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The Modular Building Institute (MBI) worked closely with Clemson University to develop the new online course Introduction to Commercial Modular Construction. “We are excited to present this introductory course that is perfect for anyone interested in better understanding this fast-growing construction process,” said Christine Piper, professor in Clemson's Department of Construction Science and Management. After the world-wide acceptance of the same-titled book as one of the go-to guides for understanding the modular industry, the two entities worked together to create a self-paced professional online course worth 1.5 CEUs. The course explores the process of commercial modular construction from the discussion of client needs, through design and fabrication, to transportation and installation of modules. “The online course is self-paced for busy working professionals. It can be accessed at any time, with short segments that accommodate any schedule,” noted Michael Griffin, E-Learning Strategist with Clemson Online. Griffin also noted that participants can log in by computer or by using an app on iOS and Android mobile devices. Executive Director of MBI, Tom Hardiman said, “Working with Clemson University has created an amazing book, which has now grown into this groundbreaking online course that will educate people around the world on the modular construction industry.” Course participants can purchase a copy of the textbook “Introduction to Commercial Modular Construction” to perfectly guide them through the course. The book is also a great resource for more in-depth questions about the modular industry. The MBI and Clemson University developed the book over two years with the goal of introducing the reader to an innovative and exciting construction method. The book discusses the modular building process compared to traditional site-built construction and is designed to help the reader understand terminology and concepts of modular building. Members of MBI can receive a $200 discount on course registration through the MBI website. About MBI Changing the Way the World Builds: Greener, Faster, Smarter. The Modular Building Institute is the international nonprofit trade association that has served the modular construction industry for more than 30 years. Members are suppliers, manufacturers and contractors involved in all aspects of modular projects -- from complex multistory solutions to temporary accommodations. As the voice of commercial modular construction, MBI expands the use of off-site construction through innovative construction practices, outreach, education to the construction community and customers, and recognition of high-quality modular designs and facilities. For more information on modular construction, visit http://www.modular.org.


News Article | February 15, 2017
Site: phys.org

Intracellular adherens junctions are initiated by interactions between extracellular domains of membrane-bound cadherins (shown in blue) on adjacent cells. On the intracellular side, the cadherins are linked to the actin cytoskeleton via a cytoplasmic plaque, which is chiefly constituted by catenin proteins: beta-catenins (yellow) and alpha-catenins (purple). The plaque also contains another prominent protein called vinculin (green) that primarily responds to mechanical and biochemical signals by extending in length, and in doing so, couples the cadherin-catenin complexes to the actin cytoskeleton (red). Credit: National University of Singapore The development of super resolution microscopy has revolutionised how scientists view and understand the inner workings of the cell. Just as advances in satellite camera technology gave rise to highly detailed maps of the world, so too has super-resolution microscopy allowed researchers to build detailed maps of individual cells. Such is the detail, that not only is the location of individual protein-based machines achievable, but these machines can be broken down into their parts, and the position and orientation of these parts, mapped out as well. In the human body, cells rarely function in isolation. Instead they exist as part of multicellular communities that make up tissues and organs. To ensure the tissue functions correctly, individual cells must remain in physical contact with their surrounding cells. When cells are unable to maintain this contact, devastating diseases may arise, cancer being one of the most dreaded examples. Cell-cell adhesion sites are found at specific regions of the cell periphery. Although many of the protein parts that make up these adhesion sites were known, scientists had yet to determine how each part fit together to make the overall machine. This was because the building blocks of these machines were both far too small for traditional light microscopes, and far too diverse for electron microscopes. One of the main protein parts in these machines are the 'cadherin' proteins. The cadherin of one cell extends outside the cell, and interact with cadherin of another cell. On the inside of the cell, cadherin binds to 'adaptor' proteins, which essentially connect the cadherin to a network of protein filaments known as the cytoskeleton. By forging these robust links, cadherin adhesions not only connect neighbouring cells but allow cells to coordinate their movements, maintain tissue integrity, and relay a myriad of signals important for proper tissue functions. With super-resolution microscopy at their disposal, an international research team led by Assistant Professor Pakorn (Tony) Kanchanawong from the Mechanobiology Institute, Singapore (MBI) at the National University of Singapore (NUS) and the Department of Biomedical Engineering at NUS, as well as Dr Cristina Bertocchi, Research Fellow at MBI, has revealed, for the first time, how the cadherin-based cell-cell contacts are organised. At the heart of the study is a 'map' of how the parts are pieced together into a sophisticated nanoscale cell-cell adhesion machine. The study was published online in Nature Cell Biology in December 2016. Here, the researchers 'mapped' the position and orientation of the protein building blocks of cadherin adhesions. They noted a striking degree of compartmentalisation in the organisation of the protein machinery where components were arranged into multiple layers. The cadherin and the cytoskeleton compartments appeared to be separated by an 'interface layer', which contains vinculin, a stretchable protein which has long been implicated in the cell's ability to sense mechanical force. In this case, Dr Bertocchi observed that vinculin could undergo a dramatic shape-shifting transformation, whereby it would switch from a compact shape to a highly elongated form. This elongated form was sufficient to stretch over a distance of 30 nanometres or more, which was the same distance that cadherin was separated from the cytoskeleton. In a nutshell, vinculin could serve as a bridge to link between the cadherin and actin layers. Further investigation of this structure highlighted that the shape of vinculin (stretched or compact) was determined by both mechanical tension and biochemical signal inputs. Therefore, the ability of vinculin to selectively engage with a highly dynamic actin cytoskeleton highlights vinculin's role in fine-tuning the mechanical properties of cell-cell contacts in response to varying inputs from the extracellular environment. The ability to observe, under a microscope, molecular machines such as the cadherin based cell-cell adhesion highlights the power of super resolution microscopy. In this case, the protein parts that make up the cell-cell adhesion have been mapped out, allowing researchers to better understand how cell-cell contacts are formed, maintained, regulated and reinforced to perform vital biological functions. More information: Cristina Bertocchi et al. Nanoscale architecture of cadherin-based cell adhesions, Nature Cell Biology (2016). DOI: 10.1038/ncb3456


News Article | February 15, 2017
Site: www.eurekalert.org

The development of super resolution microscopy has revolutionised how scientists view and understand the inner workings of the cell. Just as advances in satellite camera technology gave rise to highly detailed maps of the world, so too has super-resolution microscopy allowed researchers to build detailed maps of individual cells. Such is the detail, that not only is the location of individual protein-based machines achievable, but these machines can be broken down into their parts, and the position and orientation of these parts, mapped out as well. In the human body, cells rarely function in isolation. Instead they exist as part of multicellular communities that make up tissues and organs. To ensure the tissue functions correctly, individual cells must remain in physical contact with their surrounding cells. When cells are unable to maintain this contact, devastating diseases may arise, cancer being one of the most dreaded examples. Cell-cell adhesion sites are found at specific regions of the cell periphery. Although many of the protein parts that make up these adhesion sites were known, scientists had yet to determine how each part fit together to make the overall machine. This was because the building blocks of these machines were both far too small for traditional light microscopes, and far too diverse for electron microscopes. One of the main protein parts in these machines are the 'cadherin' proteins. The cadherin of one cell extends outside the cell, and interact with cadherin of another cell. On the inside of the cell, cadherin binds to 'adaptor' proteins, which essentially connect the cadherin to a network of protein filaments known as the cytoskeleton. By forging these robust links, cadherin adhesions not only connect neighbouring cells but allow cells to coordinate their movements, maintain tissue integrity, and relay a myriad of signals important for proper tissue functions. With super-resolution microscopy at their disposal, an international research team led by Assistant Professor Pakorn (Tony) Kanchanawong from the Mechanobiology Institute, Singapore (MBI) at the National University of Singapore (NUS) and the Department of Biomedical Engineering at NUS, as well as Dr Cristina Bertocchi, Research Fellow at MBI, has revealed, for the first time, how the cadherin-based cell-cell contacts are organised. At the heart of the study is a 'map' of how the parts are pieced together into a sophisticated nanoscale cell-cell adhesion machine. The study was published online in Nature Cell Biology in December 2016. Here, the researchers 'mapped' the position and orientation of the protein building blocks of cadherin adhesions. They noted a striking degree of compartmentalisation in the organisation of the protein machinery where components were arranged into multiple layers. The cadherin and the cytoskeleton compartments appeared to be separated by an 'interface layer', which contains vinculin, a stretchable protein which has long been implicated in the cell's ability to sense mechanical force. In this case, Dr Bertocchi observed that vinculin could undergo a dramatic shape-shifting transformation, whereby it would switch from a compact shape to a highly elongated form. This elongated form was sufficient to stretch over a distance of 30 nanometres or more, which was the same distance that cadherin was separated from the cytoskeleton. In a nutshell, vinculin could serve as a bridge to link between the cadherin and actin layers. Further investigation of this structure highlighted that the shape of vinculin (stretched or compact) was determined by both mechanical tension and biochemical signal inputs. Therefore, the ability of vinculin to selectively engage with a highly dynamic actin cytoskeleton highlights vinculin's role in fine-tuning the mechanical properties of cell-cell contacts in response to varying inputs from the extracellular environment. The ability to observe, under a microscope, molecular machines such as the cadherin based cell-cell adhesion highlights the power of super resolution microscopy. In this case, the protein parts that make up the cell-cell adhesion have been mapped out, allowing researchers to better understand how cell-cell contacts are formed, maintained, regulated and re


News Article | February 15, 2017
Site: www.prweb.com

Vanguard Medical Group is one of nearly 2,900 primary care practices nationwide participating in Comprehensive Primary Care Plus (CPC+), a partnership that aims to enable primary care practices to care for their patients the way they think will deliver the best outcomes and to pay them for achieving results and improving care. This partnership involves payer partners from the Centers for Medicare & Medicaid Services (CMS), state Medicaid agencies, commercial health plans, self-insured businesses, and primary care providers. For patients, this means that Vanguard physicians may offer longer and more flexible hours; use electronic health records; coordinate care with patients' other health care providers; better engage patients and caregivers in managing their own care; and provide individualized, enhanced care for patients living with multiple chronic diseases and higher needs. "CPC plus is a great opportunity for primary care practices such as Vanguard to improve and transform themselves to better meet the needs of our patients. Without this program, this improvement would be extremely difficult if not impossible for practices to do on their own" said Vanguard Chief Medical Officer Thomas McCarrick MD, MBI. Through a competitive application process, CMS selected primary care practices such as Vanguard Medical Group within selected markets to participate in CPC+. Vanguard was chosen based on its use of health information technology; recognition of advanced primary care delivery by the National Committee for Quality Assurance (NCQA); service to patients covered by participating payer partners; participation in practice transformation and improvement activities; and diversity of geography, practice size, and ownership structure. CPC+ is administered by the Center for Medicare & Medicaid Innovation (CMS Innovation Center). The CMS Innovation Center was created by the Affordable Care Act to test innovative payment and service delivery models that have the potential to reduce program expenditures while preserving or enhancing the quality of care. For more information about CPC+, visit: https://innovation.cms.gov/initiatives/comprehensive-primary-care-plus/ About Vanguard Medical Group Vanguard Medical Group P.C. is a regional primary care practice now serving more than 48,000 active patients in six locations. The motivation to develop a larger, regional primary care practice was the recognition that the healthcare system was rapidly changing in ways that did not support small or solo independent physician practices. The founding physicians in Vanguard believe that a strong culture of locally-led practices, guided by a shared vision, and governed by shared values must be at the core of this new organization. For more information on Vanguard Medical Group please visit http://www.vanguardmedgroup.com


News Article | February 21, 2017
Site: globenewswire.com

TAMPA, Fla., Feb. 21, 2017 (GLOBE NEWSWIRE) -- Marrone Bio Innovations, Inc. (MBI), (NASDAQ:MBII), a leading manufacturer and marketer of bio-based pest management and plant health products for the agriculture, turf and ornamental, and water treatment markets, hosted a training featuring eight Florida and Georgia experts reviewing the most current data on nematode management. Enrolled in this CEU approved training in Tampa, Fla., were 15 growers and representatives from major agricultural distributors from Florida and Georgia, as well as 16 employees from MBI. According to the United States Department of Agriculture, nematodes are one of the greatest threats to crops in the U.S. and the world. These microscopic worms can attack any part of a plant, but most commonly attack the root systems of plants. Because roots are affected, growers might not recognize damage until the plant is fully developed, which results in a significant decrease in yield and quality. “The purpose of this training, which was offered as a CEU course for agronomists and consultants, was to give growers the most up to date information on identifying and managing nematodes,” said Bielinski Santos, PhD, MBI’s southeast product development manager.  “Crop damage from nematodes is often mistaken for other plant diseases. At the same time, we provided education about the science and use of biopesticides and how to integrate them into integrated pest management programs.” “Our training, was aimed at helping growers understand how to tell if nematodes are at the ‘root’ of the problem in their fields. Nematodes remain fairly under-identified because they can only be identified by studying under a microscope multiple soil samples from a single field,” said Santos. One of the featured nematologists was Joe Noling, PhD and professor of nematology from the University of Florida, who specializes in nematodes in Florida’s numerous fruit and vegetable crops. “The first thing to understand about nematodes is that they are aquatic creatures, so they seek water in soil. Because of this, understanding how farmers apply and water in the application of any product is a key to successful nematode management. You have to get the product where the nematode lives, so how much water to apply, how fast, timing, and the irrigation method are all things that need to be considered.” Kathy Lawrence, PhD and a professor in Auburn University’s Department of Entomology and Plant Pathology presented Nematodes 101, a very instructive presentation about the biology and taxonomy of plant parasitic nematodes, said, “Given the losses to nematodes every year in crop production and the loss of older chemical products, the market needs innovative new products.” Gary Lawrence, PhD and professor of nematology at Mississippi State University also presented data. His work reviewed and presented information on the importance of new nematicides for southeastern annual crops, such as sweet potato and vegetables. Training covered data from field trials on various products, information on identification of types of nematodes, and management strategies including weed management. Of key interest to the audience, were studies that reviewed how products and nematodes moved in various soil types. Typically, nematicides are injected into the soil as a fumigant, watered in through irrigation systems, or shanked-in and watered into the soil. Understanding how much water to apply to get the nematicide into the root zone of the plant is critical. Movement of water and nematodes varies by soil type. MBI is investing heavily in the science to better understand this critical relationship between water and product movement. In 2016, Marrone launched a new bionematicide, Majestene, a broad spectrum, high performance natural bionematicide that kills nematodes and increases yields in a wide range of agricultural crops.   Majestene, based on a novel bacterium that produces nematicidal compounds, was developed from MBI’s in-house discovery screening process and provides growers with a new mode of action for safely controlling nematodes by reducing or stopping eggs from hatching, preventing root galling and reducing nematode population density.  Nematodes cause approximately $80 billion annually in damages to crops globally.  Majestene was the 2016 Agro Biopesticide of the year. A component of this integrated training program was to review third-party trials conducted by researchers to understand how best to use the product in the field and to review efficacy. Majestene was found to be comparable or slightly better than some of the most commonly used products in the field. Marrone Bio Innovations, Inc. (NASDAQ:MBII) strives to lead the movement to a more sustainable world through the discovery, development and promotion of biological products for pest management and plant health.  Our effective and environmentally responsible solutions help customers operate more sustainably while controlling pests, improving plant health, and increasing crop yields. We have four products for agriculture on the market (Regalia®, Grandevo®, Venerate® and Majestene®), and also distribute Bio-tam 2.0® for Isagro USA in the western U.S.  MBI also markets Zequanox® for invasive mussels for water markets. We also have a proprietary discovery process, a rapid development platform, and a robust pipeline of pest management and plant health product candidates. At Marrone Bio Innovations we are dedicated to pioneering better biopesticides that support a better tomorrow for users around the globe.  For more information, please visit www.marronebio.com. This press release contains forward-looking statements that involve substantial risks and uncertainties.  All statements, other than statements of historical facts, included in this press release regarding strategy, future operations and plans, including assumptions underlying such statements, are forward-looking statements, and should not be relied upon as representing MBI’s views as of any subsequent date.  Examples of such statements include statements regarding the potential of and market for MBI’s Majestene product and its use and value to growers. Such forward-looking statements are based on information available to the Company as of the date of this release and involve a number of risks and uncertainties, some beyond the Company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks associated with marketing Majestene with MBI’s principal customers, competition in the market for pest management products, lack of understanding of bio-based pest management products by customers and growers, adverse decisions by regulatory agencies and other relevant third parties and the impact of weather conditions and other factors affecting use of crop protection products .  Additional information that could lead to material changes in MBI’s performance is contained in its filings with the SEC.  MBI is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.


News Article | March 1, 2017
Site: www.businesswire.com

PURCHASE, N.Y.--(BUSINESS WIRE)--MBIA Inc. (NYSE:MBI) (the Company) today reported a Consolidated GAAP net loss of $338 million or $(2.54) per diluted share for the year ended December 31, 2016 compared to net income of $180 million or $1.06 per diluted share for the prior year. The unfavorable variance in the financial results versus the prior year was primarily due to a pretax impairment of $278 million on the carrying value of MBIA UK Insurance Limited (MBIA UK) associated with its sale in the first quarter of 2017 and a $148 million reduction of net gains of insured credit derivatives. Book value per share was $23.87 as of December 31, 2016 compared with $24.61 as of December 31, 2015. The decrease in book value per share since year-end 2015 was primarily due to the $324 million or $2.40 per share after-tax impairment recorded during the fourth quarter of 2016 associated with the sale of MBIA UK, partially offset by share repurchases that decreased common shares outstanding. Combined Operating Income (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) for the full year 2016 was $30 million or $0.23 per diluted share compared to $87 million or $0.52 per diluted share for the full year 2015. The decline in Combined Operating Income for 2016 compared to 2015 was driven primarily by $69 million of higher loss and loss adjustment expenses and a $68 million reduction of net premiums earned, partially offset by a favorable variance in the provision for income taxes. The calculation of Adjusted Book Value (ABV) per share (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) was refined in the fourth quarter of 2016 to exclude MBIA Insurance Corporation as a separate stand-alone legal entity. (Previously, the calculation of ABV excluded the international and structured finance insurance segment, which is not the same as the legal entity MBIA Insurance Corporation.) As of December 31, 2016, ABV was $31.88 compared to $28.98 as of December 31, 2015 (which was revised from the amount previously reported due to the subsequent change of the calculation of ABV). The largest factor contributing to the increase in ABV per share since year-end 2015 was the decrease in common shares outstanding due to share repurchases. During 2016, the Company repurchased 16.6 million shares of its common stock, which reduced its common shares outstanding to 135 million as of year-end 2016. Combined Operating Income and ABV per share provide investors with two perspectives of the Company’s financial results that management uses in measuring the Company’s financial performance. Reconciliations of ABV per share to book value per share, and Combined Operating Income to net income, calculated in accordance with GAAP, are attached. Bill Fallon, MBIA Inc.’s President and Chief Operating Officer said, “We are pleased with the growing acceptance of National as its new business production nearly tripled for 2016 versus last year.” Bill added, “Regarding our financial results, while the sale of MBIA UK adversely impacted our consolidated GAAP results, it had no impact on our Combined Operating Income. The reduction in Combined Operating Income was primarily due to additions to our loss reserves and lower premium earnings that resulted from lower refunding activity and our decreasing unearned premiums at National.” The Company reported a Consolidated GAAP net loss of $265 million, or $(2.01) per diluted share, for the fourth quarter of 2016 compared to consolidated net income of $82 million, or $0.54 per diluted share, for the fourth quarter of 2015. The unfavorable change in the financial result was primarily due to a $278 million pretax carrying value impairment of MBIA UK. The Combined Operating Loss for the fourth quarter of 2016 was $6 million or $(0.05) per diluted share compared to Combined Operating Income of $10 million or $0.07 per diluted share for the fourth quarter of 2015. The unfavorable change in the financial result was driven primarily by an $18 million increase in loss and loss adjustment expenses and a $16 million reduction in net premiums earned, partially offset by a favorable variance in the provision for income taxes. The Company’s U.S. public finance insurance business is conducted through National Public Finance Guarantee Corporation (National), its primary operating subsidiary. The U.S. Public Finance Insurance segment recorded GAAP net income of $41 million for the fourth quarter of 2016 versus $51 million for the fourth quarter of 2015. The decline in GAAP net income was primarily due to an $18 million increase in loss and loss adjustment expenses and a $16 million decrease in net premiums earned, partially offset by a $27 million favorable variance in the provision for income taxes. The favorable variance of the tax provision was primarily due to a tax basis balance sheet adjustment associated with the reversal of a deferred tax liability in the fourth quarter of 2016. The U.S. Public Finance Insurance segment’s Operating Income was $25 million in the fourth quarter of 2016 compared to $44 million for the fourth quarter of 2015. The decline was primarily due to an increase in loss and loss adjustment expenses and a decrease in net premiums earned, partially offset by a favorable variance in the provision for income taxes. Net premiums earned were $62 million in the fourth quarter of 2016, down 21 percent from $78 million in the fourth quarter of 2015. The decline resulted from a 24 percent decrease in scheduled premiums earned and a 19 percent decrease in refunding premiums earned. National insured $871 million of par value in the primary and secondary markets, combined, during the fourth quarter of 2016 and $1.6 billion of par value for the full year, compared to $158 million for the fourth quarter of 2015 and $597 million for the full year 2015. Net investment income for the segment was $29 million for the fourth quarter of 2016 and $30 million for the fourth quarter of 2015, primarily resulting from a 4 percent decline in average invested assets for the respective quarters. The U.S. Public Finance Insurance segment’s losses and loss adjustment expenses were $28 million for the fourth quarter of 2016 compared to $10 million for the fourth quarter of 2015. The increase in loss and loss adjustment expenses was primarily due to higher risk-free interest rates used for discounting loss and recovery estimates, where the impact of discounting longer tenor recoveries outweighed the discounting impact on losses. For the fourth quarter of 2016, the amortization of deferred acquisition costs totaled $13 million versus $16 million for the fourth quarter of 2015, reflecting the reduction in premiums earned. Operating expenses were $15 million for the fourth quarters of 2016 and 2015. National had statutory capital of $3.5 billion and claims-paying resources totaling $4.6 billion as of December 31, 2016. National’s insured portfolio declined by $15 billion during the quarter, ending the quarter with $110 billion of gross par outstanding. National ended the quarter with a leverage ratio of gross par to statutory capital of 32 to 1, down from 48 to 1 as of year-end 2015. The corporate segment includes general corporate activities and also provides support services, including asset and capital management services, to MBIA’s other operating businesses. The corporate segment recorded GAAP net income of $26 million in the fourth quarter of 2016 versus a net loss of $15 million in the fourth quarter of 2015. The favorable variance of the financial result was primarily due to increased net gains on interest rate swaps and foreign exchange. The corporate segment’s Operating Loss was $31 million and $34 million for the fourth quarters of 2016 and 2015, respectively. The reduction in the Operating Loss was primarily due to reduced interest expenses, partially offset by increased operating expenses. As of December 31, 2016, MBIA Inc. held cash and liquid assets of $403 million. In addition, there were assets with a market value of $329 million in its tax escrow account as of year-end 2016. Subsequent to December 31, 2016, National’s 2014 tax payment of $94 million was released from the tax escrow account to MBIA Inc. The Company’s consolidated net operating loss carryforward for income tax purposes as of December 31, 2016 was $2.7 billion. During the fourth quarter of 2016, the Company and its subsidiaries did not repurchase any of its common shares. As of December 31, 2016, there was $88 million remaining capacity under the Company’s current share repurchase authorization. As of February 23, 2017, 135 million of the Company’s common shares were outstanding. During 2016, the Company also retired a combined $129 million par value of MBIA Inc. debt and Global Funding MTNs through debt repurchases and maturity payments. On January 10, 2017, the Company lent $38 million of subordinated financing to MZ Funding LLC (MZ Funding), a newly formed wholly-owned subsidiary of the Company and MZ Funding, in turn, lent the proceeds of the financing to MBIA Insurance Corporation. MBIA Inc. has agreed to provide an additional $50 million of subordinated financing to MZ Funding under certain conditions, which MZ Funding would then lend to MBIA Insurance Corporation. The International and Structured Finance Insurance segment business is primarily conducted through MBIA Insurance Corporation and its subsidiaries (MBIA Corp.). Unless otherwise indicated or the context otherwise requires, references to MBIA Corp. are (i) for any references relating to the period ended January 10, 2017, to MBIA Insurance Corporation, together with its subsidiaries, MBIA UK Insurance Limited (MBIA UK), and MBIA Mexico S.A. de C.V (MBIA Mexico) and (ii) for any references relating to the period after January 10, 2017, to MBIA Insurance Corporation together with MBIA Mexico. The Company uses statutory accounting to measure the financial performance of this segment. MBIA Insurance Corporation had a statutory net loss of $179 million for the fourth quarter of 2016 and a statutory net loss of $323 million for the year 2016. In 2015, MBIA Insurance Corporation had statutory net income of $79 million and $25 million for the fourth quarter and full year, respectively. The 2016 results included a $114 million impairment of a net asset based on the sale of MBIA UK. In addition, statutory losses and loss adjustment expenses incurred for full year 2016 were $265 million compared to $105 million for 2015. As of December 31, 2016, the statutory capital of MBIA Insurance Corporation was $492 million and claims-paying resources totaled $1.9 billion. As the sale of MBIA UK was completed in the first quarter of 2017, there will be additional accounting adjustments associated with its sale in the first quarter of 2017, which will result in a $130 million increase to MBIA Insurance Corporation’s statutory capital. The impact of the sale of MBIA UK, after giving full effect in MBIA Insurance Corporation’s statutory financial statements over the two quarters, will result in a net increase of $29 million to MBIA Insurance Corporation’s statutory capital. As of December 31, 2016, MBIA Insurance Corporation’s liquidity position (excluding its subsidiaries and branches) totaled $201 million consisting of cash and liquid invested assets. On January 20, 2017, MBIA Insurance Corporation satisfied its insurance obligations related to the maturity of $770 million of outstanding principal on the Zohar II 2005-1 CDO. To facilitate its ability to satisfy its insurance obligations on the Zohar II notes, MBIA Insurance Corporation received $347 million of Zohar II notes from its wholly-owned subsidiary, MBIA UK (Holdings) Limited, which the latter had received in exchange for the sale of MBIA UK, and borrowed $363 million under the MZ Funding lending facility that was established during the first quarter of 2017. The Company will host a webcast and conference call for investors tomorrow, Thursday, March 2, 2017 at 8:00 AM (ET) to discuss its fourth quarter and full year 2016 financial results and other matters relating to the Company. The webcast and conference call will consist of brief remarks followed by a question and answer session. The dial-in number for the call is (877) 694-4769 in the U.S. and (404) 665-9935 from outside the U.S. The conference call code is 60602763. A live webcast of the conference call will also be accessible on www.mbia.com. A replay of the conference call will become available approximately two hours after the end of the call on and will remain available until 11:59 p.m. (ET) on March 15 by dialing (800) 585-8367 in the U.S. or (404) 537-3406 from outside the U.S. The code for the replay of the call is 60602763. In addition, a recorded replay of the call will become available on the Company's website approximately two hours after the completion of the call. The information contained in this press release should be read in conjunction with our filings made with the Securities and Exchange Commission. This release includes statements that are not historical or current facts and are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “believe,” “anticipate,” “project,” “plan,” “expect,” “estimate,” “intend,” “will likely result,” “looking forward” or “will continue,” and similar expressions identify forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected, including, among other risks and uncertainties, the possibility that the Company will experience increased credit losses or impairments on public finance obligations we insure issued by state, local and territorial governments and finance authorities that are experiencing fiscal stress, the possibility that MBIA Corp. will have inadequate liquidity to pay claims as a result of increased losses on certain structured finance transactions, in particular residential mortgage-backed securities transactions that include a substantial number of ineligible mortgage loans, or a delay or failure in collecting expected recoveries, the possibility that loss reserve estimates are not adequate to cover potential claims, a disruption in the cash flow from our subsidiaries or an inability to access capital and our exposure to significant fluctuations in liquidity and asset values within the global credit markets as a result of collateral posting requirements, our ability to fully implement our strategic plan, including our ability to maintain high stable ratings for National and generate investor demand for our financial guarantees, deterioration in the economic environment and financial markets in the United States or abroad, and adverse developments in European sovereign credit performance, real estate market performance, credit spreads, interest rates and foreign currency levels, the effects of governmental regulation, including insurance laws, securities laws, tax laws, legal precedents and accounting rules; and uncertainties that have not been identified at this time. These and other factors that could affect financial performance or could cause actual results to differ materially from estimates contained in or underlying the Company’s forward-looking statements are discussed under the “Risk Factors” section in MBIA Inc.’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which may be updated or amended in the Company’s subsequent filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only to their respective dates. The Company undertakes no obligation to publicly correct or update any forward-looking statement if it later becomes aware that such result is not likely to be achieved. MBIA Inc., headquartered in Purchase, New York is a holding company whose subsidiaries provide financial guarantee insurance for the public and structured finance markets. Please visit MBIA's website at www.mbia.com. The following are explanations of why the Company believes that the non-GAAP financial measures used in this press release, which serve to supplement GAAP information, are meaningful to investors. Adjusted Book Value: Adjusted Book Value (ABV), a non-GAAP measure, is used by the Company to supplement its analysis of GAAP book value. The Company uses ABV as a measure of fundamental value and considers the change in ABV an important measure of periodic financial performance. ABV adjusts GAAP book value by removing the GAAP book value amounts for items that are not expected to impact shareholder value and to add in the impact of certain items which the Company believes will be realized in GAAP book value in future periods. The Company has limited such adjustments to those items that it deems to be important to fundamental value and performance and which the likelihood and amount can be reasonably estimated. ABV assumes no new business activity. The Company has presented ABV to allow investors and analysts to evaluate the Company using the same measure that MBIA’s management regularly uses to measure financial performance. ABV is not a substitute for and should not be viewed in isolation from GAAP book value. ABV per share represents that amount of ABV allocated to each common share outstanding at the measurement date. Claims-paying Resources (CPR): CPR is a key measure of the resources available to National and MBIA Corp. to pay claims under their respective insurance policies. CPR consists of total financial resources and reserves calculated on a statutory basis. CPR has been a common measure used by financial guarantee insurance companies to report and compare resources and continues to be used by MBIA’s management to evaluate changes in such resources. The Company has provided CPR to allow investors and analysts to evaluate National and MBIA Corp. using the same measure that MBIA’s management uses to evaluate their resources to pay claims under their respective insurance policies. There is no directly comparable GAAP measure. Combined Operating Income (Loss): The sum of Operating Income (Loss) of the U.S. public finance insurance (National) and corporate segments net of eliminations. See “Operating Income (Loss)” definition. Operating Income (Loss): Operating Income (Loss) is a useful measurement of performance because it measures income from the Company’s core operating segments, unaffected by investment portfolio realized gains and losses, gains and losses on financial instruments at fair value and foreign exchange, and realized gains and losses on extinguishment of debt. Operating Income (Loss) also excludes net income of the Company’s non-core operating segments. The Company’s non-core segments include the activities of its international and structured finance insurance, advisory services and conduit segments. Trends in the underlying profitability of the Company’s businesses can be more clearly identified without the fluctuating effects of the excluded items noted above. Operating Income (Loss) is disclosed on an after-tax basis and adjustments to net income are typically tax-effected at 35% unless a specific adjustment, or component thereof, is not taxable. Operating Income (Loss) as defined by the Company does not include all revenues and expenses required by GAAP. Operating Income (Loss) is not a substitute for and should not be viewed in isolation from GAAP net income. Operating Income (Loss) per share represents that amount of Operating Income (Loss) allocated to each fully diluted weighted-average common share outstanding for the measurement period.


TOKYO and SINGAPORE, Feb. 16, 2017 /PRNewswire/ -- McKay Brothers International (MBI) is now distributing Osaka Securities Exchange market data on its Quincy Extreme Data (QED) service. Select OSE futures are distributed at the SGX data center in Singapore in less than 31.5 milliseconds one-way, the lowest known latency. Private bandwidth at the lowest known latency between the SGX and @Tokyo (CC2) data centers is also available from MBI. "The QED service levels the playing field for the fastest market data," says MBI managing director Francois Tyc. "All subscribers receive QED's best latency and on terms to encourage firms of all sizes to participate." The QED service features short-term subscriptions, discounts for small firms and a single API globally. The select OSE futures data is the company's initial market data offering in Asia. Other Asia-sourced data will be added in 2017. "Asia traders and risk managers can now receive the preeminent OSE equity futures instruments in Singapore over our industry leading microwave technology," notes Tyc. "We look forward to expanding the reach of the QED service to more markets in Asia." The QED service debuted in 2012, distributing select Illinois-sourced futures data to the markets in New Jersey at the lowest known latency. The service extended to Europe in 2014, offering a market data service at the lowest known latency between Illinois and Frankfurt and between London and Frankfurt.  Globally, the QED service offers select market data from twelve exchanges. The company's eighteen points of presence are located at major trading hubs in the Japan, Singapore, France, Germany, Spain, the UK, and the US. McKay Brothers' private bandwidth service offers private microwave bandwidth between Tokyo and Singapore, Illinois and New Jersey, and the UK and continental Europe. The company also offers millimeter wave service between key data centers in the Chicago, New Jersey and the London metro areas. McKay Brothers International, SA is a proven provider of extremely low latency private wireless bandwidth and microwave market data. The Quincy Extreme Data service is an integrated and normalized feed of select market data sourced from financial exchanges globally and is offered in exchange colocation centers around the world. MBI services in Japan are offered through its affiliate, Josada Telecommunications, Inc.


TOKYO and SINGAPORE, Feb. 16, 2017 /PRNewswire/ -- McKay Brothers International (MBI) is now distributing Osaka Securities Exchange market data on its Quincy Extreme Data (QED) service. Select OSE futures are distributed at the SGX data center in Singapore in less than 31.5 milliseconds one-way, the lowest known latency. Private bandwidth at the lowest known latency between the SGX and @Tokyo (CC2) data centers is also available from MBI. "The QED service levels the playing field for the fastest market data," says MBI managing director Francois Tyc. "All subscribers receive QED's best latency and on terms to encourage firms of all sizes to participate." The QED service features short-term subscriptions, discounts for small firms and a single API globally. The select OSE futures data is the company's initial market data offering in Asia. Other Asia-sourced data will be added in 2017. "Asia traders and risk managers can now receive the preeminent OSE equity futures instruments in Singapore over our industry leading microwave technology," notes Tyc. "We look forward to expanding the reach of the QED service to more markets in Asia." The QED service debuted in 2012, distributing select Illinois-sourced futures data to the markets in New Jersey at the lowest known latency. The service extended to Europe in 2014, offering a market data service at the lowest known latency between Illinois and Frankfurt and between London and Frankfurt.  Globally, the QED service offers select market data from twelve exchanges. The company's eighteen points of presence are located at major trading hubs in the Japan, Singapore, France, Germany, Spain, the UK, and the US. McKay Brothers' private bandwidth service offers private microwave bandwidth between Tokyo and Singapore, Illinois and New Jersey, and the UK and continental Europe. The company also offers millimeter wave service between key data centers in the Chicago, New Jersey and the London metro areas. McKay Brothers International, SA is a proven provider of extremely low latency private wireless bandwidth and microwave market data. The Quincy Extreme Data service is an integrated and normalized feed of select market data sourced from financial exchanges globally and is offered in exchange colocation centers around the world. MBI services in Japan are offered through its affiliate, Josada Telecommunications, Inc.


TOKIO en SINGAPORE, 16 februari 2017 /PRNewswire/ -- McKay Brothers International (MBI) distribueert nu marktgegevens van de Osaka Securities Exchange (OSE) op haar Quincy Extreme Data (QED)-service. Geselecteerde futures van OSE worden gedistribueerd op het SGX datacentrum in Singapore in minder dan 31,5 milliseconde in één kant richting, de laagste bekende latentie. MBI levert ook persoonlijke bandbreedte met de laagste bekende latentie tussen de datacentra @Tokyo (CC2) en SGX. "De QED-service zorgt voor een gelijk speelveld voor de snelste marktgegevens," aldus algemeen directeur van MBI Francois Tyc. "Alle abonnees krijgen QED's beste latentie en tegen voorwaarden die het voor ondernemingen van iedere omvang aantrekkelijk maken om deel te nemen." De QED-service bestaat onder meer uit kortetermijnabonnementen, kortingen voor kleine bedrijven en één enkele API wereldwijd. De data over de geselecteerde OSE-futures is MBIʹs initiële aanbieding van marktgegevens in Azië. Andere data van Aziatische oorsprong worden toegevoegd in 2017. Aziatische handelaren en risicomanagers kunnen nu in het bezit komen van de uitstekende OSE-aandelenfutures in Singapore over onze toonaangevende microgolftechnologie," merkt Tyc op. "We kijken ernaar uit het bereik van de QED-service uit te breiden naar meer markten in Azië." De QED-service debuteerde in 2012 met de distributie van geselecteerde data vanuit Illinois naar de markten in New Jersey tegen de laagste bekende latentie. In 2014 breidde de service zich uit naar Europa, met het aanbieden van een marktgegevensdienst met de laagste bekende latentie tussen Illinois en Frankfurt en tussen Londen en Frankfurt. Wereldwijd biedt de QED-service geselecteerde marktgegevens van twaalf handelsbeurzen. Het bedrijf heeft achttien PoPʹs die zijn gevestigd in de belangrijkste handelshubs in Japan, Singapore, Frankrijk, Duitsland, Spanje, het VK en de VS. McKay Brothers' persoonlijke bandbreedte-service levert persoonlijke bandbreedte tussen Tokio en Singapore, Illinois en New Jersey en tussen het VK en het Europese vasteland. Daarnaast biedt het bedrijf millimetergolven-diensten tussen belangrijke datacentra in de grootstedelijke gebieden Chicago, New Jersey en Londen. McKay Brothers International, SA is een gerenommeerde provider van persoonlijke draadloze bandbreedte en microgolf-marktgegevens met een zeer lage latentie. De Quincy Extreme Data-service is een geïntegreerde en genormaliseerde feed van geselecteerde mondiale financiële marktgegevens en wordt aangeboden in beursgerelateerde colocatiecentra over de hele wereld. Diensten van MBI in Japan worden aangeboden door haar dochteronderneming Josada Telecommunications.


TOKIO und SINGAPUR, 16. Februar 2017 /PRNewswire/ -- McKay Brothers International (MBI) vertreibt nun Osaka Securities Exchange Marktdaten über seinen Quincy Extreme Data- (QED-) Dienst. Ausgewählte OSE-Futures werden im SGX-Rechenzentrum in Singapur in weniger als 31,5 Millisekunden einseitig vertrieben. Das entspricht der niedrigsten bekannten Latenz. Private Bandbreite bei der niedrigsten bekannten Latenz zwischen SGX und @Tokyo (CC2) Rechenzentren ist ebenfalls von MBI erhältlich. „Der QED-Dienst ebnet die Spielfelder für die schnellsten Marktdaten", erklärt MBI Managing Director Francois Tyc. „Alle Abonnenten erhalten QEDs beste Latenz und zwar zu bestimmten Konditionen, um Unternehmen aller Größen zur Teilnahme zu ermutigen." Der QED-Dienst bietet kurzfristige Abonnements, Rabatte für Kleinunternehmen und eine einzige API weltweit. Die ausgewählten OSE-Futures-Daten entsprechen dem ursprünglichen Marktdatenangebot des Unternehmens in Asien. Weitere Daten aus Asien werden 2017 hinzugefügt. „Asiatische Händler und Risikomanager können nun die herausragenden Futures-Eigenkapitalinstrumente in Singapur über unsere branchenführende Mikrowellentechnik erhalten", bemerkt Tyc. „Wir freuen uns darauf, die Reichweite des QED-Diensts auf weitere Märkte in Asien auszuweiten." Der QED-Dienst startete 2012 und vertrieb ausgewählte Futures-Daten aus Illinois an die Märkte in New Jersey mit der niedrigsten bekannten Latenz. Der Dienst wurde 2014 auf Europa ausgeweitet und bot einen Marktdatendienst zur niedrigsten bekannten Latenz zwischen Illinois und Frankfurt sowie zwischen London und Frankfurt. Weltweit bietet der QED-Dienst ausgewählte Marktdaten von zwölf Börsen. Die 18 Standorte des Unternehmens befinden sich an zentralen Handelspunkten in Japan, Singapur, Frankreich, Deutschland, Spanien, Großbritannien und den USA. McKay Brothers' privater Bandbreiten-Dienst bietet private Mikrowellenbandbreite zwischen Tokio und Singapur, Illinois und New Jersey sowie Großbritannien und Kontinentaleuropa. Das Unternehmen bietet auch einen Millimeterwellen-Dienst zwischen Hauptrechenzentren in den Ballungsräumen Chicago, New Jersey und London. McKay Brothers International, SA ist ein bewährter Anbieter von privater drahtloser Bandbreite und Mikrowellenmarkt-Daten von extrem geringer Latenz. Der Quincy Extreme Data-Dienst ist ein integrierter und normalisierter Feed von ausgewählten Marktdaten aus dem weltweiten Finanzverkehr und wird in Börsen-Colocation-Zentren auf der ganzen Welt angeboten. MBI-Dienste in Japan werden durch sein Tochterunternehmen Josada Telecommunications, Inc. angeboten.

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