International because of its potential to infringe a person's right to liberty. Mr Chernovetskyi has several times called out for the secret summary procedure to be lifted so that he can properly defend his position and continue to run his business. His venture capital firm Chernovetskyi Investment Group (CIG) is one of the largest investment companies in Ukraine investing in technology and innovation businesses. It is also currently looking to support Ukraine's traditional strength in agriculture and food production and considering funding requests from agri-businesses. In 2014-15 Ukraine was the third largest grain exporter in the world after the US and the European Union. Chernovetskyi Investment Group sees potential for further growth with the right investment in agricultural technologies and modernization. Mr. Chernovetskyi says, "All I seek is the opportunity to defend myself and my business interests against these groundless allegations against me - one of my most basic human rights. The secret summary procedure is not only obstructing my ability to achieve justice but also my ability to run my venture capital business. I am determined to clear my name and am confident I will do so, as the most recent appeal judgment in my favour indicates." Mr. Chernovetskyi has always been fully open and cooperative with the investigation and has instructed independent reputable consultants to undertake a forensic investigation into his financial affairs. He is confident that this will prove that he has been a victim of police error.


News Article | October 28, 2016
Site: globenewswire.com

Quarterly revenue up 10% (11% in local currency); Year to date revenue up 13% (16% in local currency) TORONTO, Oct. 28, 2016 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIG) today reported solid financial results for its third quarter ended September 30, 2016. All amounts are in US dollars. Revenues for the third quarter were $462.1 million, a 10% increase (11% in local currency (note 3)) relative to the same quarter in the prior year and Adjusted EBITDA (note 1) was $37.6 million, down from a strong $43.0 million in the prior year period. Adjusted EPS (note 2) was $0.40, relative to $0.52 in the prior year period. GAAP Operating Earnings were $23.6 million, relative to $29.8 million in the prior year and GAAP EPS was $0.24 per share, versus $0.20 per share for the same quarter a year ago. For the nine months ended September 30, 2016, revenues were $1.32 billion, a 13% increase (16% in local currency) relative to the comparable prior year period and Adjusted EBITDA was $112.6 million, up 10% (13% in local currency). Adjusted EPS was $1.22, up 1% versus the prior year period. Year-to-date Adjusted EPS would have been approximately $0.04 higher excluding foreign exchange impacts. GAAP Operating Earnings were $70.1 million, relative to $15.4 million in the prior year period and GAAP EPS was $0.61 per share, compared to a loss of $0.37 per share in the prior year period. Similarly, year-to-date GAAP EPS would have been approximately $0.04 higher excluding changes in foreign exchange rates. Prior year GAAP Operating Earnings and GAAP EPS results included one-time charges related to the separation from FirstService Corporation completed on June 1, 2015. “Colliers delivered solid results in the third quarter despite challenging market conditions in the UK and Europe, highlighting the strength of our geographic and service line diversification,” said Jay S. Hennick, Chairman and CEO of Colliers International. “We completed three acquisitions during the quarter, two in the Americas and one in EMEA and just after the quarter ended, we added a fourth in the UK. We also appointed a new member to our board of directors, adding Canada’s former Prime Minister Stephen Harper who brings a wealth of experience as a former G7 leader. Most importantly, our strategy remains focused on building Colliers over the long term - investing prudently and strategically, and leveraging our strong balance sheet to capture opportunities as they present themselves. Assuming stable market conditions and with our strong pipelines currently in place, we expect to exceed the results reported in the fourth quarter of 2015,” he concluded. About Colliers International Group Inc. Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm. For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn. Consolidated revenues for the third quarter grew 11% on a local currency basis, with each service line contributing strongly with the exception of Sales Brokerage which was up only 3%. Consolidated internal revenue growth in local currencies was 1% (note 3) with the balance coming from acquisitions completed during the past year. For the nine months ended September 30, 2016, consolidated revenues grew 16% on a local currency basis with each service line contributing strongly. Year-to-date consolidated internal revenue growth in local currencies was 6% with the balance coming from acquisitions completed during the past year. Segmented Quarterly Results Revenues in the Americas region totalled $256.5 million for the third quarter compared to $223.9 million in the prior year quarter, up 15% (15% on a local currency basis). All local currency revenue growth came from recent acquisitions. Internal revenue growth was flat relative to the strong results reported in the prior year quarter, with a change in mix toward Outsourcing & Advisory services. Adjusted EBITDA was $22.6 million, versus $22.8 million in the prior year quarter. Margins were negatively impacted by a reduction in broker productivity resulting from smaller average transaction sizes, as well as a greater proportion of more stable Outsourcing & Advisory revenues which generate lower margins. GAAP Operating Earnings were $16.3 million, versus $17.9 million in the prior period. EMEA region revenues totalled $106.6 million for the third quarter compared to $107.6 million in the prior year quarter, down 1% (up 4% on a local currency basis). Local currency revenue growth was comprised of a 1% internal decline and 5% growth from recent acquisitions. Internal revenues were impacted by a decline in Sales Brokerage, reflecting both the strong comparative quarter in 2015 and the effect of the June 2016 “Brexit” referendum, largely offset by a 15% increase in Outsourcing & Advisory services revenues. Adjusted EBITDA was $4.5 million, versus $13.2 million in the prior year quarter, and was impacted primarily by the above-noted change in revenue mix. The GAAP Operating Loss was $0.4 million, versus Operating Earnings of $8.5 million in the prior year quarter. Asia Pacific region revenues totalled $98.6 million for the third quarter compared to $88.5 million in the prior year quarter, up 12% (9% on a local currency basis), entirely from internal growth, with contributions from all three service lines. Adjusted EBITDA was $13.2 million versus $8.7 million in the prior year quarter. The prior year quarter results were impacted by recruiting costs and transaction costs for an acquisition that was ultimately not completed. GAAP Operating Earnings were $11.6 million, up from $6.8 million in the prior year period. Global corporate costs were $2.6 million in the third quarter, relative to $1.7 million in the prior year period. The GAAP Operating Loss for the third quarter was $4.0 million, relative to $3.4 million in the prior period. Prior year costs were favourably impacted by foreign currency translation. Conference Call Colliers will be holding a conference call on Friday, October 28, 2016 at 11:00 a.m. Eastern Time to discuss the quarter’s results. The call, as well as a supplemental slide presentation, will be simultaneously web cast and can be accessed live or after the call at www.colliers.com in the “Shareholders / Newsroom” section. Forward-looking Statements This press release includes or may include forward-looking statements. Forward-looking statements include the Company’s financial performance outlook and statements regarding goals, beliefs, strategies, objectives, plans or current expectations. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements contemplated in the forward-looking statements. Such factors include: economic conditions, especially as they relate to commercial and consumer credit conditions and consumer spending, particularly in regions where our business may be concentrated; commercial real estate property values, vacancy rates and general conditions of financial liquidity for real estate transactions; trends in pricing and risk assumption for commercial real estate services; the effect of significant movements in average cap rates across different property types; a reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect revenues and operating performance; competition in the markets served by the Company; the ability to attract new clients and to retain major clients and renew related contracts; the ability to retain and incentivize producers; increases in wage and benefit costs; the effects of changes in interest rates on the cost of borrowing; unexpected increases in operating costs, such as insurance, workers’ compensation and health care; changes in the frequency or severity of insurance incidents relative to historical experience; the effects of changes in foreign exchange rates in relation to the US dollar on the Company’s Canadian dollar, Australian dollar, UK pound and Euro denominated revenues and expenses; the ability to identify and make acquisitions at reasonable prices and successfully integrate acquired operations; the ability to execute on, and adapt to, information technology strategies and trends; the ability to comply with laws and regulations related to our global operations, including real estate licensure, labour and employment laws and regulations, as well as the anti-corruption laws and trade sanctions; political conditions, including political instability and any outbreak or escalation of terrorism or hostilities and the impact thereof on our business; and changes in government laws and policies at the federal, state/provincial or local level that may adversely impact the business. Additional information and factors are identified in the Company’s Annual Information Form for the year ended December 31, 2015 under the heading “Risk Factors” (which factors are adopted herein and a copy of which can be obtained at www.sedar.com) and other periodic filings with Canadian and US securities regulators. Forward looking statements contained in this press release are made as of the date hereof and are subject to change. All forward-looking statements in this press release are qualified by these cautionary statements. Except as required by applicable law, Colliers undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Summary financial information is provided in this press release. This press release should be read in conjunction with the Company's quarterly financial statements and MD&A to be made available on SEDAR at www.sedar.com. Notes 1. Reconciliation of net earnings (loss) from continuing operations to adjusted EBITDA: Adjusted EBITDA is defined as net earnings from continuing operations, adjusted to exclude: (i) income tax; (ii) other expense (income); (iii) interest expense; (iv) depreciation and amortization; (v) acquisition-related items; (vi) corporate costs allocated to spin-off; (vii) restructuring costs and (viii) stock-based compensation expense. We use adjusted EBITDA to evaluate our own operating performance and our ability to incur debt, as well as an integral part of our planning and reporting systems. Additionally, we use this measure in conjunction with discounted cash flow models to determine the Company’s overall enterprise valuation and to evaluate acquisition targets. We present adjusted EBITDA as a supplemental measure because we believe such measure is useful to investors as a reasonable indicator of operating performance because of the low capital intensity of the Company’s service operations. We believe this measure is a financial metric used by many investors to compare companies, especially in the services industry. This measure is not a recognized measure of financial performance under GAAP in the United States, and should not be considered as a substitute for operating earnings, net earnings from continuing operations or cash flow from operating activities, as determined in accordance with GAAP. Our method of calculating adjusted EBITDA may differ from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings from continuing operations to adjusted EBITDA appears below. 2. Reconciliation of net earnings (loss) from continuing operations and diluted net earnings (loss) per share from continuing operations to adjusted net earnings and adjusted earnings per share: Adjusted earnings per share is defined as diluted net earnings (loss) per share from continuing operations, adjusted for the effect, after income tax, of: (i) the non-controlling interest redemption increment; (ii) amortization expense related to intangible assets recognized in connection with acquisitions; (iii) acquisition-related items; (iv) corporate costs allocated to spin-off; (v) restructuring costs and (vi) stock-based compensation expense. We believe this measure is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company and enhances the comparability of operating results from period to period. Adjusted earnings per share is not a recognized measure of financial performance under GAAP, and should not be considered as a substitute for diluted net earnings per share from continuing operations, as determined in accordance with GAAP. Our method of calculating this non-GAAP measure may differ from other issuers and, accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation of net earnings from continuing operations to adjusted net earnings and of diluted net earnings (loss) per share from continuing operations to adjusted earnings per share appears below. Percentage revenue variances presented on a local currency basis are calculated by translating the current period results of our non-US dollar denominated operations to US dollars using the foreign currency exchange rates from the periods against which the current period results are being compared. Percentage revenue variances presented on an internal growth basis are calculated assuming acquired entities were owned for the entire current period as well as the entire prior period. Revenue from acquired entities is estimated based on the operating performance of each acquired entity for the year prior to the acquisition date. We believe that these revenue growth rate methodologies provide a framework for assessing the Company’s performance and operations excluding the effects of foreign currency exchange rate fluctuations and acquisitions. Since these revenue growth rate measures are not calculated under GAAP, they may not be comparable to similar measures used by other issuers. Notes to Condensed Consolidated Statements of Earnings (Loss) (1) Acquisition-related items include transaction costs, contingent acquisition consideration fair value adjustments, and contingent acquisition consideration-related compensation expense. (2) Stock-based compensation costs related to the exchange of non-controlling interests in the former Commercial Real Estate Services division for publicly traded shares of Colliers International Group Inc., in connection with the spin-off completed on June 1, 2015. (3) Transaction costs related to the spin-off of FirstService Corporation completed on June 1, 2015. (4) Discontinued operations comprise FirstService Corporation, which was spun off on June 1, 2015. (5) See definition and reconciliation above. (1) Operating loss of Corporate for the nine month period ended September 30, 2015 includes $35,400 of spin-off stock-based compensation costs and $14,147 of spin-off transaction costs.


News Article | November 28, 2016
Site: www.prweb.com

In October, The Climate Trust (The Trust) quietly put ink to paper and executed a milestone contract with the David and Lucile Packard Foundation—securing a $5.5M Program-Related Investment (PRI) to seed their first-of-its-kind carbon investment fund. Climate Trust Capital, an independent firm of the long-standing and mission-driven nonprofit, The Climate Trust, will administer Fund I, which is focused on supporting innovative U.S.-based carbon offset projects in the forestry, grassland conservation, and livestock digesters sectors. Climate Trust Capital’s investment fund was launched earlier this year with backing from the U.S. Department of Agriculture’s NRCS Conservation Innovation Grant (CIG), and an agreement to support the Fund from the David and Lucile Packard Foundation. Climate Trust Capital released a request for proposals in January to begin the process of building a pipeline of qualified projects—aiming to execute contracts with selected project partners by the end of 2016. With the Packard PRI funding secured, Climate Trust Capital is now ready to invest in Fund I projects. “This partnership between NRCS and The Climate Trust will increase the funding available for conservation on America’s working lands,” said Jason Weller, Chief of USDA’s Natural Resources Conservation Service. “Not only will this partnership deliver innovative conservation finance solutions, but the projects made possible by this new fund will support implementation of USDA’s Building Blocks for Climate Change.” In a role highlighted by The Climate Trust’s leadership, Orrick, Herrington & Sutcliffe LLP provided pro bono legal support to the Fund I launch. “Even with access to PRI funding from Packard, the launching of Fund I would not have been possible without the considerable pro bono legal support of Orrick, Herrington & Sutcliffe,” said Sean Penrith, Executive Director for The Climate Trust. “Procuring this caliber of legal expertise was a game-changer for Climate Trust Capital, as the legal costs associated with starting new funds can be a heavy burden. We couldn’t have asked for a more committed legal partner than Orrick, and we look forward to our continued collaboration as investments are deployed, and our fund becomes a reality.” “Orrick was delighted to be able to assist in a worthwhile and important project,” said Bob Lawrence, Orrick’s Senior Counsel for environmental law. “Climate Trust Capital will help drive the development of innovative technologies that will reduce carbon emissions and expand financing options in the energy sector,” said Lawrence. “We believe that offset projects can be an important and cost effective contributor to the U.S.’ stated climate reduction targets under the historic Paris Agreement,” added Kristen Kleiman, Director of Investments for Climate Trust Capital. “This significant investment from the Packard Foundation, as well as the valuable legal guidance provided by Orrick, will enable Climate Trust Capital to invest in vital offset projects that collectively make for big climate impacts, while leveraging our existing programs to attract private capital and further amplify our impact.” Investments in conservation projects from the $5.5M Fund I vehicle are expected to catalyze the development of four anaerobic digesters, three forestry projects and one grassland conservation program, collectively reducing 978,157 mtCO2e over their ten-year life. From a conservation perspective, this will ensure sustainable management on more than 20,000 acres of land, and greatly improve water and air quality domestically. Based upon its success, Climate Trust Capital plans to scale the carbon investment fund to become a $500M fund with the potential to reduce significant emissions both domestically and abroad. As Climate Trust Capital assembles additional impact investment dollars to scale the investment fund, there are plans to offer further rounds of increased financing for deployment in 2018, allowing for expanded offers of financing to more sectors and developers. “Lenders heavily or completely discount the future revenue conservation projects can generate by selling carbon offsets, significantly reducing the ability of carbon markets to mobilize capital for conservation projects,” said Peter Weisberg, Senior Investment Manager for Climate Trust Capital. “While the market currently undervalues carbon, Climate Trust Capital’s patient finance model was built with the conviction that carbon prices will continue to increase, and aims to unlock that value over a 10-year investment term—meeting an urgent need in the market for upfront conservation finance,” continued Weisberg. Fund I was structured to provide upfront capital to projects in return for partial ownership of the resulting carbon credits. The upfront investment can be used by projects for requisite costs such as construction, development or land acquisition. “The Trust has almost two decades of experience working in domestic carbon markets, and is in a unique position to manage the risks associated with investing in carbon projects through Fund I,” continued Kleiman. “The Trust has structured a portion of their existing $22 million of program funds to guarantee project developers and investors a minimum value for future carbon credits that also caps downside risk. Proceeds from the resale of emission reductions to California compliance and voluntary buyers are anticipated to generate sufficient revenues to provide a market-based rate of return to the fund.” Building upon a legacy of innovation and leadership in the carbon market, The Climate Trust mobilizes conservation finance to maximize environmental returns. We value air, water and soil through the development, purchase and sale of qualified offsets and a relentless investment in people and projects with environmental purpose | http://www.climatetrust.org | @climatetrust | facebook.com/TheClimateTrust

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