Day: March 23, 2023

Innovative technology integration strengthens Acronis’ roster of security solutions against fileless attacks

SCHAFFHAUSEN, Switzerland, March 23, 2023 (GLOBE NEWSWIRE) — Acronis, a global leader in cyber protection, today announced the enhancement of its security defense against advanced fileless attacks using Intel® Threat Detection Technology (Intel® TDT) leveraging the Intel® integrated GPU to offload memory scanning operations from the CPU. Acronis is the latest cyber protection company to integrate Intel® TDT to enrich its security products.

With cyber threats evolving and growing on a daily basis, Acronis researchers have witnessed new types of malware and attack vectors on enterprises such as polymorphic malware and fileless attacks. Many threats utilize an in-memory-only approach which can be hard to detect. Intel® TDT technology allows Acronis cyber protection solutions to free resources while scanning HDD and memory resulting in improved system performance. Acronis researchers found that while scanning all the processes in system memory on supported CPUs, Intel® TDT reduced the load on the CPU 2.4x times, by offloading the job to the Intel® integrated GPU.

The Acronis solution combines complete single-agent cyber protection with Intel® TDT. This enhancement results in lower CPU utilization which allows more compute capacity for productivity and office software used by Acronis end customers while compute-intensive security operations run in the Intel® integrated GPU. The innovation of Intel® TDT will be available through Acronis Cyber Protect Cloud, Acronis Cyber Protect, and Acronis Cyber Protect Home Office solutions.

“The integration of Intel® TDT into Acronis cyber protection solutions is a logical step to meet the needs of our users, said Patrick Pulvermueller, CEO at Acronis. “During the last year, we observed that almost 50% of attacks detected were fileless. The use of this Intel technology is a great milestone as we continue to optimize and enhance our anti-malware engine.”

“Through our collaboration with Acronis to integrate Intel® Threat Detection Technology into their cyber protection solutions, customers of all sizes that utilize Intel vPro® can perform frequent and highly performant memory scanning. This is a great benefit for our mutual customers as we help them stay ahead of increasingly sophisticated threats,” said Carla Rodríguez, Vice President and General Manager, Ecosystem Partner Enabling at Intel.

“As the IT world grows in sophistication and continues its migration to the cloud, more stress has fallen on security teams with less-integrated technology, creating complexity and unintentional blind spots in security systems,” said Research Vice President of Security and Trust Michael Suby at IDC. “According to a recent IDC survey of 1,015 security professionals in North America, this is particularly the case for smaller organizations who are less equipped to effectively operate separate products from multiple vendors or benefit from a position of strength in negotiating with multiple vendors. As such, they are more likely to resonate with an integrated hardware and software approach to endpoint security.”

Acronis provides its users with the ability to take back control and overcome complexity with an integrated platform which results in greater operational efficiency. By implementing an integrated solution like Acronis Cyber Protect Cloud, organizations can reduce the time that security teams spend on various operational activities, lower training costs, reduce the complexity in their environment by minimizing the number of tools managed, and ultimately drive business growth.

To learn more about Acronis and its suite of cyber protection solutions, please visit: www.acronis.com
To learn more about Intel® Threat Detection Technology, please visit intel.com/tdt

About Acronis

Acronis unifies data protection and cybersecurity to deliver integrated, automated cyber protection that solves the safety, accessibility, privacy, authenticity, and security (SAPAS) challenges of the modern digital world. With flexible deployment models that fit the demands of service providers and IT professionals, Acronis provides superior cyber protection for data, applications, and systems with innovative next-generation antivirus, backup, disaster recovery, and endpoint protection management solutions powered by AI. With advanced anti-malware powered by cutting-edge machine intelligence and blockchain based data authentication technologies, Acronis protects any environment – from cloud to hybrid to on premises – at a low and predictable cost.

Acronis is a Swiss company, founded in Singapore. Celebrating two decades of innovation, Acronis has more than 2,000 employees in 45 locations. Acronis Cyber Protect solution is available in 26 languages in over 150 countries and is used by 16,000 service providers to protect over 750,000 businesses.

Media Contact:
Karl Bateson
Karl.Bateson@acronis.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4b844665-607d-4c5a-8da9-4829185f9ced

GlobeNewswire Distribution ID 8794441

Collaboration marks the first global installation of Corning’s G1 production system to support higher-quality API-chemical production using inherently safer flow-chemistry technology

ALBANY, N.Y., March 23, 2023 (GLOBE NEWSWIRE) — Curia, a leading contract research, development and manufacturing organization, today announced a collaboration with Corning Incorporated to expand and accelerate continuous-flow development and manufacturing programs for the chemical and biopharmaceutical industries globally. The collaboration with Corning’s Advanced-Flow Reactor (AFR) team includes the first installation of Corning’s G1 production system, designed for the continuous industrial production of active pharmaceutical ingredients (API).

Continuous flow chemistry is critical for the development and manufacture of pharmaceutical intermediates and APIs, and provides advantages compared with traditional batch processing. It is an inherently safer technology that delivers faster and more robust material production with a higher selectivity of desired products.

“Innovation in drug development and production calls for safety at high speed,” said Christopher Conway, president, Research & Development, Curia. “The implementation of Corning’s G1 Production Reactor at our Albany facility expands our capability to provide scalable solutions that address complex development and manufacturing requirements facing the pharmaceutical industry. Using advanced technology and standardized workflows, Curia offers continuous flow chemistry from targeted development to commercial scale globally.”

The G1 production reactor includes an updated set of dosing lines and controls that enable continuous operations and compliance to cGMP standards.

“Collaborating with an innovation-focused company like Curia will help drive advancements in the chemical-processing industry,” said Alessandra Vizza, business director, Corning Advanced-Flow Reactors. “The implementation of Corning’s G1 production system can deliver a host of benefits. The system is an inherently safer technology that will help Curia reduce time to market with higher-quality chemical and API processing, increased efficiency of chemical and API synthesis, and lower production costs.”

“Additionally, the space-saving, energy-conserving, and waste-reducing benefits of Corning’s AFR Technology may help customers reduce the environmental impact of their manufacturing business – a key attribute as the field continues to gain momentum in the U.S. and around the world,” said Vizza.

Curia’s expertise and global network of facilities, combined with Corning’s continuous flow technology, can help drive business efficiencies and, ultimately, improve patients’ lives.

About Curia
Curia is a leading contract research, development, and manufacturing organization providing products and services from R&D through commercial manufacturing to pharmaceutical and biopharmaceutical customers. Curia’s nearly 4,000 employees at 29 locations across the U.S., Europe, and Asia help its customers advance from curiosity to cure. Learn more at CuriaGlobal.com.

About Corning Incorporated
Corning (www.corning.com) is one of the world’s leading innovators in materials science, with a 170-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people’s lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries. Corning’s capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping its customers capture new opportunities in dynamic industries. Today, Corning’s markets include optical communications, mobile consumer electronics, display, automotive, solar, semiconductors, and life sciences.

Curia Contact Information:
Sue Zaranek
+1 518 512 2111
corporatecommunications@CuriaGlobal.com

Corning Contact Information:
Sarah Pakyala
+1 607 974 4902
pakyalasi@corning.com

GlobeNewswire Distribution ID 8794440

Revision aims to support business schools in today’s ranking efforts and help prospective candidates compare programs on leveled playing field

RESTON, Va., March 23, 2023 (GLOBE NEWSWIRE) — The Graduate Management Admission Council (GMAC), a global association representing leading business schools, today released an updated version of the Graduate Management Education Admissions Reporting Standards. The revision, led by a task force of 14 GMAC member schools, aimed to ensure the standards align with the shifting landscape of graduate business education and today’s best practices of identifying gender, race and ethnicity, and undergraduate majors, among other criteria commonly used in the admissions process.

According to GMAC’s annual survey on prospective students worldwide, candidates rely heavily on school websites and rankings in their program selection process. The 2023 survey of thousands of business school aspirants – to be published early next month – shows that school websites and published program rankings were the top two factors in the decision making of individuals considering applying for graduate business degrees. Informed by this finding, GMAC believes it is vitally important that the information presented to prospective students is anchored in a common definition of the terms used by schools and various publications in collecting the data for reporting.

“This work, initiated in response to a strong desire for consistency and transparency from the business school community we serve, is being done to create trust with and among business school admissions professionals, especially those who are new to the field. Without a doubt, adopting the standardized reporting criteria at a large scale would allow prospective students and rankings organizations alike to compare apples to apples and oranges to oranges across the wide spectrum of program options available in the market today,” said Joy Jones, CEO of GMAC. “On behalf of the Council, I extend our sincerest gratitude to the task force for the time, effort, and care dedicated to revising and promoting the standards.”

“The task force invested many hours reviewing survey questionnaires and collecting data, as well as discussing proposed revisions over calls and with stakeholders at conferences, to address the tough questions from the business school community on how we can better reflect the many changes in the industry – and the society – we encounter today. For example, there is a growing acknowledgement and respect for identity preferences and an interest in segments like first generation and military students,” said Marci Armstrong, professor of practice, marketing at Southern Methodist University’s Cox School of Business and co-chair of the task force revising the standards. “Rest assured, we were fully aware of the stakes at hand and did not just rubber-stamp the new standards.”

In 2019, GMAC formed a task force to revise the MBA Reporting Criteria – first published by GMAC in 2000 and adopted by approximately 200 business schools – into Graduate Management Education Admissions Reporting Standards. The standards, subsequently endorsed by GMAC members in the summer of 2020, were meant to be revisited every two years to ensure they continue to guide business schools in distributing reliable, accurate, useful, and comparable admissions data for prospective students and rankings organizations. A new task force was organized at the beginning of 2022 to tackle the review and revision of the standards in three sections – school and program information, application process, and admissions reporting and class profile, supplemented by region and areas of study classifications.

“In the past three years – particularly in response to the global pandemic – our industry has innovated and grown tremendously. A prime example is the delivery of online programs,” said Nita Swinsick, associate dean of graduate & executive degree programs admissions at Georgetown University’s McDonough School of Business and co-chair of the task force. “While the traditional on-campus, two-year MBA remains the most sought-after graduate management degree, there are a great number of programs offering a wide range of flexibility and length and still lead to successful business careers.”

“GMAC will continue to be a steward of the standards and will publish a list of schools and corresponding programs that decide to adopt and remain in compliance with the standards. Adopting and complying schools can also receive a badge from GMAC for use in their outreach materials to signal to candidates, ranking publishers and other stakeholders their compliance with the standards,” said Sabrina White, vice president of school and industry engagement at GMAC. “It is our hope that more members of the business school community – as well as ranking publishers – will begin leveraging these standards to benefit the people aspiring to better themselves and the world through graduate management education.”

Business schools, ranking agencies and other stakeholders worldwide that wish to obtain a copy of or start adopting the latest reporting standards may reach out to GMAC at datastandards@gmac.com.

About GMAC

The Graduate Management Admission Council (GMAC) is a mission-driven association of leading graduate business schools worldwide. GMAC provides world-class research, industry conferences, recruiting tools, and assessments for the graduate management education industry as well as resources, events, and services that help guide candidates through their higher education journey. Owned and administered by GMAC, the Graduate Management Admission Test (GMAT) exam is the most widely used graduate business school assessment.

More than 12 million prospective students a year trust GMAC’s websites, including mba.com, to learn about MBA and business master’s programs, connect with schools around the world, prepare and register for exams and get advice on successfully applying to MBA and business master’s programs. BusinessBecause and The MBA Tour are subsidiaries of GMAC, a global organization with offices in China, India, the United Kingdom, and the United States.

To learn more about our work, please visit www.gmac.com

Media Contact:

Teresa Hsu
Sr. Manager, Media Relations
Mobile: 202-390-4180
thsu@gmac.com 

GlobeNewswire Distribution ID 8794409

The new It’s So Me campaign, along with new product and communication innovations, underpin the brand’s leap into appealing to a new community of empowered beauty consumers

NEW YORK, March 23, 2023 (GLOBE NEWSWIRE) — Clairol, the pioneer of at-home hair color, today announced a new global campaign, It’s So Me, featuring a collective of nine real women and creators, each bringing to life the Do-It-Yourself (DIY) expressive spirit of Clairol hair color.

The first global campaign in more than five years, It’s So Me underscores the brand’s modernized strategy of connecting to individuals across a spectrum of ages and demographics. Each woman featured represents a unique segment of the at-home color consumer, yet together are connected in a much larger community of color and beauty lovers who see their hair color as a choice, not a birthright, and a reflection of their true inner selves.

Clairol – It’s So Me

It’s So Me is the creative unveil for what has been a multi-year effort to transform Clairol for a new generation since the brand joined the Wella Company portfolio in 2020.

“Step by step, we have been remodeling our business to better serve today’s consumer. And while much of that transformation to-date has been happening behind the scenes, It’s So Me is the first time our consumers will see this refresh in our masterbrand communications,” says Marlene Lotter, Global Senior Vice President of Wella Company’s Retail Hair Division. “We are pulling from the brand’s storied past of breaking boundaries and modernizing our message and approach to encourage at home hair color enthusiasts to have fun with hair color on their journey of self-discovery.”

The all-new campaign taps into a recent evolution in the world of hair color. Whereas in the past hair color beauty was often equated to socio-economic status and expensive in-salon services, in recent years, there has been a shift toward a more inclusive and diverse definition of beautiful hair color. As evidenced by trending videos on TikTok, DIY beauty has been elevated and more than ever, celebrated.

Clairol – It’s So Me

It’s So Me builds on this celebration of the at-home hair colorist, and further fosters Clairol’s decades-long commitment to empowering individuals to take their beauty ambitions into their own hands. From Does She or Doesn’t She, which championed the elimination of the hair coloring stigma many women faced in the 50s and 60s, to partnering with Tracey Norman, the first black trans woman model, It’s So Me builds on Clairol’s trailblazing empowerment heritage.

The It’s So Me Collective
At the helm of It’s So Me is a new global cast, made up of moms, teachers, fashionistas, musicians, TV presenters, and fitness coaches, all of whom embody the essence of Clairol and its iconic history of celebrating women role models. Collectively this group speaks to an audience of over 7 million.

• Gym Tan – Fashion influencer and mom, Gym enjoys a low maintenance hair routine that enhances her natural color and covers her grays
• Mya Miller – Daughter of Gym Tan, Mya loves enhancing her current color while keeping it looking shiny and healthy
• Sofia Bella – A teacher by day and lifestyle content creator by night, Sofia sees hair color as another form of self-expression and loves to make a statement with bold color changes
• April Kae – Musician, model and activist, April has had a challenging hair journey, but now rocks her natural curls and celebrates them with nourishing color and vibrant tones
• Cici Coleman – Cici is on a mission to empower women through her online coaching and likes to keep her signature blonde bright with multi-dimensional tones
• Caroline Tucker – Caroline began coloring her hair at a young age and has experimented with a variety of different hair colors, but has always felt the most herself with a shade of red
• Nush Cope – As a mom of two, Nush is taking some time to experiment again with her hair colour to find out what look suits her and makes her feel her best in this new role
• Sheen Fatemi – Sheen sees her hair as an extension of her style and has found experimenting with her color liberating
• Stacey Dooley – Stacey is a trailblazing broadcast journalist, famed for her fiery auburn shade which she colors to enhance its vibrancy

“Each of these real women represents a connection to the modern Clairol woman in a way that is truly reflective of our ethos – authentic, self-reliant and unafraid to be one’s true self,” concludes Ms. Lotter. “It’s a new era for the brand and its community.”

2023 Innovation:
It’s So Me highlights the beloved Clairol portfolio, including Nice’n Easy permanent hair color, which has been part of the brand’s product portfolio since the 1970s, along with new innovations for 2023 including: Natural Instincts Bold, Blonde It Up Crystal Glow Toners, and Root Touch Up Spray 2-in-1. The new products address gaps in the current market including the upkeep of color between salon appointments, blonde hair maintenance at home, and bolder shades for color explorers.

Campaign Features:

• It’s So Me will be amplified with paid support across online video, social media, influencers, audio and TV advertising in the US, UK, Canada, Australia, and New Zealand.
• In the United States, Clairol recently announced a partnership with Amazon Prime Video for the new TV series Daisy Jones & The Six, based on the book by the same name, which features a host of envious hair looks consumers can recreate at home using Clairol shades. The partnership was chosen for its connection to Clairol’s trailblazing history and has been amplified via creative inspired by vintage 70’s Clairol ads from the Daisy era, driven by paid media, alongside a robust influencer program and earned media.
• The brand’s Amazon Prime partnership comes off the cuff of another culturally relevant partnership in the United Kingdom, where Clairol is the presenting sponsor of Channel 4’s hit show, First Dates. The partnership celebrates the importance of finding a perfect match – be it in love or hair color, and features the well-known First Dates star Cici Coleman, who continues to collaborate with the brand through the It’s So Me campaign.
• Clairol’s website will also experience a makeover in celebration of It’s So Me. Serving as a new online hair coloring destination with a strong focus on education and inspiration, the new website will include at-home hair coloring how-to’s, trend led content created with color experts and will launch across the US, UK, Canada, Australia, and New Zealand in the weeks ahead.

For more information about Clairol and It’s So Me please visit https://www.clairol.com/ or follow us on TikTok and Instagram.

About Clairol
The pioneer in hair color, Clairol was the original company that brought hair color to the U.S., and the first to bring retail innovation to the masses with the launch of the first ever hair color sold in retail stores for at-home use back in the 1950’s. Since then, the brand has transcended generations with rich innovations, from the launch of Nice’n Easy, a revolutionary shampoo-in color, to the launch of Natural Instincts as the first hair color to include plant-derived and natural ingredients in the 1990s, to Root Touch-Up, the first root touch up product to hit the beauty aisles in the 2000’s. Clairol’s mission is simple: to make every woman feel beautiful and confident and help her live colorfully through accessible, easy-to-use products. The color expert, Clairol strives to offer a color solution for every need. For more information, visit http://www.clairol.com.

About Wella Company
Wella Company is an innovative global leader in the beauty industry that combines 140+ years of earned wisdom and industry experience with the momentum of a newly minted independent entity. Now marking two years as a standalone company, Wella Company is one of the fastest-growing beauty companies in the sector. The company has a portfolio of iconic professional and retail hair, nail, and beauty tech brands including Wella Professionals, O·P·I, ghd, Briogeo, Nioxin, Sebastian Professional, and Clairol. The company serves legions of artists and owners across the professional hair and nail community in more than 100 countries. Each day, a diverse community of more than 91 million beauty lovers and industry professionals, social influencers, ambassadors, followers, employees, and customers engage with and are impacted by Wella Company products across the globe. With the belief that business can be a catalyst for positive change, Wella Company acts to enable people, organizations, and societies to collectively prosper. Environmental, Social, and Governance (ESG) is at the core of Wella Company’s purpose-led agenda. Sustainability and Diversity, Equity and Inclusion are fundamental to who we are, how we operate and how we support the industry and communities we serve. Wella Company is building the best beauty company in the industry, ensuring that when the industry thrives, we thrive. And as we make progress on our agenda to care for our planet and leave a positive impact on society, we will become a champion for change whose legacy will be worthy of our iconic history. For more information on Wella Company, visit www.wellacompany.com and follow us on LinkedIn and Instagram.

It’s So Me Campaign Partners
Creative: Badger Agency
Communications: Praytell Agency
Media: Zenith Media Agency

Media Contact
Kaitlyn Cherry
clairol@praytellagency.com

A video accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/30a75f17-6c9d-48c7-8e5b-8aa39193b482

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/cc9fe8b4-bf14-424d-a973-147ea727b627
https://www.globenewswire.com/NewsRoom/AttachmentNg/4faca933-b5be-41de-8104-700799a7f4ac
https://www.globenewswire.com/NewsRoom/AttachmentNg/f1d98955-9b35-4ae5-ac50-969e089ee1f4

GlobeNewswire Distribution ID 8794319

KUALA LUMPUR, Malaysia, March 23, 2023 (GLOBE NEWSWIRE) — CBL International Limited, together with its wholly owned subsidiaries (“CBL International” or the “Company”), is an established marine fuel logistic company currently focusing on the Asia Pacific region, providing one-stop solutions for vessel refueling. CBL International today announced the pricing of its initial public offering of 3,325,000 ordinary shares (“Shares”) at a price to public of US$4 per Share for the total offering size of approximately US$13.3 million, assuming the underwriters do not exercise their over-allotment option to purchase additional Shares. The Shares will begin trading on March 23, 2023, U.S. Eastern time, on the Nasdaq Capital Market under the symbol “BANL”. The offering is expected to close on March 24, 2023, subject to customary closing conditions.

The Company has granted the underwriters a 45-day option to purchase up to an aggregate of 498,750 additional Shares to cover over-allotments at the initial public offering price, less underwriting discounts. If the underwriters exercise their option to purchase the additional Shares in full, the total proceeds from the offering are expected to be approximately US$15.3 million.

The Company intends to use the net proceeds from the Offering for (i) enlarging the number of local suppliers to enhance its competitiveness as well as to increase the service options available in the Singapore and South Korea markets; (ii) further increasing the Company’s business market shares in existing markets; (iii) cash collateral to conduct trade financing activities with financial institutions, thus creating transaction records for further acquisition of bank financing to facilitate the Company’s business growth; (iv) procuring and developing a centralized management information system in order to enhance the Company’s daily management control and treasury management; and (v) other working capital and general corporate purposes.

Pacific Century Securities, LLC is acting as lead book running manager of this offering. Loeb & Loeb LLP is acting as counsel to the Company, and The Crone Law Group, P.C. is acting as counsel to Pacific Century Securities, LLC.

A registration statement on Form F-1 (File No. 333-267077) related to the offering has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and was declared effective by the SEC on March 22, 2023. The offering is being made only by means of a prospectus forming a part of the effective registration statement. Copies of the prospectus relating to the offering may be obtained from Pacific Century Securities, LLC, 60-20 Woodside Avenue, Suite 211, Queens, New York 11377 or by email at yao@pcsecurities.us. In addition, a copy of the prospectus relating to the offering may be obtained via the SEC’s website at www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state or jurisdiction.

About CBL International Limited

We are a bunkering facilitator in the bunkering industry, headquartered in Malaysia. We focus on providing marine fuel according to the required international standards with competitive prices and timely delivery services at ports agreed between our customers and us. Over the years, with our experienced management team, we have established an extensive supply network to provide our customers with more options and flexibility in fulfilling their vessel refueling requirements. Our supply network, which focuses on expanding our localities of services, covers ports in many places in the Asia Pacific, including but not limited to South Korea, PRC, Taiwan, Hong Kong, Malaysia, Singapore, Philippines, and Thailand. Going forward, we intend to allocate more resources to further expand our supply network, targeting continual market share enhancement.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including but not limited to, the Company’s proposed offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

For investor and media enquiries, please contact:

Pacific Century Securities LLC

Yao Zhang
Email: yao@pcsecurities.us

CBL International Limited

Email: investor@banle-intl.com

GlobeNewswire Distribution ID 8794334

CALGARY, Alberta, March 22, 2023 (GLOBE NEWSWIRE) — Razor Energy Corp. (“Razor”) (TSXV: RZE) in conjunction with FutEra Power Corp. (“FutEra”), a wholly owned subsidiary of Razor, is pleased to announce it has successfully constructed, commissioned, and is operating its co-produced geothermal power project in Swan Hills, Alberta (the “Project”). The Project is held within FutEra’s wholly owned subsidiary Swan Hills Geothermal Power Corp. (“Swan Hills Power”).

The Project combines an Organic Rankine Cycle (“ORC”) Turbine, which captures geothermal heat from the production fluid, and a Natural Gas Turbine (“NGT”). The NGT began operations on September 8, 2022 and the ORC began operations on January 29, 2023. Both the ORC and the NGT have grid interconnections which enable direct sales of electricity to the Alberta electricity grid at merchant power prices. Neither the ORC or NGT are subject to hedging for pricing or to commitments to any level of power generation beyond voluntary dispatch commitments. Both the NGT and the ORC systems have been running in steady state while optimization efforts are underway to get to design capacity.

The final construction cost of the Project is estimated to be $49 million.

The Project was privately financed by Razor and Arena Investors. Arena Investors is an institutional asset manager with US$2.2 billion of committed assets under management that specializes in providing innovative capital solutions for middle market companies.   Razor and FutEra are appreciative for their direct support of the Project and for the vision of partnering in geothermal power generation in Canada.

The Alberta Investment Management Corporation, (“AIMCo”), on behalf of certain of its clients, is Razor’s largest shareholder and prime lender since inception in 2017. Razor and FutEra recognizes the ongoing capital support and vision that AIMCo has and continues to provide. AIMCo is a true partner in showcasing what a small Alberta based oil & gas company can achieve in transforming legacy assets into new and renewable sources of low emission electricity generation.

Through the Natural Resource Canada’s Clean Growth Program, this geothermal “first” received $7.75 million for the geothermal development aspects of the Project. A further $2 million contribution from Alberta Innovates also provided important early support for the Project. Emissions Reduction Alberta (“ERA”) contributed $10 million to the Project, ensuring that an Alberta company would construct and operate the first commercial co-produced geothermal power project in Canada. ERA’s funding was sourced from the Government of Alberta’s Technology Innovation and Emissions Reduction (TIER) fund. As trusted partners, Natural Resources Canada, Alberta Innovates and Emissions Reduction Alberta work together to facilitate collaboration and co-funding of projects.

“On behalf of the Government of Canada, I would like to congratulate Razor Energy Corp. and FutEra on the successful construction and commissioning of Canada’s first co-produced Geothermal Power Project. Supported by investments from Natural Resources Canada, this project demonstrates the power of innovation and partnership in creating sustainable jobs while growing the economy here in Alberta and across Canada.”

Hon. Jonathan Wilkinson, Canada’s Minister of Natural Resources

“Alberta has long championed the geothermal industry. It is exciting to watch an idea for a pilot project grow into an industry-scale, commercial operation. This made-in-Alberta solution ushers in a new era of clean energy that will spur an entirely new industry in the province that taps into our existing oil and gas resources and expertise.”

Justin Riemer, Emissions Reduction Alberta, CEO

The Project development also required regulatory support and both FutEra and Razor would like to congratulate all the regulatory bodies involved, with special commendation to the Alberta Energy Regulator (“AER”). The AER took the lead on facilitating the path forward, and during the Project announced the Geothermal Resource Act, which provides clarity for future projects.

THE PROJECT

Legacy oil and gas fields in Alberta, and globally, face challenges with lower production levels and high fixed costs. However, these fields also have practical advantages when considering the existing infrastructure, reservoir characteristics, wells, and operational footprints. To meet the objectives of creating lower carbon electricity and leveraging oil and gas operations, FutEra and Razor have successfully designed, constructed, commissioned and is now operating a geothermal/natural gas hybrid power plant in Swan Hills, Alberta.

Razor produces and injects large volumes of hot production fluids, which carry heat as a renewable form of geothermal energy on daily basis as part of its ongoing conventional oil and gas operations and waterflood activities. This hot fluid provides FutEra with the opportunity to capture geothermal heat energy and generate power with zero greenhouse gas (GHG) emissions. Co-production means no new surface land footprint is required as the Project utilizes existing assets such as processing infrastructure, producing wells, produced water reinjection system and an operating gathering and distribution system. Using existing assets yield cumulative, and substantive, effects of reducing typical geothermal project capital outlay, improving security of heat supply and improving economic returns. In addition, our co-production approach enables Alberta’s fledgling geothermal industry to develop alongside Alberta’s well-respected, world-class oil and gas operations, safety standards and regulatory best practices. Geothermal power is baseload and solves for the intermittent challenge of other renewable energy sources. FutEra’s Project stands out as a demonstration of creative and practical co-produced geothermal energy production.

FutEra’s next phase of the Project will see the addition of solar, and potentially carbon capture with usage and/or sequestration, with the objective to create a net negative carbon emitting traditional oil and gas asset.

Razor and FutEra have demonstrated the synergies and cooperation needed to define a type of transformative energy and sets the standard of how traditional oil and gas companies can evolve into ‘energy and technology’ companies necessary for the future of the Alberta energy complex.

For further investor information please contact the undersigned at info@futerapower.com

FUTURE PROJECTS

FutEra’s development efforts will now focus on larger, lower emissions natural gas and renewable electricity generation projects with similar themes – leveraging Razor and other oil and gas producer’s operations to create financial and tactically advantaged development scenarios and prospective competitive returns to investors.

FutEra and Razor will continue geothermal energy development with a second co-produced geothermal power project under design, and ready to construct in 2023/24.

About FutEra

FutEra leverages Alberta’s resource industry innovation and experience to create transitional power and sustainable infrastructure solutions to commercial markets and communities, both in Canada and globally. Currently, FutEra operates a first of its kind co-produced geothermal and natural gas hybrid power project in Swan Hills, Alberta.

www.futerapower.com

About Razor

Razor is a publicly traded junior oil and gas development and production company headquartered in Calgary, Alberta, concentrated on acquiring, and subsequently enhancing, producing oil and gas properties primarily in Alberta. The Company is led by experienced management and a strong, committed Board of Directors, with a long-term vision of growth, focused on efficiency and cost control in all areas of the business. Razor currently trades on TSXV under the ticker “RZE”.

www.razor-energy.com

Razor has two active subsidiaries, FutEra and Blade Energy Services Corp. (“Blade”).

About Blade

Blade Energy Services is a subsidiary of Razor. Operating in west central Alberta, Blade’s primary services include fluid hauling, road maintenance, earth works including well site reclamation and other oilfield services.

www.blade-es.com

For additional information please contact:

Doug Bailey		Lisa Mueller
President and Chief Executive Officer		President and Chief Executive Officer
Razor Energy Corp		FutEra Power Corp
Executive Director
FutEra Power Corp
	Razor Energy Corp/FutEra Power Corp
	800, 500-5th Ave SW
	Calgary, Alberta T2P 3L5
	Telephone: (403) 262-0242

READER ADVISORIES

FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements. More particularly, this press release contains statements concerning, but not limited to, the Project; the next phase of the Project with solar and carbon capture with usage and/or sequestration, with the objective to create a net negative carbon emitting traditional oil and gas asset; development of a second co-produced geothermal power project; and future projects including lower emissions natural gas and renewable electricity generation projects. In addition, the use of any of the words “anticipate”, “believe”, “intend”, “may”, “is”, “will”, “should”, “expect” and similar expressions are intended to identify forward-looking statements.

The forward-looking statements are based on certain key expectations and assumptions made by the Company, including but not limited to expectations and assumptions concerning the continued availability of capital, current legislation, receipt of required regulatory approvals, the timely performance by third-parties of contractual obligations, the success of the Project, the performance of existing wells and their ability to deliver hot production fluids, the Company’s growth strategy, general economic conditions, availability of required equipment and services, and commodity price volatility. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward- looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to several factors and risks. These include, but are not limited to, risks associated with the oil and gas industry and geothermal electricity projects in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; variability in geothermal resources; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), electricity and commodity price and exchange rate fluctuations, changes in legislation affecting the oil and gas and geothermal industries and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Please refer to the risk factors identified in the annual information form and management discussion and analysis of the Company which are available on SEDAR at www.sedar.com.

The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

GlobeNewswire Distribution ID 8793755