Technology
Scholastic Reports Fiscal 2025 First Quarter Results
Published
1 week agoon
By
Company Affirms Fiscal 2025 Guidance
NEW YORK, Sept. 26, 2024 /PRNewswire/ — Scholastic Corporation (NASDAQ: SCHL), the global children’s publishing, education and media company, today reported financial results for the Company’s fiscal first quarter ended August 31, 2024.
Peter Warwick, President and Chief Executive Officer, said, “During our first quarter, Scholastic prepared for another important back-to-school season, as we executed on our long-term growth initiatives. In the seasonally quiet quarter for our school-based channels, first quarter’s operating loss improved modestly versus the prior year.
“Scholastic advanced its strategy as a global children’s media and content company last quarter, with engaging and critically acclaimed publishing, a growing slate of exciting media properties in development and production, and early wins from our acquisition of 9 Story Media Group. Scholastic-published titles maintained their presence on bestseller lists during the quarter, including the latest book in Aaron Blabey’s Bad Guys® series, with exciting new titles in major global franchises planned for release in the fall and spring. In our integrated Scholastic Entertainment division, we took advantage of early opportunities to monetize and expand the reach of Scholastic IP, with the launch of new The Magic School Bus® and Clifford Classic® channels on advertising-supported distribution platforms.
“With most children in the U.S. now back at school, our School Reading Events division remains as differentiated and relevant as ever, bringing the excitement of books, reading and stories to millions of kids and families, while generating approximately $200 million in cash and in-kind value last year to support schools and educators. In fiscal 2025 we remain focused on expanding the reach and impact of our Book Fairs and Clubs in this division, while innovating in how we serve our school partners. In our Education Solutions division, we continue to develop new structured literacy programs and supplemental products for schools, scheduled for launch next summer. We are confident these core businesses are well positioned for long-term growth.
“We remain focused on realizing Scholastic’s opportunity to create value and impact this year and beyond. We are affirming our fiscal 2025 guidance and are committed to our capital allocation priorities, including investing in our most compelling growth opportunities to meet the demand for children’s books, reading and media from a trusted brand, and returning capital to shareholders.”
Fiscal 2025 Q1 Review
In $ millions
First Quarter
Change
Fiscal 2025
Fiscal 2024
$
%
Revenues
$
237.2
$
228.5
$
8.7
4 %
Operating income (loss)
$
(88.5)
$
(99.1)
$
10.6
11 %
Earnings (loss) before taxes
$
(91.8)
$
(98.0)
$
6.2
6 %
Diluted earnings (loss) per share
$
(2.21)
$
(2.35)
$
0.14
6 %
Operating income (loss), ex. one-time items *
$
(85.6)
$
(92.8)
$
7.2
8 %
Diluted earnings (loss) per share, ex. one-time items *
$
(2.13)
$
(2.20)
$
0.07
3 %
Adjusted EBITDA *
$
(60.5)
$
(70.6)
$
10.1
14 %
* Please refer to the non-GAAP financial tables attached
Revenues increased 4% to $237.2 million, reflecting the contribution of 9 Story Media Group, recorded in the Entertainment segment, partly offset by lower supplemental curriculum and collections product sales in Education Solutions.
Operating loss decreased 11% to $88.5 million in the quarter, including $2.9 million in one-time charges, compared to $99.1 million a year ago, which included $6.3 million of one-time charges. Excluding one-time charges, operating loss improved 8% from a year ago. The improved seasonal loss primarily reflected increased results in Children’s Book Publishing and Distribution. Adjusted EBITDA (a non-GAAP measure of operations explained in the accompanying tables) improved 14% to a loss of $60.5 million.
Quarterly Results
Children’s Book Publishing and Distribution
In the fiscal first quarter, the Children’s Book Publishing and Distribution segment’s revenues increased 3% to $105.4 million.
Book Fairs revenues were $28.8 million, up 5% from the prior year period. Fairs activity is minimal during the first quarter based on the seasonality of the business. We expect participation at our book fairs to remain strong this school year, with fair count on track to achieve our target of 90,000 fairs in fiscal 2025.Book Clubs revenues were $2.7 million, in line with the prior year period. Clubs activity is seasonally quiet during the summer months. After strategically transitioning Book Clubs to a smaller, more profitable core business in fiscal 2024, we implemented new strategies to reengage customers this back-to-school season.Consolidated Trade revenues were $73.9 million, up 2% from the prior year period, primarily driven by higher foreign rights revenues, partly offset by lower frontlist sales compared to the prior year period when the Company released the paperback edition of the fourth book in the Hunger Games® series, The Ballad of Songbirds and Snakes. Fiscal 2025 revenues are expected to benefit from new releases in the second half of the fiscal year, including the newest book in Dav Pilkey’s Dog Man® series and the fifth book in Suzanne Collins’ Hunger Games® series, Sunrise on the Reaping.
Segment operating loss was $36.6 million, compared to $41.0 million a year ago. The year-over-year improvement was primarily driven by higher foreign rights revenues on relatively consistent operating expenses.
Education Solutions
Education Solutions revenues decreased 16% to $55.7 million, due to lower sales of supplemental curriculum products, as school districts focus on adopting and implementing new core programs. This was partly offset by increased sales to state-sponsored partners, driven by the growing number of kids participating in these programs.
Segment operating loss was $17.0 million, compared to $18.7 million in the prior period, primarily reflecting higher state-sponsored program revenues, as increases in participation have a significant impact on profitability, and lower operating expenses in the quarter, which more than offset the impact of lower segment revenues.
Entertainment
The newly formed Entertainment segment includes the operations of Scholastic Entertainment Inc. (SEI), which were included in the Children’s Book Publishing and Distribution segment in prior year periods, combined with 9 Story Media Group.
Segment revenues were $16.6 million, primarily reflecting the addition of 9 Story Media Group revenues, which closed in June.
Segment operating loss was $0.5 million which included one-time charges of $1.7 million. Excluding one-time charges, adjusted segment operating income was $1.2 million reflecting the contribution from 9 Story Media Group.
International
Excluding unfavorable foreign currency exchange of $0.2 million, International revenues were in line with the prior year period. Revenues increased on the strong performance of backlist sales in the U.K., which were offset by revenue declines in Canada.
Segment operating loss was $8.3 million compared to $8.2 million in the prior year period, which included one-time charges of $1.2 million in the prior year period. Excluding one-time charges, adjusted operating loss increased $1.3 million.
Overhead
Overhead costs were $26.1 million compared to $30.7 million in the prior year period, which included one-time charges of $1.2 million and $5.1 million, respectively. Excluding one-time charges, adjusted overhead costs decreased $0.7 million driven by lower employee-related expenses.
Capital Position and Liquidity
In $ millions
First Quarter
Change
Fiscal 2025
Fiscal 2024
$
%
Net cash (used) provided by operating activities
$
(41.9)
$
(38.1)
$
(3.8)
(10) %
Additions to property, plant and equipment and prepublication expenditures
(24.4)
(19.7)
(4.7)
(24) %
Net borrowings (repayments) of film related obligations
(2.4)
—
(2.4)
NM
Free cash flow (use)*
$
(68.7)
$
(57.8)
$
(10.9)
(19) %
Net cash (debt)*
$
(152.1)
$
119.9
$
(272.0)
NM
* Please refer to the non-GAAP financial tables attached
Net cash used by operating activities was $41.9 million, in line with the prior year period. Free cash use (a non-GAAP measure of operations explained in the accompanying tables) was $68.7 million in fiscal 2025, compared to free cash use of $57.8 million in the prior period, reflecting higher capital expenditures and production spend.
Net debt was $152.1 million compared to a net cash position of $119.9 million in the prior year period, reflecting the Company’s borrowings under its existing revolving credit facility to fund the acquisition of 9 Story Media Group.
The Company distributed $5.7 million in dividends and repurchased 163,194 shares of its common stock for $5.0 million in the first quarter. The Company expects to continue purchasing shares, from time to time as conditions allow, on the open market or in negotiated private transactions for the foreseeable future.
Additional Information
To supplement our financial statements presented in accordance with GAAP, we include certain non-GAAP calculations and presentations including, as noted above, “Adjusted EBITDA” and “Free Cash Flow”. Please refer to the non-GAAP financial tables attached to this press release for supporting details on the impact of one-time items on operating income, net income and diluted EPS, and the use of non-GAAP financial measures included in this release. This information should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with GAAP.
Conference Call
The Company will hold a conference call to discuss its results at 4:30 p.m. ET today, September 26, 2024. Peter Warwick, Scholastic President and Chief Executive Officer, and Haji Glover, the Company’s Chief Financial Officer, Executive Vice President, will moderate the call.
A live webcast of the call can be accessed at https://edge.media-server.com/mmc/p/m98wgyws/. To access the conference call by phone, please go to https://register.vevent.com/register/BIba13029c72e1414fa441a92404a14a4d, which will provide dial-in details. To avoid delays, participants are encouraged to dial into the conference call five minutes ahead of the scheduled start time. Shortly following the call, an archived webcast and accompanying slides from the conference call will be posted at investor.scholastic.com.
About Scholastic
For more than 100 years, Scholastic Corporation (NASDAQ: SCHL) has been encouraging the personal and intellectual growth of all children, beginning with literacy. Having earned a reputation as a trusted partner to educators and families, Scholastic is the world’s largest publisher and distributor of children’s books, a leading provider of literacy curriculum, professional services, and classroom magazines, and a producer of educational and entertaining children’s media. The Company creates and distributes bestselling books and e-books, print and technology-based learning programs for pre-K to grade 12, and other products and services that support children’s learning and literacy, both in school and at home. With international operations and exports in more than 135 countries, Scholastic makes quality, affordable books available to all children around the world through school-based book clubs and book fairs, classroom libraries, school and public libraries, retail, and online. Learn more at www.scholastic.com.
Forward-Looking Statements
This news release contains certain forward-looking statements relating to future periods. Such forward-looking statements are subject to various risks and uncertainties, including the conditions of the children’s book and educational materials markets generally and acceptance of the Company’s products within those markets, and other risks and factors identified from time to time in the Company’s filings with the Securities and Exchange Commission. Actual results could differ materially from those currently anticipated.
SCHL: Financial
Table 1
Scholastic Corporation
Consolidated Statements of Operations
(Unaudited)
(In $ Millions, except shares and per share data)
Three months ended
08/31/24
08/31/23
Revenues (1)
$
237.2
$
228.5
Operating costs and expenses:
Cost of goods sold
128.3
130.0
Selling, general and administrative expenses (2)
182.1
184.2
Depreciation and amortization
15.3
13.4
Total operating costs and expenses
325.7
327.6
Operating income (loss)
(88.5)
(99.1)
Interest income (expense), net
(3.0)
1.4
Other components of net periodic benefit (cost)
(0.3)
(0.3)
Earnings (loss) before income taxes
(91.8)
(98.0)
Provision (benefit) for income taxes (3)
(29.3)
(23.8)
Net income (loss) (1)
(62.5)
(74.2)
Basic and diluted earnings (loss) per share of Class A and Common Stock (4)
Basic
$
(2.21)
$
(2.35)
Diluted
$
(2.21)
$
(2.35)
Basic weighted average shares outstanding
28,290
31,564
Diluted weighted average shares outstanding
28,908
32,604
(1)
The financial results of 9 Story Media Group from the date of acquisition on June 20, 2024 through August 31, 2024
are included in the Company’s consolidated results of operations as of August 31, 2024. The unaudited pro-forma
consolidated results of operations for the three months ended August 31, 2024 and August 31, 2023 as if the acquisition
had occurred on June 1, 2023, the beginning of fiscal 2024, includes revenues of $242.9 and $248.3, respectively, and
net loss of $64.3 and $78.9, respectively.
(2)
In the three months ended August 31, 2024 and August 31, 2023, the Company recognized pretax severance of $1.2
and $6.3, respectively, related to cost-savings initiatives. In the three months ended August 31, 2024, the Company
recognized pretax costs of $1.7 related to the acquisition of 9 Story Media Group.
(3)
In the three months ended August 31, 2024 and August 31, 2023, the Company recognized a benefit of $0.7 and
$1.6, respectively, for income taxes in respect to one-time pretax items.
(4)
Earnings (loss) per share are calculated on non-rounded net income (loss) and shares outstanding. Recalculating
earnings per share based on numbers rounded to millions may not yield the results as presented.
Table 2
Scholastic Corporation
Segment Results
(Unaudited)
(In $ Millions)
Three months ended
Change
08/31/24
08/31/23
$
%
Children’s Book Publishing and Distribution (1)
Revenues
Books Clubs
$
2.7
$
2.6
$
0.1
4 %
Book Fairs
28.8
27.3
1.5
5 %
School Reading Events
31.5
29.9
1.6
5 %
Consolidated Trade
73.9
72.5
1.4
2 %
Total Revenues
105.4
102.4
3.0
3 %
Operating income (loss)
(36.6)
(41.0)
4.4
11 %
Operating margin
NM
NM
Education Solutions
Revenues
55.7
66.0
(10.3)
(16) %
Operating income (loss)
(17.0)
(18.7)
1.7
9 %
Operating margin
NM
NM
Entertainment (1)
Revenues
16.6
0.4
16.2
NM
Operating income (loss)
(0.5)
(0.5)
0.0
NM
Operating margin
NM
NM
International
Revenues
56.8
57.2
(0.4)
(1) %
Operating income (loss)
(8.3)
(8.2)
(0.1)
(1) %
Operating margin
NM
NM
Overhead
Revenues
2.7
2.5
0.2
8 %
Operating income (loss)
(26.1)
(30.7)
4.6
15 %
Operating income (loss)
$
(88.5)
$
(99.1)
$
10.6
11 %
NM – Not meaningful
(1)
The newly formed Entertainment segment includes the operations of Scholastic Entertainment Inc.
(SEI), which were included in the Children’s Book Publishing and Distribution segment in prior periods,
and 9 Story Media Group. The financial results for SEI for the three months ended August 31, 2023
have been reclassified to Entertainment to reflect this change.
Table 3
Scholastic Corporation
Supplemental Information
(Unaudited)
(In $ Millions)
Selected Balance Sheet Items
08/31/24
08/31/23
Cash and cash equivalents
$
84.1
$
125.8
Accounts receivable, net
201.1
201.9
Inventories, net
310.3
353.2
Accounts payable
184.0
167.7
Deferred revenue
173.9
171.1
Accrued royalties
77.5
72.0
Film related obligations
34.1
—
Lines of credit and long-term debt
231.1
5.9
Net cash (debt) (1)
(152.1)
119.9
Total stockholders’ equity
957.3
1,054.6
Selected Cash Flow Items
Three months ended
08/31/24
08/31/23
Net cash provided by (used in) operating activities
$
(41.9)
$
(38.1)
Property, plant and equipment additions
(20.0)
(14.3)
Prepublication expenditures
(4.4)
(5.4)
Net borrowings (repayments) of film related obligations
(2.4)
—
Free cash flow (use) (2)
$
(68.7)
$
(57.8)
(1)
Net cash (debt) is defined by the Company as cash and cash equivalents less
production cash of $5.1 as of August 31, 2024, net of lines of credit, short-term
and long-term debt. Film related obligations are not included. The Company utilizes
this non-GAAP financial measure, and believes it is useful to investors, as an
indicator of the Company’s effective leverage and financing needs.
(2)
Free cash flow (use) is defined by the Company as net cash provided by or used
in operating activities (which includes royalty advances) and cash acquired through
acquisitions and from sale of assets, reduced by spending on property, plant and
equipment and prepublication costs and adjusted for net cash flows from film
related obligations. The Company believes that this non-GAAP financial measure is
useful to investors as an indicator of cash flow available for debt repayment and
other investing activities, such as acquisitions. The Company utilizes free cash flow
as a further indicator of operating performance and for planning investing activities.
Table 4
Scholastic Corporation
Supplemental Results
Excluding One-Time Items
(Unaudited)
(In $ Millions, except per share data)
Three months ended
08/31/2024
08/31/2023
Reported
One-time
items
Excluding
One-time
items
Reported
One-time
items
Excluding
One-time
items
Diluted earnings (loss) per share (1)
$
(2.21)
$
0.08
$
(2.13)
$
(2.35)
$
0.15
$
(2.20)
Net income (loss) (2)
$
(62.5)
$
2.2
$
(60.3)
$
(74.2)
$
4.7
$
(69.5)
Earnings (loss) before income taxes
$
(91.8)
$
2.9
$
(88.9)
$
(98.0)
$
6.3
$
(91.7)
Children’s Book Publishing and Distribution (3)
$
(36.6)
$
—
$
(36.6)
$
(41.0)
$
—
$
(41.0)
Education Solutions
(17.0)
—
(17.0)
(18.7)
—
(18.7)
Entertainment (3) (4)
(0.5)
1.7
1.2
(0.5)
—
(0.5)
International (5)
(8.3)
—
(8.3)
(8.2)
1.2
(7.0)
Overhead (6)
(26.1)
1.2
(24.9)
(30.7)
5.1
(25.6)
Operating income (loss)
$
(88.5)
$
2.9
$
(85.6)
$
(99.1)
$
6.3
$
(92.8)
(1)
Earnings (loss) per share are calculated on non-rounded net income (loss) and shares outstanding. Recalculating earnings
per share based on rounded numbers may not yield the results as presented.
(2)
In the three months ended August 31, 2024 and August 31, 2023, the Company recognized a benefit of $0.7 and $1.6,
respectively, for income taxes in respect to one-time pretax items.
(3)
The newly formed Entertainment segment includes the operations of Scholastic Entertainment Inc. (SEI), which were included
in the Children’s Book Publishing and Distribution segment in prior periods, and 9 Story Media Group. The financial results for
SEI for the three months ended August 31, 2023 have been reclassified to Entertainment to reflect this change.
(4)
In the three months ended August 31, 2024, the Company recognized pretax costs of $1.7 related to the acquisition of 9 Story
Media Group.
(5)
In the three months ended August 31, 2023, the Company recognized pretax severance of $1.2 related to cost-savings initiatives.
(6)
In the three months ended August 31, 2024 and August 31, 2023, the Company recognized pretax severance of $1.2 and $5.1,
respectively, related to cost-savings initiatives.
Table 5
Scholastic Corporation
Consolidated Statements of Operations – Supplemental
Adjusted EBITDA
(Unaudited)
(In $ Millions)
Three months ended
08/31/24
08/31/23
Earnings (loss) before income taxes as reported
$
(91.8)
$
(98.0)
One-time items before income taxes
2.9
6.3
Earnings (loss) before income taxes excluding one-time items
(88.9)
(91.7)
Interest (income) expense (1)
3.4
(1.4)
Depreciation and amortization (2)
25.0
22.5
Adjusted EBITDA (3)
$
(60.5)
$
(70.6)
(1)
For the three months ended August 31, 2024, amount includes production loan interest of
$0.4 amortized into cost of goods sold.
(2)
For the three months ended August 31, 2024 and August 31, 2023, amounts include
prepublication and production cost amortization of $6.7 and $6.7, respectively, and
depreciation of $0.7 and $0.6, respectively, recognized in cost of goods sold, amortization
of deferred financing costs of $0.1 and $0.1 respectively, and amortization of capitalized
cloud software of $2.2 and $1.7, respectively, recognized in selling, general and
administrative expenses.
(3)
Adjusted EBITDA is defined by the Company as earnings (loss), excluding one-time
items, before interest, taxes, depreciation and amortization. The Company believes
that Adjusted EBITDA is a meaningful measure of operating profitability and useful for
measuring returns on capital investments over time as it is not distorted by unusual
gains, losses, or other items.
Table 6
Scholastic Corporation
Consolidated Statements of Operations – Supplemental
Adjusted EBITDA by Segment
(Unaudited)
(In $ Millions)
Three months ended
08/31/24
CBPD (1) (2)
EDUC (1)
ENT (1) (2)
INTL (1)
OVH (1)
Total
Earnings (loss) before income taxes as reported
$
(36.6)
$
(17.0)
$
(1.1)
$
(8.7)
$
(28.4)
$
(91.8)
One-time items before income taxes
—
—
1.7
—
1.2
2.9
Earnings (loss) before income taxes excluding one-time items
(36.6)
(17.0)
0.6
(8.7)
(27.2)
(88.9)
Interest (income) expense (3)
0.0
—
1.1
(0.0)
2.3
3.4
Depreciation and amortization (4)
7.5
6.2
3.5
1.9
5.9
25.0
Adjusted EBITDA (5)
$
(29.1)
$
(10.8)
$
5.2
$
(6.8)
$
(19.0)
$
(60.5)
Three months ended
08/31/23
CBPD (1) (2)
EDUC (1)
ENT (1) (2)
INTL (1)
OVH (1)
Total
Earnings (loss) before income taxes as reported
$
(41.1)
$
(18.7)
$
(0.5)
$
(8.5)
$
(29.2)
$
(98.0)
One-time items before income taxes
—
—
—
1.2
5.1
6.3
Earnings (loss) before income taxes excluding one-time items
(41.1)
(18.7)
(0.5)
(7.3)
(24.1)
(91.7)
Interest (income) expense
0.0
0.0
—
(0.1)
(1.3)
(1.4)
Depreciation and amortization (4)
7.7
7.8
0.1
1.9
5.0
22.5
Adjusted EBITDA (5)
$
(33.4)
$
(10.9)
$
(0.4)
$
(5.5)
$
(20.4)
$
(70.6)
(1)
The Company’s segments are defined as the following: CBPD – Children’s Book Publishing and Distribution segment; EDUC – Education
Solutions segment; ENT – Entertainment segment; INTL – International segment; OVH – unallocated overhead.
(2)
The newly formed Entertainment segment includes the operations of Scholastic Entertainment Inc. (SEI), which were included in the
Children’s Book Publishing and Distribution segment in prior periods, and 9 Story Media Group. The financial results for SEI for the
three months ended August 31, 2023 have been reclassified to Entertainment to reflect this change.
(3)
For the three months ended August 31, 2024, amount includes production loan interest of $0.4 amortized into cost of goods sold.
(4)
Depreciation and amortization in the Children’s Book Publishing and Distribution, Education Solutions and International segments
includes amounts allocated from overhead.
(5)
Adjusted EBITDA is defined by the Company as earnings (loss), excluding one-time items, before interest, taxes, depreciation
and amortization. The Company believes that Adjusted EBITDA is a meaningful measure of operating profitability and useful for
measuring returns on capital investments over time as it is not distorted by unusual gains, losses, or other items.
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SOURCE Scholastic Corporation
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With the new free curriculum, teachers can guide middle grade students through engaging project-based lessons that build capability using common applications and 21st century skills. Students gain a solid foundation in key technology concepts to prepare them for future opportunities — in high school and beyond.
Delivered through an online learning platform, the curriculum sparks interest in technology and how it is used in a wide variety of careers. For example, the Tech Exploration units have interactive lessons that show how tech skills are used in roles like product design, market research, accounting, marketing and more. Meanwhile, the Emerging Tech units focus on artificial intelligence (AI), cybersecurity, and smart home technology. Full access to the curriculum is available to middle grade educators absolutely free — to empower more teachers to teach the subject, even if they have not taught it previously.
A recent special report from Education Week highlighted how schools have been “struggling to recruit and retain math and science teachers for decades,” let alone educators who can teach technology subjects. The report also stressed the fact that current teachers need to be given opportunities to be able to teach new subjects related to emerging fields and technologies — with this being a solution to tackling the shortage.
“Because of the way the curriculum is intentionally designed, we are able to take the burden off the teacher by providing high-quality technology curriculum that middle grade teachers can use in their classroom regardless of their past experience with the subject,” says Parker. “Getting this free resource into the hands of teachers can help close the gap in technology education that currently exists at the middle school level. CompTIA Spark curriculum is free, and always will be free, because it is a gift from the tech industry to future generations.”
Districts, schools and individual teachers are invited to explore the curriculum and get started at comptiaspark.org.
About CompTIA Spark
CompTIA Spark develops free high-quality technology curriculum for middle grade classrooms to close a critical gap in technology education that exists before high school. This work improves student outcomes and success, and helps ensure a diverse talent pipeline for the technology workforce. CompTIA Spark is an independent 501(c)(3) nonprofit organization that operates as the charitable arm of the Computing Technology Industry Association (CompTIA), a leading voice and advocate for the global information technology ecosystem and a trusted provider of technical training and IT certifications. Learn more at comptiaspark.org.
MEDIA CONTACTS:
Laura Perillo and/or Cristina De Guia
news@comptiaspark.org
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SOURCE CompTIA Spark
Technology
SAUNEX Partners with Saudi SIIVC in Strategic EV Initiative
Published
1 hour agoon
October 5, 2024By
The partnership will concentrate on the development and manufacturing of electric vehicles, enhancing industry capabilities
BANGKOK, Oct. 5, 2024 /PRNewswire/ — UNEX of the Netherlands, a global leader in the research and development of electric vehicles (EVs), and Siam Racing Automobiles (SRA) of Thailand, a world-class automotive design and engineering firm, have announced that their joint venture, SAUNEX, has entered into a strategic cooperation agreement with Saudi Arabia International Industrial Village (SIIVC). The alliance will establish a production facility for EVs in Saudi Arabia, aiming to extend their market reach across the Middle East, North Africa, and Southern Europe.
Chatchaval Jiaravanon, a member of the family that controls CP Group, addressed the audience at the signing ceremony. He highlighted the importance of automotive manufacturing as a benchmark of a nation’s industrial capabilities. Reflecting on CP Group’s past collaboration with China’s SAIC to set up a production facility for MG sports cars in Thailand, he noted that the success of automotive ventures relies critically on exemplary technology and leadership. The partnership between SAUNEX and SIIVC is aligned with Saudi Arabia’s Vision 2030 strategic initiative, emphasizing sustainable collaboration in the development, production, and marketing of EVs. The goal is to drive significant progress in Saudi Arabia’s EV sector and position SAUNEX as a beacon of successful international cooperation between Thailand and Saudi Arabia.
Mr. Jiaravanon also remarked that SAUNEX stands at the forefront of electric vehicle R&D, particularly in the application of battery swapping technology and the fields of automotive design and engineering. Their leading model, the Manto, is a luxury electric SUV that utilizes UNEX’s battery swapping technology, enhanced by SRA’s sophisticated design and engineering. It significantly outperforms competitors, offering a superior choice for future EVs free from the usual range limitations.
Top management executives from UNEX at the ceremony pointed out that under the leadership of Dr. Faisal Abdullah, CEO of SIIVC, the project aims to develop cutting-edge automotive production and battery swapping facilities in Saudi Arabia, manufacturing a full line-up of vehicle models including sedans, SUVs, and vans. The partnership also includes collaboration with CP Group and automotive supply chains in Thailand and China, aiming to create a sustainable and advanced industrial ecosystem that sets a global standard for the electric vehicle industry.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/saunex-partners-with-saudi-siivc-in-strategic-ev-initiative-302268179.html
SOURCE UNEX
Israeli BioTech companies will not be permitted at the quarterly event with Roadshows throughout the Arab Gulf States, including the United Arab Emirates, Kuwait, Qatar, Oman, Bahrain and Saudi Arabia
In parallel, UAE BioTech Symposium has been dedicated to the memory of The Rockefeller University Nobel Laureate Professor Dr. Günter Blobel, MD. PhD., Founder of The Friends of Dresden.
ABU DHABI, UAE, Oct. 5, 2024 /PRNewswire/ — “The board of AmCham Abu Dhabi mandated that Chinese and Russian companies are not allowed. As Founding Chairman of AmCham Abu Dhabi BioTech Committee & Chairman of UAE BioTech Symposium, I mandate that Israeli companies are not allowed, says Dr. Kambiz Shekdar, PhD.
Dr. Shekdar is Owner and Chairman of the quarterly UAE BioTech Symposium launching Nove 2-6, 2024 in Abu Dhabi and Dubai, UAE. Registration for UAE BioTech Symposium is hosted at AmCham Abu Dhabi. The detailed program is available at https://www.uaebiotechsymposium.com.
“I spent 8 years in the lab with Günter as my mentor. He would often talk about how his family was packed in a car, passing through Dresden escaping Nazi Germany when the fire bombing happened. I remember each time he remembered how he could read the pages of the newspaper by the light of the fire kilometers away. He donated his prize money to all three religions because he understood that peace is the fundament for achieving our human potential,” add Shekdar.
“I saw the firebombing destruction of Dresden from very near,” Blobel told The Times of Israel upon Dr. Blobel’s passing on February 18, 2018, “only a few kilometers away; for an 8 1/2-year-old, this was all very impressive. The bombing was so bright that you could read the newspaper by the red sky.”
Complete information about UAE BioTech Symposium is available at the Chairman’s personal portal at this link: https://linktr.ee/kambizshekdar
About UAE BioTech Symposium Chairman Dr. Kambiz Shekdar, PhD
From invention at The Rockefeller University to IPO at New York Stock Exchange to scale-up drug discovery for jointly owned Made-in-Abu-Dhabi IP in the U.A.E., Dr. Kambiz Shekdar is the first U.S. Biotech Abu Dhabi Golden Visa Inventor transitioning to the U.A.E.
Dr. Shekdar, PhD invented Chromovert® Technology while he was a graduate doctoral student in the laboratory of his mentor, the late Nobel laureate & King Faisal Prize winner Dr. Günter Blobel, MD, PhD. at The Rockefeller University in New York City. For more than 20 years, Dr. Shekdar has been pursuing applications of the same platform technology, now including pursuing the creation of a joint venture with Emirati stakeholders to implement the by-now validated research engine as part of a national-level public-private partnership for drug discovery at scale in the U.A.E. Dr. Shekdar is also a member of the Abu Dhabi, UAE chapter of American Chambers of Commerce where he is Founding Chairman of the AmCham Abu Dhabi BioTech Committee.
https://www.linkedin.com/in/kambiz-shekdar-51a52a34/
About UAE BioTech Symposium
UAE BioTech Symposium in partnership with the AmCham Abu Dhabi BioTech Committee and Masdar City will host quarterly panel discussions and lab tours in Abu Dhabi, Dubai and roadshow destinations throughout the GCC and Middle East. The events are free with attendance limited to prioritize U.S. and international BioTech owners and executives. Program details will be posted online in Arabic and in English as registration for each event goes live via the AmCham Abu Dhabi website.
Arabic site for scientific program: http://www.uaebiotechsymposium.ae
English site for scientific program: https://www.uaebiotechsymposium.com
About AmCham BioTech Committee
The AmCham BioTech Committee was formed to establish a BioTech sector in Abu Dhabi with a focus on promoting opportunities for U.S. BioTech companies with a vision to be a thought leader and facilitator for U.S. corporate interests in the emerging BioTech sector in Abu Dhabi and throughout the Middle East. Since its founding, the BioTech committee has seen a notable uptick in interest from U.S.-based companies seeking to broaden their service offerings within the region. AmCham BioTech Committee founding members include Seconcell Bio, Intelligenix Advanced Diagnostics, Extend Biosciences, Halia Therapeutics and Jones Lang LaSalle Inc (JLL).
https://amchamabudhabi.org/biotech/
CONTACT: Kambiz Shekdar, +971585820175
View original content to download multimedia:https://www.prnewswire.com/news-releases/israel-banned-from-uae-biotech-symposium-302268169.html
SOURCE Secondcell Bio, LLC; UAE BioTech Symposium
CompTIA Spark introduces free high-quality technology curriculum for middle grade classrooms
SAUNEX Partners with Saudi SIIVC in Strategic EV Initiative
Israel Banned from UAE BioTech Symposium
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