News Article | February 16, 2017
Five students from Juntendo University Faculty of Medicine and one from the Faculty of International Liberal Arts studying to be a medical translator participated in a community health promotion program for families living in Japan with members whose first language is not Japanese. The aim of this program was to give medical doctors and medical translators of the future first hand experience of the challenges faced in health care by people living in Japan whose first language is not Japanese. “This form of international outreach based on medical care is a rare and unusual case to support both parents and their young children,” said Midori Nii of NPO CINGA, who coordinated the event. Furthermore, Naoko Ono, lecturer in intercultural communication in medical communication at the Faculty of International Liberal Arts, Juntendo University, also participated in the event and joined the students to interview families who had applied for health consultation as well as attending the health consultation sessions by Professor Yuko Takeda. Japanese was not the mother tongue of the majority of members of the participating families, they requested health consultations using ‘easy to understand Japanese.’ Through the interviews, the students realized that level of understanding and response of the participants depends on the manner of questioning. Professor Takeda observed that: "The language barrier prevents people from accessing appropriate health care, and could easily affect their health status.” She added that, “this outreach program is very effective in providing students with the opportunity to become aware of how important it is to recognize the wide range of psychosocial backgrounds of people who might be their patients one day. The role of doctors is not only diagnosing medical conditions for proper treatment but also becoming an advocate for their patients and the communities they serve." Hinano Tsuboya, participant and a second year medical student at Juntendo University, said, "I saw people who had health and medical problems as well as lifestyle related issues, due to differences in culture and language barriers; I realized that training to become a doctor is not limited to medical knowledge and technology. When I become a doctor in the future, I would like to be able to conduct medical care based on this experience.” The families also participated in games designed to teach the importance of good nutrition for a healthy life. The children particularly enjoyed collecting seals during the “stamp rally.” Reika Masuda, a second year student who was involved in planning the nutrition classes and who is studying to be a medical interpreter at the Faculty of International Liberal Studies said, "It was great to see active participation of the highly motivated children as well; it was worth all the preparation. As I was unable to answer some of the questions for a mother, and as someone studying to be an interpreter I realized that it is important to investigate and acquire sufficient knowledge beforehand in my field of study, and I think that it is important to directly connect to the other people’s world for a deeper understanding about their lives." This was the first such event even for ‘NPO Machinohiroba’ with the support of a social worker. Kazuko Kaji of NPO Machinohiroba said, "Although we have already conducted interviews with family members in our daily activities, on this occasion we were able to identify children's psychological challenges and health issues because we worked together with experts in medical and social care. In the future, we would like to continue carrying out our activities in collaboration with these specialists.” Further information A television program—NHK World Inside Lens: “Suturing Cultures”—about the approach of Juntendo University Faculty of Medicine to international education is available at the NHK World website below. As an integral part of English language education, students at the Juntendo University the Faculty of Medicine take courses in conducting medical interviews with patients whose mother language is not Japanese for deeper cross-cultural understanding, as is appropriate for medical practitioners. Available on demand at the URL below from 6 February 2017 to 19 February 2017 https://www3.nhk.or.jp/nhkworld/en/vod/lens/ Participants -Juntendo University: Professor Yuko Takeda, Department of Medical Education at the Faculty of Medicine; Naoko Ono, lecturer in intercultural communication in medical communication at the Faculty of International Liberal Arts; five students from the Juntendo University Medical School; and one student from Faculty of International Liberal Arts. -Six staff from NPO ‘Machinohiroba,’ Saitama. -16 parents and their children living in Miyoshi with connections to Asia and South America. -Two social workers affiliated with the “multicultural symbiosis social work committee.” Mission Statement The mission of Juntendo University is to strive for advances in society through education, research, and healthcare, guided by the motto “Jin – I exist as you exist” and the principle of “Fudan Zenshin - Continuously Moving Forward.” The spirit of “Jin,” which is the ideal of all those who gather at Juntendo University, entails being kind and considerate of others. The principle of “Fudan Zenshin” conveys the belief of the founders that education and research activities will only flourish in an environment of free competition. Our academic environment enables us to educate outstanding students to become healthcare professionals patients can believe in, scientists capable of innovative discoveries and inventions, and global citizens ready to serve society. About Juntendo Juntendo was originally founded in 1838 as a Dutch School of Medicine at a time when Western medical education was not yet embedded as a normal part of Japanese society. With the creation of Juntendo, the founders hoped to create a place where people could come together with the shared goal of helping society through the powers of medical education and practices. Their aspirations led to the establishment of Juntendo Hospital, the first private hospital in Japan. Through the years the institution’s experience and perspective as an institution of higher education and a place of clinical practice has enabled Juntendo University to play an integral role in the shaping of Japanese medical education and practices. Along the way the focus of the institution has also expanded, now consisting of four undergraduate programs and three graduate programs, the university specializes in the fields of health and sports science and nursing health care and sciences, as well as medicine. Today, Juntendo University continues to pursue innovative approaches to international level education and research with the goal of applying the results to society.
News Article | December 19, 2016
EnPro Industries, Inc. (NYSE: NPO) today reported that its subsidiaries, Garlock Sealing Technologies LLC (“GST”) and Coltec Industries Inc (“Coltec”), have obtained the asbestos claimant votes necessary for approval of the consensual joint plan of reorganization to resolve all current and future asbestos claims. The joint plan of reorganization was filed in GST’s asbestos claims resolution process under Chapter 11 of the Bankruptcy Code pending in the U.S. Bankruptcy Court for the Western District of North Carolina (the “Bankruptcy Court”). The solicitation process for this approval was completed on December 9, 2016. The joint plan of reorganization requires approval by a vote of asbestos claimants by 75% or more in number and at least two-thirds (2/3) in dollar amount that were actually voted. The balloting agent tabulating the votes of asbestos claimants today filed a declaration with the Bankruptcy Court certifying that the percentages cast in favor of the joint plan significantly exceeded each of these thresholds. The balloting agent has certified that, of the votes cast, 95.85% in number and 95.80% in amount were in favor of approval of the joint plan. The restructuring of Coltec, to facilitate the implementation of the settlement reflected in the joint plan and which was contingent upon approval of the joint plan by asbestos claimants, remains on target to be completed by year end. As contemplated by the joint plan, the restructured Coltec (referred to as “OldCo”), which will retain responsibility for all asbestos claims against Coltec and rights to certain insurance assets, intends to file a pre-packaged Chapter 11 bankruptcy petition at the end of January 2017. EnPro anticipates that Coltec’s bankruptcy case will be administered with GST’s pending Chapter 11 proceedings. The deadline for filing objections to the joint plan in GST’s pending Chapter 11 proceeding was December 9, 2016. While no asbestos claimant or creditor filed any objection to the joint plan, objections were filed by the appointed bankruptcy administrator and by three insurers. The technical objection filed by the bankruptcy administrator, which is a non-judicial, federal appointee that is involved in cases from a perspective independent of an interested party, concerns the scope of the joint plan’s “exculpatory” provisions that would extend limited protection to the debtors in the case, their affiliates, committees appointed in the case, the future claimants’ representative and their respective professional advisors from liability for ancillary claims related to their actions or failure to act in connection with the case. The objections of the three insurers primarily concern the impact of the joint plan on insurance policies and related contracts to which they are parties. The deadline for the filing of objections to the joint plan in OldCo’s anticipated Chapter 11 proceeding is expected to be March 24, 2017. The hearing on objections to the joint plan and to determine whether the Bankruptcy Court will confirm the joint plan will commence on May 15, 2017. Steve Macadam, EnPro’s President and Chief Executive Officer, said, “This vote is an important milestone in our effort to permanently resolve these asbestos claims. Although objections have been filed by the bankruptcy administrator and several insurers, we believe these objections, which we generally anticipated, will not materially delay approval of the joint plan of reorganization or require any material changes to the plan. Accordingly, we continue to anticipate receiving all necessary court approvals for confirmation of the plan, with the target that GST and OldCo will emerge from bankruptcy during the third quarter of 2017.” The joint plan of reorganization was proposed pursuant to a comprehensive settlement, announced on March 17, 2016, with the court-appointed committee representing current asbestos claimants and the court-appointed legal representative of future asbestos claimants in GST’s asbestos claims resolution process pending in the Bankruptcy Court, as well as with ad-hoc representatives for current and future asbestos claimants against Coltec. In addition to the approval of asbestos claimants, the joint plan is subject to approval by the Bankruptcy Court and the U.S. District Court for the Western District of North Carolina (the “District Court”) and, if so approved and consummated, would permanently resolve all current and future asbestos claims against GST and Coltec and would protect all of EnPro and its subsidiaries from those claims, under Section 524(g) of the U.S. Bankruptcy Code. Statements in this press release that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They involve a number of risks and uncertainties that may cause actual events and results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: the risk that the joint plan may not obtain necessary approval by the Bankruptcy Court or the District Court, uncertainties related to pending and potential future objections to the joint plan, including with any changes to the joint plan implemented in the resolutions of such objections, the actions and decisions of creditors, insurers and other third parties that have an interest in the bankruptcy proceedings, the terms and conditions of any reorganization plan that is ultimately approved by the Bankruptcy Court, including with any changes to the joint plan implemented in the resolutions of objections, delays in the confirmation or consummation of the joint plan, risks with respect to the receipt of consents necessary to effect the corporate restructuring of Coltec and the timing of the completion of the restructuring, the occurrence of events that could delay the commencement of OldCo’s anticipated Chapter 11 proceeding, and risks and uncertainties affecting the ability to fund anticipated contributions under the joint plan as a result of adverse changes in results of operations, financial condition and capital resources, including as a result of economic factors beyond EnPro’s control. EnPro’s filings with the Securities and Exchange Commission, including the Form 10-K for the year ended December 31, 2015 and Form 10-Q for the period ended March 31, 2016, describe other risks and uncertainties. Except as may be required by law or as expressly undertaken in this press release, EnPro does not undertake to update any forward-looking statement made in this press release to reflect any change in management's expectations or any change in the assumptions or circumstances on which such statements are based. EnPro Industries, Inc. is a leader in sealing products, metal polymer and filament wound bearings, components and service for reciprocating compressors, diesel and dual-fuel engines and other engineered products for use in critical applications by industries worldwide. For more information about EnPro, visit the company’s website at http://www.enproindustries.com.
News Article | February 15, 2017
CHARLOTTE, N.C.--(BUSINESS WIRE)--EnPro Industries, Inc. (NYSE: NPO) today announced its financial results for the three and twelve month periods ended December 31, 2016. Consolidated and Pro Forma Financial Highlights (Amounts in millions except per share data and percentages) 1 Consolidated results for the fourth quarters and full years of 2016 and 2015 reflect the deconsolidation of Garlock Sealing Technologies LLC (GST) and its subsidiaries, effective June 5, 2010, when GST filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code to begin a process (the Asbestos Claims Resolutions Process, or ACRP) in pursuit of an efficient and permanent resolution to all current and future asbestos claims against it. 2 See attached schedules for adjustments and reconciliations to GAAP numbers. 3 Pro forma financial information in these tables and throughout this press release is presented as if GST were reconsolidated with EnPro based on confirmation and consummation of the joint plan of reorganization filed pursuant to the comprehensive settlement announced on March 17, 2016. See attached unaudited condensed consolidated pro forma statements of operations. “Despite the market headwinds that continue to be quite challenging, I am very much energized about EnPro’s future,” said Steve Macadam, EnPro Industries’ President and CEO. “Over the past year, we have taken a variety of actions to resolve our asbestos burden, strengthen our core business and create new growth opportunities. In the fourth quarter, we completed several major milestones in our plan to finalize the ACRP, and we remain on track for the confirmation and ultimate consummation of the joint plan of reorganization filed pursuant to the consensual comprehensive settlement announced on March 17, 2016. Assuming receipt of necessary court approvals, we expect consummation and the reconsolidation of GST into EnPro to occur in the third quarter of this year. Our efforts to reduce costs and exit underperforming businesses have resulted in a leaner and more agile organization, and our ongoing investments in innovation are showing promise in many of our businesses. Power Systems’ sales focus has resulted in a series of program wins, including the U.S. Navy’s Tanker Oiler program, the U.S. Coast Guard’s Offshore Patrol Cutter, the U.S. Navy’s LHA-8 Amphibious Assault Ship and South Florida Water Management District’s engine diesel to dual fuel conversion program. We also remain committed to disciplined growth through acquisitions, as evidenced by Garlock’s acquisition of Rubber Fab in the second quarter of 2016, which is proving to be an excellent fit with our food and pharma strategy. I believe that all of these activities are driving shareholder value despite the market conditions, and I am looking forward to additional benefits when our primary markets begin to recover.” Mr. Macadam continued, “We remain committed to our strategy to create shareholder value through earnings growth and balanced capital allocation, including disciplined investments for organic growth and innovation, strategic bolt-on acquisitions, and returning capital to shareholders through dividends and share repurchases. We continued to execute on this strategy in the fourth quarter through our cost reduction activities, R&D investments in Power Systems and Sealing Products, integration of our recent Rubber Fab acquisition, a $3.9 million repurchase of shares and a $0.21 per share dividend.” The quarterly sales decline was driven primarily by weak demand across many markets, including oil & gas, nuclear, gas turbine equipment, heavy-duty trucking, and general industrial. A planned exit from unprofitable customers in the heavy-duty trucking air springs product line, and restructuring activities over the past year in the Engineered Products segment, further contributed to the decline. Semiconductor and food & pharma sales continued to be strong, although the associated sales growth was more than offset by the declines in the other markets. Acquisitions contributed 1.4% sales growth on a consolidated basis and 1.3% sales growth on a pro forma basis while foreign exchange had a negative impact of 1.0% on both a consolidated and pro forma basis. GST, which is the deconsolidated entity included in the pro forma results, was impacted by weak demand in the refining, steel and mining markets. Segment profit in the fourth quarter was down year-over-year as a result of weaker demand across nearly all markets other than semiconductor and food & pharma and a $5.9 million charge related to the EDF engine contract, partially offset by both cost reduction initiatives and contributions from acquisitions. The EDF charge was primarily driven by strengthening of the U.S. Dollar relative to the Euro. Excluding the impact of acquisition results, restructuring, foreign exchange translation and the impact of reflecting the total projected loss on the long-term EDF contract in proportion to the percentage of completion of the contract, as is the accounting practice for positive gross margin long-term contracts, consolidated segment profit was 29.3% lower and pro forma segment profit was 26.9% lower compared to the fourth quarter of 2015. Focused actions to improve profitability through manufacturing labor efficiencies, supply chain initiatives, savings from the company-wide cost reduction effort, and savings from the restructurings in the Engineered Products and Sealing Products segments launched in late 2015 limited the impact of strong market headwinds. The organization-wide cost reduction plan announced at the end of the second quarter was completed during the fourth quarter. The plan is expected to reduce the company’s annualized first half of the year run-rate operating costs by approximately $18 million on a consolidated basis and $20 million on a pro forma basis, including savings from deconsolidated GST. Excluding restructuring costs, the SG&A cost acquired with Rubber Fab and a $0.5 million positive net impact related to unusual items, SG&A in the fourth quarter was $5.4 million lower on a consolidated basis and $6.3 million lower on a pro forma basis versus the same period of 2015. This improvement was due to the company-wide cost reduction effort and the previously announced restructuring in the Sealing Products and Engineered Products segments completed in the past year. Restructuring charges for the quarter were $4.2 million on a consolidated basis and $4.5 million on a pro forma basis. For the full year, restructuring charges were $13.4 million on a consolidated basis and $14.1 million on a pro forma basis. The company’s average diluted share count in the fourth quarter of 2016 decreased by 0.8 million shares to 21.4 million shares, down 3.6% from the same period a year ago. If the company had generated positive net income, then 0.3 million shares related to stock compensation would have been additionally dilutive, thus resulting in a comparable year-over-year average diluted share count reduction of 0.5 million shares, or 2.3%. The decrease in the fourth quarter was driven by share repurchases in connection with the $50 million repurchase program authorized in October 2015. The cost of the shares repurchased in the fourth quarter was $3.9 million. Through the end of the fourth quarter, 727,157 shares were purchased under this program for a total investment of $35.7 million. Corporate expenses were $8.1 million in the fourth quarter and $8.7 million in the same period last year. The year-over-year decrease was driven primarily by employee costs, which were $0.5 million lower in the current quarter versus the same period last year, as a result of headcount reductions implemented earlier in the year. Restructuring costs of $2.2 million in the current quarter were offset by a reduction in incentive compensation of $2.3 million. “Demand in nearly all of our markets continued to be soft in the fourth quarter, with semiconductor and food & pharma once again being notable exceptions. Aside from those markets, the macroeconomic drivers that affect our businesses continue to suggest sluggish demand or a weak recovery over the next year. Our pace of growth could improve if our primary markets strengthen as the year progresses. We are managing costs consistent with a low growth economy, which we believe to be prudent given our experience over the last two years,” said Mr. Macadam. To aid comparisons of year-over-year data, the company has included information in this press release showing key operating measures for EnPro and GST on a pro forma reconsolidated basis. These measures are derived from tables attached to this press release that illustrate, on a pro forma basis, total financial results for the fourth quarters and full years of 2016 and 2015 as if GST were reconsolidated with EnPro based on confirmation and consummation of the joint plan of reorganization filed pursuant to the consensual comprehensive settlement announced on March 17, 2016. The narrative preceding those tables includes an important discussion of the risks and uncertainties applicable to confirmation and consummation of the joint plan of reorganization. In response to requests from investors, we are providing the pro forma financial information in this release as supplemental information as it reflects the performance of all of our subsidiaries. EnPro will hold a conference call tomorrow, February 16, at 10:00 a.m. Eastern Time to discuss fourth quarter and year end 2016 results. Investors who wish to participate in the call should dial 1-800-851-4704 approximately 10 minutes before the call begins and provide conference ID number 53479820. A live audio webcast of the call and accompanying slide presentation will be accessible from the company’s website, http://www.enproindustries.com. To access the presentation, log on to the webcast by clicking the link on the company’s home page. This press release contains financial measures that have not been prepared in accordance with GAAP. They include adjusted net income, adjusted diluted earnings per share, pro forma adjusted net income, adjusted EBITDA, pro forma adjusted EBITDA, adjusted EBITDA margin and pro forma adjusted EBITDA margin, as well as segment adjusted EBITDA, segment adjusted EBITDA margin, pro forma segment adjusted EBITDA and pro forma segment adjusted EBITDA margin. Tables showing the effect of these non-GAAP financial measures for the fourth quarters and full years of 2016 and 2015 are attached to the release. Statements in this press release that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They involve a number of risks and uncertainties that may cause actual events and results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: general economic conditions in the markets served by our businesses, some of which are cyclical and experience periodic downturns; prices and availability of raw materials; and the amount of any payments required to satisfy contingent liabilities related to discontinued operations of our predecessors, including liabilities for certain products, environmental matters, employee benefit obligations and other matters. In addition, there are risks and uncertainties that may affect matters involving the voluntary petitions filed by certain of our subsidiaries in U.S. Bankruptcy Court to establish a trust that would resolve all current and future asbestos claims, which risks and uncertainties include, but are not limited to the risk that the joint plan of reorganization may not obtain necessary court approval, uncertainties related to pending and potential future objections to the joint plan, including any changes implemented in the resolutions of such objections, the actions and decisions of creditors, insurers and other third parties that have an interest in the bankruptcy proceedings, the terms and conditions of any reorganization plan that is ultimately approved by the Bankruptcy Court, including any changes implemented in the resolutions of objections, delays in the confirmation or consummation of the joint plan, and risks and uncertainties affecting the ability to fund anticipated contributions under the joint plan as a result of adverse changes in results of operations, financial condition and capital resources, including as a result of economic factors beyond EnPro’s control. Our filings with the Securities and Exchange Commission, including the Form 10-K for the year ended December 31, 2015 and our Form 10-Q for the quarter ended March 31, 2016, describe these and other risks and uncertainties in more detail. We do not undertake to update any forward-looking statement made in this press release to reflect any change in management's expectations or any change in the assumptions or circumstances on which such statements are based. EnPro Industries, Inc. is a leader in sealing products, metal polymer and filament wound bearings, components and service for reciprocating compressors, diesel and dual-fuel engines and other engineered products for use in critical applications by industries worldwide. For more information about EnPro, visit the company’s website at http://www.enproindustries.com. The historical business operations of Garlock Sealing Technologies LLC (“GST LLC”) and The Anchor Packing Company (“Anchor”) resulted in a substantial volume of asbestos litigation in which plaintiffs alleged personal injury or death as a result of exposure to asbestos fibers. Those subsidiaries manufactured and/or sold industrial sealing products, predominately gaskets and packing, that contained encapsulated asbestos fibers. Anchor is an inactive and insolvent indirect subsidiary of EnPro. EnPro’s subsidiaries’ exposure to asbestos litigation and their relationships with insurance carriers have been managed through another subsidiary, Garrison Litigation Management Group, Ltd. (“Garrison”). GST LLC, Anchor and Garrison are collectively referred to as “GST.” On June 5, 2010 (the “Petition Date”), GST filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Western District of North Carolina in Charlotte (the “Bankruptcy Court”). The filings were the initial step in an asbestos claims resolution process, which is ongoing. The financial results of GST and its subsidiaries are included in our consolidated results through June 4, 2010, the day prior to the Petition Date. However, U.S. generally accepted accounting principles require an entity that files for protection under the U.S. Bankruptcy Code, whether solvent or insolvent, whose financial statements were previously consolidated with those of its parent, as GST’s and its subsidiaries’ were with EnPro’s, generally must be prospectively deconsolidated from the parent and the investment accounted for using the cost method. Accordingly, the financial results of GST and its subsidiaries are not included in EnPro’s consolidated results after June 4, 2010. On March 17, 2016, EnPro announced that it had reached a comprehensive settlement to resolve current and future asbestos claims. The settlement was reached with the court-appointed committee representing current asbestos claimants (the “GST Committee”) and the court-appointed legal representative of future asbestos claimants (the “GST FCR”) in GST’s Chapter 11 case pending before the Bankruptcy Court. Representatives for current and future asbestos claimants (the “Coltec Representatives”) against Coltec Industries Inc (“Coltec”) (another subsidiary of EnPro and, at that time, GST’s direct parent) also joined in the settlement. The terms of the settlement are set forth in the Term Sheet for Permanent Resolution of All Present and Future GST Asbestos Claims and Coltec Asbestos Claims dated March 17, 2016 among EnPro, Coltec, GST, the GST Committee, the GST FCR and the Coltec Representatives included as Exhibit 99.2 to EnPro’s Form 8-K filed on March 18, 2016. Under the settlement, the GST Committee, the GST FCR and the Coltec Representatives agreed to join GST and Coltec in proposing a joint plan of reorganization that incorporates the settlement and to ask asbestos claimants and the court to approve the plan. The joint plan of reorganization was filed with the Bankruptcy Court on May 20, 2016 and technical amendments to the joint plan of reorganization were filed with the Bankruptcy Court on June 21, 2016, July 29, 2016 and December 2, 2016. The joint plan of reorganization supersedes all prior plans of reorganization filed by GST with the Bankruptcy Court. The joint plan of reorganization was subject to approval by a vote in favor of the plan by asbestos claimants. The solicitation process to obtain approval of the asbestos claimants was completed successfully on December 9, 2016, with 95.85% in number and 95.80% in amount of claims held by asbestos claimants casting valid ballots voting in favor of approval of the joint plan of reorganization. The joint plan of reorganization remains subject to approval by the Bankruptcy Court and the U.S. District Court for the Western District of North Carolina (the “District Court”) and, if so approved and consummated, would permanently resolve all current and future asbestos claims against GST and Coltec/OldCo, and would protect all of EnPro and its subsidiaries from those claims, under Section 524(g) of the U.S. Bankruptcy Code. The hearing on objections to the joint plan of reorganization and to determine whether the Bankruptcy Court will confirm the joint plan of reorganization is scheduled to commence on May 15, 2017. As contemplated by the comprehensive settlement, following the approval of the joint plan of reorganization by asbestos claimants, Coltec engaged in a series of corporate restructuring transactions in which all of its significant operating assets and subsidiaries, which included each of EnPro’s major business units, were distributed to a new direct EnPro subsidiary (“EnPro Holdings”). OldCo, as the successor by merger to Coltec in those transactions, retained responsibility for all asbestos claims and rights to certain insurance assets. The restructuring was completed on December 31, 2016 and, as contemplated by the joint plan of reorganization and the comprehensive settlement, OldCo filed a pre-packaged Chapter 11 bankruptcy petition with the Bankruptcy Court on January 30, 2017. The joint plan of reorganization provides for the establishment of a trust (the “Trust”) to be fully funded within a year of consummation of the joint plan of reorganization. The Trust is to be funded with aggregate cash contributions by GST LLC and Garrison of $370 million made at the effective date of the joint plan of reorganization and by the contribution made by OldCo at the effective date of the joint plan of reorganization of $30 million in cash and an option, exercisable one-year after the effective date of the joint plan of reorganization, permitting the Trust to purchase for $1 shares of EnPro common stock having a value of $20 million and the obligation of OldCo to make a deferred contribution of $60 million in cash no later than one year after the effective date of the joint plan of reorganization. This deferred contribution is to be guaranteed by EnPro and secured by a pledge of 50.1% of the outstanding voting equity interests of GST LLC and Garrison. Under the joint plan of reorganization, the Trust will assume responsibility for all present and future asbestos claims arising from the conduct, operations or products of GST or Coltec/OldCo. Under the joint plan of reorganization, all non-asbestos creditors will be paid in full and EnPro will retain ownership of OldCo, GST LLC and Garrison. The consensual settlement includes as a condition to EnPro’s obligations to proceed with the settlement that EnPro, Coltec, GST LLC and Garlock of Canada Ltd (an indirect subsidiary of GST LLC) enter into a written agreement, to be consummated concurrently with the effective date of consummation of the joint plan of reorganization, with the Canadian provincial workers’ compensation boards (the “Provincial Boards”) resolving remedies the Provincial Boards may possess against Garlock of Canada Ltd, GST, Coltec or any of their affiliates, including releases and covenants not to sue, for any present or future asbestos-related claim, and that the agreement is either approved by the Bankruptcy Court following notice to interested parties or the Bankruptcy Court concludes that its approval is not required. On November 11, 2016, EnPro and such subsidiaries entered into such an agreement (the “Canadian Settlement”) with the Provincial Boards to resolve current and future claims against EnPro, GST, Garrison, Coltec, and Garlock of Canada Ltd. for recovery of a portion of amounts the Provincial Boards have paid and will pay in the future under asbestos-injury recovery statutes in Canada for claims relating to asbestos-containing products. The Canadian Settlement provides for an aggregate cash settlement payment to the Provincial Boards of $(U.S.) 20 million, payable on the fourth anniversary of the effective date of the joint plan of reorganization. Under the Canadian Settlement, after the effective date of the joint plan of reorganization, the Provincial Boards will have the option of accelerating the payment, in which case the amount payable would be discounted from the fourth anniversary of the effective date of the joint plan of reorganization to the payment date at a discount rate of 4.5% per annum. On February 3, 2017, the Bankruptcy Court issued an order approving the Canadian Settlement. If the joint plan of reorganization is approved by the Bankruptcy Court and the District Court and is consummated, GST will be reconsolidated with EnPro’s results for financial reporting purposes. EnPro cannot assure you that necessary approvals of the joint plan of reorganization will be obtained and that the joint plan of reorganization will be consummated. Confirmation and consummation of the joint plan of reorganization are subject to a number of risks and uncertainties, certain of which are summarized above in the paragraph following the caption, “Forward-Looking Statements.” EnPro is providing the unaudited pro forma condensed consolidated financial information which assumes, with respect to GST, the confirmation and consummation of the joint plan of reorganization for illustrative purposes only, in light of specific requests for such pro forma information by investors. The unaudited pro forma condensed consolidated financial information presented below has been prepared to illustrate the effects of the reconsolidation of GST and its subsidiaries with EnPro assuming the confirmation and consummation of the joint plan of reorganization and the consummation of the Canadian Settlement and is based upon the historical balance sheet of EnPro as of December 31, 2016, the estimated fair value of assets and liabilities of GST as of December 31, 2016 and the historical results of GST operations after consideration of the adjustments to the fair value of assets and liabilities. The unaudited pro forma condensed consolidated balance sheet as of December 31, 2016 gives effect to the reconsolidation as if it occurred on December 31, 2016. The unaudited pro forma condensed consolidated statements of operations for the years ended December 31, 2016 and 2015 give effect to the reconsolidation as if it had occurred on January 1, 2015. Under generally accepted accounting principles, the reconsolidation of GST requires that the tangible and intangible assets and liabilities of GST be reflected at their estimated fair values. The preliminary fair value amounts used in the unaudited pro forma condensed consolidated financial information reflects management’s best estimates of fair value. Upon completion of detailed valuation studies and the final determination of fair value, EnPro may make additional adjustments to the fair value allocation, which may differ significantly from the valuations set forth in the unaudited pro forma condensed consolidated financial information. The unaudited pro forma condensed consolidated statements of operations are based on estimates and assumptions, which have been made solely for the purposes of developing such pro forma information. The unaudited pro forma condensed consolidated statements of operations also include certain adjustments such as increased depreciation and amortization expense on tangible and intangible assets, increased interest expense on the debt incurred to complete the reconsolidation as well as the tax impacts related to these adjustments. The pro forma adjustments are based upon available information and certain assumptions that EnPro believes are reasonable. The unaudited pro forma condensed consolidated financial information has been presented for information purposes only and is not necessarily indicative of what the consolidated company’s financial position or results of operations actually would have been had the reconsolidation been completed as of the dates indicated, nor is it necessarily indicative of the future operating results or financial position of the consolidated company. Therefore, the actual amounts recorded at the date the reconsolidation occurs may differ from the information presented herein.
News Article | December 19, 2016
The jury for the 2016 Zayed Future Energy Prize has selected the winners for the international renewable energy and sustainability awards, which will be formally announced at the awards ceremony on January 16th, 2017 during Abu Dhabi Sustainability Week. The Zayed Future Energy Prize awards are in five categories, which are Large Corporation, Small and Medium Enterprise (SME), Non-Profit Organisation (NPO), Global High Schools, and a Lifetime Achievement Award, and the winners of this year’s awards were selected from among 30 finalists. For the Global High Schools category, one school from each of the regions of the Americas, Africa, Europe, and Oceania are selected, for a total of 9 awards for the Prize. “For nine years, the Zayed Future Energy Prize has been an influential platform for the much-needed action to resolve sustainability challenges facing our planet. Through the Zayed Future Energy Prize, the UAE has issued a call to action on a global scale. Today, we see that call has been answered by true industry pioneers, innovators and young people that are forging a path to sustainable prosperity.” – Ólafur Ragnar Grímsson, Chair of the Zayed Future Energy Prize Jury and Former President of the Republic of Iceland Although no finalist details were released for the Large Corporation and Lifetime Achievement Award categories, the finalists for the SME category were named as 1366 Technologies, sonnen, and 24M. 1366 Technologies is a silicon wafer manufacturer for the solar industry, and both sonnen and 24M are energy storage companies. For the NPO category, the finalists are Solar Sister, We Care Solar, and Practical Action. Practical Action “uses technology to challenge poverty in developing countries,” Solar Sister “eradicates energy poverty by empowering women with economic opportunity,” and We Care Solar promotes safe childbirth in developing countries with its Solar Suitcase devices. In the Global High Schools category, the finalists are: The Zayed Future Energy Prize awards a total of $4 million, with $1.5 million each going to the winners of the SME and NPO categories, $500,000 going to the Lifetime Achievement Award winner, and each of the five Global High Schools winners receiving $100,000. The Large Corporation award has no monetary value, and is a recognition award only. The fund comes from the government of Abu Dhabi as an honoring of the legacy of the late Sheikh Zayed bin Sultan Al Nahyan, founding father of the United Arab Emirates, and is managed by Masdar. “Our wise leadership established the Zayed Future Energy Prize to be a springboard for partnerships and innovations that will help solve global energy and sustainability challenges. Today, this mission has positively impacted the lives of more than 200 million people worldwide through an international community of prize-winners.” – His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of State and Director General of the Zayed Future Energy Prize The jury for the Prize is chaired by Ólafur Ragnar Grímsson, vice-chaired by former PM of the Republic of Korea Dr. Han Seung-Soo, and includes His Excellency Felipe Calderón, former President of Mexico; Her Excellency Dr. Amal Al Qubaisi, President of the Federal National Council; Adnan Z. Amin, Director General of the International Renewable Energy Agency; Kathy Calvin, President and CEO of the UN Foundation; His Excellency Ahmed Ali Al Sayegh, Chairman of Global Marketplace, Abu Dhabi; Ratan Tata GBE, Chairman of Tata Trusts; and Sir Richard Branson, Founder of Virgin Group. More information can be found at the Zayed Future Energy Prize website. Buy a cool T-shirt or mug in the CleanTechnica store! Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech daily newsletter or weekly newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.
News Article | November 16, 2016
IWAKI, FUKUSHIMA, Japan, Nov. 16, 2016 (GLOBE NEWSWIRE) -- HealtheeOne Inc. is incorporated in Iwaki-city, Fukushima, Japan, and aims to develop and deliver, in and out of Japan, products and services in the TMT (Technology, Media & Telecommunications) and Healthcare combined fields. The company announces today that this Fukushima TMT x Healthcare startup received a subsidy from the Iwaki-city municipal government in Fukushima, and that, as a seed round, HealtheeOne has raised US$0.8 million by issuing shares to business partners and by receiving a subordinated loan from Japan Finance Corporation, a national government-backed financial institution. HealtheeOne currently has around 20 team members in and out of Japan, and is developing a brand-new business assistance service for clinics, targeted to be released and announced by the end of 2016. The company intends to use this US$0.8M in funds to enhance and accelerate team development for product engineering, sales & marketing, and customer services. About HealtheeOne The value proposition of HealtheeOne is to enable local communities to enjoy access to proper and compassionate healthcare. Our core technologies, together with our operations and services, for instance, can contribute to reducing the stress and burden of daily paperwork for front-line care workers and can also assist operators to increase patients’ and family members’ satisfaction. We intend to release the first product by the end of 2016. Also, as a startup founded in Fukushima, HealtheeOne tries to play a key role for the area’s industrial revitalization and development in the TMT and healthcare fields. “I am truly pleased to see the new start-up, HealtheeOne, reducing the daily burden for busy front-line healthcare workers and, as a result, contributing great value to the entire care cycle for patients and their families. I am sure that, based in Iwaki, Fukushima, HealtheeOne will develop innovative medical care models in the near future.” — Yuji Yamamoto Founder & CEO at MinaCare Co., Ltd. Researcher at Sony Computer Science Laboratories, Inc.; MD, Ph.D. from University of Tokyo MBA from Harvard Business School “HealtheeOne is one of the most promising entrepreneurial ventures Iwaki-city Municipal Government proactively supports. We greatly expect that HealtheeOne’s projects and businesses will lead to solving social issues Iwaki-city faces such as its fast-aging population and the quite low number of medical doctors and nurses per capita, and that this visionary and socially-conscious start-up will develop and grow rapidly from Iwaki.” — Hiroshi Arakawa Director General at Industry Development Dept., Iwaki-city Municipal Government in Fukushima, Japan, on loan from Ministry of Economy, Trade and Industry, Japan “Japan Finance Corporation decided to support HealtheeOne by providing a subordinated loan to this startup whose projects practically advance solutions to medical care problems in aging societies and accelerate industry development in the bay area of Fukushima, which have been affected by the tsunami and by the accident at the nuclear power plant in 2011. We are looking forward to HealtheeOne’s further growth.” — Makoto Ito Chief, Tohoku Business Start-up Support Center, at Japan Finance Corporation “We are pleased to announce this successful US$0.8M Seed Round from our business partners. Healthcare is necessary and should be always accessible for everyone, which I had felt as a family member of a terminal home care patient in 2009. However, in order to secure accessibility and a certain level of care services, front-line care workers must devote themselves around-the-clock. We believe that our technology, service and intelligence will minimize non-core activities of care/medical workers and maximize the satisfaction of patients and their family members. Furthermore, as a TMT x Healthcare startup in Iwaki-city of Fukushima, about a 2-hour train ride from Tokyo, we are aiming to be a role model, choosing Fukushima for the incorporation place instead of Delaware.” — Masakazu Koyanagi Founder & CEO at HealtheeOne Inc. Born in Fukushima in 1976, “Koya” has developed his professional career in TMT industries as a corporate entrepreneur at Itochu Corporation in Tokyo, as Director of Product, Risk & Insurance Management at Asurion Japan K.K., a company for mobile phone insurance services and as a founding member and the Vice President of Corporate Development at Midokura, a network virtualization software startup in Switzerland. He’s also engaged in non-profit organizations as a founding member of Paris team at Greenbird, a Japanese NPO for clean activities in towns and streets. His passion to devote himself to the healthcare field comes from his personal experiences of Tokyo-Fukushima roundtrips every weekend in 2009 in order for his father’s terminal care at home in Iwaki-city, Fukushima. Koya received Bachelor of Engineering (Electrical Engineering) from Keio University, Japan and holds MBA from HEC Paris School of Management, France.
News Article | November 16, 2016
· Ericsson signs second run feature film deal for its subscription video on demand service, Nuvu · Titles include a raft of 20th Century Fox feature films along with an extensive selection of global film franchises · Exclusive second pay output deal covers territories across sub-Saharan Africa and multiple languages Ericsson (NASDAQ: ERIC) today announced an exclusive, multi-year feature film deal with leading international content distributor, 20th Century Fox Television Distribution, for its subscription video on demand (VOD) service, Nuvu. The output deal includes 20th Century Fox-produced titles along with an extensive selection of global film franchises for territories across sub-Saharan Africa in multiple language. Titles include The Maze Runner, The Devil Wears Prada, Rio 2, Dawn of the Planet of the Apes, The Fault in Our Stars, The Monuments Men, and Kingsman: The Secret Service, as well as film franchises such as Die Hard and X-Men. Thorsten Sauer, Head of Broadcast and Media Services, Ericsson, says: "This feature film content deal with 20th Century Fox Television Distribution is a major milestone for Ericsson as we look to expand our new SVOD service, Nuvu. Through this partnership, Nuvu subscribers will have access to some of Hollywood's hottest films as part of their package, localized on a market-by-market basis. Working hand in hand with some of Africa's leading mobile phone operators, we believe Nuvu can offer a truly unique content and technology solution that meets the demands of consumers across sub-Saharan Africa." Nuvu is a complete end-to-end subscription VOD service developed by Ericsson for mobile operators in emerging markets, which spans both the technology platform and the content licensing. It leverages the company's extensive over-the top capabilities based on Ericsson Managed Player and components of Ericsson MediaFirst TV Platform, Ericsson's highly scalable modular technology platforms used by broadcasters and telco service providers to distribute video content efficiently to connected devices. For a monthly fee, subscribers have unlimited access to an initial 3,000 local and international premium titles across a wide variety of genres including Hollywood and Nollywood movies, TV series, kids, music, gospel and education. The built-in ability to distribute content to consumers during off-peak periods is a core feature of the service. This minimizes data costs for both operator and consumer, addressing the key cost challenge that has so far been an obstacle for VOD uptake in Africa. The platform also integrates fully into the operator's customer relationship management and payment systems. Ericsson is one of the leading global providers of broadcast and media services, and has worked with some of the world's most well-known broadcasters, platforms and content producers, including BBC, Channel 4, Channel 5, BT Sport, ITV, 20th Century Fox, Liberty Global, NPO, Canal+, NOS, Bonnier Group, Sky, HBO, TV5 Monde and France 24. A unit of 21st Century Fox, Twentieth Century Fox Television Distribution is a global leader in the distribution of award-winning motion pictures, television programming and entertainment content across Pay TV, broadcast television and SVOD. Twentieth Century Fox Television Distribution connects audiences around the world with premium content from the production divisions of Twentieth Century Fox Films, Twentieth Century Fox Television and FX, as well as other 21st Century Fox companies. For media kits, backgrounders and high-resolution photos, please visit www.ericsson.com/press Ericsson is the driving force behind the Networked Society - a world leader in communications technology and services. Our long-term relationships with every major telecom operator in the world allow people, business and society to fulfill their potential and create a more sustainable future. Our services, software and infrastructure - especially in mobility, broadband and the cloud - are enabling the telecom industry and other sectors to do better business, increase efficiency, improve the user experience and capture new opportunities. With approximately 115,000 professionals and customers in 180 countries, we combine global scale with technology and services leadership. We support networks that connect more than 2.5 billion subscribers. Forty percent of the world's mobile traffic is carried over Ericsson networks. And our investments in research and development ensure that our solutions - and our customers - stay in front. Founded in 1876, Ericsson has its headquarters in Stockholm, Sweden. Net sales in 2015 were SEK 246.9 billion (USD 29.4 billion). Ericsson is listed on NASDAQ OMX stock exchange in Stockholm and the NASDAQ in New York. FOR FURTHER INFORMATION, PLEASE CONTACT
News Article | March 1, 2017
Aiming to Promote Healthy Japanese Food while Providing School Meals to Children in Need TABLE FOR TWO USA (TFT), a 501(c)(3) non-profit organization, announced a new partnership with TOKYO CENTRAL (a California retail business that started in 2015 with a mission of providing essential elements of Japanese culture to Americans) to promote healthy Japanese food while providing healthy school meals to children in need: 1) Change the World with Onigiri (rice balls) e-commerce website Customers will find a TFT page (http://www.tokyocentral.com/c-389-table-for-two.aspx) on TOKYO CENTRAL's e-commerce website. For each online purchase of the designated TFT related items, TOKYO CENTRAL donates 3% of the proceeds to help TFT’s mission of providing healthy school meals to children in need in East Africa and your local community. Every month customers can see their impact from TOKYO CENTRAL which will announce the total number of meals that have been provided. The first items to be designated as TFT items are the simple Japanese healthy snack - ONIGIRI (rice balls). TOKYO CENTRAL customers new to Japanese food can find the necessary ingredients for onigiri. Customers can also purchase “Donation for school meals to children” to directly contribute to disadvantaged children in both the United States and Africa. A $0.25 donation helps to bring a warm school meal to a child in need. 2) Food education events at retail food courts Where and how can you buy and prepare healthy Japanese food? The easiest way is at TOKYO CENTRAL stores. Sushi chefs will offer classes, especially aimed toward children, on how to make onigiri. The hands-on food education classes are hosted by The Japanese Ministry of Agriculture, Forestry and Fisheries, and organized by TFT. Event details: http://www.tokyocentral.com/t-event.aspx In addition, it is considered that the TFT program will be offered at both online and physical locations at TOKYO CENTRAL in the near future. Stay tuned for a new TOKYO CENTRAL - TFT program that will provide one meal for a child in need via the purchase of one healthy bento (Japanese lunch box). Mayumi Uejima-Carr, Co-President of TABLE FOR TWO USA says, “I am very excited to introduce the innovative e-commerce TFT program with which people from all the states can easily participate in TFT program anytime. With the increasing popularity of healthy Japanese food, washoku, we hope to provide opportunities to more people to learn how to get ingredients and cook it at home while helping millions of children in need both in Africa and the U.S.” TABLE FOR TWO TABLE FOR TWO USA (TFT) is a 501(C)(3) organization that addresses the opposite issues of hunger and obesity through a unique “meal-sharing” program. TFT partners with corporations, restaurants, schools and other food establishments to serve healthy, low- calorie, TFT-branded meals. For each one of these healthy meals served, a small portion of the cost is donated to provide one school meal for a child in need. In this way, TFT has served healthy meals to both sides of the "table" and helped to right the global food imbalance. TFT started in Japan and now operates in 14 countries. As one of the most well-known NPOs in Japan which is noted for the longevity of its people, TFT promotes Japanese healthy eating culture as well to tackle the critical health issues. For more information about TFT, please visit: http://usa.tablefor2.org. TOKYO CENTRAL Is a new brand of Japanese supermarket launched in 2015 that Marukai Corporation (https://www.marukaicorp.com/) established with the mission of spreading Japanese food and lifestyle to the people in the United States. With five stores located in California and an e-commerce website (http://www.tokyocentral.com/) with over 5,000 Japanese items, TOKYO CENTRAL aspires to create and inspire not only by introducing the Japanese culture but also by making it part of the American culture. Sharing the NPO TFT's mission of introducing healthy Japanese food, we plan to cooperate and collaborate together.
News Article | February 15, 2017
CHARLOTTE, N.C.--(BUSINESS WIRE)--EnPro Industries, Inc. (NYSE: NPO) yesterday declared a quarterly dividend of $0.22 per share which is a 5% increase from the previous quarterly dividends of $0.21 per share paid. The dividend is payable March 15, 2017 to shareholders of record as of the close of business on March 1, 2017. “This increase in the dividend follows a similar 5% increase last year and reflects our strategy of thoughtfully returning capital to shareholders to the extent it exceeds our anticipated needs for internal capital and growth investment,” said Steve Macadam, President and Chief Executive Officer. EnPro Industries, Inc. is a leader in sealing products, metal polymer and filament wound bearings, components and service for reciprocating compressors, diesel and dual-fuel engines and other engineered products for use in critical applications by industries worldwide. For more information about EnPro, visit the company’s website at http://www.enproindustries.com.
News Article | February 21, 2017
CHARLOTTE, N.C.--(BUSINESS WIRE)--First paragraph, second sentence of release dated February 21, 2017 should read: The company’s presentation is scheduled for 2:30 p.m. Eastern Time and will be made by Milt Childress, senior vice president and chief financial officer. (instead of: The company’s presentation is scheduled for 2:30 p.m. Eastern Time and will be made by Steve Macadam, president and chief executive officer.) EnPro Industries, Inc. (NYSE: NPO) will present at Gabelli’s 27th Annual Pump, Valve, & Water Systems Symposium on Wednesday, March 1. The company’s presentation is scheduled for 2:30 p.m. Eastern Time and will be made by Milt Childress, senior vice president and chief financial officer. The presentation will be webcast on the company’s website, www.enproindustries.com. EnPro Industries, Inc. is a leader in sealing products, metal polymer and filament wound bearings, components and service for reciprocating compressors, diesel and dual-fuel engines and other engineered products for use in critical applications by industries worldwide. For more information about EnPro, visit the company’s website at http://www.enproindustries.com.
News Article | November 30, 2016
Arcbazar, the first global crowdsourcing platform for architectural design, has announced the launch of the Sustainability Score, which will be officially released in Q1 2017. Dr. Imdat As, CEO and Founder of Arcbazar, presented new and upcoming digital features for sourcing architectural design, at the 10th Annual Forum8 Design Festival, which took place in Tokyo between November 16 - 18. These features were showcased in particular with the Obama Presidential Center - a project completed with competition partners, Builtworlds, Forum8, Autodesk, Green Apple Campus, AIA Chicago, and Dwell on Design, on Arcbazar’s crowdsourcing platform between February and June 2016. It acted as a vivid laboratory for many novel features, such as a new voting system to evaluate design projects based on idea, aesthetics, function, buildability and graphics, and the integration of Forum8’s Project VR technologies for virtual reality and design generation purposes. The presentation was followed by a question and answer session. During the presentation As introduced the new sustainability score feature.. In collaboration with Forum8, a leading developer of state-of-the art Interactive 3D Virtual Reality simulation software, Arcbazar clients – home owners, businesses and public sector – will be able to assess the environmental impact of their architectural projects. The Sustainability Score is made possible through the integration of Forum8 ProjectVR technology in the competition process. ProjectVR allows clients to utilize virtual reality in mapping out their projects, while further improving the quality of cooperation between a client and a designer through data visualization. The Sustainability Score is an optional feature that will allow designers while submitting their entries to perform environmental self-checks and produce a quick evaluation of their projects in regards to sustainability. Such self-assessment will not only reduce the environmental footprint of an architectural project, but, thanks to Arcbazar’s option of sourcing public votes, will ensure that the execution of the project falls in line with community’s standards. For example, using the VR simulation, a home owner or a business can access their project against such factors as landscape changes, sun exposure or airflow, among others. Through the integrated software, Arcbazar will integrate the work of Mr. Hiroo Kasagi, CEO of NPO Workshop for Sustainable Community, and offer all its designers quick assessment tools, such as: Kasagi is a prominent advocate of “realization of a sustainable society,” having worked on community improvement for the last two decades. “This is a big step in empowering home owners and businesses to make conscious decisions about sustainability and the environmental impact of their construction projects,” comments As. “Being aware of the environmental challenges we currently face is no longer enough. In order to mitigate our impact on the environment and foster a culture of sustainability, we need to make sure that people have easily accessible tools to make data-based decisions and assess their projects.” About Arcbazar Founded in 2010, Arcbazar is a first-of-its-kind crowdsourcing platform for architectural design. It offers an easy and fast connection interface between clients and architectural designers through a competition. At Arcbazar, anyone can initiate a design competition – remodeling jobs, additions, retail, office spaces, landscape, or any other architectural project. With over 5,000 registered projects and a community of over 15,000 designers from across the globe, Arcbazar makes architectural design affordable, accessible, and fun. About Forum8 Forum8, the Japanese 3D software specialist, produces, develops and supplies state-of-the-art interactive 3D VR simulation, modeling and engineering software. Founded in 1987, Forum8 provides 3D capabilities to specialists from a variety of professions, including: Transportation, Urban & Traffic Planning, Tunnel & Highway Operational Management & Training; Engineering, Stakeholder Consultation & Planning, Emergency Training & Evacuation Simulation; Pedestrian Simulation; Architecture, Driving Simulation; Road Safety Training & Research, and many more.