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Argo Corporation Reports Third Quarter 2024 Financial Results

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TORONTO, Nov. 29, 2024 /CNW/ – Argo Corporation (TSXV: ARGH), (OTCQX: ARGHF) (“Argo” or the “Company”), a new venture delivering the first-ever vertically and publicly integrated city transit system, announced today its financial results for the quarter ended September 30, 2024 (“Q3 2024”). During the third quarter of 2024, Argo deployed its smart transit system with its first paying customers and made significant progress in restructuring prior initiatives in its publicly traded entity. 

Argo Highlights

Argo School: The Company successfully deployed its smart transit solution to a series of private schools in the Greater Toronto Area, providing end-to-end student transportation operations. Argo’s innovative technology delivers access to more flexibility and real-time tracking of students and vehicles, with unprecedented safety, reliability, and transparency for families and schools alike. The Company plans to continue to expand this solution to other private and public schools throughout Canada and abroad.Argo City: Argo’s public transit solution is the first to integrate custom software with vehicular hardware to create a network of intelligently routed vehicles that augment public transit systems with on-demand, door-to-door service. Argo City aims to reduce private car usage and increase ridership of existing public transit systems through partnership with cities, transit agencies, and governments. The Company expects to announce its first city partners in the coming months.R&D Investment: The Company’s quarterly R&D investment spend for Q3 2024 increased by 401% year-over-year. This investment reflects a significant focus on developing the Company’s proprietary vertically and publicly integrated city transit system, with significant progress in software and hardware functionality to enable seamless and reliable school and city deployments, putting people in control of their mobility.

Restructuring Updates

Vehicle Subscription: $8.5M in liabilities have been reclassified in Q3 2024 as held for sale as a result of wholly owned subsidiaries Steer EV Canada Inc. filing an assignment into bankruptcy under the Bankruptcy and Insolvency Act in Canada and Steer Holdings LLC, making a General Assignment for the Benefit of Creditors, pursuant to California law. The Company anticipates these liabilities will be removed in the coming quarters upon completing these legal processes, aligning with its restructuring efforts announced in the May 23, 2024, press release.Disputed Office Lease: Argo filed a statement of claim regarding a disputed office lease with landlord 8174709 Canada Inc. and the Company’s former CEO. The disputed lease represents $3.6M in liabilities and payables on the Company’s balance sheet.Sale of Financial Assets: The Company continues to engage in active sales processes for intellectual property and financial assets associated with the last venture in its publicly traded entity. In Q3 2024, the Company completed the sale of 14,200 shares of preferred stock in the capital of Westbrook Global Inc., receiving a cash payment of $750K as consideration.

FoodsUp Updates

Argo maintains a 59.95% non-controlling ownership interest in FoodsUp Inc. (“FoodsUp”), one of Canada’s leading restaurant supply platforms. In Q3 2024, FoodsUp had revenues of $28.7M, representing a 10% increase over Q2 2024 and a 61% yearly increase in quarterly revenues from Q3 2023.

The Company remains committed to implementing a transaction structure, the effect of which would be to provide the shareholders of Argo with the net proceeds from any sale of its interest in FoodsUp to a third party or an indirect or tracking ownership interest in FoodsUp in each case, as of to-be-determined record date (the “FoodsUp Divestment”). The FoodsUp Divestment, if it occurs, will mark an important step in the formal separation between the business of FoodsUp and Argo.

Q3 2024 Results Compared to Q3 2023

For the three months ended September 30

2024

2023

REVENUE

$449,567

$101,851

Cost of revenue

29,519

59,676

General and administration

1,019,001

377,350

Operational support

520,911

274,024

Research and development

614,149

122,573

Sales and marketing

73,054

73,068

Amortization

37,108

196,865

Depreciation

10,941

84,831

Total operating expenses

2,304,683

1,188,387

OPERATING LOSS

($1,855,166)

($1,086,536)

OTHER INCOME (EXPENSES)

Foreign exchange gain/ (loss)

(28,460)

(93,854)

Interest expenses

(532,931)

(61,018)

Interest income

1,023

272

Gain/ (Loss) on accounts payable settlements

301,483

Gain/ (Loss) on termination

279,606

Write down of intangible asset

(211,182)

Other income/(loss) from discontinued operations

(10,285,769)

(115,015)

Penalties and settlement

(68,500)

Share of loss of an associate

(593,014)

(2,860,412)

Net income/ (loss) from continuing operations

($12,992,860)

($4,216,563)

Discontinued Operations

Net income/ (loss) from discontinued operations

12,296,195

(1,037,987)

NET GAIN (LOSS)

($696,665)

($5,254,550)

Cumulative translation adjustment

(174,518)

(253,879)

NET PROFIT (LOSS)  AND COMPREHENSIVE PROFIT (LOSS)

($871,183)

($5,508,429)

(Loss) profit per share

– Basic and diluted

($0.01)

($0.04)

Weighted average shares outstanding – Basic and diluted

133,367,099

132,944,615

1 All figures are accurate to the hundreds.

In this press release, all references to ‘$’ are to Canadian dollars.

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 release.

About Argo

Argo delivers the first-ever vertically and publicly integrated city transit system. It is designed to augment public transportation and create a network of intelligently routed vehicles that work together to serve and scale to the needs of entire cities, putting people in control of their mobility. You can learn more at www.rideargo.com.

Praveen Arichandran, Co-CEO
Argo Corporation
(800) 575-7051

Forward-Looking Information

This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate,” “estimate,” and “intend,” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, as described in more detail in the Company’s securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law. See “Forward-Looking Information” and “Risk Factors” in the Company’s Annual Management Discussion & Analysis (MD&A) for the year ended December 31, 2023 (filed on SEDAR+ on May 8, 2024) and its interim MD&A for the periods ended September 30, 2023, March 31, 2024, June 30, 2024, and September 30, 2024 for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks, and assumptions carefully when evaluating forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements.

SOURCE ARGO CORPORATION

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Zum Celebrates Its Drivers Nationwide As Back-to-School Season Gets Underway

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Drivers in Fresno, Rockford and other cities share why they’re excited about the 2026–27 school year

REDWOOD CITY, Calif., Sept. 2, 2026 /PRNewswire/ — Zūm, a leader in student mobility, is kicking off the 2026–27 school year by spotlighting its drivers across the country dedicated to delivering reliable, transparent and efficient service for students, families and schools.

“As students return to school, we are proud of our amazing teams of drivers who are helping provide access to education for children and peace of mind for families each day,” said Ritu Narayan, Founder and CEO of Zum. “Drivers are the heart of our operation and often the first smiling face a child sees. They understand the importance of their work and we believe ours have a positive influence on the students they serve.”

Zum supports more than 6,500 schools across 19 states. This year, Zum welcomed several new school district partners, including Fresno Unified School District (CA), School District of Philadelphia (PA), Shawnee Mission School District (KS) and Rockford Public Schools (IL).

A few Zum drivers share why they enjoy working with students and families:

“I drive special needs students: elementary, middle and high school. The parents are great; they need a lot of help, and we provide it with door-to-door service. The training was excellent, and I work with a monitor who has been doing this for about 10 years, so I’ve learned a lot from him. Everything’s been inspiring—and at the end of the day, you feel good about yourself, because you’re helping all these kids.”
— Zum driver Chester Herbert (Rockford, IL)

“I like the atmosphere of the job: the co-workers, the staff, the children, the overall experience of delivering the kids every day to school safely. I also like the responsibility of it. I’ve definitely gotten to know some of the kids and have been building little bonds with them. I like driving and being a good part of the community.”
— Zum driver Antoine Robinson (Oakland, CA)

“I raised five kids and have 14 grandkids, so I’m always surrounded by children. I like greeting the kids in the morning and talking to them: ‘What did you do last night?’ ‘What did you have for dinner?’ They’ll tell me about Grandma and Grandpa, or Mom and Dad … At Zum, there’s a bunch of drivers, and we’re all a team, helping each other. Everybody’s dedicated to doing their job the best they can.”
— Zum driver Grace Maher (Fresno, CA)

“My job is so fulfilling. My first ‘Oh, wow!’ was the technology; my tablet tells me exactly where to go. Also, the buses are very important: We have brand new buses, EV buses, buses that have AC. I am a people person, and to make (the students) feel good, I try to know every single kid by name. You make them feel valuable, like you care. Then we start having conversations, and they are at peace when they see me.”
— Zum driver Pascale Dalle (Oakland and Redwood City, CA)

“This is my first year driving a school bus. I have six kids at home, so now I’m home early enough to spend more time with them. In this job, you’re working with kids. You have to be patient. Even my wife was like, ‘Oh, that would be perfect for you.’ I love going to work and the people I work around, and I love being able to be home on the weekends with my family.”
— Zum driver Juan Santillan (Fresno, CA)

At Zum, drivers benefit from modern facilities, digital tools, real-time communication, and technology that simplifies daily operations, allowing them to focus on what matters most: serving students safely and reliably.

“Zum has a driver-first approach to student mobility, and our drivers understand the essential role they play in families’ lives,” said Liz Sanchez, Executive Vice President of Student Mobility at Zum. “In the weeks and months leading up to the start of the school year, our drivers have been busy training and preparing so they’ll be ready for the first day.”

Zum is helping school districts improve reliability, strengthen communication with families and modernize one of the nation’s largest public mobility systems through its AI-powered Connected Mobility Experience (CMX™) platform. To learn more about how Zum is redefining student mobility, visit www.ridezum.com.

About Zum

Zum is redefining mass mobility with Zum CMX, which connects and coordinates people, vehicles, and operations in real time. In the student mobility market, Zum is addressing a daily source of anxiety and disruption by providing a reliable, transparent, and efficient mobility experience for students and families. Learn more at www.ridezum.com. Today, more than 6,500 schools in 19 states have relied on the Zum CMX system.

Media Contact

Jenny Mayfield
VP, Communications, Zum
press@ridezum.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/zum-celebrates-its-drivers-nationwide-as-back-to-school-season-gets-underway-302868268.html

SOURCE Zūm

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UNISORB Welcomes BILZ-USA to Expand Engineering and Product Solutions

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UNISORB Named Sole North American Distributor for BILZ

MICHIGAN CENTER, Mich., Sept. 2, 2026 /PRNewswire/ — UNISORB Installation Solutions, a global provider of machine mounting, vibration isolation, and precision leveling solutions headquartered in Michigan Center, Mich., today announced it has acquired BILZ-USA, effective August 30, 2026, making UNISORB the exclusive distributor of BILZ products across North America. The transition expands UNISORB’s engineering support and on-site project management capabilities for industrial customers seeking precision vibration isolation and leveling solutions. Full product and service details are available at www.UNISORB.com.

UNISORB is now the exclusive North American distributor of BILZ products.

“BILZ’s leveling and isolation technology closes a gap in our product line at the high-precision end of the market,” said John Hornberger, Chief Executive Officer of UNISORB. “Combining our installation and project management teams with BILZ’s engineering staff means customers get one point of contact for a project that used to require two vendors.”

What This Means for Customers

Decades of combined expertise. BILZ’s engineering staff join UNISORB’s engineering and project management teams, giving customers a single technical team backed by decades of hands-on experience in vibration isolation, leveling, and precision installation.A broader, unified product line. UNISORB’s lineup now spans BILZ’s full catalog, from basic leveling mounts to active isolation systems, alongside UNISORB’s existing machine mounting and installation solutions, giving customers access to a significantly wider range of solutions from a single source.More capability for BILZ customers. Longtime BILZ customers now gain direct access to UNISORB’s full engineering, manufacturing, and on-site project management resources; capabilities not previously available through BILZ alone.A unified approach to installation. Customers receive continuous support from initial site survey through final leveling and installation, managed by one team rather than coordinated separately across two vendors.Centralized North American distribution. Distribution from Michigan Center will consolidate logistics for customers ordering across North America as the transition is completed.One point of contact. BILZ orders will transition to being placed directly through UNISORB in the coming weeks, moving away from what was previously a two-vendor process for combined leveling and isolation projects.

About UNISORB

UNISORB Installation Solutions, headquartered in Michigan Center, Michigan, is a global provider of machine mounting, vibration isolation, and precision equipment leveling solutions for manufacturers across a range of industrial sectors. More information is available at www.UNISORB.com.

Media Contact

John Hornberger

Chief Executive Officer, UNISORB

jhornberger@unisorb.com

Tim Spahr 
Vice President – Sales & Marketing
tspahr@unisorb.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/unisorb-welcomes-bilz-usa-to-expand-engineering-and-product-solutions-302868227.html

SOURCE UNISORB Installation Solutions

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Eliminate costly enclosures: ABB debuts IP66/Type 4X Drives for Australia’s harshest industrial environments

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New ACS580, ACH580 and ACQ580 IP66/Type 4X drives support food and beverage, HVACR, manufacturing, and water and wastewater applications exposed to harsh environmental conditions.

MELBOURNE, Australia, Sept. 3, 2026 /PRNewswire/ — ABB has introduced ACS580, ACH580 and ACQ580 drives with IP66/Type 4X protection, extending the range of motor control solutions available for applications operating in demanding environmental conditions. The new drives are designed for installations where motor control equipment may be exposed to dust, water, humidity, outdoor weather and other harsh conditions, providing greater flexibility when considering drive selection, installation design and equipment location.

Tailored for different industry requirements

The three drive families are designed to address the specific requirements of different industries and applications:

ACS580 IP66/Type 4X drives are designed for demanding food and beverage environments, supporting motor-driven applications including pumps, fans, compressors, mixers and conveyors operating across wet, washdown, indoor and outdoor production environments.ACH580 IP66/Type 4X drives are designed specifically for HVACR applications, supporting equipment operating in exposed and outdoor locations, including rooftop air handling units, cooling towers, exterior exhaust fans, outdoor pump skids and outdoor chiller units.ACQ580 IP66/Type 4X drives are designed for water and wastewater environments, supporting a broad range of applications including clarifiers, surface aerators, screens, flocculators, dosing systems, activated sludge pumps, lift stations and booster stations.

Many Australian facilities operate in environments that present challenging conditions for installed electrical equipment. The IP66/Type 4X design provides greater flexibility to locate drives closer to the application, where appropriate for the installation.

By reducing the need for additional protective enclosures or dedicated electrical rooms and enabling shorter motor cable runs, this approach can reduce site installation costs and complexity. It can also support faster installation and commissioning and a smaller overall system footprint.

The drives incorporate a range of built-in features designed to support installation, operation and integration, including coated circuit boards, integrated EMC C2 filtering, a built-in DC choke for harmonic mitigation, and Safe Torque Off (STO). The design also provides option slots for additional I/O and fieldbus communications, enabling the drives to be configured for different application requirements.

Optional Bluetooth-enabled control panels further support commissioning and interaction with the drives. When used with ABB’s Drivetune mobile application, Bluetooth connectivity provides a convenient way to access and work with drive settings. ABB’s drive software and connectivity tools can also support commissioning and diagnostic activities.

ABB is also highlighting the importance of distinguishing ingress protection ratings from other environmental performance characteristics when selecting equipment for demanding applications.

In Australia, an IP66 rating relates specifically to the enclosure’s protection against the ingress of dust and water, in accordance with AS/NZS 60529 and IEC 60529. The first digit, 6, denotes a dust-tight enclosure, while the second 6 denotes protection against powerful water jets.

Environmental characteristics such as UV, corrosion and chemical resistance should therefore be considered separately from the IP66 classification and assessed against the specifications and testing applicable to the individual product. This distinction is particularly relevant for equipment installed in outdoor, coastal, washdown or chemically exposed environments. ABB, for example, separately identifies corrosion, UV and chemical-resistance characteristics for its ACS580 IP66/Type 4X drive rather than treating these as properties conferred by the IP66 rating itself.

The ACS580, ACH580 and ACQ580 IP66/Type 4X drive range is available in power ratings from 5.5 kW to 22 kW, providing a solution for applications where protection against dust ingress and water exposure is an important consideration in the selection, installation and operation of variable speed drives.

Learn more: https://www.youtube.com/watch?v=9nCWb7g-MGI

About ABB
ABB (ABBN: SIX Swiss Ex) is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future. By connecting software to its electrification, robotics, automation and motion portfolio, ABB pushes the boundaries of technology to drive performance to new levels. With a history of excellence stretching back more than 130 years, ABB’s success is driven by about 110,000 talented employees in over 100 countries.

ABB Drives is a global technology leader serving industries, infrastructure and machine builders with world-class variable speed drives, drive systems and packages. We help our customers, partners and equipment manufacturers to improve energy efficiency, asset reliability, productivity, safety and performance.

Media Contact:
Natalie Landrito
Marketing and Communications Manager
contact.centre@au.abb.com

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/eliminate-costly-enclosures-abb-debuts-ip66type-4x-drives-for-australias-harshest-industrial-environments-302868246.html

SOURCE ABB

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