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News Article | April 20, 2017
Site: globenewswire.com

(2)           dels anmäla sig hos Bolaget, senast fredagen den 12 maj 2017 på adress Computershare AB, Vostok Emerging Finance Ltd årsstämma, Box 610, 182 16 Danderyd, per telefon 0771-24 64 00 eller via e-post agm2017@vostokemergingfinance.com. Vid anmälan ska uppgift lämnas om namn, person- eller organisationsnummer, adress samt telefonnummer. Om innehavare av depåbevis avser att företrädas av ombud, ska ombudets namn uppges. Ranjan Tandon är grundare och styrelseordförande för Libra Advisors, en New York-baserad hedgefond, etablerad 1990 och som omvandlades till familjekontor 2012. Libra – en long/short-fond med fokus på värdepapper på inhemska marknader och tillväxtmarknader – rankades löpande av Barron’s bland de 100 främsta hedgefonderna. Ranjan Tandon har en examen från Harvard Business School och från Indian Institute of Technology, Kanpur, Indien, i kemiteknik. Han har haft ett flertal operativa positioner hos DCM i Indien och hos Haliburton i Europa; han har varit CFO på InterMarine i Texas och varit Financial Director hos Merrill Lynch innan han följde sin passion för investeringar. Ranjan Tandon är styrelseledamot för NYU Tandon Engineering School (5,500 studenter) ), och för Carl Schurz Park Conservancy samt har gett gåvor inom ledarskap till Harvard Business School och Yale University. Det antal Prestationsdepåbevis som deltagarens Spardepåbevis berättigar till beror på Bolagets uppfyllelse av prestationsvillkoren under mätperioden. Prestationsvillkoren baseras på substansvärde per aktie (En. Net Asset Value) (”NAV per aktie”). ·       Två Rättigheter per Spardepåbevis tjänas in, och varje rättighet ger deltagaren rätt att erhålla ett Prestationsdepåbevis efter intjänandeperiodens slut, under förutsättning att entry-nivån av prestationsvillkoren är uppnådd och att deltagaren, med vissa undantag, vid offentliggörandet av delårsrapporten för perioden 1 januari – 31 mars 2020 fortfarande är anställd i Vostok-koncernen, inte heller har sagt upp sig vid denna tidpunkt och har kvar sina ursprungliga Spardepåbevis i Bolaget. Incitamentsprogrammet som bemyndigades genom en extra årsstämma i Vostok New Ventures Ltd den 9 juni 2015 och som, samma dag, godkändes genom beslut av den ensamme ägaren av Bolaget, berättigar att nuvarande och framtida anställda kan tilldelas köpoptioner vilka berättigar optionsinnehavaren att förvärva aktier i form av depåbevis i Bolaget. Enligt incitamentsprogrammet kommer som mest 2 000 000 (efter företrädesemissionen: 5 080 000) köpoptioner tilldelas. Totalt 3 405 000 optioner är för närvarande utestående. Löptiden är fram till och med den 8 september 2020, 31 juli 2021 och 24 november 2021 och optionerna kan utnyttjas under en period om tre månader med början fem år efter tidpunkten för tilldelningen. Om alla optioner utnyttjas kommer innehavarna förvärva aktier med depåbevis motsvarande som mest cirka 2,7 procent (efter företrädesemissionen: 0,8 procent) av aktiekapitalet i Bolaget.


News Article | April 20, 2017
Site: globenewswire.com

(2)           dels anmäla sig hos Bolaget, senast fredagen den 12 maj 2017 på adress Computershare AB, Vostok Emerging Finance Ltd årsstämma, Box 610, 182 16 Danderyd, per telefon 0771-24 64 00 eller via e-post agm2017@vostokemergingfinance.com. Vid anmälan ska uppgift lämnas om namn, person- eller organisationsnummer, adress samt telefonnummer. Om innehavare av depåbevis avser att företrädas av ombud, ska ombudets namn uppges. Ranjan Tandon är grundare och styrelseordförande för Libra Advisors, en New York-baserad hedgefond, etablerad 1990 och som omvandlades till familjekontor 2012. Libra – en long/short-fond med fokus på värdepapper på inhemska marknader och tillväxtmarknader – rankades löpande av Barron’s bland de 100 främsta hedgefonderna. Ranjan Tandon har en examen från Harvard Business School och från Indian Institute of Technology, Kanpur, Indien, i kemiteknik. Han har haft ett flertal operativa positioner hos DCM i Indien och hos Haliburton i Europa; han har varit CFO på InterMarine i Texas och varit Financial Director hos Merrill Lynch innan han följde sin passion för investeringar. Ranjan Tandon är styrelseledamot för NYU Tandon Engineering School (5,500 studenter) ), och för Carl Schurz Park Conservancy samt har gett gåvor inom ledarskap till Harvard Business School och Yale University. Det antal Prestationsdepåbevis som deltagarens Spardepåbevis berättigar till beror på Bolagets uppfyllelse av prestationsvillkoren under mätperioden. Prestationsvillkoren baseras på substansvärde per aktie (En. Net Asset Value) (”NAV per aktie”). ·       Två Rättigheter per Spardepåbevis tjänas in, och varje rättighet ger deltagaren rätt att erhålla ett Prestationsdepåbevis efter intjänandeperiodens slut, under förutsättning att entry-nivån av prestationsvillkoren är uppnådd och att deltagaren, med vissa undantag, vid offentliggörandet av delårsrapporten för perioden 1 januari – 31 mars 2020 fortfarande är anställd i Vostok-koncernen, inte heller har sagt upp sig vid denna tidpunkt och har kvar sina ursprungliga Spardepåbevis i Bolaget. Incitamentsprogrammet som bemyndigades genom en extra årsstämma i Vostok New Ventures Ltd den 9 juni 2015 och som, samma dag, godkändes genom beslut av den ensamme ägaren av Bolaget, berättigar att nuvarande och framtida anställda kan tilldelas köpoptioner vilka berättigar optionsinnehavaren att förvärva aktier i form av depåbevis i Bolaget. Enligt incitamentsprogrammet kommer som mest 2 000 000 (efter företrädesemissionen: 5 080 000) köpoptioner tilldelas. Totalt 3 405 000 optioner är för närvarande utestående. Löptiden är fram till och med den 8 september 2020, 31 juli 2021 och 24 november 2021 och optionerna kan utnyttjas under en period om tre månader med början fem år efter tidpunkten för tilldelningen. Om alla optioner utnyttjas kommer innehavarna förvärva aktier med depåbevis motsvarande som mest cirka 2,7 procent (efter företrädesemissionen: 0,8 procent) av aktiekapitalet i Bolaget.


News Article | April 20, 2017
Site: globenewswire.com

Notice is hereby given to the holders of depository receipts in respect of shares in Vostok Emerging Finance Ltd (“Vostok Emerging Finance” or the ”Company”) that an Annual General Meeting (the “Meeting”) of shareholders shall be held on Thursday, 18 May 2017 at 10 am CEST at Advokatfirman Vinge, Norrlandsgatan 10 in Stockholm, Sweden. Holders of depository receipts wishing to attend the Meeting shall: (1)           be listed in the register of holders of depository receipts kept by Euroclear Sweden AB on Friday, 12 May 2017; and (2)           notify the Company of the intention to attend the Meeting not later than Friday, 12 May 2017 by mail at the address Computershare AB, Vostok Emerging Finance Ltd Annual General Meeting, Box 610, SE-182 16 Danderyd, Sweden, by telephone +46 771 24 64 00 or by e-mail to agm2017@vostokemergingfinance.com. The holder of depository receipts shall state his or her name, personal or company identification number, address as well as telephone number. If a holder of depository receipts intends to be represented by proxy, the name of the proxy holder shall be stated. Holders of depository receipts represented by proxy shall issue dated and signed power of attorney for the proxy. If the power of attorney is issued on behalf of a legal entity, a certified copy of a registration certificate or a corresponding document for the legal entity shall be appended. The power of attorney in original and, where applicable, the registration certificate should be submitted to the Company by mail at the address set forth above well in advance of the Meeting. The form to use for a power of attorney can be found on www.vostokemergingfinance.com. Holders of depository receipts who hold their receipts through nominees (Sw. förvaltare) must request a temporary registration of the voting rights in order to be able to participate at the Meeting. Holders of depository receipts who want to obtain such registration must contact the nominee regarding this well in advance of Friday, 12 May 2017. Voting forms will be distributed to the holders who have complied with the above requirements and the voting form must be brought to the Meeting. 1.             Election of Chairman for the Meeting. 4.             Election of one or two persons to check and sign the minutes. 5.             Resolution that the Meeting has been duly convened. 7.             Presentation of the annual report and the auditor’s report as well as the consolidated annual report and the consolidated auditor’s report. (a)           the adoption of the profit and loss account and the balance sheet as well as the consolidated profit and loss account and the consolidated balance sheet ; and (b)           the appropriation of the Company’s results according to the adopted balance sheet. 9.             Determination of the number of Directors and auditors. 10.          Determination of remuneration to the Directors and the auditors. 13.          Resolution regarding remuneration principles for the senior management. The Nomination committee consisting of Vipul Pandey (Libra Advisors), who replaced Ranjan Tandon (Libra Advisors) on 18 April 2017, Håkan Berg (Swedbank Robur Funds), Mark Lynch (Wellington Management) and Lars O Grönstedt, (Chairman of the Board), proposes that Jesper Schönbeck, member of the Swedish Bar Association, is elected as Chairman for the Meeting. The appropriation of the Company’s results (item 8b) The Board of Directors proposes that no dividend is paid to the shareholders and that the Company’s results are brought forward. Election of Directors and auditors etc. (items 9-11) -       that the Board of Directors shall consist of six (6) Directors without any deputy members; -        election of Ranjan Tandon and re-election of all of the current Directors, Lars O Grönstedt, Per Brilioth, David Nangle, Voria Fattahi and Milena Ivanova, for the period until the end of the next Annual General Meeting; -        that the Meeting appoint Lars O Grönstedt to be Chairman of the Board of Directors; -        a total Board remuneration (including remuneration for the work within the committees of the Board) of SEK 1,200,000, of which SEK 400,000 shall be allocated to the Chairman of the Board of Directors and SEK 200,000 to each of the other Directors who are not employed by the Company; -        that the members of the Board of Directors be permitted, in line with Swedish market practice, to invoice the Company for their Board fees in an amount that is cost neutral to the Company, provided any Director who does so is solely liable for any tax effects; and -        that the Company’s auditor, the registered audit company PricewaterhouseCoopers AB be re-elected until the end of the next Annual General Meeting and remunerated upon approval of their invoice. Ranjan Tandon is Founder and Chairman of Libra Advisors, a New York hedge fund established in 1990, which was converted to a family office in 2012. Barron’s had consistently ranked Libra – a long/short fund with a focus on domestic and emerging market equities, in the top 100 Hedge funds. A graduate of Harvard Business School, Ranjan Tandon has a degree from the Indian Institute of Technology, Kanpur, India, in Chemical Engineering. He has held several operating positions with DCM in India and Halliburton in Europe; was CFO of InterMarine in Texas; and a financial Executive with Merrill Lynch before following his passion for investing. Ranjan Tandon is a Board Member of the NYU Tandon Engineering School (5,500 students), the Carl Schurz Park Conservancy and has made leadership gifts to the Harvard Business School and Yale University. For information about the current Directors proposed for re-election, please see the Company’s website, www.vostokemergingfinance.com. The Nomination Committee proposes the following procedure for appointing a Nomination Committee for the purposes of the Annual General Meeting in 2018 as per the following: A Nomination Committee shall be convened by the Chairman of the Board and be comprised of up to four representatives chosen from among the largest holders of depository receipts and the Chairman of the Board. The ownership shall be based on the statistics from Euroclear Sweden AB over holders of depository receipts as per the last business day in August 2017. The names of the members of the Nomination Committee shall be announced as soon as they have been appointed, which shall take place no later than six months prior to the Annual General Meeting in 2018. In case of a material change in ownership prior to completion of the work to be performed by the Nomination Committee, it shall be possible to change the composition of the Nomination Committee. The Nomination Committee’s mandate period extends up to the appointment of a new Nomination Committee. The Nomination Committee shall appoint a Chairman among them. If the representatives cannot agree upon appointment of Chairman, the representative representing the holder of depository receipts with the largest number of votes shall be appointed as Chairman. The Nomination Committee shall prepare proposals for the following decisions at the Annual General Meeting in 2018: (i) election of the Chairman for the Meeting, (ii) election of Directors, (iii) election of the Chairman of the Board of Directors, (iv) remuneration to the Directors, (v) election of the Company’s auditors (vi) compensation to the Company’s auditors, and (vii) proposal for how to conduct the nomination process for the Annual General Meeting in 2019. The Board of Directors proposes that the Meeting resolves to approve the following management remuneration principles. The remuneration to the Managing Director and other members of the senior management shall consist of fixed salary, variable remuneration, other benefits and pension benefits. Except for the Managing Director, the senior management currently includes two individuals. The total remuneration shall correspond to the prevailing market conditions and be competitive. The fixed and variable remuneration shall correspond to the respective individual’s responsibility and authority. The variable component should, in the first instance, be covered within the parameters of the Company’s option plan and the Company’s depository receipts incentive programme and shall, where payable in other instances, be subject to an upper limit in accordance with market terms and specific objectives for the Company and/or the individual. The period of notice of termination of employment shall be three to six months in the event of termination by the member of the senior management. In the event of termination by the Company, the total of the period of notice of termination and the period during which severance compensation is payable shall not exceed 12 months. Pension benefits shall be either benefit-based or contribution based or a combination thereof, with individual retirement ages. Benefit based pension benefits are conditional on the benefits being earned during a predetermined period of employment. The Board of Directors shall be entitled to deviate from these guidelines in individual cases should special reasons exist. The Board of Directors proposes that the Meeting resolves on a long term incentive programme for up to seven employees in Vostok Emerging Finance (“LTIP 2017”) in accordance with the below. LTIP 2017 is a three year performance based incentive program which is substantially the same as the depository receipt based incentive programme from 2016 (“LTIP 2016”). The Board of Directors proposes that the Meeting resolves to adopt LTIP 2017. LTIP 2017 is proposed to include up to seven current or future employees in Vostok Emerging Finance. The participants in LTIP 2017 are required to invest in Vostok Emerging Finance by acquiring shares in the form of depository receipts in Vostok Emerging Finance (“Saving DRs”). These Saving DRs are received by way of purchase of depository receipts (representing shares in Vostok Emerging Finance) at market value or transfer of depository receipts that such participant already holds in accordance with the terms set out under “Personal investment” below. The participants will thereafter be granted the opportunity to receive depository receipts free of charge in accordance with LTIP 2017, so called “Performance DRs” in accordance with the terms set out below. In the event that delivery of Performance DRs cannot be achieved at reasonable costs, with reasonable administrative efforts or due to market conditions, participants may instead be offered a cash-based settlement. In order to participate in LTIP 2017, the participant must have made a private investment by (i) purchase of depository receipts (representing shares in Vostok Emerging Finance) at market value and for a value of up to SEK 750,000[1]  depending on the participants’ position in Vostok Emerging Finance in accordance with what is further described below, or (ii) by transfer of depository receipts that such participant already holds (provided that the participant holds at least 100% of annual net base pay in depository receipts) for a value of up to SEK 750,000[2]  depending on the participants’ position in Vostok Emerging Finance in accordance with what is further described below. For each Saving DR held under LTIP 2017, the Company will grant the participants ten rights to Performance DRs, meaning rights to receive Performance DRs free of charge (“Rights”). The number of Performance DRs each participant’s Saving DRs entitles to depends on the Company’s fulfilment of the performance conditions. A participant cannot receive more than ten Performance DRs per Saving DR. The maximum amounts for the personal investments are based on an assumed market price of Vostok Emerging Finance’s depository receipts of SEK 1.68. The market price of the depository receipts may have increased or decreased by the time of the personal investment and the Board of Directors is authorised to change the maximum amount of the personal investment to take into account any material changes to the price of Vostok Emerging Finance’s depository receipts, in order to give as positive effects as possible for depository receipt holders in the Company. Subject to the fulfilment of the entry level of the performance based conditions for the period 1 January 2017 to 31 December 2019 and provided that the participant has kept its investment in Saving DRs during the period from the day of allocation of the Rights until the day of the release of the interim report for the period 1 January to 31 March 2020 (the vesting period) and, with certain exceptions, kept its employment within the Vostok group and not given notice of termination at such point in time, two Rights per Saving DR will vest and each Rights will entitle the participant to receive one Performance DR free of charge. The number of Performance DRs each of the participant’s Saving DR entitles to depends on the Company’s fulfilment of the performance conditions during the measurement period. The performance conditions are based on the Net Asset Value per share (“NAV per share”). The determined levels of the conditions include an entry, a target and a stretch level as regards the number of Rights that vest. The entry level constitutes the minimum level which must be exceeded in order to enable vesting of Rights. If the entry level is reached or exceeded, each participant will receive two Performance DRs per Saving DR. If the target level is reached or exceeded, each participant will receive five Performance DRs per Saving DR. If the stretch level is reached or exceeded, each participant will receive ten Performance DRs per Saving DR. The Board of Directors intends to disclose the outcome of the performance based conditions in the annual report for the financial year 2019. The Rights shall be governed by the following terms and conditions: ·       Rights are granted free of charge as soon as possible after the annual general meeting 2017. ·       Vest following the publication of the Company’s interim report for the period 1 January – 31 March 2020 (the vesting period). ·       May not be transferred or pledged. ·       Two Rights per Saving DR will vest and each Right will entitle the participant to receive one Performance DR after the end of the vesting period, if the entry level of the performance-based conditions has been fulfilled and the participant, at the time of the release of the interim report for the period 1 January – 31 March 2020, with certain exceptions, maintains its employment within the Vostok group, has not given notice of termination and maintains the invested Saving DRs. ·       In order to align the participants’ and the depository receipt holders’ interests, the Company will compensate the participants for any dividends paid during the three year vesting period. Compensation will only be made for dividend resolved after the time of allocation. The Board of Directors shall be responsible for preparing the detailed terms and conditions of LTIP 2017, in accordance with the mentioned terms and guidelines. To this end, the Board of Directors shall be entitled to make adjustments to meet foreign regulations or market conditions. The Board of Directors may also make other adjustments if significant changes in the Vostok group or its operating environment would result in a situation where the decided terms and conditions of LTIP 2017 no longer serve their purpose. The participants are divided into different categories and in accordance with the above, LTIP 2017 will comprise the following number of Saving DRs and maximum number of Rights for the different categories: •           the CEO: may acquire up to SEK 750,000 worth of Saving DRs[3] within LTIP 2017, entitling the holder to allotment of not less than two and up to ten Rights per Saving DR; •           other members of management than the CEO (two individuals): may acquire up to SEK 150,000 and SEK 50,000 worth of Saving DRs[4] respectively within LTIP 2017, entitling the holders to allotment of not less than two and up to ten Rights per Saving DR; •           other employees (four individuals): may acquire up to SEK 25,000-250,000 worth of Saving DRs[5] within LTIP 2017, entitling each holder to allotment of not less than two and up to ten Rights per Saving DR. LTIP 2017 will be accounted for in accordance with IFRS 2 which stipulates that the Rights should be recorded as a personnel expense in the income statement during the vesting period. The costs for LTIP 2017 is estimated to amount to approximately SEK 6.75 million, excluding social security costs, calculated in accordance with IFRS 2. The costs for social security charges are calculated to approximately SEK 2.12 million, based on the above assumptions. In addition to what is set forth above, the costs for LTIP 2017 have been based on that LTIP 2017 comprises up to seven participants and that each participant makes a maximum investment. If the maximum result is reached, and all invested Saving DRs are retained under LTIP 2017 and a fulfilment of the performance conditions of 100 percent, the maximum cost of LTIP 2017 as defined in IFRS 2 is approximately SEK 13.5 million and the maximum social security cost is estimated to approximately SEK 4.24 million. The costs are expected to have a marginal effect on key ratios of the Vostok group. Upon maximum allotment of Performance DRs, 8,035,700 depository receipts representing shares in the Company may be allocated within the framework of LTIP 2017, which would correspond to approximately 1.21 percent of the share capital and the votes in the Company. 5,080,000 depository receipts, which comprise currently outstanding options under the 2015 Incentive Program (including 3,405,000 allocated options and 1,675,000 options that have not yet been allocated), maximum allotment of 11,315,790 depository receipts under LTIP 2016 and maximum allotment of 8,035,700 depository receipts within the framework of LTIP 2017, would correspond to approximately 3.69 percent of the share capital and the votes in the Company. To ensure delivery of Performance DRs under LTIP 2017, the Company intends to hedge LTIP 2017 with either repurchased depository receipts, by entering into a swap agreement or other similar agreement with a third party or by taking other measures deemed necessary by the Company. The rationale for the proposal The objective of LTIP 2017 is to create incentives for the management to work for a long-term development in the Company. Furthermore, LTIP 2017 shall create conditions for retaining competent employees in the Vostok group through the offering of competitive remuneration. LTIP 2017 has been designed based on the view that it is desirable that employees within the group are depository receipt holders in the Company and that they see that working with a long term horizon pays off. Participation in LTIP 2017 requires a personal investment in Saving DRs. By offering an allotment of Performance DRs which are based on performance based conditions, the participants are rewarded for increased depository receipt holder value. Further, LTIP 2017 rewards employees’ loyalty and long-term value growth in the Company. Against this background, the Board of Directors is of the opinion that the adoption of LTIP 2017 will have a positive effect on the Vostok group’s future development and thus be beneficial for both the Company and its depository receipt holders. The Company’s Board of Directors has prepared LTIP 2016, on which LTIP 2017 is based, in consultation with external advisors. LTIP 2017 has been reviewed by the Board of Directors at its meeting on 19 April 2017. Other incentive programs in the Company Below are summaries of the current outstanding incentive programs in the Company. For more information about the incentive programs, please see the annual report 2016. The incentive program, that was authorised by a Special General Meeting in Vostok New Ventures Ltd on June 9 2015 and adopted by resolution of the sole member of the Company on the same day, entitles present and future employees to be allocated call options to acquire shares represented by depository receipts in the Company. The incentive plan includes granting of not more than 2,000,000 (post rights issue 5,080,000) options. A total of 3,405,000 options are currently outstanding. The options life is until 8 September 2020, 31 July 2021 and 24 November 2021 and the options may be exercised during a period of three months starting five years from the time of grant. In the event all options are fully exercised, the holders will acquire shares represented by depository receipts corresponding to a maximum of approximately 2.7 (post rights issue: 0.8) percent of the share capital in the Company. At the 2016 annual general meeting held on 19 May 2016, it was resolved to implement a depository receipt-based long-term incentive program for management and key personnel in the Vostok Emerging Finance group. The program runs from 1 January 2016 through 31 March 2019, and encompasses a maximum of 11,315,790 depository receipts, corresponding to a dilution of 1.7 percent of the total number of shares outstanding. Program participants purchase depository receipts in the Company, and for each purchased depository receipt is entitled to receive a number of additional depository receipts, so-called performance depository receipts, free of charge, subject to fulfilment of a performance condition set by the Board of Directors on the basis of the Company’s Net Asset Value per share. Resolution in accordance with the Board of Directors’ proposal in respect of item 14 requires support of shareholders representing not less than half of the votes cast as well as of the shares represented by depository receipts represented at the Meeting. The annual accounts and the auditors’ report will be available at the Company’s office at Hovslagargatan 5 in Stockholm, Sweden and at its website www.vostokemergingfinance.com. The Board of Directors of Vostok Emerging Finance Ltd. For further information please contact: Björn von Sivers, Investor Relations: +46 (0)8 545 015 50 Vostok Emerging Finance is an investment company with the goal of investing in early stage modern financial services companies across emerging and frontier markets. VEF trades in Sweden on Nasdaq First North under the ticker VEMF SDB. Vostok Emerging Finance’s Certified Adviser on Nasdaq First North is Pareto Securities AB. [1] Corresponding to 446,430 depository receipts based on an assumed price of SEK 1.68 per depository receipt. [2] Corresponding to 446,430 depository receipts based on an assumed price of SEK 1.68 per depository receipt. [3] Corresponding to 446,430 depository receipts based on an assumed price of SEK 1.68 per depository receipt [4] Corresponding to 29,760 and 89,285 depository receipts respectively based on an assumed price of SEK 1.68 per depository receipt [5] Corresponding to 14,880-148,810 depository receipts based on an assumed price of SEK 1.68 per depository receipt.


News Article | April 20, 2017
Site: globenewswire.com

Notice is hereby given to the holders of depository receipts in respect of shares in Vostok Emerging Finance Ltd (“Vostok Emerging Finance” or the ”Company”) that an Annual General Meeting (the “Meeting”) of shareholders shall be held on Thursday, 18 May 2017 at 10 am CEST at Advokatfirman Vinge, Norrlandsgatan 10 in Stockholm, Sweden. Holders of depository receipts wishing to attend the Meeting shall: (1)           be listed in the register of holders of depository receipts kept by Euroclear Sweden AB on Friday, 12 May 2017; and (2)           notify the Company of the intention to attend the Meeting not later than Friday, 12 May 2017 by mail at the address Computershare AB, Vostok Emerging Finance Ltd Annual General Meeting, Box 610, SE-182 16 Danderyd, Sweden, by telephone +46 771 24 64 00 or by e-mail to agm2017@vostokemergingfinance.com. The holder of depository receipts shall state his or her name, personal or company identification number, address as well as telephone number. If a holder of depository receipts intends to be represented by proxy, the name of the proxy holder shall be stated. Holders of depository receipts represented by proxy shall issue dated and signed power of attorney for the proxy. If the power of attorney is issued on behalf of a legal entity, a certified copy of a registration certificate or a corresponding document for the legal entity shall be appended. The power of attorney in original and, where applicable, the registration certificate should be submitted to the Company by mail at the address set forth above well in advance of the Meeting. The form to use for a power of attorney can be found on www.vostokemergingfinance.com. Holders of depository receipts who hold their receipts through nominees (Sw. förvaltare) must request a temporary registration of the voting rights in order to be able to participate at the Meeting. Holders of depository receipts who want to obtain such registration must contact the nominee regarding this well in advance of Friday, 12 May 2017. Voting forms will be distributed to the holders who have complied with the above requirements and the voting form must be brought to the Meeting. 1.             Election of Chairman for the Meeting. 4.             Election of one or two persons to check and sign the minutes. 5.             Resolution that the Meeting has been duly convened. 7.             Presentation of the annual report and the auditor’s report as well as the consolidated annual report and the consolidated auditor’s report. (a)           the adoption of the profit and loss account and the balance sheet as well as the consolidated profit and loss account and the consolidated balance sheet ; and (b)           the appropriation of the Company’s results according to the adopted balance sheet. 9.             Determination of the number of Directors and auditors. 10.          Determination of remuneration to the Directors and the auditors. 13.          Resolution regarding remuneration principles for the senior management. The Nomination committee consisting of Vipul Pandey (Libra Advisors), who replaced Ranjan Tandon (Libra Advisors) on 18 April 2017, Håkan Berg (Swedbank Robur Funds), Mark Lynch (Wellington Management) and Lars O Grönstedt, (Chairman of the Board), proposes that Jesper Schönbeck, member of the Swedish Bar Association, is elected as Chairman for the Meeting. The appropriation of the Company’s results (item 8b) The Board of Directors proposes that no dividend is paid to the shareholders and that the Company’s results are brought forward. Election of Directors and auditors etc. (items 9-11) -       that the Board of Directors shall consist of six (6) Directors without any deputy members; -        election of Ranjan Tandon and re-election of all of the current Directors, Lars O Grönstedt, Per Brilioth, David Nangle, Voria Fattahi and Milena Ivanova, for the period until the end of the next Annual General Meeting; -        that the Meeting appoint Lars O Grönstedt to be Chairman of the Board of Directors; -        a total Board remuneration (including remuneration for the work within the committees of the Board) of SEK 1,200,000, of which SEK 400,000 shall be allocated to the Chairman of the Board of Directors and SEK 200,000 to each of the other Directors who are not employed by the Company; -        that the members of the Board of Directors be permitted, in line with Swedish market practice, to invoice the Company for their Board fees in an amount that is cost neutral to the Company, provided any Director who does so is solely liable for any tax effects; and -        that the Company’s auditor, the registered audit company PricewaterhouseCoopers AB be re-elected until the end of the next Annual General Meeting and remunerated upon approval of their invoice. Ranjan Tandon is Founder and Chairman of Libra Advisors, a New York hedge fund established in 1990, which was converted to a family office in 2012. Barron’s had consistently ranked Libra – a long/short fund with a focus on domestic and emerging market equities, in the top 100 Hedge funds. A graduate of Harvard Business School, Ranjan Tandon has a degree from the Indian Institute of Technology, Kanpur, India, in Chemical Engineering. He has held several operating positions with DCM in India and Halliburton in Europe; was CFO of InterMarine in Texas; and a financial Executive with Merrill Lynch before following his passion for investing. Ranjan Tandon is a Board Member of the NYU Tandon Engineering School (5,500 students), the Carl Schurz Park Conservancy and has made leadership gifts to the Harvard Business School and Yale University. For information about the current Directors proposed for re-election, please see the Company’s website, www.vostokemergingfinance.com. The Nomination Committee proposes the following procedure for appointing a Nomination Committee for the purposes of the Annual General Meeting in 2018 as per the following: A Nomination Committee shall be convened by the Chairman of the Board and be comprised of up to four representatives chosen from among the largest holders of depository receipts and the Chairman of the Board. The ownership shall be based on the statistics from Euroclear Sweden AB over holders of depository receipts as per the last business day in August 2017. The names of the members of the Nomination Committee shall be announced as soon as they have been appointed, which shall take place no later than six months prior to the Annual General Meeting in 2018. In case of a material change in ownership prior to completion of the work to be performed by the Nomination Committee, it shall be possible to change the composition of the Nomination Committee. The Nomination Committee’s mandate period extends up to the appointment of a new Nomination Committee. The Nomination Committee shall appoint a Chairman among them. If the representatives cannot agree upon appointment of Chairman, the representative representing the holder of depository receipts with the largest number of votes shall be appointed as Chairman. The Nomination Committee shall prepare proposals for the following decisions at the Annual General Meeting in 2018: (i) election of the Chairman for the Meeting, (ii) election of Directors, (iii) election of the Chairman of the Board of Directors, (iv) remuneration to the Directors, (v) election of the Company’s auditors (vi) compensation to the Company’s auditors, and (vii) proposal for how to conduct the nomination process for the Annual General Meeting in 2019. The Board of Directors proposes that the Meeting resolves to approve the following management remuneration principles. The remuneration to the Managing Director and other members of the senior management shall consist of fixed salary, variable remuneration, other benefits and pension benefits. Except for the Managing Director, the senior management currently includes two individuals. The total remuneration shall correspond to the prevailing market conditions and be competitive. The fixed and variable remuneration shall correspond to the respective individual’s responsibility and authority. The variable component should, in the first instance, be covered within the parameters of the Company’s option plan and the Company’s depository receipts incentive programme and shall, where payable in other instances, be subject to an upper limit in accordance with market terms and specific objectives for the Company and/or the individual. The period of notice of termination of employment shall be three to six months in the event of termination by the member of the senior management. In the event of termination by the Company, the total of the period of notice of termination and the period during which severance compensation is payable shall not exceed 12 months. Pension benefits shall be either benefit-based or contribution based or a combination thereof, with individual retirement ages. Benefit based pension benefits are conditional on the benefits being earned during a predetermined period of employment. The Board of Directors shall be entitled to deviate from these guidelines in individual cases should special reasons exist. The Board of Directors proposes that the Meeting resolves on a long term incentive programme for up to seven employees in Vostok Emerging Finance (“LTIP 2017”) in accordance with the below. LTIP 2017 is a three year performance based incentive program which is substantially the same as the depository receipt based incentive programme from 2016 (“LTIP 2016”). The Board of Directors proposes that the Meeting resolves to adopt LTIP 2017. LTIP 2017 is proposed to include up to seven current or future employees in Vostok Emerging Finance. The participants in LTIP 2017 are required to invest in Vostok Emerging Finance by acquiring shares in the form of depository receipts in Vostok Emerging Finance (“Saving DRs”). These Saving DRs are received by way of purchase of depository receipts (representing shares in Vostok Emerging Finance) at market value or transfer of depository receipts that such participant already holds in accordance with the terms set out under “Personal investment” below. The participants will thereafter be granted the opportunity to receive depository receipts free of charge in accordance with LTIP 2017, so called “Performance DRs” in accordance with the terms set out below. In the event that delivery of Performance DRs cannot be achieved at reasonable costs, with reasonable administrative efforts or due to market conditions, participants may instead be offered a cash-based settlement. In order to participate in LTIP 2017, the participant must have made a private investment by (i) purchase of depository receipts (representing shares in Vostok Emerging Finance) at market value and for a value of up to SEK 750,000[1]  depending on the participants’ position in Vostok Emerging Finance in accordance with what is further described below, or (ii) by transfer of depository receipts that such participant already holds (provided that the participant holds at least 100% of annual net base pay in depository receipts) for a value of up to SEK 750,000[2]  depending on the participants’ position in Vostok Emerging Finance in accordance with what is further described below. For each Saving DR held under LTIP 2017, the Company will grant the participants ten rights to Performance DRs, meaning rights to receive Performance DRs free of charge (“Rights”). The number of Performance DRs each participant’s Saving DRs entitles to depends on the Company’s fulfilment of the performance conditions. A participant cannot receive more than ten Performance DRs per Saving DR. The maximum amounts for the personal investments are based on an assumed market price of Vostok Emerging Finance’s depository receipts of SEK 1.68. The market price of the depository receipts may have increased or decreased by the time of the personal investment and the Board of Directors is authorised to change the maximum amount of the personal investment to take into account any material changes to the price of Vostok Emerging Finance’s depository receipts, in order to give as positive effects as possible for depository receipt holders in the Company. Subject to the fulfilment of the entry level of the performance based conditions for the period 1 January 2017 to 31 December 2019 and provided that the participant has kept its investment in Saving DRs during the period from the day of allocation of the Rights until the day of the release of the interim report for the period 1 January to 31 March 2020 (the vesting period) and, with certain exceptions, kept its employment within the Vostok group and not given notice of termination at such point in time, two Rights per Saving DR will vest and each Rights will entitle the participant to receive one Performance DR free of charge. The number of Performance DRs each of the participant’s Saving DR entitles to depends on the Company’s fulfilment of the performance conditions during the measurement period. The performance conditions are based on the Net Asset Value per share (“NAV per share”). The determined levels of the conditions include an entry, a target and a stretch level as regards the number of Rights that vest. The entry level constitutes the minimum level which must be exceeded in order to enable vesting of Rights. If the entry level is reached or exceeded, each participant will receive two Performance DRs per Saving DR. If the target level is reached or exceeded, each participant will receive five Performance DRs per Saving DR. If the stretch level is reached or exceeded, each participant will receive ten Performance DRs per Saving DR. The Board of Directors intends to disclose the outcome of the performance based conditions in the annual report for the financial year 2019. The Rights shall be governed by the following terms and conditions: ·       Rights are granted free of charge as soon as possible after the annual general meeting 2017. ·       Vest following the publication of the Company’s interim report for the period 1 January – 31 March 2020 (the vesting period). ·       May not be transferred or pledged. ·       Two Rights per Saving DR will vest and each Right will entitle the participant to receive one Performance DR after the end of the vesting period, if the entry level of the performance-based conditions has been fulfilled and the participant, at the time of the release of the interim report for the period 1 January – 31 March 2020, with certain exceptions, maintains its employment within the Vostok group, has not given notice of termination and maintains the invested Saving DRs. ·       In order to align the participants’ and the depository receipt holders’ interests, the Company will compensate the participants for any dividends paid during the three year vesting period. Compensation will only be made for dividend resolved after the time of allocation. The Board of Directors shall be responsible for preparing the detailed terms and conditions of LTIP 2017, in accordance with the mentioned terms and guidelines. To this end, the Board of Directors shall be entitled to make adjustments to meet foreign regulations or market conditions. The Board of Directors may also make other adjustments if significant changes in the Vostok group or its operating environment would result in a situation where the decided terms and conditions of LTIP 2017 no longer serve their purpose. The participants are divided into different categories and in accordance with the above, LTIP 2017 will comprise the following number of Saving DRs and maximum number of Rights for the different categories: •           the CEO: may acquire up to SEK 750,000 worth of Saving DRs[3] within LTIP 2017, entitling the holder to allotment of not less than two and up to ten Rights per Saving DR; •           other members of management than the CEO (two individuals): may acquire up to SEK 150,000 and SEK 50,000 worth of Saving DRs[4] respectively within LTIP 2017, entitling the holders to allotment of not less than two and up to ten Rights per Saving DR; •           other employees (four individuals): may acquire up to SEK 25,000-250,000 worth of Saving DRs[5] within LTIP 2017, entitling each holder to allotment of not less than two and up to ten Rights per Saving DR. LTIP 2017 will be accounted for in accordance with IFRS 2 which stipulates that the Rights should be recorded as a personnel expense in the income statement during the vesting period. The costs for LTIP 2017 is estimated to amount to approximately SEK 6.75 million, excluding social security costs, calculated in accordance with IFRS 2. The costs for social security charges are calculated to approximately SEK 2.12 million, based on the above assumptions. In addition to what is set forth above, the costs for LTIP 2017 have been based on that LTIP 2017 comprises up to seven participants and that each participant makes a maximum investment. If the maximum result is reached, and all invested Saving DRs are retained under LTIP 2017 and a fulfilment of the performance conditions of 100 percent, the maximum cost of LTIP 2017 as defined in IFRS 2 is approximately SEK 13.5 million and the maximum social security cost is estimated to approximately SEK 4.24 million. The costs are expected to have a marginal effect on key ratios of the Vostok group. Upon maximum allotment of Performance DRs, 8,035,700 depository receipts representing shares in the Company may be allocated within the framework of LTIP 2017, which would correspond to approximately 1.21 percent of the share capital and the votes in the Company. 5,080,000 depository receipts, which comprise currently outstanding options under the 2015 Incentive Program (including 3,405,000 allocated options and 1,675,000 options that have not yet been allocated), maximum allotment of 11,315,790 depository receipts under LTIP 2016 and maximum allotment of 8,035,700 depository receipts within the framework of LTIP 2017, would correspond to approximately 3.69 percent of the share capital and the votes in the Company. To ensure delivery of Performance DRs under LTIP 2017, the Company intends to hedge LTIP 2017 with either repurchased depository receipts, by entering into a swap agreement or other similar agreement with a third party or by taking other measures deemed necessary by the Company. The rationale for the proposal The objective of LTIP 2017 is to create incentives for the management to work for a long-term development in the Company. Furthermore, LTIP 2017 shall create conditions for retaining competent employees in the Vostok group through the offering of competitive remuneration. LTIP 2017 has been designed based on the view that it is desirable that employees within the group are depository receipt holders in the Company and that they see that working with a long term horizon pays off. Participation in LTIP 2017 requires a personal investment in Saving DRs. By offering an allotment of Performance DRs which are based on performance based conditions, the participants are rewarded for increased depository receipt holder value. Further, LTIP 2017 rewards employees’ loyalty and long-term value growth in the Company. Against this background, the Board of Directors is of the opinion that the adoption of LTIP 2017 will have a positive effect on the Vostok group’s future development and thus be beneficial for both the Company and its depository receipt holders. The Company’s Board of Directors has prepared LTIP 2016, on which LTIP 2017 is based, in consultation with external advisors. LTIP 2017 has been reviewed by the Board of Directors at its meeting on 19 April 2017. Other incentive programs in the Company Below are summaries of the current outstanding incentive programs in the Company. For more information about the incentive programs, please see the annual report 2016. The incentive program, that was authorised by a Special General Meeting in Vostok New Ventures Ltd on June 9 2015 and adopted by resolution of the sole member of the Company on the same day, entitles present and future employees to be allocated call options to acquire shares represented by depository receipts in the Company. The incentive plan includes granting of not more than 2,000,000 (post rights issue 5,080,000) options. A total of 3,405,000 options are currently outstanding. The options life is until 8 September 2020, 31 July 2021 and 24 November 2021 and the options may be exercised during a period of three months starting five years from the time of grant. In the event all options are fully exercised, the holders will acquire shares represented by depository receipts corresponding to a maximum of approximately 2.7 (post rights issue: 0.8) percent of the share capital in the Company. At the 2016 annual general meeting held on 19 May 2016, it was resolved to implement a depository receipt-based long-term incentive program for management and key personnel in the Vostok Emerging Finance group. The program runs from 1 January 2016 through 31 March 2019, and encompasses a maximum of 11,315,790 depository receipts, corresponding to a dilution of 1.7 percent of the total number of shares outstanding. Program participants purchase depository receipts in the Company, and for each purchased depository receipt is entitled to receive a number of additional depository receipts, so-called performance depository receipts, free of charge, subject to fulfilment of a performance condition set by the Board of Directors on the basis of the Company’s Net Asset Value per share. Resolution in accordance with the Board of Directors’ proposal in respect of item 14 requires support of shareholders representing not less than half of the votes cast as well as of the shares represented by depository receipts represented at the Meeting. The annual accounts and the auditors’ report will be available at the Company’s office at Hovslagargatan 5 in Stockholm, Sweden and at its website www.vostokemergingfinance.com. The Board of Directors of Vostok Emerging Finance Ltd. For further information please contact: Björn von Sivers, Investor Relations: +46 (0)8 545 015 50 Vostok Emerging Finance is an investment company with the goal of investing in early stage modern financial services companies across emerging and frontier markets. VEF trades in Sweden on Nasdaq First North under the ticker VEMF SDB. Vostok Emerging Finance’s Certified Adviser on Nasdaq First North is Pareto Securities AB. [1] Corresponding to 446,430 depository receipts based on an assumed price of SEK 1.68 per depository receipt. [2] Corresponding to 446,430 depository receipts based on an assumed price of SEK 1.68 per depository receipt. [3] Corresponding to 446,430 depository receipts based on an assumed price of SEK 1.68 per depository receipt [4] Corresponding to 29,760 and 89,285 depository receipts respectively based on an assumed price of SEK 1.68 per depository receipt [5] Corresponding to 14,880-148,810 depository receipts based on an assumed price of SEK 1.68 per depository receipt.


Yang J.,National University of Singapore | Cheng C.H.,National University of Singapore | Zhou W.,National University of Singapore | Lee J.Y.,National University of Singapore | And 2 more authors.
Fuel Cells | Year: 2010

We have prepared carbon-supported nanoparticles with the heterogeneous structure of a PdPt shell on a PdCo core which are effective for the oxygen reduction reaction (ORR) in the presence of methanol. The preparation was based on the galvanic replacement reaction between PdCo/C nanoparticles and PtCl 42-, a method of general utility which can be extended to the preparation of other core-shell electrocatalysts. The heterogeneous PdCo-core and PtPd-shell architecture was confirmed by multiple techniques including high resolution transmission electron microscopy, energy dispersive X-ray spectroscopy, powder X-ray diffraction and X-ray photoelectron spectroscopy. The activity of the PdCo@PdPt/C catalyst in ORR was evaluated in acidic solutions both with and without methanol (0.1 M). The results showed four to sixfold increases in activity over a standard Pt/C catalyst with no apparent loss of catalyst stability. It is inferred that the strain effect from the lattice mismatch between the shell and core components is the major contributor for the enhancement of ORR activity and selectivity. Copyright © 2010 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim.


News Article
Site: www.asminternational.org

After 12 years of serving as editor-in-chief of the Journal of Thermal Spray Technology (JTST), Dr. Christian Moreau, FASM, TS HoF, has transferred his responsibilities to Dr. Armelle Vardelle, FASM, announced Dr. Robert C. Tucker, Jr., FASM, TS HoF, chair of the Journal of Thermal Spray Technology Committee. Dr. Vardelle has been Lead Editor of JTST since 2013, and prior to that was an associate editor of the journal from 2006 through 2012. She will be succeeded as Lead Editor by Dr. André McDonald. Dr. Moreau became JTST editor in 2004, and led the journal through a period of extraordinary growth, in which the journal increased from a quarterly to six issues a year in 2007, then to eight issues in 2013. Building on the strong foundation laid by JTST Founding Editor Chris Berndt, FASM, TS HoF, Dr. Moreau enlarged the editorial staff to its current complement of five associate editors by identifying individuals who were both well-qualified technically and representative of the international readership of the journal. Furthermore, he created the position of "Lead Editor" to focus on special topical and event-related issues of the journal. Throughout Dr. Moreau's term as editor, the journal has continued to grow in number of submissions, quality, and articles published. Working closely with former JTST Committee chair Jockel Heberlein and Chris Berndt, Dr. Moreau brought into reality an annual special double issue containing invited and expanded papers originating from the International Thermal Spray Conference. He also led the journal through its transition into the publishing partnership with Springer, which has greatly increased the visibility and accessibility of the journal throughout the world. A professor at Concordia University (Canada Research Chair, Thermal Spray and Surface Engineering), Dr. Moreau will continue to offer the journal the benefit of his experience by remaining involved as a member of the JTST Committee. "On behalf of the ASM staff who have worked with Christian on JTST, I thank him for his unceasing insight and dedication," said Mary Anne Fleming, senior content developer of Journals at ASM International. "He has skillfully led the journal for the past 12 years, and now has ensured its future success by identifying a capable and qualified successor. We are delighted that Armelle has agreed to step into the editor position." Armelle Vardelle (D.Sc. 1987; Ph.D. 1979, M.Sc. 1975, B.Sc. 1973) is professor, University of Limoges, France. She is Co-Chair of the Department of Materials (Surface Treatments and Environment) at the Engineering School of the University of Limoges (Ecole Nationale Supérieure d'Ingénieurs de Limoges, ENSIL). She holds the title of Distinguished Professor and is involved in research in the laboratory of Sciences of Ceramics and Surface Treatment Processes, UMR-CNRS in the European Ceramic Center. Dr. Vardelle's current research interests are thermal spray and thermal plasma processes, modeling of plasma processes and torch operation, transport and chemical rate phenomena at high-temperature, thermal-sprayed coatings, and green manufacturing. Her teaching interests include thermal spraying, surface engineering, thermal sciences, transport phenomena in surface engineering processes, materials properties, industrial ecology, and lif cycle analysis. She has authored or coauthored more than 111 peer-reviewed scientific journal publications, 141 publications in International and National Conference Proceedings, and seven book chapters. She has presented 42 invited lectures at international conferences and 11 invited seminars at foreign universities. She has been a member of the Editorial Board of Plasma Chemistry and Plasma Processing since 2009. She became a Fellow of the International Plasma Chemistry Society in 2015 and a Fellow of ASM International in 2012. As newly-appointed editor-in-chief of JTST, Dr. Vardelle joins Dr. Tucker is announcing that Dr. André McDonald, University of Alberta, has been named Lead Editor of the journal. Dr. McDonald is chair of the ASM Thermal Spray Society Training Committee, Lead Editor of the 2015 International Thermal Spray Conference Proceedings, and has served as a guest co-editor of the journal. Currently an Associate Professor in the Department of Mechanical Engineering at the University of Alberta, Dr. McDonald received his BSME from the City College of New York (CCNY) in 2001, where he was the DuPont Mechanical Engineering Distinguished Graduate and won the Peggy Benline, Eliza Ford, and ALCOA awards. He was granted his MSME from that same institution in 2002. He received his Ph.D. from the University of Toronto in 2007, followed by a short post-doctoral fellowship at the Industrial Materials Institute - National Research Council Canada (IMI-NRC) in Boucherville, Québec. Dr. McDonald's current research includes the development of flame-sprayed coatings to provide wear and erosion resistance and to provide heating and structural health monitoring to polymer-based airfoil structures. In the area of cold-spraying, he has been working to develop a variety of metal matrix composite coatings with alumina or tungsten carbide as the reinforcing particle material. Since 2006, his work has resulted in 33 peer-reviewed journal articles, 39 conference articles, a textbook on the practical design of thermo-fluids systems, an industrial manual for thermal spraying for the oil and gas industry, 26 industrial reports, and several awards including the International Thermal Spray Conference and Exposition Best Paper Award, the Harold C. Simmons Best Paper Award from ILASS-Americas, the Composites Conference Best in Track Technical Paper Award for Manufacturing, and the Association of Professional Engineers and Geoscientists of Alberta's Early Accomplishment Award. Since becoming a professor, Dr. McDonald has trained 50 students, at both the graduate and undergraduate levels, in the areas of thermal spraying and/or heat transfer.


News Article | October 28, 2016
Site: www.techrepublic.com

While he was in college, Ricardo Solorzano spent more than three years working under scientists to push the frontiers of regenerative medicine. He saw the field quickly moving toward 3D bioprinted organs — that scientists are getting closer every day to turning what seems like an impossible science fiction experiment into reality. He started building a next-generation device in his dorm room at the University of Pennsylvania's Engineering School, with the help of Daniel Cabrera, a biology and computer science student, and another student Sohaib Hashmi. What resulted was the first prototype of BioBots, a high-resolution desktop 3D bioprinter that builds human tissue. After more iterations, the team built out the final version of the desktop 3D bioprinter, and it only costs $5,000. If you don't know much about bioprinting, that may not seem as unbelievable as it actually is. But that cheap of a bioprinter is unheard of. 3D bioprinting is still in its nascent stages. There are several companies and universities already pushing the boundaries of the technology for their specific research, but for the general public, experimenting with bioprinting seems like a pipe dream. One example is Dr. Anthony Atala at Wake Forest Institute for Regenerative Medicine, who has printed ears, cartilage, and skin; another is Organovo, a San Francisco-based company that is printing all kinds of human tissue; and a third — one that we're particularly excited about here at TechRepublic — is a six-axis robot 3D bioprinter made by Advanced Solutions in Louisville, Kentucky that is workinf toward printing working heart tissue. "3D bioprinters are a research tool for most. They're tools that can be used to investigate the cell and molecular biology of tissues today and that will be used to manufacture implantable tissues and organs in the future," Cabrera said. "The problem is that most 3D bioprinters are giant over-engineered monsters that need their own separate rooms, an entire team of dedicated technicians, and hundreds of thousands of dollars to be operated effectively - in other words, they're inaccessible to most researchers that are interested in exploring 3D tissues, they've been a huge bottleneck in the growth and development of the field." Cabrera and his team want to solve that problem. In short, they want to become the PC of bioprinters. BioBots has a vision of 3D bioprinters that can sit on every lab bench, giving every biomedical researcher the ability to experiment with 3D tissues. The devices are compact (about the size of the average MakerBot desktop printer) and fairly simple to use. The printer prints cells and other biocompatible material such as cartilage. So how does it work? The cell solution, which contains living, growing cells as well as vasculature, is extruded from the printer similar to how regular desktop 3D printers work. Then, once the cell material has been extruded, UV light hardens it, one layer at a time. So the BioBot can be used to print living cell tissue to regenerate organs, or supplemental structures for organs and tissue in the body. Cabrera said BioBots also has potential for the pharmaceutical industry. "By using 3D tissues built out of human cells in conjunction with animal models they will gain a much deeper understanding of which compounds work, saving millions of dollars in the drug development pipeline," he said. Some early adopters of the printers include Dr. Kara Spiller at Drexel University, and clients in New York, Australia, Indiana, and Maryland. Cabrera said the company is taking orders via the website, and they'll head to SXSW this month to pitch as an accelerator finalist. "We are using the BioBot printer to build complex tissue-like structures that will allow us to study the processes that occur in tissue development and disease," Spiller said. "We hope that these insights will lead to the development of new drugs or strategies to stimulate tissue regeneration following injury. We may also be able to use tissue engineering techniques to grow new tissues in the lab in order to replace damaged tissues in the body." Cell material interactions are critical in every tissue type in the body, Spiller added, so there is a lot of potential for the printers. And since they're affordable, she feels comfortable recommending them to other colleagues and researchers. "They're small enough to be portable, so you can bring them to a colleague's' lab, and to fit easily in a sterile culture hood, making cell culture easier," she said. With more affordable bioprinters like BioBots, the technology becomes more democratized and research developments can happen faster. Bioprinting is one of the most intriguing areas of the 3D printing industry, and the next decade will be exciting as technologists and physicians team up to figure out how to effectively 3D print working body parts. In 2015, the Oxford English Dictionary added "bioprinting" as an official word. However small, for those of us who have been watching this industry closely, that's quite an exciting development in itself. Just take a look at their example sentence: "Welcome to the age of bioprinting, where the machines we've built are building bits and pieces of us."


News Article | December 2, 2015
Site: www.greencarcongress.com

« Volvo to introduce new S90 sedan with plug-in hybrid version at Detroit show in January | Main | INVISTA and LanzaTech make breakthrough for bio-derived butadiene production; metabolic toolkit » On the sidelines of the COP21 summit, Carwatt and its partners Renault, Paris City Council, BPI France, the Alès École des Mines Engineering School, and the Bobigny Business Campus are showing a converted Renault Trafic powered by second-life lithium-ion batteries recycled from Renault electric cars. When, over time, the batteries of a Renault electric vehicle fall the performance threshold specified for their initial automotive power duty (around 75% of initial capacity), they can still provide valuable service in “second-life” applications before end-of-life disposal at a recycling centre. Experiments are already under way on power storage applications, for example. Carwatt uses these batteries to convert used urban commercial vehicles into electric vehicles. Electric conversion of urban commercial vehicles reduces investment levels as well as makes a concrete and immediate contribution to reducing urban pollution levels, since 94% of commercial vehicles are diesel-fueled. In 2016, Carwatt and Paris City Council will be experimenting with other Renault commercial vehicles converted to run on electricity.


News Article | November 3, 2015
Site: phys.org

Many modern homeowners are choosing automated thermostats that purport to learn their temperature preferences and activities, then automatically control heat and air conditioning accordingly. Researchers from the University of Virginia and the University of Michigan have developed a system that could lead to the next generation of home thermostats – devices that actually teach people how to be smarter about energy consumption. The team, led by Kamin Whitehouse, Commonwealth Associate Professor of Computer Science in the UVA School of Engineering and Applied Science, is presenting its research for an international audience Thursday at the Association for Computing Machinery's BuildSys conference in Seoul, South Korea. "We don't want to make a smarter thermostat," Whitehouse said. "We want to make smarter people." The system Whitehouse and his team developed is called "ThermoCoach" and it works like this: Sensors, such as motion and Bluetooth sensors, monitor the occupancy patterns of the people in the home and then provide the homeowner with suggestions about optimal heating and cooling schedules based on what the sensors record. The suggestions come in the form of e-mails from ThermoCoach suggesting a range of actions the homeowner can take, from small adjustments to the thermostat for modest savings to more drastic adjustments for larger savings. The key to ThermoCoach is that the homeowner then decides whether and how to act on the information, which means he or she retains all control and responsibility for energy conservation. ThermoCoach never controls the heating or cooling on its own. A study involving 40 homes in the Charlottesville area was conducted in partnership with Trane, a national manufacturer of heating and cooling equipment. Homes using ThermoCoach were compared with homes where people manually programmed their thermostats and also homes where thermostats were fully automated. Study results were promising, Whitehouse said. ThermoCoach saved significantly more than manually programmed thermostats, and conserved, on average, 12 percent more energy than a fully automated thermostat. Test participants also reported staying comfortable in the process. Every bit of conservation counts in a society where thermostats control almost 10 percent of the total energy supply. "It's a huge issue," Whitehouse said. Fully automated thermostats and their predecessors – programmable thermostats – have been important technologies, with a few drawbacks. In the case of programmable thermostats, consumers must have the time and patience to understand and use all of the features. Simply setting morning and evening temperatures is not enough to maximize energy savings. Earlier research by Whitehouse's collaborator, Mark Newman, associate professor at the University of Michigan, found that consumers may be tempted to cede all control to the devices. This removes the sense of responsibility for monitoring the systems to ensure that they are, indeed, providing promised energy savings. "Engaging the user and returning that sense of responsibility is one of the key principles behind the ThermoCoach design," Newman said. "The way autonomous systems interact with humans is very complex, and we don't fully understand that relationship yet," Whitehouse said. "In some ways, autonomous systems can actually be detrimental. They can add complexity to our lives instead of simplifying them." This intersection of automation and human factors is part of what the Engineering School will explore with its new cyber-physical systems initiative. Whitehouse is leading a team that is conducting an international search for eight new faculty members and at least 12 graduate students to join more than a dozen UVA researchers already making strides in the field of cyber-physical systems. Smart home and smart building technology, such as the ThermoCoach system Whitehouse has developed, will continue to be an important part of the initiative. ThermoCoach combines ease of use with the element of human control, Whitehouse said, and participants of the initial study responded well. Now, Whitehouse and his team are planning for a longer study that will cover multiple seasons and allow the team to observe human reactions to ThermoCoach over a longer period of time. The technology in ThermoCoach could be adapted to other applications of energy conservation, such as lighting. "We hope to see this technology actually being used in thermostats sometime soon," Whitehouse said.


News Article | November 14, 2016
Site: globenewswire.com

DAYTON, Ohio, Nov. 14, 2016 (GLOBE NEWSWIRE) -- CareSource, a nonprofit health plan, has named a new executive to its leadership core team. As Chief Consumer Officer, Tony Tomazic will drive the strategy for all CareSource consumer interactions. The new executive position was created at a time of rapid expansion for the health plan, which has grown to serve 1.5 million members in four states. As CareSource continues to expand into more markets and launch new products, Tomazic is charged with building on the company's 27-year history of member-centric health coverage. He will lead the company's strategy to deliver an extraordinary experience while ensuring the health plan differentiates itself from competitors. In his role, Tomazic will oversee CareSource's Enterprise Marketing and Communications, Consumer Experience, Life Services, Consumer Advocacy Group and the CareSource Foundation. Tomazic's background demonstrates a multifaceted depth of talent in science, arts, leadership and business. He has served as an executive leader in health care for both payer and provider organizations. Most recently, he was at St. Luke's Health System in Boise, Idaho, where he served as Vice President and Chief Transformation Officer, and oversaw marketing and innovation. At Humana in Louisville, Kentucky, Tomazic was Director of Consumer Innovation. "Prominent throughout Tony's impressive career trajectory is his passion for delivering an unsurpassed consumer experience through high-impact, brand-building programs and services," said Pamela Morris, CareSource President and CEO. Tomazic's extensive education includes a Bachelor of Science in Chemistry and Physics from Vanderbilt and Belmont University, attending the U.S. Naval Engineering School, a Bachelor of Arts in Studio Art from Western Kentucky University and a Master of Humanities from Western Kentucky University. About CareSource CareSource is a nonprofit health plan nationally recognized for leading the managed care industry in providing member-centric health care coverage. Founded in 1989, CareSource is one of the nation's largest Medicaid managed care plans. Today, CareSource offers a lifetime of health coverage to more than 1.5 million members across four states including offerings on the Health Insurance Marketplace and Medicare Advantage plans. Headquartered in Dayton, Ohio, CareSource has a workforce of 3,100 employees. CareSource is living its mission to make a lasting difference in its members' lives by improving their health and well-being. CareSource understands the challenges consumers face navigating the health system and works to put health care in reach for those it serves. For more, visit caresource.com, follow @caresource on Twitter, or like CareSource on Facebook. A photo accompanying this release is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=41879

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